The prospectus submitted by the Himalayas to the Hong Kong Stock Exchange showsHouseoffun200freespins2022Himalayan revenue in 2023 was 61Houseoffun200freespins2022The adjusted net profit for the whole year reached 224 million yuan, and the gross profit margin increased from 51.9% in 2022 to 56.3% in 2023. As of December 2023, Himalayas had made profits for the fifth consecutive quarter. Such figures are positive for the listing of the Himalayas.
Himalayas have been able to turn losses into profits thanks to a steady improvement in their sustainable profitability. Based on products, services and highly active user groups, the Himalayas have established a multi-cash model. According to the prospectus, the total revenue of Himalayas increased steadily to 6.16 billion yuan in 2023, and subscription, advertising, live streaming and other innovative products and services became the four pillars of platform revenue, accounting for 51.7%, 23.1%, 18.4% and 6.8%, respectively, with strong stability.
In recent years, under the background of the slowdown of global economic growth, various major industries, including the Internet, are determined to change, whether it is organizational change, operational efficiency, or fully embrace AI, to make enterprises more dynamic in the complex and changeable environment.
According to the prospectus, Himalayas are still in a state of strategic losses for Internet startups in 2021 and 2022, but in 2023, Himalayas complied with the general environmental trend, continuously improved their operations and profitability, increased revenue to 6.16 billion yuan in 2023, and successfully turned losses into profits, with an adjusted net profit of 224 million yuan for the whole year.
The ability to turn losses into profits before listing lies in the continuous expansion of the Himalayan user base and the enhancement of the ability to realize cash. According to the prospectus, the average number of monthly active users in the whole scene of Himalayas reached 303 million in 2023, while the average number of monthly active users on mobile reached 133 million, an increase of 9.3% over the same period last year. Paid subscription revenue, which accounts for the largest component of total Himalayan revenue, is also growing steadily, thanks to the continuous introduction of high value-added innovative products in Himalaya. and the increase in the average number of monthly active users paying fees on mobile. In 2023, the average number of monthly active users of the Himalayan mobile terminal reached 15.8 million, and the average number of paid members of the mobile terminal also reached 15.5 million.
Another big reason for profitability is that Himalayas continue to optimize their cost structure to increase gross profit margins. The Himalayan gross profit margin is as high as 56.3% in 2023, taking the lead in the entire Internet audio and digital music industry. at present, Tencent Music has a gross profit margin of 35.3%, litchi gross profit margin of 25%, and NetEase Yun Music gross profit margin of 26.7%. With the growth of user size and revenue in the future, high gross margins will bring more substantial profits to the Himalayas.
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