According to the Himalayan listingBestroulettebonusThe prospectus revealed that it was still in a state of strategic losses for Internet startups in 2021 and 2022, but in 2023, the Himalayas complied with the trend of the general environment, continuously improved operations and profitability, and increased revenue to 61 in 2023.Bestroulettebonus60 million yuan, and successfully turned losses into profits, with an adjusted net profit of 224 million yuan for the whole year.
Data show that Himalayan revenue in 2023 was 6.16 billion yuan, adjusted net profit for the whole year reached 224 million yuan, and 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. 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.
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.
Himalayas through a series of internal changes and the use of AI to improve operational efficiency has also become an important driving force for the company to turn losses into profits. According to the prospectus, Himalayas achieved content auditing through AI, increasing the coverage of automatic content filtering enabled by AI from an average of 25.7 per cent in 2022 to an average of 41.8 per cent in 2023 and further to 72.2 per cent in December 2023. At the same time, Himalayas also use AI to respond to user needs, and in 2023, 88.7% of user inquiries were solved by AI-driven intelligent customer service processing.
The AI capability has greatly improved the operational efficiency of the Himalayas, and AI has also been widely used in the specific business of the Himalayas. Himalaya is strengthening its AI infrastructure and audio-focused AI model to empower Himalayan multi-terminal audio systems and provide quality services to users in a diversified, personalized and emotional way. Based on huge amounts of data (603138) and deep insight into audio content, Himalayas continue to evolve and practice their AI capabilities in business, deepening its corporate moat, and AI will lead Himalayan interaction forms and scene innovation in the future.
According to relevant statistics, about 60% of the Chinese listed companies are still at a loss. But Himalayas were able to turn losses into profits before going public, demonstrating to the industry the profitability it has always had and its resilience in a tough environment. At present, the listing of the Himalayas is under way, no matter what the results of its outstanding operating results, has a positive incentive for the industry as a whole.
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