PDF《公司动态》

(2)披露更多关于新业务的 细节;

(3) 公布与花椒直播的合作细节. 收入 毛利润 毛利润率% 净利润 净利润率% 每股盈利(基本) 净资产收益率(%) 股息收益率(%) 市盈率(倍) 市净率(倍) 资本开支(百万元) 自由现金流(百万元) 现金净额/(负债净额) 主要财务指标(百万元人民币) COMPANY NEWS Analyst: Mark Po, CFA With special thanks to Mark Jiang for his contribution to this report Tian Ge Interactive Holdings Ltd. [1980.HK;

HK$5.96 Not Rated] - Growth potential isn'

t fully factored-in. Beneficiary of industry consolidation Market Cap: US$996m;

Free Float: 33.1%;

3-month Average Daily Turnover: US$10.6m The Company. Tian Ge Interactive (Tiange) operates social-video platforms, such as 9158.com and Sina Show, in China. Its platform is designed to allow multiple users to connect at the same time via video stream to communicate together. Tiange was listed on the HKEX on

9 Jul 2014, issuing 349.9m shares at an IPO price of HK$5.28 per share. Tiange is a leading live-streaming provider, targeting tier 2-4 cities, with a 34% market share in 2015. Tiange launched three new live-streaming platforms in 1H2016, including mobile-based Crystal Live Broadcasting, Miao Broadcasting and Happy Live Broadcasting. Tiange has

4 mobile live-streaming platforms and

5 PC live-streaming platforms. Tiange reported strong Q1 FY17 results in May 2017. The Company'

s turnover was up 61% YoY to RMB244m in Q1 2017, and net profit also rose 255% YoY to RMB98m in Q1 2017. Tiange'

s Q1

2017 results beat market expectations, given the continuing increase in users of its mobile livestreaming platforms, such as Miao Broadcasting and Crystal Broadcasting. Tiange'

s Q1

2017 gross profit was RMB207m, up 88% YoY. Its gross margin improved from 72.6% in Q1

2016 to 84.7% in Q1 2017. The Company'

s gross margin dropped QoQ from 86.1% in Q4

2016 to 84.7% in Q1 2017. Management explained that the sequential decline in gross margin was due to an increase in the number of distribution channels in Q1 2017. Tiange'

s monthly active user (MAU) numbers and quarterly paying user (QPU) numbers were up 14% QoQ and 4% QoQ to 24,900,000 and 1,314,000, respectively. Tiange'

s quarterly average revenue per user (QARPU) was down 12% QoQ to RMB160. There are about 110,000 hosts on Tiangde'

s platforms. Tiange management believes that Q1

2017 will prove to be the lowest point of the Company'

s quarterly performance. The QARPU will rebound QoQ in Q2 2017. Management is also confident that the Company will report satisfactory results in 2017. In 1Q17, Tiange launched Meow Camera, a short video sharing platform, similar to Meitu'

s Meipai. At this stage, Tiange will use Meow Camera to capture the growth potential of short-form video, which is one of the fastest-growing segments on the internet. The Meow Camera can also be used by hosts to attract market followers and increase stickiness. Apart from its core livestreaming business, Tiange diversifies its revenue base through: a) offering casual games on its livestreaming platform, b) generating advertising income from third party developers, and c) generating services income from providing analytical se........