阿里巴巴(BABA.N) 購併優酷土豆: Youku Tudou Inc (YOKU.N)

• 阿里巴巴宣布，已向优酷土豆董事会发出要约，全面收购尚未持有的优酷土豆所有股份，预计总金额将超过45亿美元

• 一有消息,股價就率先反應,所以股價很敏感,  公司內外對營業活動及對人處事要很小心, 一但有有變動或異常 都會股價率先反映.

• 優酷 : http://www.youku.com/?screen=pc 
• 公司背景 

• 優酷到訪者約 2.56億人次

• 土豆: http://www.tudou.com/
• 到訪者約1.7億人次
• 
  
• 2014約共9億人次

• 定位: an online video content library

Youku Tudou Inc., incorporated on September 20, 2005, is an Internet television company in the People's Republic of China. The Company's Youku and Tudou platforms enable users to search, view and share video content across multiple devices. As of December 31, 2014, its monthly visitors from home and office personal computer (PC) users numbered approximately 256 million and 169 million for Youku platform and Tudou platform, respectively. The daily mobile views of both Youku and Tudou platforms combined reached 900 million in 2014. Through its Youku and Tudou platforms, it has built an online video content library. The videos accessible on its two platforms are produced content, such as television serial dramas, movies, variety shows, current events reports and music videos. The remaining content consists of user-generated content and in-house productions. The Company licenses professionally produced video content at fixed rates for a specified term. The terms of its licenses vary depending on the type of content and producer, though the terms for television serial dramas and movies range from six months to ten years.

As of December 31, 2014, its video content library contained more than 5,500 movie titles, 2,600 television serial drama titles and over 540 variety shows.

The Company offers products and services through its Youku platform and Tudou platform to users, which includes online video content, online video search and discovery and Youku Tudou community. Through its Youku and Tudou platforms, it has built an online video content library, consisting primarily of professionally produced content including television programs and movies, and, to a lesser extent, user-generated content and in-house productions. Its professionally produced content spans across five categories: television serial dramas, movies, current event reports, variety shows and music videos. As of December 31, 2014, it licensed a collection of domestic and overseas contents that encompass more than 5,500 movie titles, 2,600 television serial drama titles and over 540 variety shows. The providers of professionally produced content in China are fragmented and primarily include media production companies, professional studios, copyright distributors, television stations and music companies. The Company license professionally produced video content at fixed rates for a specified term.

The Company's Youku and Tudou platforms allow Internet users to upload, watch and share user-generated video clips. The Company produces a spectrum of content, including sponsored Web serial dramas, reality shows, interviews and variety shows. It focuses on producing Web serial dramas and variety shows for its young, educated and urban user base. On the Youku platform, it promotes its in-house productions under the brand Youku Originals. As of December 2014, Youku Originals had released more than 70 productions. Tudou platform develops original programs, distributes and monetizes online video content developed in-house. The Company has a video search engine called, Soku.com. It also provides products and services, such as video channels and popularity ranking indices, on both of its platforms, to facilitate navigation and content discovery on its Websites. Its back-office content editors organize its video content into channels, including Movies, Television Serial Dramas, Variety Shows, Automobiles, Music, Fashion and Style, Travel, Sports and Technology. Each of these channels is accessible from its homepage.

The Company provides online community services to facilitate user communication and interaction. It enables users to create a personalized video-sharing space and other users can choose to follow that personalized video-sharing space, creating a personalized channel based on the Video Space curator's preferences, and track their videos viewing history. Users of its Video Space functionality can manage video uploads, their online friends list, visitor comments and online chats within their Video Space. It enables users to comment on or rate videos by either clicking on vote for or votes against buttons or by posting comments below the video for other users to see. It co-operates with Chinese online community Websites. Users of these Websites recommends to each other the video clips on its Websites.

The Company's online advertising services include in-video, display, sponsorship and other forms of advertisements. In-video advertisements appear at certain times during the playback of a video. These video advertisements can be pre-roll, post-roll, mid-roll or pause advertisements. Display advertisements can be delivered alongside a video and takes the form of graphical banners or text hyperlinks. Other forms of advertisements include product placements in its in-house-produced Web video series, sponsored live events or in-house-produced viral videos.

• 競爭者

The Company competes with iQiyi.com, Tencent and Sohu.

• 獲利能力, 經營績效差,被購併也是應該的.

PROFITABILITY RATIOS

	Company	industry	sector
Gross Margin (TTM)	14.35	55.79	39.87
Gross Margin - 5 Yr. Avg.	18.17	64.01	40.52
EBITD Margin (TTM)	8.33	--	--
EBITD - 5 Yr. Avg	5.07	38.09	20.33
Operating Margin (TTM)	-27.62	29.26	9.84
Operating Margin - 5 Yr. Avg.	-22.89	32.27	12.57
Pre-Tax Margin (TTM)	-25.92	30.37	11.16
Pre-Tax Margin - 5 Yr. Avg.	-21.56	33.59	13.39
Net Profit Margin (TTM)	-26.52	19.49	7.53
Net Profit Margin - 5 Yr. Avg.	-22.03	21.42	9.41

• 這種user generated content 的平台,毛利應該超級高, 但這家居然是淨利居然是虧損, 企業內在加值應該很低,  很泡沫.收入是增加,但是eps卻是減少, 這經營管理也是異常 
• 我觀察兩岸的網路業公司治理糾紛很多, 基本面常常不正常 不理性 沒有把股東權益放在第一位, 
• 像優酷, 營收增加 但每股盈餘還是虧損,這經營管理能力我是質疑的,反正都要賣了, who care?

這樣的營收成長是沒有意義的,股東權益被忽視.

• 毛利約14%, 其實也是很不理想.  
• 這行業毛利都有50%以上,  
• 14% 像是搞製造業的, 這老闆管理能力不行.
• 算了反正都要賣了, 再分析也無益, 資本市場的遊戲就是如此. 不過購併的行業效應是應該追蹤觀察,  行業的界線改變了

• 競爭者

百度/愛奇藝
騰訊(本業)/QQ微信 
阿里巴巴/優酷土豆