In July last year, Sanyan wrote about those high-profile companies that are All in Bitcoin. So, now that a year has passed, how are these companies doing?
On July 3, Meitu announced that in the first half of this year, the company’s net loss may reach 274.9 million yuan to 349.9 million yuan, an increase of about 99.6% to 154.1% over the same period last year. The expected increase in net loss is mainly due to impairment of purchased cryptocurrencies.
What happened to the companies that are All in Bitcoin? Meitu: I lost 110 million” once stated that cryptocurrencies are uncontrollable and speculative, and companies that bet on Bitcoin may not be able to go through this path.
Meitu is an obvious example. When Bitcoin rose sharply, I wanted to take the opportunity to make a fortune, but I didn’t expect the price of the currency to plummet in the past year. It is true that “speculation” is not a loss.
However, this year, with the renaming of Facebook to Meta, another group of companies began to want All in the Metaverse.
So, today, let’s take a look at the status quo of companies that once bet on cryptocurrencies, and take stock of a group of companies that stand in the Metaverse.
Crypto pie: Losing it all
Meitu: Lost 300 million in currency speculation in the first half of the year, but remains optimistic
At the beginning of 2021, the price of Bitcoin was close to $65,000 at its highest, and Meitu spent $100 million to purchase cryptocurrencies such as Bitcoin and Ethereum in March of that year.
But I didn’t expect that in less than half a year, it was already a big loss.
In July 2021, Meitu announced that as of June 30, 2021, Meitu had purchased a loss of US$17.3 million in Bitcoin, or approximately RMB 110 million; the purchased Ethereum made a profit of US$ 14.7 million, or approximately RMB 94.96 million. , a comprehensive loss of 2.6 million US dollars, about 16.8 million yuan.
The three-month comprehensive loss of more than 2 million US dollars seems to be acceptable for Meitu, so I chose to wait and see.
Unexpectedly, by 2022, the price of Bitcoin once fell below $20,000. Although it rebounded later, it still hovered below $20,000.
This blow to Meitu can be described as a major blow. It is expected that the loss in the first half of this year will reach 270 million to 340 million, which can be said to be lost.
According to the International Financial Reporting Standards, Meitu expects to recognize impairment losses of approximately US$18.5 million and approximately US$27.1 million respectively, with a total loss of approximately US$45.6 million, or approximately RMB 305 million at current exchange rates. “
However, this is already the case. Meitu said in the announcement that the board of directors believes that the recent fluctuations in the prices of ether and bitcoin are temporary and remains optimistic about the long-term prospects of the purchased cryptocurrencies.
Good guy, this is because the face has been beaten and swollen, and he is still trying to make up for it. The mouth of a dead duck is really hard.
As of today’s close, Meitu was at HK$0.93, down 10.58%. At the same time, over the past year, Meitu’s share price has fallen from a maximum of HK$2 to less than HK$1 today.
I don’t know if Meitu will continue to wait and see. Maybe Bitcoin will have a chance to soar?
Bit Mining: Made $3.3M a year ago, lost $3.1M a year later
Bit Mining is the former 500 Lottery . Last year, Sanyan mentioned in the article that 500 Lottery is also one of the companies that want to use Bitcoin to skyrocket to transform into cryptocurrency.
And the initial effect was quite good. In May 2021, the company recorded a profit in its first financial report after the transformation, and Bit Mining is very optimistic about the prospects of the cryptocurrency mining business.
However, Sanyan pointed out last year that due to the influence of regulatory policies, the prospect of the mining business of Bit Mining may not be bright.
At the end of May 2022, Bit Mining released its first quarter 2022 financial report. According to the financial report, revenue in the first quarter of this year was $296.7 million; in the fourth quarter of 2021, revenue was $497.8 million, a sharp drop of $201.1 million from the previous quarter.
The company posted a net loss of $3.1 million in the first quarter of 2022, compared with a net profit of $3.3 million in the same period in 2021.
It also made a profit of more than 3 million US dollars in the first quarter of last year, and lost 3.1 million US dollars in the past year. Bit Mining explained in the financial report that the company’s revenue in 2022 will decrease month-on-month mainly because the company will stop providing services to users in mainland China from October 2021, and the mining pool business revenue will drop by about $202.6 million.
In addition, Bit Mining also revealed that the impairment loss of cryptocurrencies in the first quarter of 2022 is about $7.7 million, mainly due to market price fluctuations.
At present, Bit Mining mainly focuses on business expansion in North America. At present, the encrypted digital currency mining farm in Ohio, USA, has been completed and powered by 50 megawatts.
As of today’s close, Bit Mining was at $0.656, up 5.81%. Over the past year, Bit Mining shares have fallen from a high of $12 to $0.7 today.
The ninth city: the least sense of existence
Ninth City is the company with the “least sense of presence”. I mentioned last year that the company spent 100 million US dollars to purchase mining machines, but today I searched for the financial report information of Ninth City and found that few media reported whether it has released a financial report.
In fact, the ninth city announced its 2021 annual report as early as May this year, but has not yet released the financial data for the first quarter of 2022.
According to the financial report, as of December 31, 2021, the Ninth City had a net loss of 416.8 million yuan; negative operating cash flow was 687.7 million yuan; in addition, the company’s net current liabilities were 506.2 million yuan.
And Ninth City also bluntly stated in the financial report that the company may not be able to achieve profitability in the short or long term.
In terms of income structure, starting from 2021, 98.7% of the revenue of the ninth city is from cryptocurrency mining. As of December 31, 2021, the company’s revenue from cryptocurrency mining was 134.1 million yuan.
In addition, as of December 31, 2021, the ninth city’s cryptocurrency was depreciated by 50.9 million yuan.
Although The Ninth City has not released the financial data for the first quarter of this year, the company relies on mining for almost all of its revenue, and it will definitely be severely impacted by the drop in currency prices.
As of today’s close, the Ninth City was at $1.770, up 5.36%. Over the past year, Ninth City’s shares have fallen from a high of $16 to less than $2.
“Metaverse faction”: what is the future?
Gome: A lifesaver
Not long ago, Gome, a well-known brand in the retail market, announced its involvement in the Metaverse industry, and set the Metaverse as an important strategic development direction. The project is mainly involved in the Metaverse world, Metaverse e-commerce, digital people, digital collections and virtual idols.
According to media reports, the person in charge of the National Dollar Universe project has been hired in June, and other positions related to the Metaverse are currently being recruited.
In China’s retail industry, Gome was once one of the best. But now, Gome has almost become “tears of the times”. According to the company’s financial report, in 2020, Gome’s revenue was 44.12 billion yuan, a year-on-year decrease of 25.83%.
Although Gome’s revenue is 46.484 billion yuan after Huang Guangyu’s return in 2021, a year-on-year increase of 5.36%, the revenue level is only the same as that in 2008.
At present, according to the “2021 China Home Appliance Market Report”, JD.com ranks first with a 32.5% share, followed by Suning Tesco with 16.3% and Tmall with 14.8%, ranking third. Gome is only 5%.
Therefore, Gome hopes that Metaverse can boost its performance and find another way. According to Gome Retail’s 2021 financial report, as of December 31, 2021, the company’s revenue was 46.44 billion yuan, with a net loss of 4.773 billion yuan.
As of today’s close, Gome’s retail trade was at HK$0.375; over the past year, Gome’s stock price has plummeted and has been falling all the way.
The Metaverse is more of a “life-saving straw” for Gome, but it remains to be seen whether the current Gome can catch it.
Zhongqingbao: Received letters of concern many times, 211 monthly active users of Metaverse Games, 1 paying user
On September 6, 2021, Zhongqingbao announced that it will create a game called “Master Brewmaster”, and promote it as a Metaverse game of virtual and real fantasy linkage simulation management.
Taking advantage of the popularity of the Metaverse at that time, the share price of Zhongqingbao also started to make great progress, soaring from 8.2 yuan to nearly 40 yuan all the way.
This game also quickly attracted the attention of the regulatory authorities. Zhongqingbao has received letters of concern from the Shenzhen Stock Exchange for many times, requiring detailed explanations of the relationship between Brewmaster and the concept of the Metaverse, the mastery of core technologies, the feasibility of product implementation, and the calculation of R&D investment. data etc.
On February 28th, the H5 social version of “The Brewmaster” opened a limited number deletion test, which is only open to users who have completed the reservation before; on June 29th, the 2D version of “The Brewmaster” will be officially launched.
According to Zhongqingbao’s 2021 financial report, the company’s 2021 revenue is 356 million yuan, a year-on-year increase of 20.86%; its net loss is 46.226 million yuan, a year-on-year increase of 73.61%.
It can be seen that Zhongqingbao really wants to make money.
However, this game has not been able to drive the performance of Zhongqingbao. According to media reports, as of May, the average number of monthly active users of the game has gradually dropped from 1,317 to 211; the number of paying users has dropped from 13 to 1; the maximum recharge flow is 2,369 yuan.
Obviously such data can be described as appalling. At present, Zhongqingbao is betting on digital collections again. A digital collection of liquor sold on the rare yuan digital collection platform of its wholly-owned subsidiary, Lide Chain, is also the first digital collection launched by the rare yuan platform.
Can Zhongqingbao, which failed to succeed in the Metaverse, “take off” in the digital collection business?
As of today’s close, Zhongqingbao’s stock price was reported at 22.35 yuan, up 1.13%. In the past year, since it announced its entry into the Metaverse, the share price of Zhongqingbao has risen sharply, but its share price is now close to halving from its highest point.
HTC: Will the Metaverse phone succeed?
On June 28, veteran mobile phone manufacturer HTC launched the new 5G mobile phone Desire 22Pro. This phone is equipped with Snapdragon 695, 8+128G storage space; it is equipped with a 6.6-inch 120Hz refresh rate screen with 2K resolution. In addition, the back of the fuselage uses a rear three-camera module of 64 million pixels + 13 million pixels + 5 million pixels.
Although this hardware configuration is only equivalent to the level of the thousand yuan phone on the market, this model has attracted attention because it is “HTC’s first Metaverse mobile phone”.
The HTC Desire 22 Pro is pre-installed with a variety of “Metaverse” apps, including the Viverse App that acts as a “Metaverse portal”, the Vive Avatar that creates virtual avatars, and the Vive Wallet that manages virtual assets. At the same time, this phone can also work with HTC The lightweight VR headset Vive Flow is used in conjunction with it.
However, industry insiders believe that the actual effect of this product may not be as good as that of various “mobile phone VR boxes” products on the market. The reason is that the hardware performance of this phone is not enough to support a highly immersive, high-definition, high-fidelity “Metaverse” experience.
From this perspective, it remains to be seen whether HTC can use the “Metaverse mobile phone” to return the king.
Blue Cursor: Metaverse contributed tens of millions of revenue, but the stock price fell to the level of last year
Not long ago, Blue Cursor revealed that its “Blue Universe” marketing space has attracted more than 1.1 million users since its launch on March 30. Among them, nearly 50% of users entered the Blue Universe Commercial Street, and the average stay time of participating users exceeded 6 minutes.
According to BlueFocus’ 2021 annual report, the company’s revenue was 40.078 billion yuan, a year-on-year decrease of 1.11%; its net profit was 520 million yuan, a year-on-year decrease of 27.95%.
In terms of Metaverse-related business, Blue Cursor has released virtual person “Su Xiaomei” and virtual musician K, and built a virtual IP matrix; in terms of virtual items, Blue Cursor has launched its own digital artwork distribution platform MEME, and issued “” Foresee the ME” Genesis badge project; in terms of virtual scenes, “Blue Universe” has settled in Baidu Xiyang and gained 1.1 million user experiences; in addition, the BlueBox xR Studios virtual shooting studio invested by the company was also officially opened in April.
The financial report revealed that the BlueFocus Metaverse business has exceeded 10 million in revenue and will become a new growth engine.
As of today’s close, Blue Cursor’s share price was at 6.29 yuan, up 0.32%. The company’s share price reached a peak of 12.37 yuan on January 5 this year, but then gradually fell.
World Show: Can the Metaverse be revived?
Tianxiaxiu also announced the layout of the Metaverse business before.
On April 20 this year, Li Meng, chairman of the company, revealed that the company’s “Hong Universe” products will be fully opened in 2022. At present, “Rainbow Universe” has accumulated more than 400,000 users since the launch of the internal test.
According to the financial report of Tianxia Show, in 2021, the company will achieve revenue of 4.5 billion yuan, a year-on-year increase of 47.4%; net profit after deducting non-return to the parent is 420 million yuan, a year-on-year increase of 12.7%; in the first quarter of 2022, the revenue of Tianxia Show will be 1.16 billion yuan, a year-on-year increase. An increase of 36.2%; net profit after deducting non-return to parent companies was 98 million yuan, a year-on-year increase of 17.9%.
Although the performance of Tianxiaxiu is acceptable, in the past five years, the annual revenue growth rate of Tianxiaxiu has been declining year by year. In addition, the recent net profit growth rate is much lower than the revenue growth rate in the same period.
This shows that the further expansion of the celebrity economy may encounter bottlenecks, so the world show layout of the Metaverse.
The 2021 annual report shows that the company’s innovative business revenue is 220 million yuan, a year-on-year increase of 123.6%.This part mainly refers to the “Rainbow Universe” products, which have attracted many popular IPs to join.
As of today’s close, the share price of Tianxiaxiu was 8.13 yuan, up 0.87%. However, in the past year, the company’s share price has fallen from a high of more than 15 yuan to nearly halved.
Cryptocurrency pie PK Metaverse pie: 50 steps to laugh at a hundred steps?
It seems that the result of the PK between the “cryptocurrency faction” and the “Metaverse faction” is that the “Metaverse faction” wins.After all, it was swift and intuitive for companies that bet on cryptocurrencies to suffer from a price crash.
However, this does not mean that the “Metaverse faction” won easily. Although the Metaverse concept itself is very technological and futuristic, it is a long-term concept that requires huge investment.
Therefore, the Metaverse business of most companies is either at the conceptual stage or is testing the waters on a small scale; there are also companies like Zhongqingbao that continue to borrow the Metaverse for hype.
Compared to cryptocurrencies, which are highly volatile and highly speculative products, betting on the Metaverse requires long-term investment and tests the company’s long-term strength. Of the companies counted today, all companies that choose the Metaverse face some degree of performance pressure. Perhaps because of this, I hope to choose a track with less competition to work hard.
So, whether the Metaverse or cryptocurrencies, is the future promising? We will continue to pay attention.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/what-happened-to-the-domestic-companies-that-bet-on-cryptocurrencies-and-the-metaverse/
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