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Sep 2017
List of TOP100 Enterprise Digital User Assets in May 2017-Mobile Assets List




Statistical rules: The digital user assets are calculated according to the number of independent digital users to the business brand 
of an independent company. Upon the statistics, a few independent companies providing services for the users of the same business 
brand will be consolidated. The data of multiple business brands under a group company and the company with independent market 
business will be split up. As to M&A, share control, investment and other circumstances of non-listed companies, the considerations 
should be given to the facts whether the business brand is retained. If the company still provides services for users to its original
 brands, the consolidated statistics shall not apply. 
Explanation of algorithm: The calculation of digital user asset includes but not be limited to the digital user assets of various 
companies in the form of APP, H5, WAP, etc. Meanwhile, the statistics include but not be limited to the number of independent 
digital users to mobile phone, PAD, smart wearable devices, smart home and on-board devices, outdoor smart touch devices, 
and all other kinds of terminal. 
Statement on market value: The real-time market value query results as at 11:40am, July 18, 2017, Beijing Time. 
Analysis & Interpretation
360 and Tencent once competed for users; now, Mobike and OFO are haggle about users.
With regard to the thought of Internet traffic since the age of PC, the thought of users in the mobile era, and digital transformation strategy in traditional industries, the user assets have become the core assets of enterprises.
 
List of TOP100 Enterprise Digital User Assets-Mobile Assets List is the standard of reference centered on the enterprise digital user assets firstly released by Analysys, and also serves as an important list for the establishment of new value assessment system of enterprises.
 
What are digital assets?
Compared with the statistics of tangible assets under the traditional financial and accounting system, the digital assets mean present the data analysis of enterprises on their users, channels and products during the Internet-based operations, and give real-time feedback of corporate value.
 
What is the statistical principle of the list?
The list targets the total number of digital users to the business brands of an independent company. Upon the statistics, a few independent companies providing services for the users of the same business brand will be consolidated. The data of multiple business brands under a group company and the company with independent market business will be split up. The source of statistical data includes the assets of digital users of APP, H5, WAP and other forms of all companies, and the terminal devices include mobile phone, PAD, smart wearable devices, smart home and on-board devices, etc.
 
Among the List of TOP100 Digital User Assets, the number of non-listed companies is 62, making up the majority. Among 38 listed companies, the enterprises listed on the US stock market are in the majority, accounting for 42.1% of the total. This also verified in profile that the mainstream Internet enterprises are basically the partners of a great number of giants. However, the enterprises completing the series B and D financing among the non-listed enterprises take the largest share, accounting for 14.5% on average.
 
The Best New Artist Award awarded to the lovely small yellow bikes (OFO) As the youngest enterprise on the List, the parent company of OFO-Beijing Bikelock Technology Co., Ltd. was founded on August 6, 2015. The size of active users has hit 34.128 million in less than two years since its establishment, ranking 62th on the TOP100 List.
 
Among the nominated TOP100 enterprises, there are also some companies ranking among the top nine just on the strength of APP, such as 12306, ZYbang, ELE, OFO, Mobike, Snake Off, Tantan, PP Assistant and Kuaikanmanhua, with the active users ranging between 20.13-56.56 million. That is to say, the number of 20 million active users has become a key milestone for ranking among the TOP100.
 
Speaking of the Internet, we must mention Baidu, Alibaba and Tmall (BAT), wherein Alibaba and Baidu have 516 million and 519 million active users, respectively. The champion is no doubt Tencent, with 931 Tencent users, accounting for 428 million individually of the BAT digital user assets. With the highest share of digital user assets, Tencent accounts for half of BAT total users. Despite the unobvious difference in the size of digital users, Baidu and Alibaba have different quality of user assets. This is also the reason that one of them has the make value of US$63.926 billion and the other one has the market value of US371.232 billion despite the equivalent size of users.
 
Five Discoveries of the List of Digital User Assets
1. Terminal brings users, which secure rankings
The List reveals that Huawei has 160 million terminal users, and Xiaomi with 136 million terminal users ranks second, followed by OPPO and vivo respectively with 121 million and 87 million users. According to the size of 200 million users published by Huawei, we observe that 75% of Huawei users are sourced from hardware (equipment).
Terminal equipment also has become a new approach of user accumulation now. Layout of APP is followed the user acquisition via hardware. For example, Huawei boasts a size of over one hundred million market users and of over ten million file managers, as well as such applications as Huawei Wear, Huawei WiFi Manager, Huawei Read and Huawei Store, etc., forming the pattern of hardware-based establishment and software-secured development. It is more obvious for Xiaomi, another target company. Developed based on software, Xiaomi has developed Mihome and Mi Appstore with over ten million users, as well as such applications as Mi.com, Mi Sports, Home.mi.com, Mfashiongallery, etc. Besides, OPPO and vivo also have over ten million users respectively on the strength of their app store.
Digital user assets are not limited to APP assets. Terminal companies energetically develop the application services based on smart interface. As we can see, the mobile phone terminal manufacturers in China are also continuously developing the software applications based on user demands while focusing on hardware equipment, so as to gradually create their own mobile phone ecology step by step.
 
2. Traffic distribution and transactions realized
Not long before, Baidu and JD competed with each other for the status difference in the market value of several hundred million US dollars. However, according to the List of Enterprise Digital User Assets TOP100 newly issued by Analysys, Baidu and JD now boast a market value of US$63.926 billion and US$57.231 billion, respectively, with 519.500 million and 144.581 million active mobile users. It is estimated that the per capita value of Baidu and JD users is US$123.05 and US$395.84, respectively.
The List shows that the average value of each user is far below that of JD although Baidu boasts a higher market value. However, Baidu is slightly superior to JD in the total size of users. The market value of enterprises corresponding to the size users can also justify that they have different business models. Baidu targets the traffic distribution, while JD adopts the transactions realized. The different scenarios of use create different user value. The value of traffic users is remarkably lower than that of transaction users.
 
3. From commodity trading to service trading
E-commerce transactions and service transactions are quite different although they both pertain to the transaction services. The e-commerce operators led by JD, Taobao and Tmall are top among the List. The per capita value of JD users is US$395.84, while the average value of Alibaba users (market value of US$371.232 billion) is US$719.0. Meituan, DIDI and Ctrip focusing on life services boast a relatively small size of users.
Pertaining to the fields of service transactions, Meituan specializing in restaurant takeout has 140.859 million active users, but its estimated value drops from US$18 billion in 2016 to US$7 billion now, and the unit value of users is only US$49.69; with less than 100 million active users, DIDI boasts an estimated value of US$50 billion on the strength of its unparalleled status in the fields of China travel; upon the translation, the unit value of users hits US$535.69; even for Ctrip, an Internet travel service provider with the active users of less than 50 million, its market value is higher than US$25 billion, and the average value of each user is US$510.7.
The transaction users have higher value. The value of e-commerce transactions is higher than that of service transactions on average. However, inside the service fields, travel transactions and transportation embrace higher value than that of restaurant takeout users.
 
4. Single business and diversified layout
Regarding user assets rankings based on enterprise dimension, we shall also pay attention to the difference of enterprise business structure. The same company may have several applications, and the business is often diversified.
On mobile radio, Himalaya and Qingting FM are well-known mobile applications. According to media reports, the estimated value of Shanghai Zendai Himalayas which Himalaya belongs to approximated to RMB6 billion in 2016. The total number of active users is 39.449 million, and the unit value of users is RMB152.1 upon the translation. Shanghai Microphone Culture Media Co., Ltd. (with the estimated value of RMB2.5 billion), which Qingting FM belongs to, totally has 18.366 million active users. However, it has 89 applications such as Stars FM, storytelling and story APPs, and other numerous mobile applications, contributing to the average unit user value of RMB136.12.
The concern of business world has been the issue whether to develop the desperate single or popular application or focus on the diversified layout. Maybe the real enterprise operation and development can only reveal the answer to the question which one will be winner.
 
5. Does the large size of users make the unit user worthless?
It is particularly worth mentioning that certain news and tools APP boast a large size of users, showed in the List. However, the market value data reveals that their performance is not good. As the traditional media portal, SOHU and iFeng have good brand value and user loyalty, and also accumulate several ten million and even hundred million active users. However, the calculation of market value and size of users reveals that their users are worthless. With 103.751 million users, SOHU has the market value of US$1.759 billion, namely the unit value of users is US$16.95; iFeng has 58.258 million users, but its market value is US$176 million, namely the per capita value of US$3.02 only.
MojiWeath, the representative of tool applications, boasts a size of one hundred million users (107.335 million). However, its present estimated value is only RMB1.35 billion, RMB12.58 per capita. This shapes a strong contrast to the soaring costs for user acquisition. As we can see, the traffic APPs in news and tools are still rather strenuous in realization of users. At present, the user value of news and tools APPs are rather low.
Interface opening and data perfection
As the Internet enters its “second stage”, traditional enterprises are also confronted with industrial transformation. The market value was traditionally reckoned according to financial operation and fiscal data; however, this mode of company operation was workable gradually. In the process of enterprise expansion, the indifferent digital user assets are gradually mentioned by more entrepreneurs. How will they use these digital user assets properly? How can we promote their transformation? Selecting the potential subjects of investment through reckoning a reasonable market value based on the digital user assets? For CEO and COO of enterprises as well as many investors, the digital user assets will serve as a scale with which they are able to analyze the performance of an enterprise more rationally and probe the breakthrough to enter the second stage.

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