B站二次上市，研發再投48億港元，將重點聚焦哪些技術？

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"3月29日，嗶哩嗶哩（俗稱“B站”）正式迴歸香港二次上市，首日開盤破發，跌2.23%，報790港元。此前的公告顯示，國際發售與香港公開發售的最終發售價均確定爲每股808港元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"今年以來，B站是繼汽車之家和百度外第三家回港上市的中概股。在上市前夕，嗶哩嗶哩才因律所的工作失誤，一度在資料表中錯把公司寫成百度，因而上市前有關B站會否步百度迅速破發的後塵，也成爲熱議話題。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"這次上市，B站邀請了12位UP主共同參與敲鐘儀式。B站董事長兼CEO陳睿表示，相比起用戶量和業績的增長，更讓自己高興的是，B站一直是中國最有活力和創造力的內容社區。陳睿強調，“視頻化”是巨大的浪潮，必然的趨勢。隨着設備和技術的升級，視頻將成爲互聯網內容的主流，視頻創作會滲透到生活的方方面面，未來預計會出現上千萬UP主，這些內容會在視頻化的浪潮中，走向全世界。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"募資所得20%用於研發"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"目前B站已經發展爲擁有2.02億月活用戶的綜合性視頻社區。其中，超過86%的月活用戶都在35歲及以下，年輕羣體依舊是B站用戶的主流。2020年第四季度財報顯示，B站91%的視頻播放量來源於PUGV（專業用戶創作視頻）。平均每月有190萬的UP主活躍在B站，月均視頻投稿量達590萬。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"“B站、百度在港二次上市，我認爲意義各不相同。B站是高位增發募集資金，百度是找到了一個交易場所。B站拿了錢，買了大樓，減少了房租。百度拿了錢幹什麼，我沒有想清楚，畢竟百度其實沒什麼花錢的地方，百度的問題是沒有以前賺的錢那麼多了，但其實還是賺的。”資深資本市場觀察家向小田如此評價道。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書顯示，此次B站上市募資金額將用於優質內容投入、自主技術的開發與創新、銷售及營銷，以及一般公司用途及運營資金需要。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"其中，約20%（約48.66億港元，假設超額配股權未獲行使）用於研發，以改善用戶體驗和加強以用戶爲中心的商業化能力。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"根據招股書，B站重點投資的技術主要有以下幾項："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"人工智能及大數據分析"},{"type":"text","text":"，對用戶數據進行準確、穩定的實時處理和分析，通過識別和分析相關特徵及關聯性來管理內容；再推送迎合用戶興趣及需求的相關內容（包括視頻、直播節目）以及其他產品及服務。"}]}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站視此爲業務增長的關鍵動力，因爲可以更好地瞭解用戶，並就不斷增長的用戶羣及參與度提升內容推送，保存社區文化，最終增進商業化能力；"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"雲技術"},{"type":"text","text":"，以管理存儲、計算能力以及帶寬的運營成本，從而加強網絡視頻播放器的能力，儲存及支援平臺每日產生的海量數據，並運行算法來生成內容推薦；"}]}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"信息技術基礎設施"},{"type":"text","text":"，以支持用戶羣及流量的增長，以及與日俱增的內容生態，尤其是專屬內容分發網（又稱CDN系統），通過實時優化及分發管理和優化服務器負載，加強網絡效率；"}]}]}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"bulletedlist","content":[{"type":"listitem","attrs":{"listStyle":null},"content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"自行開發遊戲"},{"type":"text","text":"，繼續建立自己的團隊，基於社區用戶感興趣的內容、主題、文化特色，開發更多自研遊戲。"}]}]}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"技術與研發概況"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"據悉，B站在2018年、2019年及2020年的研發開支逐年增長，分別錄得5.375億元、8.944億元及12.13億元。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股書顯示，陳睿持股 14.2%，B 站創始人徐逸擁有 8% 的股權，以開盤市值計算，陳睿持股身家達到 54.48 億美元（約424億港元）。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"值得一提的是，B 站創始人徐逸和 CEO 陳睿均爲技術出身。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"陳睿2001年大學畢業就加入金山軟件負責軟件開發，短短几年就成爲公司骨幹，2006 年任金山毒霸事業部總經理，後加入獵豹移動，成爲聯合創始人。2011 年，陳睿以天使投資人的身份加入 B 站，推動 B 站的公司化運作。2014 年，陳睿正式加入 B 站擔任董事長。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"截至2020年12月31日，B站在中國擁有約21000臺自有服務器及7100多臺租用服務器，並設有備用電源及備用發電機。B站的產品及技術團隊由3898名成員組成，包括軟件工程師、設計師及產品經理，負責開發、運營和維護產品，包括移動遊戲、直播及增值服務，以及社區。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"在招股書中，B站重點介紹了幾項技術的概況："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"1）人工智能及大數據分析。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"通過識別及分析行爲模式連接，來審覈及篩選內容。隨著內容及用戶互動的種類和數量不斷增加，AI對於控制運營成本及增強用戶體驗至關重要。利用大數據分析，根據用戶的行爲（如發帖、彈幕、評論、點贊及關注）以及人口統計資料（如年齡、性別及地理位置）爲每個用戶賬戶創建興趣檔案。在AI的輔助下，可以根據用戶的興趣檔案顯示個性化的用戶界面以及推送給他們更有可能感興趣和相關的內容。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"此外，B站也有在內容管理及審覈過程中運用AI，監測上傳至平臺的內容，發現不恰當或不合法的內容，即時移除任何盜版內容。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"據介紹，B站獨有的人工智能篩選系統，可以將平臺內容與有版權或內部“黑名單”數據庫裏的爭議性視頻相比，並找到象徵相似者（即視頻內容中的關鍵詞），自動標記及篩去具有私隱問題或包含不合法或不恰當的內容。“黑名單”數據庫儲存視頻內容中超過一百萬個關鍵詞。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"利用內部或根據監管要求收集的各種技術模型及樣本，B站建立、維護及持續更新數據庫，以滿足不斷變化的監管要求。待內容以此科技篩選系統處理後，系統會從內容抽取痕跡（用以識別及區分視頻的技術功能），並將之送到內容篩選團隊作第二級審查。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"全部其他內容（主要指用戶所發出的彈幕）亦會由篩選系統自動過濾，應用人工智能篩選系統對彈幕進行語意分析，以分析、找到及篩去不恰當的彈幕。運用B站的獨有科技，當用戶發出指示封鎖彈幕中的若干關鍵詞時，平臺可在該視頻仍在播放時實時執行該指示而無須重載整條視頻。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"由於彈幕空間有限，B站利用自己的專有技術對用戶的收藏、先前曾作出的封鎖及評論等行爲進行語義分析，以瞭解每個用戶的獨特偏好及他們過濾彈幕的習慣，進而實現用戶個性化的彈幕觀看體驗。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"大數據分析技術方面，B站發明了一個"},{"type":"text","marks":[{"type":"strong"}],"text":"系統及方法論"},{"type":"text","text":"，監督多連結傳輸中的實時數據流，可準確分析大數據實時傳輸、在幾分鐘之內識別出系統中的不一致之處，並精準迴應及知會有關問題。該技術主要用於數據整合（一項大數據分析領域的基礎建設），以確保數據整合的完整性，同時促成大數據分析的準確性，因爲大數據儲存、計算、視覺化、應用及其他較高層模組全數都按數據整合所產生的數據計算。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站還發明瞭一個"},{"type":"text","marks":[{"type":"strong"}],"text":"方法論及中間件"},{"type":"text","text":"，藉助合併中央數據庫、中央記憶體暫存、本地記憶體暫存及本地檔案暫存以存取數據，從而改進中央存取數據時的系統穩定性，以及大量存取數據時的系統效率，同時避免數據不一致。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"2）雲技術。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"爲了增強視頻播放器的功能，包括運行算法來生成內容推薦，B站對存儲和計算能力有很高的需求，因而開發了一個雲系統，可以滿足平臺的運營需求，同時降低運營成本。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"3）內容分發網絡。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站的網絡服務器技術專注於減少帶寬的使用，同時通過內容分發網絡（CDN）系統增強用戶體驗。CDN組件戰略性地部署在用戶集中的城市，用戶能夠訪問距離最近的內容副本，令內容加載時間最小化。專有的CDN系統通過實時優化及分發來管理和優化服務器的工作負載，從而提高網絡效率。這項技術令用戶能夠無需壓縮便可上傳內容，並能夠以更高的清晰度查看內容。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"4）實時監控及支持。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"網絡運營支持團隊負責維護每週7天每天24小時的網絡穩定及安全。團隊成員的主要職責包括監控系統效能、故障排除、檢測系統錯誤、服務器隨機抽樣測試、維護設備以及測試、評估和安裝硬件及軟件。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"龐大的泛視頻市場"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"B站篤定，視頻化將帶來一個龐大的泛視頻市場，它將視頻與各種日常生活場景結合的趨勢稱爲“視頻化”。其援引艾瑞諮詢的報告指出，到2025年，中國視頻用戶將超過11.8億人，隨之創造的市場收入將超過1.8萬億元。而支撐著中國泛視頻市場的上升潛力的主要驅動因素包括："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"1）5G和視頻製作技術的進步。"},{"type":"text","text":"5G應用和視頻製作技術的進步有望徹底改變人們製作和消費內容的方式，釋放泛視頻巿場的巨大增長潛力，對數據密集型視頻內容的需求和供應都將迅速增長。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"2）對視頻內容的消費能力和需求不斷上升。"},{"type":"text","text":"隨著收入的增長，中國消費者正在擴大對各種形式的視頻內容的消費。用戶可以參與和互動的創新內容消費場景爲中國泛視頻巿場創造了巨大的商業化潛力。預期在2019年至2025年間，中國泛視頻巿場的人均產值將翻一番以上。雖然中國的收入水平增速快於主要發達國家，但從絕對值來看仍然遠低於該等國家，意味著未來仍有巨大增長空間。中國的2019年人均收入達到10,410美元，預期將以5.6%的複合年增長率增長至2025年的14,435美元；而主要發達國家的2019年人均收入爲54,439美元，2025年預期爲60,557美元2019年至2025年的複合年增長率爲1.8%。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"3）視頻內容創作者不斷增加。"},{"type":"text","text":"憑藉各種方便易用的視頻創作工具，如智能手機上的直播和視頻編輯工具，越來越多的觀衆正在成爲視頻內容創作者。此外，爲了更好地表達自我、與觀衆緊密互動和實現商業化，以前專注於文字和圖片等傳統內容格式的內容創作者正逐漸轉向視頻製作。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","marks":[{"type":"strong"}],"text":"4）內容主題多樣化。"},{"type":"text","text":"隨著泛視頻巿場的發展，視頻平臺的內容自然而然地超越泛娛樂範疇，科技、知識、生活方式等都被囊括進來，吸引更廣泛的用戶羣體。隨着越來越多用戶追求高品質內容，高品質內容和有才華的內容創作者變得越來越有價值。主題和形式的廣度、內容的質量以及與用戶興趣的一致性對於視頻平臺吸引和保留用戶將變得越來越重要。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"參考鏈接："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2021\/0318\/2021031800174_c.pdf"}]}]}