B站二次上市，研发再投48亿港元，将重点聚焦哪些技术？

{"type":"doc","content":[{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"3月29日，哔哩哔哩（俗称“B站”）正式回归香港二次上市，首日开盘破发，跌2.23%，报790港元。此前的公告显示，国际发售与香港公开发售的最终发售价均确定为每股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":"今年以来，B站是继汽车之家和百度外第三家回港上市的中概股。在上市前夕，哔哩哔哩才因律所的工作失误，一度在资料表中错把公司写成百度，因而上市前有关B站会否步百度迅速破发的后尘，也成为热议话题。"}]},{"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":"这次上市，B站邀请了12位UP主共同参与敲钟仪式。B站董事长兼CEO陈睿表示，相比起用户量和业绩的增长，更让自己高兴的是，B站一直是中国最有活力和创造力的内容社区。陈睿强调，“视频化”是巨大的浪潮，必然的趋势。随着设备和技术的升级，视频将成为互联网内容的主流，视频创作会渗透到生活的方方面面，未来预计会出现上千万UP主，这些内容会在视频化的浪潮中，走向全世界。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"募资所得20%用于研发"}]},{"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站已经发展为拥有2.02亿月活用户的综合性视频社区。其中，超过86%的月活用户都在35岁及以下，年轻群体依旧是B站用户的主流。2020年第四季度财报显示，B站91%的视频播放量来源于PUGV（专业用户创作视频）。平均每月有190万的UP主活跃在B站，月均视频投稿量达590万。"}]},{"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，我认为意义各不相同。B站是高位增发募集资金，百度是找到了一个交易场所。B站拿了钱，买了大楼，减少了房租。百度拿了钱干什么，我没有想清楚，毕竟百度其实没什么花钱的地方，百度的问题是没有以前赚的钱那么多了，但其实还是赚的。”资深资本市场观察家向小田如此评价道。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null},"content":[{"type":"text","text":"招股书显示，此次B站上市募资金额将用于优质内容投入、自主技术的开发与创新、销售及营销，以及一般公司用途及运营资金需要。"}]},{"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，约20%（约48.66亿港元，假设超额配股权未获行使）用于研发，以改善用户体验和加强以用户为中心的商业化能力。"}]},{"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":"根据招股书，B站重点投资的技术主要有以下几项："}]},{"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":"人工智能及大数据分析"},{"type":"text","text":"，对用户数据进行准确、稳定的实时处理和分析，通过识别和分析相关特征及关联性来管理内容；再推送迎合用户兴趣及需求的相关内容（包括视频、直播节目）以及其他产品及服务。"}]}]}]},{"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站视此为业务增长的关键动力，因为可以更好地了解用户，并就不断增长的用户群及参与度提升内容推送，保存社区文化，最终增进商业化能力；"}]},{"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":"云技术"},{"type":"text","text":"，以管理存储、计算能力以及带宽的运营成本，从而加强网络视频播放器的能力，储存及支援平台每日产生的海量数据，并运行算法来生成内容推荐；"}]}]}]},{"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":"信息技术基础设施"},{"type":"text","text":"，以支持用户群及流量的增长，以及与日俱增的内容生态，尤其是专属内容分发网（又称CDN系统），通过实时优化及分发管理和优化服务器负载，加强网络效率；"}]}]}]},{"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":"自行开发游戏"},{"type":"text","text":"，继续建立自己的团队，基于社区用户感兴趣的内容、主题、文化特色，开发更多自研游戏。"}]}]}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"技术与研发概况"}]},{"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":"据悉，B站在2018年、2019年及2020年的研发开支逐年增长，分别录得5.375亿元、8.944亿元及12.13亿元。"}]},{"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":"招股书显示，陈睿持股 14.2%，B 站创始人徐逸拥有 8% 的股权，以开盘市值计算，陈睿持股身家达到 54.48 亿美元（约424亿港元）。"}]},{"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 站创始人徐逸和 CEO 陈睿均为技术出身。"}]},{"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":"陈睿2001年大学毕业就加入金山软件负责软件开发，短短几年就成为公司骨干，2006 年任金山毒霸事业部总经理，后加入猎豹移动，成为联合创始人。2011 年，陈睿以天使投资人的身份加入 B 站，推动 B 站的公司化运作。2014 年，陈睿正式加入 B 站担任董事长。"}]},{"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站在中国拥有约21000台自有服务器及7100多台租用服务器，并设有备用电源及备用发电机。B站的产品及技术团队由3898名成员组成，包括软件工程师、设计师及产品经理，负责开发、运营和维护产品，包括移动游戏、直播及增值服务，以及社区。"}]},{"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":"在招股书中，B站重点介绍了几项技术的概况："}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"1）人工智能及大数据分析。"}]},{"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":"通过识别及分析行为模式连接，来审核及筛选内容。随著内容及用户互动的种类和数量不断增加，AI对于控制运营成本及增强用户体验至关重要。利用大数据分析，根据用户的行为（如发帖、弹幕、评论、点赞及关注）以及人口统计资料（如年龄、性别及地理位置）为每个用户账户创建兴趣档案。在AI的辅助下，可以根据用户的兴趣档案显示个性化的用户界面以及推送给他们更有可能感兴趣和相关的内容。"}]},{"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站也有在内容管理及审核过程中运用AI，监测上传至平台的内容，发现不恰当或不合法的内容，即时移除任何盗版内容。"}]},{"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":"据介绍，B站独有的人工智能筛选系统，可以将平台内容与有版权或内部“黑名单”数据库里的争议性视频相比，并找到象征相似者（即视频内容中的关键词），自动标记及筛去具有私隐问题或包含不合法或不恰当的内容。“黑名单”数据库储存视频内容中超过一百万个关键词。"}]},{"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":"利用内部或根据监管要求收集的各种技术模型及样本，B站建立、维护及持续更新数据库，以满足不断变化的监管要求。待内容以此科技筛选系统处理后，系统会从内容抽取痕迹（用以识别及区分视频的技术功能），并将之送到内容筛选团队作第二级审查。"}]},{"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":"全部其他内容（主要指用户所发出的弹幕）亦会由筛选系统自动过滤，应用人工智能筛选系统对弹幕进行语意分析，以分析、找到及筛去不恰当的弹幕。运用B站的独有科技，当用户发出指示封锁弹幕中的若干关键词时，平台可在该视频仍在播放时实时执行该指示而无须重载整条视频。"}]},{"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":"由于弹幕空间有限，B站利用自己的专有技术对用户的收藏、先前曾作出的封锁及评论等行为进行语义分析，以了解每个用户的独特偏好及他们过滤弹幕的习惯，进而实现用户个性化的弹幕观看体验。"}]},{"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":"大数据分析技术方面，B站发明了一个"},{"type":"text","marks":[{"type":"strong"}],"text":"系统及方法论"},{"type":"text","text":"，监督多连结传输中的实时数据流，可准确分析大数据实时传输、在几分钟之内识别出系统中的不一致之处，并精准回应及知会有关问题。该技术主要用于数据整合（一项大数据分析领域的基础建设），以确保数据整合的完整性，同时促成大数据分析的准确性，因为大数据储存、计算、视觉化、应用及其他较高层模组全数都按数据整合所产生的数据计算。"}]},{"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站还发明了一个"},{"type":"text","marks":[{"type":"strong"}],"text":"方法论及中间件"},{"type":"text","text":"，借助合并中央数据库、中央记忆体暂存、本地记忆体暂存及本地档案暂存以存取数据，从而改进中央存取数据时的系统稳定性，以及大量存取数据时的系统效率，同时避免数据不一致。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"2）云技术。"}]},{"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":"为了增强视频播放器的功能，包括运行算法来生成内容推荐，B站对存储和计算能力有很高的需求，因而开发了一个云系统，可以满足平台的运营需求，同时降低运营成本。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"3）内容分发网络。"}]},{"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站的网络服务器技术专注于减少带宽的使用，同时通过内容分发网络（CDN）系统增强用户体验。CDN组件战略性地部署在用户集中的城市，用户能够访问距离最近的内容副本，令内容加载时间最小化。专有的CDN系统通过实时优化及分发来管理和优化服务器的工作负载，从而提高网络效率。这项技术令用户能够无需压缩便可上传内容，并能够以更高的清晰度查看内容。"}]},{"type":"paragraph","attrs":{"indent":0,"number":0,"align":null,"origin":null}},{"type":"heading","attrs":{"align":null,"level":4},"content":[{"type":"text","text":"4）实时监控及支持。"}]},{"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":"网络运营支持团队负责维护每周7天每天24小时的网络稳定及安全。团队成员的主要职责包括监控系统效能、故障排除、检测系统错误、服务器随机抽样测试、维护设备以及测试、评估和安装硬件及软件。"}]},{"type":"heading","attrs":{"align":null,"level":2},"content":[{"type":"text","text":"庞大的泛视频市场"}]},{"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站笃定，视频化将带来一个庞大的泛视频市场，它将视频与各种日常生活场景结合的趋势称为“视频化”。其援引艾瑞咨询的报告指出，到2025年，中国视频用户将超过11.8亿人，随之创造的市场收入将超过1.8万亿元。而支撑著中国泛视频市场的上升潜力的主要驱动因素包括："}]},{"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和视频制作技术的进步。"},{"type":"text","text":"5G应用和视频制作技术的进步有望彻底改变人们制作和消费内容的方式，释放泛视频巿场的巨大增长潜力，对数据密集型视频内容的需求和供应都将迅速增长。"}]},{"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）对视频内容的消费能力和需求不断上升。"},{"type":"text","text":"随著收入的增长，中国消费者正在扩大对各种形式的视频内容的消费。用户可以参与和互动的创新内容消费场景为中国泛视频巿场创造了巨大的商业化潜力。预期在2019年至2025年间，中国泛视频巿场的人均产值将翻一番以上。虽然中国的收入水平增速快于主要发达国家，但从绝对值来看仍然远低于该等国家，意味著未来仍有巨大增长空间。中国的2019年人均收入达到10,410美元，预期将以5.6%的复合年增长率增长至2025年的14,435美元；而主要发达国家的2019年人均收入为54,439美元，2025年预期为60,557美元2019年至2025年的复合年增长率为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）视频内容创作者不断增加。"},{"type":"text","text":"凭借各种方便易用的视频创作工具，如智能手机上的直播和视频编辑工具，越来越多的观众正在成为视频内容创作者。此外，为了更好地表达自我、与观众紧密互动和实现商业化，以前专注于文字和图片等传统内容格式的内容创作者正逐渐转向视频制作。"}]},{"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）内容主题多样化。"},{"type":"text","text":"随著泛视频巿场的发展，视频平台的内容自然而然地超越泛娱乐范畴，科技、知识、生活方式等都被囊括进来，吸引更广泛的用户群体。随着越来越多用户追求高品质内容，高品质内容和有才华的内容创作者变得越来越有价值。主题和形式的广度、内容的质量以及与用户兴趣的一致性对于视频平台吸引和保留用户将变得越来越重要。"}]},{"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":"参考链接："}]},{"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"}]}]}