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Presentation for Muddy Waters Research
1.
NOV 16, 2021 Muddy
Waters Research —Joyy Inc. 108409511 賴奕綾 107409301 陳孜昀 107409302 魏敏如 108409509 許瀞文 108409533 彭郁荃 108707002 陳玟璇 (歡聚時代)
2.
一.公司簡介 二.數據分析(營收/現金餘額/用戶面) 三.回應與影響 四.總結 目錄
3.
I 一.公司簡介 108409511 賴奕綾 TH
4.
TH 2005年成立 互聯網企業 原名YY 歡聚時代 後於 2019改名Joyy歡聚集團 遊戲整合網站起家 2008推出YY語音 多玩遊戲網 歡聚集團
Joyy
5.
YY語音 YY直播 虎牙直播 百度 騰訊 HAGO BIGO
LIVE LIKEE
6.
XIII 108409509 許瀞文 2.1營收面
7.
90% 的YY直播收入 80% 的YY網路約會收入 80%
的Bigo收入 詐騙收入佔比
8.
數據證明 2019 年 12
月,審查 XHL 跟踪的 96,432 个 YY Live 使用者。 使用者中有 24.9% 是由 YY 控制的 他們的禮物貢獻占樣本中禮物收入的 48.0% 1. 2.
9.
活動禮品收入造假 收集了其中 82 個“平台天使”的信息,發 現,通過
IMEI 共享識別的 YY 控制的用戶 ID 記錄中只有 26 個。 他們的數字表明,對於通過 IMEI 共享識別 的每個 YY 控制的 FU,可能還有另外兩個 YY 控制的 FU 沒有通過 IMEI 方法顯示自 己。這支持即約 90% 的 YY Live 禮品收入 是假的。
10.
前5名 YY 直播頻道所有者的財務報表顯示收入差異為
85.9%
11.
108409533 彭郁荃 YY
2.2現金餘額 Ⅲ https://technews.tw/2018/12/18/cashless-payment-legislation-in-us/
12.
報表漏洞 消失的長期存款 此章截圖皆來自混水研究
13.
報表漏洞 消失的現金餘額
14.
報表漏洞 續-消失的現金餘額
15.
XIII 107409302 魏敏如 YY
2.3用戶面
16.
TH ◇近一半價值的虛擬禮物來自於歡聚集團有關的虛假用戶 Muddy Waters 的發現(一) 資料來源:Muddy
Waters Research
17.
XI 大部分的用戶ID都可追溯到歡聚的 伺服器 武漢用戶的IP位置離奇地在各城市 間跳躍 ◇在武漢疫情封城期間,隨機抽樣96名 武漢市付費用戶,經調查發現有87.5% 虛假用戶 TH Muddy Waters 的發現(二) 資料來源:Muddy
Waters Research
18.
TH 即使摩登兄弟沒上直播,停 播時仍能通過平台收到虛擬 禮物 經分析,隨機選擇的96位粉 絲中,大約有97.9%虛擬收 入是造假的 ◇針對網紅摩登兄弟進行調查。 Muddy Waters 的發現(三) 資料來源:Muddy
Waters Research
19.
YY付費用戶來源: 歡聚集團伺服器 48% pay bot,內部循環 39.5% 其他 12.5%
20.
三.回應與影響 107409301 陳孜昀
21.
歡聚時代的影響 報導當日股價重跌30%,創歷史新低
22.
歡聚時代的回應 對此行業未完全瞭解 報告中含有大量錯誤、邏輯不清、數據混亂、以偏概全 相關指控指結論均未被證實
23.
四.總結 108707002陳玟璇
24.
IV 營收面 現金餘額 用戶面
25.
資料來源 https://hk.finance.yahoo.com/news/歡聚時代反駁渾水指控-稱其報告 中充斥著對行業的-無知-110712543.html https://ctee.com.tw/news/china/373233.html Muddy Waters Research-MW
is Short Joyy Inc. (YY US) https://baike.baidu.com/item/%E6%AC%A2%E8%81%9A%E9%9B %86%E5%9B%A2? https://www.muddywatersresearch.com/research/yy/1/