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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)
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
I
一.公司簡介
108409511 賴奕綾
TH
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
YY語音
YY直播 虎牙直播


百度 騰訊
HAGO
BIGO LIVE LIKEE
XIII
108409509 許瀞文

 2.1營收面
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
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.
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。
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%
108409533 彭郁荃
YY 
 2.2現金餘額
Ⅲ
https://technews.tw/2018/12/18/cashless-payment-legislation-in-us/
報表漏洞
消失的長期存款
此章截圖皆來自混水研究
報表漏洞
消失的現金餘額
報表漏洞
續-消失的現金餘額
XIII
107409302 魏敏如
YY 
 2.3用戶面
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
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
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
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%
三.回應與影響
107409301 陳孜昀
歡聚時代的影響
報導當日股價重跌30%,創歷史新低
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
四.總結
108707002陳玟璇
IV
營收面 現金餘額 用戶面
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/

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Presentation for Muddy Waters Research