ByteDance v1.1.xlsx

	A	B	G	H	I	J	K	M	N	Q	S	T	U	V	W
1
2	($MM)		2021	2022	2023	2024	2025

3		China Advertising	41,335	51,664	62,880	73,686	84,292	USD/RMB
4		China Live streaming	8,062	9,589	11,671	13,587	16,823	6.38
5		China E-commerce	2,563	2,978	4,577	6,646	8,174
6	China Net Revenue		51,960	64,231	79,128	93,918	109,288
7	Vs Douyin Rev from Leaked Model 8/2020		43,332	55,149	66,416	76,360	85,768
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9	Cost of Revenue
10	Total % of Revenue		42%	38%	37%	35%	33%
11		Content Costs and Revenue Sharing	(10,353)	(11,277)	(13,597)	(14,943)	(16,152)	Valuation		China Only	2021	2022	2023	2024	2025
13		Bandwidth Cost	(6,978)	(7,748)	(9,034)	(10,011)	(10,915)	Entry Valuatlon	360,000	EV/ Net Revenue	8.7x	7.0x	5.7x	4.9x	4.3x
15		Ad Union Costs & Labor	(4,751)	(5,521)	(6,848)	(8,132)	(9,436)	Cash & Investments Today	0	EV/GP	12.0x	9.1x	7.3x	5.9x	4.9x
17	China Gross Profit		29,878	39,684	49,650	60,833	72,786	Enterprise Value	360,000
18										Bytedance Overall (China + Tiktok)
19										EV/ Net Revenue	6.4x	4.5x	3.1x	2.1x	1.6x
20		S&M	(10,518)	(12,095)	(13,668)	(15,239)	(16,763)			EV/GP	#REF!	#REF!	#REF!	#REF!	#REF!
21		G&A	(1,770)	(2,149)	(2,497)	(2,847)	(3,188)
22		R&D	(10,132)	(13,538)	(17,070)	(20,238)	(22,382)
23	China EBIT		7,459	11,903	16,415	22,509	30,452
24	China Net Profit		5,743	9,165	12,639	17,332	23,448
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26		% YoY
27		China Advertising	47%	25%	22%	17%	14%
28		China Live streaming	20%	19%	22%	16%	24%
29		China E-commerce	445%	16%	54%	45%	23%
30	China Net Revenue		47%	24%	23%	19%	16%
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32		China Gross Profit	41%	33%	25%	23%	20%
33		S&M	52%	15%	13%	11%	10%
34		G&A	19%	21%	16%	14%	12%
35		R&D	183%	34%	26%	19%	11%
36	China EBIT		-19%	60%	38%	37%	35%
37
38	% Margin		57.5%	61.8%	62.7%	64.8%	66.6%
39		S&M	-20.2%	-18.8%	-17.3%	-16.2%	-15.3%
40		G&A	-3.4%	-3.3%	-3.2%	-3.0%	-2.9%
41		R&D	-19.5%	-21.1%	-21.6%	-21.5%	-20.5%
42	China EBIT Margin		14.4%	18.5%	20.7%	24.0%	27.9%
43	China Net Margin		11.1%	14.3%	16.0%	18.5%	21.5%
44
45	Douyin Key Operating Metrics						72.24%
46		DAU, End-of-Period (Millions)	654	677	693	700	706
47		DAU, Livestream (Millions)	260	320	400	450	510
48		DAU / MAU	39.76%	47.27%	57.72%	64.29%	72.24%
49		Daily Minute; per DAU	112	112	114	117	119
50		% Ad Load	14.2%	15.8%	16.9%	17.4%	17.7%
51		E-Commerce Net GMV	125,392	172,414	282,132	391,850	470,219
52
53	Memo: TikTok
54		Net Revenue	4,000	15,549	35,170	73,913	115,347
55		% YoY	351%	289%	126%	110%	56%
56		Net Profit (USD)	(5,913)	(5,158)	(1,898)	8,897	29,621
57		% Margin	-148%	-33%	-5.4%	12.0%	25.7%
58
59	Bytedance Overall (China + Tiktok)
60		Net Revenue	55,960	79,780	114,298	167,831	224,635
61		% YoY	54%	43%	43%	47%	34%
62		Net Profit	(170)	4,007	10,741	26,229	53,069
63		% Margin	-0.3%	5.0%	9.4%	15.6%	23.6%
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