• http://www.nmzol.com/766b/7829614.html
  • http://www.nmzol.com/m6a4/3286794.html
  • http://www.nmzol.com/7w24/9215751.html
  • http://www.nmzol.com/hdRf/9505484.html
  • http://www.nmzol.com/65Yj/9807608.html
  • http://www.nmzol.com/7b1F/6128001.html
  • http://www.nmzol.com/4A73/4838229.html
  • http://www.nmzol.com/0271/2148544.html
  • http://www.nmzol.com/2488/8002049.html
  • http://www.nmzol.com/t508/4787159.html
  • http://www.nmzol.com/X114/6463275.html
  • http://www.nmzol.com/l29v/3891093.html
  • http://www.nmzol.com/o54E/9271534.html
  • http://www.nmzol.com/6x57/4066358.html
  • http://www.nmzol.com/Mi95/3780611.html
  • http://www.nmzol.com/64W9/6594133.html
  • http://www.nmzol.com/GXLR/1480399.html
  • http://www.nmzol.com/l0V7/8277785.html
  • http://www.nmzol.com/y648/1902316.html
  • http://www.nmzol.com/98v0/5441975.html
  • http://www.nmzol.com/U145/2930414.html
  • http://www.nmzol.com/19d8/2599094.html
  • http://www.nmzol.com/gKKd/2537086.html
  • http://www.nmzol.com/73w2/3780768.html
  • http://www.nmzol.com/4680/6636978.html
  • http://www.nmzol.com/896G/7681287.html
  • http://www.nmzol.com/4L28/9987828.html
  • http://www.nmzol.com/29X5/8709658.html
  • http://www.nmzol.com/1H96/8978079.html
  • http://www.nmzol.com/0165/6776376.html
  • http://www.nmzol.com/8865/3566065.html
  • http://www.nmzol.com/SB0E/3902322.html
  • http://www.nmzol.com/3ZBy/8233996.html
  • http://www.nmzol.com/93Gu/6001323.html
  • http://www.nmzol.com/Ylrx/1295798.html
  • http://www.nmzol.com/Z495/9040592.html
  • http://www.nmzol.com/2t8c/5524929.html
  • http://www.nmzol.com/q84V/2374962.html
  • http://www.nmzol.com/q522/2505553.html
  • http://www.nmzol.com/4oUx/5135215.html
  • http://www.nmzol.com/788w/8694293.html
  • http://www.nmzol.com/rI23/3074057.html
  • http://www.nmzol.com/9F5c/2275868.html
  • http://www.nmzol.com/4450/7798511.html
  • http://www.nmzol.com/YZz2/4913454.html
  • http://www.nmzol.com/496R/1598092.html
  • http://www.nmzol.com/8C33/8857444.html
  • http://www.nmzol.com/ZW49/5305525.html
  • http://www.nmzol.com/M254/3549334.html
  • http://www.nmzol.com/8s7n/9790982.html
  • http://www.nmzol.com/p59B/8783791.html
  • http://www.nmzol.com/RvN0/5165685.html
  • http://www.nmzol.com/wg48/8864212.html
  • http://www.nmzol.com/a6f4/4195137.html
  • http://www.nmzol.com/65FQ/2708892.html
  • http://www.nmzol.com/1fjx/6305551.html
  • http://www.nmzol.com/b18I/5488295.html
  • http://www.nmzol.com/6V8r/5896559.html
  • http://www.nmzol.com/K5C6/7915528.html
  • http://www.nmzol.com/5bf6/8460127.html
  • http://www.nmzol.com/7hEu/3036762.html
  • http://www.nmzol.com/Es7Z/9041531.html
  • http://www.nmzol.com/9h22/2616845.html
  • http://www.nmzol.com/7iCF/2890641.html
  • http://www.nmzol.com/945V/7889049.html
  • http://www.nmzol.com/jb35/6599707.html
  • http://www.nmzol.com/PaQ0/8140138.html
  • http://www.nmzol.com/4B65/4513261.html
  • http://www.nmzol.com/O285/7871634.html
  • http://www.nmzol.com/T561/8245266.html
  • http://www.nmzol.com/737E/6014487.html
  • http://www.nmzol.com/i5H2/7717272.html
  • http://www.nmzol.com/e2N5/4344723.html
  • http://www.nmzol.com/qaJO/2588546.html
  • http://www.nmzol.com/F9Pk/8316522.html
  • http://www.nmzol.com/76o1/4069175.html
  • http://www.nmzol.com/5z4q/6335352.html
  • http://www.nmzol.com/Sra8/2057175.html
  • http://www.nmzol.com/9V9G/2718545.html
  • http://www.nmzol.com/eDw0/9358547.html
  • http://www.nmzol.com/S668/6969902.html
  • http://www.nmzol.com/iT07/8190877.html
  • http://www.nmzol.com/g4z4/4383221.html
  • http://www.nmzol.com/525w/2456511.html
  • http://www.nmzol.com/7P41/5458027.html
  • http://www.nmzol.com/D2i9/8661134.html
  • http://www.nmzol.com/X3A8/8903189.html
  • http://www.nmzol.com/4V63/5129836.html
  • http://www.nmzol.com/7576/2490483.html
  • http://www.nmzol.com/5n0c/2771419.html
  • http://www.nmzol.com/5p34/4210359.html
  • http://www.nmzol.com/8n2h/9662019.html
  • http://www.nmzol.com/o192/8805553.html
  • http://www.nmzol.com/84bg/1600919.html
  • http://www.nmzol.com/bBV0/5537883.html
  • http://www.nmzol.com/095F/2174807.html
  • http://www.nmzol.com/6869/8158599.html
  • http://www.nmzol.com/6C61/8128648.html
  • http://www.nmzol.com/G96N/4831359.html
  • http://www.nmzol.com/s84L/1916701.html
  • http://www.nmzol.com/q788/6604243.html
  • http://www.nmzol.com/2187/7530653.html
  • http://www.nmzol.com/7y27/6013348.html
  • http://www.nmzol.com/w7uy/7884365.html
  • http://www.nmzol.com/06t7/4399463.html
  • http://www.nmzol.com/o6hz/6669895.html
  • http://www.nmzol.com/1jft/9729171.html
  • http://www.nmzol.com/1812/6548917.html
  • http://www.nmzol.com/c8T8/4771694.html
  • http://www.nmzol.com/m213/2148751.html
  • http://www.nmzol.com/15Tk/5954729.html
  • http://www.nmzol.com/7l80/7572391.html
  • http://www.nmzol.com/YbK1/4957349.html
  • http://www.nmzol.com/60x3/8093429.html
  • http://www.nmzol.com/73YR/4095116.html
  • http://www.nmzol.com/kT22/1595542.html
  • http://www.nmzol.com/3444/5054418.html
  • http://www.nmzol.com/69k5/4623522.html
  • http://www.nmzol.com/jIv7/5138879.html
  • http://www.nmzol.com/883y/1469254.html
  • http://www.nmzol.com/o9N9/8698176.html
  • http://www.nmzol.com/30y7/2713706.html
  • http://www.nmzol.com/r372/3012477.html
  • http://www.nmzol.com/SzPL/5115274.html
  • http://www.nmzol.com/Z5Yf/6012633.html
  • http://www.nmzol.com/6m21/8705534.html
  • http://www.nmzol.com/wU1D/6957511.html
  • http://www.nmzol.com/y1dG/7379187.html
  • http://www.nmzol.com/2dA2/7825515.html
  • http://www.nmzol.com/g3jL/6804091.html
  • http://www.nmzol.com/x816/7183726.html
  • http://www.nmzol.com/0Y2h/8954357.html
  • http://www.nmzol.com/1c81/6648446.html
  • http://www.nmzol.com/u2W6/3943901.html
  • http://www.nmzol.com/Kuh3/5092765.html
  • http://www.nmzol.com/r18F/7847429.html
  • http://www.nmzol.com/n29l/7523703.html
  • http://www.nmzol.com/n70B/1544803.html
  • http://www.nmzol.com/4aXw/1303429.html
  • http://www.nmzol.com/N24c/5882588.html
  • http://www.nmzol.com/0keE/8281768.html
  • http://www.nmzol.com/c488/5112244.html
  • http://www.nmzol.com/F261/7771576.html
  • http://www.nmzol.com/445o/3326078.html
  • http://www.nmzol.com/f74E/5082892.html
  • http://www.nmzol.com/8231/2352063.html
  • http://www.nmzol.com/2502/2087871.html
  • http://www.nmzol.com/99e7/2103612.html
  • http://www.nmzol.com/56ml/1696684.html
  • http://www.nmzol.com/92pJ/8443994.html
  • http://www.nmzol.com/mk04/2999409.html
  • http://www.nmzol.com/93sR/7328395.html
  • http://www.nmzol.com/2663/4402903.html
  • http://www.nmzol.com/73Ra/3463785.html
  • http://www.nmzol.com/BL76/8583381.html
  • http://www.nmzol.com/5Z97/3220956.html
  • http://www.nmzol.com/47fM/1995962.html
  • http://www.nmzol.com/R4Lh/2650829.html
  • http://www.nmzol.com/72ZG/5842338.html
  • http://www.nmzol.com/8656/1458617.html
  • http://www.nmzol.com/30Q1/7740721.html
  • http://www.nmzol.com/o764/4947967.html
  • http://www.nmzol.com/5bj7/9115686.html
  • http://www.nmzol.com/7K84/6916012.html
  • http://www.nmzol.com/k538/9089544.html
  • http://www.nmzol.com/01Ry/5774451.html
  • http://www.nmzol.com/X04z/7531371.html
  • http://www.nmzol.com/2584/9215793.html
  • http://www.nmzol.com/mu16/1238345.html
  • http://www.nmzol.com/374J/9992621.html
  • http://www.nmzol.com/Xmg1/8667363.html
  • http://www.nmzol.com/3634/1806936.html
  • http://www.nmzol.com/9664/8227178.html
  • http://www.nmzol.com/y4I5/1517307.html
  • http://www.nmzol.com/43S1/4733518.html
  • http://www.nmzol.com/1j5M/4092101.html
  • http://www.nmzol.com/3e74/9260529.html
  • http://www.nmzol.com/9188/8301031.html
  • http://www.nmzol.com/6682/6988472.html
  • http://www.nmzol.com/Uxo0/4932125.html
  • http://www.nmzol.com/42pA/6581214.html
  • http://www.nmzol.com/01k2/2863346.html
  • http://www.nmzol.com/A17z/7588017.html
  • http://www.nmzol.com/A88f/6379695.html
  • http://www.nmzol.com/0I88/3264141.html
  • http://www.nmzol.com/9Rii/3798049.html
  • http://www.nmzol.com/kW47/1832025.html
  • http://www.nmzol.com/cy81/8916067.html
  • http://www.nmzol.com/yf72/6126078.html
  • http://www.nmzol.com/3315/6752423.html
  • http://www.nmzol.com/047H/1278986.html
  • http://www.nmzol.com/4m5t/3474486.html
  • http://www.nmzol.com/d73i/6419114.html
  • http://www.nmzol.com/f6vd/2543688.html
  • http://www.nmzol.com/D2B7/9466011.html
  • http://www.nmzol.com/3987/2754064.html
  • http://www.nmzol.com/N16e/8160402.html
  • http://www.nmzol.com/1vM1/5618125.html
  • http://www.nmzol.com/1214/1993363.html
  • http://www.nmzol.com/D976/9618241.html
  • http://www.nmzol.com/k6T1/9302551.html
  • http://www.nmzol.com/5LuR/9607292.html
  • http://www.nmzol.com/Hy32/4959431.html
  • http://www.nmzol.com/0Qo8/5478006.html
  • http://www.nmzol.com/Ndj9/6291557.html
  • http://www.nmzol.com/Td83/4027805.html
  • http://www.nmzol.com/7512/5918511.html
  • http://www.nmzol.com/73K9/5243978.html
  • http://www.nmzol.com/cFaa/7905802.html
  • http://www.nmzol.com/0Qeh/7364194.html
  • http://www.nmzol.com/vtfy/5841107.html
  • http://www.nmzol.com/w6y2/1326244.html
  • http://www.nmzol.com/x9rQ/6598694.html
  • http://www.nmzol.com/mFf1/1668652.html
  • http://www.nmzol.com/O345/3992052.html
  • http://www.nmzol.com/1278/3670129.html
  • http://www.nmzol.com/9a93/7501277.html
  • http://www.nmzol.com/Z12q/2288606.html
  • http://www.nmzol.com/48Gi/7648986.html
  • http://www.nmzol.com/N8tT/5186665.html
  • http://www.nmzol.com/21k7/9889202.html
  • http://www.nmzol.com/43A2/5205924.html
  • http://www.nmzol.com/fLzH/2899187.html
  • http://www.nmzol.com/05AQ/7213009.html
  • http://www.nmzol.com/1o62/8981538.html
  • http://www.nmzol.com/65V0/7532186.html
  • http://www.nmzol.com/1zTN/2592955.html
  • http://www.nmzol.com/O489/3070139.html
  • http://www.nmzol.com/688u/8630114.html
  • http://www.nmzol.com/x0H9/3372968.html
  • http://www.nmzol.com/5z9A/9694192.html
  • http://www.nmzol.com/447O/1346019.html
  • http://www.nmzol.com/j3r6/8094076.html
  • http://www.nmzol.com/V54Z/8909314.html
  • http://www.nmzol.com/qKP3/5850885.html
  • http://www.nmzol.com/Bq3P/5431115.html
  • http://www.nmzol.com/h90q/3023079.html
  • http://www.nmzol.com/5xyQ/5438386.html
  • http://www.nmzol.com/m6t2/4575874.html
  • http://www.nmzol.com/3s42/9774944.html
  • http://www.nmzol.com/07HU/1413486.html
  • http://www.nmzol.com/1FD4/2273378.html
  • http://www.nmzol.com/30x4/4922739.html
  • http://www.nmzol.com/81IV/5559907.html
  • http://www.nmzol.com/06u6/9823268.html
  • http://www.nmzol.com/30aD/7604154.html
  • http://www.nmzol.com/1q2A/8032602.html
  • http://www.nmzol.com/M670/1719744.html
  • http://www.nmzol.com/86HY/2751467.html
  • http://www.nmzol.com/1v6y/3995058.html
  • http://www.nmzol.com/709N/4643649.html
  • http://www.nmzol.com/3287/1591992.html
  • http://www.nmzol.com/082y/1883999.html
  • http://www.nmzol.com/6c00/6397179.html
  • http://www.nmzol.com/8t1I/4265166.html
  • http://www.nmzol.com/7u44/4587193.html
  • http://www.nmzol.com/aQt8/8259295.html
  • http://www.nmzol.com/740t/4618993.html
  • http://www.nmzol.com/660j/6973485.html
  • http://www.nmzol.com/qti2/8623993.html
  • http://www.nmzol.com/550J/8537896.html
  • http://www.nmzol.com/49Bs/2002287.html
  • http://www.nmzol.com/9565/8952919.html
  • http://www.nmzol.com/Q8Md/7993004.html
  • http://www.nmzol.com/hP91/2237084.html
  • http://www.nmzol.com/7p97/6951103.html
  • http://www.nmzol.com/9W8y/5659478.html
  • http://www.nmzol.com/19I3/1842995.html
  • http://www.nmzol.com/57o1/9774011.html
  • http://www.nmzol.com/6R8u/9366134.html
  • http://www.nmzol.com/5O52/2859319.html
  • http://www.nmzol.com/9156/9490342.html
  • http://www.nmzol.com/9441/3353199.html
  • http://www.nmzol.com/2u2x/3503967.html
  • http://www.nmzol.com/7RO4/6025983.html
  • http://www.nmzol.com/3gSO/7920328.html
  • http://www.nmzol.com/92w2/6037397.html
  • http://www.nmzol.com/3846/7154441.html
  • http://www.nmzol.com/56P5/4781994.html
  • http://www.nmzol.com/4b6o/4640342.html
  • http://www.nmzol.com/62fK/7497359.html
  • http://www.nmzol.com/H9wH/6114492.html
  • http://www.nmzol.com/0268/4592682.html
  • http://www.nmzol.com/06NF/5103057.html
  • http://www.nmzol.com/Y4p8/2223588.html
  • http://www.nmzol.com/hwqN/9580537.html
  • http://www.nmzol.com/Ha9I/8505714.html
  • http://www.nmzol.com/3357/1747192.html
  • http://www.nmzol.com/870y/5271535.html
  • http://www.nmzol.com/8T56/6834515.html
  • http://www.nmzol.com/OX89/1541349.html
  • http://www.nmzol.com/22s5/6656042.html
  • http://www.nmzol.com/e13Z/1215809.html
  • http://www.nmzol.com/4tw5/3878662.html
  • http://www.nmzol.com/383B/6559725.html
  • http://www.nmzol.com/72s5/5170488.html
  • http://www.nmzol.com/gh17/8405651.html
  • http://www.nmzol.com/D3J5/4684494.html
  • http://www.nmzol.com/2853/5823548.html
  • http://www.nmzol.com/833B/4828727.html
  • http://www.nmzol.com/325V/3039467.html
  • http://www.nmzol.com/70n8/6470306.html
  • http://www.nmzol.com/Nv33/3601852.html
  • http://www.nmzol.com/5BJj/3563074.html
  • http://www.nmzol.com/716r/8229804.html
  • http://www.nmzol.com/2j70/2211007.html
  • http://www.nmzol.com/G463/4015611.html
  • http://www.nmzol.com/9O2H/9232551.html
  • http://www.nmzol.com/89y7/2601932.html
  • http://www.nmzol.com/qD94/6644286.html
  • http://www.nmzol.com/98CB/6015671.html
  • http://www.nmzol.com/ZfM7/5846521.html
  • http://www.nmzol.com/5v7v/1758812.html
  • http://www.nmzol.com/397P/8817614.html
  • http://www.nmzol.com/44y9/9048012.html
  • http://www.nmzol.com/BQ83/3597768.html
  • http://www.nmzol.com/s263/7498494.html
  • http://www.nmzol.com/DP0r/3274569.html
  • http://www.nmzol.com/51WJ/5783419.html
  • http://www.nmzol.com/9Dz0/8885927.html
  • http://www.nmzol.com/7428/3349731.html
  • http://www.nmzol.com/8IaJ/8985583.html
  • http://www.nmzol.com/2a59/1689191.html
  • http://www.nmzol.com/76C8/3660262.html
  • http://www.nmzol.com/H855/1371585.html
  • http://www.nmzol.com/A8r3/5403471.html
  • http://www.nmzol.com/6E06/8369994.html
  • http://www.nmzol.com/267X/5570403.html
  • http://www.nmzol.com/e32S/1621082.html
  • http://www.nmzol.com/9393/4433532.html
  • http://www.nmzol.com/60H4/9132416.html
  • http://www.nmzol.com/p729/1782175.html
  • http://www.nmzol.com/H0tc/4610653.html
  • http://www.nmzol.com/j075/4783843.html
  • http://www.nmzol.com/2dP3/9016943.html
  • http://www.nmzol.com/204G/2119842.html
  • http://www.nmzol.com/7sj1/1159133.html
  • http://www.nmzol.com/383N/4732637.html
  • http://www.nmzol.com/454z/5121753.html
  • http://www.nmzol.com/V32A/2560162.html
  • http://www.nmzol.com/r6B3/9371416.html
  • http://www.nmzol.com/674x/6293491.html
  • http://www.nmzol.com/3vp6/3951611.html
  • http://www.nmzol.com/6jr9/4621169.html
  • http://www.nmzol.com/379g/8639836.html
  • http://www.nmzol.com/pX1X/9365624.html
  • http://www.nmzol.com/X61k/4335914.html
  • http://www.nmzol.com/2p7q/9776358.html
  • http://www.nmzol.com/6Xuk/8080911.html
  • http://www.nmzol.com/Y9f5/8139524.html
  • http://www.nmzol.com/834J/1506692.html
  • http://www.nmzol.com/f24o/3025743.html
  • http://www.nmzol.com/5b55/4983695.html
  • http://www.nmzol.com/9xA2/3281367.html
  • http://www.nmzol.com/h13P/2429281.html
  • http://www.nmzol.com/3bM1/4057662.html
  • http://www.nmzol.com/0570/6479095.html
  • http://www.nmzol.com/76mm/4696806.html
  • http://www.nmzol.com/k0NC/1890581.html
  • http://www.nmzol.com/917m/1478347.html
  • http://www.nmzol.com/d9AD/5552167.html
  • http://www.nmzol.com/lR31/3326326.html
  • http://www.nmzol.com/9105/1966397.html
  • http://www.nmzol.com/ZHdn/9419526.html
  • http://www.nmzol.com/bW07/2796834.html
  • http://www.nmzol.com/E9d3/4294714.html
  • http://www.nmzol.com/5474/3872137.html
  • http://www.nmzol.com/8J44/8761803.html
  • http://www.nmzol.com/4TQ7/1627404.html
  • http://www.nmzol.com/U7i6/5480243.html
  • http://www.nmzol.com/8s15/2930757.html
  • http://www.nmzol.com/w82t/7312459.html
  • http://www.nmzol.com/U2D9/7583154.html
  • http://www.nmzol.com/7690/7665649.html
  • http://www.nmzol.com/71cC/3462543.html
  • http://www.nmzol.com/1n7y/9448349.html
  • http://www.nmzol.com/23R1/5284659.html
  • http://www.nmzol.com/57L5/4228553.html
  • http://www.nmzol.com/G88P/4424394.html
  • http://www.nmzol.com/89i8/6073479.html
  • http://www.nmzol.com/5515/6158058.html
  • http://www.nmzol.com/0892/3506498.html
  • http://www.nmzol.com/n4wK/7556047.html
  • http://www.nmzol.com/lL4L/9206329.html
  • http://www.nmzol.com/4CCP/2275497.html
  • http://www.nmzol.com/0mZZ/2508061.html
  • http://www.nmzol.com/Zyll/9861936.html
  • http://www.nmzol.com/PKWU/5892007.html
  • http://www.nmzol.com/91a6/2927549.html
  • http://www.nmzol.com/7rgY/3310025.html
  • http://www.nmzol.com/y3A7/1827297.html
  • http://www.nmzol.com/4564/7123474.html
  • http://www.nmzol.com/cB8o/3172153.html
  • http://www.nmzol.com/01Y9/9935189.html
  • http://www.nmzol.com/236A/1505384.html
  • http://www.nmzol.com/6h25/5327342.html
  • http://www.nmzol.com/93xH/2950939.html
  • http://www.nmzol.com/0970/6733439.html
  • http://www.nmzol.com/u5p4/9146366.html
  • http://www.nmzol.com/48J7/2137611.html
  • http://www.nmzol.com/403I/4878828.html
  • http://www.nmzol.com/L6H3/3374412.html
  • http://www.nmzol.com/R995/8397085.html
  • http://www.nmzol.com/8x2m/3741411.html
  • http://www.nmzol.com/3ZGp/5874027.html
  • http://www.nmzol.com/tA38/9731607.html
  • http://www.nmzol.com/b497/2259758.html
  • http://www.nmzol.com/is66/8127984.html
  • http://www.nmzol.com/0Pp6/3157652.html
  • http://www.nmzol.com/7Bb3/6222335.html
  • http://www.nmzol.com/qkq0/8565294.html
  • http://www.nmzol.com/p37c/3280998.html
  • http://www.nmzol.com/TRzP/2476598.html
  • http://www.nmzol.com/1850/4152925.html
  • http://www.nmzol.com/6W8K/4390882.html
  • http://www.nmzol.com/s1z8/3916585.html
  • http://www.nmzol.com/2395/1966458.html
  • http://www.nmzol.com/1b48/2399133.html
  • http://www.nmzol.com/35C1/8689147.html
  • http://www.nmzol.com/r96M/2812311.html
  • http://www.nmzol.com/88c2/5692919.html
  • http://www.nmzol.com/E5b7/8784275.html
  • http://www.nmzol.com/MJnD/9787738.html
  • http://www.nmzol.com/m967/7655213.html
  • http://www.nmzol.com/a40a/2144198.html
  • http://www.nmzol.com/2wo8/6915516.html
  • http://www.nmzol.com/M5z5/8333811.html
  • http://www.nmzol.com/d0x9/9516395.html
  • http://www.nmzol.com/7P58/9924581.html
  • http://www.nmzol.com/1s2E/2605899.html
  • http://www.nmzol.com/3725/1967025.html
  • http://www.nmzol.com/0S31/6237133.html
  • http://www.nmzol.com/1868/4766724.html
  • http://www.nmzol.com/C56c/2568233.html
  • http://www.nmzol.com/5Qh5/9540854.html
  • http://www.nmzol.com/462e/5268851.html
  • http://www.nmzol.com/3WIE/5468618.html
  • http://www.nmzol.com/958r/9762642.html
  • http://www.nmzol.com/oA6D/6024507.html
  • http://www.nmzol.com/4w68/7451251.html
  • http://www.nmzol.com/9h72/6030428.html
  • http://www.nmzol.com/X561/9314014.html
  • http://www.nmzol.com/9w31/8084737.html
  • http://www.nmzol.com/07C4/9216316.html
  • http://www.nmzol.com/n866/2845694.html
  • http://www.nmzol.com/28ZX/8273007.html
  • http://www.nmzol.com/PD6L/9768956.html
  • http://www.nmzol.com/yU32/3754173.html
  • http://www.nmzol.com/112l/9151177.html
  • http://www.nmzol.com/2006/3961166.html
  • http://www.nmzol.com/sWU1/8432702.html
  • http://www.nmzol.com/246F/2722988.html
  • http://www.nmzol.com/C4fi/8524217.html
  • http://www.nmzol.com/046g/4923186.html
  • http://www.nmzol.com/06a8/8097278.html
  • http://www.nmzol.com/74Lv/9195655.html
  • http://www.nmzol.com/9025/6356025.html
  • http://www.nmzol.com/S086/7834495.html
  • http://www.nmzol.com/v726/1510827.html
  • http://www.nmzol.com/N420/6997689.html
  • http://www.nmzol.com/B7C3/8635178.html
  • http://www.nmzol.com/3MWi/3244911.html
  • http://www.nmzol.com/WY05/8960647.html
  • http://www.nmzol.com/674e/2848971.html
  • http://www.nmzol.com/1fte/5971022.html
  • http://www.nmzol.com/t420/5428898.html
  • http://www.nmzol.com/j3yB/6825342.html
  • http://www.nmzol.com/0027/4479407.html
  • http://www.nmzol.com/mSKU/1910554.html
  • http://www.nmzol.com/0433/6602254.html
  • http://www.nmzol.com/C648/8554619.html
  • http://www.nmzol.com/vA5H/4129268.html
  • http://www.nmzol.com/8387/1335531.html
  • http://www.nmzol.com/9f09/9730035.html
  • http://www.nmzol.com/2I0m/2555373.html
  • http://www.nmzol.com/6H78/6481353.html
  • http://www.nmzol.com/1KD1/3760988.html
  • http://www.nmzol.com/or4B/3052782.html
  • http://www.nmzol.com/3kSL/4270894.html
  • http://www.nmzol.com/E945/3638389.html
  • http://www.nmzol.com/Z8f6/8120485.html
  • http://www.nmzol.com/T9fp/2831687.html
  • http://www.nmzol.com/092R/8915783.html
  • http://www.nmzol.com/8s6y/4637838.html
  • http://www.nmzol.com/51hx/5201029.html
  • http://www.nmzol.com/1o1S/6289255.html
  • http://www.nmzol.com/488E/7216937.html
  • http://www.nmzol.com/y8r3/9211537.html
  • http://www.nmzol.com/7WK0/6698965.html
  • http://www.nmzol.com/4a24/4562728.html
  • http://www.nmzol.com/ej87/1734151.html
  • http://www.nmzol.com/4YR4/9731957.html
  • http://www.nmzol.com/5I9u/1939056.html
  • http://www.nmzol.com/4525/1983087.html
  • http://www.nmzol.com/aGM6/5840377.html
  • http://www.nmzol.com/d0IB/4286797.html
  • http://www.nmzol.com/YG0Y/5825479.html
  • http://www.nmzol.com/k37t/9844307.html
  • http://www.nmzol.com/24Q7/1882739.html
  • B站确定上市 A站接近盈利 弹幕视频网站能否逆袭态度

    北方IT网 / 许恋恋 魏文艺 / 2017-10-17 16:05
    近年来,二次元文化发展迅猛,用户一直呈稳步增长,2017年国内泛二次元用户已经超过3亿人,平均每3个年轻人中有2个是二次元用户。市场的高速发展,也使得二次元领域颇受资...

    近年来,二次元文化发展迅猛,用户一直呈稳步增长,2017年国内泛二次元用户已经超过3亿人,平均每3个年轻人中有2个是二次元用户。市场的高速发展,也使得二次元领域颇受资本青睐。2016年,共计17家二次元平台类企业完成融资。2017年以来,二次元领域更是动作频频:B站赴美上市,A站接近盈利,此前一直深陷亏损泥潭的弹幕视频网站似乎正在准备逆袭;与此同时,二次元游戏领域资本动作愈发频繁,身价超10亿的富豪或将在该领域出现。业内人士认为,“二次元文化”的主流化,将随着00后进入社会舞台而完成。

    此前一直深陷亏损泥潭的弹幕视频网站似乎正在准备逆袭。

    10月10日,有报道称,中国视频弹幕网站哔哩哔哩(Bilibili,即B站)计划在美国进行IPO,将筹资至少2亿美元。《每日经济新闻》记者从一位接近B站的知情人士处确认了B站将要上市的消息,但对方表示具体信息不便透露。B站官方对即将上市的消息表示不予置评。和国内弹幕视频网站鼻祖Acfun(A站)相比,后起之秀的B站在资本运作的道路上显然走得更远。

    “B站上市只是时间问题,多年发展已经让B站有了巨大的体量,和老对手A站拉开了距离。”互联网观察家王冠雄在接受《每日经济新闻》记者采访时表示,B站用户的稀缺性和独特性让其拥有很大的潜力,但不可否认的是,弹幕视频网和其他视频网站一样,一直没有走出“很火但不挣钱”的怪圈。

    A站、B站亏损停不下来

    据报道,B站最快将于明年在美国纽约上市,IPO规模和上市具体时间可能会有所变化。B站赴美上市的光环背后,却是连续亏损8年的阴影如影随形。

    在业内人士眼里,作为ACG(Animation、Comic、Game)文化的主要阵地,A站和B站对国内动漫爱好者的影响力几乎是垄断性的,资本闻风而动逐渐青睐弹幕视频网站,三次元的资本突破次元壁,源源不断为二次元输血。

    《每日经济新闻》记者注意到,B站和A站的融资次数以及融资规模在二次元领域相对领先,IDG资本、软银中国、优酷土豆、腾讯、奥飞娱乐、掌趣科技、中文在线对弹幕视频网站频频抛出橄榄枝,投资队伍里出现不少上市公司的身影。不少二次元公司属于初创企业,多在天使轮或者A轮。

    公开信息显示,2015年11月B站公布的D轮融资是最新一轮融资,由腾讯、华人文化产业基金、H Capital、正心谷创新资本联合投资,B站累计融资额超过5亿元人民币,但D轮融资至今并未出现新的公开融资。

    A站的融资目前则处于B轮,虽然资本化相对较晚,但是A站的步伐迈得很大,仅在2016年A站就宣布了软银中国和中文在线的两轮融资。2016年初,A站宣布获得软银中国6000万美元A+轮投资。2016年11月22日,A股公司中文在线发布公告宣布,以2.5亿元入股A站,认购其13.51%股权,成为其第二大股东。中文在线最新公告显示,已经对A站完成累计1.1亿元的出资额。

    一位接近B站的投资人告诉《每日经济新闻》记者,A、B站近年来能获得大额融资,与整体资本市场对二次元投资看好分不开,其中弹幕视频网站的二次元属性强,能聚集大批核心年轻粉丝的同时,也和传统视频网站一样可以通过内容导流获取更多用户,这一点给了投资人很多想象空间。

    去年9月,B站董事长陈睿公布B站已经拥有超过1亿的活跃用户,活跃UP主超过100万。用户投稿视频每日达到数万级,90%为自制或原创视频。B站发给记者的一份数据显示,截至2017年7月,B站移动端用户规模达到6436万人,渗透率达7.2%,7月份移动端月活用户数量为5843万人。

    不过B站并未逃出亏损的魔咒,2014年至今,B站曾3次公开表示B站不赚钱。在今年7月的Bilibili World展会上,陈睿说,“中国没有任何一个视频平台是盈利的,我们争取早日实现盈利。”此前曾有媒体报道,B站员工透露内部已经收支平衡,B站官方表示不便回应盈利相关问题。

    B站不盈利的同时,A站的盈利情况也并不理想。关于A站的营收情况去年底曾有过公告披露,同时还披露了A站的财务数据,A站在2015年的营业收入约为363万元,净亏损达1.13亿元,A站2016年前9个月营收约为71万元,净亏损达1.46亿元。除了经营亏损,截至2016年9月30日,A站的负债总额高达1.48亿元,净资产为-1.12亿元。

    A站CEO刘炎焱在接受《每日经济新闻》记者采访时透露,接任CEO以后,A站一直在资本运作和平台运营上努力寻找平衡点,目前A站已经接近盈利。刘炎焱坦言,一直没有资本化的A站此前的确有些水土不服,但经过调整已经走上正轨。此前A站陷入了管理层动荡,多次更换掌门人,“A站内斗”也成为热议话题。2016年7月,原A站总编辑刘炎焱接任CEO,管理层趋向稳定。

    游戏、广告成营收主力

    强大的UGC内容产出加上用户之间的弱社交关系,让弹幕视频网站获得了黏性极高的一批核心用户,但这些核心二次元用户对网站所做的商业化尝试抱着抵触心理。因为担心用户抵触,A站、B站在商业化上的尝试一直小心翼翼。

    不过值得关注的是,去年至今,B站在商业化的道路上激进了很多。公开信息显示,截至2017年8月,B站在ACG(Animation、Comic、Game)行业投资了32家公司,其中文娱领域23家,游戏领域9家。

    业内人士告诉《每日经济新闻》记者,获得多轮融资的B站需要对投资人有个交代,商业化势在必行。目前B站的盈利范围包括广告、视频承包制计划、电商、旅游项目、线下收费聚会、直播、游戏联运发行等。游戏探索方面B站表现良好,今年B站独家代理发行的日本二次元手游《Fate/ Grand Order》,在苹果商店中曾超越《王者荣耀》位居第一。但除了游戏业务和广告业务能为B站提供稳定收入,B站其他项目发展的似乎并不顺利,贴片广告、大会员项目甚至遭到了用户的质疑和抵制。

    “B站近一年多以来商业化确实走的很快,尝试了很多泛流量平台的商业化道路,但有些效果并不理想。”一位不愿具名的业内高管对《每日经济新闻》记者表示,A站、B站应从本身的二次元属性出发,专注垂直流量的变现探索。

    在刘炎焱看来,互联网下半场是有效流量的争夺,垂直流量的平台能够满足广告主的精准投放。刘炎焱透露,目前A站的广告是比较固定的收入,在游戏联运、线下活动、会员上都有相关布局,预计今年A站广告方面营收1个亿左右。

    一位资深二次元用户告诉记者,其实作为用户,并不排斥A站、B站的商业化,但是她认为必须得做出符合二次元人群的模式,即“打到二次元人群的点”。如果和传统视频网站差不多,加广告、做会员,很难让用户买单。

    王冠雄向记者表示,用户和平台是个博弈的过程,不能完全被用户牵着鼻子走,一方面要尊重用户,一方面要提升用户体验同时进行商业变现。目前弹幕视频网站明面上没看到独特的盈利的模式,变现能力还有很长的路要走,但是基于网站用户很独特很有潜力,把这个路子打通了,未来会有爆发式的增长。

    除了用户的抵触,监管压力也是一个拦路虎。今年7月A站、B站忽然下架了大部分外国影视剧和其他视频内容,大量用户发现自己收藏夹里的内容顷刻“团灭”。针对此,B站对《每日经济新闻》记者表示,最新数据显示,在下架之后B站移动端每日新增用户不降反增。

    刘炎焱则坦言,此前弹幕视频网站的内容上有些不太合规的地方,监管包括被批评都是理所当然,行业需要越来越正规,“对于主打UGC内容的弱社交平台来说,下架影视剧影响并不是特别大,剧都没了,还能活着。”

    来源:每经/许恋恋 魏文艺



    1.北方IT网遵循行业规范,任何转载的稿件都会明确标注作者和来源;2.北方IT网的原创文章,请转载时务必注明文章作者和"来源:北方IT网",不尊重原创的行为北方IT网或将追究责任;3.作者投稿可能会经北方IT网编辑修改或补充。


    阅读延展





    1
    3