New Third Board Loss Report
Losing companies are better able to reflect the real New Third Board and the real Chinese economy.
The disclosure of the semi-annual report of the New Third Board Company this year has recently come to an end. A few happy couples.
70% of the company's performance "reports", the overall profit of the New Third Board increased slightly by 3.2%, which is considered to be a qualified transcript; 2 229 companies suffered a net profit loss, of which 202 companies lost more than 10 million yuan, the loss list The top ten singles all lost more than 100 million yuan.
Businesses open their doors to do business, and profits and losses are commonplace. At first glance, these companies have different causes of losses and are all-inclusive. But after careful combing, you can still find some commonalities. These are precisely the most vivid reflections of the current NEE culture, and a key to understanding the capital market with the most listed companies in the world.
The poem of "Loss King" and the distance
The New Third Board is born for small and medium-sized enterprises that are innovative and entrepreneurial. It has always been quite tolerant of losses. Many companies that have a strong growth and are in the stage of burning money are looking for capital transfusions, and there are many star companies that spend a lot of money. All in all, just for "gambling" a future.
The most representative is the "the first global car", the market value of up to 41.77 billion yuan of the Chinese excellent car.
The 2016 semi-annual report showed that the accumulated loss of Shenzhou UCAR in January-June was 2.371 billion yuan, and the "loss king" throne of Evergrande Taobao was stolen by 8 times. Even so, Lu Zhengyao, chairman and CEO of UCAR, is still boldly expecting full profit in the third quarter of this year.
Lu Zhengyao's self-confidence not only comes from the revenue growth of 623.98%, totaling 2.324 billion yuan, but also because the company's Shenzhou special car has survived the most difficult period.
In the past two years, great changes have taken place in the field of transportation, and the network of car platforms has risen together, causing bloody hurricanes. Many of the same competitors have continued to succumb under the dilemma of Didi, and even Uber China has not been spared. The Shenzhou special car has sprung up, winning 40% of the special car market, and landing in the new three board in July this year.
Different from Drip and Uber's C2C, the Shenzhou special car adopts the B2C heavy asset model, and the service emphasizes safety and standardization. The reason behind this is to see the trend of the rise of the middle class and the standardization of the network car management.
Under the feng shui, high subsidies, massive advertising, Shenzhou special car burned billions of dollars, in exchange for high growth orders. The increase in net income and single-net net income is the real reassurance.
Therefore, the loss of 2.371 billion yuan is likely to be temporary. The Shenzhou special car that breaks out from the competition now needs to solve the problem of grasping the rhythm of subsidy withdrawal and optimizing the system algorithm to improve the efficiency of vehicle use. The competition in the online car market has come to the test of "internal power".
Online travel platform, mother also earned high business growth through burning money. According to the semi-annual report, the parent company’s scenic domain culture lost 257 million yuan, and its operating income reached 2.69 billion yuan, an increase of 163%.
The situation of the mother and the Shenzhou car is similar and different: the similarity is that they have hot spots in their field. In 2015, Ctrip purchased Yilong.com and went there to unify the online travel standard market. It is like a drip in the field of the network car. The difference is that the Shenzhou car has broken through the B2C, and the mother used to In the past few years, from the ticket to the outbound tour, it was blocked and overtaken by competitors everywhere. At present, the industry ranking is not only less than Ctrip, but also behind the same journey, the way cattle.
However, tourism is a trillion-level market, the online penetration rate has just exceeded 10%, and the growth space is huge, and it is not necessary for each family to live and die. Re-establishing the direction of differentiation is the way for my mother to break through.
At present, her mother is trying to take advantage of the tourism consulting and planning business, package the scenic spots and hotels together, and make a fuss around the scenic IP. The new strategy is a new bottle of old wine, or a new way, still have time to prove. Fortunately, when I landed on the New Third Board at the end of last year, my mother got a high financing of 460 million yuan, which gave him the "ammunition" to continue fighting.
Of course, the future of burning money is not only for Internet companies, but also for the sports industry, especially football.
Under the tide of professional sports commercialization, the Super League has become a new battlefield for capital competition in the past few years. Evergrande Taobao, which won five consecutive Super League titles and two AFC Champions, is one of the darlings.
The former New Third Board “Loss Kingâ€, Evergrande Taobao, which lost RMB 312 million during the reporting period, has brought an incalculable brand return to Evergrande Group and Xu Jiayin in the past few years. However, as a professional football club, the operation of Evergrande Taobao is not ideal.
At present, Evergrande Taobao's income is too dependent on tickets and advertising, accounting for 90%. Among them, the advertisements also showed a trend of decreasing year by year. The most profitable clubs in the world, such as Manchester United, Real Madrid and Bayern, have achieved full bloom in the income sources such as tickets, advertisements, merchandise sales, game appearance fees or bonuses, and royalties, which guarantees overall profitability.
Of course, the results of the Nuggets professional sports industry, athletes or clubs are the cornerstone of benefits. Evergrande Taobao has invested and ignored losses in order to consolidate its brand foundation. Now, the first laurel in Asia has been taken, is it time to talk about the return?
After all, the company that gambles on the future cannot only have a distant perspective.
Business model
The New Third Board encourages innovation, and the new business model is undoubtedly a hot investment. Only the model has authenticity, and the implementation of the place to see the true chapter.
However, all those who landed on the New Third Board have a hobby of the title "XX First Share". In the past, the "new third board Internet first share" in the search network, its business model is being tortured.
Zhongsou.com is the veteran of the New Third Board. It was listed as early as November 2013. It claims to use advanced third-generation search engine technology to provide search services for enterprises and individuals, and then form a cloud computing system from the bottom to the middle. The ecological cycle of social and e-commerce at the surface – it is simply the rhythm of subverting BAT.
The grand ecological layout has attracted investors to help each other. Zhongsou Network has easily completed hundreds of millions of financing in the past three years. However, the plot has been turbulent this year.
The outside world cannot see the underlying cloud computing, middle-level marketing, superficial socialization and e-commerce. Zhongsou used “low-key layout for the ecosystem†as an explanation. The market performance responded to this "interpretation". In the past three years, Zhongsou Network has lost more than 100 million yuan annually. Since the listing of the new three boards, revenue has been declining. As part of the chain reaction, corporate customers and investors have also responded.
In June 2016, the results of the stratification of the New Third Board were announced. Zhongsou.com was on the preliminary list, but it was unexpectedly unsuccessful. The reason is that the company's customers and investors report, "reflecting the existence of problems such as inadequate corporate governance and internal control non-compliance."
Behind the sleek model of the “ecological cycleâ€, leave a chicken feather.
The Internet "veteran" has come to the world.
Tianya Community has been in existence for 17 years, and its history is not long-term, but in the Internet industry, it is enough to make a big difference. Due to the huge impact of WeChat, Weibo, etc., the Internet community is not as popular as it used to be. In the past, Tianya’s business model was mainly online advertising marketing, but new social media took away users and advertisers moved.
In order to save themselves, Tianya made a series of transformation attempts, and in August 2015, it landed on the listing of the new three boards. After the first round of increase, it won a “blood pack†of 39.99 million yuan.
However, I hoped to use the financing to complete the transformation and upgrading of the business model, but in April 2016 put on the "ST" hat. The latest semi-annual report shows that from January to June 2016, ST Tianya's revenue was 55.23 million yuan, a year-on-year decrease of 9.73%; net profit loss was 21.59 million yuan.
Well-known investor Wang Gongquan had had two investment contacts with Tianya, but ultimately failed to reach an investment intention. He said, "If the horizon is focused on the vertical field and the digital publishing is done at the core of the forum, there is an investment intention." But Tianya seems to want to do everything. From deploying mobile interest social platforms, including WEB end "Tianya Community", mobile "micro-discussion", Tianya Daily and Tianyake, to launch social games, travel e-commerce platform, agricultural products e-commerce services, Internet finance, etc. It is like a group of chaos without rules.
The business model was tortured, and there was a new board in April 2016, and the entire first half of the year was a loss of 18.78 million yuan. As the "first flower", it is best known as a "self-destructive brush" scandal.
The incident occurred in February of this year, when Ai Shang flowers, which were preparing to land on the New Third Board, suddenly blew themselves in its published "Public Transfer Instructions". In the past three years, 260,000 copies were printed, creating a false income of 30 million yuan, of which 2015 The amount of brush bills in the year accounted for 42.02% of the total order volume of the current period.
The single page is the news explosion point. The back is actually the actual implementation. Whether the business model can change the customer's consumption habits at the terminal and integrate the industry chain at the back end.
Flower e-commerce was once advocated as a vent. Practitioners believe that the consumption upgrade has stimulated the potential of the flower market, and that China's flower consumption is mainly concentrated in holidays, compared with the daily consumption of foreign countries, there is a large incremental space.
It is based on this judgment that Aishang Flowers is the main flower subscription service, hoping to maintain a stable passenger flow with petty bourgeoisie. Compared with the fluctuating holiday consumption, the planting base and distribution channels are more welcoming such planned orders. Aishang Flowers hopes to form a right to speak to the upstream, reduce costs and increase profits.
However, the change in consumer habits does not seem to come as fast as expected. Without a large number of stable orders, Aishang Flowers has no bargaining power for upstream. Therefore, they had to face the pressure of huge losses, step by step from contracting planting bases, to self-operated planting bases; from third-party sorting and logistics, to self-built factories, cold storage, and warehouses.
However, the enthusiasm of flowers and e-commerce has not been on schedule, and most of the flowers and e-commerce platforms are experiencing losses. The more difficult problem for Aishang flowers is that the heavy assets laid out to increase efficiency and reduce costs become a burden.
The business model of Aishang Flowers is based on the changes in consumer habits, but will Chinese consumers be able to align with foreign countries? If it is, will the layout of the heavy assets of the Aisan flowers be too early to get that day? Everything is unknown.
Boss' incompatibility
As of September 11, 2016, the number of newly listed companies in the New Third Board has passed the 9 000 mark. At the current growth rate, it is not a problem to break the million in the year. However, the expansion of the new three boards brings not only the prosperity of the industry, but also the mud and sand, and various dog blood plots.
Before landing on the New Third Board, some small and medium-sized enterprises were arbitrarily monopolized, and the company did not form a benign governance mechanism. After landing on the New Third Board, there were more rules, and the bosses’ various incompatibility problems broke out. Enterprises that are not properly handled tend to get out of control – the display of humanity in the New Third Board is no different from the A-shares of the year.
On August 27, 2016, the new Sanban scandal headline frequented Tianjin Fengshengyang Medical Device Technology Co., Ltd. released a semi-annual report with a net profit of -1.88 billion yuan. Compared with the profit of 14.3 million yuan in the same period last year, Feng Shengyang's current situation is embarrassing. And all the spearheads point to the actual controller and chairman Liu Jinling.
It turned out that Liu Jinling, who is moving from doing business to playing capital, has long traveled in the "grey zone" of the financial market. Before landing on the New Third Board, I still insisted on it.
Liu Jinling, who took up the company’s funds privately, made external guarantees in the name of the company, was suspected of illegally absorbing public deposits, and pledges of equity pledges, and caused a lot of troubles, was finally investigated. Most of Fengshengyang’s property was also blocked and frozen, and the company’s business suffered a cliff-like decline.
But the strange story is not over. Just after she was under the control of the police, Feng Shengyang’s management team even opened the tears with the brokers during the semi-annual report.
First, the sponsoring broker Hualong Securities has not reviewed its semi-annual report, and the company has made a proposal to send out the report. It was then pointed out that there were a lot of vague words, data errors, and logical contradictions in the contents of the semi-annual report.
Liu Jinling confuses the boundaries between the company and the individual, and plays capital in the name of the company. Part of the reason is to seek capital for the company's expansion. Wang Enquan, chairman of the company, Dalian Air Media (Dalian) Co., Ltd. completely exposed his lust.
Time Airbus was founded by Wang Enquan. However, with a series of financing and landing on the New Third Board, its shareholding ratio is only 11%, which seems to have caused him a strong psychological gap.
Since 2015, he has continuously transferred funds to other companies whose actual control is in the name of pre-payment by the grassroots employees, and at most 186 million yuan, almost emptying the entire time and space.
If space and time passengers have a reasonable internal control mechanism, such things can be completely avoided, but the problem is that the corporate governance system established for landing on the New Third Board has not landed. Wang Enquan is still the "earth emperor" who only covers the sky. If it was not for police intervention, many shareholders still knew nothing about the money.
At present, Wang Enquan is under the control of the police. However, due to the large amount of funds being occupied, the time and space passengers have a serious shortage of operating funds in the first half of 2016. The projects that need to continue to invest have stagnated; they have not completed the semi-annual report before the deadline, based on a loss of 180,000 in 2015. In the case of Yuan and the stagnation of operations this year, losses are inevitable.
Time and space passengers are not a single case in the New Third Board. According to incomplete statistics, as of August 30, 2016, among the 8,890 listed companies, 5,588 companies have issued relevant announcements on the related party's capital occupation, and the problem enterprises accounted for 62.86%.
Today's new three boards are like the A-share market in the grass-roots period, surprises and scares, and the scandals are common.
New three board mirror
In line with the disclosure time of the semi-annual report of the New Third Board, the A-shares also completed the work in the near future. In contrast, the overall profit of the A-share listed company's semi-annual report fell by 4.65%, while the New Third Board increased slightly by 3.2%. One drop and one increase, scan the type of listed companies, the general reasons will surface: the former is the majority of traditional enterprises, the operation is in a downward channel; the latter is mostly double-creative enterprises, many of which are representatives of emerging industries.
In fact, in the internal comparison of the New Third Board, the traditional enterprises as a whole are not as good as the double-creative enterprises. In the top 10 list of the three-year semi-annual loss report, the traditional enterprises accounted for six. The former mainstays, under the influence of a series of factors such as the global economic downturn, overcapacity, and the industrial 4.0 revolution, appear to be weak.
In this way, the New Third Board is clearly a mirror. It is seen that the Chinese economy is undergoing a long-term transition process. Although the current NEEQ has problems such as poor liquidity, chaotic pricing mechanism, and lack of system design, as an important capital carrier for China's economic transformation, its role of trial and error, incubation, and boosting cannot be replaced.
Going back and understanding the various loss-making enterprises, whether it is the accumulation of fortune, or the anxiety of the patrol, or the loss of the role, is it not the epitome of economic transformation?
Edited by: Tang? Ting?
Enter the [new three board theme] discussion
Optical Metal Frame,Metal Optical Frames,Round Metal Optical Frames,Square Metal Optical Frame
Wenzhou 101 optical Co. Ltd , https://www.101optical.com