Break Wang Langko Technology shares fell 30% net profit fell 47%

"Investor" reporter Pachinko since the opening of the Gem, the numerous halo of listed companies break news frequently reported, especially prominent in Shenzhen High-tech Zone Netac Technology (300042.SZ). More than a year since the listing, NETAC technology shares since January 24, 2010 Touch High 60.83 Yuan after the U-turn quickly fell.　　A year later, January 25, its share price was 24.5 yuan, a fall of nearly 60%. "Investor" according to wind data statistics, according to the price calculation, in all gem 200 companies, 51 companies break, break rate of up to 25.5%.　　and Netac technology as of April 14 closing price of 25.96 yuan, compared to the price of 39 yuan fell 33.44%, the gem break rate topped the list, become a veritable gem break king.　　An interesting phenomenon is that in NETAC technology listed before and after the heat of its business model of a dozen brokerages, all in the company 2010 quarterly, invariably chose to silence.　　Patent for Profit doubt Netac Technology entered the mobile storage field in 1999, with the core technology of the flash disk, it is one of the most opportunities to share the industry's high growth "cake", but when other enterprises quickly enter the flash market, NETAC technology is not making further efforts in technology and production capacity, but enjoying the benefit of the fisherman.　　In fact, NETAC technology in recent years in the product investment is very limited, and domestic and foreign competitors Kingston, PNY, Patriots, Lenovo and other enterprises in the high-speed development of the NETAC technology of the flash drive either in popularity or sales are far less than these companies. However, as the founder of NETAC Technology Deng, Cheng and other domestic technology companies in charge of different, from Singapore back to entrepreneurship they know the convenience of patent profit. and "research-patent-patent licensing-charging royalties" business model has let NETAC technology listed before and after the state letter securities, Shanghai Securities, Societe Generale Securities and other brokers recognized.　　Many brokers believe that NETAC technology to create a patent fee as the main source of profit business model, the advantages are obvious. National Securities in the NETAC technology listed on the day of the release of the report said, with its strong research and development platform and unique mode of operation, patent licensing in 2009 contributed to 49% of the company's gross profit.　　With the strengthening of financial strength, the power of protection will be greatly increased, the annual growth rate of 2009-2012 years of patent authorized income is expected to be 30%.　　and the industrial securities and capital securities are the crown of their respective "Technology patent operators" and "world-class mobile storage manufacturers," the hat. In fact, NETAC Technology's short board is here.　　From 2007-2009 years, because the company excessively relies on the royalties income, causes the net profit to be only about 30 million yuan each year, 2010 is also a sharp decline. Patent income is falling because the advantages of NETAC technology are no longer prominent. April 6, 2010, the company announced that its "USB disk" trademark was identified as the general name of the commodity, to be revoked registration; 78th, Netac also announced that the company on July 7, 2006 and Kingston signed the 4-year patent licensing contract has been terminated on July 6, 2010.　　Despite the subsequent renewal of NETAC Technology and Kingston's contract, the limitation was extended only to the end of last year, and the next issue has not yet been resolved.　　In addition, as early as December 25, 2006, the State Intellectual Property Office patent Reexamination Committee to make invalid declaration request review decision, to NETAC Technology "data exchange and storage methods and devices" patent rights requirements 1 to 20 are not creative, declaring the patent is invalid. Since then, NETAC technology to the People's Court several times.　　Until December 16, 2010, NETAC received the decision of the High People's Court of Beijing on the request for the invalidation of the "data exchange and storage method and device" in China. NETAC technology, which has always been proud of its business model, quickly said that the company's business model does not depend on a single patent, and that individual patents are invalidated without altering the company's intellectual property as a whole, and that litigation decisions have no significant adverse effect on the company's current profits or profits.　　However, this shows from the side, NETAC technology This is the sponsorship of the special business model blown by the long-term, it is doubtful.　　As an IT industry analyst, who declined to be named, said that it would not be feasible to rely solely on patent-authorized income if NETAC technology products could not occupy the market's active position.　　Main persistent weak patent model is not sustainable, but also conductive to its performance of the continued downturn. April 13, "investor" reporter in Beijing zhongguancun electronic Products market interview found that flash dealers rarely into the NETAC goods. "Consumers like to buy Kingston, Patriots, Lenovo and other brands with high exposure to products, while Netac, although the first production of flash memory enterprises, due to limited exposure in recent years, no one recognized."　　"In Zhongguancun e world Monopoly Flash, Miss Feng told reporters."　　She said that although a 4G flash memory Lenovo to sell 76 yuan, and NETAC only 65 yuan, but to buy consumers, or prefer to choose Lenovo.　　and the Zhongguancun Wholesale digital products Mr. Wang also said that nearly a year, in his company's wholesale flash products customers to take netac few people. In fact, the performance of NETAC technology also illustrates this.　　2006, 2007, 2008, the company achieved a net profit of 15.7705 million yuan, 38.8548 million yuan, 39.5854 million yuan, the 2009 achieved net profit of 39.6861 million yuan, although nearly three years of net profit remained stable around 39 million yuan, but the increase significantly slowed. In addition, the NETAC technology margin is also rapidly declining. NETAC Technology before the listing of 2006-2008 years, the product sales gross profit margin of 21.78%, 19.19%, 20.77%, basically to maintain stability. 2009, NETAC Technology main business Flash application products, the gross margin fell to 18.54%. And as of 201In the 0-year period, the gross profit of Flash application products fell again to 13.86%. The company's total operating income was 222 million yuan, down 18.59% from the same period last year, operating profit of 19.9282 million yuan and a 49.89% per cent decrease over a year earlier, according to NETAC Technology's 2010 performance letters issued February 25　　% The net profit attributable to shareholders of listed companies is $21.1687 million, which is down 46.66% from the same period last year, while the weighted average basic earnings per share is 0.32 yuan, down 59.49% from the same period last year. But why is the company that has been profitable after the listing, the performance of the downturn?　　And in the company before and after the sale of its business model of a dozen brokerages in the company in 2010 a quarterly bulletin invariably chose to silence. According to NETAC Science and Technology released 2010 years of Performance forecasts, EPS is far below the industrial securities April 18, 2010 forecast.　　Xingye Securities at that time expected, NETAC technology 2010 EPS for 0.90 Yuan, and NETAC technology forecasts show weighted average basic earnings per share of only 0.32 yuan.　　When the reporters dialed the NETAC technology to make a report on the phone, most of them have long not paid attention to the company and refused the reporter's interview. With the break, the loss of performance and other news frequency, NETAC technology founder infighting has become shrouded in the haze of the company's development. September 13, 2010, Deng the board of Directors to submit a resignation report.　　Deng resigned as chairman and general Manager, board of Directors of the Strategic Committee and the Board of Auditors, only to retain the position of director, the company's legal representative changed. The actual controller in the listing 9 months after the resignation of senior executive positions, in the frequent accidents of the gem company, is also the first case.　　It is understood that Deng has been the chairman of the company for 11 years, and comprehensively manages the company's technology research and development and production and operation. On the same day, Cheng, the founder of the company, took over Deng's position.　　From the resume, Cheng graduated from the Institute of Automation, Chinese Academy of Sciences, the signal processing professional, received a master's degree, with dozens of patents for inventions, and Deng like technology. Reporter April 13 as an investor call the company Dong Secret office, its staff revealed: "Deng in addition to open the meeting of shareholders, has been in the company to see others." The reason for resigning is that the Deng faction is not the same as the Cheng faction's business philosophy. "It is understood that earlier as founder Deng and Cheng were compared to NETAC technology parents. Cheng has served as Vice president of NETAC Technology for a long time.　　December 2006, Cheng for the internal division of labor (Deng responsible for management, Cheng assist in strategic co-ordination) resigned the position of Vice president, only as a director. Public data show that 1999, Deng and Cheng jointly developed the world's first flash disk-USB drive, Deng also known as "the father of the flash drive." At present, Deng holds 23.13% of the total share capital of the companyShares, for the first major shareholder, Cheng ranked second, the shareholding ratio of 16.5%, both sides for the company's actual control people. "Deng's departure was not an accident, and the company's executives were not divided two days a day." Company staff said, "before the company listed Deng responsible for software development, Cheng responsible for hardware development, in the preparation of the company listed in the two years, Deng focus on the preparation of the company listed, neglected research and development." "The person said:" Compared to Deng, Cheng relatively low-key, in the company to introduce investors, Deng has had a rift with Cheng. This also directly led to Deng become a major shareholder, and Cheng become two shareholders, the original two shares of the same. "The NETAC technology prospectus shows that Deng and Cheng are the company's actual controllers, and they currently hold 23.13% and 16.5% of the company's shares respectively. In addition, Wang Quanxiang, a natural person who invested in Netac technology in 2001, now directly and indirectly holds 11.52% per cent of the company, while its nephew Wang Fei has a 3.7% per cent stake.　　This let Wang Quanxiang in Netac technology mastered a certain right of speech. According to a NETAC technology staff revealed that Cheng and Wang Quanxiang close relationship, in the corporate decision-making level, Cheng have the right to speak higher than Deng.　　In the first half of last year, there was a certain degree of power vacuum in NETAC technology. Although Deng has a 23.13% stake in the company's majority shareholder, Cheng and Wang Quanxiang and their nephew Wang Fei control the shares by 31.72%.　　The relationship between directors and Deng seems increasingly difficult after all sorts of disadvantages such as a sharp drop in the IPO performance. The disagreement between the founders of the Cheng, the first board of directors after taking office, also gave some executives a big cut in confidence. At that time, the review of the basic organizational structure of the company, adjust some of the executive Division of labor and adjust some key job remuneration 3 bills. Despite the passage of all 3 motions, the latter 2 motions had 2 abstentions and 2 votes against them respectively.　　Dissent is just leaving Deng and Netac Technology deputy general manager Xiangfeng.　　For the adjustment of the Executive Division of labor, the main reason for the Deng abstention is the deputy General Manager Zhongjingheng Division of labor have different views, he believes that Zhongjingheng in charge of the department too much, basically involved in the whole process of operation, its personal ability and other aspects can not be competent related work. The main objection to the Deng is that the proposed annual salary is higher than that of other gem companies, and the company's current performance is not satisfactory, and the timing of the introduction of compensation reform is inappropriate.　　Xiangfeng, deputy general manager of Deng's vote, gave the same reasons. With the escalation of NETAC technology executives, January 10, NETAC technology also ushered in the ban on executive restrictions day.　　NETAC Science and Technology high Taishang, Wang Quanxiang, Zhongjingheng wife Chen Xiaomei frequently appear in the reduction list. In a series of moves by Netac Tech executives, it's not hard to see that the executives who know the most about the company have no confidence in their own company, plusThe escalation of personnel struggle, there will be resignation of senior executives appear. In order to understand the actual situation of NETAC science and technology more truly, April 14, the reporter again dials netac science and technology dong to do telephone, Dong Secretary Wang Aifeng to "investor newspaper" said: "Do not verify reporter true identity cannot accept interview." However, when the reporter further indicated that there are many ways to identify the reporter's true identity, she did not have a positive answer, then hung up the reporter phone. Subsequently, the reporter repeatedly dialed the phone, but has been no answer.