State Digital WAP Portal value gradually weakened with the development of application

[In Wang Yu view, when State digital WAP portal value with the development of the application gradually weakened, especially the relatively mature market segments, can not enter the corresponding market Top 10, "long bang digital if no other innovative application and business model, investment value is not." ” ]

After 58 with the city, where to submit a prospectus, the establishment of 9 years, China's first batch of WAP Web site 3G portal of the parent company long State Digital (Gomo. Nesy, yesterday submitted a prospectus to the U.S. Securities and Exchange Commission (IPO).

According to the prospectus, the state Digital plan raises a maximum of $80 million, which is set to be listed on the New York Stock Exchange. The state digital market is valued at 600 million ~10 billion.

Among them, state Digital CEO, co-founder Deng holds 30.9% of the company's shares, and another co-founder Zhang shares 10.2%. Meanwhile, state digital directors and executives hold about 120 million shares of the company's shares, with a total stake of 78.4%.

Compared with the single traditional mobile phone portal model 9 years ago, State digital currently covers almost all hot areas of mobile internet, including app stores, mobile browsers, news, and online literature. But in the view of Wang Yu, analyst at Yi-ku, in addition to having a certain market position on the WAP portal, it is difficult for other businesses to reach top 10 in the corresponding field.

And AI Media Consulting CEO Zhang also think, "long state digital revenue capacity is relatively thin, persistent lack of stories, performance can support the stock price to avoid bleeding listing, still need to observe." ”

Get up early and catch the evening set

"Get up early, catch the late episode. "For state digital 9 years of development experience, a person close to the company said so."

3G Portal is the first batch of domestic enterprises to seize the mobile internet. At the beginning of 2004, Deng and Zhang two people in Guangzhou Tianhe Stone West Road, a 6 square meters of the cabin, to discuss the creation of a free WAP portal site.

3G Portal is the first main business is based on mobile phone news information Mobile portal, it has become the largest domestic mobile Internet traffic Web site. 2005 and 2006, respectively, the introduction of the rich Asia, the United States and the OECD group and IDG investment.

By the year 2007, the 3G portal had claimed to be a "mobile phone network" and said it was ready to go public. By the year 2010, 3G Portal President Zhang said again, "the IPO plan will start in late 2010 or early 2011." ”

But the test that it faces is just beginning. WAP is the product of an era, when the popularity of smartphones, mobile Internet development into the era of application of the king, the 3G portal as the representative of the WAP portal model is gradually marginalized, a mistake will bet on the future of Symbian platform, so that has seized the mobile Internet early commercial opportunity of the 3G portal slow one step.

Since then, in the face of the trend of quietly changing, 3G portal began to transform the "Portal + client" dual core strategic response. Successively in the video, music, portals, stocks and other segments of the field to launch a series of related client software.

But in Wang Yu view, when the State digital WAP portal value with the development of the application gradually weakened, especially the relatively mature market segments, can not enter the corresponding market Top 10, "long bang digital if no other innovative application and business model, investment value is not." ”

Good stories overseas?

In addition to the mobile-side portal "3G Portal", State digital assets include Android desktop replacement Software "Go desktop" (Go Launcher), Android Forum "3G Android Forum", Wireless Search Service "search" and E-book Store "3G bookstore" and so on.

In 2010, the 3G Portal began locking Android to launch the Go desktop. According to the app Annie FDI report, the Go desktop was the largest application in the Google Personalization category in the 9 months of 2012 and 2013 years ago. As of September 30, 2013, it had about 239 million subscribers, with an average monthly active user reaching 42 million in the third quarter of 2013.

In addition, the Go series attracted around 325 million subscribers worldwide as of September 30, 2013, more than 70% from outside China. State Digital is also one of the three largest publishers of Google apps in the world. and 3G Portal in September 2013, the number of independent users reached 440 million.

In terms of profitability, the prospectus shows that state digital has been profitable since 2012. 2012 net profit of 15.2 million yuan, the first half of this year to achieve net profit of 33.5 million yuan. In the second quarter of 2013, net profit was 21.96 million yuan, which rose 91% from the 11.5 million yuan in the previous quarter, and the net loss was 170,000 yuan in the same period last year.

At the same time, total revenue has increased significantly in recent years, from 96.6 million in 2011 to 185.2 million yuan in 2012, an increase of 91.7% per cent, from 74.52 million yuan in the first half of last year to 139.3 million yuan in the same period in 2013, to a growth of 87%.

Its revenue is mainly through paid applications and high-quality themes, the application of advanced features purchase, various forms of advertising, as well as the user's acquisition of literature content.

But how to seize the current mobile internet opportunities, 3G Portal still has a long way to go. In an internal speech in the first half of this year, Zhang once thought that, first of all, the media model has not yet finalized, 3G portal needs to find its own best presentation and advertising value on the phone, and secondly, 3G portal although in the digital reading channels, operations, content links have intervened, But it still needs to think about its core competencies; In addition, although the "Go desktop" success in the initial commercialization, but still need to think how to build platform ecology and consolidate the problem of irreplaceable.

In the prospectus risk tip, state digital also emphasizes that the go platform and go series have not yet formed an effective revenue model, and since the Go series and go platforms are built on the Android operating system and are highly reliant on Third-party mobile Internet product distribution platforms such as Google, If the market demand for Android smartphones drops, or if the distribution platform changes the download rules, the company could be adversely affected.