Easy to view: Shanda Games business revenues fall in line with expectations

March 4 Afternoon News, Analysys International analyst Yuyi released a report of the grand results analysis, Shanda game business revenue accounted for the decline, in line with the concept of easy to expect, the grand revenue structure is more reasonable, but also in line with the original purpose of the Grand game business split listing. The following is the full text of the Analysis report: The event background Grand March 1 released the financial year 2009 as of December 31, the quarterly and the entire year without audit earnings.　　The report shows that the grand quarter net revenue of 1.5135 billion yuan, an increase of 49%, compared with the previous quarter growth of 9%, net profit of 369.3 million yuan, the year-on-year growth of 13%, than the previous quarter down 15%. Easy analysis: Shanda Game: 2009 The 4th quarter of the Grand Network game business income 1.3362 billion yuan, an increase of 45%, the chain growth of 5%, growth further slowed, mainly because of the slow commercialization of new products, and affected by seasonal factors. Grand 2010 "Dragon Valley", "Boxing Emperor Ol" and other game users pay more attention to the market prospects, but according to its current commercialization progress, contributing revenue at least in the 2nd quarter of 2010.　　The first quarter of 2010 was affected by seasonal factors and the "legendary return" growth, the performance is expected to grow slightly.　　Shanda game business revenue accounted for the decline, in line with the expectations of the outlook, the grand revenue structure is more reasonable, but also in line with the Grand game business split the original intention of the listing. Shanda Online: Shanda Online quarterly revenue for the quarter of 295 million yuan, an increase of 33%, the chain 4%, slow growth is mainly due to the large number of online products are in the introduction period.　　Notably, Shanda's gross online profit margin was 84.3%, up from 78.8% in the same period last year and 81.3% in the previous quarter. Compared to the grand game 60% gross profit margin, showing the grand online model of the phased success, Shanda online strategic importance is also reflected.　　It can also be predicted that the grand integration in 2010, will be in the increasingly stringent policy environment, with innovative enterprises to share the market with the technology and market based enterprises to establish strategic partnership.　　Other business: Grand quarter of the other revenue for the 201.7 million yuan, an increase of 162%, the chain growth of 52%; The main reason for the rapid growth of performance is the merger of the financial performance of the Hurray century 41.2 million, excluding this part of the performance, Shanda except Hurray Other revenue for 160.5 million, the chain growth of 20%. Grand literature on the upstream content of the gathering, the grand diversified performance growth, Shanda if the interactive entertainment industry chain in the implementation of reengineering, in the interactive entertainment industry, like Tencent to carry out "user operations", its revenue capacity and influence, will far exceed the status quo.