Eating crazy and expanding "bitter fruit"

Summary: Tengyun driving the end of the dust? With 35Pad, win the girl, with 35Phone, to win business opportunities. In the 35 interconnection (300051.SZ) advertisement, Jiangsu Satellite TV host Mengfei seems to enjoy the convenience from cloud computing. 35 interconnected products and services, in

Teng "cloud" driving "business" End for Earth ash?

"Use the 35Pad, win the Heartbeat girls, with 35Phone, to win business opportunities." "In the 35 interconnection (300051.SZ) advertisement, Jiangsu Satellite TV host Mengfei seems to enjoy the convenience of cloud computing."

35 Interconnection of products and services, in the user's marriage and career can bring help may not know, but can be sure, as Fujian's first gem listed companies, listed just over three years but let its investors rather "worry".

The company recently announced the net profit of 2012 years only 2.9584 million yuan, a big drop of 88%, the company's share price up to yesterday 8.35 yuan/shares, and the first day of the market close 11.98 yuan/shares (before the right to reinstatement, the same below), the market value of evaporation 30%. Analysts believe the "double kill" situation is largely due to its frenzied expansion and the "unreliable" of new products. At the same time, the company in the two-tier market has also been shareholders "abandoned."

"Double kill" and "abandoned"

"To bank loans 1.5 million yuan into the 35 interconnection, I am miserable." "The stake has fallen by 18% in 10 days. 35 of interconnected investors complained.

35 interconnection with Fujian province, the first gem listed company's "Halo", on February 11, 2010, landing gem. But after the listing, its share price and performance of the "double kill" so that "halo" in a very short period of time lost luster.

In terms of stock prices, since the first day of the listing to 11.98 yuan/share close, after a period of new shares "honeymoon period", the beginning of April 2010 reached the historical high of 17.93 yuan/share, then all the way down, until the last trading day before the suspension (February 1) The closing price of 8.35 yuan/share, "break" Up to 30%, the highest market value is cumulative evaporation of more than 50%.

What makes investors more worried than share prices is the retreat of their performance. The 35 Internet prospectus shows that net profit rose 8.79% and 23.12% in the first half of 2008 and 2009 respectively, compared to the year before, and in 2010, the net profit attributable to shareholders of listed companies has narrowed to 1.14%, and 2011 is "changing Face" for a fall of nearly 30%, And according to its 2012 performance letters released at the end of February, on the basis of a 30% fall in 2011, the unaudited 2012 attribution to the listed company's shareholder net profit fell further by 88%, only 2.9584 million yuan.

"In terms of the nature of Internet companies ' business, revenue growth is more important than profit growth because of the upfront need for free and open experience to attract customers to consider the profit model." An Internet industry senior researcher told the first financial daily.

The "double kill" of stock prices and performance has led companies to "vote with their feet" in the two market.

In the January 29 of this year, the 35 interconnection issued a warning of the decline in performance, and in early January, 35 internet suddenly appeared on the bulk trading platform. Shenzhen data show that, January 9, 2013, 35 interconnection to 7.00 yuan/share 6 million shares, the transaction amount of 42 million yuan, the seller's sales department for China Merchants Securities Shenzhen Yitian tax-free business Building sales department. In fact, the bulk deal was a year apart from the last. Coincidentally, from the 35 of interconnected shareholder data, one of its corporate shares Shenzhen Rainbow Venture Capital Group Co., Ltd. is the residence of the Shenzhen duty-free business building, and the third quarterly Bulletin of 2012 shows that it has just 6 million shares.

In addition to corporate shareholders eager to "run away", institutional investors seem to be more and more do not love this stock, in 2012 each quarterly, institutional investors like "merry-go" change, seems reluctant to make long-term investment in the 35 interconnection. "To be honest, we are not too concerned about this company, the industry is very small concern about the company, there is no seller's coverage, we buyers will not pay attention to." Because I think the company's future is not clear. "A fund company person to this newspaper reporter said.

Eating crazy and expanding "bitter fruit"

"In the two years since the 35 interconnection, rapid expansion is the most important reason for the decline in performance," he said. "said the senior industry researcher.

At the beginning of the listing, the 35 interconnection based on cloud computing SaaS model, focusing on China's SME customers, the main push Enterprise mailbox, E-commerce website construction, network domain name, office automation system (OA), Customer Relationship Management System (CRM) and other software products and services. SaaS represents the future direction of the software industry in the 35 interconnection perspective.

However, the East China Sea securities at that time issued a research report that the domain name registration, website construction and enterprise mailbox as the most basic application of the Internet business type, with the internet in China nearly 10 years of development, has entered a smooth development period. CNNIC data indicates that the total number of domain names, the number of. com domain names, the number of com.cn domain names and the numbers of Web sites in 2009 were 0.1%, 1.6%, 14.4% and 12.2% respectively. At the same time, the threshold of these three businesses is lower, the competition is more sufficient, the regional characteristics are more obvious. Therefore, East China Sea Securities believe that the 35 interconnection of the traditional three main business income growth in the future is limited. And the company's new OA, CRM business in 2010, and 2011 to the company's performance contribution is limited, and its future development due to the existing competitive pressure in this field, the prospect is not too optimistic.

Nevertheless, as an early landing on the gem stock, still in the "speculation new" upsurge in the gem also makes the 35 Internet listing attracted everyone's attention. The announcement indicated that it obtains the actual raise fund net amount 415 million yuan by the 34 yuan issue price, among them the ultra raises the fund 268 million yuan.

After receiving the fundraising, the 35 interconnection began a frantic expansion tour. Huatai Securities 2010 Research Report shows that the 35 interconnection in 2010 listed in the year of the new branch 7. At the same time, 35 interconnection through independent research and development, gradually launched a 35Pushmail, 35PushOA and other cloud office services, as well as based on cloud services intelligent Mobile terminals--35phone and 35Pad.

Not only the ductility expansion of the astonishing, about 268 million yuan of super raise funds to 35 interconnection extension of "happy enclosure" added a strong capital. Data show that in October 2010 and February 2011, the 35 interconnection was $25.9 million and planned to use $74.8124 million to 99.1124 million yuan (up to $59 million last year) to purchase mail system suppliers Beijing billion China Mail Information Technology Co., Ltd. (hereinafter "billion in the Mail") 70 % equity and mobile e-commerce in the field of Beijing Central Asia Interconnection Technology Development Co., Ltd. (hereinafter referred to as "Central Asia Interconnection") 60% equity. And in September 2012 terminated the original investment plan "CRM management software Project" and with the 26.73 million yuan in the acquisition of billions of 27% of the stake in the mail. Only these two acquisitions accounted for more than 40% of the extra funds.

At this point, 35 of the Internet has not satisfied with the Enterprise mailbox, domain name, the main business of the site, and will reach the mobile E-commerce and mobile Internet domain.

Despite the high hopes for the two companies at the beginning of the 35 interconnection, it certainly backfired. In the 35 interconnection acquisition in full swing in 2011, the industry analysts questioned its "happy enclosure" will face the "expansion of uncertainty risk", indeed, in 2012 Years a prophecy. 35 interconnection in the interpretation of the 2012 profit decline in the main reasons for the billion and Central Asia interconnection did not make "due contributions."

From the 2012.5 annual report, billion in the first half of 2012 business receipts and Central Asia fell by 41.37% and 7.86% Year-on-year, while net profit fell 266.78% and 83.08% respectively over the same period in 2011.

35 interconnected Dong Yang Xiaoliang to our correspondent said: "Billion in the postal performance of the decline is mainly due to the decline in domestic economic growth in 2012, billion in some customers, especially the state-owned large and medium-sized enterprises to cancel or postpone the internal enterprise information construction;" The main reason for the decline in the interconnection performance of Central Asia is that major customer management has changed significantly in the previous two years. ”

For the 35 interconnection of the extension of the impact of the company, the senior industry researcher said that mergers and acquisitions is not the way for internet companies. "The most important thing about internet companies is the business model, the key is who can grasp the user, rather than rely on acquisitions to simply big." "he said.

Where is the breakthrough?

Teng "cloud" driving "business" is the idea of 35 interconnection advocated, "cloud" refers to the cloud computing model, "business" refers to a comprehensive, one-stop Internet application services. On this basis, 35 Internet research and development of 35Pushmail, 35PushOA and other cloud office services, and in the second half of 2011, the introduction of cloud services based Intelligent Mobile terminal products--35phone mobile phones and 35Pad Tablet PC.

In the 35 interconnection Chairman Shaohui View, Cloud computing is the foundation, the Cloud + end can bring the best experience to the customer, therefore in order to move the terminal product, 35 interconnected in July 2011 and September respectively announced to use the Ultra Raise Fund 10.2 million yuan and 100 million yuan to carry on the investment construction, and set up a holding company Xiamen 35 interconnected Mobile Communications Technology Co., Ltd. (hereinafter referred to as "35 communications") and wholly-owned subsidiary of Tianjin 35 interconnected Mobile Communications Co., Ltd. (hereinafter referred to as "Tianjin Newsletter"), as at the end of the first half of 2012 has invested 10.2 million yuan and 35 million yuan respectively, and with Xiamen Friends sent Communications Limited ( Hereinafter referred to as "Friends of the Communication" signed an agreement, authorized as the national distributor.

By definition, cloud computing means acquiring the required resources (hardware, platforms, software) on an as-needed and extensible basis over the network. A network that provides resources is called a "cloud." The resources in the cloud can be extended indefinitely by the user, and can be readily available, on demand, and paid for by use.

In the view of the senior industry researcher, the 35 interconnected "cloud computing" is "gimmick more than substance". "Cloud computing is indeed the future trend of the industry, may make mainframe computer history, only need to display terminals." But it will take a long time to develop. "he said.

Perhaps graduated from the hardware profession, and in the hardware industry for many years Shaohui did not think, then the launch of the mobile terminal products did not achieve the expected success.

The 2012.5 Annual report shows that the gross profit margin of mobile terminal products is 26.68%, which is much lower than the traditional main business of corporate mailbox, website construction and so on, which pulls down the overall gross profit margin. and Tianjin Communications in the first half of 2012 the net loss of 109,000 Yuan, 35 communications over the same period is a net loss-14.27 million yuan.

Yang Xiaoliang to this newspaper said: "Our mobile terminal business is still in the stage of investment, research and development and market development investment, has not produced positive benefits, resulting in lower gross profit margin of the business." ”

If the gross margin is low and the subsidiary loss is a reasonable range of the start-up period, then the company in the 2012.5 Annual report on the launch of the mobile terminal products in 2011, a large amount of inventory price of the preparation is quite "in the foot of the foot" feeling. Semi-annual reports show that the 35 interconnection in the first half of 2012 has raised 5.11 million yuan in the inventory price. Yang Xiaoliang did not respond positively to this reporter on the issue of inventory impairment, the company only in the 2012 performance letters, said, "according to the mobile terminal market changes, the company to part of the inventory to reduce the price of the preparation" is also the 35 interconnection of the net profit decline one of the reasons.

At the same time, the 35 interconnection has also announced the termination of cooperation with friends. And when this reporter call 35 interconnected mobile terminal sales phone, staff informed that 35Pad has ceased to sell.

But Yang Xiaoliang still said: "At present the company mobile terminal business is not stagnant, the company is still optimistic about the future of mobile terminals market development prospects." ”

Now, the 35 interconnection is in a long period of suspension from February 4, and the reason for the suspension is asset restructuring. Although the 35 interconnection is secretive about asset restructurings, it is a big hope for 35 of the interconnected investors anyway.

It is noteworthy that February 11 this year, 35 of the interconnection of a large number of restricted shares have been lifted, involving a large number of natural persons in the shares, after the licence, 35 interconnected stocks are facing a large sell-off risk. "It is not hoped that the reorganization of the company's assets is aimed at pulling up stock prices so that large shareholders are present. Said the senior industry researcher.