Hand Tour transcript: Two big giants hand tour performance mediocre

10 times times a premium acquisition, deductive crazy mergers and acquisitions ... A year ago, the listed companies flocked to the scene of the market, many investors are still vividly remembered, hand travel theme in the first market to bring huge effect, but also in the two-tier market to deduce the madness of the share price rose.

However, the short-lived. Reporter noted that when the 2014 years of the end of the newspaper, looking back on the scenery of the unlimited hand tour companies, they hand over the answer can not make the market satisfaction, even some analysts use "mediocre" to describe.

The two giants are mediocre in their hand tour

Last year, the concept of hand tour in the capital market emerging, about hand travel subject to any signs of trouble, can trigger the market unlimited reverie and the crazy speculation money.

However, as a wind vane of the gaming industry, the most popular two game stocks-China green treasure and Palm technology, the first half of this year, the results were mediocre, its once vigorous expansion of the hand tour business did not show an excellent growth posture.

Reporter statistics found that the first half of this year, the concept shares in the net profit growth of more than 100% companies have 4, respectively, is the day boat culture, Palm technology, Philip shares and seven-Hi Holdings, the growth rate reached 201.76%, 145.35%, 133.27% and 103.22%.

Palm of the first half of technology to achieve net profit of 110 million yuan, an increase of 145.35%, the results appear to be excellent, but only to see their hands tour business, last year, the company bought a big game of crab technology and upstream information, did not have the performance. The company reported that the six months of new incorporation into the scope of the merger of the subsidiary to play Crab technology and the upstream information, the first half of the net profit of 24.6397 million yuan and 17.2035 million yuan, accounting for the first half of the net profit of technology 37.89%. It is noteworthy that the two companies in 2014, the performance pledges of 160 million yuan and 125 million yuan, although there are six months, but from the current situation, to complete the annual performance commitments have greater pressure.

Another game giant in Green treasure, the first half of this year's revenue 200 million yuan, an increase of 80%; net profit of 19.1 million yuan, an increase of 9%.

Reporter noted that this April, in the acquisition of the company in Green Bao Shanghai Mei Feng Digital Technology Co., Ltd. 49% Equity, the latter half of the first year to achieve the attribution in the net profit of Green treasure for 2.11 million yuan, and according to the 2013 annual report, the United States peak digital in 2013 years of the net profit of up to 18.45 million yuan, the decline

Acquisition game assets "no power"

From traditional telecom value-added services mainly gradually transition to the main, north latitude communication is a a-share market transformation of one of the most successful cases, the current company's hand travel revenue accounted for the main income ratio from 2012 to 36.89% to 46.63%, the hand tour has exceeded the value-added telecom business, become its most important source of income. However, in the first half of this year, north latitude communications suffered a sharp decline in net profits, because the hand travel business does not give force.

Data show that in the first half of this year, north latitude communication achieved net profit of 15.64 million yuan, down 37.31% year-on-year. Companies in the announcement that the first half of the company's main business income of more than 60% of the mobile games, mobile video business development Smooth, which video business growth is better, but mobile gaming business revenue significantly lower than expected, revenue from the same period fell 6.72%.

Reporter found that northern latitude communications subsidiaries and major equity companies inside, the main products or services for the game software development companies, most of the performance in the loss of state, of which, cool travel technology and the first half of science and technology and the tripod entertainment losses in 1 million yuan.

Coincidentally。 Last year, a premium of about 27 times times, to 1.2 billion yuan "sky-high" acquisition hand tour company Tianjin shell of the Shenzhou Tai Yue, has caused the capital market crazy Chase. A year later, the China Thai Yue report showed that the original large acquisition did not change the expected performance returns. In the first half of this year, Shenzhou Yue realized a net profit of 220 million yuan, down 18.15%, of which, the acquisition of the Tianjin Shell two quarterly contribution net profit of 17.584 million yuan, and in the first half of 2013, Tianjin Shell and wood to achieve net profit of 33.6303 million yuan.

Just the way capital works?

However, the hands of the market business is not a lackluster. Reporter statistics found that a small number of high-quality enterprises to the listed companies to bring profit growth.

Film Giant crocodile Huayi Brothers last year to 670 million Yuan holdings silverside technology. In the first half of this year, Huayi Brothers achieved a net profit of 417 million yuan, an increase of 3.55% per cent, and just May 17 into the merged scope of Silverside technology, in the reporting period to achieve revenue of 74.9632 million yuan, net profit reached 33.7486 million yuan. Hongyuan Securities pointed out that the Silverside technology and realized profit of about 34 million yuan, its "time and Space Hunter" and "Demon World" 2 game products strong performance, the annual water is expected to impact 2 billion yuan, the future "interactive" effect gradually appear, will further enhance the company's comprehensive competitiveness.

In addition, Tian Zhou culture in August 2013 to spend 1.254 billion yuan to complete the magical era of 100% of the acquisition of equity. 2014 years in the report showed that the company to achieve business income of 175 million yuan, net profit of 24.8183 million yuan, increased by 201.76%, of which, May-June new hand travel business revenue 27.535 million yuan, the realization of the ownership of the parent company 15.1948 million yuan, accounted for the first half of the day of the culture of 61.22% net.

This year, although the tide of hand-tour mergers and acquisitions is not as hot as last year, but there are still many cases of acquisition. May 23, the dragon tube industry is to be 3 billion yuan on the price of mergers and acquisitions hand travel company, Edgar; June 16, Light media to invest about 385 million yuan holding animation company Blue arc culture and hand travel company Hot Front network.

Zhang Yapo, head of the TMT industry team at the Oriental Citigroup Investment Bank, said the game is the only one in the Internet industry to profit into the scale, the model for everyone to recognize the industry, more and more traditional enterprises to the Internet process, found that the game has a strong profitability, cash flow is good, so the intention to purchase

However, for listed companies, the move to the company can really bring a performance increase, or just a way of capital operation? Only performance statements are in the final.