"The biggest handset channel business" The Tin Sound holding "sells the son" to survive

Xia Xiaober Pengli Head of the domestic "largest mobile phone channel business" aura of the day sound holding, helpless into the plight of selling the son to survive. October 24, the day sound holding announcement disclosed that the company intends to be its two wholly-owned subsidiary of Cheung Yuen Real Estate and Star-Yu property transfer of 51% of the shares to Fuk Fung property and Jing Shun technology, the two assets are expected to transfer the company to bring pre-tax profit of 477 million yuan. Day sound Holding 2012, 2013 1-June, respectively, loss of 22.61 million yuan, 50.21 million yuan, such as the second half of this year can not be lost, the company's shares will be St treatment. The company transferred the shares of its subsidiaries, or to circumvent the St whitewash earnings. The company's main business for mobile phone sales, in recent years, the continuous decline in performance, in order to reverse the trend, companies in the Mobile internet field, "the title of a disease": Oupeng mobile phone browser, mobile resale license, mobile gaming, has become the mobile internet "upstart." And the company's share price is also due to a lot of hot market and was fried, from this June to date, a short four-month soar up to 120%. "Under the influence of channel extrusion and mobile phone brand merchants ' direct supply, the mobile phone sales business is difficult to break through, and the company's hand tour business is still in loss; As for Oupeng mobile browsers, it may face the problem of unclear profit model and difficulty localization. "Citic Investment in Hunan Headquarters research director Liu Yahui analysis of the days and sound holding business" mishap. "Sell son" survival Day sound holding main business for mobile phone sales, 2011, 2012, 2013 1-June, the company's revenue is 24.2 billion yuan, 32.6 billion yuan, 13.2 billion yuan, become the largest mobile phone channel. But despite the tens of billions of dollars in revenues, companies are in a unprofitable position. From 2011 to the first half of 2013, the company net profit was 50.66 million yuan, 22.61 million yuan, 50.21 million yuan, the year-on-year decline was 83.69%, 144.63%, 206.74% respectively. "Now the electric business enterprises have entered the field of mobile phone sales, and the big mobile phone manufacturers to bypass the channel to establish their own direct marketing system, double squeeze, similar to the day-sound control of such traditional channels, the future advantage will become weaker, business expansion has touched the ' ceiling '." Liu Yahui The reason for the decline in the company's mobile phone sales business. Two consecutive quarterly losses, if the days of sound holding can not be lost in the second half of 2013, the company's shares will be St processing. And the company's 2013.5 Annual report shows that the company's communications business and wine industry, respectively, revenue 12.9 billion and 107 million yuan, down 23.03%, 61.63% respectively, the company to rely on the main business operations in the second half of the loss of a few possibilities. The key moment, the days of sound holding decided to sell the son to survive. Notice disclosed that the company intends to Cheung Yuen Real Estate 49%, 2% equity transfer to Fuk Fung Property, Invesco Technology, the price is 232 million yuan, 9.45 million yuan, at the same time will be the star-Yu property 49%, 2% equity transfer to the Fu Fung Home, Invesco Technology, the price is 235 million yuan, 9.58 million yuan respectively. After the transfer, the company will lose the total control of two companies, but this transaction makesBenefit: The total of the two transactions will bring the company 477 million yuan pre-tax profit. After deducting 50.21 million yuan in the first half of the loss, the company is expected to get about 400 million yuan in cash flow, this year has no problem, can be free of the company by St risk. While the two assets of the days of the transfer of the asset profitability is not good, but in the company's "land use rights significantly value-added" explanation, its transfer price is a relaxed premium of dozens of times times, a huge contrast in the market for its trading process is suspicious. Earnings showed that Cheung Yuen Real Estate, Xingyu property was founded in April 2010, April 2007, the registered capital of 8.5 million yuan, 8 million yuan respectively. In 2010, there was no revenue from Cheung Yuen Estate, and the star-Yu property was still in the early stages of its work and had no income. In 2012, Cheung Yuen Estate and the star-woo estates respectively lost 20,000 yuan and 150,000 yuan. However, the two companies, as at September 30, 2013, the net Assets account value of 8.3 million yuan, 7.5 million yuan, but the value of the assessment is as high as 266 million yuan, 259 million yuan, the evaluation of value-added rate is 3,103%, 3,358%. On the afternoon of October 24, the reporter tried to contact the audio holdings to interview the asset transfer, but the company telephone has been unanswered. New business "mishap" mobile phone sales, the main business day no longer, the business is difficult, the days of music holdings trying to transform, into the mobile internet business, and initially identified the mobile phone browser, mobile phone reading and mobile gaming three major sectors. In March 2011, the company invested 135 million yuan in a joint venture with the Norwegian Software Corporation, which launched the Oupeng mobile browser in August. June 5 This year, the days of sound holdings announced that the proposed Chinese-foreign joint venture companies in the north to increase the number of 105 million yuan to promote its Oupeng mobile phone browser business. After the completion of the above increase, it will increase from 66.67% to 70.91% for the northern sector. Prior to the Internet traffic Monitoring agency StatCounter statistics show that the end of July this year, Oupeng browser market share of a steep rise to 34.38%, more than the Android browser and UC, ranked first in the Chinese market. But the agency is cautiously optimistic. Hongyuan Securities researcher Chen Yuoru analysis, mobile browser most reasonable market share concept should be based on "active users" for statistics, but at present only to "activate users" for accurate statistics, "active users" statistics difficult to accurately. Therefore, the StatCounter data conclusion does not necessarily represent the "market share" in the sense of commercial value. "The city accounted for the rise, mainly from the" flow of money to send money "activities, but the use of the marketing campaign to give money is difficult to continue after all, after the event, the new customer how many will continue to use Oupeng browser, still need to be further observed. Chen Yuoru bluntly. Business performance is the best description. Financial data show that the northern sector created 2012 years, 2013 the first quarter of net assets of 3.66 million yuan,-34.28 million yuan; 2012 and 2013, respectively, losses of 110 million yuan and 3673Million Yuan. In Liu Yahui's view, Oupeng despite the strong technology, but poor localization, less personalized, "compared to have their own fixed-loyal user group of UC, Oupeng company in the version of the improvement can be more to meet the Chinese users, there are questions." And the day sound holding the hand tour business is also unsatisfactory. Data show that the company's hand tour business 99 Le Travel Company, up to now still at a loss, 2012 and 2013 the first quarter of the operating income of 2 million yuan and 930,000 yuan, the loss is 19.72 million yuan and 4.72 million yuan respectively. "Oupeng is trying to achieve the grand goal of integrating mobile gaming through browsers, but it requires a strong internet base, and it lacks the internet gene, so the likelihood of implementation needs a lot of question marks," he said. "Liu Yahui Blunt Day sound holding the transition to the Internet is just wishful thinking.