The game pattern regenerates: The first quarterly income is less than swimming

The fourth-quarter results of the online games concept share revenue comparison (unit: billion) Sina technology Menghong Some things happen to be just a matter of time. In the fourth quarter of last year's big game, Nasdaq:game, the online gaming company earned 172 million dollars in the current period, less than 173.5 million dollars in the nasdaq:cyou period. This means that in the Chinese online games market, the grand game of the "river status" for the first time to swim beyond the fourth place. Four years fell out of the three network game business, is the grand century at the beginning of the famous, Chen to 31 years old to become China's richest man's root cause, but also Shanda can carry out a diversified exploration of the cash flow basis. Looking back over the past four years, Shanda's IPO is like a peak, despite having a listing of 1 billion dollars in financing. In fact, from the second quarter of 2009, the Grand gaming business has begun to lose the throne of the boss. When the season, Tencent by virtue of "underground City and Warriors", "through the FireWire" and other products, access to 1.241 billion yuan net income. and Shanda game business in the quarter income is 1.178 billion yuan. This is also the time when Tencent began to reign the game. A year later, similar scenes were staged again. In the second quarter of 2010, Shanda game revenue was 1.113 billion yuan. And by virtue of "World of Warcraft" and other products driven, netease gaming business to get 1.2 billion yuan income. Shanda game again in the "contest" with NetEase fall in the leeward, retreat to the industry third position. The industry has stabilized for nearly two years, and the third-place ranking has again changed as mentioned in the opening paragraph. It seems that the 2012 tour has been waiting for a day beyond the Grand game. In fact, the net profit for the two quarter last year surpassed the grand game for the first time in the financial index, but it was not until two quarters after the income exceeded. The current earnings of online games concept stocks, NetEase game business in the fourth quarter of last year's income of 317 million U.S. dollars, a tour of 173.5 million U.S. dollars, Shanda games for 172 million U.S. dollars, the air network game business for 28.01 million U.S. dollars. However, from the annual game income, the grand game of 745 million dollars is still higher than the 623.4 million dollar tour. Last August, Tan, chairman and CEO of Shanda Games, resigned. Chen took over as chairman, Zhang successor nerdy This is also a grand game of the third CEO. Can turn the tide in 2013, test the new team. A grand game that is not easy to regain in the fourth quarter of the season, seems to be no longer clinging to numbers. Some people in the grand interior of the previous communication with Sina technology, not to see the changes are very heavy. In fact, Shanda's revenue in the fourth quarter of last year was less than the 195.7 million dollars it received in the fourth quarter of 2009. You know, also in 2009, the four-quarter income was 70.7 million dollars. Why four years, the grand game almost no, has been Tencent, NetEase, swim over? The product is of course the key factor. In the numerous product layouts of Shanda Games, there has been no new "legend" as expected. Shanda, a former executive on Sina Technology, said the product is the biggest problem of Shanda game: On the one hand is the agent game rarely really masterpiece, on the other hand, independent research and development capacity has not been substantially improved. Shanda Games Some products have been placed high hopes, but often for a variety of reasons did not grow into the pillars, especially last year, some game products also did not put into operation as scheduled. According to the plan "Time and Space Rift" will start in March, and "0 World", "Final Fantasy 14", "The Light of the city" are still in preparation. Failure to build the platform effectively is another factor. In the online gaming peers, Tencent Games, NetEase games, swim each have a corresponding platform to support, can continue to the game business to import new users. Comparatively speaking, Shanda Games because of the Royal group structure and other reasons for such a delay to establish such support, in the growth system has always been deficient. In addition, as the "cash cow" business Grand game has been the pressure of Alexander. In the process of constructing the ideal country, the grand game has been the main cash source of Shanda Group. A self-hematopoietic mechanism is not perfect, but shouldering a huge blood transfusion task, which makes the grand game in advance some faltering. Privatisation into a trend of thought this morning, Shanda game stocks closed at 3.01 U.S. dollars, the market value of 843 million U.S. dollars. In the peer, Tencent's overall market value of about more than 63 billion U.S. dollars (nearly half of the income from the online games), NetEase's overall market value of 6.779 billion U.S. dollars (85% income from the net), a tour of the market value of 1.571 billion U.S. dollars, giant market value of 1.418 billion U.S. dollars, perfect market value of 487 million dollars. However, the six companies that occupy about 80% per cent of China's online gaming market are mostly cold in the capital markets, especially for the five of those listed in the United States. As of this morning, the grand game of 4.36 times times, the perfect world for 4.97 times times, swim 5.99 times times, the giant for 7.83 times times, NetEase is 12 times times. Over the years, online gaming companies have complained about it, but the situation has rarely changed. Because of the specificity of the game products, although often bring a continuous cash flow, but too much uncertainty lead to capital. Valuation is too low, the stock price is depressed, let privatization gradually become the thought of the net swims enterprise. Privatization of the city has several advantages, the first can revitalize the incentive mechanism, the current share price so that many online gaming company's options are unattractive; second, it can be re-elected to higher valuations of the market refinancing, such as return to a A-share, to get rid of the cyclical pressure of public companies. Before the Grand group has been privatized by way of retirement, and Shanda games have been considered. One of the fetters, however, is that Shanda's current share price (only 24% of its offering), while it is beneficial for privatization in terms of money consumption, is likely to incur disputes involving investors in lawsuits. Grand games are not alone in this respect. Insiders said that the company holds similar ideas, including the perfect, Giants and other online gaming companies, however, who can really implement the present difficult to answer.