The mystery of high gross profit margin of the transmission of Bo

Not only the main business of the gross margin is far higher than peers, related transactions, the proportion of income contribution also makes people speechless; This newspaper reporter Li Ming/Venbory transmission (600880.SH) of the largest income from the printing business sector, but it is strange that for similar businesses, the company's gross margin is far higher than the peers, and the actual control between the company's related transactions contributed to most of the income. With the implementation of the merger strategy, the company's book goodwill reached a historical maximum value of 1.168 billion yuan, facing the risk of impairment. In addition, as a provider of mergers and acquisitions, the 7 institutions that participated in the private offering in 2013 have now lost more than 100 million yuan. Since the implementation of the major reorganization in 1999, the company has established the development thinking of the media as its main business. At present, the company has urban daily, financial daily, Auto Magazine, outdoor advertising, internet and other media business, and set about to create network games, entertainment media, cultural creativity, such as new media industry chain of business. Abnormal high margin According to the 2013 annual report, Bo Rui spread a total of 8 business, including printing related business, advertising business, distribution and delivery business, online games business, small loan business. One of the "Printing-related business" is Bo Rui spread the largest source of income, the 2011-2013 revenue of the business is 589 million yuan, 535 million yuan, 487 million yuan, accounting for the ratio of 45.1%, 39.63%, 32.09% respectively. Earnings showed that the company's printing related business 2011-2013-year gross profit margin of 31.19%, 29.15%, 28.84% respectively. "Securities Market weekly" reporter found that the company's printing related business gross profit margin far higher than peers. According to Wanguo [micro-blog] Industry classification, engaged in the print media of the listed companies a total of 15. Including the spread of Bo Rui, there are 7 listed companies disclosed the relevant data, in addition through the "Hua Zhi Holding (000607.SZ)" borrowed Shell listed Hangzhou newspaper Group also disclosed. According to the "Securities market weekly" reporter statistics, printing business is the highest margin of the Times published (600551.SH), but also 21.98%, far below the spread of Bo Rui, the lowest Hangzhou group only 4.92%. Specifically, Bo Rui spread the "printing-related business" including "Printing Services" and "Printing materials (newsprint) sales" two pieces. One of the "printing services" of high gross profit margin, material (newsprint) sales as a circulation link, gross margin is very low, generally only a few percentage points. The revenue cost data of "printing-related business" disclosed by Bo Rui is the combined data of "printing service" and "printing material (newsprint) sales". It is noteworthy that the listed companies, in addition to the Guangdong Media (002181.SZ), publishing Media (601999.SH), Hua Zhi Holdings, the remaining listed companies are separate "printing services" and "Printing materials (newsprint) sales" to disclose. In other words, and Bo Rui spread the most comparable is the Guangdong media, publishing media, Hangzhou newspaper group. UnderThe data disclosed in the annual report, the level of gross profit margin of Bo Rui is significantly higher than the above three companies, the Gap is 19.62%, 20.5%, 23.92% respectively. Similar business, the spread of Bo Rui can achieve far higher than the gross margin of peers? "Securities Market weekly" reporter noted that the printing business behind the high margin, linked transactions in the spread of the printing business revenue plays a key role. Bo Rui, said the annual report, 2013, the company to the actual control of the market price to provide printing related services (including newsprint supply), the realization of sales revenue amounted to 317 million yuan. Bo Rui Spread the 2013 printing business income of 487 million yuan, according to the calculation of the associated transactions accounted for the total business income of the proportion of 65.09%. In addition, according to the "Securities market weekly" reporter statistics, bo Rui spread 2011-2012 to the actual control of people to provide printing related services (including newsprint supply) the formation of income, accounting for the same business ratio of 73.51%, 70.47% respectively. Pursuant to a notice disclosed at the tenth meeting of the seventh session of the Board of Trustees held on August 3, 2009, July 2009, the company and the actual controller to revise and renew the "Printing agency agreement", paper settlement price in the current period of purchase price (in order to purchase paper invoice value) on the basis of the increase of 250 yuan per ton, if warehousing, Transportation and other related procurement costs have undergone major changes, the two sides to determine separately; if the market price changes, the printing agent fee is in agreement with the settlement price, on the basis of the agreed settlement price by both parties. However, the "Securities Market weekly" reporter did not find the company to the actual control of the number of newsprint sold and other related information, can not make a specific assessment of the fairness of the sale price. "Securities Market weekly" reporter also noted that the actual control is the first major customers Bo, according to earnings, 2011-2013, respectively, the contribution of income 514 million yuan, 468 million yuan, 405 million yuan, accounting for the ratio of 39.38%, 34.65%, 26.65%. In addition, according to wind information, Bo Rui Spread 2013 years of accounts receivable turnover rate of 8 times, while the Phoenix Media (601928.SH), Medium and South Media (601098.SH), the Chinese media (000793.SZ), Anhui New Media (601801.SH), Chinese media (600373. SH) were 26.16, 14.11, 13.66, 13.53, 13.02, respectively, obviously higher than the former. Goodwill surge According to the 2013 earnings, Bo Rui spread book goodwill as high as 1.168 billion yuan, compared to the beginning of the increase of 799 million yuan, an increase of 216.54%, accounting for the proportion of total assets of 24.15%. The company explained that the new goodwill in 2013 was mainly due to the acquisition of Beijing Roaming Valley Information Technology Co., Ltd. (hereinafter referred to as "roaming Valley"). In October 2012, Bo Rui spread the announcement that it is intended to buy 1.03 billion yuan in cash for roaming Valley 70% of the equity. On the assessment base Day 2012 Year August 31, roaming Valley Net assets book value of 203 million yuan, the value of the income method after evaluation of 1.517 billion yuan, value-added rate as high as 6.5 times times. September 25, 2013, Bo Rui spread the non-public issue of shares raised funds to buy roaming Valley 70% equity issues by the China Securities Regulatory Commission [micro-BO] approved, October 29, Non-public issue of the stock listing, successfully completed the roaming Valley 1.03 billion yuan acquisition and table work. As a page tour company, Roaming Valley is currently the main products for role-playing class, strategy category, large-scale leisure-type web games, products include "seven-male hegemony", "Magic mainland" and "Kungfu West Tour", including "seven-male hegemony" for roaming Valley Business income main source. However, at present the entire page swims the market faces the bigger challenge. "The cost of getting users more and more, the competition is more and more fierce, everyone is smashing money to buy users." "Analysys International [microblogging] analyst Shi Yong in the media interview said. "Seven-male hegemony" peak has passed, and roaming Valley after the launch of the "Kungfu West Tour" and other games so far no one can achieve success. At the same time, roaming Valley's hand tour project is not outstanding, so can not rule out the spread of Bo Rui is to spend money to buy a go ' downhill ' company. "An online gaming industry veteran practitioner said. Guo Xin Securities media industry analyst Chen Guomao pointed out, "light asset mergers and acquisitions is a double-edged sword, goodwill impairment has to prevent." "According to the accounting standards, the final company should be a non-control enterprises merged into a subsidiary for the asset group for impairment testing, the test exists impairment, the provision of impairment of goodwill." The impairment of goodwill will not only reduce net profit but also reduce net assets. "Enterprise Accounting Standards 8th Asset Impairment" stipulates: Goodwill impairment of the value of the preparation once the proposed, shall not be reversed. "If the underlying assets are not expected to be profitable in the future, then the goodwill arising from the acquisition of the underlying assets will have a risk of impairment, thereby affecting the current profit and loss of the listed company." An accountant told the Securities Market Weekly reporter. In fact, "Securities Market weekly" reporter noted that Bo Rui spread since 2003 acquisition of Sichuan Bo Rui Education began, accompanied by a large number of light asset mergers and acquisitions, Goodwill confirmed. As of 2009 after the acquisition of Dream factory confirmed 364 million Yuan Goodwill, the company goodwill reached 433 million Yuan high. But because in the agreed on the gambling period, the Dream Factory did not complete performance growth expectations, Bo Rui Spread 2011 to acquire the Dream Factory equity formation goodwill confirmed impairment loss of 50.16 million yuan. Goodwill impairment in the reduction of assets at the same time, but also to reduce net profits, the company in 2011 attributable to the listed company shareholders deducted the net profit of 305 million yuan, down 0.48% year-on-year. There is a "dream factory" precedent, Bo Rui spread why again the premium acquisition roaming valley? 2013, the domestic economic growth rate decreased, the cost of pressure to rise, the paper media by the new media shocks continue to increase, around the traditional print media, printing, print advertising, distribution and delivery business facing greater operating pressure. Bo Rui spread since the acquisition of Dream Factory began to focus on creating online business, but is still notThe formation of climate, the acquisition of Roaming Valley, is intended to enhance the business ratio of online games, the realization from the traditional media to the new media business real transformation. In addition, it is noteworthy that Bo Rui spread the acquisition of the roaming Valley funds mainly from Non-public offerings raised funds. On the basis of the report on private issues, participating in the increase of the Organization has Chengdu Bo Rui Investment Holding Group Co., Ltd., Ping ' an Dahua fund [micro-BO] Management Co., Ltd., Zhejiang Business Securities Asset Management Co., Ltd., China Merchants Fund Management Co., Ltd., Tianhong Fund Management Co., Ltd., Societe Generale Global Fund Management Co., Ltd. [Weibo], Taiping Asset Management Limited, the total number of subscriptions for 55.3525 million shares, the subscription amount of 1.06 billion yuan. Set to increase the price for 19.15 yuan/share, 2014 implementation of the "10 to 6 sent 2 Yuan", the corresponding increase in prices adjusted to 11.84 yuan. In accordance with the closing price of June 5 11.61 yuan, the fixed increase in funds still floating losses. Public information shows that the above set of restricted shares in the two-phase ban, respectively, October 29, 2014, October 31, 2016, the number of lifting is 70.8512 million shares, 17.7128 million shares.