Xun travel technology business single or squeeze performance over-reliance on tax incentives?

Recently, the first professional online games acceleration service provider in China, Sichuan Xun You Network Technology Co., Ltd. (hereinafter referred to as Xun You Technology) to be listed on the Shenzhen Stock Exchange, its preliminary disclosure prospectus shows that it plans to raise no more than 250 million Yuan, used for technological improvement project of intelligent cloud acceleration platform (SCAP) optimization and upgrading, technological transformation of marketing network platform and other working capital projects related to main business. Insiders pointed out that with the improvement of the domestic network environment, leaving no money to Xun tour day will not exceed 5 years. Xun You Technology is focused on the segment of the market for network accelerators. The risks associated with a single business and limited space for growth in the future are inevitable. Another industry believes that if the state tax incentives change, or lose the relevant preferential tax policies will result in significant changes in corporate tax rate of income tax, which will have a greater impact on corporate profits, over-reliance on tax incentives Business performance big change will not be avoided. China Economic Net reporter sent a letter to the Office of the Deputy Secretary for Science and Technology Xun Technology, as of press release, no one answered the phone. Business or squeezed due to broadband speed April 24, Xun You Technology in the SFC [microblogging] released the initial public offering of shares and listing prospectus on the GEM, the pre-release shows that the lead underwriter for the State Gold Securities (19.09,0.00,0.00%) Co., Ltd., the company intends to raise no more than 250 million yuan, the main investment needs 109.7 million yuan Smart Cloud Accelerated Platform (SCAP) optimization and upgrading of technological transformation projects, marketing network platform for technological transformation projects, and Not more than 120 million yuan of other operating funds related to the main business projects. Prospectus shows that Xun You Technology's main business is to provide online game players to accelerate the cloud, as early as the end of 2008 independently developed the first generation of "Xun travel accelerator." Its latest product is based on the original "SCAP" Smart Smart Technology, Cloud Cloud Computing, Acceleration acceleration, Platform platform abbreviation, which means that the wisdom of cloud acceleration platform. Statistics from iResearch [microblogging] show that during 2009-2011, Xun You Technology has 21%, 29% and 34% share of the online games acceleration service market respectively. Like Xun Technology CEO Yuan Xu introduced in its certification microblogging, "card, use Xun tour," concisely shows that the precondition for the emergence of this part of the network accelerator is the status quo of China's slower speed. Wu Hequan, a member of the Chinese Academy of Engineering, disclosed that as of the end of 2012, China's Internet backbone fixed-line average download rate was 1.15Mbps, compared with 10.5Mbps for the Hong Kong SAR and 4.64Mbps for the entire Asia-Pacific region or the world, China ranked in the world rankings 80 to open, and well below the world average. China Economic Net reporter learned that the implementation of China's "Broadband China" strategy will promote the city Fast fiber project and broadband rural projects, will significantly improve the Internet speed. Xun You Technology also suggested in its prospectus that if the network conditions can be improved to the game there is no delay, or delay the use of gamers no effect, the company's products will face the risk of squeezing the market space. Insiders pointed out that with the improvement of the domestic network environment, leaving no money to Xun tour day will not exceed 5 years. Xun You Technology is focused on the segment of the market for network accelerators. The risks associated with a single business and limited space for growth in the future are inevitable. In addition to the impact of the state's macroeconomic policies, Xun You Technology is also facing the risk of large-scale Internet companies and online game operators entering the market leading to increased competition, free product competition and bandwidth rental price fluctuations. As the mainstay of the network accelerator industry There are also immature development, market size and low user awareness issues. According to iResearch statistics, as of the end of 2011, the online games market has reached 41.38 billion yuan, while the accelerator market size of only 2.02 billion yuan. Moreover, the growth rate of online game accelerator market has dropped from 135.29% in 2008 to 35.71% in 2013. The industry believes that with the further development of B2B2C business model, Exxon technology relying too much on B2C mode can not be adjusted to adapt to changes in business model accordingly, which will also adversely affect business development. Performance over-reliance on tax incentives? Xun You Technology Prospectus shows that according to the Notice of the State Administration of Taxation on Weibo on Some Preferential Policies for Enterprise Income Tax, the Company is exempt from corporate income tax in 2009 and 2010, and halves the corporate income tax by half from 2011 to 2013 . It is noteworthy that, from 2014, Xun You Technology will no longer enjoy the preferential tax policies. China Economic Net reporter learned that, from 2011 to 2013, fast travel technology income tax concessions of 2.864 million yuan, 4.46 million yuan, 6.544 million yuan, accounting for the proportion of the current net profit 14.13%, 14.43%, 14.27%. During the reporting period, if Xun Technology Co., Ltd. fully implemented the income tax rate of 25%, its net profit would be reduced by RMB2,864,000, RMB4,460,000 and RMB6,544,000 respectively. If the implementation of 25% income tax companies need to be provided by the current income tax expense accounted for the current net profit ratio respectively 28.54%, 28.86%, 28.25%. According to the insiders, this shows that tax incentives have a great impact on the net profit of Xun Technology, and its operating performance is overly dependent on tax incentives. From 2014 onwards, Xun You Technology will no longer enjoy the preferential income tax, which means that its 2014 net profit will be greatly affected. In addition, Xun You Technology obtained the Certificate of High and New Technology Enterprise in 2011 and is qualified to apply for the preferential tax rate of 15% on the basis of relevant laws and regulations such as the Enterprise Income Tax Law. However, China Economic Net reporter learned that in 2008, the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation jointly issued a circular to clarify the qualification of high-tech enterprises from the date of issuance of a certificate valid for three years, three years to obtain the certificate of the enterprise can press 15% of the tax rate for income tax prepayment declaration or enjoy transitional tax incentives. This indicates that XunYu Technology obtained the certificate mentioned above in 2011 and will automatically expire in 2014. If it fails to submit a review application within three months before the expiration date or fails the review, it will not be able to continue to enjoy the preferential tax policy . Industry sources said that if the state tax incentives change, or lose the relevant preferential tax policies, will result in significant changes in the tax rate of corporate income tax, resulting in a greater impact on corporate profits, tax incentives over-reliance on the business Big change in operating performance will not be avoided.