On February 19, Financial OneAccount, regarded as the "first share" of the blockchain, released its first unaudited annual report after listing. The annual report shows that the company's total revenue in 2019 was 2.328 billion yuan, an increase of 64.7% over the same period last year; the net profit attributable to shareholders was 1.66 billion yuan, and the net loss for the same period last year was 1.196 billion yuan.
Revenue continues to grow, net profit continues to lose
According to the prospectus provided by Financial OneAccount and the data of this annual report, it can be seen that from 2017 to 2019, the revenue of Financial OneAccount continued to increase, from 582 million yuan in 2017 to 2.328 billion yuan.
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The revenue was mainly derived from the contributions of 473 quality customers, which increased from 865 million yuan in 2018 to 1.306 billion yuan in 2019, an increase of 50.98% year-on-year. . It can be seen that the contribution of quality customers has decreased.
In this regard, Luo Weijie, CFO of Financial OneAccount, said
"We worked hard to convert general customers into premium customers, but new premium customers usually have lower utilization rates at the beginning, which lowers the overall average. However, our number of premium customers has more than doubled last year, providing future overall growth In the past few years, Financial One Account has established a strong market reputation. We will continue to improve the solution and enhance customer stickiness with better products. "
At the same time, Financial One Account has been in a loss state for nearly three years, and the amount of losses has become larger and larger.
For the reasons for continued losses, Luo Weijie explained that the company needs to continue investing in research and development, but Financial One Account is also working hard to improve, and this year's research and development expenses as a percentage of revenue has declined. In addition, the company's sales and marketing and administrative expenses as a percentage of revenue declined for the second consecutive year.
There are many cases of blockchain landing, but the contribution to performance is unknown
According to the official website of Financial One Account, blockchain is one of its three core technologies. One account chain FiMAX is a blockchain product independently developed by Financial One Account, with multiple intellectual property rights and superior performance.
According to the 2018 financial report released by Ping An Group, the One Account Chain (FiMAX) blockchain technology has the exclusive grasp of zero-knowledge verification technology in non-monetary scenarios. It can still reach or exceed the performance of traditional databases under national secrets and zero-knowledge environments It can achieve a high throughput of 50,000 transactions per second while maintaining a low latency of less than 0.05 seconds.
At present, One Account Chain provides various organizations and enterprises with standardized and fast-access blockchain application building services, and has been implemented in multiple application scenarios in the five major ecosystems of finance, real estate, automotive, medical and smart cities.
Financial One Account official website lists a series of application scenarios of One Account Chain, including Hong Kong eTradeConnect trade financing network, Tianjin Port Blockchain verification pilot project, IFAB blockchain smart trade financing network, smart environmental protection big data platform, and Chow Tai Fook diamond theft Damage insurance items.
In the annual report, the contribution of the blockchain to revenue was not disclosed separately, and Financial One Account mentioned the blockchain once:
"In the Philippines, the company has signed a partnership with Union Bank's digital banking subsidiary UBX to use blockchain technology to meet the financial services needs of SMEs in the country."
It is understood that the two sides reached cooperation in July 2019, and have not disclosed the latest progress.
Entering 2020, the financial blockchain will continue to increase the number of blockchains.
Just last month, the Guangdong Provincial Small and Medium Enterprise Financing Platform, which was technically supported by Financial One Account, was officially launched in Guangzhou, and the nation's first online unsecured blockchain financing loan was issued.
The press conference had a strong lineup, and Ma Xingrui, Governor of Guangdong Province, Ma Mingzhe, Chairman and CEO of Ping An Insurance (Group) Co., Ltd., and Ye Wangchun, Chairman and CEO of Financial OneAccount.
According to Ye Wangchun, the outstanding technical advantage of the small and medium-sized financial platform is the use of blockchain technology and the establishment of information sharing, privacy protection, and mutual trust mechanisms, which not only makes corporate information authentic and immutable, but also enables financial institutions to implement corporate information inquiry in accordance with laws and regulations. . Blockchain can play a role in solving the pain points of financing for three types of SMEs in manufacturing, foreign trade and science and technology.
Recently, in response to the difficulty of financing for small and micro businesses in the people's livelihood industry such as e-commerce and takeaway, financial one account actively uses blockchain and other technologies to build smart financial supermarkets. After enterprises enter the supermarket, they can see The loan products that best match them have greatly saved the cost of their choices and earned them valuable anti-epidemic time.
After the stock price hit a new high, is the blockchain stock worth investing?
On December 13, 2019, Financial OneAccount was listed on the New York Stock Exchange with an issue price of $ 10 and a market value of $ 3.657 billion. The stock price broke during the first trading day, and the final closing price was the same as the issue price.
Financial OneAccount was actually listed on the blood. When the Series A financing was completed in early 2018, the financial OneAccount was valued at USD 7.5 billion at the time. Based on the market value of the issue, the valuation is almost cut compared to Softbank's investment.
On December 17, 2019, the stock price of Financial OneAccount fell to as low as 9.43 US dollars. Since then, a strong rise has started, and on January 13, 2020, it rose to a maximum of 16.60 US dollars. In just 17 trading days, it rose 76%.
However, on January 14th, Financial OneAccount suddenly plunged for no reason, the lowest fell to 12.3 US dollars, compared with the previous day's highest price fell nearly 26%.
This may be caused by low market participation.
Financial One Account has a total share capital of 366 million shares, and more than 5 million shares were traded on the listing day, with a turnover rate of 1.5%. Since then, the daily trading volume of Financial One Account has been sluggish, never exceeding 0.5%.
The stock turnover rate is low for three reasons: large-cap stocks, Zhuang stocks and unpopular stocks. At present, according to the total share capital of Financial One Account 366 million and the market capitalization of US $ 4.8 billion, it is not enough for large-cap stocks. It can only indicate that market participation is low and inactive.
Looking deeper, it may be that the market's acceptance of the blockchain has not been liberalized. This can be seen from the other blockchain concept stock Jia Nan Technology listed on Dasdaq.
Jianan Technology claims to be the first share of the mining machine and was listed on NASDAQ on November 21, 2019. Its total share capital is only 158 million shares, the issue price is $ 9, and the market value is only about $ 1.4 billion. It is a typical small-cap stock.
After the first day of listing, Canaan Technology rushed to a maximum of US $ 13 and fell all the way, and fell to US $ 4.31 on February 11, a 66% drop. The turnover rate during the period almost never exceeded 0.5%, and it was less than 0.1% for many days.
As for the performance of the two in the capital market, at present, many blockchain practitioners have formed a basic consensus: "The development of the chain circle depends on the financial one account, and the development of the currency circle depends on Canaan Technology."
However, judging from the bleak market participation, investors obviously have not shown great interest in the blockchain.
Of course, sometimes, the performance of the capital market does not truly reflect the development trend of the industry. At present, the blockchain has risen to the national strategy. Whether it can prove its value is only a matter of time.