The profits of the Anne shares, which frequently change the performance, become a "mystery."
Editor's note: There are many A-share blockchain concept stocks, but the speculators are scrutinizing and researching their specific business. To this end, the Odaily Planet Daily will launch a series of special reports on the more well-known blockchain concept stocks and their specific business involving blockchain.
On April 1-2, the blockchain concept stocks rose, which is inseparable from the blockchain filing. On March 30, the National Internet Information Office publicly released the first batch of 197 blockchain information service names and filing numbers. Among the main companies behind the blockchain information service, there are 41 A-share listed companies involved. Among the 41 listed companies, Anne (002235.SZ) is arguably the most listed company.
Listed companies that started exploring blockchain three years ago
According to the statistics of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, the disclosure of information about the blockchain concept stocks was mostly concentrated in January 2018. At that time, cryptocurrencies and blockchains were also in a hot stage. Prior to this, Xiamen Anne Co., Ltd. (stock code: 002235, hereinafter referred to as "Annie shares") has already targeted business opportunities.
According to the Securities Daily, in June 2017, Anne (002235.SZ) joined 12 companies including Xiaomi Technology to establish the first domestic copyright blockchain alliance; Anne Han CTO Hao Han said that Anne has been committed since 2016. Studying the combination of digital copyright business and blockchain technology; in November 2017, Anne shares participated in the Hyperledger Superbook Summit and announced a partnership with Superbook Fabric.
In 2018, the concept of blockchain began to be a big fire. As it was the first batch of blockchain concept stocks, the stock price of Anne shares (002235.SZ) rose sharply in advance. According to the data of Oriental Fortune Network, in January 2018, the stock price of Annie (002235.SZ) rose from 6.83 yuan to 10.99 yuan in two weeks, an increase of over 60%. At that time, there were only 4 blockchain concept stocks with A shares rising more than 50%, and one of them was Anne.
This time, in the "Net Letter Office" filing list, Anne's copyright blockchain is in the list, the main body of its filing is Beijing Edition Family Technology Development Co., Ltd., which is a wholly-owned subsidiary of Anne (002235.SZ) .
("Webmail Office" filing list)
After filing the registration, Anne shares (002235.SZ) said that the company will introduce services such as copyright confirmation/certificate/operation/transaction based on copyright big data and copyright blockchain. Users can apply for digital rights through the copyright owner APP, and the relevant materials will be registered through the Anne copyright blockchain and cannot be tampered with to determine digital rights.
What is the pain point of the "blockchain + copyright" that Anne's shares (002235.SZ) have to do?
First of all, Anne's copyright blockchain can solve the problem of infringement and evidence collection in the copyright industry. Guosheng Securities analyst Song Jiaji told Odaily Sunday that the copyright blockchain of Anne can deposit the work and can be used as evidence in the future. According to the Xinhua News Agency, in June this year, the Hangzhou Internet Court publicly pronounced a case of a dispute over the infringement of the information network communication rights, and confirmed the legal effect of the electronic data using the blockchain technology for the first time.
However, the question of the right to the right, that is, to whom the work belongs, the blockchain is not actually recognized by the copyright agency. Yue Zhanfeng, director of the China Press Copyright Service Center, said that the current application of blockchain copyright confirmation is mainly in the aspect of technical deposit, and has not been fully recognized by the national copyright registration agency, and is not a true copyright registration.
Furthermore, the blockchain can solve the problem of infringement monitoring. After the blockchain platform builds the copyright content data pool, once the new work is registered, it can compare the other platform data in the data pool to monitor whether the work is stolen. However, only the platform's data pool is large enough to truly monitor the entire network, and the blockchain can play its role. According to Song Jiaji, the larger application of Anne's copyright blockchain is to deposit certificates. For infringements, it can only rely on common technologies such as crawlers, and does not establish its own unique copyright database.
Many “hot spots” attempts under the pressure of profit: lottery, VR, internet of things
According to the official website, Anne shares (002235.SZ) is a comprehensive enterprise group with Internet application and service business as its main field and direction.
On May 16, 2008, Anne shares (002235.SZ) was listed on the Shenzhen Stock Exchange. The main business is the R&D, production, sales and comprehensive application of commercial information paper. However, after three years of listing, the paper business of Anne (002235.SZ) has been declining and has fallen into losses.
(Source: Anne's share of the annual financial report: Ye Tan Finance)
Under the tremendous pressure of survival, Anne's shares (002235.SZ) began to seek transformation, develop new business outside the main business, and tried different concepts such as lottery, Internet of things, VR:
- At the end of 2012, Anne shares established the Internet lottery platform “China Grand Prize Lottery” to lay out the concept of Internet lottery;
- In 2013, the company increased its capital to acquire Xiamen Anjie IOT Network Technology Co., Ltd., and laid out the concept of Internet of Things;
- In 2015, the company invested in Shanghai Yingying Digital Technology (8.420, 0.77, 10.07%) Co., Ltd. to lay out the VR concept;
(Source: Anne's Announcement Drawing: Ye Tan Finance)
These areas are once the custodian, but if it is not the tornado that has passed away, it is not yet ushered in the future. The stock price of Anne (002235.SZ) has also improved because of related concepts. For example, the stock price rose by nearly 30% in one month at the end of 2012. However, the prosperity brought about by these concepts is only temporary, and there is not enough profit behind it to support it.
The data shows that from 2013 to 2014, the revenue of the lottery business accounted for 0.93% and 4.73% of the revenue; the revenue of the Internet of Things business accounted for 2.38% and 3.34% of the revenue.
Later, due to the ban issued by the regulatory authorities, the lottery business of Anne (002235.SZ) was suspended from sales in March 2015 and has not been restored so far; the Internet of Things business has quietly disappeared from the company's main business.
After the failure of the first phase of transformation, Anne shares immediately switched to the Internet concept, a huge M&A transformation of the Internet:
- In February 2015, Anne's shares (002235.SZ) acquired a 51% stake in Wei Dream at a price of 96.39 million (premium 864.82%); in June 2016, Anne shares (002235.SZ) acquired a micro dream with a cash of 70.418 million. 30% equity;
- In 2016, Anne shares (002235.SZ) acquired 100% equity of Changyuan Guoxun at a price of 1.14 billion (premium 2334.55%).
The main business of Wei Dream is Internet marketing promotion; Changyuan Guoxun is mainly engaged in digital copyright service business, including copyright technology business, protection business, transaction business and value-added business. It can be said that the acquisition of Changyuan Guoxun has caused a qualitative change in the stock of Anne (002235.SZ).
Anne's shares (002235.SZ) currently operate four main businesses, including digital rights services (Changyuan Guoxun), digital marketing services (micro-dreams), business information paper products marketing services (the earliest main business), lottery marketing services (The name is in fact).
(The composition of Anne's shares since 2008, the data comes from the flush of iFinD)
In fact, since the transition in 2011, only digital copyright services have truly become the revenue pillar of Anne's shares (002235.SZ). The data show that from 2015 to 2017, the Internet marketing industry contributed 9.81%, 3.56% and 1.27% to its revenue respectively; the digital copyright service (2016-2017) contributed 29.02% and 57.26% to revenue respectively. .
Anne's shares (002235.SZ) seem to recognize this problem, so they began to vigorously lay out the digital copyright business, and in 2017 successfully set the concept of "blockchain +" to digital copyright.
Being questioned by the media, "performance is a mystery"
According to the Securities Market Weekly, the listing performance of Anne's shares (002235.SZ) has been a "mystery" and often frequently revised performance.
In October 2008, Anne shares (002235.SZ) issued the first performance forecast after the listing. It is estimated that the net profit in 2008 will be 58.72 million yuan to 67.76 million yuan, a year-on-year increase of 30%-50%; by December 31 of that year On the day, Anne announced the amendment notice, and lowered the net profit growth rate to 20%-30%; in April 2010, Anne announced the correction notice, and the actual performance growth rate in 2008 changed from 16.85% to -23.35%.
According to the statistics of the securities market weekly, between 2008 and 2016, Anne's shares have issued a revised announcement for 7 years.
(Modify the financial report)
The 2017 financial report has also undergone several revisions, and the performance is a mystery:
- In the third quarter of 2017, Anne shares (002235.SZ) expects to achieve a net profit of 100 million yuan to 105 million yuan in 2017, an increase of 757.67%-800.55% year-on-year;
- In January 2018, Anne shares (002235.SZ) reissued the number to be revised to 20 million to 25.5 million yuan, an increase of 71.53% – 118.71%;
- A month later, Anne shares (002235.SZ) released the 2017 performance report, which is expected to achieve a net profit of 365 million yuan, down 3231% year-on-year, the largest loss year since listing.
Frequent revision of the performance report violates the relevant provisions of the Stock Listing Rules, and those who violate the rules will inevitably be punished. The Odaily Planet Daily survey found that in July 2010, the Shenzhen Stock Exchange had publicly condemned or notified the Annie shares (002235.SZ) and related responsible persons.
However, Anne shares (002235.SZ) does not seem to learn the lesson, repeat the same mistakes. Due to the large difference between the estimated net profit and the actual net profit in the 2017 annual results forecast, Anne shares (002235.SZ) failed to fulfill the relevant information disclosure obligations in a timely and accurate manner. In September 2018, the Shenzhen Stock Exchange issued a disciplinary action against the director of the company (002235.SZ) and the chairman and general manager of the company, Zhang Jie, and the chief financial officer Xu Zhiqiang.
Blockchain road, road resistance and length
At the beginning of 2018, the blockchain concept began to blaze, and many listed companies have dominated the blockchain concept. After more than a year of baptism, the blockchain concept stocks have intensified.
However, the blockchain industry is still in its infancy and cannot bring real income to listed companies. Judging from the 2017 annual report of Anne (002235.SZ), the blockchain does not seem to have much effect on the growth of its profits. In its 2017 annual report, it did not show that the blockchain brought any direct income to the company; in addition, its 2017 net profit was -3.65 billion yuan, down 3231% year-on-year, but it became the biggest loss year since listing.
Combined with the history of its past frequency "hot" hotspots, this time Anne's shares (002235.SZ) into the blockchain, had to question the original intention.
If a listed company wants to “snap” the blockchain concept to drive the stock price up, it is not destined to be a long-term solution. In the past two days, the stock price of Anne (002235.SZ) soared more than 20%. However, from a historical point of view, there is no profit to support the trend of rising “蹭” concept, which is destined to be difficult to maintain. In January 2018, Anne's shares rose 60% in two weeks because of the blockchain concept, but the gains failed to continue, followed by a sharp retreat of 40% and continued to fall by 6% in February.
The spring of the blockchain is destined to be inseparable from the blessing of traditional capital, but after all, it is hoped that traditional capital will treat the blockchain and promote the development of blockchain technology, not just a concept.
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Author | Qin Xiaofeng
Source | Planet Daily