Text |The forefront of entrepreneurship Duan Nannan.After the stock price continued to be **, Zhiyuan Internet, a leading domestic collaborative office company, finally couldn't sit still.Edit |Feng Yu.
On February 9, Zhiyuan Internet announced the progress of the repurchase of shares, as of February 8, the company has paid 30.88 million yuan to repurchase 1.59 million shares, accounting for 1 of the company's total share capital377%。
Previously, Zhiyuan Internet announced that it would repurchase the company's shares with no less than 50 million yuan (inclusive) and no more than 100 million yuan (inclusive), and the repurchase ** did not exceed 4763 yuan share.
Compared with the repurchase amount of hundreds of millions and billions of yuan of enterprises on the main board of the Shanghai Stock Exchange, the repurchase of 50 million yuan to 100 million yuan of Zhiyuan Internet is not much in absolute terms, but compared with its market value of more than 2 billion, the repurchase plan is full of sincerity.
However, if we want to completely reverse the decline in stock prices, share buybacks alone are not enough. Relying on improving its own profitability to save the stock price is not easy for Zhiyuan Internet.
1. Parting ways with UFIDA Network, the huge **Zhizhi's stock price**Public information shows that Zhiyuan Internet, formerly known as Zhiyuan Co., Ltd., was established as a joint venture by Xu Shi, Zhang Yi and UFIDA Network in 2002. Among them, Xu Shi invested 3.2 million yuan, accounting for 64 of Zhiyuan's limited equity00%, Yonyou Network invested 1.5 million yuan, accounting for 30% of the equity of Zhiyuan Co., Ltd.
Since the development of Zhiyuan Co., Ltd., it has a great relationship with the help of UFIDA network. Compared with Zhiyuan Co., Ltd., Yonyou Network was established much earlier, and its popularity in the industry is much higher than that of Zhiyuan Co., Ltd., and the market value of Yonyou Network was once close to 200 billion yuan at its peak.
Similar to Zhiyuan Co., Ltd., Yonyou Network is also engaged in the development of enterprise office systems. With the help of UFIDA's network resources, Zhiyuan Co., Ltd. was able to quickly promote its products to the industry.
With the support of Yonyou Network, Zhiyuan Co., Ltd. has developed rapidly. In order to strengthen cooperation, in 2009, Yonyou Network spent 12 million yuan to win 5% of the equity of Zhiyuan Co., Ltd.
Since then, due to the "bribery list" incident exposed by netizens, the relationship between UFIDA Network and Zhiyuan Limited has gradually drifted apart. In 2015, Yonyou Network transferred a majority of its shares to.
Two. Six. 3. Xinyi Yide and Suirui Rongtong, their holdings of Zhiyuan limited equity decreased to 498%。
One year after Yonyou Network transferred its equity, Zhiyuan Co., Ltd. completed the shareholding reform in 2016, and Zhiyuan Internet also came into being at this time. Since then, due to the smooth development and the timely launch of the Science and Technology Innovation Board, in 2019, Zhiyuan Internet, with a revenue of about 700 million yuan, was able to be listed on the Science and Technology Innovation Board.
After the successful listing, the original shareholders began to cash out continuously. According to the data of Oriental Wealth Choice, since the lifting of the ban on shares in 2020, the company's various shareholders and executives have accumulated 10.95 million shares of Zhiyuan Internet.
In addition, Yonyou Network, one of the initiators of Zhiyuan Internet, has also continued to ** Zhiyuan Internet in the past two years. As of press time, there is no UFIDA network among the top ten shareholders of Zhiyuan Internet. At the beginning of the listing, Yonyou Network was also the fifth largest shareholder of Zhiyuan Internet.
Due to the continuous performance of shareholders and the mediocre performance of the company, the share price performance of Zhiyuan Internet has been tepid. In 2023, it will be briefly speculated by capital because of the concept of "rubbing" ChatGPT, but the company's stock price will fall back to its original point afterwards.
As of February 23, the company's stock price closed at 2468 yuan shares, down more than 68% from the highest point, compared with the company's 49The issue price of 39 yuan shares has been cut in half.
To the satisfaction of investors, although the company's executives and core technical personnel have won Zhiyuan Internet, Xu Shi, the actual controller of the company, does not have shares in the company.
However, compared with the ** amount of shareholders, the repurchase amount of 50 million yuan to 100 million yuan of Zhiyuan Internet is obviously not enough. When the share price of Zhiyuan Internet will return to the peak, it also needs a qualitative leap in the company's operation, but this is not easy for Zhiyuan Internet.
2. In the past few years, although the operating income of Zhiyuan Internet has maintained positive growth, the company's profits have not increased with the increase in income. According to the data, in 2019, the operating income of Zhiyuan Internet was 700 million yuan, and the company's net profit attributable to the parent company was 97.47 million yuan.
In 2022, the company's operating income will be 103.2 billion yuan, an increase of 47 percent over 201943%。In the same period, the company's net profit attributable to the parent company was 94.08 million yuan, a slight decrease of 3 compared with 201948%。In 2023, Zhiyuan Internet will even lose 25 million yuan to 37 million yuan. Zhiyuan Internet's increase in revenue but not profit is also an important reason for the company's stock price to plummet.
From the perspective of revenue, Zhiyuan Internet is a typical TOB enterprise, and the company mainly provides OA system office services for large, medium and small enterprises. At present, Zhiyuan Internet has a number of collaborative management software products, and the company's main revenue** is A8 and G6 products.
According to the company's statement, Zhiyuan Internet A8 product is a collaborative office product for large and medium-sized enterprises, while G6 is to provide office services such as meetings and official document processing for party and government organs and public institutions.
Figure Zhiyuan Internet's financial report.
According to the 2022 financial report data of Zhiyuan Internet, the revenue of A8 products for large and medium-sized enterprises accounted for 76 percent of the total revenue of the year80%, and the proportion of G6 product revenue to total revenue for ** and public institutions is 841%。
It is reported that the company's A8 customers are mainly large enterprises such as China Unicom, PetroChina, and China Mobile. The deployment of OA systems in large enterprises is mainly customized, and the cost is low due to the simple technology and low implementation difficulty.
Due to the deep binding with large customers, the gross profit margin of Zhiyuan Internet has always maintained a high level. In the first three quarters of 2023, the gross profit margin of Zhiyuan Internet was as high as 7254%, while the average gross profit margin of similar companies is less than 60%.
However, due to the simple development of OA systems, many medium and large enterprises have begun to use self-developed OA systems. In addition, the number of large and medium-sized enterprises in the market itself is limited, and the sales growth rate of the company's A8 system has slowed down, as is the same type of product G6.
In order to find a new way out, the company began to expand the use of A6 products. According to the annual report of Zhiyuan Internet, the target customers of A6 products are small and medium-sized customers, and the product mainly solves the basic work management of employees of small and medium-sized enterprises.
However, there are a large number of small and medium-sized customers, and the unit price of sales is lower than the unit price of large customers' products, so the company can only win by volume. In order to continue to expand customers, Zhiyuan Internet can only increase the development and sales of related product functions.
According to the data, in 2019, the total expenditure of sales expenses and R&D expenses of Zhiyuan Internet was 39 billion yuan, which will increase to 60.9 billion yuan, an increase of 5615%, which is higher than the company's revenue growth rate in the same period.
Even so, it is not easy for Zhiyuan Internet to promote A6 products to small and medium-sized enterprises. At present, in the field of small and medium-sized enterprises, collaborative office products such as DingTalk and Feishu have very obvious advantages. Unless there is a large-scale downtime in DingTalk and Feishu, it will be very difficult for Zhiyuan Internet to "compete" with DingTalk and Feishu.
For Zhiyuan Internet, the essence of increasing revenue without increasing profits is that the main products A8 and G6 have the risk of slowing down. And the new business development is not satisfactory, so the company's stock price will continue**. As for when the decline can be reversed, it needs to be seen when the new growth point of Zhiyuan Internet will appear.
3. Transformation and development of AI models, but investors do not buy itBecause the traditional business is not going well, Zhiyuan Internet is also actively seeking transformation. At present, the transformation idea of Zhiyuan Internet is to upgrade the previous OA system to COP.
On November 7, 2021, Zhiyuan Internet held a user conference with the theme of "COP Reshaping Organizational Operations". According to the company, Zhiyuan Internet COP is based on the upgrade of the original OA system, which comprehensively upgrades and integrates collaborative office and collaborative business.
At present, Zhiyuan Internet already has two major technology platforms, COP-V5 and COP-V8, and the original A8 and G6 products are also integrated into it. In addition, other functions have been added to the existing product.
In the words of industry insiders, "around the enterprise Internet office, Zhiyuan Internet does everything". However, from the perspective of effect, the initial transformation of Zhiyuan Internet was not successful.
For the whole year of 2023, Zhiyuan Internet**, the company's annual revenue will increase by 8% to 10%. However, the net profit attributable to the parent company will be a loss of 25 million yuan to 37 million yuan, and the profit attributable to the parent company of Zhiyuan Internet in 2022 will be as high as 9408060,000 yuan.
In this regard, Zhiyuan Internet said that due to the macro environment, the company's revenue growth rate was less than expected. The plan formulated by the company at the beginning of the year led to an increase in expenses during the period, and the company's ** subsidy was lower than that of the previous year, resulting in a loss for the company.
Judging from the operating results in 2023 alone, it is difficult to say that the COP transformation of Zhiyuan Internet will be successful. However, after the AI fire, Zhiyuan Internet seems to see a new direction of transformation, which is to combine existing COP products with AI.
In July 2023, Zhiyuan Internet plans to disclose a convertible bond issuance plan with a maximum fundraising of 70.4 billion yuan, of which 38.8 billion yuan will be invested in the construction of AI-COP, accounting for 55% of the total funds raised.
On September 23, 2023, Zhiyuan Internet officially released the large model framework of AI-COP, hoping that AI-COP can bring new opportunities to the company.
However, at present, the technology of large models in the field of collaborative office is not mature. For example, the large office model developed by Microsoft requires manual instruction and operation, and even in the text output, it also needs to be manually reviewed twice, which does not greatly improve office efficiency.
In addition, DingTalk, Feishu, and WeCom all have the ability to develop large models, and compared with these large-scale collaborative office enterprises, Zhiyuan Internet does not have an advantage. For Zhiyuan Internet, which has an annual revenue of only 1 billion yuan, it is still unknown whether there are enough funds for R&D iteration.
Perhaps aware of its lack of financial strength, Zhiyuan Internet has also publicly stated that the company will not develop its own large models like some technology giants, but build large models through open source, cooperation, and investment.
Judging from the actual situation, investors do not seem to buy the announcement of the AI-COP model of Zhiyuan Internet. The announcement of the large model in September 2023 did not boost the stock price, but the company's stock price continued to **, as of press time, the share price of Zhiyuan Internet was almost halved compared with September 2023.
For Zhiyuan Internet, if you want to save the stock price of the company, you can only work hard to improve the company's fundamentals. However, due to the slowdown in the growth rate of the old business and the business transformation is not as expected, it is still too early for Zhiyuan Internet to reverse the decline.
American Editor |Qianqian.
Audit |Ode.