In the first three quarters of 2022 and 2023, the net profit attributable to the parent company of Tianxiaxiu will decline year-on-year respectively. 79%, a significant decline.
Punctuation financial researcher Wang Zixi.
The first share of the celebrity economy "World Show (600556.)SH) recently received a decision on administrative supervision measures issued by the Guangxi Securities Regulatory Bureau. According to the decision, during the on-site inspection of Tianxiaxiu, the Guangxi Securities Regulatory Bureau found that the company's revenue cost accounting error rate was high, and the accounting treatment of individual businesses was not standardized; At the same time, some of the company's insider information has not been registered as insiders, and the management system for raising funds is not standardized. Therefore, the regulatory authorities decided to take administrative supervision measures to order him to make corrections.
Punctuation financial researchers noted that in December 2019, the company completed a major asset restructuring and became a platform-based enterprise based on the new economy field of celebrities. In 2020 and 2021, the company's performance grew steadily, but in the first three quarters of 2022 and 2023, its net profit attributable to the parent company declined year-on-year. 79%, which is not a small decrease.
According to iResearch's report, the market size of China's celebrity new economy-related industries will exceed 5 in 20225 trillion yuan, a year-on-year increase of 94%, the growth rate has narrowed. However, iResearch believes that the new economy of celebrities can promote the upgrading of traditional industries while stimulating the regional economy and the linkage development of the offline real economy. In 2025, the market size of China's new economy-related industries is expected to exceed 8 trillion.
As the "first stock of the celebrity economy", what kind of market competition will the world show face with continuous errors?
There were a number of problems and they were ordered to make corrections
Tianxiaxiu announced that it recently received the "Decision on Administrative Supervision Measures" issued by the Guangxi Securities Regulatory Bureau. According to the decision, during the on-site inspection of Tianxiaxiu, the Guangxi Securities Regulatory Bureau found that the company had a number of problems.
First of all, the company's financial department relies on the relevant information of the company's business system to carry out revenue cost accounting, most of which is completed through manual operations, and the financial review procedures and means are not in place, and the accounting error rate is high. The company also has some accounts receivable accounting irregularities.
Second, corporate governance is not standardized. None of the periodic reports since 2020 have implemented insider registration; The Company's "Management System for Raised Funds" does not contain relevant provisions on accountability.
In accordance with the relevant regulations, the Guangxi Securities Regulatory Bureau decided to take administrative supervision measures against Tianxiaxiu to order corrections, and required the company to submit a written rectification report within 30 days from the date of receipt of the decision.
In fact, during the control of the former actual controllers Xian Yan and Gu Guoping, the company had many major violations in information disclosure and standardized operation, and the company and related responsible persons were successively subject to administrative penalties by the China Securities Regulatory Commission. At that time, the company was still known as "ST Huiqiu", and it was also highly concerned by the market due to a series of information disclosure violations and challenges to the bottom line of supervision.
In November 2021, Tianxiaxiu released an open letter signed by the then chairman Li Meng through self-disclosure, which contained information such as "the rainbow universe developed by the company is a 3D virtual social product based on blockchain technology". However, after supervision and supervision, Tianxiaxiu said that the company's main business has not undergone major changes, nor has it participated in the research and development of AR, VR, MR and related hardware technologies, nor has it had relevant hardware technology reserves or patents.
In view of the fact that the company released important information related to its business and future development through non-statutory disclosure channels, and the relevant information may mislead investors and violate relevant regulations, the Shanghai Stock Exchange issued regulatory warnings to Tianxiaxiu, Li Meng, then chairman of the board of directors, and Yu Yue, then secretary of the board of directors.
Tianxiaxiu announced that it received a decision on administrative supervision measures
Source**: Company announcement.
Net profit continued to decline
According to public information, on November 30, 2018, Beijing Tianxiaxiu Technology Co., Ltd. (hereinafter referred to as the original Tianxiaxiu Company) signed a share transfer agreement with the original controlling shareholder of ST Huiqiu, and became the controlling shareholder of ST Huiqiu after the share transfer was completed. Subsequently, ST Huiqiu decided to issue shares to all shareholders of the original Tianxiaxiu Company, purchase 100% of the shares of the original Tianxiaxiu Company, and absorb and merge them; After the merger, the original Tianxiaxiu Company cancelled its legal personality, and the listed company became its surviving entity.
In December 2019, ST Huiqiu completed a major asset restructuring, and shortly thereafter, the company's abbreviation was also changed to "Tianxiaxiu", and the company became a platform-based enterprise based on the field of the new economy of celebrities, with core services for celebrities (content entrepreneurs), MCN (celebrity brokerage companies), brand merchants, small and medium-sized businesses, and is committed to the construction of new infrastructure for the decentralized new economy of celebrities driven by technology and services.
According to the report disclosed at that time, after the completion of the merger, Show World HK (referring to Show World Hongkong Limited) held 19 shares of the listed company79%, Weibo Cayman (referring to WB Online Investment Limited) holds 879%, Lizley (referring to North Sea Lizley Investment Partnership (Limited Partnership)) holds 757%, Yongmeng (referring to Beihai Yongmeng Investment Partnership (Limited Partnership)) holds 568%。The actual controller of Show World HK and Weibo Cayman is Sina Group; The controlling shareholder and actual controller of Lizli and Yongmeng is Li Meng. In other words, after multi-layer equity penetration, Sina Group and Li Meng became the actual controllers of the listed company, and the two acted in concert with each other.
It is worth noting that, in accordance with the "Profit Compensation Agreement", all shareholders of the original Tianxiaxiu Company promised that in 2019, 2020 and 2021, the net profit attributable to the parent company after deducting non-profits will not be less than 24.5 billion yuan, 33.5 billion and 43.5 billion yuan. According to the relevant announcement, during the performance commitment period, Tianxiaxiu achieved a cumulative net profit of 10 net profits after deducting non-profits4.8 billion yuan, with a completion rate of about 103%.
Entering 2022, the company's performance has declined, with revenue falling by 8 percent year-on-year48% to 412.9 billion yuan, and the net profit attributable to the parent company fell by nearly half to 1 year-on-year$8 billion; The net profit attributable to the parent company after deducting non-profits decreased by more than 70% year-on-year to 10.4 billion yuan. The company explained that it was mainly affected by the fluctuation of the market environment, and the business rhythm was disrupted from the second quarter to the fourth quarter of the year, and the business execution side was affected; At the same time, due to the rapid growth and expansion of the business, various expenses increased, resulting in a decrease in net profit.
In the first three quarters of 2023, the company's performance has not improved significantly. In the first three quarters, the company achieved revenue of 317 billion yuan, a slight increase of 2 percent year-on-year04%；Affected by factors such as the market environment and the increase in procurement costs, the company's net profit attributable to the parent company was 11.3 billion yuan, a year-on-year decrease of 4479%, a further increase in decline compared with the same period last year; And the gross profit margin and net profit margin are the lowest in the same period since 2020.
The net profit attributable to the parent company of Tianxiaxiu since 2019(100 million yuan, %)
Data**: wind
High proportion of receivables Shareholders**
It should also be noted that since the asset restructuring, the company's accounts receivable account has continued to rise. At the end of 2020, 2021, and 2022, the accounts receivable of Tianxiaxiu were 149.9 billion yuan, 241 billion yuan, 257.5 billion yuan, accounting for about % of the company's total assets. By the end of September 2023, the proportion is still above 44%.
According to wind data, in the above three years and the first period, the turnover days of accounts receivable of Tianxiaxiu continued to lengthen, increasing from 128 days in 2020 to 217 days in 2022 and 219 days in the first three quarters of 2023; The accounts receivable turnover ratio has also increased by 281 slows down to 123 times. It can be seen that the company either does not collect the payment ideally, or continues to give relatively long payment periods to large customers.
In terms of the ratio of accounts receivable to revenue, this indicator has also continued to rise. As of the end of 2022, Tianxiaxiu's accounts receivable accounted for more than 62% of the company's current revenue. Compare the comparable company Yuanlong Yatu (002878SZ), accounts receivable at the end of the year was 70.2 billion yuan, accounting for only more than 21% of revenue; New list information (t30986.nq) receivables balance of 40.9 billion yuan, accounting for less than 27% of revenue.
The proportion of receivables in the company's revenue is too high, which means that the company's revenue may only be "paper wealth"; On the other hand, it will also have an impact on the company's operating cash flow. The data shows that at the end of 2020, the end of 2021, the end of 2022, and the end of September 2023, Tianxiaxiu's operating cash flow was mostly in a net outflow state, with a total net outflow of more than 700 million at the end of 2020 and the end of 2021.
And since 2022, a number of shareholders, including Xiamen SAIF Equity Investment Partnership (Limited Partnership) (hereinafter referred to as Xiamen SAIF) and Jiaxing Tengyuan Investment Partnership (Limited Partnership) (hereinafter referred to as Jiaxing Tengyuan), have successively shown the world. **Shares are issued by listed companies to absorb and merge the non-public shares of the original Tianxiaxiu Company.
According to the announcement, as of November 24, 2023, Xiamen Saifu and Jiaxing Tengyuan both held about 45.19 million shares, and the shareholding ratio decreased to about 250%, a decrease of 3% from the end of 2020.
The red economy has entered the era of stock
Although the performance indicators were not ideal, the company cut into an emerging track. According to iResearch's report, affected by the epidemic and the overall market economy, the market size of China's celebrity new economy-related industries will exceed 5 in 20225 trillion yuan, a year-on-year increase of 94%。With the continuous improvement of digital infrastructure and the subversion of content production by new technologies such as AIGC, the new economic ecology of influencers will accelerate the upgrading and transformation of traditional industries, and upgrade the existing Internet demographic dividend to a digital dividend, and promote the development of traditional manufacturing and tourism through digital technology upgrading. In 2025, the market size of the above-mentioned related industries is expected to exceed 8 trillion.
From the perspective of the development value of the new economy of celebrities, at present, the short ** platform carries out e-commerce drainage and realizes traffic conversion through rich gameplay and diversified business realization forms; Although the e-commerce platform has relatively high technical and operating costs, it has detailed product introductions, user evaluations and store credibility accumulation, which is more conducive to live sales conversion, and the content conversion effect of both is favored by brand owners.
And from the perspective of the market share of different types of mobile advertising, e-commerce advertising, short advertising, and social advertising have been the top 3 investments. Although Internet traffic has entered the stock era from the incremental era, the high benefits of brands in the new economy of influencers still continues.
Punctuation financial researchers noticed that from January to September 2022 and 2023, more than 90% of the revenue of Xinbang information came from social platform advertising, of which advertising revenue through Douyin and Xiaohongshu accounted for another proportion.
Six, seventy. From January to September 2023, the operating income of Xinbang Information will be 104.3 billion yuan, only 68% of the annual revenue in 2022.
The number of active merchants in Tianxiaxiu has also changed. According to the company's financial report, the WEIQ influencer marketing platform is based on big data technology to provide the best influencer marketing service matching and trading platform for influencers and enterprises. The number of registered merchant customers, registered celebrity accounts, and MCN institutions on the platform continued to increase, but in the first half of 2023, the number of active merchant customers on the platform was 3,561, a decrease of nearly 500 from the same period last year.