A simple statistic was made over the weekend, among the 5,000 A-share listed companies, more than 1,500 have been analyzed by Xingkong Jun in their annual reports.
The advantage of expo annual reports is that they can be easily categorized and summarized.
He even developed a superpower: by looking at the approximate proportion of core financial indicators, he could know what industry the company belonged to.
After blowing NB, my friend had to verify it, and talked about the two core indicators of a listed company, one is sales expenses, accounting for about half of revenue, and the other is research and development expenses, which are only about one-tenth of the revenue ratio.
Xingkong Jun didn't even think about it, saying that it was either a Chinese medicine company or a game company.
I didn't expect it to overturn.
This is actually a ** software company.
What kind of fairy ** software, actually take so much money to do marketing promotion?
You must know that the eyes of shareholders are the brightest, and they don't need to spend money to shout at all.
For example, the sales expenses of Oriental Fortune are only about one-twentieth of the proportion of revenue, and the flush is also about one-tenth.
This software, which calls itself "Xiaodongcai", is called Compass.
The company released its annual report on January 26, and the company's revenue in 2023 is 1.1 billion, and the sales expenses are as high as 5500 million, R & D expenses are only 1500 million.
1. The ten-year bottleneck period of the compass.
Compass is one of the earliest analysis software developers and information service providers in China, and is known as the "originator" of domestic software.
However, since the company went public in 2013, after the revenue scale exceeded 500 million in 2015, it will not exceed 1 billion until 2022 to reach 12500 million, but it will fall back to 11 in 20231.3 billion.
Data**: Straight Flush ifind, Cartography: Poetry and the Stars.
According to the annual report released on January 26, in 2023, the company will achieve a total operating income of 111.3 billion, down 11 from the same period last year33%；The net profit attributable to shareholders of the listed company was 07.3 billion, down 78 percent from the same period last year54%。
On the whole, three major reasons led to the company's sluggish performance.
First, it is related to the prosperity of the ** market, which will be implicated in 2022.
The company's financial information service business is closely related to the prosperity of the capital market, and has a certain lag effect on the company's operating performance. In 2022, the overall prosperity of the ** market is not as good as in 2021, especially in the fourth quarter of 2022, there have been operational difficulties and reduced revenues, among which the accumulation of mid-end product customers required for high-end products has also decreased. As a result, these factors had a negative impact on operations in 2023 relative to the same period of the previous year.
Second, there has been a change in the structure of assets and liabilities.
In 2022, the company participated in the reorganization investment and capital increase of McGoo**, resulting in a decrease in its own funds and a great change in the asset-liability structure. This further led to a significant decrease in interest and wealth management income during the reporting period, and the company's financial expenses also changed. In addition, the company has also launched a ** option incentive plan with more share-based payment expenses, which has had a certain impact on the current profit.
The third is the pressure of market recovery.
In the face of the pressure of declining market prosperity and the year-on-year decline in transaction volume, the company strives to promote the business of McGoo, hoping to give full play to the advantages of business synergy and improve traffic conversion to ensure that the business can recover smoothly. However, due to the low market prosperity, the business synergy effect of McGao** has not yet been fully realized, and the scale of revenue and profit is relatively limited.
Frankly speaking, it is understandable that companies engaged in ** related businesses have poor performance, but it is not easy to understand that when the performance is poor, they engage in equity incentives on a large scale.
Second, the impact of market de-a**.
In the fifties of the last century, individual investors in U.S. stocks accounted for 90%, and after decades of development and evolution, now less than 6% of individual investors in U.S. stocks have become the world of institutional investors. Among them, more than 70% of investors adopt quantitative trading.
The process of de-a-listing of U.S. stocks can be used as a reference for A-share investors, because now A-shares have quietly opened the prelude to de-a**.
In 1974, the United States pension began to enter the market, which became a milestone in de-a** (emphasis added).
About 10 years later, institutional investors rose to about half, and after the financial turmoil, the vast majority were "driven out".
These ** did not completely withdraw from the capital market, but took a detour** to continue to pay attention**.
A-shares are calculated according to market capitalization, and individual investors are 526% and 47,2%; In terms of transaction value, individual investors account for more than 80%.
Judging from the trend in recent years, a very interesting phenomenon has emerged in A-shares: on the one hand, the number of A-share ** is increasing; On the other hand, the proportion of market capitalization holdings is decreasing.
Why is that?
It is necessary to combine the account opening situation comprehensively, and the number of account openings has frequently reached new highs recently. According to this, Xingkong Jun found a change in A-shares**, especially young investors born in the 90s and 00s: they have begun to hand over their money to ** for investment.
*will not leave**, but the trading software that is purely oriented to ** for a living will have a worrying future.
Coincidentally, the core user group of Compass is exactly **.
The vast majority of the company's revenue comes from the financial information business, which is essentially membership dues.
The company said in the prospectus that compared with Flush and Dongcai, Compass focuses more on the design of first-class analysis software products, and the products are more specialized and diversified, and the customer base is relatively small but more targeted.
Judging from the detailed introduction of the product in the prospectus, the company is a niche software platform that locates the C-end user group.
This means that with the acceleration of the process of A-share de-a**, the future of the company is a little confused.
3. How to deal with it
How does a straight flush deal with de-a**?
AI quantification. Flush R&D spending in 2022 is expected to be 10700 million, while the sales expenses in the same period are expected to be only more than 300 million. The investment in the field of artificial intelligence is even more than that of an old AI technology company like iFLYTEK, and it has won awards in international artificial intelligence competitions.
How does Oriental Fortune deal with de-a**?
Do**. Dongcai has obtained a brokerage license and has become an institution by itself.
How does Compass deal with de-a**?
Unfortunately, the annual report data shows that the guidelines are increasingly reliant on **.
Data**: Straight Flush ifind, Cartography: Poetry and the Stars.
The annual report shows that the company is engaged in advertising business and insurance brokerage business, as the direction of diversified development, but the proportion is very low.