On the evening of January 29, Zhongqingbao (300052SZ) released its 2023 annual performance forecast, during the reporting period, the company expects a net profit attributable to the parent company to be a loss of 40 million yuan to 60 million yuan; It is estimated that the non-net profit will be a loss of 50 million yuan to 70 million yuan.
In 2010, Zhongqingbao was listed with the halo of "the first share of online games", and now, the company has fallen into losses, and the original halo is long gone. In order to save the declining performance, the company wanted to turn over through restructuring, but never thought that half a year after the restructuring plan was proposed, it ended in termination.
In the secondary market, Zhongqingbao's share price hit a new low of nearly a year on January 23, at 1386 yuan, and then the stock price rebounded, as of January 30**, the company's share price closed at 1587 yuan, down 37%, with a total market capitalization of 415.6 billion yuan.
In fact, after the listing, Zhongqingbao has increased revenue but not profits, and the company's net profit declined for two consecutive years in 2010 and 2011.
In 2013, the company tried to improve its performance through acquisitions. In that year, Zhongqingbao successively acquired Meifeng Digital, Sumo Technology and other companies to increase the main game business. Subsequently, in 2016, the company acquired 100% of the shares of Proton Internet, a subsidiary of the controlling shareholder Powerleader Holdings, for 500 million yuan in cash to carry out cloud service business.
At present, Zhongqingbao has formed a multi-wheel drive model of three major sectors: game business, cloud service business, digital twin and cultural tourism business.
In fact, Zhongqingbao's industrial layout has had little effect. In recent years, the company's revenue has stagnated, hovering between 200 million yuan and 300 million yuan. Not only that, but the company's net profit fell into the red for three consecutive years. From 2020 to 2022, the company's net profit was -14.2 billion yuan, -4037330,000 yuan, -5869830,000 yuan, with a cumulative loss of 24.1 billion yuan.
After the release of the 2022 annual report, in response to Zhongqingbao's performance, the Shenzhen Stock Exchange issued an annual report inquiry letter to it, requiring the company to explain the reasons why the net profit before and after the deduction was negative for three consecutive years, and requiring the company to explain whether there is any major uncertainty in the company's ability to continue operating in combination with the changes in the industry environment and competition trends.
Since 2023, Zhongqingbao's performance has not improved. In the first quarter, semi-annual and third quarterly reports of 2023, the company's revenue will be 633240,000 yuan, 12.8 billion yuan, 19.6 billion yuan, down year-on-year04%；The net profit was 169060,000 yuan, 580750,000 yuan, -88520,000 yuan, down year-on-year55%, profit both declined.
It should be noted that in the first half of 2023, Zhongqingbao will rely on ** subsidies and flush back 1090The estimated liabilities of 240,000 yuan were profitable. Not only that, Zhongqingbao's revenue structure has also changed, and the proportion of the company's cloud service business revenue has increased year by year, and has replaced online games as the company's largest revenue**. In the first half of 2023, the company's cloud service business achieved revenue of 7370320,000 yuan, accounting for 57 percent of total revenue54%, and the online game business achieved revenue of 4989610,000 yuan, accounting for 3895%。
As for the reasons for the loss in 2023, Zhongqingbao explained that it was affected by three reasons: First, the overall profit scale of the cloud service business declined due to the impact of the early investment and construction expenses of the new computer room and its comprehensive depreciation and amortization expenses, and the fluctuation of the operation and maintenance expenses of the original machine room.
Second, the company continues to carry out R&D and operation in the online game business, digital twin and cultural tourism business segments, and a number of products are in the testing and optimization stage, and have not yet generated economies of scale; Affected by the company's strategic adjustment, the operation cycle of some game products was adjusted, and the corresponding revenue decreased. Third, it is caused by the company's provision for asset impairment losses.
We noted that last month, Zhongqingbao received a regulatory letter issued by the Shenzhen Securities Regulatory Bureau due to inaccurate financial data disclosed in the regular report from 2019 to 2021, weak internal control of related businesses of holding subsidiaries, and insufficient basis for impairment of accounts receivable.
Under the sluggish performance, Zhongqingbao wants to turn over through reorganization.
On May 10, 2023, the company disclosed the draft restructuring with a proposed price of 68.7 billion yuan to acquire 100% equity of Guangzhou Baoyun Information Technology Co., Ltd., hereinafter referred to as Guangzhou Baoyun), and raise a total of supporting funds not more than 5500 million yuan.
It is reported that the actual controllers behind Zhongqingbao and Guangzhou Baoyun are Li Ruijie and Zhang Yunxia, so this transaction constitutes a connected transaction.
Guangzhou Baoyun's main income is data center infrastructure services, providing customers with IDC services and other telecom value-added services, and Zhongqingbao wants to take advantage of this restructuring to improve the company's layout in the industrial chain in the field of cloud services.
It is reported that the overall valuation of Guangzhou Baoyun is 68.7 billion yuan, as of the end of December 2022, the book value of Guangzhou Baoyun was 1600 million yuan, 52.6 billion yuan, with a value-added rate of 32845%。
In fact, the profitability of the target company is not outstanding. From 2021 to 2022, Guangzhou Baoyun's revenue was 7368340,000 yuan, 7947330,000 yuan; The net profit was 511060,000 yuan, 1139340,000 yuan; The net profit after deduction was -333520,000 yuan, 485840,000 yuan.
In addition to low profitability, the target company also has the risk of high asset-liability ratio and high customer dependence.
Specifically, from 2021 to 2022, Guangzhou Baoyun's sales from major customers (China Telecom Guangdong Branch) accounted for the proportion of operating income in each period64%, accounting for a relatively high percentage. In terms of asset-liability ratio, at the end of 2021 and the end of 2022, Guangzhou Baoyun's asset-liability ratio was .14%, which is at a high level.
The acquisition also attracted questions from the exchange, and the Shenzhen Stock Exchange raised 28 questions about the transaction plan, the assets and evaluation of the target company, and the fundraising project, and asked Zhongqingbao to explain.
Four months after Zhongqingbao's reply, the company announced the termination of the reorganization. As for the reasons for the termination, Zhongqingbao believes that the restructuring has lasted a long time since the planning, and the market environment has changed greatly compared with the beginning of the restructuring planning, and there is great uncertainty in continuing to promote the reorganization.
After the termination of the restructuring, investors are very concerned about the future profit direction and key development direction of Zhongqingbao. In this regard, the company said that "while making breakthroughs and innovations in its own business, it will take the initiative to adjust its business structure, further optimize its main business, and strengthen its core competitiveness." ”(This article was first published in Titanium**app, author|.)Li Ruohan).