Faced with the sharp decline of income scale and the shock and decline of stock price, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) opened the mode of "rubbing hot spots" in order to boost the performance of the secondary market. Yuancosmos, NFT, brain computer interface... There is no lack of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) behind these popular concepts recently. Of course, these hot concepts are accompanied by the reduction announcement of shareholders.
Once upon a time, "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) " was very popular. Opening the mobile app to tease the "cat" became one of the most popular ways to relax at that time. However, until now, compared with the new "top stream" IP role of ice pier, Disney Ling Aa Belle, Universal Studios and so on, its fame has been far behind.
Founded in 2007, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) (hereinafter referred to as " Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) ") is an all habitat IP ecological operator focusing on the "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family" IP.
It is noteworthy that the revenue and performance of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) have shown a downward trend in recent years. The first growth curve of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) series IP of the company has shown signs of "aging", and the life cycle is undergoing the test of the market.
more than 70% of the revenue depends on advertising
it is more and more difficult to realize under strict supervision
It is understood that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) mainly improves user traffic through the production and distribution of online mobile applications, animation, film and television and other content. Offline, it creates a "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family" IP parent-child brand by developing IP derivatives, authorization business, new business service business and other chain formats, so as to realize the deep realization of IP value.
According to the financial report, from 2018 to 2020, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) the operating revenue was 2.725 billion yuan, 1.831 billion yuan and 1.807 billion yuan respectively, of which 2019 and 2020 decreased by 32.83% and 6.99% respectively year-on-year. In the same period, the company achieved net profits of 904 million yuan, - 2.807 billion yuan and 752 million yuan respectively. In 2019, due to the provision of large goodwill impairment, the performance "exploded" and suffered huge losses.
According to its performance forecast for 2021 released not long ago, it is expected to realize the net profit attributable to shareholders of listed companies from 753 million yuan to 866 million yuan in 2021, with an expected increase of 0% - 15%. However, on the whole, in recent years, the revenue and profit scale of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) have both declined, and its development prospect is "shrouded in clouds".
It is worth mentioning that from 2018 to 2020, the advertising revenue of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) was 1.044 billion yuan, 1.238 billion yuan and 1.383 billion yuan respectively, accounting for 38.29%, 67.65% and 76.53% of the revenue respectively. The rising advertising revenue makes Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) "advertising taste" stronger, which means that the advertising business has a significant impact on its revenue.
It is disclosed that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) 's mobile application products earn revenue through built-in advertising and in app purchase. It pushes and displays advertisements to users of the company's mobile application products in the form of inserts, banners, reward videos, video advertisements, application walls and other forms, so as to obtain advertising revenue. In short, relying on the "advertising + recharge" mode is the commercial realization mode of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) .
However, as Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) the "dependence" on advertising business becomes more and more serious, the practical problems it has to face come one after another.
First, APP advertising is facing strict supervision of compliance rectification, especially in the fields of "game" and "online education" involved in Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) app. According to the Ministry of industry and information technology, the Ministry of industry and information technology continued to promote the special rectification action of APP infringement on users' rights and interests, strengthened the normalization inspection, and carried out the "look back" rectification of APP infringement on users' rights and interests on the "March 15" International consumer rights and interests day to spot test problematic apps. Unfortunately, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) following the forced removal of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) from the shelves in 2020, the app Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) Parkour was named again due to problems such as pop-up information harassing users, and asked for rectification.
Secondly, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) 's app, as a casual game, has been implanted with too many advertisements, which has had a bad impact on the user experience. Red weekly found from App store, Baidu Post Bar, Zhihu and other platforms that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) has been criticized by users for too many advertisements and children's misoperation and purchase without refundP align = "center" Figure 1 Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) app user comments p align = "center" source: app store and network platform
Since the users of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) app are over 4 years old, including many children and children, the company should make a more comprehensive consideration and balance the income and user experience, rather than blindly "playing routines" and "digging traps" for quick cash realization. If the company does not make changes in time, it may lead to a large loss of users.
In addition, due to the increasing difficulty of commercialization and Realization in the Internet industry, the revenue structure and realization mode of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) need to be adjusted as soon as possible to avoid further falling into the "advertising trap".
the "aging" problem of the first growth curve appears
core IP life cycle tested
As the core cornerstone business, "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family" IP series mobile applications undertake the important task of the company's first growth curve and provide guarantee for the company's sustainable operation ability. But interestingly, although the company takes the "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family" IP as its core competitiveness, the company's real revenue from IP licensing and game distribution of this series is dwarfed by the strong comparison of advertising revenue.
Red weekly found that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) had IP copyright revenue since 2017. From 2017 to 2019, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) had IP copyright revenue of 112 million yuan, 287 million yuan and 0 million yuan respectively; In 2020, through the offline development of IP derivatives and licensing, new business services and other business forms, we achieved 45 million yuan, 62 million yuan and 41 million yuan respectively in licensing business, new business services and media film and television, with a cumulative revenue of 148 million yuan, shrinking to about half of the IP licensing revenue in 2018.
The shrinking of IP authorization business shows that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) 's IP influence and "gold absorption" ability have been greatly weakened.
In fact, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) this IP has been born for 11 years, and its life cycle has gradually "aged". Zhang Yi, CEO and chief analyst of AI media consulting, told red weekly: "generally speaking, top stream IP needs to go through two to three years of building and five to eight years of maturity. Generally speaking, the whole IP life cycle can be regarded as long as ten to fifteen years. Generally speaking, the iteration and life cycle of IP are mainly related to operation and operation."
Correspondingly, there is no shortage of traffic IP in the market, from brown bear and Kenny rabbit of line friends, Molly and pucky of bubble mart, and then to Disney Lina Belle... The IP session continues to push through the old and bring forth the new, and there is a new "top stream" every year.
So, how to solve the problem of IP "aging"? Song Qinghui, a famous economist, told red weekly: "any IP has its life cycle, which is just a long and short problem. To fight business alienation, on the one hand, we need continuous innovation, that is, we can continuously bring valuable ideas or ideas to fans; on the other hand, we need continuous innovative products to keep the attention of fans and prolong the life cycle."
With the intensification of industry competition, many companies have begun to develop new IP based on the original IP in order to continuously consolidate and seize more market share. From the perspective of these participants, whether Disney, line friends or bubble mart, they continue to innovate in the layout of IP derivatives and related formats. Looking back at Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , holding the business model of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) and advertising cash that has entered the "old age", ignoring the repeated roll call of the Ministry of industry and information technology, there is quite a Buddhist system of "let the wind and waves rise and sit on the Diaoyutai". Under such a situation, it is inevitable that the performance will decline.
repeatedly "rub hot spots" to boost the stock price
shareholders took the opportunity to reduce their holdings of "not talking about martial virtue"
Faced with the sharp decline of income scale and the shock and decline of stock price, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) opened the mode of "rubbing hot spots" in order to boost the performance of the secondary market. Yuancosmos, NFT, brain computer interface... There is no lack of " Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) " behind these popular concepts recently. Of course, these hot concepts are accompanied by the reduction announcement of shareholders. So how strongly is Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) related to the above hot concepts?
In September 2021, the concept of "meta universe" was hyped. Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) at the Shenzhen Stock Exchange, Yi said: "a special working group in the direction of meta universe has been established to coordinate R & D teams at home and abroad to carry out concept development and project approval of specific categories of products." However, the operation of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) has aroused the attention of the exchange. Due to the failure to objectively and completely introduce and reflect the actual situation such as the impact of the company's relevant business on the company's performance, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) received the decision on administrative supervision measures from Zhejiang securities regulatory Bureau and the supervision letter from the management department of gem company on September 30, 2021, so the story of "yuanuniverse" came to an end.
Since then, the concept of "NFT" and "brain computer interface" has sprung up, and Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) has reappeared. However, in the subsequent institutional research, he publicly said: "the company's business exploration in innovative fields such as NFT is still in the primary stage, and will not make a significant contribution to the company's performance in the short term." In terms of brain computer interface, although it said it would carry out relevant cooperation when signing a strategic cooperation agreement with Niu nuoxiao cloud, it has not carried out further substantive business since then.
Interestingly, although the business relationship between Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) and metauniverse, NFT and brain computer interface only stays at the "surface", with the hype of many hot spots, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) 's shareholders' reduction follows the rhythm. According to the latest data, three of the top ten shareholders of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) have reduced their holdings. Among them, Zhu Zhigang, Wang Jian and Jinke Holding Group Co., Ltd. reduced their holdings of 32.84 million shares, 253581 million shares and 226 million shares respectively, with a decrease of 0.94%, 0.72% and 6.43% respectively compared with the end of 2020. After the reduction, the proportion of shares held by the company decreased to less than 10%P align = "center" Figure 2 shareholding changes of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) top ten shareholders
In the institutional research in March this year, the company also responded to the recent reduction of shareholders' holdings: "at the company level, all businesses are progressing smoothly without significant changes in fundamentals. We are confident to maintain the rapid development of business and steady growth of performance. The shareholders of the company disclosed the reduction plan in December 2021 and February 2022 to optimize the shareholders' own financing structure and reduce the overall stock pledge rate of the company."
However, the Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) share price has fluctuated and declined for a long time since 2017, which has made many investors miserable. The company's operating condition is poor, and the major shareholders wantonly reduce their holdings through hot speculation. I'm afraid it is difficult for investors to see the confidence of the company's shareholders in the Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) future development.
According to Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) the report on changes in equity issued on February 16 this year, as of the signing date of the report, the controlling shareholders of the company held 839 million shares of listed companies, of which 736 million shares were pledged, with a pledge rate of 87.72%. Some brokerage analysts told red weekly that although the equity pledge itself is a pledge problem, from the result, if the pledge fails to pay the arrears after maturity, the effect of the auction of shares is the same as the reduction of shares.
Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) also issued another announcement on the same day that Jinke holding, the controlling shareholder of the company, plans to transfer 3.11% of its shares to the extension fund through agreement transfer. The share transfer price is 3.5 yuan / share, and the share transfer amount is 382 million yuan. The corresponding share transfer money is used to repay the stock pledge loan of Jinke holding in Caitong Securities Co.Ltd(601108) . Obviously, the drama of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) shareholders trying to reduce their holdings and cash out is still on.
goodwill may still have "aftershocks" after the "thunder explosion"
layout "parent-child paradise" is hard to be optimistic
Behind the management's fancy cash out, the problem of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) may have been buried as early as the acquisition of "talking Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) " IP creator outfit7 at a high premium of 4.2 billion in 2017.
According to the data, by the end of the third quarter of 2021, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) had a goodwill of 3.648 billion yuan. According to the survey question and answer released in March this year, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) current goodwill is mainly generated when the company acquired and restructured its overseas subsidiary outfit7 by issuing shares to purchase assets in 2017. Based on the current good business operation and performance realization of the overseas subsidiary outfit7, there is no risk of goodwill impairment at present.
However, in fact, as early as 2019, outfit7 was provided with a goodwill impairment of 262 million yuan due to the accumulated unfulfilled promised performance of 344703 million euros, while Hangzhou zhexin, another subsidiary of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , provided a goodwill impairment of 2.32 billion yuan that year. Under the overall downward trend of performance in Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) recent years, how can output7 ensure the continuous improvement of performance? At that time, the possibility of another "thunder explosion" of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) goodwill will not be ruled out.
In addition, according to the disclosure of the third quarterly report of 2021, Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) is carrying out the industrial layout of parent-child Park in the offline field and accelerating the expansion of the park. The company also revealed in recent research that its Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family IP themed indoor parent-child parks have successively landed more than 10 Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) family IP themed indoor parent-child parks in well-known business circles in Hangzhou, Ningbo, Shaoxing, Hefei, Guangdong, Zhuhai, Rizhao, Shandong and Hohhot, Inner Mongolia.
Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) parent-child park is mainly operated by franchisees, supplemented by direct sales. Red weekly learned through the recruitment of parent-child paradise that Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) is recruiting City partners. According to the information required to be submitted, partners can choose whether to have an existing site, and the site area also needs to reach more than 200 square meters. In the column of planned capital investment, partners need to meet the minimum investment standard of 1 million yuan to 1.5 million yuan, and the investment cost of partners is not lowP align = "center" Figure 3 recruitment requirements of Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) parent-child paradise p align = "center" source: Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) Recruitment Information
The more critical problem is that the theme park industry suffered heavy losses during the epidemic. At present, the epidemic is still repeated, and the "cold winter" of related industries has not passed. An industry analyst told red weekly: "in essence, the profitability of this business model is relatively limited. At present, the problem in the industry is that the IP accumulation is not enough." Song Qinghui, a famous economist, also told red weekly: "due to the repeated impact of covid-19 epidemic situation, the operation and development of parent-child paradise is generally poor. At present, the current situation obviously has high risks, and the profit prospect is difficult to be optimistic."
Obviously, the profit prospect of the parent-child paradise, which is the key layout of the company in the near future, is not optimistic. If the strategic layout of the company fails, I'm afraid it will also have an adverse impact on the company's performance.
