With the re opening of the game edition, the game sector has seen the dawn again, and Shenzhen Bingchuan Network Co.Ltd(300533) ( Shenzhen Bingchuan Network Co.Ltd(300533) . SZ) is the most watched in the game sector Shenzhen Bingchuan Network Co.Ltd(300533) 412, April 13, two consecutive trading days, the average daily limit. Previously, on April 11, the release of game version number was restarted, and 45 games obtained version number, but Shenzhen Bingchuan Network Co.Ltd(300533) game products were not included in the list.
Shenzhen Bingchuan Network Co.Ltd(300533) 2021 performance forecast once had an Oolong event. In January this year, it released the announcement of 2021 performance forecast, but revised the previous forecast in March, and it is expected to turn from profit to loss in 2021 Shenzhen Bingchuan Network Co.Ltd(300533) 4 on April 11, the results express for 2021 showed that the net profit attributable to the shareholders of the listed company was -628038 million yuan, a decrease of 173.27% compared with 857167 million yuan in the same period of the previous year.
On April 14, Shenzhen Bingchuan Network Co.Ltd(300533) closed down 3.97% to 22.49 yuan / share, up 38.23% in recent three trading days.
3 trading days, the stock price rose 38.23%
On April 12, the Shenwan game index (Code: 857641) rose by 2.37%, and on April 13, the Shenwan game index rose by – 4.84%, while Shenzhen Bingchuan Network Co.Ltd(300533) was not affected by the market, and the limit rose for two trading days.
On April 11, the official website of the State Press and Publication Administration announced the approval list of domestic online games in April 2022. A total of 45 games obtained version numbers. This release of version numbers is the first batch in 2022 and the first batch of game version numbers released on the official website of the State Press and publication administration since the suspension of version numbers in July 2021. However, Shenzhen Bingchuan Network Co.Ltd(300533) game products are not included in the version number approval list.
Due to the cumulative deviation of the closing price increase from the value of more than 30% in two consecutive trading days on April 12 and 13, Shenzhen Bingchuan Network Co.Ltd(300533) issued an announcement on abnormal fluctuation of stock trading, indicating that there is no need to correct and supplement the information disclosed by the company in the early stage; The company has not found any unpublished material information that may or has had a great impact on the company’s stock trading price reported by the public media recently; The company’s recent operation is normal, and the internal and external business environment has not changed significantly.
Zhang Shule, an Internet analyst, said in an interview with the reporter of Huaxia times, “the number of edition numbers approved and issued this time is not large, there are not many beneficial game stocks, and the stimulation is unknown. In addition, the opening of edition numbers is an inevitable trend. Instead of being on the list, it is not normal to take advantage of the trend to increase the limit.”
“( Shenzhen Bingchuan Network Co.Ltd(300533) ) there may be capital speculation, and the market behavior is difficult to understand directly from the perspective of industry or business.” Liao Xuhua, a senior analyst of Analysys mutual entertainment industry, also told our reporter.
On April 14, Shenzhen Bingchuan Network Co.Ltd(300533) closed down 3.97% to 22.49 yuan / share. However, Shenzhen Bingchuan Network Co.Ltd(300533) has risen 38.23% in the past three trading days.
2021 performance forecast Oolong
In addition to the sharp rise in the share price, Shenzhen Bingchuan Network Co.Ltd(300533) also experienced the Oolong event of 2021 performance forecast.
Shenzhen Bingchuan Network Co.Ltd(300533) in January this year, the announcement of 2021 earnings forecast was released. The net profit attributable to shareholders of listed companies was 237178 million yuan to 304123 million yuan, a year-on-year decrease of 64.52% – 72.33% Shenzhen Bingchuan Network Co.Ltd(300533) explained that in 2021, the launch time of some self-developed products of the company was postponed, and the cooperative development and customized products were still in the stage of continuous optimization and polishing; The company increased the advertising of “expedition 2 Mobile Tour” in China and “plane war” (overseas game name: x-hero) overseas. The sales expenses increased significantly, but the revenue of both products did not meet the expectations.
“Some of the company’s self-developed products operate in the mode of agent issuance. The recharge flow of such products increases. Affected by the sharing and cooperation mechanism between the two sides and the company’s game recharge revenue recognition deferred policy, some revenue will be recognized later.” Shenzhen Bingchuan Network Co.Ltd(300533) further explained that the non recurring profit and loss of the company is expected to be 65.9 million yuan, mainly due to the financial income of idle funds and government subsidies.
However, Shenzhen Bingchuan Network Co.Ltd(300533) revised the previous notice in March. It is estimated that the net loss attributable to the shareholders of the listed company will be 55-70 million yuan from profit to loss in 2021.
Shenzhen Bingchuan Network Co.Ltd(300533) explain the reasons for performance correction, “Since the company has always adopted the revenue recognition policy of deferred game recharge revenue, part of the recharge revenue will be recognized in the subsequent months, while the advertising sales expenses will be recognized in the current period on the accrual basis. The total recharge amount of the company’s game products will increase in 2021. However, affected by the revenue recognition policy, part of the revenue will be recognized in the subsequent period, and all the advertising expenses incurred in the current period in 2021 will be recognized as sales expenses in the current period; to sum up, the company will The revenue in the financial statements increased by 682309 million yuan and the sales expenses increased by 139 million yuan. “
The letter of concern from Shenzhen Stock Exchange also followed, requiring to explain the specific reasons and judgment basis for adjusting the scope of the company’s consolidated statements, whether the scope of the company’s consolidated statements that has not been adjusted in the early stage is reasonable and prudent, and whether there is a situation of adjusting income and profit by adjusting the scope of consolidated statements.
After that, Shenzhen Bingchuan Network Co.Ltd(300533) replied to the letter of concern from Shenzhen Stock Exchange, saying that as the R & D Party of code m products, the company has a leading position in game source code, background, iterative update and technical maintenance in the later stage of products; In terms of personnel, in the early stage of operation of the product, the company participated in the selection and employment of personnel of Hainan Lingxi operation team. Hainan Lingxi business and personnel are not completely independent of the company, and the company can form substantive control over them; Therefore, based on the principle of prudence and substance over form, the company included the subject of operation code m into the scope of the company’s consolidated statements, so as to adjust the company’s consolidated statements in 2021.
“The company’s current consolidated statement adjustment is based on the substantive judgment of the business. According to the actual operation and business development needs, based on relevant regulations and the principle of substance over form, the scope of the company’s consolidated statement in 2021 is adjusted.” Shenzhen Bingchuan Network Co.Ltd(300533) also said.
Shenzhen Bingchuan Network Co.Ltd(300533) 4 April 11 released the performance express for 2021, which showed that the actual revenue was 507 million yuan, an increase of 31.20% over the same period of last year; The net profit attributable to the shareholders of the listed company was -628038 million yuan, a decrease of 173.27% from 857167 million yuan in the same period of the previous year.
“expedition” and “Longwu” IP dependence
Shenzhen Bingchuan Network Co.Ltd(300533) is one of China’s online game enterprises specializing in online game R & D, distribution and operation. Expedition and Longwu are its series of classic IP However, Shenzhen Bingchuan Network Co.Ltd(300533) also relies on two IPS of expedition and Longwu for a long time.
According to the semi annual report of 2021, “expedition 2 Mobile Tour”, “expedition mobile Tour”, “expedition ol” and “Longwu” contributed 72.47% of Shenzhen Bingchuan Network Co.Ltd(300533) revenue.
According to the reporter, many companies in the game industry rely on one or two IPS to contribute their performance. Taking G-Bits Network Technology(Xiamen)Co.Ltd(603444) as an example, they also rely on “ask” IP for a long time.
“Since the establishment of the company, it has independently created two types of IP, i.e., ‘Yuanzheng’ and ‘Longwu’. Relying on the ‘Yuanzheng’ and ‘Longwu’ IP series products (client games and mobile games), the company has continuously contributed stable income to the company. In recent years, the proportion of operating income of this IP series products has remained above 80%. Thanks to the careful polishing and continuous R & D and operation of ‘Yuanzheng’ and ‘Longwu’, the company has a core user group.” Shenzhen Bingchuan Network Co.Ltd(300533) further said that if the company cannot continuously launch IP works that meet the favorite of players or update and iterate the content of existing IP series works in time, the company may face the decline of product playability and loss of users, which will have an adverse impact on future business performance.
Liao Xuhua analyzed to our reporter that it is very normal to rely on IP in the game industry. It is difficult for most game companies to have multiple equally important IPS at the same time. The risk does not come from this feature itself, but from the team. Many teams begin to fall into inertia after reaping good benefits by relying on explosive funds, so it is difficult to make new attempts or long-term operation of IP. “This inertia is the biggest risk, but the root actually depends on the ability and foresight of the management.”
“Over reliance on IP will slowly degenerate with the cooling of popular models. The past boom and bust of many first-line game manufacturers such as Jiucheng, Giant Network Group Co.Ltd(002558) etc. all illustrate this problem.” Zhang Shule also believes that.
Public information shows that Shenzhen Bingchuan Network Co.Ltd(300533) projects under research include code s and big world, but the current progress has not been disclosed.
On April 11, Shenzhen Bingchuan Network Co.Ltd(300533) released the performance forecast for the first quarter of 2022. It is estimated that the net profit in the first quarter is 190 million yuan to 240 million yuan, with a loss of 141776 million yuan in the same period of last year, an increase of 144014% – 179281% year-on-year.
Shenzhen Bingchuan Network Co.Ltd(300533) explained that from January to March 2022, Shenzhen Bingchuan Network Co.Ltd(300533) continued to increase R & D investment and the introduction of core talents, flexibly adjusted the company’s product operation direction, and constantly explored innovative game distribution methods. The company’s new products were recharged and the revenue increased during the reporting period; The company has carried out continuous iterative updates on mature old products, optimized the version content, launched new expansion films, made efforts to prolong the life cycle of old products and slow down the recharge and income decline of old products as much as possible; As of March 31, 2022, the amount of non recurring profit and loss of the company is about 2.6 million yuan, mainly government subsidies and bank financial income.
The reporter of Huaxia times sent an interview outline to Shenzhen Bingchuan Network Co.Ltd(300533) . As of the time of publication, the other party did not reply, and the reporter’s call to Shenzhen Bingchuan Network Co.Ltd(300533) was not connected.
