Abstract In the past two years, many traditional enterprises that do not have much to do with the Internet have faced performance bottlenecks. In order to achieve transformational breakthroughs, they have chosen to join the “Internet +â€. From the entrepreneurial tide started at the beginning of last year, to the capital winter that has been repeatedly mentioned this year, only more than a year, "mutual...
In the past two years, many traditional enterprises that do not have much to do with the Internet+ have faced performance bottlenecks. In order to achieve transformational breakthroughs, they have chosen to join the “Internet+â€. From the entrepreneurial tide started at the beginning of last year to the capital winter that has been repeatedly mentioned this year, in just over a year, the "Internet +" sweeping industry and capital wave shows signs of the tide receding.
The first to feel that "the winter is approaching" is the ones that have been killed in the Internet industry. The data shows that in the second quarter of 2016, there were 328 cases of VC/PE financing in the Internet industry, and the financing scale was only 3.779 billion US dollars. The financing amount and financing scale both fell year on year, and the financing scale was less than half of the 8.872 billion yuan in the first quarter of this year.
Listed companies are no exception. In the first half of this year, the net profit of 87 companies involved in the “Internet +†concept fell by 39.55% year-on-year, and the net profit loss of the first half of this year accounted for 10.91. %. The two together account for 50.46%. Among the companies involved in "Internet +", they are mostly in the traditional industry.
Super 50% involved in "Internet +" company's poor performance
Since last year, many listed companies in the traditional industry have continuously transformed into "Internet +". Ma Huateng, chairman of Tencent's board of directors, once said that "Internet +" will not subvert the original industry, but encourage industrial innovation, promote cross-border integration, and release new growth drivers through upgrading the original industry.
In the past two years, many traditional enterprises that do not have much to do with the Internet have faced performance bottlenecks. In order to achieve transformational breakthroughs, they have chosen to join the "Internet +".
Wind data shows that since the beginning of this year, there have been 286 acquisitions of listed companies in the Internet industry, accounting for 21.55% of the 1,327 acquisitions of all listed companies. For the whole of last year, the data accounted for 16.37%.
It is worth noting that in the 286 Internet mergers and acquisitions of listed companies, the main business is the merger of listed companies in the Internet business. There are 184 mergers and acquisitions initiated by non-Internet companies, accounting for 64.33% of Internet mergers and acquisitions.
According to the Wind industry, there are 73 mergers and acquisitions in the traditional industries such as energy, materials and industry, 46 in the information technology hardware equipment industry, 31 in the food and beverage, clothing and durable goods industries, 20 in the financial industry, medical and real estate. There are 7 in the industry.
The 2015 data also reflects this feature. In the whole year of 2015, among the mergers and acquisitions initiated by listed companies, there were 598 acquisitions of Internet companies, accounting for 16.37% of the 3,649 acquisitions in the year.
Nearly 600 Internet mergers and acquisitions, 388 buyers are non-Internet business listed companies, including 124 energy, materials and industrial industries, 110 food and beverage, clothing, durable goods and other industries, the proportion of traditional enterprises "touch net" acquisition reached 60%.
According to the reporter's understanding, many listed companies still plan to enter the "Internet +" and put an Internet label on their business.
However, "Internet +" did not bring substantial improvements to the performance of listed companies. On the contrary, many listed companies involved in the "Internet +" concept showed a decline in performance.
Straight Flush i asked for financial data shows that there are currently 220 “Internet +†concept stocks in Shanghai and Shenzhen, accounting for 7.5% of the 2,930 listed companies in Shanghai and Shenzhen.
As of August 31, the semi-annual report disclosure time of listed companies has expired. The semi-annual report disclosed by 220 “Internet +†listed companies shows that in the first half of this year, the net profit of 87 listed companies declined year-on-year, accounting for 39.55%, 24 this year. Net profit loss in the first half of the year, accounting for 10.91%. The above companies totaled over 50%.
164 "touch net" company stocks outperformed the broader market
"Internet +" did not increase the profit for listed companies, but another data showed that "Internet +" made the stock price of listed companies rise a lot.
According to the Flushing I ask for financial data, the average of 208 listed companies in the 220 “Internet +†concept stocks has averaged over the past year (September 7, 2015 - September 2, 2016). The increase was 24.1%. In the same period, the Shanghai Composite Index fell slightly by 2.94%, of which 164 listed companies rose their share prices and outperformed the broader market. They account for 74.5% of the "Internet +" companies.
The "Internet +" label has a pulling effect on the stock price of listed companies, and it has also caused many listed companies that investors want to buy to act in this regard. Some investors even leave messages to listed companies on interactive platforms, hoping that listed companies will acquire Internet companies. .
For example, on the interactive platform of Tianzhou Culture Investors, investors suggested that the Tianzhou culture, which is mainly engaged in book publishing, should be distributed to the Internet study market. “You can find more potential Internet study institutions. Currently, the industry Internet study ranks 360, 51offer, mustard. Net, Orange Network, the latter three are not listed companies to buy, you can consider."
Investors of Focus Technology commented on the interactive platform that the seven-year market value is heartbreaking and painful. The focus has already reached the point where it is necessary to take timely shots in the outsourcing. "Please Shen Dong seize the opportunity to acquire the Internet through private placement. High quality standard for software direction."
Investors of Baotong Technology even suggested that listed companies consider properly selling the original inefficient assets and increase investment in M&A in the Internet sector, prompting the company to become a large company in the Internet field.
Sample part of the listed company's Internet project is "zombie"
Since 2015, the "Internet +" boom has swept the A-share market. The tertiary industries such as finance, e-commerce, education, and entertainment, as well as traditional industries such as manufacturing, steel, and energy, have all become the targets of the “Internet Plus†transformation. For listed companies, "Internet +" is a tag that can tell stories. This storytelling model has always been sought after in the A-share market. Only the tides recede to know who is in the nude swimming, the first batch of listed companies that eat "Internet +" crabs, and now need to hand over the transcripts, but the transcript shows that the "Internet +" story of listed companies is only The opening of the "Internet +" transformation of most listed companies is still in the stage of not forming a large-scale profit.
[Internet + Steel] Valin e-commerce only brings more than 40,000 revenues in half a year
In July 2015, Valin Steel disclosed the issuance plan, and plans to raise no more than 4.2 billion yuan, mainly investing in key projects such as “Internet + steel†industrial chain transformation and upgrading, energy conservation and environmental protection, special steel, etc., of which 1.135 billion yuan is intended to be used. "Internet + steel" industry chain transformation and upgrading project.
As early as 2011, Valin Steel invested 5 million yuan to establish Valin E-Commerce Co., Ltd. In 2012, its main operation project “Hegang Steel Network†was launched, with the goal of collecting steel online procurement and sales, logistics alliance and trade financing. An integrated e-commerce platform. However, after nearly four years of operation, Hualing Steel’s semi-annual report showed that in the first half of this year, Hualing E-commerce only brought 41.70 million yuan of income to the parent company. On August 31, Valin Steel announced that it would terminate the increase.
Another steel giant Baosteel Co., Ltd. announced in February last year that it will jointly invest in the establishment of a service platform company with the controlling party Baosteel Group with a registered capital of 2 billion yuan. The service platform will rely on the Internet, big data and other service networks to provide customers with comprehensive e-commerce services such as online steel trading, logistics processing and distribution, financial services, technology and information services. Baosteel plans to strive to achieve more than 20% of the company's sales revenue by 2018.
Baosteel's semi-annual report shows that Ouye Yunshang Co., Ltd., a holding subsidiary of e-commerce business, achieved net profit of -110 million yuan in the first half of this year and an overall loss of 120 million yuan in e-commerce business.
[Internet + apparel] The net profit of Meibang apparel in the first half of this year has not yet turned around.
"Internet + e-commerce" is a transformation direction that is generally chosen by retail and department stores. In the M&A related to Internet assets in 2015, listed companies from the food and beverage, clothing, and durable goods industries conducted 110 mergers and acquisitions, second only to listed companies in the traditional industries such as energy, materials, and chemicals.
In May 2015, Smith Barney launched the “Fan Fan†APP to the outside world, hoping to transform itself into the Internet. In order to promote the “Yuanfan†APP, the expenditure on advertising of Meibang apparel has increased significantly. In 2015, it was 126 million yuan, and in 2014 it was only 36.24 million yuan. In the advertising fee of over 100 million yuan, the "Fang Fan" consecutive title "Qi Yu said" accounted for the bulk.
In the first half of this year, Meibang apparel still did not reduce advertising expenses. In the first half of the year alone, advertising expenses reached 74.19 million yuan, an increase of 55.18% compared with the same period last year. In addition, the development costs of Smith Barney apparel continue to increase, reaching 113 million yuan in the first half of this year, of which more than 70 million yuan for research and development of information technology, mainly used in APP and network channels. However, in the semi-annual report of Meibang Clothing, the actual effect brought by the Internet transformation has not yet been seen. In the first half of this year, the net profit of Meibang Clothing has not yet turned losses, recording a loss of 60,190,800 yuan.
In July 2015, Smith Barney announced the plan to increase its fundraising plan, and plans to raise 9 billion yuan, of which 6 billion yuan will be used for the O2O omni-channel platform. Four months later, the amount of funds raised by Smith Barney was reduced to 4.2 billion yuan, of which 1.591 billion yuan was used for the O2O omnichannel project. As of now, the fixed increase has not yet been updated.
[Internet + medical] Lepu medical nearly 100 million investment in mobile medical treatment has not been effective
On the road of building “Internet + medical careâ€, Haihong Holdings has been transforming from drug bidding and pharmaceutical e-commerce to PBM business. In April 2015, Haihong Holdings announced a plan to increase the total amount of the proposed increase of no more than 4 billion yuan, all of which are used in the construction of Haihong New Health Service Platform, including the Health Information Interaction Center and the TPA Service Platform.
In July last year, Haihong Holdings announced the cancellation of the 4 billion yuan increase due to the market financing environment and the company's business development plan. In this year's semi-annual report, Haihong Holdings has positioned its business as a major health service industry, including pharmaceutical e-commerce and trading business, PBM business and Haihong new health business.
In the first half of this year, Haihong Holdings achieved a revenue of 99.735 million yuan and a net profit loss of 55.678 million yuan.
Compared with Haihong Holdings, which is a storytelling, cardiovascular medical device manufacturer Lepu Medical has invested 51.49 million yuan in mobile medical care in 2015, but it only brought in more than 900 million yuan in revenue. In the first half of this year, Lepu Medical invested another 34.256 million yuan, but from the composition of the semi-annual report, mobile medical care has not yet brought any profit to Lepu Medical. In the semi-annual report, Lepu Medical said that the mobile medical business is still in the incubation period.
Straight Flush i asked for financial data, 34 of the 157 listed companies in the medical sector also belong to the "Internet +" concept, of which 16 companies fell in the first half of this year.
Related reading: O2O industry after the ebb tide, there is a VC called "lifting up is tears"
“In the second half of 2013 to 2015, the industry investment was particularly fast, fierce and rapid. In the end, everyone became an investment. The project was not based on the success of the project. It was more than the money invested by anyone. Who invested more projects and pursued the book return. How many times. In fact, after a few months, the company may have closed down soon.†Recently, at the “2016 China Mobile Internet Investment Summit†co-sponsored by Zero2IPO Group and the investment community, the founder, chairman and CEO of Zero2IPO Group Ni Zhengdong reviewed the past investment chaos, and this kind of chaos continues to this day, there have been some "sequels" that caused VC injuries.
Ni Zhengdong believes that the current VC injuries are concentrated in many aspects: "The cooked duck can also fly, the unicorn becomes a unicorn, after the A, B, C round, suddenly the company closes, this kind of The situation is particularly high this year; the other injury is all kinds of death, A round dead, B round dead, C round dead... D round does not know life and death; many industries have collective deaths, O2O, P2P, intelligent hardware, etc. There was once an angel investor who told me that I had probably invested in 20 O2O projects. Now only one or two are still alive, and O2O is a tear." Ni Zhengdong is an example.
For the future investment direction, Lin Xinhe, founding partner of DCM China, predicts that mobile Internet is currently less than 50% penetration, so mobile Internet is an important topic; another area that needs attention is consumption upgrade. After the previous investment frenzy, Ni Zhengdong believes that everyone should re-evaluate the value of traditional industry projects.
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