7 times of impact IPO failed, and had valued tens of billions. Can Luo Zhenyu still be a "friend"?

The business that pays for knowledge has been blocked outside the door of the IPO.

From the earliest Hanye Co., Ltd. acquired quantum clouds, to Wu Xiaobo's backdoor impact IPO, to Luo Zhenyu's Luo Ji thinking several times to impact the IPO, the capital market told us that the knowledge payment was thousands of kilometers away from the top.

On August 2nd, according to the Shenzhen Stock Exchange, the thinking creation of the sponsor of CICC has applied for an application document for withdrawing the IPO. This means that this thinking creation impacts the IPO to end with failure.

It is reported that this is the seventh time Luo Zhenyu's IPO in two years.

So as a representative of knowledge payment, why can't Luo Zhenyu's Luo Ji thinking be successful? How long can the business pay for money?

In fact, listing is not a problem of Luo Ji's thinking. Starting from the initial quantum cloud, knowledge payment and new media companies have not successfully listed. Even when Wu Xiaobo joined the Wu Xiaobo channel to impact the IPO, it was still the thunderbolt and heavy rain.

In other words, such companies have natural "defects", which comes from:

First, uncertainty. Wu Xiaobo once said: "The most beautiful thing in life is uncertainty." But putting uncertainty in business is the worst business.

As a cultural media company, its risk comes first from policy aspects, followed by itself. The uncertainty in these two aspects is the biggest obstacle for the IPO company. In fact, it is normal for the company to be trapped by the industry as the "Zhan Bian" enterprise in the education industry.

Second, the "single nature" of the income structure and instability. According to the prospectus submitted by thinking, from 2019 to 2021, the company's revenue was 628 million yuan, 675 million yuan, and 843 million yuan, respectively; net profit was 115 million yuan, 40.635 million yuan, and 125 million yuan, respectively. In other words, although revenue is growing steadily, the uncertainty of net profit is increasing.

In addition, its prospectus also showed that in 2020 and 2021, Luo Zhenyu and Luo Zhenyu and Li Tiantian were 34.2692 million yuan and 8374.24, respectively, accounting for 7.63%and 15.52%of online knowledge service revenue. Although personal IPization is one of the company's important sources of income, it is also one of the biggest risk points.

Third, future sustainability issues. As a service provider of online knowledge, starting in 2015, the selling courses and books have been recognized by the public. It is showed that from 2019 to 2021, the company's top ten courses in the company ’s non -research curriculum revenue accounted for online knowledge service revenue ratios of 22.16%, 17.14%, and 10.78%, respectively, and the decline was very obvious.

It is foreseeable that with the changes in the attitude of knowledge in the future, the income of the sector will drop rapidly.

Fourth, the problem of personal IPization. The reason why Luo Ji's thinking can do so big is inseparable from Luo Zhenyu himself. As the company's largest IP, in the starting stage of the company, he can bring huge traffic and income to the company, but as the company is regularized Entering the IPO stage, then it must be a tragedy with individual binding.

This example is common in film and television companies, because there are not a few companies that entertainers rollover.

In summary, I think that knowledge payment has reached the end of the bonus, and its future continuity is doubtful. And when submitting the prospectus, its business model risk, compliance, and supply relationship are all key issues of inquiry. And these issues, thinking and creative business are actually controversial.

As we all know, Luo Zhenyu has given his grand willingness to give a 20 -time "friend of time" New Year's Eve speech. A large number of popularity and reputation brought by Luo Zhenyu and thinking maker a few years ago, but over time, less and less dry goods, more and more advertisements, and judgment errors have made Luo Zhenyu's reputation greatly appear significant. Fall.

As a friend who is a time to make friends with time, with the failure of the IPO of the thinking, Luo Zhenyu's best time may be passing.

- END -