Xiaoying Technology IPO Dream Broken, the editing tool has no "money"?

After years of penetration, short videos have undoubtedly gradually become the mainstream way of online social.

In the previous wave of pictures, countless picture tools have also been driven, and countless explosive applications make people dizzying.

Represented by the Meitu department, not only has hundreds of millions of users, but also develops diversified, but also launched a beauty mobile phone Zeng it ...

Like the previous wave of pictures, in the social age of short videos, video editing software also quickly copied the development path of picture applications to grow quickly.

Similar application scenarios and similar growth paths may also have similar fate ...

In the track of the picture tool, players have always been a small and beautiful state. Even though they embarked on the beauty of the capital line, the life and death were finally on the virtual currency. Essence

Even if there are hundreds of millions of users, it is only a string of numbers for tool software. This is the life of tool software and seems to have never changed.

In order to impact the first share of editing software, it took more than a year to re -demonstrate this fate that has been verified countless times.

One year ago, Xiaoying Technology rang the door of the capital market and sprint the GEM. If it was successfully listed, it would become the first share in the field of video editing. However, a year later, Xiaoying Technology still did not enter the door of the capital market.

Recently, the official website of the Shenzhen Stock Exchange shows that Xiaoying Technology GEM IPO is in a state of termination. It also means that the dream of Xiaoying Technology and the "first share of video editing" behind the capital rupture.

Xiaoying Technology, there is no enough "capital"

Speaking of Xiaoying Technology, in fact, there are still many remarkable places. It was established in 2012. There was no Douyin this year. The fast hand is still GIF. The social network of netizens is still a circle of friends.

That is to say, the birth of Xiaoying Technology has at least a keen market insight. Because of this, in the field of video editing, Xiaoying Technology is also the earliest players to enjoy bonus.

What's more noteworthy is that Xiaoying Technology took internationalization as the focus of development early.

After 2016, the short video industry has gradually entered the fast track of development. In the era of everyone, everyone is directed, and various editing tutorials. And a small white editing software becomes the infrastructure of this track.

So is the good era of Xiaoying Technology coming? In fact, the attributes that go after use, no matter how good the era, can only allow it to act as a tool.

According to Xiaoying Technology Prospectus, Xiaoying Technology did not really make money before 2020.

From 2019 to 2021, the company's operating income was approximately 196 million yuan, 302 million yuan, and 385 million yuan, respectively; the net profit of returning home was about -50.531 million yuan, 43.169 million yuan, and 820.186 million yuan, respectively.

In such a good era of short videos, that is, the short video industry of hot money rolling. As the infrastructure of the industry, not to mention profits, such a scale of revenue can only be said that drinking soup and drinking others.

What's more noteworthy is that Xiaoying Technology still has not got rid of the disadvantages of the tool software revenue, and its software subscription business accounts for more than 80 % of the total revenue.

From 2019 to 2021, the subscription revenue was 168 million yuan, 285 million yuan, and 313 million yuan, respectively, accounting for 85.68%, 94.6%, and 81.57%of operating income, respectively.

In fact, in order to break the weakness of the tool software, Xiaoying Technology has tried to make changes. As early as 2018, the show live broadcast business was launched, but the business was closed a year later.

In fact, such a revenue scale and business model, in fact, is in fact, was written by those explosive tool applicants who had been sitting on hundreds of millions of users. All diversified explorations were often futile.

For example, Meitu not only tried to do social and mobile phones, but in the end, it took a lot of energy and money, and the water could not splash. Instead, a lot of funds invested, dragging the main business.

It is not difficult to see from here that even if Xiaoying Technology has a premium advantage and forward -looking market insight, when it chooses to cut into the market in a tool, it is necessary to choose a very difficult road.

And this road, the mobile Internet has been confirmed for more than ten years, and has not been persuaded to persuade the capital market. It needs to be reiterated that even if a large amount of user scale, in the application of tools, the user value must be greatly reduced. Essence

There are many questions?

In addition to the disadvantages of the tool application of the tools, the IPO application of Xiaoying Technology has been accepted twice after being accepted, which involves compliance.

One is that the Shenzhen Stock Exchange requires it to combine laws and regulations such as the "Advertising Law" and "Interim Measures for Internet Advertising Management" to explain whether the company shall bear the main responsibility of content supervision in the company's products, as well as the main responsibility of content supervision, as well as the domestic advertising content in the product. The compliance and division of power and responsibilities released outside.

The second is that the Shenzhen Stock Exchange has once again questioned the compliance of Xiaoying Technology, requiring it to distinguish between domestic and overseas products and explain the differences in operation content.

It is also worth noting that Xiaoying Technology has previously infringed the defendant.

At the same time, Xiaoying Technology focuses on overseas, but has been facing supervision pressure in overseas markets, such as being removed from the shelves in India.

In addition, as early as 2020, Xiaoying Technology was required to be rectified for a limited time because of the "illegal collection of personal information".

In addition to myself, for Xiaoying Technology, it is still facing huge external competition pressure. In the video editing software industry, in addition to independent applications such as Xiaoying Technology, short video platforms such as Douyin and Kuaishou have their own editing software, tools and scene applications, and experience and efficiency are often better than independent applications.

Especially under the recommendation of today's algorithm mode, the shelter with a large amount of video data such as Douyin Kuaishou is more likely to grasp the hotspot of video creation.

Perhaps because of such pressure, Xiaoying Technology focuses on overseas, but Xiaoying Technology has to face that overseas competition pressure will not be much smaller than domestic.

In fact, the pressure from the outside has actually been reflected.

On the one hand, the data shows that the revenue of Xiaoying Technology has been declining in the territory. For example, in 2019, it was 76.408 million yuan, and in 2020, it fell to 58.931 million yuan. The proportion of current revenue in the company also fell from 39.04%to 19.55%.

In terms of the number of subscribers, Xiaoying Technology also declined sharply last year. The prospectus shows that the total number of subscribers in 2019-2021 is 2.0913 million, 2.9062 million, and 2.1028 million, respectively.

In the big era, it has never belonged to the tools in the big age

What about the future of Xiaoying Technology may be the same as most of the tools.

If you want to have a small probability direction, you must only break the application scenarios of tool applications and a single disadvantage of business models, and you have to establish a high enough threshold, but this seems too difficult.

After all, the tool is used for service. After finishing, it is a color, and the diversified expansion of the business has also been demonstrated many times. It is difficult to get through.

As for the threshold, the threshold of this track itself is not high, especially for third -party independence tools, less big trees behind others.

In fact, the fate of the tool application is discussed every year.

Behind this is the new Internet track of the Internet, and a large number of Ji infrastructure tools that are well known to users will appear. However, the number of users with a large amount of applications in the end is the fate of sadness. This is enough to make people boo every year. once.

There is often a major era, and this great era never belongs to tool -type applications.

And Xiaoying Technology is just a microcosm. It just demonstrates it again. For all third -party editing software, all explosive tool -type applications.

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