Decoding Financial Report | R & D first, the bottom of the performance, how to resolve the embarrassment of "more losses and more money"

Fengkou Finance reporter Xu Yaowen

As of August 25, more than 70 companies in the 106 companies of the Beijing Stock Exchange have released the semi -annual report of 2022. At present, in addition to the disclosure of the company that has not made profit or has a cumulative loss of losses during the reporting period, digital people (835670.bj) from Jinan City temporarily ranked at the end with a net profit growth rate of -1418.07%.

What is noticeable is that in the first half of this year, the performance of digital people in R & D investment has formed a "floor" with the company's profitability. At present, digital people ranks first in the Beijing Stock Exchange with a R & D expense ratio of 166.82%, and it is also the only company with a "breaking hundreds" of R & D expenses.

Some investors believe that for technology -driven enterprises, R & D and innovation "has a lot of profit but no harm." However, the development of enterprises has always been bitter and sweet, and how hard it is for R & D and innovation. Maybe only the enterprise knows it.

"R & D Daddy" profit at the bottom

On August 19, the digital man released the half -annual report of 2022. The report shows that the company continues to lose money. In the first half of this year, the company realized operating income of 7.1459 million yuan, a year -on -year decrease of 68.10%; net profit loss of home mother was 14.1478 million yuan, a significant decrease of 1418.07%year -on -year.

In this regard, digital people said that operating income decreased by 68.10%compared with the same period of the previous year, mainly because the domestic new crown epidemic situation has repeatedly repeatedly occurred. Due to the need for the prevention and control of the epidemic, domestic medical institutions continued to strengthen the management and control of the campus, which led to the expansion and implementation of the company's business and implementation. It was greatly affected, so the company's operating income in the first half of 2022 decreased to a large extent, which led to a decrease in net profit.

Although the company's operating performance is not optimistic, the company still has a dividend. On May 16th, the company held a 2021 annual shareholders' meeting. The meeting reviewed the 2021 annual report and the annual equity distribution plan of 2021. It decided to issue a cash dividend of 1.50 yuan (tax) per 10 shares to all shareholders and increased increases and increased increases. 6 shares.

On June 2, the company's dividends were executed. On the same day, the stock price of the digital people fell, and the volatility of the market was as high as 39.31%. The final collection of 8.80 yuan/share, which has fallen by nearly 80%compared with the company's maximum price of 41.60 yuan/share this year.

It is worth noting that the performance of digital people in terms of R & D investment and the company's profitability have formed a "floor". In the first half of this year, the company invested R & D costs of 1,190,900 yuan, and the R & D cost rate was as high as 166.82%.

At present, among the more than 70 companies that have been disclosed in the half -annual report of the Beijing Stock Exchange in 2022, in addition to the disclosure of the company that has not been profitable during the reporting period or there is a cumulative loss of losses, digital people are in the end The cost rate is topped.

Not only that, looking at the investment in R & D expenses in the first half of this year of Shandong, the R & D expense ratio of digital people is also ranked first, which is a well -deserved "R & D leader".

Behind the "contradiction point" is the risk and challenge of research and development

Due to the inherent characteristics and complexity of the digital medical field, medical education informatization products can be said to be one of the most complicated categories in the current industry software. For new companies that enter the industry, they have high technical and talent barriers, and With the acceleration of technology replacement, the technology and talent barriers in the industry will become higher and higher.

For digital people in the digital economy and medical care, technology research and development is the driving force for company innovation and sustainable development.

Digital people said in an interview with the wind and finance that the company's R & D investment has always accounted for more than 15%of operating income in recent years. With strong R & D strength, it has been named "Shandong Province China Digital Human Engineering Technology Research Center", "Shandong Software Engineering Technology Center", "Jinan Excellent Innovation Team", "Shandong Provincial Enterprise Technology Center" "".

After years of research and development investment and technological accumulation, digital people have gradually formed a certain technical first -mover advantage; at present, the company's related products have been widely used in many domestic medical institutions.

However, the "contradiction points" of digital people themselves have also triggered people's discussions on the development and innovation of SMEs.

R & D is not a matter of all time, but it is the only way for the enterprise. With the rapid development of society, economy, and industry, enterprises need to continue to carry out scientific research and innovation to produce products that meet customer needs, industry development needs, and development prospects, but companies also need to bear certain risks and costs.

Obviously, the current number of digital people is in a stalemate of "high investment and low returns". If the company's R & D failed to form products and cannot achieve industrialization, the company's continuous R & D investment will have a great impact on future operating performance.

Talent, external force, and government guidance are "shelters"

"The biggest challenge faced by SMEs in R & D is that they were killed by the market after or grabbing the market." Wu Guoping, a well -known financial critic, a well -known private equity fund manager It is efficiency, after all, the soldiers are expensive.

From the side, this not only reflects the importance of the transformation of scientific and technological achievements, but also puts forward higher requirements for the business capabilities of the enterprise.

The software industry where the digital person is located belongs to the technology -dense industry. As a provider of digital medical products, the company's future development depends on whether it can be able to make technical updates and product upgrades in time to meet the needs of customers' continuous upgrade.

Digital people said that if the company has insufficient investment in new technology and new products, technological innovation and product upgrades cannot adapt to the development speed of the industry's technical level and the changes in customer needs, and they will not be able to maintain the company's technical advantages and core competitiveness. It adversely affects the company's business scale and performance. In addition, software products are knowledge -intensive products, with high added value, but the content of the product is easy to copy and imitate. There may be situations that are infringed and pirated by others. At the same time, it does not rule out other intellectual property disputes with competitors. If the company's intellectual property protection is insufficient, it will adversely affect the company's operation and business.

Facing a situation of high investment and low returns, whether the expensive R & D expenses of digital people really spend on the "blade", it still needs to be seen.

However, it should be noted that the dilemma of digital people is only "epitome". At present, many companies are also facing such problems in R & D innovation and the transformation of scientific and technological achievements. In the first half of this year, the R & D expense rate of Chuangxinxinke was as high as 35.30%, but the company "doubled the interests"

In this regard, Wu Guoping believes that if enterprises want to avoid risks as much as possible, they must study in depth before research and development, see the trend before starting; from the perspective of enterprise, digital people believe that talents are the first element, and whether enterprises can speed up talents to speed up talents. The pace of introduction and reserves, establish a scientific talent selection mechanism, appoint talents with both morality and understanding of modern management and management, create an atmosphere that is conducive to the growth of talents, and implement the incentive mechanism that can mobilize employees' enthusiasm. Essence

Not only that, with the help of external brains and chicken eggs, it is also one of the ways to avoid R & D risks, and it is also one of the motivation for enterprises to accelerate the transformation of scientific and technological achievements.

"Among the existing R & D teams of the company, in addition to the professional R & D personnel hired by the company, they also invite a large number of experts to provide technical guidance to the company through external employment and cooperation, and cooperate with well -known colleges and institutions to achieve technical research and computer and computer. The cross -border integration of information technology and traditional medicine has played an important role in promoting domestic digital medical education. With the business exchanges and cooperation with colleges and universities, it can not only enhance the research and development of cooperation between the two parties, but also improve the transformation of scientific and technological achievements. Efficiency "Digital people said.

Regarding the transformation of scientific and technological achievements, Wu Guoping believes that the government increases policy convenience and various support, and at the same time guides more funds to participate in corporate financing, which can also accelerate the results.

The transformation of scientific and technological achievements has the characteristics of high technical demand, high risk, high investment, and long period of cycle. It is not realistic to guide the market with a profit -making mechanism. In this context, the government should play a role in guiding and promoting. For example, government funds need to further improve their sensitivity to scientific and technological innovation projects, and drive the entry of social capital by led the first led.

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