"Yunmao" fell into the altar, and the bottleneck of UFIDA was heavily. Can Wang Wenjing take the "cloud"?

In 2016, Wang Wenjing, chairman and president of UFIDA, proposed that UFIDA implements the 3.0 strategy of "Enterprise Internet Services" as its main business, and transforms to the cloud service. Holding large enterprise customers, the use of "cloud" transformation UFIDA, the market value was close to 200 billion yuan, which was a well -deserved "Yunmao".

However, in recent years, UFIDA has continued to go downhill -its performance has been trapped in the quagmire, and the stock price has fallen all the way. Even the cloud services that are regarded as the main direction, cumulative paying customers have shown a sharp decline.

Can the use of middle -aged use friends still take the "cloud" and solve the difficult situation?

The revenue is stagnant, and the first semi -annual report is "losing money" for the first time

On the evening of August 19, 2022, UFIDA released a semi -annual report. The report shows that the revenue of UFIDA in the first half of this year was 3.537 billion yuan, an increase of 11.3%year -on -year. The net loss attributable to shareholders of listed companies was 256 million yuan. The net profit of the same period last year was 215 million yuan.

Source: UFIDA Announcement

This is the first half -year report for UFIDA Network in the past five years. And this is just the corner of the iceberg that surfaces on the water.

UFIDA said in the announcement that the year -on -year losses were mainly due to the impact of the investment income generated by the equity of subsidiaries such as Chang Jietong Payment in the same period last year. There was no such income in the same period this year. In fact, the UFIDA network has been under pressure in recent years, and losses have been covered by non -recurring profit and loss in recent years. "Eagle Early Warning" shows that UFIDA's profit has fluctuated in recent years, and the quality of profit is poor. According to Wind data, from 2020 to 2022, its net profit growth rate was -20.43%, -34.9%, and -318.31%, respectively.

The growth rate of revenue has slowed down, and the increase in expenses during the period has also significantly declined the profitability of UFIDA.

From the perspective of revenue, UFIDA has stagnated around 8.5 billion yuan for three consecutive years. The annual report shows that from 2019 to 2021, the operating income of UFIDA network is 8.51 billion yuan, 8.525 billion yuan, and 8.932 billion yuan, respectively, and the corresponding revenue growth rates are 10.5%, 0.2%, and 4.73%, respectively, slowing down from 2016-2018. obvious.

In addition to its own reasons, affected by the epidemic and uncertain factors, many companies have encountered financial management problems, which has led to the business negotiation and signing delays of the company's business and lagging project implementation. To a certain extent, the company's income growth is affected.

In addition, as the number of players increases, the SaaS track competition has intensified.

In the ERP market, UFIDA has long "occupied" large domestic enterprises. But now this pattern is facing a heavy test. Xu Shaochun, the founder of the old rival Kingdee, said that in the market of large enterprises, Kingdee will break through the key breakthrough, especially to seize the historic opportunities of domestic alternatives to occupy the share of foreign manufacturers in the high -end market as much as possible.

In order to seize the opportunities of digital intelligence and Xinchuang in the market of large enterprises, UFIDA has continued to increase sales costs, management expenses and research and development investment. In 2021, the sales cost of UFIDA network was 2.027 billion yuan, an increase of 31.7%over the same period last year; the management cost was 1.072 billion yuan, an increase of 11.3%year -on -year; the research and development cost was 1.704 billion yuan, a year -on -year increase of 16.2%. This allows net profit to further pressure.

Increasing the income, the cumulative paid customers of the cloud service decrease

At the end of 2022, the company's cloud service revenue was 2.299 billion yuan, an increase of 52.6%year -on -year, accounting for 65.0%of operating income. However, behind the good proportion performance, it is UFIDA's active peeling from Beijing Changjietong Payment Technology Co., Ltd. and Shenzhen Qianhai Youli Heihe Financial Services Co., Ltd., which actively shrinks the software business, leading to a significant decline in the proportion of software business income.

Source: UFIDA "Semi -annual Report 2022"

At the end of the report of the report of the half -year report of 2022, the number of new Zengyun service paid customers with new cloud services was 66,200, and the cumulative number of paid customers in cloud services was 504,500. The total number of paid customers is 667,300. It can be seen that compared with last year, the growth rate of new customers in Yiyun services almost stagnated, while cloud services have decreased sharply, a year -on -year decrease of 32%.

Secondly, as a forward -looking indicator for the growth of SaaS enterprises, the increase in the amount of pre -collection for UFIDA is not optimistic. At the end of the report of the half -year report in 2022, the amount of pre -collection for UFIDA was 2.188 billion yuan, which was only 6%from the growth rate of the initial pre -collection.

Sina Finance Listed Companies Research Institute believes that from transformation to focusing on highlighting cloud business has not brought actual growth to the UFIDA network.

From the perspective of customer structure, there is a certain contradiction between the company's development strategy and customer demand.

In terms of cloud services, large enterprise customers have contributed most of their revenue to UFIDA network. When choosing Shangyun, for the consideration of data security, volume and application requirements, large companies often prefer private clouds with higher security and customization or mixed clouds based on private clouds. However, according to the company's annual report, the development policy of UFIDA is to give priority to the development of public cloud subscription business and guide private cloud customers to pay according to subscription methods.

Irai Consulting said that in the real healthy SaaS manufacturer structure, the proportion of medium -sized customers should not be less than 60 %, and they contribute most of the manufacturer's revenue with large customers with stable cooperation. It can be seen that the customer structure of UFIDA needs to be improved urgently.

Excessive dependence on big customers is bound to be unfavorable to the long -term development of the company's cloud business. High -level "top flow", the stock market trust declines

Speaking of the major incidents of the stock market this year, the "top flow" of UFIDA's "cut leeks" capital market can be regarded as one of them.

Source: UFIDA "Report Report on the Issuance of Non -Public Issuance in 2020"

In January 2022, the UFIDA network fixed increase, attracting the entrances. From the perspective of the fixed increase results, the formula can be described as the stars, including Gao Yan, Gao Yi, Ge Weidong, Yifangda, Wanjia and other domestic capital capital capital. Investment giant.

However, after that, the stock price "a thousand miles" after a short rise, and even cut off.

As of March 31, 2022, the total number of shareholders of UFIDA has dropped from 434 at the end of 2021 to 57.

According to media reports, UFIDA has given the company that the company's main business revenue at the end of last year still gives the above -mentioned institutions that have been significantly higher than the actual performance guidelines, so that the above institutions have suffered heavy losses.

According to the relevant media quoting the "market person close to the UFIDA", UFIDA's market guidance given the annual revenue of the main business "cloud service and software" in early 2021 is 25%of the year -on -year growth rate of revenue. When the roadshow was conducted in December 2021, the statement given by Youyou's network was still 20%of the main business revenue. UFIDA's 2021 annual report shows that its cloud service and software business revenue was 8.641 billion yuan, an increase of 15.7%year -on -year. The real performance was lower than the expected goal of the "performance guidance".

On May 30, UFIDA denied the statement on the market about "unrealistic performance guidance" in the market, and posted the article: "I have not given any performance commitment to the institution." In this regard, the Alpha Factory Research Institute directly called it " Specific Speech. Daily economic news comments, "performance commitments" and "performance guidelines" are not the same thing at all. UFIDA Network's denial is suspected of confusing concepts.

As the most loser institution, Gao Yan Capital silently kept silent about participating in the Dingzheng of the UFIDA, saying that due to compliance restrictions, it was inconvenient to comment on listed companies.

Niu San Ge Weidong is the only individual investor in Dingzang, with 6.26 million shares and nearly 200 million yuan. But after participating in the fixed increase, he quickly reduced its holdings, roughly estimated that the market value was nearly 1 billion yuan. This is the first time he has entered the top ten shareholders of the company in 2017 to reduce his holdings densely.

Multiple questions caused by the fixed increase will undoubtedly affect the credibility of the announcement of the announcement in the future. At the same time, the main business growth, the sluggish performance of the stock price and the exit of shareholders have greatly weakened the confidence of investors in the secondary market.

In the ranking of our market value APP, UFIDA has fallen from nearly 500 industry leaders from 2020 (inclusive) to about 2,000.

On the other hand, UFIDA network seems to be seeking new ways to go public by spinning subsidiaries, but the prospects still need to wait and see.

Photo source: UFIDA Announcement

In March 2022, UFIDA's UFIDA was successfully landed on the science and technology board. However, in the process of listing, it has been questioned in terms of science and innovation attributes, research and development capabilities, and core technical personnel. Similarly, Youyou Financial also experienced three rounds of inquiries after applying for the listing of the Peking Stock Exchange in September 2021, exposing the problems such as the significant decline in the net cash flow, the competition of the same industry, and the sharp decline in research and development personnel. In addition, the company that splits UFIDA and is being IPO also includes Xindao Technology.

This can inevitably cause external guessing -UFIDA not only does not concentrate the main force to break through the bottleneck of the main business growth, but instead takes capital operations and build a 100 billion -level "UFIDA" as a focus?

Faced with many dilemma of questioning and development, under the opportunity of the wave of wisdom and globalization, it has always been used as the use of friends of the elder brother of domestic software companies. The market takes a stitching agent? The industry looks forward to the answer sheet of UFIDA.

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