With double income within three years, the net profit in 2021 exceeded 300 million, and domestic database head companies impacting science and technology boards ｜ IPO observation

Some people in the industry lamented that I have never seen such a profitable IT company for a long time.

Wen ｜ Zhenzi

Source ｜ 36 氪 Pro (ID: KRKRPRO)

Cover Source ｜ Vision China

The domestic database entering the fast lane finally ushered in the news of the application for listing.

36 氪 was informed that recently, Wuhan Da Meng Database Co., Ltd. (hereinafter referred to as Da Meng Data) was officially submitted to the prospectus to apply for listing on the Shanghai Stock Exchange Science and Technology Board.

The prospectus shows that in the three years from 2019 to 2021, the annual operating income of Dameng data was 302 million yuan, 450 million yuan and 743 million yuan, respectively, and the net profit of the deductible mother was 77.5446 million yuan, 132 million yuan and 348 million yuan, respectively. Yuan.

From the income and profits, it can be seen that the financial data of Dimeng data far exceeds the selected "Shanghai Stock Exchange Science and Technology Innovation Board Listing Rules". Article 2.1.2 (1) listing standards.

Main financial data

During the reporting period, the revenue doubled, and the single -year profit exceeded 300 million. Some people in the industry felt that I have never seen such a profitable IT company for a long time.

The scope of IT has been reduced as a database company, and Dameng's performance is quite representative -even if the domestic database has developed for decades, there has never been a listed company with database -based businesses in the past. This time Da Meng submitted an application, which also gives more people the opportunity to observe the changes in domestic databases in recent years.

This article will combine the logic of the Da Meng Data Prospectus and the domestic database industry background to interpret the logic of its eye -catching performance in the past three years, and try to answer the challenges and opportunities facing the domestic database.

More than 40 years of experience accumulation, focusing on the main track of the relationship type

The main businesses of Da Meng data include three parts: authorization of software products, data and industry solutions and operation and maintenance services.

In these three parts, the authorization of software products obviously occupies a large revenue. Data show that from 2019 to 2021, the amount of authorization authorized by Dimeng Data Software products increased from 208375.1 billion yuan to 64194.9 billion yuan, and the proportion also increased from 69.32%to 86.57%.

Main business income composition

Then, the company's software products mainly include the three parts: Dimeng database management system, database cluster software and cloud computing and big data products.

The Dream database management system is undoubtedly the company's current main revenue source. The prospectus shows that from 2019 to 2021, the revenue of Dameng database management system increased from 179826.3 billion yuan to 592149 billion yuan, accounting for 86.30%to 92.24%.

The sales amount and proportion of the main product

In terms of type, this Dream database management system (referred to as DM) belongs to a large general -purpose relationship database.

36 氪 has previously introduced that there are many different types of databases in the current database industry. According to the data structure managed by the database, it can be divided into relational and non -relational types.

Among them, the relationship -based database based on the relationship model is currently the most widely used database type. According to IDC statistics, the global database market size will exceed $ 40 billion in 2022, and the relationship database will account for more than 80%of the market share.

Established in 2000, Da Meng Data is one of the first batch of database companies in China. Its executives have stated that the company has been paying attention to relational databases for a long time, and in recent years, other products have been gradually deployed on this basis.

Time was pulled back to more than 40 years ago, Dream Data's exploration of relational databases began in the late 1970s.

At that time, Professor Feng Yucai, the founder of Da Meng Data, began to engage in prototype research on independent research and development databases, and developed the first domestic database management system prototype CRDS in 1988. Since then, Feng Yucai has led the earliest group of domestic database research "Dreaming Database and Multimedia Technology Research Institute", which is engaged in professional database research, and started from the research institute to the market from 2001 to 2008.

It was also during this period that DM2 developed by Dammon relied on the Institute to launch a general -purpose database DM3, and upgraded all the way to today's DM8.

Perhaps because of the accumulation of more than 40 years, the product power has become the advantage of the current Dream data that has continued to emphasize.

First of all, in terms of staffing, the company disclosed that the total number of employees as of 2021 was 1095 and 332 R & D personnel, accounting for 31.35%of the total number of employees that year. In addition, in terms of technological advanced nature, Dimeng data said that until March 31, 2022, the company obtained a total of 293 software copyrights and 177 invention patents, and had independent intellectual property rights with all core source code.

For transaction -related databases, ACID (atomic, consistency, isolation, persistence) ability is one of the most basic and most critical abilities. In this regard, Dameng data stated that its own product was tested by a third-party software evaluation laboratory. Single nodes can support the database concurrent connection of more than 100,000; under the TPC-C test model, the performance of the single node can reach one million TPMC.

In addition to showing its own product advantages, the company quoted Cisics consultants and IDC statistics, showing that they were in the industry's head in the market size.

Ranking data displayed in the prospectus

The first batch of domestic databases were established around 2000 as Dammeng's data at the same time. These companies also start from relational types, and Dameng also listed in the prospectus to compare revenue and profit status including their companies. It can be seen that the profits of Dameng data have remained at a high level, and the increase in revenue is equally fast.

Algene data displayed in the prospectus

Financially dazzling secrets: product gross profit margin exceeds 99%, Xinchuang or the main cause of the market expansion

Further disassembling the cost composition of Dream data, it can be found that the gross profit of database products can reach a higher level -in 2019, 2020 and 2021, the cost of using the company's software products (that is, the main business) costs 668,100, respectively. The yuan, 1.7085 million yuan and 2.038 million yuan, accounting for 1.13%, 3.92%, and 2.92%, respectively.

The cost of overall business is mainly generated in solutions, including outsourcing soft hardware and services.

Main business cost data

Correspondingly, the use of the use of Dream Software products has remained above 99%in these three years.

Main business gross profit margin data

Further observing the details of data such as income, profits, gross profit margins, etc., we can find that 2020 and 2021 are the critical time points for Dammeng's data performance.

From a more macro perspective, this is also the two years when the entire domestic database industry has made a rapid progress. With the blessing of Xinchuang's wave, many database companies focusing on the domestic market have obtained more opportunities in the past two years.

The prospectus shows that most of the revenue of Dameng data from 2019 to 2021 comes from the party and government field.

Especially in 2020, the company's main business (authorization of software products) accounted for 62.78%of revenue in the field of party and government -2020 is also the fastest year for the development of party and government faith. In addition, it is worth noting that from 2019 to 2021, the progress of Dameng data in the financial field has increased from 2.02%to 11.99%, which may also be related to the release rhythm of the current financial Xinchuang.

Company software product use authorization business income according to the classification of the industry field of end users

The important information around Xinchuang also includes shareholders. The prospectus shows that the Chinese software controlled by China Electronics (CEC) holds a equity of 25.21%of Dimeng data. CEC's ecology includes the role of Kirin Software, Dream Data, Feiteng Chip, Great Wall Machine -this is a complete set of Xinchuang technology base. As we all know, as one of the three basic software of the database, it is necessary to closely cooperate with the underlying hardware, operating systems, and upper application. Establishing more cooperation with the manufacturer of Xinchuang Ecology can undoubtedly achieve a lot of help.

Not long ago, Chinese software also disclosed the financial information of Kirin Software in its financial reports.

What can be seen is that in 2021, Kirin Software achieved operating income of 1.134 billion yuan, an increase of 85%year -on -year; the total profit was 275 million yuan, a year -on -year increase of 46%; the net profit attributable to the parent company was 268 million yuan, an increase of 63%year -on -year. As the controlling shareholder of Kirin Software, China Software, in 2021, operating income was 10.351 billion yuan, an increase of 39.73%year -on -year.

These phenomena side reflect the performance of the ecology. In terms of the overall number, Dimeng data said that he had completed the adaptation and compatibility of more than 3,000 software and hardware products or information systems.

On the whole, after the past few years, Xinchuang in the field of party and government has entered a relatively slow period. Next, it will be the main battlefield of finance, telecommunications, electricity, oil, oil and other industries. The advancement of Xinchuang's rhythm may be further reflected in the company's performance.

Future: The industry's competition is not diminished, and continuous investment is a break point

Even with long -term technological research and development experience and perfect industrial ecological resources, Dream Data still prompts in the "major risk factors", thinking that market competition, policy changes, extension of business structure, talent loss, epidemic and other factors may be given to the company to the company Influence.

Market competition or the most worthy of discussion.

In 2000, when Dameng data officially started operation, there were few database companies in China. Twenty years later, with the polishing of the Internet and other scenarios, and the continuous learning of domestic manufacturers in foreign technology, more than 200 domestic databases have surfaced in the wheel wheel. This means that even if the background and capabilities of different manufacturers are different, the veteran database manufacturers such as Dimeng Data still can't help but encounter more opponents.

There are several types of characters particularly noteworthy.

First of all, cloud manufacturers represented by Ali and Tencent will provide various databases including relations and non -relational types, and serve corporate customers in combination with their own cloud capabilities. In addition, ZTE's Goldndb, Huawei's OpenGAUSE, and Ant's Oceanbase are also actively deploying faith and pioneering. Furthermore, among the old database manufacturers, there are also many database companies, such as the People's Congress Jintang. It can be said that in the current domestic database market, there are only many manufacturers aiming at Xinchuang.

36 氪 learned that the curtain of financial Xinchuang has opened. Judging from the data statistics from some brokerage firms, the first phase of the financial letter and innovation of the financial letter launched in 2020 requires the purchase amount of Xinchuang Basic software and hardware accounted for 5%-8%of its IT mining; For the remaining pilot units, Xinchuang Basic software and hardware accounted for 10-15%of the proportion of software and hardware. Of course, these budgets include both basic hardware and other basic software such as operating systems and middleware. The proportion of databases is unknown. But the letting go of the budget has already meant that financial Xinchuang is advancing the overall and orderly manner. It can be seen from the prospectus that Dameng data is currently quite experienced in the field of party and government. However, some insiders said earlier that for databases, the capabilities in a single field cannot be completely copied to other fields.

For example, from a product perspective, "the business characteristics of party and government customers rarely make high requirements for the operating capabilities of the database 7*24 hours, but the requirements for text processing and graphics are relatively high. It will be required to be highly strong. "A database company executive said to 36 氪 that customers in different fields have different requirements for products, and also make the industry expansion of database manufacturers more challenging.

However, the competition in the domestic database is only one of them. The bigger question is how domestic databases create the same product capabilities as foreign giants -even if the current financial faith creation has become a key topic, it can be seen that some financial customers still choose to purchase procurement out of their protection psychology. Foreign database products.

In this high -dimensional competition, Dimeng Data emphasized that the Dream Data Sharing Cluster Software launched by itself has been applied to the core system in the important industry field. It is hoped that it will reach the world's top level in the world in recent years. However, it also mentioned in the prospectus. Today, compared to Oracle, Microsoft, IBM and other internationally renowned database manufacturers, the company is still operating scale, technology (easy -to -use, complex SQL adaptive optimization), talent and brand marketing to certain in terms of certain existence Competitive disadvantage.

IDC: 2021 China Relations Database Management Software (Local Deployment Mode) Ranking (Source: Dream Data Prospectus)

This may not be a problem that Dameng data needs to face. From the perspective of the development of the entire domestic database industry, because of the late development of the industry, foreign giants have entered the country to win core customers such as finance and telecommunications in the 1980s, so that domestic manufacturers have long missed this mainstream battlefield -this It is also the main reason for the difficulty of using domestic database products in the past.

In response to this situation, continuous investment is the only path. The investment here is divided into two parts. The first is to continue to communicate with customers with strict business requirements such as finance and create co -creation according to the needs of customers. 36 氪 has learned from the earlier manufacturers who have had a bank replacement experience. For such projects, it may take about three years from polishing to launch. During this period, customers will put forward all kinds of adjustments, "manufacturers need to cherish every opportunity given by customers to continue iteration."

In addition, the database, as the basic software that carries the ability to increase, deletes, deletes, deletes,, and analyze. In the current scene, there are still many iteration needs, which requires manufacturers to continue to invest in technical investment. Da Meng also said that it is combined with artificial intelligence to optimize recommendations and dynamic adjustments to the database configuration parameters, and rationally use resources to improve database performance and reduce operation and maintenance costs. Related technological research hopes to realize domestic databases The curve overtaking.

All in all, as the first batch of database companies in China, Da Meng Data has been submitting a listing application for 40 years in 40 years. It is undoubtedly another milestone of domestic databases. But on the other hand, Da Meng's data has achieved such dazzling financial achievements during the reporting period, which makes people sigh and cause some concerns. "In recent years, domestic databases have indeed been developed, but there is still much room for improvement in technical accumulation, product landing, and business expansion. Dammeng has also gone for nearly 40 years. If the capital has seen Dameng's data, it has reappeared Snowflake that year. The phenomenon of investing after listing may not be a good thing for the development of these companies. "3E Capital Investment Director Liu Mingwei said.

In other words, can Da Meng's financial performance today be maintained and copied by other manufacturers? Perhaps it is more worthy of thinking.

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Domestic database head company impact science and technology board

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