Edited by: Hu Ling
At the end of the preview of the A-share annual report, another listed company's pre-announcement "exploded".
On the evening of January 31, the recently popular gaming stock Eglas (002619.SZ closing price: 1.8 yuan) disclosed its 2020 performance forecast. The company expects a loss of 925 million yuan to 1.131 billion yuan. The latest data from
shows that on January 29, Aiglass opened lower and moved lower. As of the close, it fell 6.74%. The stock price was reported at 1.8 yuan, with a total market value of 3.32 billion yuan. The trading volume reached 1.604 million lots, with a turnover rate of 11.21%. Among them, 221,900 were extremely large buy orders, 40,000 were extremely large sell orders, and the net outflow of main funds was 47.11 million yuan.
Previously, Aiglass had closed at the daily limit on January 27 and January 28, and the closing price increase deviation for two consecutive trading days exceeded the cumulative value of 20%. The main capital inflows were 42.67 million yuan and 21.73 million yuan respectively.
On the evening of January 28, Aiglas issued an announcement stating that after verification, except for the relevant announcement content that has been disclosed, the company’s actual controller and its persons acting in concert have no other information about the company that should be disclosed but has not been disclosed. major matters.
Aigaras 's performance was significantly pre-discounted, triggering heated discussions among netizens in stock bars. Some netizens said, "It has been a huge loss for two consecutive years. The st is determined. I regretted that I ran too early after two daily limits. Now that I think about it, I am really lucky." Some netizens also said, "After issuing a performance forecast, I calculated that last year it lost 2.5 billion, and this year it only lost 900 million." Some netizens said, "Just be active and forget it. There are plenty of people playing at this price."
The latest data shows that as of January 21, 2021, the number of Aiglass A-share shareholders was 62,900..
丨The highest pre-performance loss is 1.131 billion yuan
Aigaras disclosed the 2020 annual performance forecast. From January to December 2020, it is expected to achieve a net loss of 925 million yuan to 1.131 billion yuan attributable to shareholders of listed companies, a loss of 2.555 billion yuan in the same period last year. billion; it is expected to achieve a net loss of 960 million yuan to 1.173 billion yuan after deducting non-recurring gains and losses, compared with a loss of 3.00 billion yuan in the same period last year.
The reason for the change in performance is mainly due to the impairment of goodwill, the decline in main business income and the accrual of accounts receivable bad debts .
Affected by the domestic macroeconomic situation, the development trend of the game industry and industry regulatory policies, Company has made early acquisitions of Aiglass (Technology) Beijing Co., Ltd., Hangzhou Souying Technology Co., Ltd. and Beijing Thumb Play Technology Co., Ltd. The goodwill formed by the company has been tested for impairment, and it is planned to accrue impairment of goodwill .
Since 2019, game users have gradually entered the existing market, leading companies in the game industry have occupied an increasing market share, and the market space of non-leading companies has been further compressed. In 2019, although the issuance of game version numbers has been reopened, the overall industry supervision of is still tightened, and the company's acquisition of game publishing number has been affected to a certain extent . At the same time, due to factors such as the COVID-19 epidemic and adjustments to the game research and development model in 2020, company's new games were not launched as scheduled, and no new revenue growth point was formed. The above reasons have led to a decline in the mobile terminal game business revenue of listed companies.
In 2020, due to changes in the macroeconomic situation and industry policies, will have a certain impact on the collection of accounts receivable for some businesses of listed companies. The aging of accounts has been extended, and the payment of individual customers may not be recovered or the probability of recovery is low , the company's credit impairment losses accrued in accordance with relevant accounting policies have increased.
In addition, On December 7, 2020, Aiglas announced that it had received an investigation notice from the China Securities Regulatory Commission and was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws.. As of now, the China Securities Regulatory Commission’s investigation into the company is still in progress, and there is still uncertainty as to whether the findings of the above cases will have a significant impact on the company.
丨Goodwill impairment led to performance Waterloo
Public information shows that Aigaras was formerly known as Julong Pipe Industry. It landed in the capital market in 2011. Its original main business was the concrete water pipeline business. In 2014, Julong Pipe Industry planned to acquire Aiglas technology through private placement to transform the mobile gaming field.In 2017, the listed company spun off the production and sales of concrete water pipelines, the original main business of Julong, from the listed company and completely transformed.
Listed companies also experienced benefits at the beginning of their transformation, with their stock prices and performance rising all the way. However, the highlight moment did not last long. From the high of in September 2016 to the present, the stock price of Aiglass has dropped as much as 88%. At the high point, the stock price was as high as 15.05 yuan (before the restoration of rights), but now the stock price is only 1.8 yuan.
Aigaras 's performance was waterloo, mainly due to the impairment of goodwill. In 2019, Eglas 's revenue was 550 million yuan, a decrease of 33.24% from the same period last year, and the net profit loss attributable to shareholders of listed companies was 2.556 billion yuan, a decrease of 481.53% from the same period last year. Compared with 2018, operating income and main business profits decreased in 2019, mainly due to the company's provision for impairment of goodwill of its wholly-owned subsidiaries Hangzhou Souying, Beijing Thumb Play and Aiglas Technology in 2019. . Divided into four specific quarters, Q4 accrued a large amount of goodwill impairment, which was the main reason for the huge loss in Aiglas's performance in 2019.
In 2020, Aiglas will not be able to turn the tide. The third quarterly report of Eglas shows that in the first three quarters, the company achieved operating income of 203 million yuan, a year-on-year decrease of 61.13%; net profit was 33.81 million yuan, a year-on-year decrease of 85.99%. Both revenue and net profit fell sharply.
A brokerage source said that the main reason behind the impairment of 's goodwill is that game products cannot continue to contribute stably to revenue . This is a problem that traditional enterprises often encounter when cross-border mergers and acquisitions of game companies. The acquisition is accompanied by high-value gambling, and the acquired party cannot sustain profits in the industry competition, which ultimately drags down the financial reports of listed companies.
在 Aigaras explained in its response to the inquiry letter of the 2020 semi-annual report that since April 2019, the number of games that have been reviewed has decreased significantly, and the company’s acquisition of game publishing numbers has been affected to a certain extent. Due to the COVID-19 epidemic, the company has delayed the return of employees to work. The company's new games have not been launched as scheduled, and no new revenue growth points have been formed. Most of the game products in operation are in the middle and late stages of their life cycles, and revenue has gradually decreased. The above reasons caused the company's profit scale to drop significantly in the first half of 2020. However, compared with other companies in the same industry, the company's net profit changes in the first half of 2020 are still within a reasonable range.
Source: Daily Economic News is compiled from company announcements, Oriental Fortune, and APP (Mijing reporter Xu Lianlian)
(The above content is published by APP for the purpose of transmitting information and does not constitute any investment advice. Investors Operate accordingly at your own risk.)
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