Zebra consumption Ren Jianxin

Lianzhong’s gambling and chess business unit has been under pressure due to the decline in “policy risk” performance and the “green” industry.

In the chess and game industry's control and severe winter, Zen Travel Technology went against the trend in Hong Kong.IPOIt can be described as "biasing the tiger mountain line."

Too much reliance on a single product landlord, gross margin is much lower than the same industry, high receivables, etc., all cast a shadow over the road to the listing of Zen Travel Technology. However, the company's most eye-catching should be the transformation of the business model: the placement of advertising in the game, can this work?

Chess game industry "quick frozen"

2018Years are destined to be a difficult year for the game industry. Among them, the more difficult is the chess game.

Since the end of last year, a number of gambling chess and game companies have been investigated and dealt with this year.4Moon chess game leader Lianzhong (6899.HKDue to the use of online games to open casinos, many managers were arrested and the industry was full of enthusiasm.

The main manufacturer of Chinese chess and card games, Lianzhong and Boya Interactive (0434.HK), the performance has long been worse than "the year."

Boya Interactive2017Annual operating income7.36100 million yuan, net profit2.43Billion yuan2014-2015The peak performance of the year has seen a sharp decline;2018In the first half of the year, operating income2.84100 million yuan, down year on year30.96%.

Boya Interactive said that the decline in performance was mainly due to “policy risks”.

Lianzhong has been "scarred":2017Year, company income6.17100 million yuan, down year on year29.2%Net profit93.3Ten thousand yuan, down year on year99.5%;2018Operating income continued to decline in the first half of the year9.5%to1.59100 million yuan, the amount of losses is as high as4.04100 million yuan.

Of course, the most exaggerated stillAshare.

Because chess and card games are subject to control, etc.Chen Xin Technology(002447.SZThe third quarter of this year's operating income is only283Ten thousand yuan, down year on year96.64%Net profit-2334Ten thousand yuan, down year-on-year173%.

Even the most "green" Tencent chess and cards that are ranked first and outside the industry, there is inevitably a decline in performance.

Gross profit margin is much lower than the same industry

In other words, Zen Travel Technology also has a strong Tencent (Tencent Holdings)0700.HK)gene.

Zeng Liqing, one of the founders of Tencent, is one of the earliest founders of Zen Travel Technology.2010In the year, Shenzhen Zen Game Technology Co., Ltd. was established. Zeng Liqing was one of the two shareholders.78.948Ten thousand shares26.316%.

2012In the year, Zenyou Technology carried out the first equity transfer, and had two natural person shareholders to transfer the shares to six legal person shareholders such as Tianzen Technology.

Recently, the ownership structure of Zenyou Technology has penetrated through layers, the largest shareholder, chairman,CEOYe Sheng holding shares40%Second largest shareholder, vice chairman,CTOYang Ming holds sharestwenty three%Ye and Yang are the same people.

Ye Sheng and Yang Ming were in Tencent before joining Zen Travel Technology.QQThe game department holds management positions.

Zeng Liqing once held shares99%Dechangqing Technology is still the third largest shareholder of Zen Travel Technology. Once2017At the beginning of the year, it was not the actual controller and legal representative of Dechangqing Technology, but still served as the general manager of the company.

Zenyou Technology is a company with absolute card game as its main business. If you look at the name of the company's products, you will know: running fast, smashing the land, fighting landlords, upgrading, drying your eyes, double buckles, tricks, Sichuan mahjong, Wuhan Mahjong, Guangdong Mahjong, Changsha Mahjong...

Zen Travel Technology2017year-2017The annual operating income is1.30100 million yuan,3.38100 million yuan,4.60100 million yuan, the net profit is2502.2Ten thousand yuan,4041.1Ten thousand yuan,6639.6Ten thousand yuan.

In the first half of this year, the company's operating income2.68100 million yuan, year on year19.57%Net profit5076.1Yuan, year-on-year growth43.52%.

In the relevant report issued by Frost & Sullivan, Zen Travel Technology is the top five market participants in Chinese chess and card games, ranking fourth in the Chinese chess and card market based on the average monthly user number.

Although Zen Travel Technology has40A variety of games, but the company's performance is increasingly dependent on the fist product landlord.2015year-2018In the first half of the year, the ratio of the landlord’s income to the company’s operating income was79.9%,84.4%,93.1%,88.0%.

Previously, the business model of Zen Travel Technology was similar to that of other game companies: free to play, sell props. From2018year5Since the beginning of the month, the company has launched a business model for in-game advertising. In the second half of the year, the company hired another7Home advertising company, ready to expand in-game advertising business.

However, embedding ads in games inevitably hurts the user experience, and I don't know how the company balances the relationship between commercialization and user experience.

In addition, compared with the same industry, the company's gross profit margin is not outstanding. In the first half of this year, the gross profit margin of Zen Travel Technology was37.84%During the same period, Lianzhong maintained50%Above, Boya Interactive is at60%the above.

Moreover, Zen Travel Technology's high accounts receivable are rare in the game industry.

2018In the first half of the year, the company’s accounts receivable were5836.8Ten thousand yuan, the ratio of operating income is21.78%. This may be related to the company's excessive dependence on channels: in the early years, relying on telecom operators, now, relying on Huawei,OPPO,VivoAnd other mobile phone manufacturers.