Confusion of the University of information technology: questioned stock prices plunged profits but not market value
Times weekly reporter Wang Yuan from Shenzhen
In just a month, the first artificial intelligence flight has been hit by a stray bullet.
Firstly, an article criticizing HKUST News Fei's use of simultaneous interpreters to translate manuscripts as AI achievements became popular on the Internet, pushing HKUST News Fei into the question of "AI fraud". Subsequently, CCTV exposed the illegal occupation of Anhui Alligator National Nature Reserve, to build a training base for the development of real estate in the name of a "fierce material".
Faced with AI counterfeit door, HKUST News Fly responded that the author misunderstood the transcription function of "Hearing" as "simultaneous transmission of machines", and the company did not have any counterfeiting.
In the face of suspicions of "illegal occupation of the National Nature Reserve of Alligator Sinensis" and "real estate development with high-tech signboards", HKUST has publicly dispelled rumors that the base of Kwun Tong is a research and development center of IT industry and a non-real estate project. Before its arrival, the development zone was located in the Alligator State of Yangtze. The National Nature Reserve is not aware of this and has now ceased to operate, and will not use land for asset operations.
The rapid clarification of HKUST's air jet apparently failed to restore investors' confidence vote. On Oct. 16, HKUST News Flight was held down by 20,000 sales orders, closing at 20.3 yuan, with a market value of 42.5 billion yuan, more than 55 billion yuan evaporated from the peak of 97.6 billion yuan in November last year.
Public opinion disturbances may only be a cause, as the first stock of domestic artificial intelligence star company, HKUST Xunfei profitability has been criticized by the outside world for a long time. Why is the story of artificial intelligence in the University of science and technology falling into the awkward puzzle of "increasing profits instead of increasing profits"? Global Internet giants have entered the artificial intelligence industry, in the face of various encirclement and suppression, how to break through the encirclement of HKUST Flight? Is the winter coming, or is it about to usher in a turning point?
Executives rush to increase
With the succession of "counterfeit doors" and "landing doors", as well as the market capitalisation in the past year, once again aroused doubts about the business and prospects of ITU. HKUST flew to another trump card.
On October 16 and 17, HKUST Xunfei announced plans for chairman and President Liu Qingfeng, as well as plans for all senior executives to raise their own funds to increase their shares in advance. The total size of the proposed increase is not less than 25 million yuan, of which Liu Qingfeng's plan is not less than 12 million yuan.
According to the reporter's understanding, Liu Qingfeng currently holds 158 million shares, holding 7.53% of the company's second largest shareholder and actual controller. Since its listing, it has logged into a securities account only three times, and has never reduced its holdings of a penny of company stock.
According to the announcement, the list of top executives to increase their stakes mainly includes director, vice president Chen Tao, Wu Xiaoru, Hu Yu, Nie Xiaolin, Secretary of the board of directors and vice president Jiang Tao, vice president Du Lan and Duan Dawei, financial director Zhang Shaobing. Among them, Chen Tao, Wu Xiaoru and Hu Yu plan to increase their stakes by 2 million yuan each, Nie Xiaolin and Jiangtao plan to increase their stakes by 2 million yuan. The Zhang Shaobing plan increased by 1 million 500 thousand yuan, and the Duran plan increased by 1 million yuan, totaling 13 million yuan.
It is worth mentioning that only four days ago, on October 13, the HKUST News Fei announced that, in view of the current situation in the secondary market, directors Chen Tao, Wu Xiaoru, Hu Yu, supervisors Li Jun, Dong Xueyan, financial director Zhang Shaobing and other six people cancelled the pre-disclosed reduction plan in April this year, four of whom were directly changed by the reduction. In order to increase the holding.
According to the times weekly reporter, according to the understanding, in fact, the previous executive reduction plan is also a cause.
In April 2013, HKUST Xunfei offered shares in a private offering. Chen Tao, Wu Xiaoru and Hu Yu lent 30 million yuan to subscribe for the shares of HKUST Xunfei, with an annual interest rate of 7% and a five-year loan term. The above loans were completed on 30 March 2018, and each person needed to pay more than 40 million yuan of principal and interest. As the stock transaction tax rate is 17%, to meet the demand for repayment of loans, each person needs about 50 million yuan of corresponding funds. Therefore, we need to reduce the shares of HKUST.
A few days ago, the chairman of the board of directors, Mr. Liu Qingfeng, has never reduced his holdings of a company's stock in the past 10 years. None of the senior executives above the director has left his post, which is precisely based on the common industrial ideal and confidence in the future development of the company.
The question is, will all executives raise their own money or even borrow more money to save the bad years of HKUST? How did this old AI first star stock prove itself to be the beautiful white swan?
Profit bearing in the first half year
In the first half of the year, HKUST News Flight reported a revenue of 3.210 billion yuan, an increase of 52.68%, a net profit of 131 million yuan, an increase of 21.74%, and a net profit of 20.19 million yuan, a decrease of 74.39%.
Looking from the financial report, the high cost of R&D and sales has directly led to the pressure on the profits of HKUST Infineon in the first half of the year.
The financial report pointed out that in the first half of the year, HKUST continued to increase its investment in R&D, ecological system construction and the market layout of key racetracks such as education, politics and law, medical care, and smart cities. The number of employees increased by nearly 3,500 compared with the same period last year. The new staff brought about the increase in current salary and expenses. Therefore, in the first half of the year, the R&D expenditure increased by 229 million yuan, totaling 587 million yuan, an increase of 63.84% over the same period of the previous year; and the sales cost increased to 733 million yuan, an increase of 77.10% over the same period of the previous year.
In addition, the net cash flow in the first half of the year was negative 820 million yuan, and accounts receivable increased to 3.319 billion yuan, an increase of 30.05% over the beginning of the period.
At the same time, government subsidies increased substantially in the first half of the year, with non-recurrent gains and losses amounting to 110 million yuan, an increase of 288.52% over the same period last year.
A fund worker told the Times that the return on net assets is basically the same as the interest rate on time deposits, and that it is achieved through the existence of financial leverage through borrowing operations, and that a large proportion of non-operating profit and loss, which means insufficient hematopoietic capacity.
In fact, with the explosion of the concept of artificial intelligence, and the rapid growth of the University of Science and Technology, the questions surrounding the University of Science and Technology have never stopped. The outside world is questioning the profitability of HKUST.
As early as last year, Xue Yunkui, a lifelong professor at the Yangtze River School of Business, questioned that the HKUST Xunfei is a large company in the stock market, a small company in the financial statements, with rapid growth but low profit margin, unable to sustain a high market value of 890 billion yuan.
According to the HKUST Flying Financial Report, the total annual revenue has increased from 258 million yuan in 2008 to 5.4 billion yuan in 2017, while the net return profit has increased from 0.7 billion yuan to 430 million yuan last year. Net profit has increased 20-fold and only five-fold over the past 10 years. Net profit has grown much less rapidly than total revenue. At the same time, the annual growth rate of net profit also shows a slowing trend. Since 2008, the annual growth rate of net profit is 30%, 15%, 26%, 31%, 38%, 53%, 36%, 12%, 14% and - 10% respectively.
From the perspective of non-recurrent gains and losses, the government subsidies received by HKUST from 2012 to 2017 were 111 million yuan, 147 million yuan, 167 million yuan, 180 million yuan and 46.84 million yuan, accounting for 40.06%, 38.81%, 39.32%, 37.21% and 10.78% respectively. All along, the outside world has also been skeptical about the performance of HKUST's reliance on government subsidies.
In response, HKUST also announced recently that it had achieved revenue of 16.637 billion yuan in the 10 years since its listing, and recognized government subsidy income of 972 million yuan. After deducting tax rebates, government subsidy accounted for 3.89% of operating income, 1.42% in 2017 and 2.74% in the first half of 2018, respectively. There was no performance dependence on government subsidy. .
In the view of Yan Lei, an analyst of Ping An Securities, the future operational risks of HKUST Xunfei are mainly reflected in three aspects. Firstly, competition is intensifying. The core business of the company is artificial intelligence technology and application. This is also the current industry hot spot. BAT and other giants as well as many start-ups are increasing investment in this field. The key layout, the future market competition may affect the performance of the company.
Second, technological progress is less than expected. As a revolutionary frontier emerging technology, the level of artificial intelligence technology is still far from mature, if technical progress is not expected, the company's high R&D investment may be a loss; on the other hand, the slow pace of technology landing. Artificial intelligence technology to produce commercial value, still need to rely on appropriate application scenarios to land, such as low market acceptance or other factors that lead to slow progress, will also cause pressure on the company's operations.
An expert who once served as a dean of research institutes for hundreds of billions of domestic enterprises told TIME that the reason why HUST can become a generation of "monster stocks" is that investors value its potential market value. At this stage of the AI voice market, HKUST News Fly, Baidu, Spitz, Yunzhisheng four competitors, HKUST News Fly is the first. It is impossible to open Amazon, Google and other giants to come in, HKUST News Flight is very valuable investment, as the lack of Google's Chinese search market will be the hegemony of Baidu.
"Especially in the area of Chinese dialect recognition, this is a market where foreign enterprises are not allowed to intervene. Even if foreign enterprises study dialect, there is no application target. Therefore, HKUST's current voice is strong and competitive. At this stage, for example, "reputation is greater than profit" and other queries, in the view of the above experts, to a certain extent, this kind of frontier technology companies that do not currently have a reference to the only way.
Bonus window will open?
At present, the company adheres to the "platform + track" business development strategy. The platform is the core competencies related to artificial intelligence, whether it is speech synthesis, speech recognition, semantic understanding, face recognition and other related capabilities, to be shared by the whole society in an open platform; on the "track", it is the core competencies related to artificial intelligence. In the fields of education, justice, health care, smart city, smart services, smart cars and other industries, we will continue to work hard to create a profit source and a Taurus business base.
In fact, the 2B business of HKUST has always been the main player. In the first half of the year, its C-terminal business achieved revenue of 1.084 billion yuan, an increase of 129.69% over the same period of the year, accounting for 33.76% of revenue.
The 2C services of HKUST include telecom value-added services, mobile Internet products and services, open platform of HKUST, intelligent hardware, and home-oriented intelligent network in education. A number of business indicators also show that the 2C business of HKUST has expanded smoothly. The total number of users downloaded by the Input Method has exceeded 600 million, and the number of active users has exceeded 130 million. The 2.0 Translator has sold more than 100,000 units in two months, covering 145 countries. Other business data, the number of open platform developers reached 800,000, the average number of services reached 4.6 billion times a day, compared with the end of 2017 518,000 and 4 billion times were significantly increased; the number of successful contracts in education business increased 94% year-on-year; the number of intelligent education products covered more than 15,000 schools nationwide, more than 15 million in-depth users: the automotive industry In the middle market, there are nearly 2 million new loading trucks in the front loading market, with a total load of over 12 million units.
At present, artificial
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