In 2001-- Bank on China's software industry (Author: Kunming Neptune) in 2001 will likely become a historical milestone in the development of China's software industry! More and more signs are now showing that Jinshan Company, including the "Hills, ancestors", including the market's low-cost strategy, did not bring expectations and market prosperity of China software companies. Because various software vendors use a comprehensive "forced" use of low-cost market strategies, the software industry will fully enter the large integration and adjustment period. In 2001, software companies only hoped that the capital operation of the two board markets, many economists have begun to discuss how to use capital's means to make software companies. Anxious software entrepreneurs have been placed on the table, "mechanism", "management", "financing", etc., which hinders the accelerated development of China's software industry. I. Development of the China Software Industry Currently, the industry's popular view is that in 1998, domestic software companies have general profit, in 1999, although the profits of the industry have declined, the market share brought about by price war is expanded. The total sales volume is still slightly won. In the past 2000, the domestic software industry not only sells landslides, but the profits are rapidly decline. Most of more than 5,000 software companies may be in a loss or even loss. According to the IDC and the news of the securities market, the overall domestic software market sales in 1999 is RMB 17.6 billion, of which the application is 1.1 billion yuan. In the first half of 2000, domestic software sales was 9.1 billion yuan, of which the application software in which domestic software manufacturers' advantages were only 5.55 billion yuan, and the growth rate was significantly slowed. If the 2000 software industry can maintain the market size of 1999 is very rare, such as Jinshan Company, in the beginning of the year, to make the software sales to 100 million yuan, but the industry is estimated, in fact, if it can exceed 5,000 Wan, it is already good. There are many reasons for large-scale landslides in China's software industry market. The production cost is too high, the market share is reduced, and the sales decline is the main reason. For example, Jinshan's research and development team has more than 150 people. If the average annual payment of 4,000 yuan (actually the sales of programmers is generally around RMB 6000-10000 yuan), the investment in optical developers has been more than 6 million. . If there is a 7 million market investment and production management costs, this number will be a heavy burden of the company - although Jinshan's foreign publicity gross profit is likely to exceed 20 million. The situation of several other public consumer universal software vendors is also the same as the small difference, and the sales of Jin Hongne, the production education software may reach 60 million yuan. ZHANDANIN this year's turnover is about 30 million yuan, and the cost of all aspects In 1500,000 yuan, software sales can achieve a net profit of millions of yuan. Haojie's business is less than 10 million, 60 people, the cost is relatively low, and it is estimated that it can achieve about 2 million yuan. The king code that has been a moment, recently, has passed the news that has been carrying high debt. It is like producing anti-virus software because the market competition is too fierce, promotes the cost of high-capacity, and benefits large-scale landslides. We can imagine that if the industry will enter the next round of market competition on this so-called "profit" basis, how will China's software industry will? There have been many discussions on piracy issues, but the pirated market has always been a red fire. "Super Sacred" and "WPS" and "The Words" author have seen the 7th, eight versions, and the "programmers" 2000 "pirated" programmers "is better-selling than the genuine. Everyone can imagine the power of this occupied market share! Today, even the software suppliers in the upstream software is not very pressure. He Enpei, the president of ZHAMYTT, believes: "Volkswagen consumer software is mainly sold by channel dealers and is less direct.
Now the software industry has caused sales channels due to piracy, causing the price of the product to be lower and lower, the profit margin obtained is getting smaller, and the distribution agent purchase discount is usually six or five fold below, I can't buy it. 100% return, this unwritten line of rules, the market pressure, channel pressure, and user pressures of the software industry in software research and development, production enterprises. Li Run, president of the federal software company, believes that this year's many software companies are mainly Not in the dealer. "First, the piracy software on the market accounts for 95%, and the genuine software only accounts for only 5%, which greatly affects the product flow of formal channels; secondly, the product price of the producer is too low, leaving the dealer's profit space Too small; the third is the reduction in the investment fund of the software company, and the development-oriented Internet; the fourth software development is lacking, the research and development cost is too high. "Today, the company's headache is still not allowed. It comes to the international internet and the new day. Com has become the urgent front of the traditional software industry. With the continuous improvement of the network environment and the continuous improvement of network speeds, Now downloading software on the web or even the image file is already the things of Siki, and the large number of personal websites existing in the network is looking for a registration document. Comparison, the impact of "network piracy" comes It is also slightly slight. It is a fatal blow to the software industry: more and more talent, there is no investment in .com and .NET, the loss of talent is serious to many software bosses have to consider their own "according to the ground" And "Self-staying" can be survived! For survival! China's software industry is facing a situation in the wind, the listing is not the last life of the China Software industry July 2000, "Encourage Software The promulgation of a number of policies in the development of industrial and integrated circuit industry, issued a clear signal, encourage risk investment on the software industry, to open the "green light" in the country, and the exit mechanism of the risk investment in software industry The first time I seriously established it, and the exit channel also has a guarantee of the law. "A stone hit a thousand waves. "Reflections are very fast, the software industry suddenly lively. Jin Hongne's chairman of the chairman of the company is very representative, and he uses simple words for the" new game "rules in the software industry to summarize; First, venture capital can be set in the stock on the stock, there is no so-called ban, which is much more attractive to investors than the injection of NASDAQ; second, software company intangible assets It can be approved by the investor, breaking through the limitations of the original intangible assets that cannot exceed 25%; third, for the software company's listing qualification, only the software association can be recognized, do not need to obtain double certification. And the securities market compare After analyzing the Hong Kong GEM, the Mainland Motherboard and the Second Board Market, it has been cautious in the following conclusions; Can't circulate. GEM is still launched, when is launched, and there is no conclusion, and there are too many applications. Can I catch up with the first, the second batch is a problem. As for the domestic motherboard market, software companies buy the shell listing, there are many cases. However, because the main board approval limit is strict, it can achieve standard software companies. 2. There are not many listed companies on the motherboard to be mainly engaged in software, based on system integrators, and more software Science and Technology Parks Relevant, the market image has always been very good, is an important part of high-tech sectors. After the two boards, it is estimated that the performance of the software company P / E ratio (stock price is the same as the motherboard, and the company's share capital, the income situation Related to the expected development expectation.
Although there is no profit requirement, it is said that the tangible assets have reached 8 million yuan, and the share capital is 20 million yuan, and it is not possible to achieve this standard software company. A well-known general software merchant like Jinshan, or has the first batch. 3. The software industry generally has a relatively high yield of 50 times, and Jinshan estimates will be 80 times - 100 times. If Jinshan has 30 million shares, Jinshan can at least raise $ 300 million to 500 million yuan, and its future stock price may be between 50 yuan to 70 yuan. ZHAMY MING Tai will be 80 times, as long as there is 15 million profits, the total value can reach more than 1 billion yuan. In fact, in the motherboard market, the P / E ratio of software companies has been repeatedly stirred by more than 200 times. Even as a channel dealer, Lianbang has also clarified the plan to go to Hong Kong next year. Li Ru Xiong believes: "From the circulation, Hong Kong two can be better than domestic two boards. Domestic sectors are both the motherboard or two panels, are closed, not in line with international practices. And the Hong Kong securities market is strict, operation There is less in the middle of the factors. The other strength of the two boards in Hong Kong is a small market value than the domestic small. It is often raised the stock market value. It is not conducive to circulation, but the market value of the future will be so late, it is estimated that the last domestic stock market value Only one-half of the present is only one or less. In addition, the number of domestic listing is 'tight resources', and it is relatively easy to list in Hong Kong. "According to Reliable News: A number of private software companies are listed in the middle of the drums. . UF, Golden Die's two financial software vendors passed the approval of domestic motherboards and Hong Kong GEM, Jinshan, ZHAIN MING Tai, Jin Hongne, Haojie, Rising, Xintian interaction, etc., and securities contracted contacts, looking forward to this year The two board market in the year. "Listed! Listed !!!", "As long as you can, you are a good thing. After all, there is not easy." China's software industry finally issued a shout of the same sound. In addition, it is worth mentioning that in addition to listed, new policies have also provided more financing channels for software companies. The government's financial allocation, credit, guarantee, venture capital in the private overseas, and the entry from Industrial Qualification from Lenovo, ZHA, Haier, and Hisings will provide an important driving force for the development of the software industry. Third, the future development direction of China's software industry With computer, especially personal (home) computers, the Internet is rapidly developed in the way acceleration, and the prospect of the Chinese software industry is very bright. News from the China Software Industry Association; in 2005, my country's software output value planned from $ 2.2 billion in 1999 to $ 14 billion, will form a large number of large-scale enterprises, 50 software famous brands, exports more than $ 1 billion. Many people inside the software industry persistently believe that in the next five years, China's overall development speed can be 25% --- more than 30%, and its capital market is worth a long term. The representative of this view is He Enpei, the general manager of Zhamingtai, he believes that special channel dealers will still have dominant positions in a short period of time. However, after three or five years of the last, there will be a big sales in the ordinary consumer market when the software market is ripe. The software industry will selectively conduct resource integration in product, technical services, etc., and large manufacturers will become the mainstream of the package market. Software companies have already applied for international certification this year, and national software will also enter the international market. Diversification of product means that the product structure is single in the product structure is prone to the threat of elimination. According to the full PC's full-PC, domestic software industry should have hundreds of millions of dollars in market space. The average gross profit in the software industry should be more than 50%. This market cake is really large, but it is eligible for sharing. The wide application of the product is the knocking brick that many software companies enter the capital market. Those venture capitalists are also looking for software companies with explosive growth as their funding exports.
