Behind the loss caused by the impairment of Zhang Qu's science and technology goodwill: the differentiation of the game industry is accelerating, and the R&D value is returning.

65438+1On the evening of October 26th, Zhang Qu Science and Technology (3003 15) released the 20021annual performance forecast. It is estimated that the net profit loss attributable to shareholders of listed companies is between 10 billion yuan and140,000 yuan, compared with the company's profit of 3170,000 yuan in the same period last year. Deducting non-net profit loss was 970 million yuan-654.38+0.4 billion yuan, compared with 806.5438+0.259 billion yuan in the same period of last year.

Judging from the reasons for the losses, the performance of some invested companies has fallen sharply, and there have been many unfavorable situations, such as the test data of key research game products is far below expectations, the return on investment in new product exploration is slow, and the time to market of products is delayed. In the calculation of this performance forecast, it is estimated that the relevant goodwill impairment reserve of the invested company is 65.438+0.2 billion yuan-65.438+0.45 billion yuan.

It is worth noting that Palm Technology will streamline the types of game products and integrate the game business resources within the group in the future, which is in line with the status quo and market changes of these invested companies.

The differentiation of the game industry has accelerated.

In 202 1 year, the differentiation of China's game industry accelerated. On the one hand, the scale of game users tends to be saturated. Although the overall market revenue keeps growing, the growth rate is reduced by nearly 15% compared with the previous year due to the weakening of the stimulus effect of residential economy, the reduction of explosions and the increase of game development and operation costs. On the other hand, the tightening of regulatory policies, the intensification of industry involution and the bottleneck of external traffic introduction are further squeezing the living space of non-head enterprises. According to the research of gamma data, the sales investment of listed game companies generally shows a significant growth trend, even exceeding their own revenue growth rate, thus raising the unit price of users in the game industry and reducing the profit rate of enterprises.

Under the competitive pattern of shrinking resources and space, "high quality" has become the biggest reliance for game companies to cope with the cyclical winter. Many vertical categories of high-quality products began to emerge. The reason behind the dismantling, on the one hand, benefits from outstanding comparative advantages in graphics, art, gameplay or music, on the other hand, is the long-term accumulation and iteration of R&D strength of game manufacturers under the general trend of industrial transformation.

From the perspective of Palm Technology, the performance of 202 1 was greatly affected by the impairment of goodwill, but the core R&D strength was not damaged. The explosive products represented by "National Miracle 2" are still launched, which has become the phased achievement of Zhangqu Technology to promote its own technological upgrading and improve the industrialized R&D system. At the same time, with the help of the professional and perfect tool chain of cutting-edge engine, Palm Technology has continuously optimized the R&D assembly line, improved the production process and reconstructed the project management mechanism, and established a relatively mature R&D system for industrial games, laying the foundation for more efficient R&D and iteration of subsequent products.

At the same time, Palm Technology is also actively cutting into high-potential tracks such as SLG and Second Hospital, with a view to expanding product boundaries and boosting capacity transformation. According to public information, Palm Technology has reserved a number of self-developed products such as SLG "Code O" and card "Code T", and further enriched the product line through agency and customized development.

In this performance forecast, Palm Technology said that in order to cope with market changes, in terms of internal management, the company will adjust its organizational structure, integrate teams and optimize business costs; In terms of game business, the company will streamline product types, focus on breaking through SLG game products under research, vigorously expand overseas markets and increase overseas market share.

Pay attention to strategic environmental capacity building

In recent years, under the dual effects of overall competitiveness improvement and stock market fighting, going out to sea has become an important ability for game companies to maintain their own growth curve.

China Game Industry Report 202 1 shows that in 20021year, the actual income of China's self-developed game overseas market was1801300 million US dollars, up 16.59% year-on-year. Although the growth rate is lower than the same period in 2020, the growth rate of 6% is still relatively high relative to the overall domestic market.

Looking around, the overseas business development of Palm Technology is highly coincident with the general trend of China's games going out to sea, especially the company's self-developed product "One Punch Superman: The Strongest". In 2020, the overseas operating income of Palm Technology accounted for 56.2% of the total revenue, and this proportion also reached 47.3% in the first half of 2002/kloc-0.

According to the analysis of "Analysis Report on the Trend and Potential of China Game Industry in 2022" released by Gamma Data, in the past two years, the proportion of overseas market revenue of Palm Technology Games has always remained above 45%, and the experience of overseas market research and transportation has been relatively mature and stable; At the same time, the main products of Palm Technology have a high degree of overlap with the main domestic products, and high-quality games can achieve good returns in multiple markets, while R&D resources are concentrated in a few products, which is easy to produce high-quality products and realize the benign interaction between quality and income. Therefore, judging from the process of the company's existing star products going out to sea and sufficient new product reserves, there is still a lot of room for expansion of Palm Technology's overseas business.