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刚才我们讲到了这个创业板
We just talked about the GEM of China

它的演进规律
It's evolving rules

以及创业板的无形资产的质量和价值评价体系
As well as the quality and value of the GEM intangible assets evaluation system，

方法以及结果
the methods and results

那么现在我们需要聚焦去谈一谈这个创业板当中的互联网企业
Now we focus on the Internet enterprises on the GEM

因为我们整个的这一门课程都是跟互联网有关
Because this course is all about the Internet enterprises

我们可以看到在2017年
We can see in the year of 2017

整个中国的710家创业板公司当中
Among the 710 GEM enterprises

有18家互联网企业
There are 18 Internet enterprises

所以我们有必要对这一个板块的演进过程进行一点描述
It's worth describing a little bit about the evolution of this section

尤其重要的是互联网
Especially important is within the Internet industry

它是一个有很多细分行业的产业
there are many subdivisions

对这个产业做细分行业的分析也是必要的
It is necessary to make a detailed analysis of this industry

那么我们希望在这一堂课当中
So what do we hope in this lecture

对所谓的互联网当中的细分行业做一些讨论
Is to do some discussion about the so-called subsectors of the Internet

首先一点我们根据刚刚整理的这个2017年到2018年的5月18号
First of all, according to what we have just sorted out, from 2017 to May 18th, 2018

得到的这个中国创业板互联网公司的信息
the information about Chinese GEM Internet companies

做了一个所谓的收集
We collected some data

对这一个主要的经济指标
the major economic indicators,

我们在这个表格当中大体可以看到
We can see from this chart

我们可以看到他们的收入成本
We can see their revenue and costs

销售费用管理费用和财务费用
Sales expenses ，administrative expenses and financial expenses

与此同时呢我们对2017年这个互联网板块
In the meantime, let's take a look at the Internet sector in 2017

无形资产的结构和类型也做了一些分析
The structure and type of intangible assets are also analyzed

由于年报出现一些结构性的变化
There have been some structural changes as a result of the annual report

使我们在年报当中对非常规无形资产的统计和分析
The statistics and analysis of unconventional intangible assets in the annual report

遭遇了一些障碍
have encountered some obstacles.

所以呢在这一个分析当中
So in this analysis

我们只反映了专利、非专利技术
We could only reflect information about patents， non-patented technology（know-how）

和软件制作权的信息
and software copyrights

那么通过这两个信息来看
through these two pieces of information

我们可以看到的2017年相对于2016年而言
We can see that compared with the year of 2016

它的这个专利有了部分的提升
The patents in 2017 has been partially promoted

但是非专利技技术反而有下降
While the number of non-patented technology（know-how） has declined

这就是我们对整个创业板的一个基本的信息的描述
This is a basic profile to China’s GEM

关于这类信息的描述
A description of this kind of information

其实我们不得不看到
We actually have to see that

即便创业板的会计制度有了一些改进
Even if the accounting system of GEM has some improvements

即便国家通过28号令和32号文
Even if the state has passed # 28 and # 32 documents,

对无形资产的招股说明书和年度报告的披露有一些特别的要求
There are some special requirements for disclosure of intangible assets' on prospectuses and annual reports

但是现在这在创业板上市公司财务报告
Nevertheless， the information disclosed in the financial reports

和审计报告当中披露的信息来看
and audit reports of the listed companies on the GEM

我们是觉得这一个与决策高度相关的
were highly relevant to decision-making

尤其是与费用化投入高度相关的无形资产的信息不全面
Especially, the information of intangible assets is not comprehensive

不系统、甚至不真实
Not systematic, not even true

所以基于对2017年中国创业板互联网板块的
Therefore, based on the collection and collation of intangible asset information

无形资产信息的收集和整理
of China's GEM Internet section in 2017

我们觉得根据目前中国资本市场的一些迹象
We think based on some indications of China's capital market at the moment

或者是一些问题，我们认为强化对创业板公司
Or some problems from GEM, we think to strengthen the regulation on GEM companies

尤其是创业板的互联网板块
Especially the Internet board is essential

无形资产年度报告的披露规范的要求应该更系统
The disclosure requirements of the annual report of intangible assets should be more systematic

更科学更合理，甚至用强制披露的方式
It's more scientific, it's more rational, it even adopt compulsory disclosure system

在特定的时间也是可行的
It's possible to change at certain times

关于创业板的互联网板块大概有几个分类
There are probably a few categories about the Internet board

首先我们可以看一看这一个
Firstly we can look at this one

在这18家公司当中有六家
Six of those 18 companies

我们把它归纳为叫做互联网技术的板块
We call them the Internet companies of technology

那么这一个板块通常跟这个互联网在发展过程当中
This is a sector that is usually related to

这个技术的开发
The development of technology

技术的推广和技术的应用有关
The popularization of technology, and its application

从某种意义上来讲
In a sense

互联网技术是互联网产业发展的一个引擎
Internet technology is an engine for the development of Internet industry

这一类企业在18家企业当中占有了1/3的板块
Such firms account for one third of the 18 firms

这足以证明中国创业板的这样一个市场当中
This is enough to prove that China GEM in such a market

对高科技的企业依然有某种偏爱
There is still a preference for high-tech companies

从我们的数据可以看到
We can see from our data

在这个板块当中
In this plate

每一个公司它的年的R&D的投入达到了2.54亿
Each company has its annual R&D investment up to 254.million RMB

总的这一个年度报表披露的这个专利和著作权大概超过110项
The total number of patents and copyrights disclosed in this annual report is about 110

然后净利润有5.58个亿
The average net profit is up to $558 million RMB

就均值而言，
In terms of the mean value,

这三个指标在整个创业板互联网板块当中都在领先
these three indicators are leading in the entire GEM Internet sector

从某种意义上来讲，我们认为互联网技术企业
In a sense, we think of Internet technology companies

在创业板的公司当中 应该受到我们的高度关注
within the GEM companies, should be highly concerned

我也接触过这样一些企业，
I've been in touch with some of these companies,

也接触了这些企业创始人
and I've been in touch with the founders

我觉得这一类企业走到今天，它有了一些特征
I think this kind of companies have some features today

第一个特征就是年轻人创业
The first feature is that young people start up businesses

这一类互联网技术企业的所谓的CEO和技术核心的成员
This kind of Internet technology companies, their CEO and technology core members

通常都是技术专家
Usually are technical experts

第二点，这一类企业通常都有非常清醒的发展路线
Second, such companies usually have very conscious path guidelines.

我曾经跟一个在深圳的互联网技术企业的负责人做过交流
I have once communicated with the person in charge of an Internet technology company in Shenzhen

我觉得它的发展逻辑给我很大的启示
I think its development logic gives me great inspiration

他在这个发展的过程当中
In the process of company growth

在选择自己发展道路的过程当中，他非常的冷静
He is very sober-minded in the process of development

同时他非常的自信，他是做互联网安全技术的
At the same time he is very confident. He is doing Internet security technology

在它的这个演进的过程当中，他总结出了经验
In the course of its evolution, he summed up the experience

说我的发展道路其实是三步走，它第一步就是叫做to B
To say that my development path is actually three steps, the first step is called to Business

就是跟大客户开发这个互联网安全的技术产品
Which is to develop Internet security technology product with big customers

第二就是B to C就是通过大客户找到大客户的客户
The second is B to C, which is to find customers through the big customers

也就是大客户的产品在发展的过程当中
That is, when the products for big customers in the process of development

在推广的过程当中出现技术问题
Technical problems arise in the promotion process

帮他解决，他认为呢这是一个工具
He helped the customers solve the problems. He thought it was a tool

接着他就觉得他要去做什么
And he's discovered what's he going to do

他要去做C to C也就是说他认为未来在互联网领域每一个参与者
He's going to do C to C, which means that he regard every player in the future Internet era

都会是技术的开发者
will become a developer of the technology

也是技术的消费者，不论就开发而言
as well as a consumer of the technology, either for the technology development

还是消费而言，都需要它
or the technology consumption, we need it

所以从工具到平台，
Therefore, from tools to platforms,

从平台到生态创办企业的过程当中露出来的
from platforms to ecology, the process of starting a business emerges

我觉得这些互联网技术企业走到今天
I think these Internet technology companies who survive

其实跟他的创业者的能力
are highly related to the ability of their founders

创业者的悟性和创业者在发展过程当中的模式选择高度有关
The entrepreneur's understanding is highly related to the entrepreneur's pattern choice

这是第一个板块。第二个板块就是互联网的内容板块
This is the first plate. The second is the content section of the Internet industry

我们相信在前面有的老师已经谈到了这个互联网评估当中
We believe that some professor have talked about this Internet assessment

对互联网内容产业的评估
Assessment of the Internet content section

其中在这里面比较典型的内容企业就是乐视
In this case, one of the most typical content enterprises is Letv

那么我们可以看到
We can see that

这一类企业往往在这一个内容当中有巨大的投入
This kind of enterprise often has the huge investment in the developing of content

比方说我们可以看到乐视网
Let's say the example of Letv

乐视网在整个的创业板互联网企业的板块当中
in the entire Internet enterprise section of GEM in China

他的专利几乎占到了整个板块专利的90%
Letv contributed 90% of patents in this section

这足以证明这个企业承担高强度大规模的投资和技术的开发
This proves that the enterprise has invested heavily in the development of technology

投资过技术的收购
Investing in technology acquisitions

那么所有的这些收购其实是应该服务于企业的发展的
all of these acquisitions should serve the development of the enterprise

是其服务于企业未来的潜力的
It serves the future potential of the enterprise

所以从某种意义上来讲
So in a sense

这个互联网内容的企业其实是通过烧钱
This Internet content enterprises are actually burning money

通过这个前期的投入
Through this upfront investment

不断的去形成后期可以不断优化
It can be optimized after continuous formation

不断改进的内容的
Continuous improvement of content

但是非常遗憾的
But it's a pity

就是在这个板块当中
It's right within this section of internet companies

我们可以看到一个非常典型的一个案例
We can see a very typical case

就是乐视网
That is Letv

大家都很清楚
Everybody knows that

在过去两年 这个是被资本市场反复讨论的一个案例
This is a case that has been discussed repeatedly by capital markets over the past two years

走到今天，这家企业是明显的资不抵债了
Today, the company is clearly insolvent

那么对于乐视网，我觉得这里要稍微说几句
As it for Letv, I think we should say something

第一点，我们觉得这一个企业走到今天
First, we feel that this enterprise has come to this day

他曾经成为资本市场的宠儿，而走到目前
It was once a superstar on the capital markets, while so far

他在资本市场上是被人们普遍认为
It is broadly recognized as

是所谓的无序多元化导致的一个失败的案例
a failure caused by blind diversification on the capital markets

那么对于乐视网而言
For Letv

不管他今后的走向如何
No matter where it will go

我觉得是有一点是可以肯定的
I think one thing is for sure

就是一家遇到困难的企业，
It is a company that is facing difficulties,

一家濒临破产的企业
a company that is facing bankruptcy

一家资不抵债的企业
An insolvent company

一家需要重组的企业
A business that needs to be restructured

未必没有资产
May not necessarily have no assets

未必没有重新再来的机会
May not rebirth with any chance.

所以我们认为呢 以乐视网为代表的这类企业
Therefore, we think internet enterprises such as Letv

如果有一天他不得不面临清算的话
If one day it has to face liquidation

我们认为这一类企业前期投入形成的专利、内容、版权、资质
We believe that the patents，contents, copyrights, qualifications, formed by the previous input

将成为可以重新再来的条件和基础
Can become the conditions and foundations for rebirth

所以我们认为这个无形资产是一些典型的高科技企业
So we think this intangible assets are vital to some typical high-tech enterprises

是一些典型的网络性企业
to some typical network enterprises

这一些典型的对无形资产有重大依赖企业
These companies depend on intangible assets

重新再来的关键资源
As the key resources to regenerate

第三个板板块就是所谓的互联网平台板块
The third section is the so-called Internet platform section

这个互联网平台板块
This Internet platform section

我想简单的讲
I want to make it very simple

从我们看到的数据来看
From the data we've seen

这一类企业的研发费用投入比较少
This type of business spends less on R&D

然后呢在若干个板块当中
And then there are several sections

尤其是相当于互联网的技术板块而言
In particular, compared with the Internet technology sector

它的这一个利润相对比较低
This one is relatively low profits

那么总的来看
So in general

我认为这一类企业可能最值钱的资产就是它的数据
I think probably the most valuable asset of this kind of business is data

所以怎么样判断在互联网平台企业当中的数据的取得 数据的分析
So how to judge the data acquisition data analysis in Internet platform enterprises

数据的安全 以及数据的有效性和可用性
The security of the data and the validity and availability of the data

是我们判断这类企业未来价值和内在价值的关键
It is the key for us to judge the future value and intrinsic value of such enterprises

第四个板块是互联网的软件板块
The fourth section is the software of the Internet

有三家公司大概都跟软件开发有关
There are three companies that are involved in software development

至少在这个板块我们可以看出
At least on this section

R&D的费用每一家都接近2亿左右
R&D costs are close to 200 million RMB for each company

然后呢非常遗憾的就是 在这三家公司2017年的年报当中
Well, unfortunately, in the three companies' annual reports for 2017

我们在他的会计科目上可以找到他的R&D投入
We can find their R&D investment in the accounting subject

但是找不到他形成的R&D无形资产的类型和数量
But we can't find the type and amount of intangible assets formed by R&D

我们觉得这一类这互联网软件企业
We think of this kind of Internet software enterprises

在它的会计报告当中
In its accounting reports

费用化形成的这类无形资产
The formation of such intangible assets expense

它应该反映 应该评价
It should be reflected and evaluated

同时我们也可以看到
At the same time, we can also see that

这一类企业它的净资产均值达到1.47个亿
the average net worth of this type of enterprise is 147 million RMB

我们作为这个资本市场的参与者
We are participants in this capital market

或者是股票的投资者
Or investors in stocks

我们要问这1.47个亿是从哪里来的
We have to ask， where did this 147 million come from

它的这个driver是什么是什么
What's its driver

那我们就认为很可能是
Then we think it's likely that

这些企业的软件开发能力
the software development capability of these enterprises

是这个企业的软件开发团队
is the software development team of this enterprise

那它的能力的可测性 和团队的稳定性
So the predictability of its capabilities and the stability of the team

也是我们要求的
is also what we're asking for

所以对于这一类互联网企业而言
So for this kind of Internet business

我们认为它可能在未来的创业板当中会越来越多
We believe there may be more and more such internet companies in the future

因为这一个互联网的广泛的应用性
Because of this widespread use of the Internet

对软件的多元化
Diversity in software

对软件的这一个广泛性有大量的需求
There is a great demand for this extensiveness of vision

最后一点，这个板块也是大家高度关注的一个板块
And finally, the section is also one of the most concerned sections

就是互联网金融 目前在创业板上市
Is Internet finance. There is one such kind of internet company on the GEM

这一个竞争能力比较强的一家公司
It is a competitive company

就是东方财富。那么对这家公司
The EastMoney. So for this company

我们可以看到它的研发费用大概有1.8个亿
We can see that it costs about 180 million RMB on R&D

它的利润有6.34个亿，从单个企业的盈利水准而言
Its profit is 634 million RMB. In terms of individual company profitability

这家企业可以说是整个18家企业当中盈利最强的一家企业
The company ranks number one among the 18 internet companies listed on GEM

那么分析这家企业，当然我们可以看到它稳定的客户流量
with analysis of this company, we can see its stable customer flow

它这一个积累的大量的数据资产
It has accumulated a huge amount of data assets

是它的核心竞争能力
Which becomes its core competitiveness

但与此同时，我们也不得不看到
But at the same time, we have to see

东方财富走到今天
The EastMoney company has come to this day

与他在境内外收购证券公司
is highly related to its acquisition of securities companies in and out of mainland China

能够在互联网上
and related to its capability on the Internet

开展所谓的互联网证券投资的业务高度相关
To invest in Internet securities business

有资料显示
Data displays that

2016年 2017年 包括2018年的上半年
In the year of 2016, 2017, and the first half of 2018

东方财富之所以盈利
The reason that EastMoney could make profits

或者它盈利之所以能够增长
Or the reason why it can keep growing

都跟他获取的这一个证券与资质有关
are all related to its qualification to do securities business

所以在我们分析互联网金融这个行业的时候
So in our analysis of the Internet finance industry

一个非常重要的无形资产的对象，就是资质
There is a very important intangible asset, which is qualification

我在这里要反复强调，现行的会计制度
I'm here emphasizing that the current accounting system

既不界定资质的无形资产属性
Has not defined the qualifications as an intangible asset

也不评价资质的无形资产价值
Nor does it evaluate the value of intangible assets of qualifications

但是我们可以看到
But we can see that

对一些特定的对资质高度依赖的行业而言
For certain industries that are highly dependent on qualification

资质的价值是客观存在的
The value of qualifications is objective

比方说建筑行业
For example， the construction industry

比方说金融行业
the financial sector

那么在这些领域当中资质是基于过去的投资
in these areas，qualifications are based on past investments

基于过去的业绩
Based on past performance

基于政府的特许
Based on government franchises

基于对手有限而产生的价值
Based on the value from limited competitors

所以从某种意义上来讲
So in a sense

资质对于这一类行业而言
For this kind of industry，qualificaitons

它的无形资产的属性是可以被认知
The properties of its intangible assets are recognizable

可以被界定
It can be defined

可以被计量的
It can be measured

尽管资质或许不能单独的交易
Even may not be able to deal alone

但是资质对于一家企业
But the qualifications are vital for a business

它上市也好，它重组也好
Whether It goes public or it restructures

它的价值贡献是极其重要的
the value contribution is extremely important

所以通过对互联网金融板块的分析
So through the Internet financial sector analysis

我希望大家越来越多的去关注在创业板互联网领域
I hope that you will pay more and more attention to the GEM Internet sectors

当中的如许可类与能力类与荣誉类相关的资质的类型
The type of qualification associated with the license, ability, and honors

资质的变化和资质的贡献
Changes and contribution of qualifications

关于这类数据
In terms of this kind of data,

我们从2011年就开始了撰写了中国创业板无形资产的蓝皮书
We have been writing the blue book of intangible assets of GEM since 2011

所有这些信息在蓝皮书当中都有所谓的披露
All of this information is in the blue book

希望大家去阅读去使用
I hope you can read it and use it.