TV plus stunning best selling sales data little fracture risk-capital chain is accused of saving music, depending on the network-IT information

Sales breakthrough surprising little selling in the market. This contrast, as the network 2015 also clues revealed in the annual report.

Yangtze River business newspaper reporters found that TV plus net net profit attributable to the shareholders of listed companies last year reached 573 million Yuan, an increase of more than 57%. Investors dropped a pair of glasses is that net profit was able to increase the expense of a huge loss of minority interest income.

In addition, on May 27, a number of experts to the Changjiang daily reporters, through concepts such as ecology, called up investor interest, but with the "eco circle" continue to spread around, have an increasingly higher demand for capital, risk capital chain rupture-prone.

NET "red" behind the minority shareholders loss

See from the music, as the network annual report, 2015, as the network's operating income was 13.002 billion yuan, 90.89% compared with the previous year, attributable to the listed company's net profit of 573 million Yuan, an increase of 57.41%.

Net consolidated profit in the table, in 2015, as the network is only around 217 million yuan in net profit. Net profit is equal to the net profit attributable to shareholders of listed companies and minority interest income, it is easy to see, as the network minority interest income of about-356 million Yuan.

Yangtze River business reported reporter Combs found, in important of non-full funding subsidiary in the attributed to minority shareholders profit and loss losses of main has 5 home, which including Le depending on to new electronic technology (Tianjin) Limited (Xia said "to new"), and Le depending on network culture development (Beijing) limited, and Le depending on cloud computing, and Le depending on e-commerce (Beijing) limited and Le depending on sports culture industry development (Beijing) limited, belonging Yu minority shareholders of profit and loss respectively about for-302.8 million, and-510,000, and-40.11 million, and- 1.65 million and-10.84 million Yuan, minority ownership for their own 41.45%, 49%, 40%, and 40%.

Why minority interest income losses occur? On May 27, the investment adviser to the Changjiang daily reporter Xue Shengwen, a senior researcher, said: "interest behind this suspicion of conveying, appears as the network minority interest income loss, and huge loss of these minority shareholders the real pleasure in controlling per capita as the network behind Chairman Jia Yue Ting or are associated with music, as the network of the company. ”

The case of losses caused by the most serious new, new was founded in June 2012, the minority shareholder of 41.45%, respectively, depending on the holding (Beijing) Limited (about 21.67%), Beijing bei Mei Hong technology co (0.78%), Xin asset management (Tianjin) partnership (limited partnership, approximately 19%).

Report shows, in 2015, the new revenue is about 8.693 billion yuan, but was about-730 million yuan in net profit, 2014-386 million yuan in net profit.

Letv holdings (Beijing) Limited (hereinafter "holding company") the legal representative of the man-made Jia Yue Ting, Jia Yue Ting, Jia Yuefang shareholders by natural persons as well as corporate shareholder Hui Xin asset management (Tianjin) partnership and dawn asset management (Tianjin) composition of the partnership.

In response, treasury accounting qualification evaluation expert, Wang Fengjuan, a professor at Beijing technology and business University, said on the surface is the other minority shareholders ' loss, but in practice these minority shareholders control almost all the behind the scenes is Jia Yue Ting, by minority shareholders of subsidiaries of the giant loss to deliver huge profits to shareholders, make music, as the network's performance looks better, which can allow an increasing share price.

Pictures, excessive valuation or subsidiaries in blood transfusion

In the well-known business analyst, business angel investor Li Chengdong, music itself is selling hardware, but because it is not attractive enough, becomes through hardware to customer acquisition, and to promote membership fees are, although it is a hardware company, but tells the story of Internet companies.

As the network has released a notice, the company intends to issue shares and cash combined purchase company of Brothers music video pictures (Beijing) Limited (hereinafter referred to as "Le film") 100% equity. As the network of the cross-border mergers and acquisitions have raised concerns, excessive in a performance valuation with losses stirred up controversy in the community, while Zhang Yimou, Sun Li, Deng Chao, Huang Xiaoming and other surprise stake in movie and television celebrities are to ridicule.

On the eve of restructuring, depending on the net counterparty depending on the film and its shareholder equity change more frequently. On December 24, 2015, Le film controlling shareholder holdings soared from 214 million yuan of registered capital of 1 billion yuan, added registered capital of about 785.7143 million Yuan Jia Yue Ting in monetary form subscribed by shareholders, Jia Yue Ting's stake surged from 63% to 92.1%.

According to this plan, as it controlled the music as film stock trading on price forecasts up to 4,251,612,400 Yuan, Jia Yue Ting holding corresponding valuation is up to 3,915,735,000 yuan, but this increase access of pop music depending on the controlling stake of as much as 29.1%, valued at 1,237,219,200 trillion yuan.

And analysis people pointed out that, due to Le depending on pictures of holding shareholders for Le depending on holding, and Le depending on holding of holding shareholders for Jia Yue Pavilion, Jia Yue Pavilion and for Le depending on network of founder, and actual control people and big shareholders, and the merger of trading both for Le depending on network and Le depending on pictures, Jia Yue Pavilion through assault increased funding Le depending on holding actually achieved has indirect increased funding Le depending on pictures.

In other words, Jia Yue Ting December 2015 surprise capital increase depending on the holdings of the 785.7143 million, via the six or so estimated to reach 1,237,219,200 Yuan, floating profit 451.5049 million Yuan, an increase of 57.46%.

In addition, the stake transfer has failed to explain the reasons behind it, as the network restructuring plan is also suspected of hiding a major related rentals do not have a full disclosure. Song Qinghui Yangtze River business newspaper reporters, a well-known economist, said in an interview, increase suspected major shareholders of this assault assault shares, advanced layout target company, to shareholders "tunneling" suspected of capital increase or keep blemishes.

It is difficult to attract long-term users pay a membership fee

From video sites to televisions, mobile phones, cars and real estate, so a company that dabbled in many areas by attracting investors and partners?

Investment adviser Xue Shengwen told the Changjiang, a senior researcher said in an interview with the business daily, "attracted investors to inject is mainly based on the future prospects of good paint, adapt and conceptual. Depending on the investment involved in most of the areas are emerging, conceptual, even if its investment in some industries has come out of the bud, but still would use innovative concepts to attract investors. Letv mobile business smartphone market is essentially saturated stage in China, but through the ecological concepts, content and evoke the interest of investors. ”

"TV plus a involved in numerous areas of the company, its business model is mainly through mature businesses stimulate immature business, but not yet mature businesses to attract investment, constitutes an ecological chain between business, synergy. "Xue Shengwen, the benefits that business model innovation is strong, can have a greater attraction to investors, promoting brand image enhancement; larger advantage is that demand for funds, risk capital chain rupture-prone.

Song Qinghui, a well-known economist to the Changjiang daily reporter said: "involved in television, mobile phones, cars and real estate and other areas of the company, relied on by cheap customer acquisition, and then rely on the value-added service mode for something, for example not earned money from customers through mobile phone hardware, relying instead on depending on the user an annual membership fee. Letv is indeed a very good storyteller to attract investor capital into enterprise, but these were based on the stories the capital good, investors wish to use music as the ' story ' earn big bucks. ”

However, the Song Qinghui also pointed out that this business model benefits is the ability to attract a large number of users in a very short time, malpractice is "free hardware" or the company losses continue to expand. In addition, if the content is not featured, it is difficult to attract long-term users pay a membership fee.

For now, the profit is difficult. Well-known business analyst, business angel investor Li Chengdong admitted that video cost very high, including hardware sales are of the subsidies. Now do hardware selection of video content, there is no special advantage, each field in the input stage, relying on subsidies to support the hardware, may also be in a loss situation, only by constantly into new funds come in this story.

乐视销量数据惊人热卖少，资金链被指存断裂风险 - 乐视,乐视网 - IT资讯

销量数据突破惊人，可市场上能够热卖的产品甚少。这种反差，在乐视网2015年业绩报表中也有端倪显现。

长江商报记者查询发现，乐视网去年归于上市公司股东的净利润高达5.73亿元，同比增长超过57%。令投资者大跌眼镜的是，净利润之所以能够大幅增长，是以少数股东损益巨亏为代价。

此外，5月27日，多位专家向长江商报记者表示，乐视通过生态、内容等概念勾起了投资者的兴趣，但随着“生态圈”不断扩围，对资金的需求也越来越高，容易产生资金链断裂的风险。

净利“飘红”背后少数股东亏损

从乐视网年报中看到，2015年乐视网的营业收入为130.02亿元，同比上年增长90.89%，归于上市公司的净利润为5.73亿元，同比增长57.41%。

在乐视网合并利润表中，2015年乐视网净利润只有2.17亿元左右。由于净利润等于归属于上市公司股东的净利润加上少数股东损益，不难看出，乐视网少数股东损益约为-3.56亿元。

长江商报记者梳理发现，在重要的非全资子公司中归于少数股东损益亏损的主要有5家，其中包括乐视致新电子科技（天津）有限公司（下称“致新”）、乐视网文化发展（北京）有限公司、乐视云计算、乐视电子商务（北京）有限公司和乐视体育文化产业发展（北京）有限公司，归属于少数股东的损益分别约为-3.028亿、-51万、-4011万、-165万和-1084万元，少数股东持股比例各自为41.45%、49%、40%、70%和40%。

为何少数股东损益会出现巨亏？5月27日，中投顾问高级研究员薛胜文向长江商报记者表示：“这背后存在利益输送的嫌疑，乐视网少数股东损益出现巨亏，而这些巨亏的少数股东实际背后控制人均为乐视网董事长贾跃亭或者是与乐视网有关联的公司。”

以亏损最为严重的致新为例，致新成立于2012年6月，其少数股东持股比例为41.45%，分别为乐视控股（北京）有限公司（约为21.67%）、北京贝眉鸿科技有限公司（0.78%）、鑫乐资产管理（天津）合伙企业（有限合伙，约为19%）。

报表显示，2015年，致新营业收入约为86.93亿元，但净利润却约为-7.3亿元，2014年净利润为-3.86亿元。

而乐视控股（北京）有限公司（下称“乐视控股”）的法定代表人为贾跃亭，股东由自然人贾跃亭、贾跃芳以及法人股东汇鑫资产管理（天津）合伙企业和晨曦资产管理（天津）合伙企业组成。

对此，财政部会计资格评价中心专家、北京工商大学商学院教授王峰娟表示，表面上看是其他少数股东亏损，但实际上这些少数股东的幕后控制人几乎都是贾跃亭，通过子公司少数股东的巨损向大股东输送巨额利益，使乐视网的业绩看上去更好看，从而可以使股价不断上涨。

影业估值畸高或子公司在输血

在知名电商分析人、电商天使投资人李成东看来，乐视本身是卖硬件的，却因为吸引力不够，就变成了通过硬件去获取用户，然后通过内容去促进会员费用变现，虽然是一个硬件公司，却在讲述着互联网公司的故事。

乐视网日前发布公告，公司拟以发行股份及支付现金相结合方式购买同门兄弟乐视影业（北京）有限公司（简称“乐视影业”）100%股权。乐视网此次跨界并购引起了关注，在业绩巨亏的情况下估值畸高引起了社会各界的争议，而张艺谋、孙俪、邓超、黄晓明等影视名人突击入股更是饱受诟病。

就在重组前夜，乐视网交易对手乐视影业及其法人股东的股权变更较为频繁。2015年12月24日，乐视影业控股股东乐视控股注册资本从2.14亿元猛增至10亿元，新增注册资本约78571.43万元由股东贾跃亭以货币形式认缴，贾跃亭持股比例从原来的63%激增至92.1%。

根据此次交易预案，乐视控股所持乐视影业股份交易对价预估值高达425161.24万元，而贾跃亭持股对应估值也高达391573.50万元，但此次通过突击增资获得乐视控股股份的比例多达29.1%，对应估值高达123721.92万元。

而分析人士指出，由于乐视影业的控股股东为乐视控股，而乐视控股的控股股东为贾跃亭，贾跃亭又为乐视网的创始人、实际控制人和大股东，且此次并购的交易双方为乐视网和乐视影业，贾跃亭通过突击增资乐视控股实际上实现了间接增资乐视影业。

也就是说，贾跃亭2015年12月突击增资乐视控股的78571.43万元，通过短短半年左右时间实现的预估值达到了123721.92万元，浮盈45150.49万元，增幅高达57.46%。

此外，针对部分股权转让未能说明原因，其背后隐藏的乐视网重组预案还涉嫌隐匿一起重大关联租赁也未能全面披露。著名经济学家宋清辉在接受长江商报记者采访时表示，这一突击增资行为涉嫌大股东突击入股、提前布局标的公司，存在向大股东“利益输送”的嫌疑，增资行为或存瑕疵。

难以吸引用户长期缴纳会员费

从视频网站到电视、手机、汽车以及房地产，乐视这样一家涉足多领域的公司靠什么吸引投资者和合作伙伴？

中投顾问高级研究员薛胜文在接受长江商报记者采访时表示，“乐视吸引投资者注入主要是通过对未来前景的良好描绘，善于运用概念。乐视所投资涉足的领域大多是新兴的、概念性的产业，即使其投资的有些产业已经走出了萌芽期，但是乐视仍会用一些创新性的概念吸引投资者。如乐视的手机业务，智能手机在中国市场已经基本处于饱和阶段，但是乐视通过生态、内容等概念又勾起了投资者的兴趣。”

“乐视这样一家涉足多领域的公司，其盈利模式主要是通过已成熟的业务拉动尚未成熟的业务，同时通过尚未成熟的业务吸引投资，整体业务之间又构成一个生态链，产生协同效应。”在薛胜文看来，这种商业模式的利处在于创新性较强，能够对投资者产生较大吸引力，促进品牌形象的提升；弊端在于对资金的需求量较大，容易产生资金链断裂的风险。

著名经济学家宋清辉向长江商报记者分析称：“涉足电视、手机、汽车以及房地产等多领域的乐视公司，依靠的是通过低价获取用户，然后依靠增值服务模式来盈利，例如乐视不通过手机硬件来赚客户的钱，而是依赖乐视用户每年缴纳的会员费。乐视的确是一个非常善于讲故事以吸引投资者资本注入的企业，但是这些都基于乐视能够把这个资本故事讲好，投资者也希望借乐视的‘故事’赚得盆满钵满。”

不过，宋清辉也指出，这样的商业模式有利之处在于能够在极短时间内吸引到大量的用户，弊端则在于“硬件免费”或会使公司亏损继续扩大。此外，如果内容上没有特色，很难吸引用户长期缴纳会员费用。

目前来看，乐视的盈利还是很难。知名电商分析人、电商天使投资人李成东坦言，视频类的付出成本非常高，包括硬件投入等都属于补贴销售。目前来看做视频的选择做内容做硬件，其实并没有特别大的优势，每个领域都处于投入阶段，靠补贴来支撑硬件，也有可能出现亏损情况，只能通过不断融入新的资金进来维持这个故事。