中國.com公司在美國IPO業(yè)績-V1.0

中國.com公司在美國IPO業(yè)績2概述中國.com公司財務(wù)信息互聯(lián)網(wǎng)由免費廣告走向用戶付費增值附件

成功在美國上市的中國公司9090家紐交所中國上市公司nyse3家紐交所中國.com公司成功在美國上市的中國公司148148家納斯達克中國上市公司nasdaq19家納斯達克中國.com公司

19家納斯達克中國.com公司

中國.com公司美國IPO時間

522家中國.com公司先后在美國上市200020042005200720082009338413

在美國IPO的中國.com公司領(lǐng)域細(xì)分

6門戶網(wǎng)站

在美國IPO的中國.com公司領(lǐng)域細(xì)分

7游戲

在美國IPO的中國.com公司領(lǐng)域細(xì)分

8電子商務(wù)(網(wǎng)絡(luò)交易）

在美國IPO的中國.com公司領(lǐng)域細(xì)分

9搜索娛樂房產(chǎn)信息無線增值

在美國IPO的中國.com公司概況

公司名稱股票代碼員工（人）市值/美元公司名稱股票代碼員工（人）市值/美元百度BIDU7,353304.71億易居中國EJ7,15212.83億攜程網(wǎng)CTRP10,000115.84億前程無憂JOBS3,8047.27億網(wǎng)易NTES4,56351.39億藝龍LONG1,7653.24億新浪SINA2,50027.49億空中網(wǎng)KONG1,0022.15億盛大SNDA5,72126.77億中華網(wǎng)CHINA3172.09億盛大游戲GAME2,25420.54億Tom在線TOMO6001.80億搜狐SOHU3,99719.12億正保教育DL8011.78億巨人GA1,57515.35億金融網(wǎng)JRJC1,6031.75億暢游CYOU1,24815.14億九城NCTY1,0101.38億中國房產(chǎn)信息集團CRIC---14.08億華友世紀(jì)HRAY4448814.19萬完美時空PWRD2,89613.15億靈通網(wǎng)LTON2707573.62萬根據(jù)2010年08月09日收盤數(shù)據(jù)

在美國IPO的中國.com公司市值規(guī)模

11按2010年08月09日收盤價$659.5088億按1美元=人民幣6.7685元換算￥4443.5798億12概述中國.com公司財務(wù)信息互聯(lián)網(wǎng)由免費廣告走向用戶付費增值附件13概念理解凈利潤（NetIncome）14NetIncome價值正數(shù)公式負(fù)數(shù)凈利潤＝（總收入-總成本）×（1－所得稅率）企業(yè)經(jīng)營效益的主要指標(biāo)說明出現(xiàn)虧損表示盈利主營業(yè)務(wù)收入（Revenue）15賣稻子收入（Revenue）賣稻桿（其他業(yè)務(wù)收入）挖到金幣（營業(yè)外收入）Revenue反映企業(yè)規(guī)模大?。ㄈ藛T、資金、其它）主營業(yè)務(wù)凈利潤率凈利潤/主營業(yè)務(wù)收入×100%體現(xiàn)盈利能力的高低種田經(jīng)營活動現(xiàn)金流16經(jīng)營活動現(xiàn)金流CashfromOperatingActivities籌資活動現(xiàn)金流CashfromFinancingActivities投資活動現(xiàn)金流CashfromInvestingActivities經(jīng)營活動現(xiàn)金流量越大，表明主營業(yè)務(wù)突出、營銷表現(xiàn)卓越、銷售回款好、創(chuàng)現(xiàn)能力強，但并不是越大越好；經(jīng)營活動現(xiàn)金流量凈額以收付實現(xiàn)制為基礎(chǔ)，凈利潤以權(quán)責(zé)發(fā)生制為基礎(chǔ)；正數(shù)正負(fù)之間負(fù)數(shù)快速成長的公司處于創(chuàng)業(yè)期的公司負(fù)數(shù)正數(shù)示例17張三李四王五5千出售1千出售Revenue：5千NetIncome：5-2=3千CashfromOperatingActivities：5-2-1=2千替張三進行財務(wù)核算小偉2千出售18不同領(lǐng)域.com公司對比19近四年三大門戶網(wǎng)站Revenue情況對比近四年三大門戶網(wǎng)站NetIncome情況對比公司近四年主營業(yè)務(wù)凈利潤率平均比例近四年研發(fā)投入占主營收入（Revenue）平均比例發(fā)行價(USD)股價52周最高(USD)股價52周最低(USD)新浪44.5%9%1747.9528.91搜狐25.8%12%1372.2940.05網(wǎng)易53.5%7%15.5048.5026.16近四年，在三大門戶網(wǎng)站中，網(wǎng)易的盈利能力最強；三大門戶網(wǎng)站對比20近四年Revenue對比近四年NetIncome對比公司近四年主營業(yè)務(wù)凈利潤平均比例近四年研發(fā)投入占主營收入（Revenue）平均比例發(fā)行價(USD)股價52周最高(USD)股價52周最低(USD)盛大游戲--12.5013.004.99九城1%6%179.583.70巨人68%5%15.508.256.24完美時空30%14%1650.4920.75暢游30%15%1642.8224.85近四年，巨人的盈利能力最強，其股價一定程度被市場所低估；網(wǎng)游公司對比21近四年Revenue對比近四年NetIncome對比公司近四年主營業(yè)務(wù)凈利潤率平均比例近四年研發(fā)投入占主營收入（Revenue）平均比例發(fā)行價(USD)股價52周最高(USD)股價52周最低(USD)e龍網(wǎng)-6%16%13.516.976.79攜程網(wǎng)32%15%1847.0123.36前程無憂13%-1423.3612.02正保教育20%-78.253.0407、08年，e龍網(wǎng)處于虧損狀態(tài)，在09年開始回升；在電子商務(wù)領(lǐng)域中，攜程網(wǎng)綜合財務(wù)實力最強；電子商務(wù)領(lǐng)域?qū)Ρ?2無線增值領(lǐng)域?qū)Ρ冉哪闞evenue對比近四年NestIncome對比公司近四年主營業(yè)務(wù)凈利潤率平均比例近四年研發(fā)投入占主營收入（Revenue）平均比例發(fā)行價(USD)股價52周最高(USD)股價52周最低(USD)空中網(wǎng)4%15%1016.165.22華友世紀(jì)（已更名酷六網(wǎng)）-37%2%10.257.162.22靈通網(wǎng)-138%143.211.20連續(xù)三年虧損后，華友世紀(jì)已經(jīng)被盛大注資收編，并將酷六網(wǎng)資產(chǎn)置入；受行業(yè)整體環(huán)境影響，無線增值領(lǐng)域公司盈利水平相對較低；23盛大、百度24（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue5,240.803,569.072,467.261,654.461,592.401,832.903,214.901,237.201,349.60NetIncome1,592.561,228.671,265.18529.21229.60369.30862.30426.90361.00主營業(yè)務(wù)凈利潤率30%34%51%32%14%20%27%35%27%R&D417.28274.65163.55167.79131.80128.70189.7090.1098.90研發(fā)投入占營收比重8%8%7%10%8%7%6%7%7%CashfromOperatingActivities2,496.801,737.701,159.97780.07-----盛大盛大2526（InMillionsofCNY）20092008200720062010Q22010Q12009Q42009Q32009Q2Revenue4,445.313,194.461,741.02828.481,914.391,293.911,260.891,278.701,097.47NetIncome1,485.101,048.11628.97301.77837.36480.54427.86492.86383.26主營業(yè)務(wù)凈利潤率33%33%36%36%44%37%34%39%35%R&D422.62286.26140.7079.23159.27122.13124.40116.6995.85研發(fā)投入占營收比重10%9%8%10%8%9%10%9%9%CashfromOperatingActivities2,279.431,746.20935.15440.81-----百度百度2728概述中國.com公司財務(wù)信息互聯(lián)網(wǎng)由免費廣告走向用戶付費增值附件29傳統(tǒng)以廣告為主的門戶網(wǎng)站非廣告收入持續(xù)增加新浪營收結(jié)構(gòu)30營收結(jié)構(gòu)(inmillionsofUSD)

2009年2008年2007年2006年廣告收入202.2258.5168.9120.1非廣告收入126111.177.2092.80網(wǎng)易營收結(jié)構(gòu)31營收結(jié)構(gòu)(inmillionsofCNY)

2009年2008年2007年2006年廣告收入384406305286非廣告收入34,1625,9420,0519,31搜狐營收結(jié)構(gòu)32營收結(jié)構(gòu)（InMillionsofUSD）2009年2008年2007年2006年廣告收入177.1175.9119.291.80非廣告收入338.1253.169.7042.50騰訊營收結(jié)構(gòu)33營收結(jié)構(gòu)（億元）2010上半年2009年2008年2007年2006年互聯(lián)網(wǎng)增值服務(wù)69.6995.30749.15025.13718.253移動及電信增值服務(wù)12.92419.05613.9908.0767.001網(wǎng)絡(luò)廣告業(yè)務(wù)6.0199.6228.2604.9302.667注：騰訊在香港上市，列入僅做參考34互聯(lián)網(wǎng)用戶付費業(yè)務(wù)由網(wǎng)絡(luò)游戲開始網(wǎng)游廠商2009年營收結(jié)構(gòu)35

MMORPG業(yè)務(wù)高級休閑游戲業(yè)務(wù)

網(wǎng)絡(luò)游戲運營其他產(chǎn)品和服務(wù)

在線游戲營收

海外授權(quán)營收

在線游戲營收海外授權(quán)營收1.165億2.676億100萬780萬2.754億3140萬RevenueRevenueRevenueRevenue6.56億4550萬（InMillionsofUSD）36概述中國.com公司財務(wù)信息互聯(lián)網(wǎng)由免費廣告走向用戶付費增值附件37門戶網(wǎng)站38（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue358.57369.59246.13212.8585.0098.1994.6688.6473.77NetIncome411.8980.6454.1239.9224.35372.1116.7013.349.75主營業(yè)務(wù)凈利潤率115%22%22%19%29%379%8%15%13%R&D33.7830.3721.9419.577.6810.617.857.847.48研發(fā)投入占營收比重9%8%9%9%9%11%8%9%10%CashfromOperatingActivities98.09114.0089.0663.10-----資產(chǎn)處置獲利新浪39新浪40（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue3,756.953,084.582,213.292,164.361,164.491,249.91868.03863.09775.92NetIncome1,850.441,596.691,264.091,217.58452.26571.76393.83468.12416.72主營業(yè)務(wù)凈利潤率49%52%57%56%39%46%45%54%54%R&D230.44207.02180.74153.1667.0063.0562.7853.8150.79研發(fā)投入占營收比重6%6%8%7%6%5%7%6%7%CashfromOperatingActivities2,094.492,017.801,379.901,596.11676.53712.36269.97544.37567.79網(wǎng)易網(wǎng)易4142（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue515.24429.05188.93134.24146.10129.45135.83136.59127.08NetIncome147.83158.6434.9325.8933.4530.1932.3537.3533.53主營業(yè)務(wù)凈利潤率29%37%18%19%23%23%24%27%26%R&D56.9449.7125.4417.6516.8815.5214.4614.5314.64研發(fā)投入占營收比重11%12%13%13%12%12%10%11%11%CashfromOperatingActivities235.02218.3625.44153.16-----搜狐搜狐4344（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue53.6156.2425.907.1315.2414.9914.5812.2811.76NetIncome-6.2219.02-4.13-0.600.14-2.66-1.03-2.40-0.13主營業(yè)務(wù)凈利潤率-12%34%-16%-8%0.9%-18%-7%-20%-1%R&D10.755.632.270.742.952.902.873.031.95研發(fā)投入占營收比重20%10%9%10%19%19%20%25%17%CashfromOperatingActivities16.2327.8528.435.89-2.257.322.577.09

-0.75金融界金融界4546（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue320.12409.07388.11271.3777.8482.9776.6581.6578.84NetIncome11.86-114.20-105.0310.84-3.56-1.455.583.257.65主營業(yè)務(wù)凈利潤率4%-28%-27%4%-5%-2%7%4%10%R&D18.0225.9122.7419.846.695.314.004.184.53研發(fā)投入占營收比重6%6%6%7%9%6%5%5%6%CashfromOperatingActivities30.8525.609.2839.33-1.905.4212.1211.162.15中華網(wǎng)中華網(wǎng)4748（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue164.03204.59232.81156.1042.0857.9534.3841.0830.62NetIncome-37.37-33.4910.6612.78-4.68-3.37-13.88-7.12-13.00主營業(yè)務(wù)凈利潤率-23%-16%5%8%-11%-6%-40%-17%-42%R&D27.6442.5634.3021.407.547.557.227.025.85研發(fā)投入占營收比重17%21%15%14%18%13%21%17%19%CashfromOperatingActivities-0.96-35.71-10.063.90-11.078.350.19-7.88-1.62TOMTOM4950房地產(chǎn)信息51（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue298.54154.49121.0256.0071.44117.0986.1663.4832.81NetIncome100.2839.5841.7318.1110.6138.9534.9119.357.07主營業(yè)務(wù)凈利潤率34%26%34%32%15%33%41%30%22%CashfromOperatingActivities129.1077.97-81.27-2.59-----易居易居5253網(wǎng)游公司九城54（InMillionsofCNY）2009200820072006Revenue760.521,711.491,279.61985.83NetIncome-405.1596.83240.89312.48主營業(yè)務(wù)凈利潤率-53%6%19%32%R&D114.4473.8241.4330.78研發(fā)投入占營收比重15%4%3%3%CashfromOperatingActivities-106.09692.63616.60598.9155九城56（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue1,293.021,589.681,521.40408.50304.24276.01290.19364.07373.43NetIncome859.311,113.591,136.35244.62185.25197.79197.74231.90231.89主營業(yè)務(wù)凈利潤率66%70%75%60%61%72%68%64%62%R&D113.3588.5426.9214.8033.7327.5424.5429.0032.28研發(fā)投入占營收比重9%6%2%4%11%10%8%8%9%CashfromOperatingActivities751.761,109.701,481.79474.85-----巨人巨人5758（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue2,144.361,437.18689.1299.41625.04607.90589.99521.33425.14NetIncome1,037.20646.46361.95-27.94305.16270.85288.32262.59215.45主營業(yè)務(wù)凈利潤率48%45%53%-28%49%45%49%50%51%R&D270.36227.8454.1718.8977.8176.9171.5064.9856.96研發(fā)投入占營收比重13%16%8%19%12%13%12%12%13%CashfromOperatingActivities1,279.53971.82536.9366.95332.97376.63326.33326.65249.92完美時空完美時空5960（InMillionsofUSD）20092008200720062010Q22010Q12009Q42009Q32009Q2Revenue267.58201.8442.108.5377.7272.0770.7068.6866.60NetIncome144.68107.995.300.0142.0939.7138.8637.7934.53主營業(yè)務(wù)凈利潤率54%54%13%0.1%54%55%55%55%52%R&D27.3523.866.741.967.756.936.896.797.51研發(fā)投入占營收比重10%12%16%23%10%10%10%10%11%CashfromOperatingActivities187.80133.9235.511.65-----暢游暢游6162（InMillionsofCNY）200920082007Revenue4,787.153,346.712,296.47NetIncome1,452.97935.48591.90主營業(yè)務(wù)凈利潤率30%28%26%R&D339.75238.79136.35研發(fā)投入占營收比重7%7%6%CashfromOperatingActivities2,010.511,144.49672.66盛大游戲盛大游戲6364電子商務(wù)65（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue355.56331.95303.85255.9698.60100.4893.8881.0477.82NetIncome19.90-76.59-25.591.045.930.967.489.462.00主營業(yè)務(wù)凈利潤率6%-23%-8%0.4%6%0.9%8.0%12%2.5%R&D58.1252.5848.6041.9218.1616.6815.2213.2013.03研發(fā)投入占營收比重16%16%16%16%18%17%16%16%17%CashfromOperatingActivities69.01-14.0742.3576.55-----e龍網(wǎng)e龍網(wǎng)6667（InMillionsofCNY）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue1,988.011,482.011,199.11779.95586.72565.71545.43476.29400.58NetIncome658.97444.11398.32240.56190.44190.21188.52158.86121.39主營業(yè)務(wù)凈利潤率33%30%33%31%32%34%35%33%30%R&D308.45235.80177.30105.94100.7288.0880.7676.2963.32研發(fā)投入占營收比重15%16%15%14%17%16%15%16%16%CashfromOperatingActivities1,027.59590.88485.58347.89攜程網(wǎng)攜程網(wǎng)6869（InMillionsofCNY）20092008200720062010Q22010Q12009Q42009Q32009Q2Revenue773.95815.48799.28659.84248.60240.51213.94208.01183.20NetIncome112.5176.60103.5899.3454.3350.4446.3835.9120.77主營業(yè)務(wù)凈利潤率15%9%13%15%22%24%22%17%11%CashfromOperatingActivities214.46119.87193.31185.23-----前程無憂前程無憂70正保教育71（InMillionsofUSD）20092008200720062010Q12009Q42009Q32009Q22009Q1Revenue24.9915.5211.125.546.344.337.876.496.00NetIncome1.194.005.450.050.20-1.331.310.090.26主營業(yè)務(wù)凈利潤率5%26%49%0.9%3%-31%17%1%4%CashfromOperatingActivities1.619.066.961.35-----

正保教育

7273無線增值空中網(wǎng)74（In