With the end of the disclosure of listed companies’ annual reports, what is the color of the 2020 report card delivered by the blockchain concept stocks?
The Securities Daily reporter combed through 264 listed companies’ annual reports in the “blockchain concept” section of the Oriental Fortune Choice financial terminal and found that only 110 companies have really landed and conducted exploration and research, while more than half of the remaining companies are still stuck in the “pure concept” stage. “stage. These 264 companies are divided into three echelons, of which, more than 50 listed companies, such as Farlight Software and Jihong, constitute the first echelon of blockchain layout, which is already in the application landing stage; more than 60 other listed companies constitute the second echelon, which is in the exploration and research stage, and the leader of which is only one step away from the application landing; the rest of the companies have not mentioned “blockchain” in their annual reports. “related situation.
From the perspective of practice, the blockchain projects landed by listed companies in 2020 present two new highlights: on the one hand, the taxation field has become a new high ground for blockchain that listed companies are scrambling to lay out; on the other hand, in addition to laying out traditional fields such as finance and government, some listed companies have started to explore emerging blockchain businesses such as arithmetic and distributed storage.
Two companies disclosed blockchain revenue
The proportion of total revenue is still low
Since the blockchain rose as a national strategic technology at the end of 2019, 2020 is regarded as a year of blockchain’s rapid development, and even called “the first year of blockchain industry landing” by the industry.
“In 2020, the development of blockchain industry will enter the rising period, and the blockchain-related business volume of listed companies will grow significantly, and the operating income will also take off.” The head of the blockchain innovation team of the Fifth Institute of Electronics of the Ministry of Industry and Information Technology, senior engineer Xiang Lipeng, analyzed to the Securities Daily reporter, but the business growth is far less than the market’s optimistic expectations, resulting in few listed companies disclosing the related business income despite the landing of projects.
Of the 264 blockchain concept stocks, only two disclosed blockchain business in the 2020 annual report, respectively, are Yuanguang Software and Jihong shares.
The listed company’s 2020 annual report shows that Farlight Software’s blockchain business achieved operating income of 20.81 million yuan, up 4.62% year-on-year; Jihong’s blockchain business achieved operating income of 31.43 million yuan, while there was no income in 2019. Thus, it can be seen that the development momentum of the blockchain business of Jihong shares, which started later than Yuanlight Software, is instead more adequate. After checking the official website of Jihong, this reporter found that “blockchain empowerment” has been listed as one of the three major business sectors of the group, mainly focusing on “Internet + blockchain”, “one thing one code + blockchain ” “supply chain + blockchain” three directions.
In the cooperation with Firecoin China in 2019, Jihong formally ventured into blockchain business and wholly established a blockchain subsidiary, Ji Chain Technology. in October 2019, Jihong signed a strategic cooperation agreement with Firecoin China to cooperate on blockchain commodity traceability, empowered precision marketing and points circulation.
In contrast, Farlight Software began to layout blockchain as early as 2015 and has made many achievements in the fields of blockchain patents, technology platforms and landing scenarios. 2020 annual report shows that as of December 2020, Farlight Software has applied for nearly 100 blockchain invention patents in total, including 20 new applications for patents in the same year. The blockchain enterprise application service platform V3.0 released by Farlight Software has been deployed and applied in several provincial companies of State Grid, and has undertaken the work related to the “new digital infrastructure” of State Grid.
In an interview with Securities Daily, Huang Zhaozhi, General Manager of Blockchain Application Department of Farlight Software, said, “Last year, the company achieved certain application results in blockchain privacy protection, data sharing within enterprises, electronic invoicing, blockchain traceability, payment reconciliation and financial technology, and used blockchain technology to participate in supporting such exploratory projects as Beijing Green Power Traceability in the Winter Olympics and Macao University of Science and Technology. The company has also used blockchain technology to support the construction of exploratory projects such as the Beijing Green Power Traceability in the Winter Olympic Games and the electronic degree of Macau University of Science and Technology. In the future, the company plans to double-track forward in power industry segmentation and public depository services in the Bay Area to promote blockchain technology to better serve society, solve difficulties in data governance and help the State Grid reach its dual carbon goals.”
Although the blockchain business of the above 2 listed companies has generated certain revenue, the contribution to the overall revenue of the company is still low. The annual report shows that the blockchain business revenue of Yuanguang Software accounts for only 1.23% of the total revenue, while Jihong’s is even lower at 0.71%.
52 companies disclosed the results of landing
The tax field has become a new high ground for layout
The Securities Daily reporter found that among 264 blockchain concept stocks, 52 listed companies, such as Shandiwei, Zhongwei, Yuanguang Software and Annie, specifically mentioned the landing results of blockchain application in their 2020 annual reports, accounting for 19.7%, and the ratio was less than 10% as of the first half of last year. More than 60 companies such as Gale Software and Digital Vision have explored and researched blockchain technology, seeking commercialization paths to empower their main business; the remaining majority of companies did not disclose blockchain-related content in their annual reports.
“There is a lack of success of domestic blockchain concept stocks, but there has been a greater improvement than in 2019.” Saglippen said that most of the relevant listed companies avoided or passed over the blockchain business in 2019, but nearly 20% of the blockchain concept stocks disclosed specific blockchain landing application information in their 2020 annual reports, and 2 listed companies disclosed the revenue realized from blockchain business.
Compared with previous years, one of the highlights of the blockchain layout of listed companies in 2020 is that they have seized the high ground of tax scenarios.
In 2020, from the central government to the local government, policies related to favorable blockchain have blossomed everywhere, and many local governments have guided the landing of a large number of blockchain governmental application projects with real money. From the perspective of application scenarios, the blockchain application scenarios landed by listed companies mainly focus on government affairs, supply chain finance, copyright, medical and other fields. The government affairs field has become the main blockchain landing direction, and more than 15 listed companies have relevant achievements. Among them, 7 listed companies, such as Jin Cai Internet and Shenzhou Information, are actively laying out in the field of taxation.
The reporter also noted that the layout of “blockchain + taxation” of listed companies presents two major features: first, the construction of blockchain platform for taxation is gradually increasing; second, blockchain electronic invoice, as the first pilot of the application field of “blockchain + taxation”, has made certain achievements. The second is that blockchain electronic invoice, as the first pilot of “blockchain + taxation” application, has achieved certain results.
In the construction of blockchain platform for taxation, Jin Cai Internet provides online taxation escrow service product “New Business Compliance Treasure” based on blockchain technology, which integrates online services such as business registration, bank account opening, taxation registration, invoicing, bookkeeping and tax reporting. Ping An Bank cooperated with local taxation bureaus to build an industrial taxation alliance chain, which effectively reduces the cost of taxation and trade financing risks for enterprises. Shenzhou Information completed the construction of the first cloud-based application system in the taxation industry, “Tax Bank Silver”, and realized the application of blockchain technology in taxation scenarios in Shenzhen, Liaoning, Jilin and Tianjin.
“The application of blockchain in the field of taxation will be an important infrastructure for the future economy and society.” Chen Xiaohua, director of the Financial Technology Research Institute of the National University Science and Technology Park of Beijing University of Posts and Telecommunications and chief blockchain economic expert, told the Securities Daily that blockchain can automate the tax calculation and remittance process, thus reducing tax collection and management costs and improving the visibility of transaction data. The risk of information miscommunication or data tampering can be significantly reduced as all the participants in the transaction and the tax authorities will have access to real-time data.
In the field of blockchain electronic invoices, Tianyu Information has completed the development of the blockchain foundation platform Tianyu Blue Chain Platform and realized the application of blockchain electronic invoices and blockchain electronic certificates based on this platform. Based on the development of blockchain electronic invoices, Donggang also continues to expand blockchain non-tax electronic bills and blockchain electronic certificates, combining traditional products with emerging technologies and using information technology to enhance service functions. The Cloud Ticket Assistant 2.0 being developed by Cyclone Information upgrades blockchain electronic invoices on the basis of the previous traditional electronic invoice solutions to realize the functions of invoice chaining, invoice collection, invoice tracing and invoice verification.
In this regard, Chen Xiaohua believes that blockchain technology can effectively circumvent fake invoices, improve the invoice supervision process and make fee-related information more secure, which can help taxation authorities achieve borderless or cross-border monitoring and realize efficient governance of taxation business. Blockchain invoices are growing vigorously in China, reflecting the positive development trend of national fiscal system innovation and intelligent government reform, according to which the efficiency of China’s government governance is expected to be further improved in the future.
Algorithm power and distributed storage
Become a new direction of exploration
In addition to the landed applications in mature fields such as finance and government, some listed companies are also actively laying out emerging fields, such as arithmetic power and distributed storage.
The president of Shenzhen Information Service Industry Blockchain Association, Zheng Orientation, told “Securities Daily” that blockchain is the underlying logic of the future digital era, and its distributed, decentralized and self-organized characteristics have been tested for many years in many scenarios and have gained great success. As blockchain practice continues to deepen, people’s cognition of blockchain is becoming more and more comprehensive and acceptable, and the empowering scenarios of blockchain will gradually be enriched and emerging scenarios will continue to emerge.
The Securities Daily reporter found from the annual report that Zhongjia Botron is actively laying out the arithmetic export business. The information in the annual report shows that CJBC was involved in the construction and maintenance of blockchain professional server rooms in 2018. As a service provider with rich construction and maintenance experience in the field of communication network, the company’s wholly-owned subsidiary, Changshi Communication, is actively laying out the application field of blockchain equipment. On this basis, CCBC started to lay out the arithmetic export business in 2020 and will continue to increase its investment in 2021.
CCBC believes that if all domestic computing power is exported, it can contribute a large amount of foreign exchange to the country. If the “abandoned power” in Sichuan and “nest power” in Xinjiang are exported in the form of computing services, the foreign exchange earned will effectively boost the domestic infrastructure capacity, which is very much in line with the current policy guidance related to new infrastructure and the industrial development policies of Sichuan and Xinjiang. development policies in Sichuan and Xinjiang.
In terms of distributed storage, CSCS said in its annual report that it will continue to enhance its core competitiveness in the field of distributed file, block and object storage. The company released the ChainStor series of products for the blockchain market and has become the preferred storage provider for TOP5 customers of IPFS public chain application projects.
“Distributed storage is one of the blockchain technology systems, combined with various technologies such as asymmetric encryption algorithms, consensus mechanisms, peer-to-peer transmission, etc., integrated into the blockchain.” According to Zheng Orientation, centralized storage services are expensive and have low security. Distributed storage is to break up data into small pieces of data and store them separately in different servers, such as the current IPFS distributed storage. The data in the distributed storage server is not a whole, it is all a fragment of data, which can better protect the data security. Decentralization is the core feature of blockchain, and distributed storage is the development direction in the field of storage.
However, from the overall development, whether in the traditional field or in the emerging field, the effect of the current layout of the listed companies on blockchain has not yet been reflected, and it is difficult to have a substantial impact on the performance of listed companies in the short term. The relevant person in charge of OUKE Cloud Chain Research Institute analyzed to the Securities Daily reporter that, on the one hand, the current blockchain technology is not yet mature. For example, many listed companies have laid out applications in blockchain traceability, but it is difficult to guarantee the accuracy of information because the physical chain technology is still immature; furthermore, the current transaction processing capacity of blockchain is not high, and it cannot realize clearing and settlement in some high-frequency transaction scenarios yet. On the other hand, the market demand for many application scenarios is small. Except for a few fields such as electronic invoice, ABS, supply chain finance, etc., which have strong demand for blockchain technology, many application scenarios have not yet found demand for blockchain technology application. Listed companies want to really develop blockchain business, they need to make strategic planning and long-term investment in layout.
Chen Xiaohua believes that as various industries continue to explore the application mode of “blockchain+”, blockchain industry will accelerate the landing and blockchain projects will be enriched, enabling the deep integration of digital economy and real economy and effectively solving many pain points of traditional industries.
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