2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. < p > < p > on August 18, Tianzhou culture released its semi annual report. In the first half of this year, the company realized 378 million yuan of operating revenue, a year-on-year decrease of 28.96%, and a net profit of 42.056 million yuan, a year-on-year decrease of 42.08%. < p > < p > overall, Tianzhou culture has indeed completed the transformation from books to mobile games through M & A. In the first half of this year, the total revenue of mobile publishing and other books was RMB 208 million, accounting for RMB 192 million of the total revenue of the mobile publishing company. However, the game business development of Tianzhou culture is not smooth. On the one hand, the over reliance on a single game has not changed. According to the semiannual report, the company operates 82 game products, but nearly 40% of its revenue comes from one game. < / P > < p > on the other hand, it is increasingly obvious that game products are out of date. People familiar with Tianzhou culture know that the game a should be the company’s agent issued mobile game “Qingyun Zhi”, but its profitability has declined significantly. In the first half of last year, the recharge flow of Qingyun Zhi was 636 million yuan, with the highest monthly flow of 130 million yuan. However, in the first half of this year, the recharge flow of the game was only 227 million yuan, and the highest monthly flow was only 53 million yuan. < / P > < p > and even in the first half of this year, the data on all aspects of the game are deteriorating. Among them, only ARPU value has increased, and the number of users, active users and paid users has decreased significantly. < p > < p > Tianzhou culture also pointed out that due to the impact of Xinguan epidemic, the R & D and promotion of new game business were hindered, and the launch time of products was delayed. At the same time, the income of some old games decreased by different degrees compared with the same period of last year. < / P > < p > in fact, since the transformation of Tianzhou culture, Tianzhou culture has purchased a number of mobile game companies. In 2013, the company acquired all equity of magic times with RMB 1.254 billion; in 2015, it acquired all equity of Youai network with RMB 1.62 billion; in 2018, it acquired 72% equity of Hainan qiyutianxia and 26% equity of Guangzhou 49you with 591 million yuan. < / P > < p > among them, the magic era of high premium acquisition and Youai network have “changed face” after the commitment period. The former promises that the net profit from 2014 to 2016 will not be less than 120 million, 150 million and 166 million, the difference in 2016 is 4.24 million yuan, and the net profit in 2017 is 78.5279 million yuan. The latest data show that in the first half of this year, its net profit was only 5.165 million yuan. < / P > < p > the latter promises that the net profit from 2016 to 2018 will not be less than 120 million, 150 million and 187.5 million, and fulfill the performance commitment. But in the first half of this year, its net profit was 46 million yuan. < / P > < p > the two objects alone were Tianzhou culture, which increased the goodwill of 1.124 billion yuan and 1.422 billion yuan respectively, which led to the subsequent performance explosion of listed companies. In 2018, the company made an impairment provision of 1.036 billion yuan for goodwill generated in the magic era of M & A, and a loss of 1.09 billion yuan in the current year; in 2019, the company made a provision of 152 million yuan for the goodwill formed by the merger and acquisition of Youai network, and the net profit of that year was only 31.28 million yuan. However, the high goodwill brought by M & A is still the sword of Damocles hanging on the top of Tianzhou culture. According to the semi annual report, as of June 30, 2020, the goodwill value formed in the process of merger and acquisition of the company still reached 1.539 billion yuan. < p > < p > when Tianzhou culture began to transform, mobile game was a hot field in the capital market. Stimulated by the merger and acquisition event, the company’s share price once soared. In 2013, the company’s stock price rose by 237.45% in 25 trading days after the resumption of trading; in 2015, the company’s stock price rose by 61% in 7 trading days in 14 trading days. However, at the same time, many shareholders of Tianzhou culture started to reduce their holdings. According to media reports, since 2014, Tianhong investment, the company’s controlling shareholder, has reduced its shareholding ratio from 65.17% just listed to 19.57% due to dilution and reduction. < p > < p > among them, in 2014, Tianhong investment reduced its holdings by about 279 million yuan; in 2017, it reduced its block trading holdings by about 819 million yuan, and then reduced its holdings again by about 189 million yuan. At present, Tianhong investment holds 165 million shares of Tianzhou culture, and 162 million shares are pledged, with a pledge ratio of over 98%. < p > < p > Li Guihua, the former chairman of the magic times, was once the second shareholder of Tianzhou culture, holding 16.74% of the shares. Since 2016, the shares have been greatly reduced. According to the relevant announcement of reduction, in 2016, Li Guihua reduced 9.47% of the shares, cashed in about 886 million yuan, and withdrew from the top 10 shareholders in the third quarter of 2017. < p > < p > on August 7, this year, Tianzhou culture announced that Xiao Leyin, acting in concert with the controlling shareholder Tianhong investment, intends to reduce its holding of no more than 36.4 million shares, accounting for 4.34% of the company’s total share capital, due to the repayment of personal loans and personal financial arrangements. At the same time, Yu Yuhan, assistant to the chairman and Secretary of the board of directors, intends to reduce his holding of no more than 90000 shares due to his personal financial arrangement.