浙江东日 Zhejiang east,

　　业绩预减“阻击”炒作 Performance the minus“scope”hype

　　浑水继续“死磕”新东方 Muddy continue to“Ke death”New Oriental

　　不管最终的真相如何，但这种对局显然有一方“缺位”，因此，即使是浑水做对了，也无公平而言

Whatever the final truth，But this match up there is clearly a party“absence”，so，Even in the muddy water，No fair is concerned

　　7月24日，新东方以12.77美元的价格开盘，跌5.58%。新一轮下跌来自浑水公司的再次威胁：“我们将发布更多关于新东方超过21家加盟店的报告。”

July 24，New Oriental to $12.77 price of open quotation，Down 5.58%。A new round of falling from the muddy water company again threat：“We will publish more about new Oriental more than 21 shops to report。”

　　浑水研究创始人布洛克7月24日在接受媒体采访时表示，浑水对于新东方教育科技集团(EDU)的质疑还未结束，董事长俞敏洪近日在媒体上的解释无法令人信服。

Muddy water, the founder of the research on July 24,, in brock interviewed said，For new Oriental education muddy water science and technology group(EDU)The question is not over，The chairman Mr Yu recently in the interpretation of the media not convincing。

　　为什么浑水要与新东方“死磕”到底？布洛克解释称，浑水是家做空公司，但其发表的只是个人观点，“市场自己做决定”。“对我们发布的报告，若投资者信，那抛售；不信，可买入。”

Why to muddy water with new Oriental“Ke death”exactly？Brock explanation says，Muddy water is home to do the empty company，But it published only personal point of view，“The market to make your own decision”。“The report released to us，If investors believe，The selling；Don't believe，Can buy。”

　　浑水的这一解释并不能让人信服。最近一两年来，中国概念股特别是中小公司股票频频成为海外各方“猎杀”的对象，尤其是在美国市场，中资概念股俨然成为一些做空基金的“赚钱工具”。

The muddy water the explanation and unconvincing。A recent two years，The concept of China, especially small and medium-sized company stock overseas frequently become parties“hunt”object，Especially in the U.S. market，Chinese the concept has become a some empty of funds do“Wealth-producing tool”。

　　北京理工大学教授崔新生对记者表示，不管最终的真相如何，但这种对局显然有一方“缺位”，因此，即使是浑水做对了，也无公平而言。

Beijing university of technology CuiXinSheng professor to reporters，Whatever the final truth，But this match up there is clearly a party“absence”，so，Even in the muddy water，No fair is concerned。

　　崔新生表示，“在中国本土以外上市的中国概念股公司，财务造假已成为上市地监管机构的敏感点。这一方面，说明中国企业在其他市场经济国家和地区的基本诚信元素中，财务将永远是最可能被击破的软肋，与往常一样，这次新东方的股价震荡，直接影响到整个中国概念股板块，就证明了这一点；另一方面，则说明资本市场及其规则完备的国家和地区，与中国特殊制度存在着长期的胶着关系一时难以疏解。”

CuiXinSheng said，“In China the outside china-related shares listed company，Financial fraud has become listed to regulators sensitive point。On the one hand,，That shows that the enterprise in other market economic countries and regions of the basic elements of good faith，Financial will always is the most likely were breached the soft rib of，As usual，The new Oriental's share price volatility，Directly affect the whole china-related shares plate，Is proof of that；On the other hand，Show capital market and its rules complete country and region，And China's special system exists long-term close relationship to relief difficulty for a while。”

　　确实，仅从VIE模式与新东方财务可能涉假，目前看似乎有些牵强。崔新生认为，从每次的单个中国公司被查处都会影响到整个中国概念股，一是说明了中国概念股上市地区的市场，对目前所有的中国概念股公司的投资价值缺乏清晰的认识和判断，因此市场反映的价格并不能说明真正的投资价值；二是如浑水公司这样的“从鸡蛋里挑骨头”的机构，并未紧盯VIE模式本身，而是对新东方在中国的市场表现虚假进行抨击，暴露出对中国概念股整体背景识别的严重欠缺和有意无意地误解倾向。 国际金融报

really，Only from VIE mode and new Oriental financial could be getting off，Now see seems to some far-fetched。CuiXinSheng think，From a single Chinese company was every time and will affect the whole china-related shares，One is that the china-related shares listed area of the market，Now all of china-related shares of the company investment value the lack of clear understanding and judgment，So the market price and can't explain reflects the real investment value；Two is company, such as muddy water“From to criticise us”institutions，Did not staring VIE model itself，But the new Oriental in China's market performance by slamming the false，Exposed to the overall background of china-related shares to identify seriously short and unintentionally misunderstanding the tendency。 The international financial report

　　金证券记者 江芬芬

Gold securities JiangFenFen reporters

　　南京农业大学实习生 强洁

Nanjing agricultural college intern strong clean

　　或许深知“家丑不可外扬”，东软集团(600718,股吧)一直将知识产权商业犯罪案“捂”在小范围内，甚至连内部员工也知之甚少，直至近日被媒体从司法机关渠道曝光。

Perhaps know“Wash your dirty linen in public”，Neusoft group(600718,Shares it)Have been to intellectual property rights crime business“wu”In the small scope，Even the internal employees also poorly understood，Until recently by the media exposure from the judicial organ channels。

　　被蒙在鼓里的还包括券商研究员，“这事公司5月份就报案了，6月份我们到公司调研，高管也未透露任何信息。”据了解，涉嫌被窃取的恰是公司新近推出的重拳产品64层螺旋CT，公司试图借此重拾医疗设备领域“荣光”。

Be in the dark included brokers researcher，“This company may report to the police，Our company in June to research，Officers also did not give any information。”According to understand，Suspected stolen just is the company recently launched the punch products 64 layer spiral CT，The company tried to take this back to the medical device field“glory”。

　　“硕鼠”被端 “much”Be end

　　近日，东软集团曝出知识产权商业犯罪案，涉案人数多达28人，十余人被警方拘捕，案值总计6400余万元。

recently，Neusoft group to expose intellectual property business cases，The number of people involved as many as 28，More than 10 people were arrested，Total value of 6400 yuan。

　　目前公开的案情显示，“2011年5月份起，东软某公司现任副总经理李某伙同东软某公司CT机研发部负责人张某、采购负责人岳某等人，以许诺高额经济利益为手段，相继鼓动原东软公司CT机研发部17名核心技术人员窃取公司医用CT机核心技术资料后，相继离职，聚集于北京某公司，于沈阳经济技术开发区某机械厂一厂房内，继续进行医用CT机的技术研发工作。”

At present the public display case，“Starting in May 2011，Neusoft some company incumbent deputy general manager li mou colluding with neusoft a company research and development department director zhang mou CT machine、Procurement chief yue mou etc，With promise high economic interests as the means，The company has inspired neusoft CT machine r&d 17 core technical personnel stealing from the company medical CT machine core technology material，Twin departures，Gathered in Beijing a company，Shenyang economic and technology development zone in a factory in a factory，Continue medical CT machine the technical research and development work。”

　　经国家工信部软件与集成电路促进中心知识产权司法鉴定所鉴定，其电脑中储存使用的数据与东软公司已采取保密措施的数据资料具有同一性，侵犯了东软公司的商业秘密。

Work by the state department and integrated circuit letter software promotion center intellectual property appraisal by the judicial authentication，The use of data stored in a computer with neusoft company has taken measures to keep secret data with identity，Violated neusoft company trade secret。

　　该案没有走完调查审理阶段，最后的定刑和案值金额还没有确定。但阶段性司法鉴定的结果已经显示：“被害单位被侵犯商业秘密项目折余价值为4000余万元；犯罪嫌疑人窃取技术价值总计2400余万元；造成被害单位研发项目延迟损失高达1470余万元此案的侦破为东软公司成功挽回经济损失6400余万元。”

The case did not go through investigation the trial stage，The last of the conviction and imposed amount is uncertain。But the result of the judicial authentication stage have shown：“The unit was murdered infringing trade secret projects for more than 4000 more than fold value ten thousand yuan；The criminal suspect steal technical total value of 2400 yuan；Cause fell asleep unit r&d project delay losses as high as 1470 yuan of the case for neusoft successful detection to recall the economic loss of 6400 yuan。”

　　守口如瓶 His mouth shut

　　“目前警方正在调查中，不方便透露任何细节。”面对《金证券》记者，东软集团公关部人士表示。

“The police department is investigating，Not convenient reveal any details。”face《Gold securities》reporter，Neusoft group public relations people said。

　　据了解，尽管5月份公司主动报案，但公司对此严格保密。昨日，公司一内部人士向记者感慨，“我就在总部，也没听到任何风声，公司捂得够严的。”6月底才赶赴公司调研的一券商研究员也称，“交流时高管丝毫未提及此事，我们也比较意外。”

According to understand，Although the company to report the initiative in May，But this company strictly confidential。yesterday，A company insiders to reporters regrets，“I am in headquarters，Also didn't hear any rumor，The company upon the strict enough。”At the end of June to the research of the company to a brokers researchers also says，“Exchange didn't mention of executives，We also is an accident。”

　　不过，上述研究员并不回避，“如果说东软集团要出事，必然是出在医疗系统业务。”

but，The above doesn't shy away from the researchers，“If neusoft group to have an accident，The medical system must be in business。”

　　东软集团是以软件技术为核心的医疗设备商，尽管此前在该领域呼风唤雨，近年来却显出疲态。2012年一季度公司实现营业收入12.4亿元，较上年同期增长19.3%。其中，国内解决方案和软件外包同比分别增长38%和19%，唯独医疗系统业务同比下降约12%，这已是医疗系统业务连续三个季度同比下降。

Neusoft group is by the software technology as the core of the medical equipment business，Although it is in this field is a group，In recent years, but started to show。2012 quarter to achieve the company business income is 1.24 billion yuan，A 19.3% year-on-year increase。Among them，Domestic solutions and software outsourcing year-on-year growth of 38% and 19% respectively，But the medical systems business year-on-year drop about 12%，This is already the medical systems business continuous three quarters year-on-year drop。

　　该研究员直言，“尽管稀土价格上涨客观上影响了永磁MRI的销售，但近几年来公司医疗系统业务屡屡低于预期，让我们对医疗系统业务管理层的管理能力有所保留，同时公司管理层对于该业务考核也显得有些宽松。”

The researchers to，“Although rare earth permanent magnet objectively affect prices the MRI sales，But in recent years, our company medical systems business often lower than expected，Let our medical system to the management of the business management ability reserved，At the same time the company management for the business assessment also appears some loose。”

　　据了解，此番卷入案件的公司核心技术为64层螺旋CTNeuViz64，“尽管目前64层螺旋CT应用比较广，但这是公司推出的国内第一台64层螺旋CT，被公司上下寄予厚望。高管曾表示，希望今年64层螺旋CT和PET这两款高端产品能占到医疗设备总收入的百分之十几。如今冒出这么个事，有点出师不利的感觉。”上述人士称。

According to understand，The transgressions of the company involved in the case of core technology for 64 layer CTNeuViz64 spiral，“Despite the current 64 layer spiral CT application is more widely，But this is the first domestic out 64 layer spiral CT，And was expected to do that。Executives have said，Hope this year 64 layer spiral CT and PET the new high-end products can account for of total income medical equipment more than ten。From such a thing now，A little a bad feeling。”The person said the。

　　昨日，公司证券人士则记者表示，“今年4月份64层螺旋CT亮相，5月份投入市场，目前已经接到订单。”

yesterday，The company is reporters who securities，“In April this year 64 layer spiral CT appear，On the market in May，At present it has received the order。”

　　人海战术 Huge tactical

　　众所周知，软件公司占有财富的标志，即拥有知识产权，其中大部分是商业秘密。如果保护不当，历经千辛万苦开发出的软件，有可能由于某个员工或高管的跳槽，被竞争对手坐享其成。

As is known to all，Software company possess wealth signs，Namely have intellectual property rights，Most of these are commercial secrets。If improper protection，Through the hardships of developed software，Be caused by an employee or executives to jump ship，Competition is a free ride。

　　事实上，近些年来东软集团一直在持续拉升员工薪酬。2011年，公司实现营业收入57.5亿元，同比增16.5%，而公司营业成本中薪酬支出同比上升约27%，明显高于营收增幅。据研究员测算，2011年公司人均工资涨幅约为8%，若考虑新员工的加入，则公司老员工的平均薪资涨幅超过15%。

In fact，In recent years neusoft group has continued pull litre employee compensation。2011 years，To achieve the company business income is 5.75 billion yuan，Increased 16.5% year-on-year，And the company business in cost salary expenses rise compared to about 27%，Obviously higher than revenue growth。According to researcher calculates，In 2011 the company per capita wage or about 8%，If you consider a new employee to join，The company of old employees average wages rose more than 15%。

　　“据我们的了解，目前东软集团一般技术人员的年薪达到11万-12万元，由于公司以东北为主基地，这个薪酬在行业内还是比较有竞争力的。另外，公司传统做外包的，国外一些公司愿意交给你做，对保障信息安全有一定要求，公司的安全防范能力在行业内算强的。”深圳一研究员告诉记者。

“To our knowledge，At present neusoft group general technical personnel earning 110000-120000 yuan，Because the company mainly northeast base，The salary at the industry is competitive。In addition，The company of the outsourcing of traditional do，Foreign companies are willing to do to you，To guarantee the safety information must be，The company's security guard at the strong ability in the industry。”Shenzhen one researcher told reporters。

　　公司证券部人士同样介绍，“2010年公司员工薪酬普涨15%，每个部门还有薪酬奖励制度，公司还专门建立信息安全制度。”

The company stock certificate department also introduce people，“In 2010 the company staff salary general goes up 15%，Each department and salary incentive system，The company is devoted to establish information security system。”

　　饶是如此，2011年公司人员流失达到17%，而2012年人员增长目标是10-15%左右。这也意味着，东软集团今年要招聘5000人。“目前东软还处于以人员为基础向以知识资产为基础的增长模式转变的过渡阶段，人员大规模扩张，必然带来管理难度。”前述深圳研究员称。

Rao is so，In 2011 the company personnel loss up to 17%，And 2012 years people growth target is 10-15%。It also means that，Neusoft group this year to employ 5000 people。“At present neusoft is still in with personnel as the base to knowledge assets as the foundation of the transformation of the growth mode of a transitional phase，Personnel large expansion，The difficulty of management will bring。”The shenzhen the researchers say。

　　金证券记者 孙卉

Gold securities SunHui reporters

　　昨天，温州金改概念股浙江东日(600113,股吧)（600113）发布了上半年业绩预减公告，预计浙江东日2012年半年度归属于上市公司股东的净利润比上年同期减少50%-80%。公告中称，业绩下滑主要是受房地产开发周期的影响。

yesterday，Wenzhou zhejiang east, change the concept of gold(600113,Shares it)（600113）Released the first half performance the minus a public announcement，Zhejiang east in 2012, is expected to half-yearly relegated to the shareholders of a listed company of the net profit than the same period last year 50%-80%。statement，Performance is mainly by the real estate development down the influence of the cycle。

　　据了解，浙江东日下属房地产项目销售结算收入与去年同期相比大幅减少。受此消息影响，昨天浙江东日股价下挫2.42%，截至收盘，公司股价报11.71元/股。

According to understand，Zhejiang east, real estate project sales balance subordinates income compared with the same period last year is greatly reduced。By this news influence，Zhejiang east yesterday, share price fell 2.42%，By the closing，The company stock for $11.71 per share。

　　对此，《金证券》记者致电浙江东日，公司证券部人士称：“业绩下滑是与去年的数据相比，去年的净利润额比较大，所以前后相比百分比下滑比较大。”此外，该证券部人士还向《金证券》记者透露：“公司房地产业务收入确实有限，今年上半年公司下属房地产项目没有一笔结算。”

this，《Gold securities》Reporters call zhejiang east th，The person said the company stock certificate department：“Performance on last year's figures downturn is compared，Last year's net profit amount is larger，So is larger than before and after the percentage decline。”In addition，The stock certificate department to activists《Gold securities》The reporter said：“The company's real estate business does have a limited income，In the first half of this year the company subordinate real estate project without a settlement。”

　　根据公开资料，浙江东日去年上半年归属母公司净利润为7050.13万元，而今年一季度，归属母公司净利润仅有745.22万元，只相当于去年上半年净利润的十分之一左右。据悉，去年，浙江东日房地产销售营业收入为4.75亿，营业利润率比上年减少10.63%。由此可见，浙江东日房地产业务收入减少趋势明显。

Based on public material，Zhejiang east in the first half of last year, parent company belong to a net profit of 70.5013 million yuan，And the first quarter of this year，Only 7.4522 million yuan net belong to the parent company，Only the equivalent of about one over ten of the net profit in the first half of last year。It is reported，Last year，Zhejiang east day real estate sales revenue for 475 million，Operating margin to reduce 10.63% more than the previous year。This shows，Zhejiang east day real estate business income decrease tendency obvious。

　　《金证券》记者发现，就在业绩预减公告发布的前一天，浙江东日还强势涨停，收于12元/股。除了浙江东日，其他温州金改概念股也再度发力上扬，其中，金丰投资(600606,股吧)上涨7.28%，浙江富润(600070,股吧)、浙江东方(600120,股吧)涨幅均超3%。

《Gold securities》Reporter discovery，In performance the day before the announcement reduction，Zhejiang east day also strong harden，Closed at 12 yuan/shares。In addition, zhejiang east，Other wenzhou gold to the concept also has the strength to rise，Among them，Jinfeng investment(600606,Shares it)Up 7.28%，Zhejiang company(600070,Shares it)、Zhejiang east(600120,Shares it)Rose by over 3%。

　　市场分析人士认为，温州金改的实施细则有望在今年8月公布。虽然金融改革对当地民营经济将会有较大的促进作用，但是，金融改革究竟能取得多大成果，暂时难以估量。而且，金改概念面临的炒作持续性相对较差。此外，交易数据显示浙江东日疯狂暴涨的背后推手几乎全部为游资。所以投资者在参与过程中要保持谨慎。

Market analysts said，Wenzhou gold change of the detailed rules for the implementation of this year is expected to be announced in August。Although financial reform on local private economy will have a larger role in promoting，but，Financial reform is able to get much results，Temporarily difficult to measure。and，The concept of face to gold hype persistent relatively poor。In addition，Trade data showed that zhejiang east, jumped behind the crazy push for almost all hot money。So investors of participating in the process to remain cautious。