Information type

At present, the internet world is undergoing tremendous changes, with more and more profit models and more diverse profit means.

Not bad, for some portals, advertising business is also growing. Yahoo's revenue in the first quarter of 2005 reached

It reached the record of165438+74 million USD, with a net profit of 205 million USD. At the same time, some websites are constantly introducing new functions.

Color services such as Google allow users to customize more distinctive homepages, including stock indexes and weather forecasts.

Electronic message preview, etc. , further attracted the attention of netizens. For seven years, China's network.

The number of people has increased by 140 times, increasing by 20% to 30% every year. In 2005, the number of netizens exceeded 1 100 million.

It is a foregone conclusion that the number of netizens is second only to that of the United States, and it is expected to reach nearly 654.38+0.5 billion in 2006.

There are also opportunities and challenges in the constant changes and updates of these portals.

First of all, the online advertising market has broad prospects.

Internet advertising has great potential for development. In 2004, the scale of online advertising market in China reached 654.38+0.9 billion yuan, and in 2005 it was 2.

It is expected to reach 2.7 billion yuan and 4 billion yuan respectively in 2006, with an increase of 75.9% in 2004 compared with 2003. With interconnection,

With the recovery of Internet economy, the global online advertising market has also entered a period of vigorous development. China online advertising market

It only accounts for about 1.5% of China's overall advertising industry, far below the Internet advertising in other countries.

Market. At present, the Internet advertising market in the United States and Europe accounts for 5%-7% of the entire advertising market.

Japan and South Korea also reached around 4%. With the development of Internet and the increase of netizens in China,

China Internet advertising market will continue to grow in the future.

Second, the online game market is promising.

The rise of online games in China is only six years, and the market has developed at an extraordinary speed in the early stage of growth.

The growth rate of 200 1 exceeded 700%. After several years of development, the growth rate tends to be stable. Market supervision in 2004

Modularization was 2.7 billion yuan, up 565,438+0.5% year-on-year, and continued to grow at a rate of 50.6% in 2005, with a market scale of 4.

70 million RMB.

For some time, although the potential market of online games in China is huge, the living conditions of domestic online game manufacturers

Not optimistic. So far, only 15% of the manufacturers are profitable, while 85% of the online game companies are flat or even losing money.

. China's online game industry will face the integration of capital. The stronger the strong, the more the weak will quit.

With the popularity of the Internet and the improvement of people's living standards, more and more people will accept online games as their own.

One of the entertainment options. Due to the existence of market demand, the domestic online game market scale will still maintain a high growth, the more

More and more private venture capital has injected vitality into the research and development of domestic online games.

Third, the competition of portal websites is increasing.

For a long time, China's portals are Sina, Sohu and Netease, occupying a dominant position in the market. With Tom and Tencent.

With the entry of China, the Chinese portal of MSN and the release of Yahoo 372 1, the competition of portal websites in China is becoming more and more fierce. and

Foreign Internet portals are also constantly joining. Therefore, some portals constantly seek product innovation, and

At the same time, it is also increasing the investment in portal market segments.

Fourth, differentiated competition.

In April 2005, Sohu implemented a strategic transformation, giving up focusing on Sina's market positioning and turning to content construction.

Make a strategy. At the beginning of 2004, Netease completely revised its homepage. After more than a year, Netease was divided into stages.

Optimize all channels in batches, launch large-scale content construction, and launch a series of marketing.

Activities are in line with the content construction process.

Sina news has achieved the fastest and most, while Netease news has become more and more in-depth, vivid and innovative.

. What Sohu wants to do is Sohu itself. Sohu supports huge Internet assets, Chinaren, Go2map, 1.

7 173, Focus, Goodfeel, sogou and Sohu should complement each other and integrate under the unified brand of Sohu.

Otherwise, falling apart and going its own way will lose the significance of mergers and acquisitions. After Tencent acquired some shares in Shenzhen,

It has become the layout of instant messaging, online games and portals, and it has become another super portal. User demand promotion

With the development of mobile Internet, the Internet needs more information sets at the earliest. Later, users need to be in the vast information.

Searching for accurate information, a search engine was born; Later, users had social needs, so it was instant messaging.

The message tool (IM) is on fire.

Therefore, in the increasingly fierce competition of portal websites, we have to keep our own characteristics and keep on.

Only by innovating and forming their own differentiation can we make continuous progress and occupy a place in the Internet market.

Land.

2. The characteristics of China portal and the motivation of merger and reorganization.

M&A is the most direct means to quickly cut into a certain market, which has been fully used in Internet enterprises.

Reflect, from short messages, online advertisements, online games, to the search market, are widely used by major portals.

In the long run, the portal website is a website under instrumental rationality and does not have transcendence tools.

The value of the level. The acquisition is to make the website more competitive. In practice, with the maturity of netizens in China,

In order to enrich the content of the website and form differentiated and diversified competition.

Under the circumstances, deep integration will inevitably occur, and those smaller and less characteristic portals will quit as soon as possible.

Realize transformation, or be acquired or even crushed by big websites; And the surviving portal will also succeed.

The diversification of energy and structure is now obvious.

3. Analysis of China portal mergers and acquisitions.

In 2005, there were many cases of website acquisition. Shanda entered Sina and Sohu to buy maps, but the website bought them.

Lack of strategic vision, lack of self-innovation ability, can not turn influence into income.

The way for a website to gain a competitive advantage is nothing more than cost leadership and differentiation. Compared with traditional industries, tangible costs

Low is the natural competitiveness of the website. However, in the comparison between websites, the cost-leading strategy cannot constitute the competition of websites.

Advantages, because every practical and effective practice will spread quickly, it is almost impossible for the website to rely on commerce for a long time.

Efficiency and success in competition. Competitors will soon be able to imitate the same management skills, new technologies and so on.

Excellent customer contact. Therefore, in order to develop, the website will continue to pursue new technologies and value chains.

Dominant position, leading position in market segments and product differentiation. Websites only occupy a place in the value chain.

According to a place, we can maintain the competitiveness of the value chain in the process of technological transformation. Yahoo acquired Overture.

The purpose is to catch up with the opponent in search technology; Sohu acquired the map industry, focusing on map search in the 3G era. exist

In market segments, the basis of enterprise competition is execution, and the competition of execution is ultimately a differentiated product.

Show it, this is also the final performance of various competitiveness. Sina's acquisition of Xunlong and Wang Xing is nothing more than to build

The dominant position of wireless business, the merger of Sohu 17 173 and Focus Network, hopes to win in operation through economies of scale.

People are better.

Providing differentiated products can create competitive advantages, that is, influencing consumers through price, service and product characteristics.

Preference. But this competitive advantage is doomed to be short-lived, similar to the reason for the failure of low-price competition.

When this field is full of imitators, the competition is always fierce.

In order to gain a lasting competitive advantage, the website must be deeply rooted at all levels to make it competitive.

The potential to gain a foothold. Acquisition is only the starting point, and the website should have deeper innovation ability.

Looking at M&A on the Internet, there are very few M&A cases that can really achieve 1+ 1 > 2, especially in Yahoo.

China's acquisition of 372 1 is a successful example, because the search tool appears in the form of 372 1+ "one search".

It has occupied an important position in China search market.

After the merger, the business scope of the portal website has been greatly expanded, from e-commerce to portal, search and mail.

Boxes and instant messaging cover almost all Internet hotspots; There are many management styles at the same time.

At the same time, there are many business problems such as complex personnel composition and self-contained business. if

If these problems are not solved well, the effect of "1+ 1 > 2" will be difficult to achieve.

If it is a pure Internet enterprise alliance, this merger will not only create a new Internet giant in China.

Things can't change the status quo of the internet, thus making this merger meaningless.

This simple business complementary merger is not the best way for Internet companies to merge. Because it is inevitable.

With the large-scale merger of domestic internet companies, we can only hope that this integration can truly achieve organic products.

Integrate on the basis of combination, instead of simply seeking the big and the wide. At the same time, in the process of mergers and acquisitions, technology and innovation,

It is the source of Internet development.

1 research overview

The research background of 1. 1

1.2 research content

1.3 research methods

2 development status of foreign portals

2. 1 development characteristics of foreign portals

2.2 Analysis of the competition pattern of foreign portals

3 China portal industry status analysis

3. 1 Overview of Internet Development in China

3.2 Analysis of China Portal Investment in 2005

3.2. 1 China Portal Scale Analysis

3.2.2 Portal fixed assets investment analysis

3.2.3 Profitability Analysis of China Portal Website

3.3 China portal operation analysis

3.3. 1 Main business analysis of China portal

3.3. 1. 1 Website Plate Construction

3.3. 1.2 wireless service

3.3. 1.3 hotline service

3.3. 1.4 enterprise services

3.3. 1.5 E-commerce

3.3. 1.6 Internet advertising business

3.3. 1.7 online game business

3.3.2 Analysis of operation modes of major domestic portals.

3.3.2. 1 Analysis of profit model of comprehensive website

Analysis on the Profit Model of Vertical Websites in 3.3.2.2

3.3.3 Analysis of Key Success Factors (KSF)

3.3.3. 1 A clear profit model is the premise.

3.3.3.2 traffic is fundamental.

3.3.3.3's financing operation channel is the guarantee.

4 China portal investment policy environment analysis

4. 1 Internet policy

4.2 Policy performance

4.3 Policy trends

5 Analysis of the main factors affecting the development of portal websites

5. 1 competitive risk analysis of portal industry development

5. 1. 1 Analysis of market competitiveness of portal website industry

Portal industry 5. 1. 1. 1 market competition pattern

5. 1. 1.2 Analysis of advantages and disadvantages of portal industry market competition

5. 1.2 Analysis of Entry and Exit Barriers of Portal Industry

5. 1.2. 1 Analysis on the Characteristics of Entry Barriers in Portal Industry

5. 1.2.2 Analysis of Exit Barriers of Portal Industry

5. 1.3 SWOT analysis of domestic communication manufacturers' business.

5.2 China portal development problems

6 China portal mergers and acquisitions analysis of the status quo

6. 1 Analysis of the background of the merger and reorganization of China portal websites.

6. 1. 1 integrated portal

6. 1. 1 Sina

6. 1. 1.2 Netease

6. 1. 1.3 Sohu

6. 1. 1.4 Tom

6. 1. 1.5 Baidu

6. 1.2 professional portal

6. 1.2. 1 Shanda Network

6. 1.2 CCID.com

6. 1.2.3 Silicon Valley Power

6. 1.2.4 QQ website

6. 1.2.5 2 1CN

6. 1.3 vertical portal

Alibaba +0.3.65438

6. 1.3 . 2 Joyo.com

6. 1.3.3 Some websites of trade associations

6. 1.3.4 government website

6. 1.3.5 local website

6.2 Analysis of characteristics and overall trend of portal enterprise merger and reorganization

6.2. 1 Integrated Portal

6.2.2 Professional Portal Website

vertical portal

6.3 Obstacles to the Merger and Reorganization of China Portal Websites

6.3. 1 Policy barriers

6.3.2 Financial obstacles

6.3.3 Technical obstacles

Management obstacle

7 Analysis on the Competitiveness of Major Portal Websites in China in Mergers and Acquisitions

7. 1 integrated portal

7. 1. 1 Sina

7. 1. 1. 1 profit model analysis

7. 1. 1.2 financial operation analysis of the company

7. 1. 1.3 Market Competitiveness Analysis

7. 1. 1.4 Analysis of major customer groups

7. 1. 1.5 company development strategy analysis

7. 1. 1.6 Analysis of the trend of merger and reorganization

7.1.1.6.1m&a background analysis

7. 1. 1.6. 2 M&A process analysis

7. 1. 1.6. 3 M&A feature analysis

7. 1. 1.6. 4 M&A obstacle analysis

7. 1. 1.6.5 Future merger and reorganization trend of enterprises

7. 1.2 Netease

7. 1.2. 1 profit model analysis

7. 1.2.2 Analysis of the company's financial operation

7. 1.2.3 market competitiveness analysis

7. 1.2.4 analysis of major customer groups

7. 1.2.5 Analysis of the Company's Development Strategy

7. 1.2.6 Analysis of the trend of mergers and acquisitions

7. 1.2.6. 1 M&A background analysis

7. 1. 2. 6. 2 M&A process analysis

7. 1. 2. 6. 3 M&A feature analysis

7. 1. 2. 6. 4 M&A obstacle analysis

7. 1.2.6.5 Future merger and reorganization trend of enterprises

7. 1.3 Sohu

7. 1.3. 1 profit model analysis

7. 1.3.2 Analysis of the company's financial operation

7. 1.3.3 Analysis of market competitiveness

7. 1.3.4 Analysis of major customer groups

7. 1.3.5 Analysis of the Company's Development Strategy

7. 1.3.6 Analysis of the trend of merger and reorganization

7. 1.3.6. 1 M&A background analysis

7. 1. 3. 6. 2 M&A process analysis

7. 1. 3. 6. 3 M&A feature analysis

7. 1. 3. 6. 4 M&A obstacle analysis

7. 1.3.6.5 Future merger and reorganization trend of enterprises

7. 1.4 Tom

7. 1.4. 1 profit model analysis

7. 1.4.2 Analysis of the company's financial operation

7. 1.4.3 Market Competitiveness Analysis

7. 1.4.4 Analysis of major customer groups

7. 1.4.5 Analysis of the Company's Development Strategy

7. 1.4.6 Analysis of the trend of merger and reorganization

7. 1.4.6. 1 M&A background analysis

7. 1. 4. 6. 2 M&A process analysis

7. 1. 4. 6. 3 M&A feature analysis

7. 1. 4. 6. 4 M&A obstacle analysis

7. 1.4.6.5 Future merger and reorganization trend of enterprises

7. 1.5 Baidu

7. 1.5. 1 profit model analysis

7. 1.5.2 Analysis of the company's financial operation

7. 1.5.3 Market Competitiveness Analysis

7. 1.5.4 analysis of major customer groups

7. 1.5.5 Analysis of the Company's Development Strategy

7. 1.5.6 Analysis of the trend of merger and reorganization

7. 1.5.6. 1 M&A background analysis

7. 1. 5. 6. 2 M&A process analysis

7. 1. 5. 6. 3 M&A feature analysis

7. 1. 5. 6. 4 M&A obstacle analysis

7. 1.5.6.5 Future merger and reorganization trend of enterprises

7.2 Professional Portal

7.2. 1 Shanda Network

7.2. 1. 1 profit model analysis

7.2. 1.2 Analysis of the Company's Financial Operation

7.2. 1.3 Market Competitiveness Analysis

7.2. 1.4 analysis of major customer groups

7.2. 1.5 Analysis of the Company's Development Strategy

7.2. 1.6 Analysis of the trend of merger and reorganization

7.2. 1.6. 1 M&A background analysis

7. 2. 1. 6. 2 M&A process analysis

7. 2. 1. 6. 3 M&A feature analysis

7. 2. 1. 6. 4 M&A obstacle analysis

7.2. 1.6.5 Future merger and reorganization trend of enterprises

CCID。 com

7.2.2. 1 profit model analysis

Financial Operation Analysis of 7.2.2.2 Company

Analysis on Market Competitiveness of 7.2.2.3

Analysis of Main Customer Groups in 7.2.2.4

Analysis of 7.2.2.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.2.2.6

7.2.2.6.1m&a background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.2.2.6.5 Future merger and reorganization trend of enterprises

Silicon Valley Power

7.2.3. 1 profit model analysis

Financial Operation Analysis of 7.2.3.2 Company

Analysis on Market Competitiveness of 7.2.3.3

Analysis of Main Customer Groups in 7.2.3.4

Analysis of 7.2.3.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.2.3.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.2.3.6.5 Future merger and reorganization trend of enterprises

QQ website.

7.2.4. 1 profit model analysis

Financial Operation Analysis of 7.2.4.2 Company

Analysis on Market Competitiveness of 7.2.4.3

Analysis of Main Customer Groups in 7.2.4.4

Analysis of 7.2.4.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.2.4.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.2.4.6.5 Future trend of enterprise merger and reorganization

7.2.5 2 1CN

7.2.5. 1 profit model analysis

Financial Operation Analysis of 7.2.5.2 Company

Analysis on Market Competitiveness of 7.2.5.3

Analysis of Main Customer Groups in 7.2.5.4

Analysis of 7.2.5.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.2.5.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.2.5.6.5 Future merger and reorganization trend of enterprises

7.3 Vertical Portal

7.3. 1 Alibaba

7.3. 1. 1 profit model analysis

7.3. 1.2 Analysis of the Company's Financial Operation

7.3. 1.3 Market Competitiveness Analysis

7.3. 1.4 Analysis of major customer groups

7.3. 1.5 Analysis of the Company's Development Strategy

7.3. 1.6 Analysis of the trend of merger and reorganization

7.3. 1.6. 1 M&A background analysis

7. 3. 1. 6. 2 M&A process analysis

7. 3. 1. 6. 3 M&A feature analysis

7. 3. 1. 6. 4 M&A obstacle analysis

7.3. 1.6.5 Future merger and reorganization trend of enterprises

Joyo. com

7.3.2. 1 profit model analysis

Financial Operation Analysis of 7.3.2.2 Company

Analysis on Market Competitiveness of 7.3.2.3

Analysis of Main Customer Groups in 7.3.2.4

Analysis of 7.3.2.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.3.2.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.3.2.6.5 Future merger and reorganization trend of enterprises

Trade association website

7.3.3. 1 profit model analysis

Financial Operation Analysis of 7.3.3.2 Company

Analysis on Market Competitiveness of 7.3.3.3

Analysis of Main Customer Groups in 7.3.3.4

Analysis of 7.3.3.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.3.3.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.3.3.6.5 Future merger and reorganization trend of enterprises

Government website

7.3.4. 1 profit model analysis

Financial Operation Analysis of 7.3.4.2 Company

Analysis on Market Competitiveness of 7.3.4.3

Analysis of Main Customer Groups in 7.3.4.4

Analysis of 7.3.4.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.3.4.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.3.4.6.5 Future merger and reorganization trend of enterprises

Local website

7.3.5. 1 profit model analysis

Financial Operation Analysis of 7.3.5.2 Company

Analysis on Market Competitiveness of 7.3.5.3

Analysis of Main Customer Groups in 7.3.5.4

Analysis of 7.3.5.5 Company's Development Strategy

Analysis on the trend of merger and reorganization in 7.3.5.6

M&A background analysis

Analysis of M&A process

M&A feature analysis

Analysis of obstacles M&A faces.

7.3.5.6.5 Future merger and reorganization trend of enterprises

8. Analysis of the trend of merger and reorganization of foreign portal enterprises in China

8. 1 Analysis on the Development of Portal Enterprises at Home and Abroad

8. 1. 1 investment trend

8. 1.2 investment characteristics

8. 1.3 Market Performance

8.2 Analysis of Yahoo's investment, merger and reorganization in China

8.2. 1 Yahoo's investment in China

8.2.2 Analysis of Yahoo's Core Competitiveness

8.2.3 Analysis of Yahoo's Investment and Merger and Reorganization Trend

8.3 Analysis of Yi Bei's investment, merger and reorganization in China

8.3. 1 Yi Bei's investment in China

8.3.2 Analysis of Ebay's Core Competitiveness

8.3.3 Analysis on the Trend of Investment, Mergers and Acquisitions in Yi Bei

8.4 Analysis of Google's investment, merger and reorganization in China

8.4. 1 Google's investment in China

8.4.2 Analysis of Google's Core Competitiveness

8.4.3 Google Investment and Merger and Reorganization Trend Analysis

8.5 Analysis of Microsoft's investment, merger and reorganization in China

8.5. 1 Microsoft investment in China

8.5.2 Analysis of Microsoft's Core Competitiveness

8.5.3 Microsoft Investment and Merger and Reorganization Trend Analysis

8.6 Analysis of AOL's investment, merger and reorganization in China

8.6. 1 AOL's investment in China

8.6.2 Analysis of the Core Competitiveness of AOL

8.6.3 Analysis on the Trend of Online Investment, Merger and Acquisition in the United States

9 China professional portal mergers and acquisitions opportunities analysis

9. 1 portal and the opportunity analysis of IT vendors' merger and reorganization

9.2 portal and terminal market mergers and acquisitions opportunities analysis

9.3 portal and advertising company merger and reorganization opportunity analysis

10 opportunity analysis of large-scale mergers and acquisitions of China portal websites.

10. 1 Analysis on the opportunity of merger and reorganization of large websites

10.2 Analysis of merger and reorganization opportunities of small and medium-sized websites

1 1 China portal and the opportunity analysis of transnational corporations' merger and reorganization.

1 1. 1 Analysis of opportunities for mergers and acquisitions of domestic multinational companies

1 1.2 Analysis of opportunities for overseas mergers and acquisitions

12 competitive strategy analysis of the merger and reorganization of China portal websites.

12. 1 differentiation strategy analysis

12.2 cost leadership strategy analysis

12.3 market concentration strategy analysis

13 risk analysis of mergers and acquisitions of China portal websites

13. 1 asset restructuring analysis

13.2 personnel change analysis

13.3 enterprise management analysis

13.4 corporate culture analysis

13.5 enterprise strategy analysis

14 suggestions on the merger and reorganization of China portal websites