Sohu Entertainment Zhuangao (Hamai/Text) With the end of April, the first quarterly reports of listed companies in 2021 have been disclosed. According to statistics of 20 listed companies in the film and television industry, 12 realized profits and 8 lost money in the first quarter, with a total profit of 1.323 billion yuan. For the whole year of 2020, only 6 companies made profits and 14 companies lost money, with a total net loss of 16.569 billion yuan (including the impact of goodwill and other asset impairments).
Among these 20 companies, only 5 companies are relatively outstanding. Among them, , Wanda Films, and Hengdian Film and Television are mainly engaged in cinema, Guangguang Media and China Film are mainly engaged in movies, and is mainly engaged in TV series. Huace Film and Television .
Wanda Films: Profits return to normal levels, domestic cinema market share increases The 541 million yuan in the first quarter of this year was the second-best first-quarter performance in history.
Last year, due to the epidemic, theaters were closed for half a year, and companies in the film and television industry chain whose main business was theaters and theater chains were the most affected. Wanda Films lost 4.729 billion yuan in net profit last year, and the losses from the first quarter to the fourth quarter were 600 million yuan, 967 million yuan, 449 million yuan, and 4.653 billion yuan respectively. The huge loss of
in the fourth quarter was due to the provision of asset impairment provisions and credit impairment provisions totaling 4.481 billion yuan.
Among them, the provision for impairment of goodwill is 3.597 billion yuan, mainly due to the goodwill generated by Wanda Films' acquisition of Studio City, Mtime.
In fact, after the theater resumed work, with the popularity of the National Day and Spring Festival programs, the loss of Wanda Films' main business in the third and fourth quarters narrowed, and then it turned losses into profits in the first quarter of this year.
According to the 2020 annual report, Wanda Movies’ cinema business (including movie viewing revenue , advertising revenue, merchandise and catering sales revenue) contributed 70.61% of revenue , movie , TV series, games contributed revenue The proportions are 7.25%, 11.77%, and 4.87% respectively. These three major businesses are respectively under the four subsidiaries of Wanda Film and Television , New Media Eslite & Pinya Film and Television, and Mutual Love Interactive. The
cinema also includes the domestic Wanda cinema and the acquired Australian hoyts cinema, of which domestic revenue accounts for 82.72% and foreign revenue accounts for 17.28%. Due to the lack of comprehensive prevention and control of the epidemic in Australia, theaters have not yet achieved profitability, but the losses are narrowing quarter by quarter.
, as the largest movie projector in the country, has received rent reduction with Wanda Plaza backing it, and after the epidemic raised 2.929 billion yuan through non-public offering of shares, Wanda Studios has a strong ability to resist the impact of the epidemic, Recovery is also faster after the epidemic.
In 2020, Wanda opened 64 new theaters and closed 20 theaters with poor operating efficiency. At the same time, the franchise has been opened to the outside world. As of the end of the first quarter of 2021, Wanda has 712 theaters in operation with 6,180 screens. Among them, there are 652 directly-operated theaters with 5,727 screens. 60 franchised cinemas with 453 screens. The total market share in the first quarter was 14.5%, an increase from about 13% in 2019.
Hengdian Film and Television: The theater business is recovering, and the film and television investment performance is outstanding.
Hengdian Film and Television, Jinyi Film and Television, Happy Blue Ocean, Shanghai Film, Wentou Holdings (Yaolai Cinema) and other companies with heavy theater business are also reducing their losses quarter by quarter. , and most achieved a turnaround in the first quarter. However, they are still on the verge of profit and loss. Even if the profit is relatively small, the profit of Shanghai Film is about 23 million yuan, the profit of Hengdian Film and Television is about 17 million yuan, the profit of Wentou Holdings is about 11 million yuan, and the loss of Happy Blue Ocean is about 4 million yuan.
Only Hengdian film and television performed more prominently, with a net profit of 171 million yuan in the first quarter. That's because the investment in films and TV dramas of Hengdian Film and Television's subsidiaries has been successful. The wholly-owned subsidiary Zhejiang Hengdian Pictures produced "A Little Red Flower for You", "Hello, Li Huanying", " Bear Infested Wild Continent " box office performed very well, and the wholly-owned subsidiary Hengdian Film and Television Production Participated in the filming of the tribute drama "Flying Kingdoms", and his company, Zhejiang Hengdian Film and Television Investment, participated in the production of the TV series "Grand Song Palace Ci".
Huayi Brothers: After three years of huge losses, they realized profits by selling assets.
The film-based company Huayi , Guangguang, and China Film three veteran players have all achieved profits, with a net profit of 235 million yuan in the first quarter , 198 million yuan, 144 million yuan, but there are differences behind this.
Huayi Brothers did not actually climb out of the pit.
From 2018 to 2020, Huayi's net profit was -1.169 billion yuan, -3.978 billion yuan and -1.048 billion yuan respectively. Of course, this is not entirely the loss of the main business, but also includes a huge amount of goodwill and other asset impairments. loss.
After three consecutive years of losses, it turned a profit in the first quarter of this year. Huayi's profit in the first quarter of this year did not depend on the main business. The net profit after deducting non-recurring gains and losses was -70.89 million yuan, which means that the main business was at a loss. Profits depend on the inclusion of non-recurring gains and losses. This part includes gains and losses on long-term equity investments and disposal of financial assets, as well as gains and losses on changes in fair value of financial assets due to changes in stock prices.
In terms of investment income, Huayi completed the disposal of part of the equity of Huayi Tencent Entertainment, converted the remaining shares into financial assets for accounting in accordance with accounting standards, and generated investment income of 124 million yuan accordingly.In addition, the disposal of financial assets such as Tencent Music Entertainment Group and Maoyan Entertainment generated a profit of 22.42 million yuan.
In terms of gains from changes in fair value, Huayi recognizes gains from changes in fair value based on changes in the fair value of participating companies based on changes in stock prices. In this period, the total amount recognized for participating companies, such as Huayi Tencent Entertainment and Guru Online (Holdings) Limited, totaled 206 million Yuan. After the income above
offset the loss of the main business, the net profit was finally realized. In the most important film business of
, during the reporting period, Huayi only voted for two films, "Warm Hugs" and " Servant of God's Order ". "Hello, Li Huanying" was a hit at the box office, but Huayi only participated in the voting , a small share.
Enlight Media: Against the market for years, Enlight Media stands out from the crowd.
Enlight Media is one of the most resilient of all film and television companies. In 2018-2020, when other companies exploded, Enlight Media achieved profitability, with annual net profit of 1.373 billion yuan, 948 million yuan, 291 million yuan, and a net profit of 198 million yuan in the first quarter of this year, "standing out of the crowd".
Light has arranged film, animation, TV series, and artist brokerage business, but has no theater business, so last year's impact was relatively small. Because it has not been trapped by the shortage of funds in recent years, there are many projects in the light reserve, so it has maintained continuous competitiveness. In terms of
movies, in the first quarter of this year, the light was included in the box office revenue of movies such as "The Crowd", "Ponyo on the Cliff", "If the Voice Can't Remember" and "King Kong River", as well as the new media copyright revenue of some of these movies.
In 2021, Ray Light is expected to release 16 movies, including "Sunshine Sisters", "Solid as a Rock", "Revolutionary", "Sniper", " Decades of First Grade Warm Ruyan ", "Five Boys Who Throw in Water", " Deep Sea", "Manslaughter 2", etc.
It is estimated that up to 50 film projects will be produced, including "Big Fish and Begonia 2", "Nezha 2", "Jiang Ziya 2", "Journey to the West: The Great Sage Havoc in Heaven", "Phoenix", " The Last Quebec ", "Three-Body Problem" (New)", "Walking in the White Night", "Huoshen Mountain", "Whose Youth Is Not Confused 2", etc.
Chinese Film: State-owned enterprise has a complete industrial chain and strong recovery ability.
China Film, which is a state-owned enterprise, has strong financial strength and a complete industrial chain, including investment, production, distribution of films and TV series, theater operation and theater screening. China Film Barco The sales of projectors and Chinese giant screens, the China Film Base that provides production services for movies, and the China Film Cloud platform for ticketing, etc., so when the industry picks up, China Film will also follow suit.
In 2020, China Film will have a net loss of 556 million yuan, its first loss since its listing. In the first quarter of this year, it achieved a profit of 144 million yuan, showing a strong recovery ability.
In terms of movies, China Film released "Hello, Li Huanying", " Chinatown Detective 3" and "The Order of the Samurai" during the reporting period. In terms of TV dramas, the leading or participating dramas include " Secret Love Orange Sheng Huainan ", "If You Are Well, It's Sunny" and "The Legend of the Grand Hotel".
Huace Film and Television: With sufficient cash flow, it stands out in the field of TV dramas.
The companies that mainly focus on TV dramas are very differentiated. Great Wall Film and Television has been delisted, Contemporary Oriental and Dinglong Culture have been hated by *ST, and Tangde Film and Television , which has "sold itself", lost 64 million yuan in the first quarter, and Hualu Baina, which has changed hands, made a profit in the first quarter With only about 19 million yuan, only Huace Film and Television, a listed company, performed the most.
Huace Film and Television thriving under the epidemic last year, reaping a net profit of about 400 million yuan. That year, Huace made a provision for asset impairment of 35.06 million yuan. If this part of the impact is not counted, the net profit in 2020 will be 435 million yuan.
In 2020, Huace Film and Television will launch 16 TV series and broadcast 22. The confirmed income includes " Luding Ji ", " You Fei ", " Ordinary Glory ", "Splendid Long Song", "My Times, Yours" Times" etc. 15 movies and online movies have been released, including "King Kong River", " Assassination of Novelist ", "Spirit Master 2", "Monster Hunter" and so on.
In the cold winter of film and television, Huace Film and Television maintained sufficient cash flow. In 2020, the company's cash flow was positive for the fourth consecutive year, and the overall cash reserve exceeded 2 billion yuan. In addition, Huace also raised 727 million yuan by issuing stocks to specific targets.
In the first quarter of 2021, Huace's performance continued to be strong, with a net profit of 137 million yuan, maintaining a year-on-year growth of 24.8%.
During the reporting period, the Company confirmed the revenue of TV series " Long Song Xing ", "You Are My Fortress", "Beautiful Heart Like Jade", "Hello, An Yi", " Awakening Age ", as well as the movie "Assassination Novel". "Home", as well as income from derivative businesses such as artist brokerage, music, advertising, and game licensing.
In 2021, Huace expects to start 15 TV series, including "The Criminal Police", "Sleeping Garden" and "A Man in a Spring Maiden Dream". Translator ", etc., far exceeding the number of peer companies.
