Tianxia Online Business Zhang Hangying
Editor Wu Lingwei
In the cold wind, something new has happened in the film and television industry.
On August 18, Bona Pictures (hereinafter referred to as Bona ) took 5 years to finally be listed on the Shenzhen Stock Exchange. After experiencing several price limits, as of press time, the stock price was 7.96 yuan, with a market value of 10.9 billion yuan.
Bona, founded in 2003, has made 60 billion yuan in box office with 250 films. With " outsmarting Tiger Mountain ", " Operation Mekong ", " Operation Red Sea ", " Captain of China ", " Changjin Lake " and many other popular theme commercial movies has established its foothold in the industry Taking the leading position in the film industry, "Changjin Lake" became the box office champion in Chinese film history with a box office of 5.775 billion yuan.
In the past three years, Bona Pictures’ revenue was 3.1 billion yuan, 1.6 billion yuan, and 3.1 billion yuan respectively, and its net profits were 311 million yuan, 189 million yuan, and 356 million yuan respectively. Among the declining Chinese film and television companies, Bona's performance is quite stable. The release of
's main theme movie " Changjin Lake: Shuimen Bridge " not only earned Bona more than 4 billion in box office, but also pushed up its estimated performance in the first three quarters of this year. It is estimated that from January to September this year, revenue will be between 2.154 billion yuan and 2.279 billion yuan, a year-on-year increase of 56.41% to 65.51%; net profit will be approximately 147 million yuan to 237 million yuan, a year-on-year increase of 100.06% to 223.00%.
htmlThe 251-year-old founder of Bona holds 22.49% of the shares in winter. Due to the successful listing, his net worth exceeds 2 billion yuan. Compared with the tearful and high-spirited time when the company was listed in the United States 12 years ago, Yu Dong, who is now listed for the second time and has returned to the A-share market, appears with his celebrity wife Jin Qiaoqiao holding a pair of children, and his mood may be more tortuous. As Yu Dong said, "I said goodbye to NASDAQ in April 2016. It took 1870 days from submitting the materials to the meeting and 630 days from the meeting to getting the approval. I had a hard time!"
has a market value of over 100 Zhang Ziyi , Huang Xiaoming still lost more than 10 million
Bona went public, and half of the entertainment industry was mobilized. Zhang Ziyi, Li Bingbing , Tsui Hark , Chen Kaige , Chen Baoguo and other big names were on hand to help out. They have more or less equity cooperation and business ties with Bona.
Bona "binds" many stars through equity cooperation. Zhang Hanyu , Huang Xiaoming, Zhang Ziyi, Chen Baoguo, Huang Jianxin, Han Han, etc. all hold small shares, but none of them work in Bona Film and Television. Bona has also signed cooperation agreements with Lin Chaoxian, Chen Kaige, Tsui Hark and many other well-known directors.
Bona is also closely related to companies in the film and television industry chain. Alibaba Pictures and Tencent subsidiaries hold 7.72% and 4.48% of the shares of Bona Pictures respectively, and Wanda Film holds 1.88% of the shares.
Well-known actors, powerful directors, and film and television resources are the key to ensuring box office. Up to now, Bona has launched a total of 250 movies, with a cumulative box office of more than 60 billion yuan, of which 16 movies have a box office of more than 1 billion yuan, and 75 movies have a box office of more than 100 million yuan.
The birth of a movie includes four links: investment, distribution, theaters and theaters.
Investment income comes from investing in films to obtain a share of the box office and copyright income of the film; distribution refers to promoting the film and distributing the film to theaters, theaters, Internet video platforms and other channels; theater lines are responsible for the unified arrangement and management of cooperative theaters; theaters The business is to screen movies for audiences and provide related supporting services, including popcorn sales.
Bona is China's first private enterprise engaged in film distribution and has now completed the layout of the entire film industry. There are not many private companies that cover the entire industrial chain like Bona. Wanda and Huayi are two of them.
The whole industry allows all aspects of Bona Film and Television to collaborate, save costs and control risks while maximizing the use of resources.
In 2021, the revenue of Bona investment, distribution, theaters, and theaters will be 1.453 billion, 1 billion, 21.64 million, and 800 million yuan respectively, accounting for 46.53%, 32.55%, 0.69%, and 27.49% respectively.
Overall, investment and issuance are the main sources of revenue, and the gross profit of these two items is also the highest. In 2021, the gross profit of investment films will be 39.27%, and the gross profit of distribution will be 72.92%, while the gross profit of theaters and theaters is only about 1%.
As of the end of last year, Bona had more than 101 theaters open with 841 screens. In 2021, Bona's self-operated theaters achieved box office revenue of 751 million yuan, accounting for 1.6% of the national box office.
In 2021, due to the impact of the epidemic, the cinema distribution business was sluggish, but the growth in online film distribution and film and television copyright sales smoothed out this loss. However, Bona seems to still be optimistic about the theater market after the epidemic recovers, and will use part of the funds raised after the listing to continue to open theaters.
Bona went public, and founder Yu Dong, who holds more than 20% of the shares, is worth more than 2 billion. However, Zhang Ziyi and other stock-investing celebrities have not yet solved their trap. Compared with the capital increase share price of 14.55 yuan at the time, they are still losing more than half of their shares today. Based on the current stock price, Zhang Ziyi lost more than 13 million yuan, and Zhang Hanyu and Huang Xiaoming also lost more than 20 million yuan.
Yu Dong, who assesses the situation, must carry out the "main theme" to the end.
Yu Dong, who was born in a major, has been in the film industry for more than 20 years.
He graduated from Beijing Film Academy and started from scratch. In the early days, he made his first pot of gold with "Tell Me Your Secret" and "My Brothers and Sisters", and accumulated a lot of contacts and resources. But to be able to succeed in the film and television industry, his assessment of the situation and judgment of the industry also played an important role.
A commercial movie can easily invest hundreds of millions. High investment and high risks test the grasp of the wind and trends. From specializing in Hong Kong films in the early days to today's popular main theme films, Bona made a timely transition and bet on the right path.
Bona Video The turning point for the genre came in 2015. At that time, "Taking Tiger Mountain by Wisdom" directed by Tsui Hark verified a successful new model - the business model of "main theme + Hong Kong director + all-star lineup". Yu Dong once revealed that when filming "Taking Tiger Mountain by Wisdom", he was worried that young people would not like it, so he avoided using too many "main melody elements". However, he later realized that the audience actually did not reject it, and he "went with the trend" in the later stage. , amplify the "selling point" in this direction.
"We say that the post-90s generation is the 'Internet Generation'. These people watch a large number of online dramas, including some so-called traffic stars who increase their IP. Coupled with the influence of the Korean Wave, I think it has caused our The screen image is feminine and very feminine. Our real screen image lacks a 'tough guy' image and a military image," Yu Dong said in an interview with Business Weekly Chinese Edition.
Compared with the earlier main theme movies, Bona used a commercial approach to add Hollywood blockbuster-style production effects, bringing spiritual resonance and visual enjoyment, soaring the box office.
"Changjin Lake", which tells the story of the War to Resist US Aggression and Aid Korea, depicts the heroic posture of Chinese soldiers, and became the box office champion in Chinese film history with a box office of 5.775 billion yuan. This film also contributed nearly 70% of Bona's revenue in 2021. In fact, Bona's performance in 2021 is supported by "Changjin Lake" and "中文字幕". The total box office of these two main theme movies exceeds 7.1 billion.
At a forum in July, Yu Dong said, "Singing the main melody and promoting positive energy has always been an important mission of Chinese movies."
In the next three years, Bona will continue the main melody line and invest in the filming of "Smart" Films such as "The Prequel to Tiger Mountain", "Operation Red Sea 2" and "The Battle of Shangganling".
Although movies with the main theme have been popular in the past period of time, on the one hand, the subject matter is too single, the material may dry up, and it is difficult to resist the changes in film and television trends. When there are too many films of the same type, the audience may become fatigued.
At the same time that Yu Dong expressed his intention to "sing the main melody," the well-known director Jia Zhangke said: "Chinese movies cannot be made only into the main melody."
The road ahead for Chinese movies is long and is still being explored and developed.
lost its former glory, and the film and television industry changed
In 2010, Bona was listed on Nasdaq and became the first Chinese film and television company to be listed in the United States.
Bona, who originally wanted to integrate with international standards, was proven to have made a wrong decision in the next six years. The listing failed, the stock price was sluggish, and the money raised was “not enough to spend.” Yu Dong regretted that the US stock market does not recognize the value of Chinese movies. "American investors only have Hollywood in their eyes. Bona's audience and market are still in China."
What makes Yu Dong even more upset is that Huayi Brothers was listed in China a year earlier than Bona. Its stock price soared tenfold, and its market value Heading towards 100 billion. In 2015, when Chinese movies were at their peak, Yu Dong couldn't help but ask, "Is the gap between Bona and Huayi really more than ten times greater?"
In 2016, Bona delisted from the U.S. stock market. The following year, an application for listing was submitted to the Shenzhen Stock Exchange. In the same year, a number of celebrities took shares, with a valuation of 16 billion yuan - but then the film and television winter hit, and Bona waited for five years.
went public and the stock price soared. Bona may have succeeded. However, due to the tax crisis, negative public opinion about celebrities, and the epidemic, the Chinese film and television industry has not yet experienced a warm wind.
The film and television industry, which has lost its former glory, has long gone through vicissitudes of life. While Bona is surrounded by stars, Huayi Brothers' market value has dropped from 100 billion yuan, with its market value shrinking by 90% to 7 billion yuan.
When Huayi Brothers went public, the story they wanted to tell was "Chinese Disney". Being supported by capital, in addition to using capital to bind more traffic stars, it also extended its reach to real estate, games and other fields - and now it has The story of the metaverse was told. But these extensions failed to succeed before market patience ran out.
Since 2018, Huayi Brothers has suffered losses for five consecutive years and is still trapped in the whirlpool of illegal shareholding reductions, stranded acquisitions, and frozen shares.
No one knows how long this cold winter will last. As some netizens said, we forgot the last time we walked into a movie theater.
This month, the 16th FIRST Film Festival announced before its opening that it would cancel audience screenings due to the epidemic.
"We all know that it is a cold and long winter for our world now. But here, we feel warm and hope that the sun can rise as usual wherever there are movies." In the quiet venue, a said a young director.
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