The rural-themed drama "Happiness to Ten Thousands of Homes" is currently on the air. He Xingfu, played by Zhao Liying, has changed the bad habit of "marriage" through unremitting efforts, but the drama is difficult to change the situation in the quagmire of ST Mingcheng.

China Times (www.chinatimes.net.cn) reporter Yu Yujin Beijing report

Rural theme drama "Happiness to Ten Thousands of Homes" is currently on the air. He Xingfu, played by Zhao Liying, , has changed the bad habit of "marriage" through persistence, but the drama is difficult to change the situation in the quagmire in ST Mingcheng (600136.SH).

htmlOn June 29, "Happiness to Ten Thousand Homes" was broadcast on Oriental Satellite TV , Beijing Satellite TV and Youku. The first episode plot raised the audience's blood pressure and ratings to a higher level. Among the investors of the show, there are also listed company ST Mingcheng, but ST Mingcheng has been losing money for two consecutive years, and there are many problems such as current assets being smaller than current liabilities and loans being unpaid when maturity. To make matters worse, ST Mingcheng received a notice from the Spanish Professional Football League (hereinafter referred to as the "La Liga") in June this year, requiring the early termination of the "Audio-Video Rights License Agreement" signed with the company and the "Audio-Video Rights License Agreement Revision Letter of Intent" signed with the company.

htmlOn July 6, a person from ST Mingcheng replied to an interview with a reporter from " China Times " via email: "Since the film and television business currently accounts for a small proportion of the company's main business income, although "Happiness to Ten Thousand Family" is currently on the air and will have a positive impact on the company's performance, the impact is limited."

"Happiness to Ten Thousand Family" is popular and is popular

"My sister He Xingyun was 'worship' at her sister's wedding. Her father-in-law and in-laws who are 'small surnames' in the village chose to swallow their anger, and her sister He Xingfu counterattacked to the end." - The plot of the first episode of "Happiness to Ten Thousand Family" presents conflicts between old customs and new concepts, providing the audience with a topic of venting emotions, and igniting public opinion on social media.

"Happiness to Ten Thousand Homes" was aired on June 29. The drama is adapted from the novel "The Legend of Autumn Chrysanthemums" by Chen Yuanbin . The same-original work was made into the movie " Qiuju Sue " by Zhang Yimou . It is co-directed by Zheng Xiaolong , Liu Xuesong , and starring Zhao Liying, Liu Wei , and Tang Zeng . The drama tells the story of rural girl He Xingfu growing up after multiple tests of career and marriage, love and family affection, and focuses on showing the achievements of China's rural revitalization strategy, rural spiritual civilization construction and rule of law civilization construction.

Zheng Xiaolong once said in an interview with the media: "No matter what kind of theme it is, the most important thing is the realistic creative attitude. The innovation of realistic TV series requires more to creators to understand the times, understand the people in the times, and lead the correct values."

"How to solve the specific problems encountered in daily life of villagers or ordinary people through the rule of law. This drama presents some useful explorations in these aspects. I hope to reflect the contemporary rural appearance and present the process of rural spiritual civilization construction through this story." Zheng Xiaolong also said.

Due to plot conflicts one after another, the ratings of "Happiness to Ten Thousand Homes" have also increased, and it was on 5 hot searches on the day of its debut. According to the real-time data of Kuyun TV live broadcast and the professional version of Lighthouse, on the night of the series' premiere, Beijing Satellite TV and Oriental TV's live broadcast attention during the prime time period; Youku Video was launched less than an hour later, and the market share of the main series on the entire network ranked first, with the real-time broadcast market accounting for 11.46%.

"Happiness to Ten Thousand Homes" investment company also has listed company ST Mingcheng. According to ST Mingcheng's 2021 financial report, his investment ratio was 20%.

However, a hit drama cannot help a company in trouble solve its problems. A person from ST Mingcheng told our reporter: "Since the film and television business currently accounts for a small proportion of the company's main business income, although "Happiness to Ten Thousand Family" is currently on the air and will have a positive impact on the company's performance, the impact is limited."

is a serious problem

ST Mingcheng was established in 1992 and landed on Shanghai Stock Exchange in 1998. The company used the name Daobo Co., Ltd., Contemporary Mingcheng, and Contemporary Culture and Sports. Its main business has also shifted from phosphate ore trade and student apartment operation and management to the current two major sectors of film and television media and sports.

has started the industrial direction adjustment in 2015, ST Mingcheng has carried out a series of mergers and acquisitions, and has successively completed the acquisitions of Qiangshi Media, Suzhou Double-edged Sword, Naisi International and its subsidiaries Borg.B.V, Xinying Cayman, etc.

ST Mingcheng's expansion time coincides with the booming period of the cultural and sports industry, and its performance naturally improves rapidly. ST Mingcheng's net profit in 2015, 2016 and 2017 was RMB 53.47 million, RMB 122 million and RMB 128 million, respectively, a year-on-year increase of 5504.09%, 128.51% and 4.87%. In 2018, ST Mingcheng's net profit reached 178 million yuan, a year-on-year increase of 38.91%, reaching the peak of performance.

only led to a significant increase in debt scale, forming large goodwill. In addition, the deterioration of film, TV, drama and sports business operations, ST Mingcheng's liquidity is extremely tight.

In 2019, although it invested in the hit drama " Celebration of Yu Nian ", the project failed to significantly increase revenue due to the participation of only 10% of the investment. ST Mingcheng's film and television media segment revenue fell by 78.78%, and the sports business also performed poorly. ST Mingcheng's net profit in 2019 fell by 40.96% to 105 million yuan. Under the epidemic in 2020, ST Mingcheng's revenue dropped sharply, and the period expenses remained high, coupled with the increase in asset impairment and investment losses, a huge loss of 1.926 billion yuan.

ST Mingcheng did not reverse the decline in 2021, with a net loss of 978 million yuan in 2021. ST Mingcheng's annual report audit agency Asia Pacific (Group) Accounting Firm has issued a reservation-based audit report on its 2021 annual financial report.

Asia Pacific stated that ST Mingcheng had losses for two consecutive years, current assets were smaller than current liabilities, and the loan was unpaid when maturing, involving multiple lawsuits, with a debt-to-asset ratio of 92%, and there are matters such as the rebate principal and full interest payable of the 2020 private placement of corporate bonds "20 Mingcheng 03 Bonds" with a total principal and interest payable of RMB 122.75 million and the full interest not redeemed on time, etc. Although the company's management plans to take measures to improve the company's operations and financial status, there is still significant uncertainty in continuing operations.

In the first quarter of this year, ST Mingcheng's performance did not improve, with a net profit loss of 150 million yuan.

La Liga League terminated the contract early

ST Mingcheng, who is already in trouble, has bad news one after another. After the news of the 2023 Asian Football Federation held the Asian Cup, La Liga wants to terminate the contract early.

htmlOn the evening of June 22, ST Mingcheng issued an announcement stating that the company received a notice from the Spanish Professional Football League, requiring the early termination of the Audio-Video Rights License Agreement (hereinafter referred to as the "Limitation Agreement") signed with the company and the "Letter of Intent to Amend the Audio-Video Rights License Agreement" (hereinafter referred to as the "Letter of Intent") signed with the company in advance.

According to the announcement, ST Mingcheng subsidiary Xinying Cayman has not yet paid the minimum deposit of 45 million euros for the 2021/2022 season, and this amount has expired on January 20, 2022. La Liga also issued a letter to New England Cayman on March 7, 2022 to remedy for the breach of contract no later than March 20, 2022. However, New England Cayman has not paid overdue payments to the La Liga. According to the "License Agreement" and "Letter of Intent" signed by both parties, the La Liga has the right to terminate the cooperation on June 10, 2022.

According to ST Mingcheng, La Liga (LaLiga Santander) currently accounts for about 30% of its copyright business revenue. If the company eventually terminates the contract with La Liga for the "Audio and Video Rights License Agreement", it will lead to the company's sports copyright business losing La Liga all-media copyright, and the company's related business revenue and cost expenditure will also be reduced accordingly.

In addition, according to the notice, in addition to the obligation to pay overdue payment of 45 million euros, ST Mingcheng may also bear 105 million euros of liquidated damages. "Since the liquidated damages of 105 million euros were only unilaterally proposed by the La Liga, the specific impact on ST Mingcheng's financial indicators cannot be calculated at present." ST Mingcheng said.

Regarding the impact and progress of the incident on the company, a person from ST Mingcheng responded to a reporter from the China Times, "The company has conducted multiple rounds of communication with La Liga on matters such as the purchase price authorization period. At present, the two parties have not reached a completely agreed agreement on related matters." The bad news of

and La Liga termination were also released on the same day that ST Mingcheng and the company's holding subsidiaries involved major litigation.The announcement shows that on March 25, 2022, ST Mingcheng received (the actual time the company's board secretariat obtained the information was June 22, 2022) Northern International Trust Co., Ltd. filed a lawsuit against the "Wuhan East Lake No. 1 Trust Fund Borrowing Contract" signed with the company in 2020. The lawsuit has not yet been held, and the amount involved is 126 million yuan.

In addition, as early as the evening of May 15, ST Mingcheng issued an announcement stating that on May 14, the company learned from the official website of AFC that the 2023 Asian Cup, which was originally scheduled to be held in China, will be held in a different place. Given that its holding subsidiary FMA has the exclusive global commercial interests (including sponsorship rights and copyrights) for all related events of the AFC from 2021 to 2028, the 2023 Asian Cup will have a significant impact on FMA's operations.

is really a miserable situation, and negative news is also present in the secondary market. ST Mingcheng's stock price has fallen from the high of 8.36 yuan per share on January 11 this year. During this period, hit the limit of on many trading days, and closed at 1.82 yuan per share, which has fallen 78.23% from the high of the stock price this year, with a market value of only 1.064 billion yuan.