The performance of the new third board film and television enterprises is eye-catching, and the performance of many companies is comparable to that of A-share similar companies.

in the film and television sector, there is still a big gap between the new third board listed enterprises and A-share companies.

original title: the performance of the new third board film and television enterprises is eye-catching

strong > the revenue of the six companies in the first half of the year has exceeded 1 billion yuan / strong >

generally speaking, in the film and television sector, there is still a big gap between the new third board listed enterprises and A-share companies. Data show that among the 24 A-share film and television companies, 23 have revenues of more than 100 million yuan in the first half of the year, 6 companies have more than 1 billion yuan in revenue, and 21 companies have a net profit of more than 30 million yuan belonging to the shareholders of the parent company. Of these, nine companies made a net profit of more than 100 million yuan. Among the 124 film and television listed enterprises on the new third board, 16 had revenues of more than 100 million in the first half of the year, and 8 companies had a net profit of more than 30 million yuan belonging to the shareholders of the parent company. Of this total, the net profits of the two companies exceeded 100 million yuan.

it is worth noting that the performance of many new third-board film and television companies is comparable to that of similar A-share companies.

in the first half of this year, Jiaxing Media, which is indirectly owned by film and television star Yang Mi, achieved a revenue of 137 million yuan, an increase of 23.74% over the same period last year, and a net profit of 84.6546 million yuan belonging to shareholders of listed companies, an increase of 53.25% over the same period last year. The revenue of Changjiang Culture in the first half of the year was 220 million yuan, an increase of 43.60% over the same period last year, and the net profit belonging to the shareholders of the listed company was 55.2193 million yuan, an increase of 35.05% over the same period last year. Defeng Pictures achieved revenue of 102 million yuan in the first half of the year, an increase of 51.74% over the same period last year, and a net profit of 48.1469 million yuan belonging to shareholders of the listed company, an increase of 267.40% over the same period last year.

among the above-mentioned companies, the net profit scale of Jiaxing Media exceeds 14 of the 24 A-share film and television listed companies, including Ciwen Media, Happiness Media, Great Wall Film and Television, Warner Bainer, Tangde Film and Television, and so on. The net profit scale of Changjiang Culture exceeds 9 A-share film and television companies, including Oriental Network, China Television Media, Beijing Culture, Huanrui Century and so on. Among them, the revenue scale of Beijing Culture and other four companies is lower than that of Yangtze River Culture.

strong > reap the dividend of online payment market / strong >

for the new third board film and television enterprises, most of their performance is obviously affected by a single piece, and "betting on treasure" is very important.

take the original stone culture as an example, the company achieved a net profit of 23.549 million yuan in the first half of the year, an increase of 25.4189 million yuan, or 1359.33%, over the same period last year. As for the main reason for the higher increase in net profit, the company said that the new drama "the Housekeeping", which is led by the executive producer, was broadcast on Hunan, Shanghai and other local stations in June 2017. and on June 3 landing Shandong Satellite TV and Hubei Satellite TV prime stalls, the major network platforms broadcast simultaneously.

in the first half of the year, Sanshang Media continued its good business momentum and continued to expand its business scale. During the reporting period, the operating income was 39.6014 million yuan, an increase of 509.98% over the same period last year; the net profit attributed to the shareholders of the listed company was 21.0494 million yuan, an increase of 720.24% over the same period last year; during the reporting period, the business income mainly came from the TV series "three Kingdoms" and "the Central Bureau of Antiquities Bureau".

with the rise of star income, the entertainer brokerage business of some listed enterprises has increased obviously.

take Jiaxang Media as an example. According to the semi-annual report, the income of artist brokers of Jiaxing Media increased by 23.98 million yuan in the first half of the year. The main reason is that the popularity of artists has increased, and the number and unit price of endorsements, activities and film and television agents have increased. As of June 30, 2017, the company's total assets and net assets were 895 million yuan and 607 million yuan respectively.

in addition, under the background of the slowdown in the overall growth of the film market, the online payment market is developing rapidly. Content companies are deep in video payment market segments, and the niche IP also has a certain number of users. At the same time, the producer can innovate the means of operation and expand the audience. The platform, represented by BAT's online video platform, "spends money" to store content, and surpasses the major satellite TV to become a major customer of film and television production companies.

take Holi Chenguang as an example, the company's top five customers accounted for 94.20% of the total sales revenue in the first half of the year. Among them, the largest customer accounted for 63.57% of the sales. It is understood that this major customer is an online video platform. Holi Chenguang Dong Mi Weng Zhichao reporter said, "the revenue of film and television companies is mainly concentrated in the fourth quarter, and the second half of the year can account for 70% and 80% of the annual revenue."

the revenue of film and television production contracts is generally recognized at the end of the year, and there is also a certain risk if the advance capital is large in the early stage. As of June 30, 2017, the book value of accounts receivable of Jiaxing Media was 119 million yuan, accounting for 13.27% of the total assets. There is a strong relationship between the release time of the company's film and television works and the balance of accounts receivable at the end of the period. If the circulation of film and television works at the end of the term is large, it will usually form a large amount of accounts receivable. The balance of accounts receivable changes greatly, which makes it more difficult for the company to manage its funds.

in this context, the profit model of film and television production companies has changed. Through the Internet channel, many production companies can cover the cost when the project is established, and further explore the profit space on this basis. Film and television companies smooth the capital fluctuations caused by accounts receivable by pre-selling film and television works and absorbing funds from co-investors.

"most of the company's film and television production products are customized dramas, and the cooperative online video platform is generally determined at the beginning of the project. As far as the company is concerned, the risk of revenue recognition and capital recovery of customized drama is relatively small. " Weng Zhichao said.

strong > A number of companies are planning IPO matters / strong >

under the background of stricter supervision of mergers and acquisitions in the film and television industry, a number of film and television companies have landed in the new third board market and become a new force in the film and television market.

in the first half of the year, the performance of many new third-board film and television enterprises achieved rapid growth. Among them, the net profit growth rate of 9 companies, including Yingda Media, Today World, Tianyu Mutual Entertainment, Juhe Film and painting, and original Stone Culture, is more than 10 times, 44 companies' net profit growth rate is between 1-9 times, and 23 companies' net profit growth rate is between 50% and 100%.

at present, a number of new third-board film and television listed enterprises are preparing for IPO. The company's application for initial public offering and listing has been accepted by the China Securities Regulatory Commission (CSRC) on June 30, 2016, according to the Helichenguang announcement. According to the prospectus, the company plans to list on the gem, with no more than 82.2 million new shares, no less than 25% of the total share capital after the issue, and no more than 329 million shares after the issue.

Weng Zhichao told reporters that the company's listing on the new third board is to standardize corporate governance in advance and accept supervision through information disclosure and other means. Entering the A-share market through IPO can better integrate into the capital market and have better liquidity, which is conducive to future development. According to the company announcement, Helichenguang stock is in a state of suspension in the national share transfer system for small and medium-sized enterprises.

people in the industry believe that at present, the liquidity of the new third board market, the bulk trading system, the supply of innovative differentiation policies, and the credit information environment all need to be improved. In March this year, Bu Gongan, chairman of Zhisheng Lianfa, said in an exclusive interview with a reporter from the China Securities News: "the Matthew effect of the new third board market is obvious. If positive measures are introduced to promote market liquidity, a small number of companies with active transactions will benefit first, while illiquid companies will not change much. "

Bu Gongan told the China Securities News that judging from the current situation, the system construction of the new third board market still needs to be upgraded and improved. Innovation layer differentiation policy supply, Bu Gongan said, "the market has a lot of expectations for the policies of the innovation layer." However, more than a year has passed and no substantive content has been landed. With the tightening of supervision, the supply of differentiated policies for the innovation layer and the basic layer should be implemented. "

Statistics show that new third-board companies, such as China Broadcasting Film and Television, Yongsheng Animation, Dinosaur Park, and Lichenguang, happy mahua, and good-looking media, are currently conducting listing tutoring.

in the first half of the year, a number of enterprises in the new third board film and television sector made outstanding achievements. With the rapid development of online payment market, film and television production companies innovate profit model, many new third board production companies can cover costs through Internet channels when the project is established, and further explore the profit space on this basis. At the same time, with the rising income of stars, the income of listed enterprise entertainer brokerage business is growing rapidly. However, the operation of some enterprises listed on the new third board is obviously affected by a single piece, and "betting on treasure" is very important.

Edit: mary