Life is difficult for Wanda and Jin Yi, and it is difficult for them to increase their performance at the box office.

Wanda Film, as the leader, delivered the brightest answer in the first three quarters, with revenue of 10.185 billion yuan, an increase of 20.72% over the same period last year, and a net profit of 1.264 billion yuan, an increase of 10.29% over the same period last year.

however, behind the beautiful data, the growth rate of Wanda's own performance is slowing: 10% growth is the smallest increase in Wanda's net profit in the first three quarters of the past three years, compared with 38.78% in 2015 and 22.17% in 2016.

Wanda is still the number one cinema at the box office, but its market share continues to shrink. In the first nine months of 2017, Wanda accounted for 12.91% of the box office, compared with 13.61% in 2015 and 13.40% in 2016, according to the data. As a result, the gap between Wanda and Dudu has fallen from a peak of 5.4% in 2016 to 4.3% today.

although the box office share has shrunk, Wanda's non-box office revenue is still growing steadily. According to the data disclosed in its semi-annual report, box office revenue has dropped from 68.20% in the same period last year to 63.97%. Among them, the merchandise sales business, in which the gross profit margin is about 4 times that of the film screening, has reached 857 million yuan (accounting for 12.95%), which is further increased from 11.83% last year.

contrary to Wanda, Shanghai Film's results in the first three quarters were somewhat dismal. Although its revenue in the first three quarters was 821 million yuan, up 8.82% from the same period last year, the net profit of 154 million yuan fell 13.26% from the same period last year. Perhaps affected by the performance, Shanghai Film recently announced that it plans to sell its 17.37% stake in the lossmaking Chongqing Cross-Border Film Co., Ltd. through the open market to maintain the company's profitability. As early as September this year, Shanghai Film has sold its shares in Liaoning New Matt Yongle Film City Co., Ltd. and Changsha Shanghai Film City Management Co., Ltd.

what is even worse than the previous film is the Blue Ocean of Happiness. Although its revenue in the third quarter was 359 million yuan, an increase of 17% over the same period last year, its net profit in the third quarter was only 3.44 million yuan, down 49.1% from the same period last year. In the first three quarters, net profit also dropped 5.8% from the same period last year. Happy Blue Ocean said that the reason for the change in performance was mainly due to the slow growth of the overall domestic box office market and the continuous growth of the number of newly opened studios in China, resulting in a decline in the output of single studios in the industry, and the company's investment in Studios did not meet expectations.

in this three-quarter report, the transcripts of two newly listed companies, Hengdian Film and Television and Jinyi Film and Television, undoubtedly attract the most attention.

Jin Yi Film and Television, which has made three sprints to IPO in five years, finally got its wish in September this year, and was officially listed on the Shenzhen Stock Exchange on October 16. Judging from the results provided by the three quarterly reports, the company's net profit in the first three quarters still reached 144 million yuan, although the year-on-year increase was only 6.63%, even though the share of the box office decreased slightly compared with the second quarter and the previous year. But it is still the highest among several listed companies except Wanda. Jinyi Film and Television will continue to work in second-and third-tier cities in the future, and its fund-raising will be used for the construction of 40 cinemas in second-and third-tier cities.

the performance of Hengdian Film and Television, which is also listed recently, is not very satisfactory: while the operating income of 1.936 billion yuan in the first three quarters increased by 8.01% compared with the same period last year, the net profit of 305 million yuan fell 7.72% compared with the same period last year. It is worth noting that the gross profit margin of Hengdian Film and Television's main business film projection is only 10%, while that of other cinema films is 16% or more.

overall, the revenue of all major cinema chains increased by more than 10% in the third quarter compared with the same period last year, but the increase and decline in net profit varied. Due to the dull film market in the first two quarters, the net profit growth of domestic cinema companies, with the exception of Wanda, fell below 10% in the first three quarters. Obviously, the life of cinema-listed companies is not so easy when the competition is becoming more and more fierce. The "lack of supply of quality films", "enhanced market competition" and "difficulties in cinema location" summarized by Wanda in the middle of the year may be common problems faced by all cinema operators at present.

Edit: mary