The seven directors include Chen Kaige, Zhang, Guan Hu, Xue, Xu Zongheng, Ning Hao and Wen Mu Ye. Each director directed a clip independently, and seven stories selected the most representative historical moments in the 70 years since the founding of the People's Republic of China. Actors include Ge You, Bo Huang and Jason Wu, actresses with their own characteristics such as Kara Wai, Song Jia, Tong Liya and Ren Suxi, Du Jiang, Zhu Yilong, Liu Haoran and Zhang Zifeng.
Besides my people, my motherland, The Climbers and Captain during the National Day also poured in. This holiday, if you don't want to go to major scenic spots, you can also enjoy a visual feast of popcorn in the air-conditioned cinema.
Although excellent films such as The Wandering Earth's "The arrival of the magical child in Nezha" appeared on 20 19, according to the cat's eye data, China movies (14.030,? -0. 10,? -0.7 1%) The year-on-year growth rate of box office and movie attendance was negative, which was the first negative growth since 20 1 1. From June to May this year, the box office of Chinese movies (including service fees) totaled 27 billion yuan, down about 3% year-on-year; The number of people watching movies was 689 million, a decrease of about 654.38+billion compared with last year.
Similar to many industries, the film industry has also entered the era of "stock" competition.
The producers of The Climbers, a listed company involved in the first and third parts, include Huayi Brothers (4.350,? -0.05,? -1. 14%), Beijing culture (8.690,? -0. 14,? -1.59%), Wanda Cinema (15.500,? -0. 12,? -0.77%), Wentou Holdings (3.620,? 0. 12,? 3.43%), Shanghai film (15.500,? -0.32,? -2.02%) is the main distributor of the film, which is jointly issued by Beijing Culture.
The captain involved two A-share listed companies, Wanda Cinema and Happiness Blue Ocean (6.950, -0.03,? -0.43%) The film industry participated in the co-production.
My people, my country has a huge lineup and many listed companies are involved. Joint products include Light Media (8.730,? 0.09, 1.04%), Wanda Cinema, Huayi Brothers, Huace Film, Hengdian Film and Television, Wentou Holdings, People's Daily Online (20.880,? 0.29,? 1.4 1%), OCT, and the joint distribution includes Light Media.
Second, the financial risks of film and television listed companies Film and television companies are mainly divided into two categories, one is film and television production, and the other is cinema service. In recent years, the two began to merge, such as Wanda Cinema.
Among them, film and television production is a typical "light asset" company, and the financial reports of many film and television production companies give people the illusion of running away at any time; The cinema service is an "asset-oriented" model, and there are many cinemas below.
The content discussed in this paper is mainly about film and television production companies.
1, goodwill
Goodwill is a cliche of film and television companies, which is related to the company's business model. The core competitiveness of film and television companies is directors and actors, while well-known directors and actors have their own personal studios and will not cooperate with film and television companies in the ordinary employment mode.
In order to obtain these well-known resources, listed companies buy the studios of famous directors and stars at high prices. For example, the most famous acquisition case: Huayi Brothers 1 0.5 billion acquired Xiaogang Feng Dongyang Latin American Studio, with a book value of10.3 million yuan, which brought more than10 billion in goodwill. Later, due to the failure of gambling performances in several works of Xiaogang Feng, huge goodwill was damaged.
For film and television companies, goodwill is a double-edged sword. On the one hand, better artists can be introduced through high premium and high performance gambling; On the other hand, however, the audience's appetite is becoming more and more critical. For example, although Lu Han, Shu Qi and other superstars took part in "Shanghai Fortress", it still played to its liking, which caused great goodwill risk.
In the annual report of 20 18, Huayi Brothers lost 909 million yuan, and in the semi-annual report of 20 19, it continued to lose 44 10 million yuan.
2. Equity pledge
It is difficult for light asset enterprises to get loans because banks only recognize collateral. Although the film equipment is expensive, it is far from enough to use it as collateral. Therefore, equity pledge has become a simple and easy way for listed film and television companies to obtain funds. However, when the equity pledge reaches a certain proportion, it is likely to be suspected of running away.
For example, the equity pledge rate of Huayi Brothers, Brothers and Wang Brothers exceeds 90%, which is close to 100%. Combined with the company's huge losses, this operation is a bit like clearance pledge.
Another example is the light media. It is also a signal worthy of vigilance that the shareholding pledge ratio of the major shareholder Light Holdings exceeds 60%.
For Jinghua Culture, which has cooperated with Jason Wu for many times, the share pledge ratio of several major shareholders such as China Huali Holding Group Co., Ltd. and Shihezi Wuji Equity Investment Partnership (Limited Partnership) is as high as 100%.
Will these shareholders who pledge 100% shares continue to support listed companies when the company's performance declines and the stock price falls?
3. Prepaid accounts
In listed film and television companies, the balance of prepayments is usually relatively high. The annual revenue of Beijing Culture is only 654.38+0.2 billion, and the advance payment is as high as 654.38+0.9 billion.
It can be seen that the appearance fees of famous directors and stars are prepaid, and they will not appear if they are not enough.
But the risks are also obvious. If the movie box office is not good, the advance payment is meat buns hitting dogs. When the company's performance is not good, huge advance payment is likely to transfer the benefits of capital transfer.
Third, the box office geometry? The National Day schedule has always been a time when the main theme movies shine. This year coincides with the 70th anniversary, and the audience's willingness to watch movies is even stronger.
Judging from the arrangement, the three films are evenly matched. On September 30th, the screening volumes of The Climbers, My People, My Country and Captain were 10.8 10.00, 10.25, 9 18.00, accounting for 35.4% and 33% respectively.