What is the performance of Q1 in the film and television media listed company Q1 after the performance explosion?


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Text 丨 refers to the moon

On the evening of April 9, 2019, with many film and television media companies such as Huayi Brothers, Light Media, Mango Super Media, etc., as of now, most of the film and television companies have disclosed Q1’s performance expectations:

In the context of centralized handling of goodwill, most companies choose to leave the impairment loss in 2018. Nowadays, the dust is settled. As the first stop of the recovery of the capital market, the 2019 Q1 really has high expectations for practitioners and investors. Various companies perform well. In addition to companies with basically flat performance, this article will interpret other listing one by one. The company’s early 2019 performance.

Blasting Rayu Yu Zhen, Huayi Brothers, etc. need time to reorganize

In 2018, the performance of A -share listed companies was collectively exploded, and many companies’ performance losses were hundreds of millions or even billions of yuan. For these companies, Q1 in 2019 is usually used to transition ——

The problem left over in 2018 is unlikely to complete the flip in just one season.

For Huayi Brothers, a film giant that has been empty throughout the Spring Festival, Q1 is a time period for watching the early work and not watching the performance;

Ciwen Media has undergone a change of major shareholders at the beginning of the year, and it is also in the “transition period.” The entry of the new capital alleviates the external risks of a large number of pledge of the major shareholders Ma Zhongjun. With the production ability and project reserves of Ciwen Media, there may be good performance in the next three quarters of 2019;

As for Tang De Film and Television, they still cannot get out of the shadow of “Baying Biography”. This big production cannot be broadcast on a full range of negative impacts on Tangde Film and Television. At present, Tang De Film has filed a lawsuit with Gao Yunxiang starring Gao Yunxiang.

As a representative, Huayi Brothers’ net profit loss in 2018 reached 986 million yuan, a year -on -year decrease of 219%. This slump also continued to 2019 Q1, with a loss of 917.25 million yuan -8,672,500 yuan.

According to the announcement, the main reason for the loss is that the films released during Q1 include the cross -date movie “Yunnan Worm Valley” and “Can I return my brother? “The box office is not as expected. Compared with the film” Fanghua “,” Fanghua “,” Predecessor 3: Goodbye “, which was released in the same period in 2018, it is not a magnitude. In terms of TV dramas, Q1 in 2018 has the revenue blessing of “Long Life”, and Q1 in 2019 is also inferior.

Performance is lacking,

The keywords of Huayi Brothers 2019 Q1 are to borrow money.

Since the beginning of the year, the Huayi brothers have disclosed four large -scale loan contracts in different forms:

Strategic cooperation borrowing

——In a strategic cooperation agreement with Ali Pictures, and 70%of Dongyang Meila Company, which Feng Xiaogang participated in Feng Xiaogang, borrowed 700 million yuan from Ali Pictures;

Issue convertible bonds

——In the Mount Qinling Investment Limited (Tencent related parties) issued a $ 30 million convertible bond bill for the operation and management of the Director Russel Brothers, the Director of Infinite War, the development and production of film and television dramas, and a series of blockbusters. For the purchase of IP, Tencent will obtain the priority issuance right of related projects, and to choose business;

“Talent Assets” bank borrowing

——S shares that hold the hero interoperability of not less than 15.06%and not more than 20.17%provide pledge guarantees to the company’s borrowing within two years from January 25, 2019. The guarantee period is two years. The amount is not more than 770 million yuan.

Big shareholders provide interest -free borrowings

—— On April 9, Huayi Brothers announced that the company’s actual controller and chairman Wang Zhongjun will provide interest -free borrowing of 270 million yuan as financial support.


It can be seen that Huayi Brothers 2019 Q1 is basically in the stage of accumulating power. At the beginning of the year, Wang Zhongjun spoke and reflected, and bluntly grasped the main business of the film to change the slump of the main film project since 2018. And the most needed is

Funds and time

—— On the one hand, the company needs to complete the adjustment. On the other hand, the Huayi brothers need a lot of cash flow to carry out new projects. “Eight Bai” in 2019 is its most noticeable movie. The success or failure of this film will largely affect the pace of Huayi’s revitalization.

Another good news is that the Huayi Brothers announced the selection of the “Xinhua News Agency National Brand Project” on April 8. For the Huayi brothers who have been questioned in the cold winter, this title may be called “word”, right? Essence

The trials of the courtyard are stagnant, and the box office market is waiting for imported films for rescue

From the perspective of the overall data of the movie box office, the cumulative box office in Q1 in 2019 was 17.14 billion yuan, a year -on -year decrease of 9.5%. Only rising fares. The domestic average fare of 2019 Q1 was 35.9 yuan, an increase of 6%year -on -year. Considering the service fee, it increased by 7.5%.

Although “Wandering Earth” set the box office record after “Wolf Wolf II”, the overall box office of 2019 showed a decline.

This trend has been very obvious since the Spring Festival stall: the decline in movie watching people and the increase in fares have maintained their surface growth. In March, the domestic import box office both lost. About 19%was the cold of the Q1 movie market.

“Captain Marvel” supported the box office in March

Wanda Film, as a leading company in the domestic academy, has a slightly better income performance than the box office. The amplitude. This also means that the fare factors are more obvious here. Compared with the third and fourth -tier expansion strategies of Hengdian Film and Television, the brand of the Wanda Cinema Line still bless the fare.

Hengdian Film and Television, which is also a large -scale cinema, and Jinyi Film and Television did not disclose the Q1 performance trailer. Another relatively small company with a relatively small company has a happy blue ocean net profit of 10 million to 23 million, a year -on -year decrease of 77.79%to 48.92%. From three aspects, the year -on -year impact of the box office of the national film market has led to a decrease in the company’s box office revenue; the number of new movie studios has increased year -on -year, resulting in increased costs. At the same time, Chongqing Flute Girl Ares Film and Television Media Co., Ltd., which was acquired, suffered losses in the first quarter.

In addition to the last unconventional factors, the problem of happy blue oceans is also inevitable for other theater companies: the crazy expansion in the past two years, and the high -speed growth of the number of screens will bring tremendous pressure on the theater company. Growth, it may be difficult for these theaters to continue to support the cost of new theaters.

April is the beginning of the film market opening the anti -attack horn. The highly anticipated “Avengers 4: The Final Battle” has a high probability that it will break through all the box office records of Marvel movies. The imported films will save the domestic box office market, perhaps the biggest expectations of theater companies in the first half of the year.

The ecological ecology at the bottom of the cliff is expected to recover after selling blue fire?

The former variety giant Huatu Bena loses 3.3 billion yuan in 2018, and the loss once exceeded the market value of the company at that time. As a “representative” company for goodwill, in December 2018, Hualu Benna sold Guangdong Blue Fire at a price of 4.1 million yuan -the company spent 2.5 billion yuan in 2014 to complete the acquisition. This is expected to cause a loss of 12-18 billion yuan in investment in Hualu Barna this year, which is also the main reason for Huatu Baina in 2018.

[Fengmang Think Tank] In the mid -2018, “market value from 50 billion to 5 billion, can Huatu Baina get up from the bottom of the cliff? “A comprehensive analysis and prediction of the company in the article. At present, Hualu Bena’s operation is being predicted: in 2018, he shaken off the cumbersome assets and exchanged for the light dress in 2019 in a huge loss.

In the 2019 Q1 preview, Huamu Bena really turned to profit: although the profit was only 5 million to 10 million yuan. The announcement states that the profit is mainly due to the overseas distribution of the drama and the two -round distribution of the past drama. The content marketing of the mainstream satellite TV party and the hard -wide projects of the media resources. In other words, after Hualu Bena dumped the problem assets, on the one hand, relying on the second round of the inventory project, the revenue was revenue, and on the other hand, it also maintained normal operations in the company’s marketing business.

But after getting rid of the blue fire, the overall business scale of Hualu Baina has obviously reduced significantly. Huatu Bena’s cash flow is acceptable,

There may be two possibilities in the future:

The first is to slowly rebuild the program production business to recover; the other is the next capital operation from the major shareholders -the actual controller of the company in 2018 changed from Huamu Group. On the official website of Hualu Baina, Midea has already led the development of cultural tourism projects. Huamili Bena may also be injected into new assets as “shell resources” in the future to complete the reorganization.

In short, after the unbearable dust of Hua Lu Bena and Blue Fire settled, the business that had been settled and losing money had been basically handled, and the remaining value of listed companies would not be wasted.

As for LeTV, this deeper company at the bottom of the cliff seems to be darker in the future -as of April 10, LeTV’s suspension of listing has not yet appeared.

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