Wen | "Financial World" Weekly Zhang Mengyi
Edit | Lu Jia
In recent years, "China's Good Voice" and "This! It is a street dance" left an unforgettable memories for the audience. Behind these explosive varices, they all point to the same film and television company - Star Oversics.
Recently, Star Huawen submitted a prospectus to the Hong Kong Stock Exchange, and the main board is listed, Golden and CITIC Jianrou are joint sponsor. It is worth mentioning that before this shocked Hong Kong stock, the Star Chinese mainly operates Squar Culture, I planned to be listed on the A-share GEM, but finally defeated. Today, the second sprint IPO, Star Huawen still faces performance landslides and income.
Source of income, the first half of the year
Star Ovin is a Chinese-leading entertainment IP company. He has launched one of the most popular singing competition programs in China. It is the street dance "and other popular variety show IP. In addition, Star Chinese also has 757 Hong Kong movies' back and refund, remarkable rights, such as "Raptor Jingjiang", "Jingwumeomen", "Ghost Story" and "Rouge", and hold thousands of artists Made songs, music recording. According to the report of Franist Shari, according to 2020 income, Star Huawen is one of China's largest variety show IP creation and operators.
Rely on powerful IP production, operational ability, Star Chinese performance all the way, but since 2020, the company's operating results began to decline. Prosperity shows that in 2018, in 2019, Hantin's income in China is 1739 billion yuan, RMB 1.84 billion, 1.56 billion yuan, and the company's net profit is 475 million yuan, 380 million yuan, -028 billion yuan, The adjusted net profit was 487 million yuan, 408 million yuan, 369 million yuan.
As of the first half of 2021, China's operating income was 155 million yuan, which was 62.38% year-on-year from the same period last year, a net profit of -025 billion yuan, and the amount of loss was 16.67% year-on-year.
In terms of specific business, China's Chinese revenue comes from four parts, including variety show IP operations and authorization, music IP operations and authorization, film and episode IP operations and authorization, other IP-related business, ie artist brokerage, concert composition And production, derivative consumer goods, instant experience site, etc. A series of IP-related services and products. Among them, variety show IP operations and authorizations are the company's most important source of income. In 2018, in 2019, in 2020, the revenue proportion of variety show IP is 72.9%, 74.2%, 69.9%.
However, it has exacerbated earnings instability, and in the past three years, the income of Star Chinese has increased due to the reduction of variety programs. In addition, "Financial World" weekly attention, many well-known varieties of Star Chinese have taken a multi-season, such as "China's good voice" has been broadcast to the eighth season, "Sheng Sing will guess" to shoot five seasons, "this! It is a street dance, "I took the four seasons, there is IP aging, the surrounding audience's aesthetic fatigue.
The Star Overexmaster has apparently realized this. To ensure the ratings of variety show. "At the same time, it also said that the company has implemented a variety of growth plans, striving for business diversification, but these business initiatives are in the early stage, and they have not yet become the main source of income, and these business initiatives cannot be guaranteed. Can get a wide range of market recognition.
On the other hand, the film and television industry has been seriously influenced by the epidemic. In the prospectus, Star Oversics said that the company's acquisition of dreams were influenced by COVID-19, and there was an impairment of goodwill, plus the overall decline in the TV media platform advertising industry, leading to the revenue of variety show operations and authorization. And it is affected by the epidemic, and the production and broadcast time of the Star Chinese Variety show has delayed, and the above factors affect the income performance of Star Chinese.
Farming IP Operation Foundation Sprint A Filter
In fact, this is not the first shock of Star Sky. At present, there are 27 subsidiary companies and operating entities, including the main business of variety show production and IP authorization, and the dream of music related IP. sound.
According to the disclosure of the present, the main business of the Star Huawen's Sugar Canying Culture has submitted a listing application for the Shenzhen Stock Exchange GEM. However, in February 2002, the Shenzhen Stock Exchange issued a termination notice on the application of the Canar Cultural A shares, the Canying culture did not reflect the actual financial situation of the Culture of the Dream Strong Acquisition.
Until now, the impairment of goodwill from the strong sound is still affecting the performance of the Star Chinese, as of the end of 2020, the goodwill of the dream of the strong sound acquisition is RMB 1.97 billion, confirmed that the impairment loss is 38.7 billion yuan, The proportion of revenue in the same period is as high as 24.8%. As of June 2020 and 2021, Star Huawen recorded the net value of $ 1.852 billion and 1.849 billion yuan, mainly related to the acquisition of dreams of strong sound and movie copyright business, respectively occupying 36.3% and 39.3% of total assets.
If this part of the goodwill or other intangible assets are defined in the future, it will further have a negative impact on the business performance of Star Chinese. Whether the sprint Hong Kong stocks can be successful, how to achieve business diversification, which requires time to make an answer.