Bona listing: "Performance" in the film industry recovers?｜ Gold · Big Event

Bona went ashore, and the courtyard sinking.

Wen ｜ Song Wanxin

Edit ｜ Pan Xinyi

Source | 36 氪 Finance (ID: krfinance)

Cover Source ｜ Vision China

As the "first share of film and television in Mainland China", Bona went to the United States in 2010, but at that time, the US market was far away from MGM's bankruptcy. On the first day of listing, Bona plummeted 22.6%, and the highest market value in the later period only stayed at billions of yuan.

Bona's founder Yu Dong has repeatedly expressed his regrets of attacking Nasdaq. In 2016, he chose to privatize Bona. The market value of Bona's privatization was 6.5 billion yuan, and at this time, Huayi Brothers and Light Media, which were listed on the A -share science board of the Ocean, had a market value of 38.2 billion yuan and 37.3 billion yuan.

Starting from privatization, returning to A to go public has always been Bona's heart knot, but he can't meet the opportunity.

In September 2017, Bona submitted an application for A -share listing for the first time, but the domestic industry policies and environment have begun to become cold, and Bona once again placed Bona in an awkward situation. The review and long wait, so that the original plan to be listed for 3 years became a 5 -year marathon long -distance run. On the way, it was twists and turns on the way. Until the end of July this year, the A -share listing finally passed.

The ups and downs of Bona's listing basically reflected the twists and tears of the mainland film and television in the past decade.

Since the 5 -year "Film and Television Cold Winter", the film and television industry has been impacted to varying degrees from various aspects such as policies, markets, supervision, and epidemics. Ai Media data shows that the investment and financing amount of China's film and television industry reached its peak in 2017 to 27.01 billion yuan. The subsequent financing amount and quantity were declining. By last year, the investment financing amount was only 4.62 billion yuan.

In the three years of the epidemic, tourism, aviation, consumption and other industries have been heated. Only film and television has been at the bottom and has been forgotten. Until some new signs appeared.

On July 18, 27 departments including the Ministry of Commerce jointly issued the "Opinions on Promoting the High -quality Development of Foreign Cultural Trade", which clearly mentioned "actively supporting qualified cultural and trade enterprises listing and financing."

In the next two weeks, the companies standing at the entrance of the listing were released successively: Ningmeng Films passed the Hong Kong Stock Exchange, Bona A shares, and Lehua Entertainment through the Hong Kong Stock Exchange.

Regarding the rescue of policies, there are two sounds on the market. Some people feel that they have finally opened up the clouds, and the industry has begun to release a good signal. However, there are also people who have the bottom of the character.

At the end of last year, at the opening ceremony of the Chinese Golden Rooster Baihua Film Festival, Yu Dong once said: "Now the listing company is more difficult than the sky. Getting money from the market is the only way to survive in our industry."

In the past, it was not difficult for domestic film and television companies to get money. The threshold was low and the road was wild.

Now, a 7 -year -old producer Song Yifei told 36 氪, "50%of the market in the film industry is gone, and the past travel and hot money are gone. ","

Safety main theme

As soon as the news of Bona's listing came out, it still made many investors excited — is it a recovery signal? Want to bottom out and rebound?

According to his own understanding of the industry, Song Yifei felt that "Bona's listing and has nothing to do with the industry."

From the perspective of Bona's business development, the main projection films have changed a lot from Hong Kong films to the main theme film. Behind the steering of the type of main videos, Bona found a balance in the middle of the company's development and policy orientation. As a head film distribution company, this balance is "safe", which is the most important thing.

"The release company of the main theme commercial film, the domestic capital market will definitely leave you a position, and Bona plays the role of this role." Song Yifei said, this is very realistic.

Source: Bona Film Principles

Judging from the prospectus submitted by Bona on August 1st, in the first half of this year, Bona Film's revenue was 1.473 billion yuan, an increase of 81.89%year -on -year, and the net profit was 236 million yuan, a surge of 783%year -on -year; last year Bona Camp last year; Reception of 3.124 billion yuan, an increase of 94%year -on -year, and a net profit of 356 million yuan, an increase of 89%year -on -year.

The main theme film "Changjin Lake" series is a key to support performance. The first "Changjin Lake" was released in the National Day last year. It became a box office champion of China Film History with a box office of 5.775 billion yuan and the global box office runner -up in 2021. The second part of "The Water Gate Bridge of Changjin Lake" was released in the Spring Festival this year, with a box office of 4.06 billion yuan.

A movie "Changjin Lake" contributed nearly 70 % of Bona's revenue last year. The prospectus shows that the production cost of "Changjin Lake" is about 863 million yuan. As of the end of last year, Bona brought a total of 2.166 billion yuan in revenue, of which 669 million yuan was the remaining accounts receivable.

Source: Bona Film Principles

In the prospectus, Bona pointed out that the company's "Mountains and River Trilogy" and "China Pride Trilogy", etc., "have become a successful model for the commercialization of China's main theme film."

The main theme film is increasingly investing and energy in the industry. Behind it is the impact of complex structural problems. It is transmitted to the front end, which is the pursuit of "safety" and "high definitivity".

Not only the head -of -head company Bona, who wants to survive in this line, no one can be spared. The producer Meng Xi runs a small film and television company, which also focuses on the small main theme project.

"When it comes to the support of some provinces, the risks are much smaller. The second and third -tier cities outside the north have the development of red projects for cultural tourism." Meng Xi said, "The probability of commercial projects is due to the probability of losing money. It is not a lot of money, but at least it can be returned. "" The main melody "is an inadvertent and self -explanatory choice. It is a personal decision, and it is a collective choice under multiple factors.

In addition to the accidental voice of Director Jia Zhangke in July this year -he bluntly said in the interview that "cannot make Chinese movies as the main theme store", and more often, silence is the tacit understanding of the industry.

Bona is going to go public like a metaphor, reflecting the climax of this mime.

Outside of the closure, build

On July 26, when the movie "Lone Moon" was officially released, the official issued a "Statement on Resisting the Discipline of the Box Office".

This type of statement is not uncommon in the past. Meng Xi observed the conclusion that "recently more and more theater stealing the box office, especially the second and third -tier theaters, the operating conditions are very bad. Let's cover the cost of a theater. "

The means of "stealing the box office" mainly refer to the normal ticket system of the cinema tickets, such as handwriting tickets after collecting money, so the ticket is not included in the settlement system.

Many second and third -tier theaters in Meng Xi chose to take risks to squeeze more gray income through a large blockbuster. "The more the small city courtyard line, the main income is more dependent on the large schedule. Nowadays, there are few films in large -scale periods. Naturally closed down or tentative rules. "

Source: Tuo Pu Data, CICC Research Department

The irony is that although the film industry has continued to shrink in the past five years, the number of theaters has continued to expand.

A public data shows that in 2011, there were only 1,820 theaters across the country. This number rose every year. It reached 11,484 last year, which was 6 times that of the decline of the decline of the consumption environment. Among them, Beijing East and West City, Shanghai Xuhui and Huangpu District, the four most densely theaters nationwide in 2011, the number of theaters per square kilometer in the next ten years still increased by 70%.

This situation is also reflected in the Bona prospectus.

The prospectus pointed out that as of the end of last year, Bona has invested in and established and managed 101 five -star standard Modern Multi -Hall Cinema in cities such as Beijing, Shanghai, Hangzhou, Ningbo, Chongqing, and 841 screens on the screen. The box office market has completed the preliminary business layout. Among them, in the three years of the epidemic, Bona's theater increased by 22.

Moreover, Bona will continue to expand the theater layout. The prospectus shows that Bona prepared to put 209 million yuan of the funds raised into the cinema project and invest in 10 theaters, including Beijing, Chongqing, Nanning, Ningbo and other places.

"For Bona, holding a lot of theaters is to talk about the market from the perspective of circulation. Small and medium -sized theaters have closed down, and the market has all moved closer to the head. In the future Control. "Song Yifei said.

However, from the perspective of performance, the theater business has greatly reduced the overall gross profit margin of Bona.

In 2019, Bona Cinema's business revenue was 1.157 billion yuan, and the gross profit margin reached 15.08%. In 2021, Bona Cinema's business revenue was 858 million yuan, accounting for 27.49%, but gross profit was only 14.7217 million yuan, accounting for 1.18%of 1.18% Essence

The number of screens continues to rise. When the market is good, the growth curve can be linked to the number of viewers who are rising simultaneously, making the market vigorously. The upstream and downstream of the industrial chain sit on the elevator together, and the eyes can continue to rise.

However, when the elevator door opened, the outside world changed the world. The previous excessive expansion theater market had to face a double realistic blow to face the decline in the demand for movie viewing and high operating costs.

Source: Zhongjin Company Research Department

According to the latest report of CICC, in the first half of this year, the number of viewers was 400 million times, a year -on -year decrease of 41.6%. It is worth noting that the decline in the number of people was higher than the box office decline by 37.7%. Compared with the box office adjustment, the "number of people" can more reflect the public's real consumption needs for movies, and the loss of "people" is also even more fatal.

In addition, the report showed that the first half of the year's screening field appeared negative growth for the first time, which was a new low in five years, but the seat rate continued to decrease to 6.5%. Zhongjin judged that the closure of the theater and insufficient film supply led to the decline in the demand for movie viewing.

There is no inflection point for film and television?

"You can look at the days of the theater's equipment suppliers, which explain the industry problems." Song Yifei said, "Reald is an important 3D screening system in the world. A large number of 3D film patents are developed. Because in the later period, it did not transform to multimedia devices like Dolby and DTS. "

As early as 2014, some media pointed out that the theater growth rate and box office growth rate appeared upside down. The former was as high as 38%, and the latter had fallen to 27%. At that time, many practitioners proposed "theater bubbles".

In the past ten years, under high -speed urbanization, the theaters as supporting facilities are a must -have for commercial real estate expansion. As the real estate industry slows down and the film and television industry is blocked, the theater's asset reorganization has been in progress.

On July 6, Hengdian Film and Television announced the acquisition of 100%equity of Shanghai Xingyi Cinema, and the transaction price was not less than 3 billion yuan. This is the largest cinema acquisition incident since the Grand Cinema acquisition of Orange Tianjiahe in 2017. According to CICC's calculations, the acquisition price of the corresponding single theater was about 23 million yuan, and the number was nearly 100 million yuan during the rapid expansion period in the past. The story of the current market does not pay for big fish eating small fish. Even after the acquisition, Hengdian Film and Television is expected to jump in the second largest cinema in China, the market emotions are still negative -on the 5th, Hengdian fell nearly 9%a day.

The epidemic is one of the factors that the market is expected to not see the inflection point in a short period of time. There is never an industry, which is deeply affected by the epidemic like a movie.

"The new crown will continue to mutate, so it will cause a continuous cycle, and the cycle will then affect the selection of the movie stalls more unstable, and the producer assumes greater risks; on the other hand, even if the rents are reduced to real estate developers, the cinema line is facing serious cash. In the end, the division cycle of the film is getting longer and longer. "Song Yifei explained the impact of the new crown on the industry model.

"Of course, related financial policy support has gradually appeared in the front end, but at present, it may be just a few people's cakes in the end." Song Yifei said.

The most essential thing is that the underlying logic of the film industry has not changed. "The entire industry depends on the copyright channel, and has no ability to make hematopoietic. When the capital market cannot continue to transfusion, the industry will not guarantee the night.

Taking Bona as an example, the net profit attributable to his mother in the past five years is 199 million yuan, 264 million yuan, 315 million yuan, 190 million yuan, and 360 million yuan. Except for 2020, the net profit has been steadily improved, but in a single film, it is a single film. For hundreds of millions of film industry, such a profit level is not enough to continue to operate its own cash flow gears.

Regarding the future direction of the film and television industry, the investment department of the Internet company is also using practical actions to give its own judgment.

On August 5th, Tencent, who accompanied Huayi brothers for the first time, reduced its holdings for the first time. According to the announcement, Tencent, as the second largest shareholder, has fallen from 7.9%to less than 5%. As the shareholding ratio drops to less than 5%, it means that Tencent's reduction will no longer be restricted in the future.

You know, even if it is five years in the cold winter, Tencent has always given Huayi brothers support. In 2020, the most difficult situation, the Huayi brothers have released a fixed increase plan, and Tencent is still listed in the distribution object.

It is not uncommon for a industry to encounter crises and declines. The most terrible thing is that the company is difficult to exert subjective initiative in the face of crisis.

(At the request of the interviewees, Meng Xi and Song Yifei became a pseudonym)

36 氪 Public account

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