The summer file is about to close, and there is still no explosion, which has become the epitome of the weak film market in the first half of the year.

In the first half of the year, the development of the film market was not optimistic. According to the data of Cat's Eye Professional Edition, the total box office revenue of China in the first half of 200219 was 27.5 billion yuan, which was 3.6 billion yuan lower than that in the same period of 20 19.

Although the Spring Festival stall, driven by "Hi Mom" Detective Chinatown 3, reached a record high of 7.822 billion yuan in China film history, the whole market showed a serious shortage of content supply. The summer file, which had high hopes, was also a hit because of repeated epidemics that led to the closure of cinemas in some areas.

But for many film companies, compared with the first half of 2020, the film market of 202 1 has provided them with a relatively stable development opportunity. Judging from the financial reports of five listed film companies, namely Light Media, Wanda Cinema, Huayi Brothers, Beijing Culture and Hengdian Film and Television, the operating conditions of Light Media, Wanda Cinema and Hengdian Film and Television have all picked up, and the net profit of Light Media has soared by 2,255.45%.

At present, Huayi Brothers and Beijing Culture are still facing revenue pressure. Although the former turned losses into profits, it deducted non-net profits as losses, while the latter lost 45.06 million yuan in net profits.

My love is small and wide, and the net profit of Light Media soared by 2255.45%.

Performance: In the first half of the year, the operating income was 755 million, an increase of 19 1.37% compared with the same period of last year, and the net profit attributable to shareholders of listed companies was 485 million, an increase of 2,255.45% compared with the same period of last year.

In the first half of 2020, the net profit of Light Media was only 20.57 million yuan, which was also because all the films such as "Buckwheat Growing" in "The Legend of Deification" originally scheduled for the Spring Festival and Valentine's Day last year were postponed. In the first half of the year, it only relied on films such as "Two Tigers" and "The Party of South Station" released at the end of 20 19 to support its revenue.

In the first half of 200212002, new films such as Crowd, Tomorrow Will Be Fine, and Sunshine Sisters Amoy were released one after another, which became the key to the surge in net profit of Light Media. According to the financial report, the total box office of films invested, distributed or promoted by Light Media in the first half of the year and included in the income of this reporting period was about 65.438+69.7 million yuan, including 762 million yuan from the Spring Festival of People with a steady reputation, and 789 million yuan from My Love.

Judging from the box office of films such as Passing Through Your World, A Sad River and Living Together in Time and Space, Light Media does have mature experience and control advantages in low-cost and high-return genre films, and My Love is also such a work. However, we should be wary that in recent years, these small and wide films generally lack word-of-mouth works, and the score of I love Douban has not even reached the passing line. In the future, while emphasizing methodology, we should pay more attention to content quality.

According to the financial report, in terms of the content reserve of Light Media, five teenagers, Saving Water, Rushing Out of the Earth and Rock-solid, have all been produced, and films such as Sniper, Ten Years of Taste as Warm as Words, One Year's Itch, Flying Ants and Deep Sea are being produced. It is not difficult to see the investment strategy of Light Media, that is, the major directors' works such as Sniper and Rock Solid, the IP projects as warm as a word such as The Taste of Ten Years, the head animated films such as Deep Sea as the main force, and other small and medium-sized films as "side dishes".

The success of two animated films, Nezha and Legend of Deification, is of temporary significance to the animation industry of light. The revenue brought by these two films obviously makes the light more confident in content investment. In the next project reserve, the producers of films such as Sniper, Rock-solid, and Ten Years' Taste as Warm as Words all went into battle lightly, and Sniper is also a war theme with relatively high investment cost.

20 18 After the film and television industry entered a period of change, the cooperation of major film companies is accelerating. It has become normal for large-scale or medium-budget films to be jointly invested and produced by several head film companies, which is also the best way for a single film company to reduce investment risks. For example, behind "Above the Cliff" in the first half of the year, there are many investors such as China Film, Emperor Film, Shanghai Film and Alibaba Pictures.

In recent years, the light media has made great achievements in the investment layout of animated films, but in the mainstream film field, the light layout has always been dominated by small and medium-sized films that are good at it. Nowadays, the company's operation is stable, and its revenue and cash flow are good. Strengthening the master control of the head content of Sniper may also be an opportunity for the light media to achieve a breakthrough.

Only two films were released in the first half of the year, and Wanda Cinema was "content shortage"

Performance: In the first half of the year, the operating income was 7.034 billion, up 256.64% year-on-year, and the net profit attributable to shareholders of listed companies was 639 million, up 140.77% year-on-year.

In the first half of 20021,the number of movie-goers nationwide reached 680 million, which was lower than that in the same period of 20 19 15.9%. However, compared with the suspension of business for more than half a year in 2020, the recovery of the number of people watching movies is enough to revive Wanda Cinema and Hengdian Film. The financial report shows that in the first half of the year, the movie revenue of Wanda Cinema reached 4.04 billion yuan, accounting for 57.43% of the total operating income, compared with 533 million in the same period last year.

In the semi-annual report, Wanda Cinema released the latest data of cinema assets. By June 30th, 20021year, Wanda Cinema had 7 12 cinemas and 6 174 screens, and the cinema scale continued to grow. However, for Wanda Cinema, the dilemma of "low return on investment" in movie viewing business continues. In the first half of the year, the gross profit margin of Wanda Cinema's movie viewing business was only 65,438+03.38%, while the gross profit margin of merchandise, catering sales, film production and distribution and related business income was above 60%.

In recent years, Wanda Cinema has been developing to the whole industry chain business covering film investment, production, distribution and screening, enhancing the participation of upstream content and balancing its income structure. However, in terms of content input and production, the speed and achievements of Wanda Cinema are obviously not as good as expected. It can be found that in 20 18 and 20 19 years, Wanda Cinema produced more than 10 movies each year, but it seems that the only master movie with box office and influence is detective chinatown.

In 2020, "Detective Chinatown 3" was delayed, which has exposed the shortage of Wanda Cinema in content reserve. Last year, Wanda Cinema only showed three works, of which the director's Half Moon Alice earned 28.47 million at the box office. Although "Sacrifice" and "My People, My Home" both participated in the performance, Wanda Cinema is a joint production, and its ranking is not high.

In the first half of 200210, the content reserve of Wanda Cinema was still weak, and only two films, Underwater Column: The Cup of Flame and Detective Chinatown 3, were released, with the box office of the former being 53.26 million. In the second half of the year, although there are many movies to be shown in Wanda Cinema, apart from what should I do if my father gets burnt, which has been released and has a weak box office performance, among the works waiting to be released, I have been with you for a long time, and there is not a spring that will not come. Astrology is the only fantasy adventure film with a large volume.

When Wanda Cinema acquired Wanda Film and Television, it was expected that the cinema business and the content business would have a synergistic effect, but it was obviously unrealistic to achieve long-term development and synergy through a single explosion. Now, Wanda Cinema is also aware of this problem. In the semi-annual report, he proposed six series of films, such as exploring themes, family fun, suspense crimes, emotional youth, science fiction fantasy, parent-child animation, and continued to tap and cultivate new forces in the field of directors and screenwriters through the "elite+"filmmaker plan to deliver talents for the content business.

In fact, looking at the investment footprint of Wanda Cinema in recent years, we can find that behind the explosions such as My People, My Country, Captain and No Survival, Wanda Cinema, like Sacrifice, My People and My Home, WANDA CINEMAS's participation rate is not high, which shows that its investment strategy has always been problematic.

By reselling assets to turn losses into profits, Huayi's live entertainment has no "new story"

Performance: In the first half of the year, the operating income was 579 million, up 78.37% year-on-year. The net profit attributable to shareholders of listed companies was 65.438+006 million, up 654.38+045.75% year-on-year, and the non-net profit was-226 million, up 3.065.438+0% year-on-year.

On the surface, Huayi Brothers turned losses into profits in the first half of the year. However, if we abandon part of the equity of Huayi Tencent Entertainment Co., Ltd., financial assets such as Tencent Music and Mao Yan Entertainment, and some live entertainment projects, Huayi is still at a loss.

In the first half of the year, Huayi's top five film and television works were Feng Shen Ling, Warm Hug, Beyond and Shirley, Hi, Mom, with a total revenue of 279 million, accounting for 48.27% of the operating income. Although "Hi, Mom" won the box office title in the Spring Festival, Huayi is only the sixth largest joint producer among them, and the share it can get from the 5.4 billion box office is extremely limited.

In Hi, my mother's three works, Beyond and Sherry, Huayi is a participant, while in the first half of the year, Huayi's "The Order of the Gods" and "Warm Hug" made 273 million and 669 million box offices respectively. For the fantasy film "The List of Gods" which was reported to cost as much as 600 million yuan, the failure of word-of-mouth led to few box office blessings brought by the original IP "Yin". Under the box office income of 273 million yuan, Huayi Brothers faced huge losses.

Judging from the content reserves of Huayi in the second half of the year, in addition to the released Summer Future and Chaos Walk, Huayi also has domestic films such as Railway Hero, 749 Bureau, Mermaid 2, If Love is God's Will, Rock Tibetan Mastiff: Blu-ray, and the Hollywood sci-fi film Moonsetting waiting to be released. Judging from overseas films, the box office of Chaos Walk, which is also a sci-fi theme, may be difficult to break through 10 million in the end, and the box office of Moonsetting without the blessing of famous actors may be even less ideal.

Judging from China's films, Huayi's "Railway Hero" and "749 Bureau" are difficult to enter the big echelon of the head. At present, there are only more than 30,000 people who want to see "Railway Hero" scheduled to be released on National Day, while the latter is 44,000. In addition, "Mermaid 2" may not be released until 2022, but in the current film market environment, it is difficult for "Mermaid 2" to win billions of box office like its predecessor.

Nowadays, the content business of Huayi Brothers is somewhat lacking, which is why Huayi spent a lot of time telling the story of real entertainment in the semi-annual report, saying that it will continue to focus on "film and television+real scene" to improve and accelerate the production and transformation of IP, thus improving the liquidity of content. In the first half of the year, the operating income of Huayi brand authorization and live entertainment was 52.95 million yuan, an increase of 4.33.11%compared with the same period of last year, but this was more affected by the epidemic. From the perspective of revenue proportion, brands and live entertainment only contributed 9. 15% of revenue.

In the financial report, Huayi has great confidence in live entertainment, but its actual actions run counter to it. In the first half of this year, Tianjin Shijing Entertainment withdrew from Henan Jianye Huayi Brothers Cultural Tourism Industry Co., Ltd. and Nanjing Huayi Film Town Cultural Industry Development Co., Ltd. In August, Huayi announced that it planned to transfer Tianjin Shijing Entertainment 15% equity at a price of 225 million yuan. Perhaps, the profit and prospect of live entertainment business are not optimistic, otherwise Huayi will give up one after another.

Judging from the financial report, Huayi Brothers has not returned to the right track and is still struggling after being seriously injured. Now that the Universal Studios theme park in Beijing is open, it is opposite to Shanghai Disneyland from south to north. In the future, Huayi's road to live entertainment may be even more difficult.

Hi, mom's income has become a mystery, and Beijing culture is still in the whirlpool of losses.

Performance: In the first half of the year, the operating income was 2,654,380+0.56 million, an increase of 2,865,438+0.79% over the same period of last year. The net profit attributable to shareholders of listed companies was-45.06 million, and the loss ratio decreased by 29.92% compared with the same period of last year.

The revenue of Beijing Culture in the first half of the year was 2,654.38+0.56 million, which was contributed by Yuba Special Police Team, Yunbian Cafeteria, Forty-nine Festival and Sacrifice, among which the revenue brought by Yuba was 654.38+0.445 million. These works are more than those released last year. Hi, Mom, which was released by Beijing culture in the first half of this year, was not included in the performance.

Before the release of "Hi Mom", Beijing Culture announced the sale of the film's distribution rights and entrusted a third-party company to carry out guaranteed distribution, with a guaranteed box office income of 654.38+0.5 billion yuan. As of February, 654.38+07, Beijing culture made a profit of about 60-65 million yuan from the box office. At that time, the box office of Hi Mom was 2.729 billion, and the final film made a box office score of 5.4 billion. However, due to the reduction of the share of the excess part of the guarantee agreement, the final income of Beijing culture cannot be directly doubled, but the probability is about 80 million.

After the sale of distribution rights, Beijing culture is no longer the biggest beneficiary of Hi, Mom, but if this achievement is included in the income in the first half of the year, it can also boost the morale of poor Beijing culture. However, in the financial report, the statement given by Beijing Culture is that "due to the revenue recognition cycle of film projects, it is not included in the performance". Compared with Hi, mom's performance in the first half of the year is included in Huayi Brothers. The statement of Beijing culture is obviously doubtful, but the specific reasons are still unknown.

Next, the projects that Beijing culture will be released and are still under preparation are Dongji Island, 749 Bureau, all of which are here. Let me accompany you, the magic record of the prequel of White Snake, the mythical trilogy and the Jianghu painting series. Among them, The Trilogy of Gods directed by Wu Ershan was shot in the mode of three continuous shooting films. At present, the location shooting of the film has basically ended, and the special effects production of the first film has been completely completed, only to be released.

In the first half of this year, Beijing Culture signed an agreement with Tibet Huipuhua Enterprise Management Co., Ltd. to transfer 25% equity of each of the three films of Shen Feng at a price of 600 million yuan for multiple reasons, such as diversifying investment risks and alleviating the pressure of the company's liquidity. Before the transfer of the distribution right of Hi Mom, the starting point of Beijing culture was more that it was not optimistic about the market performance of the film, while the transfer of the share of the trilogy of the Gods was more out of business pressure.

The 25% transfer of the three films does share some risks, but the trilogy of gods is still "life and death" for Beijing culture. According to industry reports, the investment cost of these three films is as high as 3 billion yuan, that is to say, the box office of the trilogy of gods needs at least 9 billion yuan to recover. If the box office cannot reach more than 9 billion yuan, then Beijing culture will face a loss situation. On the other hand, if the trilogy of gods can deify the gods of World War I, then Beijing culture may be able to turn over.

On August 27th, Beijing Culture issued the Notice of Administrative Punishment and Market Prohibition in advance, which showed that Beijing Securities Regulatory Bureau confirmed the fact that Beijing Culture had inflated its performance with the help of Song Gong Ci and Ghost Story. To some extent, it is good news for Beijing culture. However, it is still unknown whether Beijing culture, which is still struggling in the infighting, can wait until the trilogy of gods is "saving lives".

A small red flower won 65.438+02 billion box office, and Hengdian film and television entered a critical period of transformation.

Performance: In the first half of the year, the operating income was 65.438+0.475 billion, an increase of 654.38+0.239.73% compared with the same period of last year, and the net profit attributable to shareholders of listed companies was 20.65438+0 billion, an increase of 654.38+0% compared with the same period of last year.

In the first half of the financial report, Hengdian Film and Television did not announce the specific revenue ratio of cinema business and content business, but the financial report showed that during the reporting period, Hengdian Film and Television had 574 film investment companies nationwide, achieving a box office income of 65.438+85 billion yuan. From this point of view, the cinema business is still the pillar business of Hengdian film and television, and the total income contributed by film and television production, sales and advertising is about 400 million yuan.

In the first half of 20021,there were quite a few films released by Hengdian Film and Television. Among them, four films, including My Sister, were jointly produced by Hi Mom and Bunny Bear: Wild Life, and Wuhan jointly produced two films day and night. In addition, in the first half of the year, A Little Red Flower released at the end of 2020 was included in the Hengdian film performance. This movie, with a box office of11900,000, was directed by Hengdian Film and Television.

Little Red Flower is the highest-grossing movie in Hengdian at present. On 20 16, hengdian film and television began to set foot in upstream content production. However, among the more than 80 films that Hengdian Film and Television has participated in in these years, most of them are based on participation, and there are few main projects. The success of a small red flower low-budget film is of great significance to Hengdian film and television.

In 65438+February last year, Hengdian Film and Television signed relevant transfer agreements with Hengdian Holdings, and acquired 0/00% equity of Hengdian Film and Television Production and Zhejiang Hengdian Film Co., Ltd. held by Hengdian Holdings, and increased efforts in content production, developing in an all-round way to "content+channels". The results of this acquisition will soon be reflected. The first producer of A Little Red Flower is Zhejiang Hengdian Film, and the box office of the film is also reflected in the financial report of Hengdian Film.

In fact, Hengdian film and television, which started as a cinema, is developing in the same direction as Wanda Cinema, that is, from the distribution end to the content end. For this kind of company, the success of a main-investment and main-control work is worthy of recognition, but whether it can really be upgraded from a "cinema company" to a "film company" still needs long-term cultivation and more explosions to prove its content production ability.

Judging from the performance of the five film companies in the first half of the year, since 20 18, the attitude of the capital market towards the film and television industry has changed greatly. After the rapid development of the film and television industry ended, those film companies that did not break out after the ebb tide basically withstood the pressure brought by industry transformation and epidemic situation, such as Light Media, Wanda Cinema, Hengdian Film and Television, etc. Their performance in the first half of this year has been greatly boosted.

However, compared with the content reserves of film companies in previous years, the grain stocks of film companies have decreased this year. There are many reasons behind this, such as the delay in the production of many contents under the influence of the epidemic and the difficulty in starting many projects because of the withdrawal of funds. From the macro environment, the whole film industry has not yet come out of the trough. In the second half of 20021,the film market will continue to move forward with heavy burdens.