The turnover of 22 companies has increased by 134% in three years. Film and television companies have seen a sharp increase in costs and a slowdown in profits.

22 (excluding 3 newly listed) film and television listed companies achieved a total operating income of 19.417 billion yuan, and the net profit belonging to the shareholders of the parent company was 3.264 billion yuan, higher than that of 11.9 billion yuan and 2.252 billion yuan respectively in the same period last year.

original title: box office performance still soaring, film and television companies' costs rising and profits slowing with the closing of the semi-annual reports of more than 1900 A-share listed companies, the film and television industry, which has had a "IP" craze since last year and set off a wave of mergers and acquisitions, its financial data have finally emerged.

according to Wind data, 22 listed companies in the film and television industry (excluding three newly listed) achieved a total operating income of 19.417 billion yuan, and the net profit belonging to the shareholders of the parent company was 3.264 billion yuan, up from 11.9 billion yuan and 2.252 billion yuan respectively in the same period last year.

it is worth noting that although the domestic box office increased by 21% in the first half of this year compared with the same period last year, it is still a long way from the expected target. At the same time, the reporter combed found that with the overall cost rising year by year, the profitability of listed companies in the film and television industry began to slow down.

A senior executive of a listed film and television company told reporters that the rise in industry costs should be a rise in the remuneration of actors, but with the introduction of relevant policies of several regulatory authorities, the performance of industry companies in operation and capital markets will be affected as a result.

strong > performance soars / strong >

when the domestic film and television market is still developing at a high speed, the performance of listed companies in the film and television industry is also rising.

according to Wind statistics, in the first half of this year, the total assets of 22 film and television listed companies in the two cities reached 124.874 billion yuan, far exceeding the 66.994 billion yuan in the same period last year.

the soaring assets of listed companies are naturally inseparable from the influence of floating performance. Of the 22 listed companies mentioned above, only China Television Media and Great Wall Animation posted losses in the first half of this year, with a total revenue of 19.417 billion yuan and a net profit of 3.264 billion yuan belonging to the shareholders of the parent company, respectively, 1.63 times and 1.45 times that of the same period last year.

from the point of view of a single company, the film and television industry still shows a relatively obvious polarization. Among them, Wanda cinema has no doubt to become the film and television company with the highest revenue and net profit, reaching 5.722 billion yuan and 805 million yuan respectively. Relying on the "popular style" movie "Mermaid" at the beginning of the year, the net profit of Light Media soared 2.91 times to 320 million yuan.

however, the performance of Huayi Brothers, once the "big brother" of the film and television industry, may not be satisfactory in the first half of this year. Although the revenue in the first half of the year reached 1.468 billion yuan and the net profit reached 303 million yuan, the latter fell 39.91% compared with the first half of last year.

while Tangde Film and Television, whose net profit in the first quarter of this year plummeted by more than 70% compared with the same period last year, achieved a counterattack in the second quarter of this year, recording a net profit of 56.6688 million yuan belonging to shareholders of the parent company, a slight increase of 4% over the same period last year. However, the net profit after deducting Fei still fell by 6.89%.

A person close to Tangde Film and Television told reporters that although the film and television industry is not cyclical, it is unable to control the release time of film and television dramas, and this has become a common situation in the industry. "A good work may change the entire performance of the company."

however, the surge in the performance of film and television companies cannot change the embarrassment that the film's box office is not as good as expected. As of June 30, 2016, the cumulative box office of mainland cinemas reached 24.582 billion, an increase of 21.41 percent over the same period last year. The growth figure is not only lower than the 30 per cent growth in recent years, but also a far cry from the industry's forecast of 60 billion at the box office this year.

at the same time, according to the reporter's statistics, compared with the reports of listed companies in the film and television industry in the past three years, it is found that the overall total operating cost has shown a substantial upward trend. From the mid-2014 report to the mid-year report this year, the total operating cost of the above 22 companies increased by 134.87% from 6.856 billion yuan to the latest 16.103 billion yuan.

the executive of the above-mentioned film and television company told reporters that the cost of the film and television industry generally includes production fees, publicity fees and copyright fees.

"the fact that actors are paid too much is one of the main aspects, and then the cost of film distribution is much higher, because the cost of film distribution is mostly spent outdoors and on the ground of various cinemas. Finally, the rise of copyright fees, especially after the 'IP' fever, people's awareness of copyright is also getting higher and higher. " The above film and television executives explained.

strong > M & An is getting colder / strong >

when the performance of film and television listed companies is almost full of popularity, M & A, which once led the trend of the capital market, now has the flavor of "its prosperity is booming, its demise is sudden".

according to the reporter's incomplete statistics, since last year, there have been nearly 100 mergers and acquisitions initiated by film and television listed companies, as well as the reorganization of film and television assets carried out by listed companies. In these restructurings, most of the acquired targets have made performance commitments.

Film analyst Huang Guofeng told reporters that the previous explosive growth in film and television mergers and acquisitions was related to the general environment and the management of the enterprise's own market capitalization. He said that the previous macro policies to encourage the development of the cultural industry, coupled with the sustained high growth of the film box office, let the market see the huge development prospects of this area.

"whether film and television companies initiate mergers and acquisitions, other companies' mergers and acquisitions of film and television companies have achieved double growth in performance and market value in this way. However, with the emergence of the capital bubble and the low achievement rate of performance commitments, we have to face a huge impairment of goodwill in the future, which may become a dilemma for listed companies in the future. " Huang Guofeng said.

reporters combed and found that the average ratio of goodwill to total assets in the film and television industry reached 24.2% in 2015, an increase of 145 times in the past five years. This means that industry risks are accumulating rapidly as the ratio of goodwill to total assets rises sharply. At the same time, as the performance enters the second half of the gambling period, the probability of performance falling short of expectations increases greatly, and the risk of goodwill impairment will be gradually exposed.

for this reason, regulators began to exercise strict supervision over mergers and acquisitions in film and television and other industries in May this year. Among them, the reorganization of Beijing Rice Straw Bear Film and Television Culture Co., Ltd., which was set up by Storm Group and Wu Qilong, was rejected, and the plan of Tang de Film and Television to change the acquisition of Wuxi Aimeishen Film and Television Culture Co., Ltd., set up by Fan Bingbing, attracted the most market attention.

the executives of the film and television companies mentioned above told reporters that judging from the current market situation, there are basically not many opportunities for mergers and acquisitions in the film and television industry, especially those across industries. He believes that under the condition of strict supervision, in the long run, mergers and acquisitions in the film and television industry can become a good opportunity for reasonable valuation, and make the industry behavior gradually return to rationality.

"it is certain that there is a bubble in the industry. Through strict supervision, squeezing out the existing bubble is a good thing for the normal and healthy development of the industry. But at the same time, the disappearance of the bubble will also cause problems with some companies' own valuations. " The above executive said.

at the same time, the reporter learned from the people concerned that the relevant departments are indeed discussing whether it is necessary to impose restrictions on the salaries of actors, and recently there is also a relevant regulation on cracking down on fraud at the film box office.

Edit: nancy