Bona Films has been in the winter A -share dream at the end of 5 years, but Huang Xiaoming Zhang Ziyi is still in a state of huge loss.

Radar finance produced | Meng Shuai editor | Shenhai

On August 18th, Bona Films, who had abandoned the United States to return to China, officially landed on A shares, bringing good news to the film and television industry. On the day of listing, Bona Film opened the daily limit and triggered temporary suspension. As of the closing of August 19, Bona Film's latest market value was close to 11 billion yuan.

In fact, Bona Films, which has created a number of explosive main theme commercial movies, has a very twists and turns for listing. Bona Films has been listed this time, which has been five years since its first submission of the prospectus in A shares.

The prospectus shows that the source of Bona Films' revenue is mainly divided into three pieces, which are investment, distribution and theater business. Last year, the revenue of these three businesses accounted for 46.53%, 32.55%, and 27.49%of the total revenue. However, the gross profit margin of Bona Films last year was only 1.71%.

It is worth mentioning that the behind -the -scenes shareholders of Bona Films are shining. Not only are Ali, Tencent, Sequoia Capital, CITIC Securities and other institutions, as well as Huang Xiaoming, Zhang Ziyi, Han Han and other stars.

However, these star shareholders are in a state of huge losses. It is reported that the price of many star shareholders behind Bona Films is 14.55 yuan/share when subscribing. Based on the subscription price of 14.55 yuan and the closing price on August 19, Huang Xiaoming and Zhang Hanyu's losses were 22.6452 million yuan, and Zhang Ziyi's losses were 13.5873 million yuan.

Time to go to the market at five years

"This is an important milestone in the history of Bona Films." On the day of the bell ceremony of the Shenzhen Stock Exchange, the chairman of Bona Films Yu Dong was very excited. Director Chen Kaige, Xu Ke, and actress Zhang Ziyi also attended At the scene, a new journey platform was opened for Bona Pictures.

In fact, the exploration of Bona Films in the capital market is indeed twists and turns. As early as 2008, Bona Films won the favor of Capital Diviners such as Shen Nanpeng, SIG Gong Ting, Jingwei Capital Zhang Ying, such as Sequoia Capital. In 2010, Bona Films took the lead in landing in Nasdaq to ring the bells of listing, becoming a well -known "first share in the Mainland film and television". However, on the day of the listing of Bona Films, the issue price fell below the issue price.

Since then, although Bona Films has the first Chinese film and television company listed in the United States, its market value is far behind its market value compared to the opponent Huayi Brothers and Light Media. It is reported that in 2015, the market value of Huayi Brothers and Light Media reached 79 billion yuan and 61 billion yuan, respectively, while Bona Film's market value was only 6 billion yuan during the listing of the United States. Yu Dong, who believes that Bona's market value was seriously undervalued, couldn't help asking, "I have asked Wang Changtian and Wang Zhonglei, can you think the gap between Bona and Huayi and light can really be more than 10 times?"

In the end, 6 years after listing in the United States, Bona Film announced the privatization retirement. When it comes to the memories of the past 10 years, the most important decision that Yu Dong claims is to delist from U.S. stocks. It is reported that the privatization price completed in April 2016 was US $ 860 million (equivalent to about 5.5 billion yuan).

In the second year of U.S. stock delisting, Bona Films began to prepare to return to A shares, but it did not work. In August 2020, Bona Pictures reorganized the impact on A shares again. In November of the same year, Bona Films had successfully met, but the process of Bona Film's listing was no longer available. Until the end of July this year, Bona Films finally got a approval. On August 18, with the sound of the bells of the Shenzhen Stock Exchange, Bona Film's return to A shares was really settled.

Speaking of this successful listing, Yu Dongda felt emotion. "In April 2016, Bona Films said goodbye to Nasdaq's officially stepped down. I have gone for more than seven years. After getting the approval of 630 days, I will go hard! "

In this listing, Bona Films' performance in the secondary market ushered in. As of the close of August 19, Bona's latest market value reached 10.941 billion yuan. But even so, Bona Films' current market value is still less than 5 years ago. Radar Finance noticed that Bona Pictures mentioned in the prospectus that its capital increase in March 2017 "followed the valuation basis of 15 billion yuan after the end of the previous round of capital, and the valuation basis for the previous round of capital increased capital increase "Consistent".

Today, it has been different. Bona Pictures has re -entered the A -share meeting with opponents, but in the past, Bona Film's opponent was "envious", and the current market value has also experienced a big diving. As of the close of August 19, the latest market value of Huayi Brothers was 7.463 billion yuan, and the latest market value of Light Media was 278.99 yuan.

It is worth mentioning that just two days before the official sound of the listing, Bona Film's leader was involved in a peach -colored scandal in winter. On August 16th, an entertainment blogger exposed an intellectual actress and the married rich man secretly dating a hotel in Hainan, and the protagonist in the comics was speculated that Yu Donghe, the helm of Bona Films, starred in "Thirty" Actress Jiang Shuying.

In response, the owner of Bona Films, Jin Qiaoqiao, helped her husband clarify, saying that "the rumor stops at the wise man! I have time to watch more movies"; , But you cannot be framed. "

The commercialization of the main theme film

Radar Finance has learned that since its establishment, more than 250 films have been released. So far, Bona Films has become a film group company that laid out the entire industry chain. What is the long -term long -distance running for five years and finally achieved a positive result. What is the appearance of the Bona Films that successfully landed on A shares? The prospectus shows that the three -year revenue from Bona Pictures from 2019 to 2021 was 3.116 billion yuan, 1.61 billion yuan, and 3.124 billion yuan, respectively. The net profit of the mother -in -law at the same time was 315 million yuan, 191 million yuan, and 363 million. Yuan.

Bona Pictures revealed in the prospectus that the company's main business currently includes the investment, distribution, theater line and theater business of the film. The prospectus also disclosed that the funds raised by Bona Films will be mainly used to invest in Bona Film Projects and Bona Cinema Projects.

From the perspective of the prospectus, investment and issuance are the heads of Bona's revenue. Last year, the two business sectors earned 1.454 billion yuan and 1.017 billion yuan in revenue, respectively. %, 32.55%.

Last year, Bona Film's revenue from the theater business sector reached 858 million yuan, accounting for 27.49%of the total revenue, ranking third in various income, but due to the high cost of the main business, it reached 844 million Yuan, so the gross profit margin of Bona Films last year was only 1.71%.

In the context of the cinema business situation repeatedly, Bona Films has not stopped the pace of theater's expansion. As of the end of 2021, the number of theaters operated by Bona Pictures reached 101 and 841 screens. In 2019 and 2020, the number of theaters operated by Bona Films were 79 and 87, respectively. Throughout the year, the number of annual movie viewers of the Bona Cinema reached 18 million.

Radar Finance combed and found that in recent years, Bona Film's film, the main theme and Hong Kong filmmakers have become their two major features. "Changjin Lake", "Red Sea Action", "Chinese Captain", "Heroes of the Fire", and "Wisdom of the Wizard" and other films produced by Bona Films are all the successful models of domestic theme film commercialization operations; And "Wisdom to Wisdom", "Dragon Gate Flying Armor", "Macau Storm" series, "Wushuang" and other movies, can also see a large number of Hong Kong directors and actors.

At present, the top ten films in China, the works produced by Bona Films occupy three seats, and these three films are the main themes. Because of the successful cases of commercialization of the main melody theme, Bona Films will continue to make efforts in this theme in the future. The prospectus shows that in the current projects invested by Bona Films, the film names such as "Intellectual Treatment of Weigo Mountain", "Action of Red Sea 2", "Action of Kobil Whales", and "Blood War on Ganling" are ranked among them.

Behind many films obtained market recognition and obtaining a proud box office, Bona's "circle of friends" is very huge. In addition to Ali, Tencent, Sequoia Capital, CITIC Securities and other institutions, there are many star shareholders behind Bona Films.

The prospectus shows that in the list of the top ten natural person shareholders of Bona Pictures, in addition to Yu Dong, the chairman of 25.66%of the shares, he can also see Zhang Hanyu, Huang Xiaoming, Zhang Ziyi, Chen Baoguo, Huang Jianxin, Han Han, Mao Junjie and other public film and television industry public. Among them, Zhang Hanyu and Huang Xiaoming each hold 0.31%, Zhang Ziyi holds 0.19%, and Chen Baoguo holds 0.13%.

It is understood that the price of a number of celebrity shareholders behind Bona Films was 14.55 yuan/share when subscribing, which is much higher than Bona Films' issue price of 5.03 yuan/share. And even calculated at the closing price of 7.96 yuan on August 19, the loss rate of star shareholders still reached 45.29%.

Based on the subscription price of 14.55 yuan and the closing price on August 19, Huang Xiaoming and Zhang Hanyu's losses were 22.6452 million yuan, and Zhang Ziyi's losses were 13.5873 million yuan.

In addition to the blessing of celebrity shareholders, Bona Films has also conducted in -depth cooperation with a number of filmmakers to ensure the company's continuous output in content. The prospectus shows that during the period of Bona Film contract, with Chen Kaige signed the cooperation of 5 films in the director, and signed 5 films with Xu Ke, and Er Dongsheng reached a director of 4 departments of the director, 12 departments, 12 departments, and 12 departments. The cooperation of line movies signed a cooperation with Zhang Ziyi in one movie, and Zhang Hanyu signed a cooperation with five tours films.

The spring breeze of the film market is coming?

In fact, in the 5 years of Bona Film's difficult listing, the Chinese film market has undergone tremendous changes. Since the epidemic rays, the domestic film market has been affected by it.

Before 2019, the total box office of the domestic film market has maintained a growth trend for many years. In 2013, the total box office of the domestic film market exceeded 20 billion yuan for the first time, and then only two years of the domestic film market's total box office exceeded the 40 billion yuan mark. At a high level of more than 60 billion yuan. However, the undefeated myth of the film market box office has changed from 2020.

The total box office of the domestic film market in 2020 was 20.417 billion yuan, a year -on -year decrease of 68.23%. In 2021, as the situation of the epidemic gradually eased, the total box office of the domestic film market picked up, reaching the level of 47.258 billion yuan last year, but this scale is only resumed compared to 2019, which has not yet been affected by the wide range of epidemics. By 73.53%of the year. Some practitioners in the film industry pointed out that the impact of the epidemic on the film market involves multiple links. From the upstream production to the downstream distribution and screening, various businesses are limited to varying degrees. There are always certain uncertainty in the film market. However, while the industry is affected by the epidemic, it has further forced the structural adjustment of the film market. The audience is more rational for the film and no longer pays for bad films. This further promotes the film market in the direction of "content is king, quality first".

It is worth noting that during this period of the listing of Bona Films, there was a good news that the film and television industry had good news. The TV series Nemon Meng Film has also successfully landed in Hong Kong stocks. In addition, the news of the return of Bona Films has brought confidence to many practitioners in the film and television industry. There is a voice that the spring breeze of the domestic cultural film and television industry may have come.

At present, the domestic summer stalls, "Lone Moon" and "Life Event" are being screened, winning the box office results of over 2.5 billion yuan and 1.7 billion yuan, respectively. Further stirring the market, with the gradual improvement of the epidemic, the film market is still full of unlimited hope.

After listing, can the valuation of Bona Films reach the psychological expectations of Dong Dong? Radar Finance will continue to pay attention.

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