Bona Film's net profit in 2021 is 363 million main theme explosion models to be tested

From the first submission of the prospectus in 2017, and the final approval of the meeting in 2020 to the final approval, although the road to market is full of twists and turns, in the case of downward and loss of their peers in the film and television industry, Bona Films still gives dazzling dazzling score. The reason behind it is that the main theme movie is an inseparable factor.

Author: Xie Chuchu

Figure: Tuwa Creative

Guide

One || As Bona Films is about to go public, the outside world has to pay attention: How many main theme burst can Bona Films be there next?

发 || Explosive and distribution capabilities support profit, but the continuous impact of superimposed epidemic and industry downward environment, and the sustainable problem of profitability of Bona Films is still urgent.

The film and television industry has ushered in the first IPO in the past five years.

On August 1, Bona Pictures updated the disclosure of the prospectus. The latest data on the prospectus shows that in 2021, Bona Pictures achieved operating income of 3.124 billion yuan, an increase of 94%year -on -year; net profit of returning home was 363 million yuan, an increase of about 90%year -on -year.

The year of high growth is essential for Bona. The prospectus shows that in 2021, the company's main project "Chinese Doctor" and "Changjin Lake" were released one after another, with a total of 7.103 billion yuan in box office, which largely boosted the company's current operating performance.

On July 28, the CSRC's website announced Bona Film Group Co., Ltd. (abbreviated as: Bona Films )'s application for the first public offering of shares and listing was approved.

From the first submission of the prospectus in 2017, and the final approval of the meeting in 2020 to the final approval, although the road to market is full of twists and turns, in the case of downward and loss of their peers in the film and television industry, Bona Films still gives dazzling dazzling score. The reason behind it is that the main theme movie is an inseparable factor.

As the classic explosion of Bona Pictures, "Action of Red Sea", "China Captain", and "Changjin Lake", not only harvested good market box office and word -of -mouth response, but also opened a unique content road for Bona. As Bona Films is about to go public, the outside world has to pay attention to: How many main theme explosions can Bona Film be there next?

One of the few profits

Affected by the epidemic in the past two years, the entire film and television industry has suffered to varying degrees of losses, except for the rarely profitable in the head enterprises. For example, the industry leader Wanda Film was 106 million yuan in net profit in 2021.

Bona Pictures also achieved a net profit of about 90%in 2021 to 363 million yuan. The prospectus shows that the impact of the epidemic is "more diverse on film investment and distribution business."

On the one hand, the new coronary pneumonia's epidemic directly affects the theater and theater business. But on the other hand, people's home isolation has increased the traffic of online video platforms, and the demand for online video platforms and TV stations for the copyright of film and television drama has also increased. The value of the copyright library accumulated in Bona Film's history is prominent.

At the same time, the demand for TV dramas also broke out during the epidemic, and the high -quality film IP owned by Bona Films was also favored by other film and television companies. When the movie theater line distribution business is hindered, Bona Film's online distribution business, TV drama copyright sales, film and television drama copyright and derivative authorization business have increased high growth.

Bona Films also specifically mentioned that in 2021, the main project "Chinese Doctor" and "Changjin Lake" largely boosted the company's current operating performance.

The company's business structure is also changing.

In 2019, Bona's investment, distribution, and theater film screening business is the company's main income, accounting for about 30%of the total business income. In 2020, a new crown pneumonia epidemic was hit, and the issuance and theater business were hit hard. Bona Pictures turned online, and the revenue of copyright authorized sales business increased. In 2021, Bona's revenue mainly relied on two businesses: investment and issuance.

Explosive and distribution capabilities are the two advantages recognized by Bona Pictures.

On the snowball platform, Bona Film Account said in an article: "In terms of investment business, from 2019 to 2021, there are 20 films invested and released by Bona Pictures, with a total of 22.119 billion yuan in box office revenue. Many films of investment have become annual explosives and have been highly recognized in the market. "

This article believes that excellent distribution capabilities are another core competitiveness of Bona Pictures. As the first private enterprise in China to engage in film distribution business, more than 250 films have been released since its establishment. The top three private issuance companies exceeded 40 billion yuan.

Whether the profit is sustainable

Explosive and distribution capabilities have supported profitability, but the continuous impact of factor such as overlaying epidemic conditions, industry downward environment, etc., the sustainable problem of profitability of Bona Pictures is still urgent.

From 2019 to 2021, Bona Pictures achieved a box office income of 22.19 billion yuan. Among them, the "Changjin Lake" series of movies brought more than 9 billion yuan box office, but the net profit in 2021 was only 363 million yuan.

According to the latest data on the prospectus, as of December 31, 2021, Bona Film's asset -liability ratio was 64%, which was higher than the same period of comparable listed companies, and was close to Huayi Brothers (64%) and Wanda Film (68%).

A Shanghai area film and television analyst told the reporter of Economic Observation Network that Bona Films has opened a lot of cinemas, and the business model is between Huayi Brothers and Wanda Movies. Essence

The prospectus shows that Bona Films' revenue in the first half of 2022 was 1.473 billion yuan, an increase of about 82%year -on -year; net profit of home mother was 236 million yuan, an increase of 783%year -on -year. In addition, Bona Films has made high growth estimates on operating performance in January to September this year. It is expected that revenue in the first three quarters will increase by 100%to 223%year-on-year. "In the past two years, the main theme market may become saturated, and story creation and production may be more difficult than before. Explosive movies may still be as easy as before. The" Changjin Lake "series is an exception." A film and television industry said.

Regarding the possible layout of Bona Pictures, the above -mentioned film and television industry analysts believe that after Bona Films gets financing, in addition to continuing the main theme production line, it may be diversified, such as TV series, online movies, and theaters line lines. Essence In addition to the main theme content, Bona Films may also try drama and small costs, and may even return to the Hong Kong police bandit films previously made before Bona Films.

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