Related To Han Han, Feng Tang And Yi Zhongtian, Many Celebrities Have Broken Through The Gem. The High Gross Profit And High Prepayment Attracted Attention

Recently, Guomai culture disclosed the second round of inquiry letters.

In the reply letter, Guomai culture responded to the reason that the gross profit margin of Book Planning and distribution business of the company showed an upward trend and was significantly higher than the average value of comparable listed companies in the same industry.

Guomai culture points out: "from 2017 to 2019, the compound growth rate of Book Planning and distribution revenue of the company is 28.62%, which is in the stage of rapid development. During the reporting period, the company has always occupied a leading position in the field of public publications. Meanwhile, the company has actively Reserved Copyright and vigorously developed copyright products. During the reporting period, the revenue scale, gross profit margin and gross profit contribution rate of copyright book products have increased steadily. "

According to the public data, Guomai culture is a cultural company mainly engaged in Book Planning and distribution. However, compared with many publishers whose business is stagnant in the stereotype, the profit of Guomai culture has been rising in recent three years. In addition, with the support of many cultural celebrities such as Han Han, Feng Tang, Yan Geling, Yi Zhongtian and Yang Lan, as well as the support of Bona film, Guomai culture has attracted the attention of the capital market.

Related to several cultural celebrities

Guomai culture is an enterprise with many celebrity halos since it was born.

Lu Jinbo, the founder of Guomai culture, was once a famous online writer. He was called "the troika of network literature" together with Ning Caishen and Xing Yusen, and participated in and founded the famous network literature websites RongShuXia and Wanrong book industry.

Up to now, Lu Jinbo holds 32.62% of the company's shares and is the largest shareholder and actual controller of the company.

Another founder of the company is Zhou Qiaorong, Han Han's mother. In 2012, Zhou Qiaorong and Lu Jinbo jointly established Guomai Co., Ltd. (the predecessor of Guomai Culture), of which Lu Jinbo contributed 2.7 million yuan and Zhou Qiaorong contributed 300000 yuan. Although Zhou Qiaorong's equity has been diluted to 4.53% by the time the prospectus was released, Zhou Qiaorong is still the second largest shareholder in the company.

With two celebrities in the cultural circle, Guomai culture has won the favor of many star writers and institutional investors along the way. The 21st century economic reporter found that Guomai culture, the sixth largest shareholder of the company (holding 7.01%) is the holding platform of many star writers.

Specifically, Zhang HaoChen, Yi Zhongtian and other writers hold 2.83% and 2.66% shares of Guomai partnership respectively. From this, they respectively hold 0.2% and 0.19% shares of Guomai culture.

In fact, before the acquisition of shares by Annie and Tonghua publishing house, there was no relationship between the shares held by Annie and Tonghua publishing house. This is a common phenomenon in recent years, in order to achieve closer cooperation between publishers and writers On November 2, media industry analysts of a medium-sized securities firm in South China pointed out in an interview.

During this period, Guomai culture cooperated with Han Han, Feng Tang, Zhang HaoChen, Yang Hongying, Kai Shu, Yi Zhongtian and other writers to plan and issue three kinds of works of literature and art, children and social sciences.

According to the data, Han Han and his controlled Shanghai Youshu Culture Communication Co., Ltd., Shanghai YiZhongtian Cultural Communication Studio, and Shanghai Chuiyang cultural communication studio with the relevant trademarks of writer Feng Tang have been among the top five copyright purchasing suppliers of Guomai culture during the reporting period.

Guomai culture, which has many writers' resources, has also attracted the attention of many institutional investors. According to the data, Jingwei China holds 15.76% shares of Guomai culture through Jingwei Chuangda and jingtianweidi, which is the largest institutional investor; in addition, well-known capital institutions such as Puhua capital, IDG capital, Huagai capital and Qianshi venture capital also participate in the investment of Guomai culture.

In addition, Bona pictures, a film and television company, also holds 9.25% of the shares of Guomai culture. Qi Zhi, its director and executive vice president, together with Shen Qinhua, the managing partner of Puhua capital, joined the board of directors of Guomai culture on behalf of investors.

High advance payment may become a hidden worry

Behind the rush of many institutional investors, Guomai culture shows its profitability and gross profit margin far higher than those of its peers.

Data shows that during the reporting period, the company's main business income continued to grow rapidly. From 2017 to June 2020, the main business income is 227 million yuan, 293 million yuan, 370 million yuan and 142 million yuan respectively, and the compound growth rate from 2017 to 2019 is 27.54%; the net profit is 29.3182 million yuan, 52.8668 million yuan, 59.2158 million yuan and 16.3331 million yuan.

Among them, the decline of performance in the first half of 2020 was mainly affected by the new crown epidemic. The online channel sales of Guomai culture in the first half of 2020 was less affected, and its revenue accounted for more than 70% of the book sales business, while the offline channel sales were affected to a certain extent.

It is worth mentioning that in the same reporting period (2017-2019), the growth rate of Guomai culture's enterprises in the same industry was far less than that of Guomai culture. For the reader culture held in September this year, the revenue from 2017 to 2019 was 267 million yuan, 320 million yuan and 397 million yuan, respectively, with an average annual compound growth rate of 19.11%. The income of new classics, Tianzhou culture and century Tianhong listed from 2017 to 2019 is in the period of 2017-2019 Almost stagnated, and none of the three years' income growth exceeded 10%.

In addition, the gross profit margin of Guomai culture's book planning and distribution business is also higher than the average.

From 2017 to 2019, the revenue from the planning and distribution of Guomai cultural books was 216 million yuan, 277 million yuan and 357 million yuan respectively, with a compound growth rate of 28.62%. The gross profit margin of the business was 46.37%, 47.31% and 48.60%, higher than the average gross profit margin of comparable listed companies (41.31%, 39.13%, 38.29%).

From the perspective of Guomai culture, the gross profit margin of new classic corresponding business of comparable companies in the same industry remains relatively stable. New classic is the leading enterprise in the industry, and its gross profit rate is at a higher level in the industry. With the gradual improvement of "Guomai" brand influence, the continuous enrichment of the company's products and the enhancement of market competitiveness, the gross profit rate level of the company's products is gradually catching up with the leading enterprises in the industry, such as the new classic.

From the perspective of Guomai culture, during the reporting period, the decline of gross profit margin of reader culture of another comparable company in the same industry was mainly caused by its own unique factors, such as improving product technology and adjusting editing team. Guomai culture believes that the company "does not have a significant impact on relevant factors, so there are differences in the trend of gross profit rate changes between the two sides.".

In recent years, cultural resources, such as cultural resources, have been increasingly competitive.

In recent years, in order to seize resources and develop new business growth points, Guomai culture takes advantage of resources by spending a lot of money in advance to advance royalties. However, this result makes the company's prepayment risk high.

According to the public information, the prepayment of Guomai culture during the reporting period was as high as 26.133 million yuan, 92.0428 million yuan, 112.5617 million yuan and 134.6836 million yuan, accounting for 15.30%, 28.59%, 26.39% and 31.09% of the current assets in the same period. In the use plan of the IPO funds, Guomai culture plans to issue no more than 18.01 million shares and raise 350 million yuan. All the raised funds will be used for the construction of copyright library.

"The increase in advance payment may lead to pressure on the company's operating cash flow. In addition, if these books with prepaid royalties cannot be sold smoothly in the future, it will have an adverse impact on the company's performance and operating cash flow." Fruit wheat culture expression.

"The increase in prepayment is mainly to lock in the price of raw materials upstream. Prepayment cooperation with upstream suppliers can also preempt resources in advance. However, high prepayment will occupy a large amount of funds of the enterprise, resulting in a tense cash flow situation. In addition, there is a risk of impairment between huge inventory and prepayment, which is likely to become a sword hanging on the growth of the company's performance Zehao investment partner Cao Gang pointed out in an interview.

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