Why Did The Stock Price Of Fanghengdian Film And TV Co., Ltd. Keep Falling?

When the total box office of "send you a little red flower" (hereinafter referred to as "little red flower") continued to rise, the stock price of Hengdian film and television went out of a steep line, and even attracted the Shanghai Stock Exchange inquiry. In early January, Hengdian film and television has just completed the industrial and commercial registration of 100% equity transfer of Hengdian film, which is the producer of "little red flower".

In fact, Hengdian film and television share price is not without "little red flower" box office dividend. On December 31, 2020, Hengdian film and television closed at 18.85 yuan / share, up 9.98%. On January 4, the stock price rose to 19.98 yuan / share. But the gains were limited to two trading days. After January 4, Hengdian film and television entered a plummeting range, and in three consecutive trading days from January 5, the closing price deviation value accumulated more than 20%. On January 12, Hengdian film and television closed at 15.00 yuan / share, down 2.41%.

According to the data of the National Film Funding office, after taking 257 million box office on January 1, the daily box office of "little red flower" plummeted. On January 4, the daily box office was only 43.077 million yuan. After that, it recovered on January 10, with 59.611 million box office. Although "little red flower" remained the box office champion for many days, it was still hovering within 50 million yuan. As of January 12, before the publication (20:45), the box office of "little red flower" accumulated 1.076 billion yuan, which was still the top ticket of that day.

"Little red flower" tells the story of anti-cancer, directed by Han Yan, starring Yi Bu Qian Xi and Liu haocun, with actors such as Zhu Yuanyuan, Gao Yalin, Xia Yu, Yue Yunpeng and other actors, with a Douban score of 7.5. According to the lighthouse data, as of 20:45 on January 12, the film had taken 388 million pieces, and the production cost was not high due to the types of feature films. This is a project with good returns.

But the capital still to Hengdian film and television, cast a vote of no confidence.

When the total box office of "send you a little red flower" continued to rise, the stock price of Hengdian film and television went out of a steep line. Visual China

buy

Hengdian film and television share price plummeted, to return to two lines, the company itself and industry fundamentals.

From the company itself, in the channel end cinema, Hengdian film and television is undoubtedly a giant, but in the production side, it is difficult to say that it is competitive.

According to the previous announcement, Hengdian film and television acquired 100% equity of Hengdian film and television production and Hengdian film industry in cash, with the purchase price of RMB 20.5437 million and RMB 101.7 million respectively, totaling RMB 122 million. Hengdian holding is the controlling shareholder of Hengdian film and television.

Judging from the assets appraisal report released by Zoomlion international, this price is quite worthwhile. As of August 31, 2020, the total assets of Hengdian film industry are 389 million yuan, the net assets are 92.9274 million yuan, and the final evaluation value is 101.7 million yuan, and the final transaction price is this price.

But from the actual business point of view, Hengdian film industry development is limited. Although its projects in recent years include "red sea operation", "my motherland and I", "young you" and other popular films, they are all joint producers with limited share.

In addition, although Hengdian Film Co., Ltd. is the first producer of "little red flower", there is no public binding relationship between its main creative team and Hengdian film. Han Yan's last work "get out of here! In 2015, it won 510 million yuan at the box office, and the first producer of the film was Wanda film and television. As the source of traffic of "little red flower", Qianxi is far away from Hengdian film and TV.

The appraisal report also shows that the book value of Hengdian film's inventory is 27.671 million yuan, the provision for inventory falling price is 9.9283 million yuan, and the book value of inventory is 17.7427 million yuan, including raw materials and goods in stock. The raw materials are five scripts purchased by the enterprise, four of which have been determined not to be filmed, and the remaining one can be shot only after the script has been modified; the main commodities in stock are 9 films released and 1 film not shown. This means that the company's film list is limited, and Huayi Brothers, light, Bona and other traditional film giants form a sharp contrast.

The biggest advantage of Hengdian film and television lies in its cinema scale. According to the announcement on January 8, it has opened 369 directly operated cinemas with 2326 screens, with a total box office of 302 million yuan, a market share of 3.99%, and a total of 9.7011 million film viewers. It has 82 franchised cinemas with 473 screens, with a total box office of 47.7984 million yuan and a total of 1.5629 million movie viewers.

Channel advantage can become its bargaining weight in the head project, Wanda film is doing similar layout. But even Wanda films, whose scale and discourse power are far greater than those of Hengdian films, are also struggling in this mode due to multiple factors. According to the third quarter report of 2020, Wanda's film revenue is 1.241 billion yuan, down 69.20% year-on-year, and its net loss is 449 million yuan, down 247.01% year-on-year. In the same period, the revenue of Hengdian film and television was 399 million yuan, and the net loss was 368 million yuan. On January 12, Wanda film closed at 19.15 yuan, down 0.88%.

sell short

Zeng Maojun, chairman of Wanda film, admitted to the 21st century economic reporter last year that the peak of pure cinema construction has reached. Wanda film will focus on the management of output and content. "Now it is close to 15 billion yuan (more than 600 cinemas, the largest scale in China). If we do it for three or four years, it means that the investment in the cinema industry will exceed 20 billion yuan. Larger extensions can only be achieved by managing output. Wanda's core advantage lies in its management ability. Content and channel are the key points. In the near future, we will pay more attention to the content. " He said.

The logic of Wanda film explains why Hengdian film and television are located upstream. However, it is also because Wanda with a larger volume is still difficult, and the market can not help doubting what step the squeezed Hengdian can take.

In fact, it is not only Hengdian film and television, but also the whole film market.

Take Huayi Brothers, the first A-share listed film company, as an example. On January 12, it closed at 3.93 yuan, with a total market value of 10.922 billion yuan. At its peak, its market value exceeded 80 billion yuan. At the moment, Huayi's "warm embrace" is in the release period, and the box office has exceeded 694 million yuan, and the film's distribution has exceeded 250 million yuan. This is a small and medium-sized cost comedy, and the profit should be high. However, the stock price of Huayi Brothers had a limited boost. On the same day, light media closed at 12.73 yuan, down 1.62%, also at the low point in the annual cycle.

The whole market is short selling film companies, and the current revenue has been relatively out of line, the problem is here. "The project based revenue of film companies has fluctuated too much, and the epidemic situation, policy and channel changes have magnified this point. Now the market, already dare not touch the film. The key is to find a way out of the long chain. " The founder of youtou film company told 21st century economic reporter. Another state-owned listed film company executives, also said helpless, "no clue, we are waiting for the policy."

Back to Hengdian film and television, when the first film companies are in a period of suffering, it is difficult to say that they can go on with their film production business. And Hengdian film and television did not find the long chain story needed by the market.

In addition, the cinema business itself is becoming more and more difficult, and the "surplus" signal is obvious. "The increment of cinema is to improve service level, more like community traffic center, but its imagination is limited." Another cinema listed company executives said. Many film directors also said that it is difficult to operate cinemas and it is more difficult to sell them.

Under the pressure of the cinema market, Hengdian film and television chose to go to another red sea, the production side. Can the company find a way out under the double squeeze? At least for the moment, the pressure is not small.

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