Weak performance, sluggish stock prices, the lack of money Huayi brothers quit the "old friend" Feng Xiaogang's film commune.
According to public information, recently, Hainan Mission Hills Huayi Feng Xiaogang Cultural Tourism Industrial Co., Ltd. underwent industrial and commercial changes, and the original shareholder Huayi Brothers (Tianjin) Real Scene Entertainment Co., Ltd. withdrew.
Hainan Mission Hills Huayi Feng Xiaogang Cultural Tourism Industrial Co., Ltd. is an affiliated company of Mission Hills Huayi Feng Xiaogang Film Commune, established in September 2012 with a registered capital of 200 million yuan.
Shareholder information shows that the company is jointly held by Hainan Junhao Tourism Development Co., Ltd. and Beijing Yifanfengshun Film and Television Culture Studio (Feng Xiaogang Film and Television Studio).
Many years ago, Feng Xiaogang said in an interview with the media: "I believe that Huayi will become a powerful company like Warner Bros. in the next ten years." I will retire in this company, and I will follow Wang Zhongjun to the end. "
But "brothers must also settle accounts", not to mention that today's Huayi brothers urgently need to cash out and bail out. According to the semi-annual report, as of the end of June, Huayi Brothers held 910 million yuan of monetary funds, short-term borrowings of 1.585 billion yuan, and long-term borrowings of 808 million yuan.
Huayi Brothers is in the predicament of lack of money, which is not unrelated to its bet with Feng Xiaogang.
In 2015, Huayi Brothers invested 1.05 billion yuan to acquire 70% of Feng Xiaogang's Dongyang Merah and established a 5-year VAM agreement.
From 2016 to 2020, Dongyang Merah achieved an after-tax net profit of not less than 100 million yuan in 2016, and then increased by 15% per year on the basis of the previous year, and the cumulative net profit after tax in 5 years was not less than 674 million yuan, and the insufficient part was completed every year, which was made up by Feng Xiaogang.
In the first two years, with "I am not Pan Jinlian" and "Fanghua", Feng Xiaogang stepped on the line to complete the performance commitment. In 2018, due to the marketing of Fan Bingbing's tax evasion incident, "Mobile Phone 2" was postponed, and Dongyang Mela recorded a net profit of 65 million yuan. In 2019, Feng Xiaogang's "Only Yun Knows" was released, and Dongyang Merah once again fulfilled its performance commitment. But the good times are not long, in 2020, the epidemic black swan flew by, the film and television industry suffered an impact, Andyo Merah only completed the performance of 5.5238 million yuan in the whole year.
In the past five years, the cumulative net profit was 453 million yuan, and Dongyang Meila failed to bet. According to the agreement, Feng Xiaogang compensated Huayi Brothers a total of 236 million yuan.
But this is just a drop in the bucket for Huayi Brothers. Affected by the failure of many films to be released as scheduled, at the end of 2018, the end of 2019 and the end of 2020, Huayi Brothers' short-term borrowings and long-term borrowings totaled 1.7 billion yuan, 2.8 billion yuan and 3.086 billion yuan respectively, and the asset-liability ratio in 2020 was 64.5%, reaching the highest value in the past three years.
In order to pay off their debts, Huayi Brothers "looked for money all over the place". On August 21, Huayi Brothers announced the fourth revised fixed increase plan, which intends to determine no more than 35 distribution targets by auction, and the total amount of fundraising is reduced to no more than 2.069 billion yuan for investment in film and television projects and supplement working capital.
On the evening of October 12, Huayi Brothers issued an announcement that Wang Zhonglei, one of the actual controllers of the company, plans to reduce his holdings by no more than 2%, totaling 55.5851 million shares, and the funds obtained from the reduction are mainly used to repay the stock pledge financing, reduce the pledge risk, and better protect the stability of control.
In addition, Huayi Brothers hopes to cash out through the disposal of assets, focus on "film and television + real scenes", and gradually divest the businesses with weaker connections to the core business. On September 24, Huayi Brothers said it intended to transfer 15% of the shares of hero interactive entertainment, a participating game company, to game investor Chen Chen for a consideration of 870 million yuan.
Quit Feng Xiaogang Film Commune, or because Huayi wants to focus on developing his own live-action projects. According to Tianyan, recently, Huayi Brothers Media Co., Ltd. applied for the registration of a number of "Huayi Brothers Movie Park HB WORLD" trademarks, and the international classification involves advertising sales, education and entertainment, catering and accommodation, etc., and the current trademark status is awaiting substantive examination.
It is worth noting that in the just-concluded National Day file, Huayi Brothers had two participating films, "My Father and Me" and "Saving Donuts: Time and Space Rescue". Huayi Brothers said that as of October 7, the operating income of listed companies from "My Father and Me" ranged from about 1.5 million to 1.9 million yuan.
On October 25, Huayi Brothers issued an announcement on the release of some shares of shareholders, saying that the company recently received a notice from shareholder Mr. Wang Zhonglei and learned that Mr. Wang Zhonglei had unpledged some of the company's shares that he had previously pledged.
But the secondary market reacted flatly to the news. Market data shows that on October 27, Huayi Brothers' stock price touched a low of 3.13 yuan intraday, a new low since December 20, 2012. In the past year, Huayi Brothers has fallen by 37.13%.
The author | Li Weiluo
Editor| Zeng Xiantian