横店影视(603103) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company's operating revenue reached RMB 2,366,061,646.05, a significant increase of 139.06% compared to RMB 989,730,026.28 in 2020[23] - The net profit attributable to shareholders of the listed company was RMB 13,667,536.58, recovering from a loss of RMB 480,525,769.65 in 2020[23] - The net cash flow from operating activities was RMB 652,553,344.29, a substantial improvement from a negative cash flow of RMB -9,942,120.47 in the previous year[23] - The total assets of the company increased by 54.25% to RMB 5,454,440,673.70 at the end of 2021, compared to RMB 3,536,041,493.17 at the end of 2020[23] - The company's net assets attributable to shareholders decreased by 20.43% to RMB 1,491,737,380.68 from RMB 1,874,845,723.51 in 2020[23] - The company reported a net profit of RMB -44,580,147.47 after deducting non-recurring gains and losses, compared to RMB -468,167,532.59 in 2020[23] - The company achieved a total box office revenue of 1.811 billion yuan in 2021, a decrease of 27.59% compared to 2019[38] - The company reported a 139.06% increase in operating income, attributed to effective pandemic control measures[25] - The net profit attributable to shareholders increased significantly due to higher revenue and improved gross margin[28] - The weighted average return on equity rose to 0.92%, a 22.31 percentage point increase from the previous year[25] Operational Strategy - The company plans not to distribute profits for 2021, retaining earnings for future growth and stability[6] - The company implemented a "4+1" development strategy to enhance operational efficiency and performance[38] - The company is focusing on a full industry chain model, transitioning from a cinema chain to a film company[38] - The company closed 15 underperforming cinemas during the reporting period to improve overall operational efficiency[43] - The company signed strategic cooperation agreements with three major commercial groups, with 70% of the projects being strategic partnerships, effectively reducing operational costs[43] - The company aims to enhance its strategic layout in the film industry, focusing on investment, production, distribution, and exhibition to create a comprehensive industry ecosystem[96] Market Performance - The revenue from asset-linked cinemas was 1.556 billion yuan, capturing a market share of 3.63% with 44.75 million admissions[38] - The revenue from franchise cinemas was 255 million yuan, with a market share of 0.59% and 7.14 million admissions[38] - The company’s market share reached 3.63%, with 44.75 million admissions in its direct-operated cinemas[53] - The company’s box office revenue from domestic films reached 39.927 billion yuan, accounting for 84.49% of total box office revenue[48] - The film industry generated revenue of ¥2,303,039,244.19, with a year-over-year increase of 142.94%[71] - The box office business accounted for ¥2,075,616,445.44 in revenue, reflecting a 130.62% increase compared to the previous year[71] Risk Management - The company emphasizes the importance of risk awareness regarding its future operational and strategic plans[7] - The company recognizes the risk of intensified market competition as the number of cinemas in China continues to grow, which may impact operational performance[105] - The company faces investment risks in film projects, as the success of films is uncertain and dependent on market conditions[106] - The company acknowledges the risk of limited supply of quality films, which significantly affects box office revenue[107] - The company faces potential operational risks due to public health emergencies, which may lead to partial or complete suspension of cinema operations, impacting short-term performance but not long-term profitability[110] Management and Governance - The total pre-tax remuneration for the reporting period for the board members and senior management amounted to 5.523 million CNY[124] - The company has a diverse board with members holding various academic and professional qualifications, enhancing its governance structure[124] - The company continues to maintain a stable leadership structure with no significant changes in shareholding among key executives[124] - The company has established a comprehensive management system for subsidiaries, ensuring oversight of assets, business, and strategic planning[173] - The company has implemented measures to prevent the misuse of funds and assets, with commitments made by major shareholders to avoid any violations of this policy[183] Future Outlook - The film industry is expected to see accelerated recovery in 2022, with a focus on mainstream value films and diverse genres to enhance audience experience[96] - In 2022, the company aims to sign 50 new project contracts, focusing on projects at the city level and above, to enhance the quality and brand influence of "Hengdian Film"[99] - The company plans to strengthen its content development by leveraging its existing IP resources and optimizing collaboration across business segments to enhance overall market competitiveness[98] - The company will continue to develop its "Hengdian Film and Tourism Online Digital Platform" in 2022, improving functionalities based on user demands and seeking content output partners[101] Financial Health - The company reported a decrease in cash and cash equivalents to ¥421,209,473.40, down 27.58% from ¥581,639,435.03 in the previous period[81] - The company’s short-term borrowings were eliminated, resulting in a 100% decrease from ¥240,000,000.00 in the previous period[81] - The company’s financial expenses increased significantly by 9302.15% due to the implementation of new leasing standards[66] - The company has retained the accounting firm Lixin for financial and internal control audits for the year 2021, with a fee of CNY 1,000,000[196] - The company reported a decrease in undistributed profits from CNY 525,232,637.92 to CNY 128,456,758.51, a decline of approximately 75.6%[194]