China Film’s net profit in the third quarter dropped by nearly 90% year-on-year.
On October 28, China Film (600977.sh) announced its third quarter report. In the third quarter, China Film’s revenue was approximately 893 million yuan, a year-on-year decrease of 33.99%; the net profit attributable to shareholders of listed companies was approximately 11.3059 million yuan, a year-on-year decrease. 89.78%; basic earnings per share was 0.006 yuan, a year-on-year decrease of 89.83%.
In the first three quarters, China's film revenue was approximately 3.016 billion yuan, a year-on-year decrease of 28.38%. The net profit attributable to shareholders of listed companies was approximately 216 million yuan, a year-on-year decrease of 54.22%; basic earnings per share was 0.115 yuan, a year-on-year decrease of 54.37%. .
Regarding the decline in performance in the first three quarters and the third quarter, China Film stated in its financial report that it was mainly due to the fact that the overall box office of the film market in this period was lower than the same period last year, and there was no major investor in the company with a similar box office size in this period as in the same period last year. Controlling the release of films has resulted in a year-on-year decrease in operating income and net profit.
In the first three quarters, the net cash flow generated by China's film operating activities fell 58.28% year-on-year to 1.246 billion yuan. China Film explained in its financial report that this was mainly due to the decrease in box office in the movie market, which led to an overall decrease in box office settlement sub-accounts.
Looking at the overall situation of the film industry, in the first three quarters of 2024, the total national movie box office was 34.633 billion yuan, a year-on-year decrease of 24%, and the total number of moviegoers was 813 million. Among them, the box office of domestic films was 26.714 billion yuan, accounting for 77.13% of the country's total box office; the box office of imported films was 7.85 billion yuan, accounting for 22.67% of the country's total box office.
focuses on the performance of various business segments of Chinese films. In the first three quarters of 2024, Chinese films led or participated in the production and release of 34 films, with a cumulative box office of 19.501 billion yuan, accounting for 73% of the total domestic film box office in the country during the same period. . Among the top ten films at the domestic box office, films produced by Chinese films occupy 8 places. During the National Day holiday in 2024, the movie "Volunteers: Battle of Life and Death" produced by Chinese film makers won the box office championship. Lighthouse Professional Edition data shows that as of October 28, the cumulative box office of " Volunteer Army: Battle of Life and Death " was 1.149 billion yuan.
Comparing the performance of Chinese films in the first three quarters of 2023, at that time, Chinese films led or participated in the production and release of 28 films, with a cumulative box office of 23.102 billion yuan, accounting for 61.44% of the total domestic film box office in the country during the same period.
distribution sector, in the first three quarters of 2024, Chinese films led or participated in the distribution of a total of 425 domestic films, with a cumulative box office of 22.183 billion yuan, accounting for 91.37% of the total domestic film box office in the same period; a total of 80 imported films were released, with a cumulative box office of 5.526 billion yuan , accounting for 78.01% of the total box office of imported films during the same period.
As of the end of the reporting period, China Film had a total of 128 operating theaters with 965 screens; China Film’s controlled theater chains and controlled theaters covered a total of 23,875 screens and 2.977 million seats across the country, with a screen market share of 29.85%.
On the same day, China Film released a profit distribution plan, which planned to distribute a cash dividend of 0.35 yuan (tax included) to all shareholders for every 10 shares. As of September 30, 2024, China Film's total share capital is 1.867 billion shares. Based on this calculation, a total cash dividend of 65.345 million yuan (tax included) is planned to be distributed, accounting for 30.31% of the company's current net profit attributable to shareholders of listed companies; no dividends will be distributed. Bonus shares will not be converted into share capital from capital reserve.
According to Dazhivip, as of the close, China Film rose 1.58% to 11.56 yuan per share, with a total market value of 21.583 billion yuan.
