On October 31, 2024, Bona Pictures (001330.sz) released its third quarterly report, and its performance continued to decline. In the first three quarters of
, the company achieved operating income of 959 million yuan, a year-on-year decrease of 27.35%; excluding non- net profit, lost 399 million yuan, and the loss narrowed slightly by 3.84% year-on-year. Among them, the revenue in the third quarter was 319 million yuan, a year-on-year decrease of -32.23%; after deducting non-net profit, the loss was 251 million yuan, and the loss range expanded nearly 36 times year-on-year.
In this regard, the financial report explained that "mainly due to the decrease in the company's movie box office from the beginning of this year to the end of the reporting period compared with the same period last year and the overall box office of the movie market in this period was lower than the same period last year, resulting in a decrease in theater screening revenue", that is, theaters, theaters and movies Investment and issuance businesses both weakened.
Nandu reporters noticed that although the film market as a whole weakened in the third quarter of this year and performance decline was a common phenomenon in the industry, when the film and television industry picked up, whether last year or in the first half of this year, Bona Pictures was still in a downward trend.
Since its listing in August 2022, Bona Pictures’ performance has continued to decline. In 2023, the company's revenue will be 1.608 billion yuan, a year-on-year decrease of 20.07%; excluding non-net profit, the company will suffer a huge loss of 743 million yuan, a year-on-year increase of 277.15%. Revenue in the first half of 2024 was 640 million yuan, a year-on-year decrease of 24.64%; deducting non-net profit loss was 147 million yuan.
It’s not just performance, Bona Pictures’ cash flow also has hidden worries.
As of the end of the third quarter, the company had monetary funds 1.716 billion on its books, but the balance of cash and cash equivalents was only 342 million yuan, a year-on-year decrease of 61.18%. According to the semi-annual report, at that time, Bona Brothers had 1.367 billion yuan of monetary funds in a restricted state. The reason for the restriction was that "the domestic guaranteed overseas loans deposited in the bank were shorter than the one-year (inclusive) margin". In addition, there were 1.95 billion yuan of bond investment is restricted due to the same reason, totaling 3.317 billion yuan.
Domestic guarantee and overseas loan are “cross-border guarantees in which the guarantor is registered in China and the debtor and creditor are registered abroad.” At the end of 2023, Nandu's "Bona Pictures Overseas Capital Bureau: Subsidiaries are losing money, where will the 3.5 billion domestically guaranteed overseas loans go?" 》() once mentioned that these "restricted assets" of Bona Film are mainly used to finance bona entertainment company limited (Bona Film and Television Entertainment, hereinafter referred to as "becl"), bona film investment company (Pacificrim, USA) (below) (called "bfic") and other subsidiaries in Hong Kong and the United States provide guarantees. However, the development of these companies has not been smooth in recent years, and most of them are in a state of loss or even negative net assets.
For example, if becl has a registered capital of HK$100, its net assets at the end of the first half of 2024 will be -628 million yuan, and bfic's net assets will be -530 million yuan.
On October 31, 2024, Bona Pictures (001330.sz) released its third quarterly report, and its performance continued to decline. In the first three quarters of
, the company achieved operating income of 959 million yuan, a year-on-year decrease of 27.35%; excluding non- net profit, lost 399 million yuan, and the loss narrowed slightly by 3.84% year-on-year. Among them, the revenue in the third quarter was 319 million yuan, a year-on-year decrease of -32.23%; after deducting non-net profit, the loss was 251 million yuan, and the loss range expanded nearly 36 times year-on-year.
In this regard, the financial report explained that "mainly due to the decrease in the company's movie box office from the beginning of this year to the end of the reporting period compared with the same period last year and the overall box office of the movie market in this period was lower than the same period last year, resulting in a decrease in theater screening revenue", that is, theaters, theaters and movies Investment and issuance businesses both weakened.
Nandu reporters noticed that although the film market as a whole weakened in the third quarter of this year and performance decline was a common phenomenon in the industry, when the film and television industry picked up, whether last year or in the first half of this year, Bona Pictures was still in a downward trend.
Since its listing in August 2022, Bona Pictures’ performance has continued to decline. In 2023, the company's revenue will be 1.608 billion yuan, a year-on-year decrease of 20.07%; excluding non-net profit, the company will suffer a huge loss of 743 million yuan, a year-on-year increase of 277.15%. Revenue in the first half of 2024 was 640 million yuan, a year-on-year decrease of 24.64%; deducting non-net profit loss was 147 million yuan.
It’s not just performance, Bona Pictures’ cash flow also has hidden worries.
As of the end of the third quarter, the company had monetary funds 1.716 billion on its books, but the balance of cash and cash equivalents was only 342 million yuan, a year-on-year decrease of 61.18%. According to the semi-annual report, at that time, Bona Brothers had 1.367 billion yuan of monetary funds in a restricted state. The reason for the restriction was that "the domestic guaranteed overseas loans deposited in the bank were shorter than the one-year (inclusive) margin". In addition, there were 1.95 billion yuan of bond investment is restricted due to the same reason, totaling 3.317 billion yuan.
Domestic guarantee and overseas loan are “cross-border guarantees in which the guarantor is registered in China and the debtor and creditor are registered abroad.” At the end of 2023, Nandu's "Bona Pictures Overseas Capital Bureau: Subsidiaries are losing money, where will the 3.5 billion domestically guaranteed overseas loans go?" 》() once mentioned that these "restricted assets" of Bona Film are mainly used to finance bona entertainment company limited (Bona Film and Television Entertainment, hereinafter referred to as "becl"), bona film investment company (Pacificrim, USA) (below) (called "bfic") and other subsidiaries in Hong Kong and the United States provide guarantees. However, the development of these companies has not been smooth in recent years, and most of them are in a state of loss or even negative net assets.
For example, if becl has a registered capital of HK$100, its net assets at the end of the first half of 2024 will be -628 million yuan, and bfic's net assets will be -530 million yuan.
Nandu reporter Miao Lingyun from Shanghai
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