[Introduction] Midea's "Prince" subsidiary Baina Qiancheng plans to jointly produce series with Tencent Film and Television
China Fund News reporter Qiu Dekun
On the evening of November 7, Baina Qiancheng announced that the company plans to cooperate with Shanghai Tencent Penguin Film and Television Culture Communication Co., Ltd. (hereinafter referred to as Tencent Film and Television) jointly produces the series.
Baina Qiancheng is one of the three A-share companies controlled by Infore Group. The actual controller He Jianfeng is the son of He Xiangjian, the founder of Midea Group .
As a film and television platform under Tencent, Tencent Film and Television is also one of the most influential video platforms in China's Internet field.
Baina Qiancheng joins hands with Tencent Film and Television
Baina Qiancheng announced that the company has reached a series of cooperation with Tencent Film and Television, and recently signed a "Joint Cooperation Contract for Film and Television Series" with Tencent Film and Television. The two parties plan to jointly produce drama series.
Specifically, Baina Qiancheng will complete the work related to the production of the series in accordance with the contract, and Tencent Film and Television enjoys the rights to the series as stipulated in the contract.
This is the second big order that Baina Qiancheng has achieved this year. In the first half of 2024, Baina Qiancheng and its holding company signed the "Exclusive License and Cooperation Agreement for Drama Series Works" with Beijing Youku Technology Co., Ltd., with the cumulative tax-included amount of the contract being 528 million yuan.
Previously, Baina Qiancheng had a legal dispute with Tencent Pictures Culture Communication Co., Ltd., which is an affiliated company of Tencent Pictures.
Baina Qiancheng's 2023 annual report shows that Tencent Pictures Cultural Communication Co., Ltd. requires Kashgar Baina and Baina Qiancheng to jointly and severally pay it project issuance income, project balance investment and production fees, delayed performance liquidated damages, reasonable expenses and litigation costs. , the total amount involved was 19.835 million yuan, and the parties finally reached a settlement in 2023.
Baina Qiancheng’s current revenue increase does not increase profits
Baina Qiancheng announced that the performance of the contract signed by the company and Tencent Film and Television will have a positive impact on the company’s financial status and operating performance in 2025 and future years.
Currently, Baina Qiancheng is facing a situation of increasing revenue without increasing profits. Especially in the third quarter of 2024, the company's operating income was 413 million yuan, a year-on-year increase of 502.68%; the net profit attributable to the parent company was -24.5521 million yuan, a year-on-year decrease of 640.74%.
Baina Qiancheng mentioned in its third quarterly report for 2024 that the growth in operating income was due to the increase in broadcast repertoire.. Its 2024 semi-annual report shows that the net profit loss in the first half of 2024 was mainly caused by the losses in the " Journey Through the Moon" and " Old and Small" projects. According to the official website of
, Baina Qiancheng takes the matrix of high-quality content such as dramas, movies, and animations as its core, links cultural tourism, marketing, branding and other industrial upgrading opportunities, and is committed to building an IP operation that empowers both "content" and "industry" model.
Infore Group is “deeply trapped” in Baina Qiancheng
The official website shows that Baina Qiancheng was established in 2002 and listed on the GEM of the Shenzhen Stock Exchange in 2012. Infore Group was introduced to Infore Group through mixed ownership reform in 2018.
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