2024 年 04 月 21 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn [Table_Title] 发布"1133"新战略，向泛文化平台转型 ——慈文传媒（002343）2023 年年报点评 最近一年走势 事件: （1）2024 年 4 月 18 日，慈文传媒公告 2023 年年报，2023 年营收 4.6 亿元（YOY-1.12%），归母净利润 0.28 亿元（YOY-43.9%），扣非归母 净利润-0.40 亿元（2022 年为 0.04 亿元）。 （2）2024 年 4 月 18 日，慈文传媒公告"1133"新战略，提出短、中、 长期战略举措。 投资要点: 相对沪深 300 表现 2024/04/19 2023 年业绩短期承压。 表现 1M 3M 12M 慈文传媒 2.3% 30.2% -21.1% （1）2023 年营收 4.6 亿元（YOY-1.12%），归母净利润 0.28 亿元 （YOY-43.9%），扣非归母净利 ...

Investment Rating - The report assigns a rating of "Focus" on Ciweng Media (002343.SZ) based on its strategic development plan and potential for long-term growth [5]. Core Viewpoints - Ciweng Media's 2023 annual report shows a revenue of 460 million yuan, a year-on-year decrease of 1.12%, and a net profit attributable to shareholders of 27.63 million yuan, down 43.89% [5]. - In Q4 2023, the company achieved a revenue of 18.37 million yuan, a significant year-on-year decline of 73.61%, but a net profit of 3.59 million yuan, reflecting a year-on-year increase of 158.11% [5]. - The company has outlined its "1133" development strategy, focusing on one goal, establishing one bond, and reinforcing three major bases: content production, channel expansion, and team building [5]. - Ciweng Media aims to create three major industry clusters: a film and television production cluster combining long, medium, and short dramas; a pan-entertainment industry cluster centered on games, animation, and derivatives; and a digital cultural asset industry cluster driven by new technologies such as digital copyright and the metaverse [5]. - The company is actively exploring innovative business layouts, including micro-short dramas, interactive dramas, performing arts economy, gaming, cultural tourism, and technology collaborations [5]. Summary by Sections - **Financial Performance**: Ciweng Media reported a total revenue of 460 million yuan for 2023, with a net profit of 27.63 million yuan, indicating a decline in both metrics compared to the previous year [5]. - **Strategic Development**: The "1133" development strategy aims to enhance the company's capabilities in IP development and operational efficiency, leveraging its position as a leading player in the film and television industry [5]. - **Future Outlook**: The year 2024 is positioned as a transformative year for Ciweng Media, with expectations to enhance its production capabilities and market competitiveness through diversified capital operations and strategic investments [5].

股票代码：002343 股票简称：慈文传媒 公告编号：2024-014 慈文传媒股份有限公司 关于"1133"发展战略规划纲要的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 1．慈文传媒股份有限公司（以下简称"公司"或"慈文传媒"）基于对国家政策、 市场环境、自身核心竞争力的剖析以及公司现阶段情况等方面的认知，并结合公司业 务的基础，编制了《"1133"发展战略规划纲要》（以下简称"战略纲要"）。战略 纲要中涉及的战略发展目标、计划、举措等前瞻性陈述及预期，均不构成公司对投资 者的实质性承诺。敬请投资者理解计划、预测与承诺之间的差异，并对此保持足够的 风险认识。 2．鉴于宏观经济环境、行业发展形势和市场环境的快速变化，公司存在根据发展 需要对本战略规划作适度调整的可能，敬请投资者注意投资风险。 3．公司战略规划是公司经营发展的纲领和目标指引，公司将根据战略规划的具体 实施情况，严格按照相关法律法规履行信息披露义务。 公司于2024年4月17日召开第九届董事会第二十次会议，审议通过了《关于"1133" 发展战略规划纲要的议案》，现将相关内容公告 ...

慈文传媒股份有限公司 独立董事2023年度述职报告 （报告人：席彦超） 各位股东及股东代表： 本人自2023年9月27日当选为慈文传媒股份有限公司（以下简称"公司"）第九 届董事会独立董事，根据《公司法》《证券法》《上市公司治理准则》《上市公司独 立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司 规范运作》（以下简称"《主板规范运作指引》"）等有关法律法规、规范性文件和 《公司章程》的规定，坚持恪尽职守、勤勉尽责，积极发挥独立董事的作用，切实维 护了公司、股东尤其是广大中小投资者的利益。现将2023年度（本人任期内，下同） 履行职责的基本情况报告如下： 一、独立董事基本情况 本人席彦超，男，1961年11月出生，中国国籍，无永久境外居留权，政治经济学 研究生学历，高级经济师。曾任深圳市东鹏特饮有限公司总经理、深圳报业集团经营 管理中心主任助理、深圳报业集团发展研究中心副主任；2017年12月至2021年11月， 任深报一本股权投资基金管理（深圳）有限公司副总经理、投委会委员；现已退休。 2009年11月至今，兼任深圳市文化产权交易所董事；2011年9月至今，兼任中国文化 产业投资基金 ...

股票代码：002343 股票简称：慈文传媒 公告编号：2024-020 四、改组制作发行中心。制作发行中心作为公司影视业务版权运营、项目研发、 内容审核、制作发行及专业人才集聚的平台，负责所有的影视主业，从功能维度上划 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 慈文传媒股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日召开第九届董 事会第二十次会议，审议通过了《关于调整公司组织架构的议案》。为更好地执行公司 股东大会、董事会决议，贯彻落实"1133"战略规划，通过相关多元化业务探索，巩 固提升精品影视剧开发运营能力，拓展轻资产影视 IP 运营新业态，持续积累数字资产， 为未来数字资源全面资产化蓄力，本着践行"降本增效"、实现资产保值增值的原则， 董事会同意调整公司组织架构。 调整后，公司设置 7 个部门，分别为综合管理中心、财务管理中心、董事会办公 室、法务风控中心、审计监察中心、制作发行中心、创新增长中心。具体情况如下： 慈文传媒股份有限公司 一、原证券法务中心（董事会办公室）拆分为董事会办公室和法务风控中心两个 部门。 二、原战略投资中 ...

股票代码：002343 股票简称：慈文传媒 公告编号：2024-019 慈文传媒股份有限公司 关于公司及子公司2024年度 申请综合授信额度及提供担保额度的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 2024年度，慈文传媒股份有限公司（以下称"公司"）及合并报表范围内的子公 司（以下统称为"公司及子公司"）拟申请综合授信额度总计不超过人民币10亿元。 针对上述授信额度，由公司与子公司之间相互提供总计不超过10亿元的担保额度（包 括子公司之间相互担保），占公司2023年度经审计归属于母公司净资产的103.42%； 其中，为资产负债率70%以上的担保对象提供担保的额度不超过4亿元，占最近一期 经审计归属于母公司净资产的41.37%。敬请投资者充分关注担保风险。 一、本次综合授信及担保情况概述 1．2024 年 4 月 17 日，公司第九届董事会第二十次会议、第九届监事会第十一次 会议审议通过了《关于公司及子公司 2024 年度申请综合授信额度及提供担保额度的议 案》。 为满足公司生产经营和发展的需要，公司及子公司拟向银行及其他机构申请综合 授信 ...

慈文传媒股份有限公司董事会 关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等的相关 规定，并结合独立董事出具的《独立董事关于 2023 年度独立性的自查报告》，慈 文传媒股份有限公司（以下简称"公司"）董事会就公司在任独立董事余新培、王 四新、席彦超的独立性情况进行评估并出具如下专项意见： 经核查独立董事余新培、王四新、席彦超的任职经历以及签署的相关自查文件 等内容，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东 担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独立董事 管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《公司章程》《独立董事工作制度》中对独立董事独立性的相关要求。 慈文传媒股份有限公司董事会 2024年4月17日 ...

慈文传媒股份有限公司 审 计 报 告 大信审字[2024]第 6-00031 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于贵公司，并履行了职业道德方面的其他责任。 我们相信，我们获取的审计证据是充分、适当的，为发 ...

独立董事2023年度述职报告 慈文传媒股份有限公司 （报告人：王四新） 本人作为慈文传媒股份有限公司（以下简称"公司"）第九届董事会独立董事， 根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事管理办法》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》（以下 简称"《主板规范运作指引》"）等有关法律法规、规范性文件和《公司章程》的规 定，坚持恪尽职守、勤勉尽责，积极发挥独立董事的作用，切实维护了公司、股东尤 其是广大中小投资者的利益。现将本人2023年度履行职责的基本情况报告如下： 一、独立董事基本情况 本人王四新，男，1967年7月出生，中国国籍，无永久境外居留权，现任中国传 媒大学教授、博士生导师、人类命运共同体研究院副院长。长期关注互联网治理领域 的政策和法律问题，参与过包括《网络安全法》《网络信息内容生态治理规定》等法 律、法规、部门规章和大量涉及互联网治理的规范性文件的立法论证、解读等方面的 工作。2022年6月至今，任本公司第九届董事会独立董事。 本人符合《上市公司独立董事管理办法》《主板规范运作指引》中对独立董事独 立性的相关要求，不存在影响独立性的情况。 二、 ...

Corporate Governance and Compliance - The company's governance status is in compliance with relevant laws, regulations, and the China Securities Regulatory Commission's requirements for listed companies[3] - Independent directors actively provided professional advice on the company's development strategy, external investments, internal control construction, and daily operations, enhancing the company's supervision mechanism[13] - The company's audit committee actively communicated with the annual audit firm to ensure the timely and objective completion of the audit report[22] - The company's remuneration and assessment committee reviewed and confirmed that the salaries of directors and senior management were in line with the company's remuneration management system[22] Executive and Management Changes - Zhou Min resigned as a supervisor on March 17, 2023, and was appointed as the company's executive vice president on April 6, 2023. He was elected as a director on May 19, 2023, and appointed as the company's general manager on March 19, 2024[6] - Zhao Jianxin no longer serves as the company's general manager as of March 19, 2024[7] - You Dingyong, born in May 1982, has been serving as a supervisor since April 6, 2023, and previously served as a director from June 2022 to March 2023[10] - Xiong Zhiquan serves as a supervisor at Jiangxi Jin Dujuan Private Equity Fund Management Co., Ltd., and does not receive remuneration from this position[11] - Pu Linjiang, born in July 1984, joined the company as vice president in January 2024, after a 15-year career at Tencent, where she held various leadership positions in marketing and IP business[17] Financial Performance and Reporting - The company's financial report for 2023 was audited and confirmed to be accurate and complete, with no significant differences compared to previously disclosed quarterly and semi-annual reports[27][44] - The company's operating income for 2023 was RMB 461.19 million, a decrease of 1.12% compared to the previous year[68] - The net profit attributable to shareholders of the listed company in 2023 was RMB 27.63 million, a decrease of 43.89% compared to the previous year[68] - The net cash flow from operating activities in 2023 was RMB 12.28 million, a significant decrease of 94.95% compared to the previous year[68] - The total assets at the end of 2023 were RMB 1.27 billion, a decrease of 21.88% compared to the end of 2022[68] - The company's revenue for Q1 2023 was 237,961,011.03 yuan, Q2 was 201,970,805.01 yuan, Q3 was 2,883,136.74 yuan, and Q4 was 18,374,469.83 yuan[85] - Net profit attributable to shareholders in Q1 2023 was 12,513,305.73 yuan, Q2 was 13,381,120.86 yuan, Q3 was -1,855,306.99 yuan, and Q4 was 3,588,636.39 yuan[85] - Non-recurring gains and losses in 2023 amounted to 67,283,995.90 yuan, compared to 45,045,423.83 yuan in 2022 and 691,940.02 yuan in 2021[87] - The company's cash flow from operating activities in Q1 2023 was 12,369,085.07 yuan, Q2 was 16,051,213.23 yuan, Q3 was -41,584,098.26 yuan, and Q4 was 25,438,878.41 yuan[85] - The company's net profit for the last three fiscal years after deducting non-recurring gains and losses has been negative, indicating uncertainty in its ability to continue as a going concern[111] - The sale of Longhu Yanlan Yishu 1 contributed 13.88% to the company's net profit, adding 383.57 million yuan[116] - Management expenses decreased by 13.27% to 28,039,244.82 yuan due to strengthened cost management[114] - The company's operating costs for the film and television industry in 2023 were 423,122,108.21 yuan, accounting for 99.57% of total operating costs, a 17.96% increase from 2022[124] - The top five customers accounted for 96.65% of the company's total sales in 2023, with the largest customer contributing 49.09%[124] - The company's total operating costs in 2023 were 424,967,780.93 yuan, an 18.26% increase from 2022[124] - The company's investment income in 2023 was 6,409,313.89 yuan, accounting for 16.45% of total profit[128] - The company's credit impairment loss reversal in 2023 was 27,290,573.35 yuan, accounting for 70.05% of total profit[128] - The company's financial assets at fair value through profit or loss in 2023 were 227,409,564.30 yuan, an increase from 10,528,254.61 yuan at the beginning of the period[134] Content and IP Strategy - The company focuses on major themes of Chinese modernization, including significant realities, revolutions, histories, and futures, and has optimized its organizational structure to enhance professional capabilities in areas such as creative R&D, brand strategy, and financial management[58] - The company aims to be a leader in the content industry under new technological changes, building a highly market-oriented talent team and exploring the application of new technologies in content creation[58] - The company has a clear strategy of innovation and transformation, leveraging its over 20 years of experience in TV drama production to create high-quality, high-activity, and high-yield content[58] - The company is advancing its IP-centric pan-entertainment industry layout, focusing on multi-dimensional development of premium IPs to enhance brand value and achieve a virtuous cycle of content creation, operation, and value realization[58] - The company emphasizes both original content and IP development, establishing a matrix system for original and IP projects, and has implemented a full-process management system for TV drama production[58] - The company's core business includes investment, development, production, and distribution of film and television IP content, with a focus on high-quality projects[76] - In 2023, the company confirmed revenue from projects such as "烽火流金" and "紫川·光明三杰," contributing to the annual operating income of RMB 461.19 million[76] - The company has 6 TV series and films that have obtained distribution (public screening) licenses, and 3 have completed production, with other projects in post-production or filming stages[77] - 4 TV series and 1 radio drama have achieved first-round broadcasting, and 1 film has been broadcast on CCTV's movie channel, showing excellent social benefits and market performance[79] - The company has a diversified project reserve and development strategy, aiming to form a project development pattern with different stages of planning, filing, production, and distribution[77] - The company focuses on major revolutionary, historical, and realistic themes, enhancing its development capabilities, brand influence, and market competitiveness[77] - The company prioritizes projects with both commercial value and social benefits, improving the efficiency of capital and resource allocation[77] - The company has a project titled "禾下乘凉梦" (Dream of Resting Under the Grain), a radio drama broadcast on Central People's Broadcasting Station and Hunan Traffic Radio[80] - The company's drama "Kunpeng Jilang" (35 episodes) was broadcast on multiple platforms including Zhejiang Satellite TV, Beijing Satellite TV, and Guangdong Satellite TV, as well as online platforms like iQiyi, Youku, and Tencent Video[93] - The company's drama "Purple River: The Three Heroes of Light" (24 episodes) is scheduled to be broadcast on iQiyi and Tencent Video in February 2024[93] - The company's drama "The Left Ear" (36 episodes) was broadcast on iQiyi, Youku, and Tencent Video in December 2023[93] - The company's movie "Across the Furious Sea" was released in theaters on November 25, 2023[93] - The company's movie "Dad Has Arrived" was broadcast on CCTV Movie Channel on December 12, 2023[93] - The TV series "Purple River: The Three Heroes of Light" achieved a popularity of over 20,000 on Tencent Video within two days of its premiere and topped the fantasy drama chart on the platform[95] - The company plans to build a film and television production industry cluster combining long, medium, and short dramas, collaborating with platforms like Tencent, Youku, and iQiyi[142] - The company plans to establish strategic partnerships with major video platforms and well-known film and television companies to ensure stable content output and mutual development[157] - The company aims to develop 1-2 major IP projects, such as the "Gu Long IP Series" and "Ciwen Martial Arts Series," to enhance content quality and market competitiveness[157] - The company has a production plan for several TV series, including "The Great Us" (40 episodes, contemporary urban) and "Flower Bones 3" (40 episodes, ancient legend, planned for Q4 production)[160] - The company has multiple projects in collaboration with platforms like iQiyi and Tencent Video, including "Dark Tide Investigation" and "Yanhui Town," all scheduled for release[161] - The company is advancing projects such as the web short drama "The Legendary Swordsman" and the web series "Beast King," currently in planning stages[172] - The company aims to become a leading diversified, asset-light, platform-based cultural company within 3-5 years, promoting Chinese culture globally[168] - The company will implement a marketing-first sales model, ensuring market demand alignment and reducing risks through early platform communication[165] - The company plans to establish its own short drama platform by collaborating with long and short video platforms, aiming to develop a combined model of long, medium, and short dramas to meet personalized viewing needs and enhance the industry chain[184] - The company is focusing on investing in new technologies such as AI and VR/AR to improve content production efficiency and quality, and is actively developing digital copyright management and metaverse platforms through strategic cooperation with Rokid[187] - The company aims to achieve platform-based operation of IP, transforming into a comprehensive pan-cultural platform offering one-stop cultural entertainment services, and digitizing IP and other digital assets to diversify revenue sources[188] - The company is actively promoting content innovation and technological R&D to maintain industry leadership, investing in talent development, and enhancing core competitiveness[188] - The company is exploring international markets, seeking overseas cooperation and distribution opportunities to expand its global presence[187] - The company is planning to launch multiple TV series projects, including contemporary, historical, and genre-specific dramas, to strengthen its content portfolio[190] - The company is leveraging AIGC technology to enhance the efficiency of interactive dramas and improve user immersive experiences through strategic partnerships[179] - The company is collaborating with Rokid to develop AR applications for cultural and educational fields, including smart tourism guides and AR-based educational content[179] - The company is establishing a joint fund with partners to invest in high-quality interactive drama projects, aiming to foster growth in the interactive content sector[179] - The company is committed to sustainable development, integrating long-term strategies with social responsibilities such as cultural education and environmental initiatives[188] - The company plans to start production for several projects in Q3 and Q4, including the movie "偶遇通缉犯" and web series like "青云阶" and "脱骨香" with platforms like Youku and iQiyi[191] - Strategic investments in high-quality micro-drama teams and collaborations with leading production companies to explore short-drama platform development[191] - Collaboration with HiDream AI to utilize AIGC video technology for micro-drama and interactive drama content, as well as video editing and model training[193] - Implementation of "Four Reductions and One Increase" strategy to reduce receivables, inventory, costs, and risks while increasing revenue[194] - Strategic integration of three major business departments to enhance collaboration between core and diversified businesses[194] - Exploration of AR technology for tourism, education, and interactive experiences, with partnerships like Lingban Technology and Peking University's Cultural Industry Research Institute[191] - Development of a strategic investment plan to expand into new markets and reduce dependency on single business areas[195] - Focus on talent retention and management improvement to mitigate risks associated with industry competition and market changes[199] - Plans to transform into a diversified, asset-light, platform-oriented cultural company through strategic investments and partnerships[195] Market and Industry Trends - The domestic game market size in February 2024 was RMB 24.88 billion, with a year-on-year growth of 15.12%[75] - In Q4 2023, the shipment volume of AR devices in the Chinese market was 118,000 units, surpassing VR device shipments for the first time[75] - The domestic game market achieved a record high with actual sales revenue of 303 billion yuan, a 14% year-on-year increase, and a user base of 668 million, with annual spending per user reaching 454 yuan[89] - In 2023, the number of newly released domestic long dramas decreased by 10 to 305, with episodes decreasing by 278 to 8,829, while TV drama filings increased by 13.98% to 538, signaling a recovery in the industry[89] - The average cumulative effective play per episode for newly launched dramas in 2023 was 1.028 million, a 22% year-on-year increase, with the top 20 dramas averaging 4.965 million effective plays, up 17.82%[89] - Short dramas on long video platforms saw significant growth, with 15 dramas achieving box office revenue between 5-9 million yuan, 16 between 2-4 million yuan, and 21 exceeding 1 million yuan[89] - The number of approved online dramas in 2023 was 196, while the number of approved micro-short dramas reached 502, indicating a shift in the market towards shorter content[89] - The number of high-quality dramas with an online broadcast index above 80 in Q1 2024 reached 22, a 22% increase compared to 18 in Q1 2023[117] - The online broadcast index of high-quality dramas in Q1 2023 increased by 80% compared to Q1 2022[117] Subsidiaries and Investments - The company invested RMB 10 million in Jiaxing to Tong Equity Investment Partnership, holding a 33.22% stake[135] - Wuxi Ciwen Media Co., Ltd., a subsidiary, reported total assets of RMB 722.69 million and net profit of RMB 10.25 million[140] - Hainan Daqin Empire Film and Media Co., Ltd., a subsidiary, reported a net loss of RMB 10,621.71[140] - Jiangxi Ciwen Film and Television Culture Media Co., Ltd., a subsidiary, reported a net profit of RMB 1.01 million[140] - Shanghai Ciwen Film and Television Communication Co., Ltd., a subsidiary, reported total assets of RMB 1.88 billion and net profit of RMB 7.47 million[140] - Dongyang Zifeng Film and Television Production Co., Ltd., a subsidiary, reported a net profit of RMB 20.03 million[140] - Beijing Ciwen Investment Management Co., Ltd., a subsidiary, reported a net loss of RMB 103,306.90[140] - Xinjiang Jianwei Media Co., Ltd., a subsidiary, reported a net loss of RMB 3.08 million[140] - Beijing Ciwen Film and Television Production Co., Ltd., a subsidiary, reported a net loss of RMB 8.56 million[140] - The company holds a 100% stake in the Galaxy Jinhui Dahui Zengying No. 5 Single Asset Management Plan, with assets totaling 202.87 million RMB[167] Awards and Recognition - The company was awarded the title of "Top 20 Cultural Enterprises in Jiangxi Province for 2022" at the 2023 Jiangxi Province Cultural Power Construction Promotion Conference[97] Organizational and Operational Efficiency - The company optimized its organizational structure, reduced subsidiary equity levels, and improved overall organizational efficiency[96] - The company implemented a comprehensive incentive and constraint mechanism, enhancing the vitality of its talent team[96] - The company carried out the "Four Reductions and One Increase" initiative, effectively revitalizing assets and achieving significant results in cost reduction and efficiency improvement[96] - Total operating revenue decreased by 1.12% to 461,189,422.61 yuan, with the film and television industry accounting for 99.53% of the revenue[109] - Revenue from the game products and channel promotion industry increased significantly by 361.10% to 1,294,471.21 yuan[109] - Overseas revenue decreased sharply by 71.87% to 1,111,528.81 yuan[109] - Gross margin for the film and television industry dropped significantly by 65.99% to 7.82%[109] - Net cash flow from operating activities decreased by 94.95% to 12,275,078.45 yuan[114] - Net cash flow from investing activities saw a drastic decrease of 17,364.47% to -210,618,465.78 yuan[114] - Net cash flow from financing activities increased by 119.90% to 10,290,288.09 yuan[114]