Financial Performance - Revenue decreased from RMB 3,323.4 million in 2021 to RMB 2,319.5 million in 2022, representing a decline of approximately 30.2%[10] - Gross profit fell from RMB 1,842.2 million in 2021 to RMB 1,020.0 million in 2022, a decrease of about 44.5%[10] - Net profit for 2022 was RMB 104.8 million, down from RMB 368.5 million in 2021, indicating a decline of approximately 71.5%[10] - Adjusted EBITDA for 2022 was RMB 320.1 million, compared to RMB 742.7 million in 2021, reflecting a decrease of around 56.9%[10] - Adjusted net profit for 2022 was RMB 232.7 million, down from RMB 540.0 million in 2021, indicating a decline of approximately 56.9%[10] - Operating profit decreased significantly to RMB 162.1 million, representing only 7.0% of revenue, compared to 16.2% in the previous year[29] - The company reported a net profit of RMB 104.8 million for the year, down from RMB 368.5 million in 2021, reflecting a profit margin of 4.5%[29] - EBITDA for 2022 was RMB 311.3 million, a decrease of 56.1% from RMB 709.3 million in 2021[55] Market Performance - The total box office in mainland China for 2022 was RMB 30.067 billion, a significant drop of 36.38% from RMB 47.258 billion in 2021[11] - The company maintained a market coverage rate of over 50% for domestic films, with participation in the top ten domestic films remaining stable compared to 2021[13] - The company achieved a total box office of RMB 6.758 billion during the 2023 Spring Festival, marking the second highest in Chinese history for this period[26] - The film "This Killer Is Not So Calm" became the second highest-grossing comedy in mainland China for 2022, with a total box office of 2.63 billion yuan[17] - The company participated in four out of six films during the 2023 Spring Festival, with "Man Jiang Hong" surpassing 4.5 billion yuan at the box office, ranking first in the Spring Festival and sixth in Chinese film history[18] Service and Product Development - The "Cloud Package" service saw a year-on-year order increase of approximately 50%, successfully covering 100% of domestic films with box office exceeding RMB 100 million[14] - The company introduced the concept of "Real-Time Promotion" and upgraded its "Real-Time Watch" channel, enhancing its promotional capabilities[14] - The online ticketing service maintained its industry-leading position in 2022, enhancing service efficiency and user experience through strategic partnerships with Tencent and Meituan[20] - The company introduced various marketing features, such as family packages and cinema meal deals, to meet diverse consumer needs and optimize the ticket purchasing experience[20] - The company continued to invest in live performance services, providing comprehensive ticketing solutions for nearly 200 emerging small and medium-sized venues across the country[21] - A new ticketing system was launched in December 2022 for the Hong Kong market, capable of handling multiple event ticketing demands effectively[22] Cost and Expense Management - Total revenue cost decreased by 12.3% from RMB 1,481.2 million in 2021 to RMB 1,299.5 million in 2022, mainly due to a reduction in ticketing system costs[37] - Sales and marketing expenses decreased by 28.6% from RMB 672.5 million in 2021 to RMB 480.1 million in 2022, mainly due to reduced operational marketing costs[41] - General and administrative expenses decreased by 16.7% from RMB 360.2 million in 2021 to RMB 300.0 million in 2022, primarily due to reduced employee costs[42] Asset and Liability Management - Total assets decreased from RMB 11,028.3 million as of December 31, 2021, to RMB 10,258.0 million as of December 31, 2022[57] - Total liabilities reduced from RMB 3,040.7 million in 2021 to RMB 2,084.2 million in 2022, resulting in a debt-to-asset ratio decline from 27.6% to 20.3%[57] - Cash and cash equivalents as of December 31, 2022, amounted to RMB 2,401.4 million, primarily denominated in RMB and USD[59] - Total borrowings as of December 31, 2022, were approximately RMB 335.0 million, all in RMB[59] - As of December 31, 2022, the company's unused bank financing amounted to RMB 615 million[60] Strategic Initiatives - The company plans to enhance its core competitiveness and profitability by continuing to innovate in entertainment content services and expanding into live performance ticketing[28] - The company aims to explore new business areas and regional markets, including further collaboration in the Hong Kong performance market and seeking opportunities in other countries[28] - The company is actively developing a rich pipeline of quality films, including titles like "Not Just Restless" and "The Sky City" scheduled for release in 2023[18] - The company aims to deepen its content service capabilities and enhance participation in top films while continuing to build a robust content reserve[18] Human Resources and Management - The workforce consisted of 724 full-time employees as of December 31, 2022, primarily located in Beijing, Shanghai, and other cities in mainland China[64] - The company aims to enhance its competitive compensation and benefits system through market research and benchmarking against competitors[64] - The company is committed to providing competitive compensation and benefits to its employees, ensuring they receive a competitive remuneration package[91] Corporate Governance - Wang Changtian has been the Chairman of Tianjin Maoyan Weiying since July 2016, with extensive experience in media and finance sectors[68] - Li Xiaoping has served as a director of Tianjin Maoyan Weiying since September 2017 and has held various senior management positions in the media industry since 1999[70] - Sun Zhonghuai was appointed as a non-executive director on November 16, 2022, and has approximately 20 years of experience in the media industry, currently serving as Vice President at Tencent[71] - The company’s board of directors includes both executive and non-executive members, with changes in personnel noted as of November 16, 2022, and March 23, 2023[105][107] Related Party Transactions - The annual cap for related transactions with Light Media Group is set at RMB 150 million, with actual transactions amounting to approximately RMB 0 million for the year ending December 31, 2022[185] - The annual cap for related transactions with Tencent Group for the year ending December 31, 2022, is RMB 210.7 million, with actual transactions amounting to approximately RMB 0.2 million[193] - The framework agreement for film and television promotion services with Light Media Group is effective from January 1, 2022, to December 31, 2024, with the possibility of extension[188] Shareholder Information - Major shareholders include Vibrant Wide Limited with 24.30% and Hong Kong Film International Limited with 16.91% of shares[175] - The company has no controlling shareholders as of December 31, 2022[181] - The total number of shares issued or to be issued under the ESOP plan is capped at 117,033,705 shares, representing approximately 10.2% of the company's total issued share capital[115]
猫眼娱乐(01896) - 2022 - 年度财报