中国电影(600977) - 2021 Q3 - 季度财报

Important Reminders The company's management guarantees the truthfulness, accuracy, and completeness of the quarterly report content - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[2] - This quarter's financial statements are unaudited[2] Key Financial Data The company's financial performance in Q1-Q3 2021 shows significant revenue and net profit growth, driven by film market recovery Key Accounting Data and Financial Indicators Q1-Q3 2021 operating revenue and net profit attributable to shareholders significantly increased year-on-year, driven by film market recovery Key Accounting Data and Financial Indicators | Item | Current Reporting Period (July-Sept) (yuan) | YoY Change (%) for Current Reporting Period | Year-to-Date (Jan-Sept) (yuan) | YoY Change (%) for Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 814,413,886.30 | 37.28 | 3,826,807,865.29 | 262.94 | | Net Profit Attributable to Shareholders of Listed Company | -43,619,509.67 | 23.58 | 261,616,159.45 | 146.77 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -74,687,349.47 | -6.87 | 185,211,619.15 | 130.55 | | Net Cash Flow from Operating Activities | Not applicable | Not applicable | 1,112,758,565.16 | 214.48 | | Basic Earnings Per Share (yuan/share) | -0.023 | 25.81 | 0.140 | 146.67 | | Total Assets (End of Reporting Period) | 20,449,229,108.97 | 21.61 (vs. end of prior year) | - | - | | Shareholders' Equity Attributable to Shareholders of Listed Company (End of Reporting Period) | 11,123,058,931.84 | 2.41 (vs. end of prior year) | - | - | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 31.07 million yuan in the reporting period, mainly from government subsidies and investment income, positively impacting net profit Non-Recurring Gains and Losses | Item | Amount for Current Reporting Period (yuan) | Year-to-Date Amount (yuan) | | :--- | :--- | :--- | | Government Subsidies Included in Current Profit/Loss | 51,376,540.17 | 72,653,962.30 | | Gains/Losses from Entrusted Investments or Asset Management | 7,678,671.37 | 22,499,178.07 | | Other Non-Operating Income and Expenses | -13,666,173.77 | -4,299,007.08 | | Total | 31,067,839.80 | 76,404,540.30 | Changes and Reasons for Key Accounting Data and Financial Indicators Year-to-date operating revenue, net profit, and operating cash flow significantly increased, primarily due to the film market's recovery from the prior year's pandemic impact - Year-to-date operating revenue increased by 262.94% year-on-year, primarily due to the gradual recovery of the box office market in the current period, following the overall impact of the pandemic on the film market in the prior year[7] - Year-to-date net profit attributable to shareholders of the listed company increased by 146.77% year-on-year, mainly driven by the gradual recovery of the box office market and increased operating revenue in the current period[7] - Year-to-date net cash flow from operating activities increased by 214.48% year-on-year, primarily due to the gradual recovery of the box office market driving an increase in revenue sharing settlements[7] Key Business Operations The company achieved significant progress across its five core business segments: production, distribution, exhibition, technology, and services Film Industry Overview In Q1-Q3 2021, China's film market achieved 34.87 billion yuan box office and 879 million admissions, with domestic films dominating over 80% market share National Film Market Performance (Q1-Q3 2021) | Indicator | Amount/Quantity | YoY Increase | | :--- | :--- | :--- | | National Total Box Office (Q1-Q3) | 34.87 billion yuan | 321.46% | | Total Admissions (Q1-Q3) | 879 million | - | | Domestic Film Box Office | 28.14 billion yuan | - | | Domestic Film Box Office Share | 80.70% | - | | Number of Cinemas (as of Sept end) | 14,235 | - | | Number of Screens (as of Sept end) | 80,743 | - | Company Business Operations The company made substantial progress across its production, distribution, exhibition, technology, and services segments, strengthening its market position Production Segment In Q1-Q3 2021, the company produced or co-produced 19 films, generating 15.61 billion yuan box office, 55.45% of the domestic total - In the first three quarters, the company led or participated in the production and release of 19 films, achieving a cumulative box office of 15.61 billion yuan[9] - The box office of films produced by the company accounted for 55.45% of the total national domestic film box office during the same period[9] - Films such as "My People, My Parents" and "The Battle at Lake Changjin" spurred a National Day holiday viewing boom, while "Cloudy Mountain" became the Mid-Autumn Festival box office champion[9] Distribution Segment In Q1-Q3 2021, the company dominated film distribution, leading or participating in 452 domestic and 76 imported films, securing significant market shares - Led or participated in the distribution of 452 domestic films, with a cumulative box office of 23.07 billion yuan, accounting for 88.7% of the total national domestic film box office during the same period[10] - Distributed 76 imported films, with a cumulative box office of 3.91 billion yuan, accounting for 69.1% of the total national imported film box office during the same period[10] - 18 of the top 20 films by national box office were either led or co-distributed by the company[10] Exhibition Segment As of the reporting period end, the company operated 142 controlled cinemas with 1,077 screens, achieving a 27.50% screen market share - 2 new controlled cinemas opened, adding 28 screens; 4 cinemas were closed after comprehensive evaluation[11] - As of the end of the reporting period, the company operated 142 controlled cinemas with 1,077 screens[11] - The company's screen market share was 27.50%, with controlled and invested cinema chains and controlled cinemas collectively achieving a box office of 8.38 billion yuan and 216 million admissions[11] Technology Segment In Q1-Q3 2021, projection equipment sales reached 49.8% market share, with China Giant Screen (CGS) and CINITY premium formats expanding globally - China Film Barco projectors saw 1,908 new sales, accounting for 49.8% of the national newly added screen market share during the same period[12] - As of the end of the reporting period, there were a total of 400 China Giant Screen (CGS) auditoriums globally, with 370 operational in China and 30 installed overseas[12] - The acquisition of CINITY-related companies was completed, bringing them into the scope of consolidated financial statements, with 55 CINITY auditoriums now operational domestically[12] Services Segment In Q1-Q3 2021, the production base serviced 535 works, the ticketing platform expanded, and financing lease business progressed steadily - China Film Base provided production services for a total of 535 film and television works, including 291 films, 22 TV series, and 222 documentaries[13] - China Film Cloud Ticketing Platform had 12.85 million registered users and was connected to 9,943 cinemas, accounting for 82.32% of the total number of box office-reporting cinemas nationwide[13] - The financing lease business had signed 76 cinemas, with a financing lease contract balance of approximately 247 million yuan[13] Shareholder Information The company's shareholder structure is detailed, with China Film Group Corporation as the largest shareholder Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings As of the reporting period end, the company had 89,300 common shareholders, with China Film Group Corporation as the largest, holding 67.36% of shares - As of the end of the reporting period, the total number of common shareholders was 89,300[14] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | China Film Group Corporation | State-owned Legal Person | 1,257,682,500 | 67.36 | | China Securities Finance Corporation Limited | Unknown | 44,371,120 | 2.38 | | China Unicom Group Corporation Limited | State-owned Legal Person | 13,523,500 | 0.72 | Top 10 Shareholders with Unlimited Sale Conditions Top ten unlimited sale condition shareholders largely mirror the overall top ten, with China Film Group Corporation holding all such shares and no known related parties - China Film Group Corporation holds 1.26 billion shares with unlimited sale conditions[15] - The company is unaware of any associated relationships among these shareholders or whether they constitute concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[15] Other Reminders No other significant operational information requiring special attention from investors was identified during the reporting period - During the reporting period, the company had no other important operational information requiring special attention from investors[16] Quarterly Financial Statements The company presents its unaudited consolidated financial statements for Q3 2021, including the balance sheet, income statement, and cash flow statement Type of Audit Opinion This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[17] Financial Statements The company provides its consolidated balance sheet as of Sept 30, 2021, and Q1-Q3 income and cash flow statements, reflecting financial position and results Consolidated Balance Sheet As of Sept 30, 2021, total assets reached 20.45 billion yuan, a 21.61% increase year-on-year, with significant growth in current and non-current assets Consolidated Balance Sheet as of September 30, 2021 | Item | Sept 30, 2021 (yuan) | Dec 31, 2020 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 20,449,229,108.97 | 16,814,727,135.05 | 21.61 | | Total Current Assets | 13,314,087,148.28 | 11,461,338,566.20 | 16.17 | | Total Non-Current Assets | 7,135,141,960.69 | 5,353,388,568.85 | 33.29 | | Total Liabilities | 8,687,866,879.20 | 5,339,247,905.72 | 62.62 | | Total Equity Attributable to Parent Company Shareholders | 11,123,058,931.84 | 10,861,601,642.83 | 2.41 | - Right-of-use assets and lease liabilities reached 2.01 billion yuan and 1.96 billion yuan respectively as of September 30, 2021, primarily impacted by the adoption of new lease standards[19][20] Consolidated Income Statement In Q1-Q3 2021, total operating revenue surged 262.94% year-on-year, resulting in 238 million yuan net profit and a turnaround from prior year's loss Consolidated Income Statement for Q1-Q3 2021 | Item | Q1-Q3 2021 (Jan-Sept) (yuan) | Q1-Q3 2020 (Jan-Sept) (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,826,807,865.29 | 1,054,389,233.13 | 262.94% | | Operating Profit | 361,075,624.53 | -680,956,476.22 | Turned Loss into Profit | | Net Profit | 237,971,355.91 | -709,238,619.76 | Turned Loss into Profit | | Net Profit Attributable to Parent Company Shareholders | 261,616,159.45 | -559,367,122.52 | Turned Loss into Profit | | Basic Earnings Per Share (yuan/share) | 0.140 | -0.300 | Turned Loss into Profit | - Total operating costs significantly increased year-on-year, but the growth rate was lower than that of revenue, indicating improved operating efficiency[22] Consolidated Cash Flow Statement In Q1-Q3 2021, net cash flow from operating activities turned positive to 1.11 billion yuan, driven by increased cash from sales and services Consolidated Cash Flow Statement for Q1-Q3 2021 | Item | Q1-Q3 2021 (Jan-Sept) (yuan) | Q1-Q3 2020 (Jan-Sept) (yuan) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,112,758,565.16 | -972,030,296.78 | Turned from Negative to Positive | | Net Cash Flow from Investing Activities | -595,525,882.61 | -571,031,668.18 | Outflow Expanded | | Net Cash Flow from Financing Activities | -175,402,929.94 | -669,654,647.20 | Outflow Reduced | | Net Increase in Cash and Cash Equivalents | 341,797,535.11 | -2,212,820,290.32 | Turned from Negative to Positive | - Cash received from sales of goods and provision of services significantly increased year-on-year to 3.75 billion yuan, which was the primary reason for the positive shift in operating cash flow[24] Adjustments to Beginning-of-Year Financial Statements upon First-Time Adoption of New Lease Standards in 2021 First-time adoption of new lease standards on Jan 1, 2021, significantly increased right-of-use assets and lease liabilities, impacting total assets and liabilities but not owner's equity - The company began implementing new lease standards on January 1, 2021[28] Adjustments to Beginning-of-Year Financial Statements (New Lease Standards) | Item | Dec 31, 2020 (yuan) | Jan 1, 2021 (Adjusted) (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | - | 2,251,373,402.44 | 2,251,373,402.44 | | Lease Liabilities | - | 2,131,713,250.50 | 2,131,713,250.50 | | Non-Current Liabilities Due Within One Year | 14,844,781.63 | 134,504,933.57 | 119,660,151.94 | | Total Assets | 16,814,727,135.05 | 19,066,100,537.49 | 2,251,373,402.44 | | Total Liabilities | 5,339,247,905.72 | 7,590,621,308.16 | 2,251,373,402.44 | | Total Owner's Equity | 11,475,479,229.33 | 11,475,479,229.33 | - 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