Core Viewpoint - Guomai Culture's investment in the animated film "The Starry Sky of the Three Kingdoms" resulted in a significant loss of approximately 40 million yuan, which accounts for 97.9% of the company's audited net profit for 2024, highlighting severe mismanagement in film investment and strategy [1][8]. Group 1: Project Failure Analysis - The film's release date and target audience were misaligned, as it aimed at middle and primary school students but was scheduled for the National Day holiday, failing to meet student viewing needs [2][9]. - The promotional period was insufficient, with marketing starting only in September, leading to low pre-release interest for an original animation without prior works [2][9]. - The film's genre was poorly defined, attempting to blend historical drama with animation, which did not satisfy either history enthusiasts or general audiences, resulting in mixed reviews and poor market performance [2][9]. Group 2: Market Impact and Strategic Concerns - The loss triggered a sharp decline in Guomai Culture's stock price, dropping nearly 60% from its September peak of 97.5 yuan, leading to a market value loss of about 5 billion yuan [3][10]. - The company's core revenue still heavily relies on traditional book sales, which account for over 92%, and the failure in film investment raises concerns about its ability to diversify effectively [3][10]. - Despite being the primary producer, Guomai Culture could not recover significant returns from the film's revenue due to the distribution and production control held by its partner, Light Chaser Animation [3][10]. Group 3: Challenges in IP Development - Guomai Culture's experience reflects the broader challenges faced by traditional publishing companies transitioning into film, lacking a comprehensive IP development chain compared to competitors like Yuedong Group [4][11]. - The company has limited cash reserves of 171 million yuan, constraining its future investment capabilities in film projects [4][11]. Group 4: Future Plans and Strategic Adjustments - Guomai Culture plans to collaborate with other investors for a re-shoot and re-release of the film in 2026, hoping to leverage existing ratings (9.4 on Maoyan, 7.2 on Douban) to recover some value [5][12]. - However, market sentiment is skeptical about the potential for recovery, as re-releases typically require additional investment and must address initial reception issues [5][12]. - The company has also been investing in equity funds, indicating a possible shift in focus towards financial investments rather than film production [5][12]. Conclusion - The failure of "The Starry Sky of the Three Kingdoms" serves as a warning for content companies attempting to transition into film, emphasizing the need for improved risk management, industry collaboration, and market insight [6][13].
《三国的星空第一部》票房惨淡成利润黑洞 果麦文化4000万投资打水漂 影视IP化战略遭遇重挫