Baination(SZ:300291) IPO日报·2025-12-19 00:32Core Viewpoint - The company Baina Qiancheng (300291.SZ) plans to acquire 100% equity of Zhonglian Century through a combination of issuing shares and cash payment, while also raising matching funds. This announcement follows a recent management reshuffle within the company [1]. Financial Performance - Baina Qiancheng, originally named Hualu Baina, has seen a decline in net profit from 1.12 billion in 2020 to a loss of 1.86 billion in 2023, with further losses projected at 3.93 billion in 2024. Revenue figures for the years 2020 to 2024 are 284 million, 803 million, 469 million, 432 million, and 739 million respectively [5]. - The company's revenue and net profit have both declined significantly, with a reported revenue of 178 million in the first three quarters of 2025, down 73.43% year-on-year, and a net profit of -68 million, down 24.89% year-on-year [5]. Business Challenges - The core reason for the decline in performance is the severe contraction of traditional film and television business. In the first half of 2025, film revenue plummeted by 70.68% to 16.08 million, accounting for less than 12% of total revenue. The series business also saw a sharp decline, with revenue dropping to less than 9 million [6]. - The company faced difficulties in recovering accounts receivable due to underperforming films and series, leading to asset impairment provisions of 399 million in 2024 and an additional 103 million in 2025 [6]. Strategic Shift - In 2022, Baina Qiancheng initiated a "Content+" transformation strategy, attempting to pivot towards cultural tourism, marketing, and IP operations, but results have been underwhelming [7]. - The company's marketing and cultural tourism business margins have also decreased, with marketing gross margin down by 7.14 percentage points and cultural tourism gross margin down by 21.63 percentage points in the first half of 2025 [8]. Industry Context - The challenges faced by Baina Qiancheng reflect broader industry trends, with the Chinese film industry experiencing significant losses, potentially exceeding 10 billion annually across major players [8]. - The acquisition target, Zhonglian Century, is a data-driven technology company with strong growth, reporting revenue of 6.417 billion in 2024 and serving over 3,000 clients across various sectors [9]. If the acquisition is successful, it may enable Baina Qiancheng to integrate AI technology with its film and television resources, transitioning to a dual-driven model of "Film + AI" [9].