Jetsen(SZ:300182)2022-12-03 09:54Financial Situation - The company experienced a compound annual growth rate (CAGR) of over 50% from 2015 to 2017, indicating high business growth and significant funding needs [2][3] - The company has over 3 billion CNY in bank credit, with previous registrations of 1.2 billion CNY in corporate bonds and 5-6 billion CNY in medium-term notes [3][4] - The average financing cost last year was around 5%, with current costs rising to approximately 6-7% [4] Funding and Investment - The company prioritizes bank financing, followed by other financing tools, to manage costs effectively [4][5] - Prepayments have increased due to investments in film production and new media rights, reflecting a strategic shift towards larger productions [5][6] - The company aims to maintain a gross margin of 30-40% for its media business, despite fluctuations in procurement costs [8] Content and Production Strategy - The company focuses on high-quality productions, with a cautious approach to investments, targeting a profit goal of 500 million CNY for the year [11][12] - The investment ratio for major productions has shifted from 80-100% in smaller projects to 40-50% in larger productions [11] - The company has a significant portion of its rights (over 60%) secured for more than 10 years, ensuring long-term revenue streams [8][9] Market Position and Growth - The company has rapidly entered the overseas distribution market, achieving over 100 million CNY in revenue within two years, capturing about 5% of the market share [9][10] - The company is exploring new revenue models in the education sector, although it remains uncertain at this stage [13][14] - The company has taken legal action against over 1,000 infringement cases, generating significant net profit from settlements [12][13]