① Thanks to the recovery of the entertainment industry, Maoyan Entertainment's net profit tripled last year. CEO Zheng Zhihao said at today's results conference that the company participated in the promotion of many leading domestic films last year, is very optimistic and confident about this year's film market, and has already reserved dozens of film projects. ② Zheng Zhihao revealed that the two animated films “The Umbrella Girl” and “Children of Time” produced by the master Cat's Eye can be completed this year, and some animations are still in the script stage.
Financial Services Association, March 22 (Reporter Cui Ming) Thanks to the recovery of the domestic film market and offline performance industry, Maoyan Entertainment (01896.HK)'s net profit tripled last year. Zheng Zhihao, CEO of Maogan Entertainment, said at the performance conference held today that the company participated in the promotion of a number of leading domestic films last year, and its ability to advertise has further become a core advantage. The company is very optimistic and confident about this year's film market, and has already prepared dozens of film projects.
According to the 2023 financial report released by Maogan yesterday evening, the company's total revenue last year was 4.757 billion yuan, up 105.1% year on year; adjusted net profit was 1,029 billion yuan, up 342.2% year on year.
At the business level, the entertainment content service business performed well. Last year, it achieved revenue of 2.3 billion yuan, an increase of 48.4% over the previous year, accounting for 48.3% of total revenue. Zheng Zhihao attributed the growth of this business to Maogan's ability to enhance publicity, attract more film collaborations, and jointly enhance the film's box office and effectiveness. At the same time, investment in leading films has been increased, and film selection capabilities have also been improved.
In 2023, Maoyan participated in the promotion of 52 domestic films. Among them, a total of 30 domestic films were controlled and distributed, and the number of films and cumulative box office reached record highs during the same period. At the same time, participation in leading films deepened. Of the top ten grossing movies in China in 2023, 4 were promoted by Cat Eye, and 8 films participated in the production (5 produced by company owners).
A Financial Services Association reporter learned from Maogan Entertainment that the company participated in the distribution or production of “Yellow Finch Comes Later!” New movies such as “The Big “Anti-Fighter” and “The Last Way to Spend Money” have already been scheduled and will hit the big screen one after another in the first half of this year. There are also reserves for dozens of film projects, such as “Chaoyuan Alley,” “Crisis Line,” and “Improvised Murder,” as well as “Fire on the Plains,” “Rebirth,” and “Genius Game” developed by the company, all of which are progressing steadily.
Zheng Zhihao revealed at the performance conference that the production of the two animated films produced by Cat Eye will be completed this year. One is the two-dimensional animation “The Umbrella Girl”, and the other is the three-dimensional animation “Son of Time”. This is also the first time that Cat Eye has tried to independently produce and develop an animated film. Also, there are a few animated works that are still in the script stage.
Maoyan's other key online entertainment ticketing service business saw a year-on-year revenue increase of 47.5% to 2,259 billion yuan last year. Zheng Zhihao said that in 2023, the performance market ushered in a window of explosive growth. It was also revealed that the number of GMV orders for e-sports and sporting events served by the company last year was about 10 times that of 2019.
Furthermore, Maogan Entertainment said it will implement innovative applications of AI in the entertainment industry chain, especially in film production and promotion. Develop post-movie box office markets such as integrating movie IP with drama and games.