① The recovery momentum of the film market last year was fully demonstrated in the performance of leading companies. China's film performance turned a year-on-year loss into a profit, achieving net profit of 263 million yuan to mother. ② Institutional sources believe that profits are within expectations, and that the company's performance resonates with the general market in the film market. ③ Last year, the total box office of national movies was 54.9 billion yuan, recovering to 85.45% in 2019. The company participated in the production of many films and achieved high box office sales.
Financial Services Association, April 19 (Reporter Cui Ming) The recovery momentum of the film market last year was fully demonstrated in the performance of leading companies. China Film (600977.SH)'s performance turned a year-on-year loss into a profit.
This evening, China Film released its 2023 annual report, achieving revenue of 5.334 billion yuan, an increase of 82.67% over the previous year; realized net profit of 263 million yuan, turning a year-on-year loss into a profit, and a loss of 215 million yuan for the same period last year.
Previously, the net profit of Chinese films was expected to be in the range of 200 million yuan to 300 million yuan last year, eventually falling to 263 million yuan. Agency sources told reporters that the company's profit is within expectations. Although it is far from the expected profit level at the beginning of last year, considering that the film market has not fully recovered to pre-pandemic levels, the current performance is quite reasonable.
The performance of Chinese films resonates at the same frequency as the general market in the film market. According to data from the National Film Administration, in 2023, the total box office of national films was 54.915 billion yuan, an increase of 82.64% over the previous year. It recovered to 85.45% in 2019.
According to agency sources, last year was a “product year” for Chinese films. The company led or participated in the production of 37 films, with a cumulative box office of 26.889 billion yuan, accounting for 58.45% of the total box office of domestic films in the same period. Among them, the total box office for the Spring Festival film “Man Jiang Hong”, which the company participated in production, grossed 4.5 billion yuan, and the other Spring Festival film “Wandering Earth 2,” which was the main producer, grossed 4 billion yuan. Other participating films, “Give It All”, “30,000 Miles to Changan,” and “Bears Cry: Accompany Me”, have all received high box office sales.
It is worth mentioning that the company participated in the production of the top four movies in the Spring Festival box office this year, “Hot and Hot,” “Speeding Through Life 2,” “When Bears Came: Reversing Time and Space,” and “Article 20.” Institutional sources expect this will help improve the company's performance in the first quarter.
In terms of distribution business, Chinese films still maintain a relatively stable market share. The company revealed in its annual report that a total of 570 films were released last year, achieving box office of 41,397 billion yuan, accounting for 82.93% of the country's total box office. The company led or participated in the distribution of 9 of the top ten domestic box-office films.
Furthermore, last year, Chinese films also promoted the construction of the CINITY cinema. By the end of 2023, 157 CINITY cinemas had been opened in China, 6 cinemas to be opened, and 8 CINITY cinemas had been opened overseas. Compared to the situation at the end of 2022, 42 CINITY cinemas were added domestically and 4 were added overseas in one year.