Download
Download by
Scanning QR Code
  • Download app

    Download app

  • Online Inquiry

    Log in to access Online Inquiry
+
Congratulations
You've successfully got advanced quotes worth 5000 HKD
Download APP >>

看综艺节目不如来做股东,综艺黑马煜盛文化引爆国际配售
It is better to be a shareholder than to watch a variety show, and the variety dark horse Yusheng culture detonates the international placement.

IPO头条 ·  {{timeTz}}

新年伊始,国内独立综艺节目制作和运营商煜盛文化通过港交所聆讯,吸引众多投资者关注爆棚的同时也让传媒板块成为港股市场的关注焦点。

At the beginning of the new year, domestic independent variety show production and operator Yusheng culture through the Hong Kong Stock Exchange hearing, attracting the attention of many investors, but also made the media sector become the focus of the Hong Kong stock market.

煜盛文化于2月27日正式进行国际配售,从国际配售当天的投资反馈上来看,在发售半天就达到超额预期,获得日本软银、亚视之父邱德根家族和 International Merchants Holdings等众多国际知名投资机构爆单,掀起港股2020新年第一波配售高潮。

Yusheng Culture officially launched the international placement on February 27. judging from the investment feedback on the day of the international placement, it reached the excess expectation within half a day of the sale, and won the order explosion of many international well-known investment institutions, such as Softbank Corp. of Japan, the father of ATV, the Qiu Degen family and International Merchants Holdings, and set off the best part of the first wave of placing of Hong Kong stocks in the New year 2020.

据悉,煜盛文化在今日(2月28日)开始面向投资者公开发售,具体时间为:2020年2月28日至2020年3月5日。

It is reported that Yusheng Culture began to sell to investors today (February 28), the specific time is: February 28, 2020 to March 5, 2020.

据知情人透露,27日开启国际配售的煜盛文化,国际配售下单客户包括日本软银、亚视之父邱德根家族和 International Merchants Holdings等国际知名投资机构。由此可见投资机构和投资者们纷纷用实际行动对这只「综艺第一股」表现出极高的认可和关注。然而究竟被誉为行业黑马的煜盛文化,为何在短时间内引发众多投资机构爆单?

According to people familiar with the matter, Yusheng Culture, which opened the international placement on the 27th, has issued orders to customers includingJapanese Softbank Corp., the Qiu Degen family, the father of ATV, and International Merchants HoldingsAnd other internationally renowned investment institutions. Thus it can be seen that investment institutions and investors have taken practical actions to show a high level of recognition and concern for this "first share of variety". However, why does Yusheng culture, which is known as the dark horse of the industry, cause many investment institutions to burst orders in a short period of time?

这就要从我们每个人的日常生活说起了,想想你平时忙碌一天之后,点开的视频是什么?是不是综艺节目?再想想,是从什么时候综艺节目也成为了和朋友之间聊天的话题?没错,观看综艺节目正在成为人们日常休闲不可或缺的娱乐节目。煜盛文化,正是在这波综艺潮流中崛起的黑马。

This starts with the daily life of each of us. Think about the video you click on after a busy day. Is it a variety show? Think again, since when variety shows have become a topic of conversation with friends? Yes, watching variety shows is becoming an indispensable entertainment program for people's daily leisure.Yusheng culture is the dark horse rising in this wave of variety trend.

以销定产打击行业痛点

Use sales and fixed production to crack down on the pain points of the industry

能在行业中脱颖而出的公司,其商业模式肯定是有别于常规模式。不少的综艺运营商外购版权,由此产生不少问题。

The business model of a company that can stand out in the industry must be different from the conventional model. Many variety operators outsource copyright, which gives rise to a lot of problems.

因为,版权全部从国外的综艺节目运营商收购而来,版权费非常昂贵,而且版权所有者都是出售一定时期内大陆地区的版权使用权。也就是说,如果节目播出后效益明显,版权所有者在续约时,涨价是不可避免的。

Because the copyright is all acquired from foreign variety show operators, the copyright fee is very expensive, and the copyright owners all sell the right to use the copyright in the mainland for a certain period of time. In other words, if the benefit after the broadcast of the program is obvious, the price increase is inevitable when the copyright owner renews the contract.

如果说版权到期之后不续约,运营商打算自己打造一档好节目,这绝非易事。「爆款」之所以难,是因为很难用金钱来复制。可能投入更多的金钱,也没有原来的效果好。

If the contract is not renewed after the copyright expires, it will not be easy for operators to build a good program on their own. "Fashion style" is difficult because it is difficult to copy with money. More money may be invested, and the effect is not as good as it used to be.

资料来源:安徽卫视《谁是你的菜》海报

Source: Anhui Satellite TV poster "who is your food"

资料来源:东方卫视《老总来了》海报

Source: poster of "here comes the boss" of Oriental Satellite TV

资料来源:江苏卫视《嗨!唱起来》海报

Source: Jiangsu Satellite TV "Hi!" Sing "poster"

资料来源:深圳卫视《你好!面试官》海报

Source: Shenzhen Satellite TV "Hello!" Interviewer poster

资料来源:江苏卫视《穿越时间的味道》海报

Source: Jiangsu Satellite TV poster of "the Taste of time"

此外,「爆款」在嘉宾阵容都是靠燃烧经费获得的。持续推出「爆款」的综艺发行机构能否保证有较高的利润率和稳定增长的逻辑,还有待行业持续观察,依靠国外创意做「爆款」不可能是中国影视综艺行业发展的长久之计。

In addition, the "popular style" in the guest lineup is obtained by burning funds. Whether the variety issuing institutions that continue to launch "popular styles" can guarantee higher profit margins and the logic of stable growth remains to be observed by the industry. Relying on foreign ideas to make "popular styles" cannot be a long-term solution for the development of China's film and television variety industry.

煜盛文化管理层深刻地洞察到了这一行业痛点,公司开创出与众不同的「工业化生产」综艺节目的稳定增长模式。

The management of Yusheng culture has a deep insight into the pain points of this industry, and the company has created a different stable growth model of "industrial production" variety shows.

说到煜盛文化的工业化生产,就不得不提「两进两出」。具体来说,公司首先要求创意部门的五个团队出50个创意,通过内部盲选,先砍掉50%的创意。然后市场部参与评审,评审的重点是创意对客户需求的契合度和项目潜在规模,再砍掉30%的创意。

When it comes to the industrial production of Yusheng culture, we have to mention "two in and two out". Specifically, the company first asked the five teams of the creative department to come up with 50 ideas, and cut 50% of the ideas through internal blind selection. Then the marketing department participates in the review, which focuses on the fit of the idea to the customer's needs and the potential scale of the project, and then cuts down 30% of the idea.

接下来,创意部门根据筛选出来的创意整合团队,把创意变成基础方案。这个环节市场部也同样参与,并且与目标客户一起把基础方案做成可执行方案。最后公司内部投决会,通过之后,带着客户跟播放平台确定合同条款。

Next, the creative department integrates the team according to the selected ideas and turns the ideas into the basic plan. The marketing department is also involved in this segment and works with the target customers to make the basic solution executable. Finally, the internal decision meeting of the company, after passing, take the customer with the broadcast platform to determine the terms of the contract.

通过这种模式,公司能够充分激活创意团队,并能够始终与市场需求保持协同,确保高质高效的创意产出。公司也因此能够牢牢把握住产业链中价值最高的内容环节,其所有综艺节目都是自有版权。

Through this model, the company can fully activate the creative team, and can always maintain coordination with market demand to ensure high-quality and efficient creative output. As a result, the company is able to firmly grasp the most valuable content link in the industrial chain, and all its variety shows have their own copyright.

资料来源:煜盛文化招股书

Source: Yusheng cultural prospectus

这种模式被称为「以销定产」,这种商业模式更能够锁定客户、提高业绩的确定性。在同业公司还在靠「爆款」吸引大众眼球的同时,煜盛文化通过特有的商业模式,整合产业链,探索出一条工业化生产综艺的模式。

This model is called "fixed production by sales", and this business model is better able to lock in customers and improve the certainty of performance. While the same industry companies still rely on "popular styles" to attract public attention, Yusheng culture explores a mode of industrial production of variety arts through a unique business model and the integration of the industrial chain.

煜盛文化内容研发遵循三个原则:社会的刚需;打通产业;利于复制。

The research and development of Yusheng cultural content follows three principles: the rigid needs of society; opening up the industry; conducive to replication.

2019年末,煜盛文化又相继推出国内首档职场观察综艺《老总来了》、传统年节美食文化节目《穿越时间的味道》、国内首档天文科幻科普节目《从地球出发》、国内首档星素实战经营类综艺《我想开个店》、大学生群体校园创意风采秀《京东校园之星·大开演界》等多元化、多角度的立意新颖的影视项目,在各大卫视和爱优腾三大平台分发。其中不乏各路影视大咖,极具制作水准和行业口碑。

End of 2019 Yusheng Culture has successively launched the country's first workplace observation variety show "the Boss is here", the traditional New year food culture program "the Taste of time through time", and China's first astronomical science fiction science fiction program "starting from the Earth". China's first Xingsu practical business variety show "I want to open a shop", college students' campus creative demeanor show "JD.com Campus Star Open World" and other diversified, multi-angle innovative film and television projects. It is distributed on the three major platforms of Satellite TV and Aiyouteng. Among them, there is no lack of all kinds of film and television celebrities, with high production standards and industry reputation.

不烧钱的快速增长

Rapid growth without burning money

煜盛文化正是有如此优秀且兼顾多方利益相关者的商业模式,所以发展如此快速。2016-2018年,公司收入从1.2亿人民币上升到2.8亿人民币,年均复合增长率53%;净利润从13.9百万元上升到85.7百万元,年均复合增长率148.7%。

Yusheng culture is such an excellent and multi-stakeholder business model, so the development is so fast. From 2016 to 2018, the company's revenue rose from 120 million yuan to 280 million yuan, with an average annual compound growth rate of 53%; net profit increased from 13.9 million yuan to 85.7 million yuan, with an average annual compound growth rate of 148.7%.

从公司的财务数据看,公司往绩期间的收入来源是企业广告赞助和媒体平台的节目制作费,收入复合增速高达48%。整体毛利率保持在40%~55%的较高水平。

According to the company's financial data, the source of revenue during the company's track record period is corporate advertising sponsorship and program production fees on the media platform, with a compound growth rate of 48%. The overall gross profit margin remains at a high level of 40% to 55%.

资料来源:煜盛文化招股书

Source: Yusheng cultural prospectus

能保持如此稳定的增长,是因为公司有非常丰富的项目储备。2018年有3部产品(包括综艺节目和电视剧)贡献收入,2019年5月之后计划播出的产品9部,目前有6部已按计划播出,还有2部已完成制作正待上映,业绩兑现程度高,公司预期于2020年发布20套节目。

The reason why the company can maintain such steady growth is that the company has a very rich project reserve. Three products (including variety shows and TV dramas) contribute to revenue in 2018, and six of the nine products planned to be broadcast after May 2019 have been broadcast as planned, and two more have been completed and are waiting for release. The company expects to release 20 programs in 2020.

按照发行市值38亿港币计算,2020年的预测市盈率为9.6倍,而香港影视板块的平均市盈率为-8.5倍。说明煜盛文化拥有优于行业水平的盈利能力。

Based on the issued market capitalization of HK $3.8 billion, the price-to-earnings ratio for 2020 is 9.6 times, while the average price-to-earnings ratio of the Hong Kong film and television sector is-8.50 times. It shows that Yusheng culture has better profitability than the industry level.

逆势增长的综艺行业

The variety industry that is growing against the trend

当然,如果行业不好的话,纵使公司有回天之力,也难敌行业趋势。恰巧,煜盛文化所在综艺行业是国内少有欣欣向荣的影视文化细分行业。

Of course, if the industry is not good, even if the company has the power to recover, it is also difficult to compete with the industry trend. Coincidentally, the variety industry where Yusheng culture is located is a subdivision of film and television culture that is rarely thriving in China.

这还得从2017年说起,当时中国影视行业经历了政策寒冬和资本寒冬,影视项目开机率锐减,这种萧条的局面维持到2019年。

It also starts in 2017, when China's film and television industry experienced a cold winter of policy and capital, and the opening rate of film and television projects dropped sharply, and this depressed situation lasted until 2019.

但是,在期间,细分行业综艺行业却在大行业寒冬中实现了逆势增长,综艺节目已成为艺人们维系曝光率、维持收入的主要渠道。说综艺已经成为影视板块里面最好的赛道,一点也不假。

However, during the period, the variety industry has achieved counter-trend growth in the cold winter of the large industry, and variety shows have become the main channel for artists to maintain exposure and income. It is true to say that variety has become the best track in the film and television sector.

综艺节目的广告收入逆势增长就是最好的证明。2019年上半年中国综艺节目广告市场规模接近220亿元,较上年同期增长16.12%,领跑广告市场,其中真人秀节目占据近半数视频节目,广告创收过半数。

The best proof is that the advertising revenue of variety shows is growing against the trend. China's variety show advertising market in the first half of 2019 was close to 22 billion yuan, an increase of 16.12 percent over the same period last year, leading the advertising market, of which Reality Show programs accounted for nearly half of the video programs and more than half of the advertising revenue.

对比之下,宏观经济增速放缓,广告支出整体呈现下滑趋势,电视广告市场规模也开始缩水。在这样的背景下取得的成绩,实属不易。

By contrast, macroeconomic growth has slowed, advertising spending has declined as a whole, and the scale of the TV advertising market has begun to shrink. It is not easy to achieve in this context.

资料来源:弗若斯特沙利文,招股书

Source: Frost Sullivan, prospectus

此外,与动画电视剧和电影相比,综艺的制作周期相对较短,盈利模式以广告分成为主,收入确定性更高。这些优势带动了综艺行业过去三年的增长,也将在未来持续被市场发现并认可其增长逻辑。

In addition, compared with animated TV dramas and movies, the production cycle of variety shows is relatively short, the profit model is mainly based on advertising, and the income certainty is higher. These advantages have driven the growth of the variety industry in the past three years and will continue to be discovered and recognized by the market in the future.

2018年度取得《广播电视节目制作及经营许可证》的机构超过1.8万家。可见,目前综艺发行制作行业呈现高度分散的状态。但是,据《中国广播电影电视发展报告(2017)》数据显示,2016年节目制作机构中产生利润在1000万以上的不到4%,行业分化非常严重。在如此高强度的竞争环境中,煜盛文化2014年创立,2018年即跻身行业第八。

In 2018, more than 18000 organizations have obtained the license for the production and operation of radio and television programs. It can be seen that the current variety distribution production industry is highly dispersed. However, according to the China Radio, Film and Television Development report (2017), less than 4% of program production organizations generated profits of more than 10 million in 2016, and the industry is very divided. In such a highly competitive environment, Yusheng Culture was founded in 2014 and ranked eighth in the industry in 2018.

公司实力,收入复合增速,估值低,加上行业向上趋势……综艺黑马煜盛文化正是集优势于一身,所以各大机构才会对国际配售趋之若鹜。然而投资者们也早已摩拳擦掌,等待这一价值投资的最佳时机。今天开始(2月28日)煜盛文化对投资者正式公开发售,届时投资者可以把握和机构一样的投资机会,就像是躺在家中客厅的沙发上看精彩的综艺节目一样,近距离的感受煜盛文化的价值和魅力。

The strength of the company, the compound growth rate of income, the low valuation, and the upward trend of the industry. Variety dark horse Yusheng culture is a combination of advantages, so the major institutions will flock to the international placement. However, investors have long been waiting for the best time to invest this value. Today (February 28) Yusheng Culture is officially on sale to investors, when investors can seize the same investment opportunities as institutions, just like lying on the sofa in the living room at home watching wonderful variety shows. Feel the value and charm of Yusheng culture up close.

免责声明:市场有风险,选择需谨慎!此文仅供参考,不作买卖依据。

Disclaimer: there are risks in the market, so you need to be careful in your choice. This article is for reference only and does not serve as a basis for buying and selling.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

Back to the Top