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Shanghai'S New Culture Raises Worries

2012/3/5 9:52:00 19

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New Culture Raising Funds Are Not Optimistic.

In February 24th,

Shanghai

The new culture media group Limited by Share Ltd (hereinafter referred to as the new culture) has disclosed its prospectus and has become another film and television company that has attacked IPO after Huayi Brothers (300027, stock bar) Hua TSE (300133, stock bar) Hua Bo Na (300291).

But after reading the prospectus, reporters found that there are many worries about the new culture.

There are few works to be done.

New culture is mainly engaged in the production and distribution of TV dramas and other related businesses.

According to the prospectus, the operating income of the new culture in the past three years was 7 million 645 thousand and 700 yuan, 35 million 648 thousand and 700 yuan and 152 million 705 thousand and 200 yuan respectively.

From millions to billions, the growth rate of new culture can be seen by leaps and bounds.

The number of TV dramas publicized in the past three years has also increased from 6 to 199 in 2009, to 17 sets in 2011. However, behind the sharp increase, the quality of the company's creation is unspeakable.

58.05% of the TV productions produced by the company in 2011 were completed through joint production, and in 2010, this figure was as high as 86.83%.

Judging from the quality of the TV series, in recent three years, the level and influence of the TV drama produced by the company are generally not high enough to win the Golden Eagle Award.

Cash flow is not optimistic.

High speed expansion did not bring real gold and silver to the company, but it made the company's

Capital chain

Facing enormous pressure.

Prospectus shows that in the past three years, the net cash flow of new cultural activities was -2659.77 yuan, 1 million 832 thousand and 600 yuan -7014.49 million yuan.

In 2011, the ratio of money to assets accounted for only 8.02% of the company's balance sheet, and accounts receivable and inventories were as high as 28.22%57.12%.

Liabilities increased from 51 million 834 thousand and 800 yuan in 2009 to 222 million 789 thousand and 100 yuan in 2011.

This illustrates a problem that the company's cash flow is not optimistic.

The new culture, which is used by IPO to supplement the operation capital of TV drama business, confirms the fact that cash flow is tight.

Main business single

2011

New culture

The gross profit margin was 37.13%, while Huayi Brothers' gross profit margins were over 50% in the first 9 months of 2011.

It is easy to see that there is still a big gap between the profitability of the new culture and the industry leader.

The main reason lies in the fact that on the one hand, the main business of the new culture is single, and 98.92% of its revenue comes from TV plays. The company has only just set foot in the gross profit businesses such as movie production. On the other hand, the film and television industry has a strong monopoly. From the investment production to the launch process, there are many links and lots of manpower and material resources that need to be invested.

However, the control of new culture to the film and TV industry's derivative business is insufficient, and the grasp of the whole industry chain is obviously weaker than that of the leading industry Huayi Brothers and Hua TSE.

In the prospectus, the main purpose of the company's fund-raising is to replenish working capital and ease financial pressure, and fail to see the specific plan of putting the fund-raising funds into the extension of the resource integration industry chain.