August 15 afternoon, the Cat's Eye Entertainment released the 2019 interim results. Filing shows the first half of 2019, Cat's Eye Entertainment Adjusted net profit of 380.4 million yuan for the first time to achieve profitability. At the same time, the basic disk on which the survival of the cat's eye - online entertainment ticketing revenue, but fell 5.7% from a year earlier.
August 16 opening of a capital market that is responding: Cat's Eye Entertainment shares fell 10 percent, the previous day rose as much as 12% of all cleared and volume data is also completely cut the previous day. Investors are deeply pit, I have commented: "! Yesterday was originally raised the ship looking for disk access."
"Cat's Eye shares fell today, because earnings in the main ticket revenue decline, revenue growth is not expected. Plus movie deserted market, the valuation of natural opal is not, this is their most basic logic model." A big firms analyst think. Recently, including UBS, Morgan Stanley and other underwriters, including cat's eye have also lowered its price target. Cat's Eye tells the story of the capital market looks completely debunked.
Ticket revenue decline, revenue prominent structural problems, cash flow pressure
Up to now, cat's eye is still made up of earnings entertainment online entertainment ticketing, entertainment services, entertainment and electrical services, advertising services, four major business. Among them, the proportion of online entertainment ticketing service, although total income has decreased from a year earlier, but still as high as 54.6%, and cat's eye in the prospectus alleged "upgraded Internet service platform for entertainment and revenue structure has become more diversified," saying It is undoubtedly very different. From the current revenue structure, cat's eye is still a veritable ticketing platform.
The biggest problem is that, as a cat's eye ticketing platform, upon which the survival of ticket revenues have seen a year on year decline. Despite the small decline in magnitude, but it is still a dangerous signal, a basic disk means that the cat's eye has shown a trend of fall. The basic disk once lost, such as other entertainment content services, electrical services, entertainment, advertising and so will become passive water without trees.
Peruse earnings difficult to find, ticket revenue downturn on the cat's eye, than we imagine to be much more serious. Results showed that in the first half of this year, cat's eye online entertainment ticketing and entertainment electrical services, deposit and advance payment 8.22 billion yuan, while the online entertainment ticketing and entertainment services payable electricity supplier 10.69 billion. This means that the cat's eye is still owed more than 10 billion square theatrical fare.
Heavy debt burden, forcing the cat's eye had to turn to the bank. In the first half of this year, there are new cat's eye mortgage 200 million yuan, 350 million yuan secured loans, totaling up to 550 million yuan. It is not difficult to see, the decline in ticket revenue, cash flow depend on the survival of the cat's eye caused great pressure. After all, the cat's eye had been trapped cinema fare as their pool of funds, Li Fei lawyer during the Spring Festival complaint cat's eye "illegal Erqing" has fully proved this point.
Often exaggerated propaganda, cat's eye platforms credibility questioned
Online entertainment ticketing revenue decline at the same time, cat's eye earnings statements regarding entertainment content services, there are also a lot of problems. For example, cat's eye in the earnings report, wrote, "by the Group to invest in the" wandering the Earth "for the first half of 2019 box office champion. In addition, we also actively expanding business series, co-produced by the Group," Chang 12 hour "is on 2019 one of the highest net heat raw drama six months. "
However, data from third-party data released time network platform point of view, "wandering the Earth" involved 15 production companies, nine distribution companies, there is no trace of a cat's eye. As they claim, "co-produced" Chang 12 hour "," saying that data from many third-party platforms, are strongly in support of the cat's eye was not involved in the production of the show and produced. The real hero behind the play Lin Ning, as early as lithography era was acquired to be kicked out were second venture, so would like to take the cat's eye shell lithography era rub Lin Ning produced this line, and probably nonsense.
In fact, this hot rub behavior, in terms of cat's eye is not new. Last year, the summer champion "I am not a god of medicine" hit, cat's eye had made the movie posters claiming joint Chupin and joint issuers, was questioned after an emergency withdrawal. And during last year's national archives, cat's eye is issued a document claiming to schedule champion "unparalleled," the chief marketing platform ...... Although this approach can rub heat was a moment of fame and fortune, but in the end hurt or cat's eye credibility as ticketing platform. If the brakes do not like this behavior, cat's eye entertainment ticket revenues will further decline, after all, difficult for users to choose to use a lack of credibility of the platform.
Like this self-praise can be said that everywhere in the earnings of the cat's eye, but some boasting a more subtle it. For example, cat's eye, introducing electricity supplier entertainment services, advertising services and other time wrote, "We have more than 9500 theaters and in-depth cooperation, and in 42 cities ...... have 1 million + exposure point." But in fact, the country there were only 10 000 cinemas, 9500 this figure is more like a ticket coverage ticketing platform. After all, hard to imagine, and no theater system output capability of the cat's eye, is what form these cinemas to establish a "deep cooperation" relationship. This did not elaborate, claiming credit for the trick, it will eventually end up a laughing stock.
Fell from a basic disk online entertainment ticketing services, to pressure cash flow, and then on electrical services, entertainment, advertising and other services expressed in boast, interim results Cat's Eye Entertainment is actually far from our imagination so well. Among them, the biggest problem is that with the advent of online ticketing ceiling and highlights structural problems of revenue, where is the cat's eye's imagination, how much investors will pay for its full future uncertain?
(Forward)
