Huanrui Century (000892) announced on September 22 that its wholly-owned subsidiary, Horgos Joyful, has signed a TV drama distribution agreement with Tencent Video. The deal grants Tencent exclusive rights to broadcast two titles: "God's Apocalypse" and "Qingyun Zhi," as well as the web series "Tomb Notes 2." The company expects the content to be available on the platform starting in the summer of 2018. The total licensing fee, including taxes, amounts to 840 million yuan. While the revenue is not expected to impact the company’s financial results for 2017, it is anticipated to have a positive effect on its performance in 2018.
According to available data, Horgos Joyful generated only 739 million yuan in operating revenue in 2016. With this new contract, the revenue from the sale of these dramas represents an increase of over 113.67% compared to the previous year, making it a significant boost for the company. However, the company reported a net loss in the first half of the year. Analysts suggest that part of the reason for this is the company's collaboration with Beijing Satellite TV and Anhui Satellite TV under a "marketing and broadcasting" model. This new business approach, while promising, involves substantial upfront costs related to advertising and broadcast rights, which affected short-term profitability.
As the "Marketing and Broadcasting" integration model matures, the company is expected to see improved efficiency and better cost management. Additionally, future drama productions will benefit from the company's stronger presence at the channel level, allowing for more streamlined operations across production, announcement, and broadcasting stages. This should enhance overall operational efficiency and create greater synergy within the industry.
Sino-Thai Securities' research report highlights that Huanrui Century plans to leverage its "core IP" and "strong channel resources" to build a flexible and integrated business model covering production, distribution, and channel management. By focusing on foreign investment, the company aims to advance its film and television special effects capabilities and strengthen the integration of industry resources. In particular, the use of renowned artists as cultural symbols could help expand the scale and influence of its cultural products.
The report also notes that the company continues to innovate its operational model. Based on these strategies, the company is projected to achieve net profits attributable to its parent company of 422 million yuan in 2017, 492 million yuan in 2018, and 605 million yuan in 2019. The target price set by the analysts is 22.45 yuan per share.
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