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 TV dramas—“God’s Apocalypse” and “Qingyun Zhi,” as well as the web series “Tomb Notes 2.” The content is expected to be available on Tencent Video starting from summer 2018. The total licensing fee amounts to 840 million yuan, including taxes. While the transaction is not expected to impact the company’s financial results for 2017, it is anticipated to have a positive effect on its financial position and operating performance in 2018. In 2016, Joyful Century’s operating revenue was only 739 million yuan, meaning this single deal represents an increase of over 113% compared to the previous year. This significant revenue boost highlights the importance of this contract for the company. Notably, the company reported a net loss during the first half of the year, which some analysts attribute to the new “marketing and broadcasting model” it has been implementing with Beijing Satellite TV and Anhui Satellite TV. This model involves cost recognition tied to advertising and broadcasting fees, which has temporarily affected short-term profitability. However, as the “Marketing Broadcasting” integration model matures, the company expects to see a gradual improvement. With more control over production, announcement, and broadcasting, the company can better manage its operational efficiency and industry synergy. Looking ahead, the firm plans to leverage its core intellectual property and strong channel resources to build a flexible and integrated business structure that covers production, distribution, and broadcasting. Sino-Thai Securities highlighted that Huanrui Century aims to enhance liquidity and performance by focusing on film and television special effects, while also integrating industry resources. By using well-known artists as cultural symbols, the company seeks to expand its cultural product scale. Additionally, continuous innovation in its business model is expected to drive growth. Analysts predict the company's net profit attributable to shareholders will reach 422 million yuan in 2017, 492 million yuan in 2018, and 605 million yuan in 2019, with a target price of 22.45 yuan per share.

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