Chinese Film Firm Huace's Net Profit Reaches CNY 301 Mn in First Three Quarters of 2022

Communication Author: 杨斯怡 Editor: Yiran Xing Oct 26, 2022 02:58 PM (GMT+8)

Chinese film and TV series industry continues to grow steadily


Zhejiang Huace Film & TV Co.,Ltd. (Chinese: 华策影视, 300133:SZ) announced its Q3 2022 report on 25 October, showing that the company achieved total operating revenue of CNY 1.47 billion (USD 201.7 million) in the first three quarters of 2022, a decrease of 45.84% year-on-year; the company's net profit reached CNY 301 million, a reduction of 7.10% year-on-year; its net cash flow from operating activities of CNY 24 million, down 98.14% compared to the same period last year; the basic earnings per share is CNY 0.16.

Founded in 2005, Huace Film is one of the largest and strongest film and TV industry companies in China, producing more than 1,000 episodes of high-quality TV series, more than 10 movies, and several large-scale varieties of shows each year. The company's business focuses on TV series, films and variety shows, including social media, entertainment, marketing, artists' agency, cinema, animation, games, music, acting, virtual reality technology and other diversified media industries.

Huace Film said that due to the impact of COVID-19, the progress of some TV series projects was delayed by different degrees, resulting in a significant drop in operating income for the first three quarters of 2022 compared to the same period last year. However, the company's net profit remained stable due to the improvement of copyright operation, international business income and financial management income, which shows the strategic value of the company's extensive platform and balanced layout.

Huace Film mentioned that "there will be a new round of content demand in the industry in the second half of 2022 and the first half of 2023. In addition to our copyrights, we will continue to expand overseas copyrights, copyright library and redevelop copyrights for short videos."

The competitors of Huace Film include HUAYI BROTHERS MEDIA CORPORATION (Chinese:华谊兄弟, 300027:SZ), H&R CENTURY UNION CORPORATION (Chinese:欢瑞世纪, 000892:SZ), WANDA FILM HOLDING CO., LTD (Chinese: 万达电影, 002739:SZ), Bona Film Group Co., Ltd.(Chinese: 博纳影业001330:SZ).