Aofei Entertainment's last year's performance loss, operating income growth in the first quarter of 2021, is expected to turn losses into profits
On April 6, Aofei Entertainment released a performance bulletin, and the company realized operating income of 2.368 billion yuan from January to December 2020, a year-on-year decrease of 13.15%. Operating profit was -466 million yuan, a decrease of 663.01% over the same period last year; the net profit attributable to shareholders of listed companies was -449 million yuan, a year-on-year decrease of 474.24%. At the same time, the company also announced the performance forecast for the first quarter of this year. With the effective control of the new crown epidemic, the company's various businesses have gradually resumed normal operations. During the reporting period, the company's operating income increased over the same period of the previous year, and the overall performance achieved a turnaround from loss to profit. The company's operating costs have increased significantly over the same period last year. Aofei Entertainment stated that due to the impact of the new crown epidemic, some of the company's toys and other businesses related to offline terminal sales have been affected to a certain extent, resulting in a decline in the company's 2020 operating income , The net profit attributable to shareholders of listed companies declined year-on-year. The company also stated that the company's operating costs have increased significantly over the same period last year. Affected by the epidemic, the industry market environment has changed, and the raw material and labor costs of the company's toy business have increased, resulting in a year-on-year increase in the cost of the company's toy business. In order to adapt to the changes in the industry market environment caused by the epidemic, the company has adjusted the direction of future product business development. On the one hand, it has made a prudent and reasonable income estimation and amortized costs for the film and television projects in operation; Movies and televisions in line with the direction of future product management and development. 1 The company's investment loss was about 57.99 million yuan. Aofei Entertainment's investment loss was about 57.993 million yuan. The company stated that in May 2020, in order to respond to the national policy, Jiajia Cartoon must meet the relevant requirements that state-owned capital must hold more than 51%; and in order to introduce strategic partners and bring more cooperation resources and channels for Jiajia Cartoon, the company The transfer of 16% equity of Jiajia Cartoon resulted in an investment loss of approximately 14.69 million yuan. Affected by the epidemic, the performance of the company's investment in the shareholding companies declined, affecting the company's investment loss of approximately 44,301,200 yuan. The company's impairment loss was about 185.53 million yuan. Aofei Entertainment's impairment loss was approximately RMB185,534,600. Among them, the goodwill formed by the acquisition of Beijing Aileyou Information Technology Co., Ltd. has signs of impairment, and the company has accrued impairment of 143,149,700 yuan for its goodwill. The final provision for impairment losses will be determined by the third-party appraisal agency and audit agency engaged by the company after appraisal and auditing. In the first quarter of 22021, Aofei Entertainment also announced a performance forecast for the first quarter of this year. The company said that with the effective control of the new crown epidemic, the company's various businesses have gradually resumed normal operations. In the first quarter of this year, the company's operating income increased over the same period of the previous year, and the overall performance has turned from loss to profit. The amount of non-recurring gains and losses in the net profit attributable to shareholders of listed companies during the reporting period was approximately RMB 12 million, mainly due to government subsidies received during the reporting period. Analyst: The company's main business is expected to accelerate the recovery. In 2020, the company's internal product structure will be affected by the epidemic. Revenue growth will decline. External investment losses and impairment losses will result in profit losses, but the net operating cash flow is 133 million yuan. There is no major difference between the annual report and the annual forecast on January 30. Zhu Zhu, an analyst at Guohai Securities, said. Zhu Zhu said that the 2020 epidemic has accelerated the passive clearance of the animation and toy industry. On March 4, 2020, the company issued a stock option incentive plan, and on December 30, it received approval for a fixed increase. Since 2019, the internal structure adjustment has achieved remarkable results. After the epidemic in 2020, it will affect the company's main business. However, the company actively responds to the adjustment of the product structure. In 2021, the incremental parts such as trendy blind boxes and big movies are worth looking forward to. In an institutional survey conducted by the company at the end of March, the company’s management stated that the company will continue to focus on its core main business this year, accelerate its return to the track of healthy development, and concentrate resources on content products, toy products, trendy toys, and maternal and child products. And other core categories.