In the past three years, Pigman’s distribution contributed 184 million yuan, and this animation IP company is about to go public

Recently, Guangdong Yongsheng Animation Co., Ltd. (hereinafter referred to as Yongsheng Animation), which created the animation IP Pigman, submitted a prospectus and plans to list on the Shenzhen Stock Exchange’s Growth Enterprise Market. The sponsor is Huatai United Securities Co., Ltd. Yongsheng Animation's revenue in 2019 was 190 million yuan, and its net profit reached 43.67 million. Yongsheng Animation takes IP as its core and is committed to creating a large animation ecosystem. The main business covers animation production, film and television publicity, stage performance, theme parks, IP authorization, toy development and distribution and other diversified sectors. At present, Yongsheng Animation has successfully created many well-known original IPs such as Pig Man, Crazy Candy, Variety School Bus, Nuclear Crystal Youth, and Funny Didi. Pigman TV Animation has contributed 184 million yuan in the past three years and is still the main revenue of the company. The prospectus shows that in 2017-2019, Yongsheng Animation achieved operating income of 152,586,700, 1997,107, and 194,121,100 respectively; net profits were 26,675,900 respectively. , 58.274 million and 43.6672 million. It can be seen that its revenue has increased in the past three years, but the overall scale has not been particularly large. During the reporting period of the revenue of Yongsheng Animation in the past three years, from 2017 to 2019, the company’s animation and television and film business revenues were 50,769,200 yuan, 118,797,300 yuan, and 108,814,100 yuan, accounting for 33.27% and 59.48% of the main business revenue, respectively. And 54.51%, it can be seen that the scale of the animation TV and movie business revenue has expanded in the past three years. It can also be seen from the company’s newly released TV animation revenue from 2017 to 2019, which is mainly due to the company’s TV animation business in recent years. Continue to exert force. From 2017 to 2019, the company's newly released TV animation revenues were RMB 44,760,100, RMB 99,697,200, and RMB 90,307,600, accounting for 89.81%, 84.26%, and 88.19% of the company's TV animation business revenue for the year. The specific situation is as follows: In 2017-2019, the distribution income of the pigman series contributed to the animation of chants was 184 million yuan, which were 40,803,400, 64,440,100, and 79,188,900 respectively; at the same time, the pigman series occupied new positions in the 2017-2019 period. The proportions of released animations were 91.16%, 64.84%, and 87.69% respectively. It can be calculated that most of the revenue of Wing Animation in the past three years is mainly from the Pig Man series. In addition to the main IP Pigman series, among the five existing IPs of Wingsong Animation, Nucleus was launched in 2018, and the Variety School Bus was launched in 2019. The income of the year of release shows that the Variety School Bus series will be released in 2019. The income was 9.20.5 million yuan; in 2018, the nuclear crystal youth series issued a revenue of 29,304,900 yuan, and the remaining revenue of the other series was only between 1.9 million and 6 million. It can be seen that the company's newly launched IP has not been as popular as Pig Man, and its well-known level and realized revenue cannot match Pig Man. The animation toy derivative business relies more on the animation TV to broadcast the chant animation. The predecessor of the chant animation was established in May 2003. In 2014, the company started the development of the animation toy business. From the perspective of revenue structure, the main revenue of Wingsong Animation comes from three business segments: animation, TV and film, animation toys and other products, and animation brand image authorization. From the perspective of revenue ratio, animation derivative business is another major source of revenue. In the three years from 2017 to 2019, animation derivative business income was 101,817,400 yuan, 80,919,400 yuan, and 88,306,900 yuan, which accounted for the proportion of main business revenue. They are 66.73%, 40.52% and 45.49%. It can be seen that the percentage of this business has changed significantly. The revenue of Aion Animation’s segmented business in the past three years has a lot to do with the distribution platform. All the while, in addition to watching domestic animated bears, Pleasant Goat, Big Big Wolf, Pigman, etc., in addition to the length of time in major TV stations, The next step is the Internet new media video platform based on Ayuteng and Mango TV. In other words, a large part of the company's revenue and profits are affected by the major broadcasting platforms. In 2018, the Internet new media platform greatly increased the purchase price. Although the price dropped in 2019, the company's newly launched Variety School Bus IP in 2018 is in the early stage of the market and is not a hot IP. Its new media purchases The price is naturally lower. To sum up, this business relies more on the broadcasting platform, and is affected by many environmental factors, and there is more instability. In addition, the toy sales business has also shown a downward trend in recent years. The financial report shows that the revenue for 2017-2019 was 69.45 million, 52.53 million and 59.09 million, which accounted for the company's revenue from 45.52 to about 30%. There is a risk of decline. Behind this is the impact of the general environment. Due to the sluggish overseas sales market, many toy factories have begun to focus on the domestic market, resulting in increased market competition. It is worth noting that the unit price of animation toys has increased in 2018 and 2019, with a year-on-year increase of 23.64%, 29.15%, from 13.94 yuan to 22.26 yuan, which has a lot to do with the company's continuous launch of new products. Regarding the licensing business, the spin-off business of Wing Sound Animation obtains licensing fees through brand licensing, is produced by professional OEMs in the form of OEM, and then sold through distribution and direct sales, so the trademark rights and copyright infringement issues behind it also occur from time to time. Since the release of the first season of Pigman 'Magic Pigman' in 2006, Aria Animation has released a total of 33 Pigman series works. Its Pigman series has been developed as a classic IP for 15 years and still occupy the chant Voice Animation’s main source of revenue, on the one hand, demonstrates the lasting vitality of this IP, but also reflects the lack of ability of Voice Animation to create new IPs. It is difficult to rely on a single IP to ensure that it affects generations of users. In addition, the prospectus disclosed that Yongsheng Animation has also accelerated the pace of expanding overseas markets in recent years. During the reporting period, its authorized overseas broadcasting platform has covered more than 50 countries and regions, and its animation peripheral products have expanded to South Korea, Vietnam, and Vietnam. Russia and other countries and regions. For the future, this is likely to be a new growth point in the future.