Miaoyin Animation's net profit of 18.427 million in the first half of 2020 increased by 262.4%, and sales expenses decreased

Recently, Miaoyin Animation (872610) released the 2020 semi-annual report. As of June 30, 2020, the company achieved operating income of 49,051,435.89 yuan in the first half of 2020, a year-on-year increase of 33.54%; net profit attributable to shareholders of listed companies was 18,427,039.07 yuan. A year-on-year increase of 262.40%. As of June 30, 2020, the total assets of the company at the end of the reporting period were 130,218,851.38 yuan, an increase of 11.75% over the end of the previous year; the net assets attributable to shareholders of the listed company were 77,378,982.99 yuan, an increase of 31.26% over the end of the previous year. It is understood that during the reporting period, operating income increased by 33.54% compared to the same period last year, mainly because the company's first brand of Chinese animation animation, Miaoyin Animation, relying on the company's professional advantages, undertook commercial animation projects. In addition, based on the company’s previous IP authorization experience, the company’s channel and resource advantages are actively explored, new customers are actively explored, and its own original Guoxue animation products are multi-directionally authorized and adapted and popular IP integrated marketing has greatly improved its own copyright animation products. The profitability of the work. During the reporting period, operating costs increased by 5.6% compared to the same period last year, mainly due to the expansion of the company's business scale, the increase in operating income, and the corresponding increase in operating costs. During the reporting period, net profit increased by 262.4% compared with the same period last year, mainly due to stable customer cooperation during the reporting period, operating income increased by 33.54% compared with the same period last year, and the company's management expenses and sales expenses were reduced due to the epidemic, and costs were strictly controlled. Expenses have greatly improved the net profit. According to official information, Miaoyin Animation’s main business is the production of animation film and television works, IP authorization, and the development and sales of original animation works derivatives. The company's main works independently developed include 'Chinese Moral Education StoryIt is committed to becoming the No. 1 brand of Guoxue Animation, building a leading brand of Chinese classic education content provider for Guoxue Animation, and creating a marketing service platform integrating digital, Chinese studies and education. In addition, the financial report shows that in 2019 and the first half of 2020, the sales revenue of the top five customers of Miaoyin Animation accounted for 75.47% and 48.11% of the current operating revenue, respectively, and there is a risk of customer concentration.