Huayi for several consecutive years "Gao" not cashing 760 million receivables more mystery

Although the gem market upward, dazzling mergers and acquisitions is the external cause of the rising price of Huayi brothers, but in some industry insiders, the capital operation and the promotion of the Organization is the inner factor of the continuous innovation of Huayi Brothers. Wind data shows that as of June 30, 2012, a total of 133 funds stationed in Huayi Brothers, the total shareholding 146 million shares, accounted for the total circulation of 36%, plus Tencent, social security funds, securities brokerage products, institutional shareholding reached 183 million, accounted for the total circulation of the shares of 44.68%, Institutional lineup even more than Maotai in Guizhou. Not many people really care about the actual performance of the first Huayi brothers in the media. "A large number of institutions are being kidnapped by Huayi Brothers. In the event of a sharp pullback in huayi stock, institutions will suffer huge losses. Analysts ' research papers are not allowed to have any negative news, only to maintain the company's high growth forecasts. An analyst who declined to be named pointed to the secretive relationship between the agency and Huayi Brothers. However, there is no forever friend on the market. October 10, the gem callback, Huayi Brothers fell to suspend business, some smell the danger signal of the institutions took the step of retreat. It's not clear whether the Huayi brothers ' game of market capitalisation is going on. Wang Zhongjun's check. According to wind data statistics, since the Chinese Huayi Brothers in October 2009, the domestic brokerage Institute has issued a total of 345 research reports, almost all of the domestic brokerage institute, and most of them to Huayi Brothers to make a positive rating. According to statistics, Wanguo Wan Jianjun has issued a total of 13 research papers this year to push Huayi Brothers, the most positive performance. Most of the earnings forecasts given by the analysts are based on the performance pledges of Huayi Brothers Chairman Wang Zhongjun's annual performance statement, a person familiar with the matter said. The specific mode of operation is that Huayi brothers will hold an organization performance announcement every year around April, inviting a group of buyer agencies and vendor analysts to attend. After the meeting, some analysts set the tone for Full-year performance growth forecasts based on a vision described by the Huayi Brothers executive meeting. However, for several consecutive years, Wang Zhongjun in the performance note will only draw a "pie" can not be achieved. In general, brokerage analysts will predict the future performance of Huayi Brothers in the research report. However, the financial weekly reporter found that each year, the actual performance of Huayi Brothers is always far lower than the brokerage analyst's early forecasts. March 26, 2010, Huayi Brothers held its 2010 annual results Conference. March 26, the East China Sea Securities Kangzhiyi Forecast Huayi Brothers 2010 Annual net profit growth of 86.3%, the National Gold Securities Mao Rong forecast huayi Brothers net profit growth of 101.06%. April, Guotai Tan Xiaoyu forecast Huayi Brothers 2010 Annual net profit growth of 50%, Guo Hai Securities Sheifei forecast Huayi Brothers net profit growth rate of 56.09%, Galaxy Securities Xu Yaowen Forecast net income growth of 95%. In fact, Huayi Brothers achieved a net profit of 149 million yuan in the year, only an increase of 76.46%. March 11, 2011, Huayi Brothers calledOpened its 2011 annual results Conference. In April, the Galaxy Securities Xu Yaowen forecast its net profit growth rate of 48.49%, CITIC Investment forecast the net profit growth rate of 61.2%, Everbright Securities Zhou forecast net profit of 63.76%, but Huayi Brothers to achieve 208 million yuan net profit, year-on-year growth of 35.99%, Still far below the brokerage analyst's early forecasts. At the end of 2011, Huayi Brothers in order to meet the results, and the initial shares of Tencent made a deal, will be a number of TV play copyright to Tencent, copyright income of 122 million, so that the growth rate of Huayi brothers barely reached 35.99%, still do not cash. And why the brokerage analyst is willing to endorse for Wang Zhongjun every year, said analysts explained, this is also no way, "Huayi Brothers Performance conference promised performance growth goals, almost no year is achieved, institutions can only swallow, because the press conference said there is no legal effect." Many buyers have been kidnapped by the Wang Zhongjun brothers, and particularly do not want the sellers to say they are not good. Many institutions are in heavy positions. I can't write a bad word about huayi, you will be very uncomfortable in front of the buyer. Analysts at a well-known east China brokerage said they were dissatisfied. The industry's doubts about the real performance of Huayi Brothers were mainly concentrated in two deals in 2011 and 2012. At the end of 2011, Huayi Brothers and the initial shares of Tencent signed an agreement to sell a number of TV series copyright Tencent, copyright revenue of 122 million, barely to raise the growth rate to 35.99%, and the 2011 Huayi Brothers net profit of only 208 million yuan. To the analyst's suspicions, the current income still exists in the form of accounts receivable in the Yu Hua Brothers ' books. Huayi Brothers 2013.5 Annual report, Huayi Brothers to Tencent's accounts receivable is 78.94 million yuan, it is worth noting that this is still deducted from the balance of the preparation of bad debts, that is to say, Huayi Brothers to Tencent's accounts receivable more than 78.94 million yuan. 2011, Huayi Brothers sold Tencent a lot of copyright revenue, but did not receive the corresponding cash. Another deal for the 2012 Huayi Brothers produced the "Aftershock" TV series sale. 2012 Annual report shows that "aftershock" to achieve sales revenue of 101 million yuan, for the year Huayi sold the best TV series. However, the analyst said: "A more than billion income, 38 episodes, each episode probably sold 3 million, the TV series mainly sold to CCTV eight sets, only in the CCTV 8 sets of broadcast, behind the basic no human broadcast." However, some people in the industry said that the current TV series Price is uneven, up to 2 million-3,000,001 set of prices can not say that high outrageous. And the sale of TV dramas is the agreement to sell, the price has been set, and will not be calculated with the final ratings. Like Tencent's deal, Huayi Brothers and TV stations also have a large amount of accounts receivable. 2012 Annual report shows that the accounts receivable amount of the top 5 units of three are television stations, the aging even reached 2-3 years. The analyst said: "The recognition of income, justFind the other side of the contract, not the real cash confirmation, first counted into the accounts receivable, then the provision of bad debts. Agreed to sign 120 million, actually may only give 10 million. "2013-year report shows that Huayi accounts receivable balance of 763 million yuan, the amount of bad debts to 64 million yuan." 133 funds to get together at risk Huayi Brothers rose at the lowest point of 12.51 yuan last year, climbing up to 8.18 billion yuan, up 554%. The market value of Huayi Brothers climbed from 8.6 billion yuan to 48 billion yuan at the beginning of the year. A media analyst in North China said, "the growth of Huayi shares is linked to the big market, and this year the entire cultural media sector is doing well." In addition, Huayi has expected higher performance this year, but also made some imaginative space acquisitions. "On July 19 this year, Huayi Brothers issued additional plans to buy a 50.88% per cent stake in Silverside technology by issuing shares and paying cash, the latter for hand-tour developers." Loaded into the popular concept, Huayi Brothers in a recovery of the market is sought after, continuously out of three trading board, the 4th day the share price reached 9.08% growth. September 2, Huayi Brothers announced Investment holdings in the film and television, Will Zhang Guoli listened to incur under the command. Although the scheme was opposed by the market and modified some of the provisions, the shares of Huayi Brothers also ushered in a new round of gains in the controversy. At the same time, Huayi Brothers have been sought after by the Fund and other institutions, wind data show that as of June 30, 2012, a total of 133 funds stationed Huayi Brothers, the total shareholding 146 million shares, accounting for 36% of the circulation, plus Tencent, social security funds, brokerage financial products, The number of institutional shareholdings reached 183 million, accounting for 44.68% of the shares in circulation. At the beginning of this year, only 67 funds held Huayi Brothers, with only 14 funds left in the quarter. It can be said that the majority of the 133 funds in the second half began to focus on the Brotherhood of Huayi. However, Huayi Brothers ' executives chose to reduce their holdings sharply at this time. Wind data show that Wang Zhongjun August 16 and 20th, respectively, the cumulative reduction of 11 million shares, a total of 430 million yuan. In addition, the Wang Zhenglei in the first half of the total reduction of 5.75 million shares, set now 177 million yuan. All the Huayi brothers ' executives have reduced their holdings to 22.3836 million shares this year, a total of 757 million yuan. "At present, Huayi's city surplus high, the market will pay more attention to his growth, do not say that the decline, like Apple, the performance after the flat, growth is not so good, there may be a sharp correction." "Continuous growth has boosted Huayi's earnings ratio, and many in the industry have expressed concern." The unnamed analyst said, "Now is a large number of institutions and Huayi Brothers kidnapped together, in case Huayi shares a sharp correction, the institutions will suffer huge losses, so helpless together to maintain the company's high growth." No negative news is allowed in the analyst's research report. "In private, the most iron with Huayi Brothers is the Chinese business Fund, the Dacheng Fund and the Huaxia Fund," said a person familiar with the matter, who declined to be named.Fraternal brothers are the hardest times, and these institutions are pretty good. Of course, capital is profit-driven, and the so-called relationship is not reliable. "This is not alarmist talk, in fact, institutions have begun to adjust slowly." October 10, the gem appeared a sharp correction, the media sector has also been a certain pressure. Huayi Brothers ushered in the right to add, to 39.65 Yuan Open, afternoon close to the plate, a report of 35.69 Yuan, 9.99%, after the closing, there are still 300 million funds closed on the plate. In the past five major trading seats, the first large and third selling seats for the organization, the other trading seats are sales department. The first big sell seats to sell up to 180 million yuan, the third sale of seats sold for 128 million yuan, the buying seat is exclusively securities business, but both appear two-way operation, including the Securities Meizhou New Middle Road Sales department in the purchase of tens of millions at the same time also reduce a lot. Capital Operation Financial Technology today's Huayi Brothers, is no longer a simple film company. The 2010 Annual report shows that Huayi's main business includes film and television production, artists brokerage, cinemas, games, brand licensing and other fields, and it is moving towards an integrated entertainment media group of the whole industry chain Road forward. For Huayi Brothers, film production is still the most important, but due to the unpredictable movie box office, huayi Brothers film production revenue in recent years fluctuated. "Huayi said two years ago want to make big, that is, blockbuster, the idea is that the Chinese film market environment, pirated more, small production of film viewers are not necessarily willing to go to the theater." Making it bigger makes the audience feel at least worth the price. "A film and television industry people introduced. "But since the explosion last year, the film market is booming, and Huayi's" 1942 "and other big production film has not achieved a better box office. Huayi began to rethink and focus on private appeal, hoping to create Hollywood-style films. "Film and television production direction twists, Huayi Brothers began to spend heavily into the theater market." According to the data, Huayi Brothers ' cinemas began operating in 2010, with 13 opened in 2012 and cinema revenues up to 128 million. "The market cultivation period of the newly opened cinema usually has 3 years time, the upfront investment capital is also relatively big, will occupy more cash flow." said the industry explained. In the 2011 Annual report, Huayi Brothers planned to reach 15 cinemas in 2012, eventually achieving 13. In the 2012 annual report, Huayi Brothers reiterated the target of 15 cinemas, and the Huayi brothers began to slow the expansion of cinemas. Now, Wang Zhongjun is more interested in equity investment and capital operations than making films. June 2010, Huayi Brothers to invest 149 million yuan Palm technology (300315.SZ), the latter mainly engaged in mobile phone games, in 2012, the share price rose more than 200%, trading multiples of more than 100 times times, Huayi brothers profit more than 10 times times. This year, Huayi in the palm of the interest of 419 million yuan, to achieve investment income of 375 million yuan, directly locked this year's performance. AccountsBefore, Huayi Brothers still has 639 million long-term equity investment on the book, for sale of financial assets (Palm Technology) 1.399 billion yuan. There are as many as 38 companies on the long-term equity investment list of Huayi Brothers, as well as Pre-ipo projects, but none of the profits were disclosed except that two companies received 1.38 million and 8.61 million cash dividends respectively in the first half of this year. Some items are too small to be disclosed. In the second half of this year, Huayi brothers once again invested in holding silverside technology and Chang films. "We thought we were going to do some game integration, but then we just took it as a pure cash flow," he said. Now the investment silverside, finally will become what, bad judgment. "A Beijing film and television industry Personage said. In the film industry personage regrets: "Wang Zhongjun too keen on capital operation, not solid film main business." Huayi continues to buy, in fact, in order to hype the concept, but not every investment can be made into the palm of the interest. ”