Senyu Culture s half year income was 3100 million, earning 70.81 million, and the founder cleared hi

Text|Lei Bao Duan is light.

Edit|Nurhahachi.

Recently, Lei Bao once again learned that Senyu Culture updated its prospectus on December 31, 2023, and updated the relevant financial data to June 30, 2023.

According to the latest prospectus data, from January to June 2020, 2021, 2022, and 2023, Senyu Culture's revenue will reach 3600 million yuan (36,126.)720,000 yuan. 9.5 billion yuan (49,539..)880,000 yuan. $9.1 billion (49,095.5 billion.)720,000 yuan) and 3$1 billion (31,022.)960,000 yuan), deducting non-attributable net profit of 9887850,000 yuan, 15.8 billion yuan (15,842.5 billion.)260,000 yuan. $5.5 billion (15,472..)900,000 yuan) and 07.1 billion yuan (7,081..)020,000 yuan).

In this IPO of the Shenzhen Stock Exchange, Senyu Culture intends to issue no more than 2,000 to the public0000000 RMB ordinary shares (A shares), the total amount of funds raised in this issuance will be determined according to market conditions and the issuance of ** determined by inquiry.

Lei Bao also noticed that Cui Huiling, an important shareholder who held more than 10% of the shares of Senyu Culture during the reporting period and was also one of the founders of Senyu Culture, cleared and transferred her shares within 10 months. From the establishment of the company in 2010 to the beginning of 2019, Cui Huiling has always been the largest shareholder and one of the actual controllers of Senyu Culture, holding nearly 45% of the shares.

Half-year revenue of copyright distribution business 2100 million, "Youai Tengmang" is the largest customer, Senyu Culture is mainly engaged in animation, TV dramas, movies and other ** programs of the [new ** digital copyright distribution] business and [new ** digital content provision] business.

As of the end of June 2023, Senyu Culture has accumulated 6740,000 hours of ** program reserves, covering animation, TV series, movies, variety shows, documentaries and other multi-dimensional audio-visual resources, covering the new ** terminals in the downstream of all channels.

According to the latest prospectus, in each period of the reporting period, the main business income of Senyu Culture was 3600 million yuan, 49.5 billion yuan, 49.1 billion and 31 billion yuan. Among them, the business income of [new digital copyright distribution] is the main income of Senyu Culture, which is 29.2 billion yuan, 38.8 billion yuan, 31.9 billion and 21.2 billion yuan, accounting for more than 65% of the main business income. Other components include revenue from the licensing of derivatives based on digital copyright, both in small amounts and in proportion.

In the new ** digital copyright distribution business, Senyu Culture purchases digital copyright from copyright holders to form a copyright content library, and then externalizes it in the form of a single piece or a collection, so as to obtain digital copyright distribution income.

The business has covered mainstream new Internet platforms such as Tencent, iQiyi, Mango, Youku, Bilibili, Douyin, Kuaishou, Sohu, etc., as well as mobile terminals

It is reported that Senyu Culture cooperated with iQiyi in 2012 to carry out a new ** digital copyright distribution business, and the cooperation has been more than 10 years, during the reporting period, iQiyi's sales revenue over the years were more than 70 million yuan; Senyu Culture established cooperation with Tencent in 2012, and the cooperative relationship has reached 11 years, and during the reporting period, Tencent's sales revenue over the years was more than 70 million yuan; Youku has also been one of the top five customers of Senyu Culture, and the company's sales to it have exceeded 100 million yuan over the years; Senyu Culture has also established a cooperative relationship with Mango, and its sales revenue to Mango in 2021 and 2022 will be more than 60 million yuan.

According to the prospectus, in the first half of 2023, iQIYI contributed 9584 to Senyu Culture670,000 yuan of income, accounting for 3090%；Youku contributed 4596140,000 yuan, accounting for 14 percent of income82%；Mango contributed 2365460,000 yuan, accounting for 7 percent of income62%；Tencent contributed 1865430,000 yuan, accounting for 5 percent of income82%。

In the new digital content provision business, Senyu Culture launches relevant programs according to customer and market demand, and provides content planning, publicity and promotion services. The customer pays a share of the income according to the number and quality of the ** programs provided by Senyu Culture and the number of user clicks.

The main customers of this business are IPTV operators, OTT TV operators, digital TV operators and the three major telecom operators** platforms.

From January to June 2020, 2021, 2022 and 2023, Senyu Culture's [new ** digital content provision] business revenue was 6705 respectively410,000 yuan, 10.7 billion yuan, 1$7.1 billion and $9761920,000 yuan, accounting for the proportion of main business income respectively. 74% and 3147%。

As of the signing date of the latest prospectus, Senyu Culture's IPTV digital content provision business has covered 21 provinces, municipalities and autonomous regions of IPTV integrated broadcast control platform operators, and the main customers include Guangdong Nanfang New ** Co., Ltd., Haikan Network Technology (Shandong) Co., Ltd., Jiangsu Radio and Television Lizhi Network Development, Guangxi Radio and Television New ***, Zhejiang Radio and Television New ***, Jilin Radio and Television New ***, etc.; The OTT TV digital content provision business has covered major domestic smart terminal manufacturers such as Xiaomi, Hisense, Konka, and Huawei; The company's digital TV content provision business has covered 11 provinces, municipalities and autonomous regions, and its main customers include Guangdong Hongshi Digital Media, Fujian Radio and Television Network Group Co., Ltd., China Radio and Television Chongqing Network Co., Ltd., Guangxi Yaoxiang Culture Communication Co., Ltd., etc.; The mobile digital content provision business has comprehensively covered the three major telecom operator platforms such as China Mobile, China Telecom and China Unicom.

Copyright distribution costs accounted for as much as 75%, and gross profit margin declined; In terms of the cost of the main business of Senyu Culture at a low price, the founder's clearance, and the actual controller will be 1 from January to June in 2020, 2021, 2022, and 20235.4 billion yuan, 20.9 billion yuan, 20.7 billion and 17.1 billion yuan. It is mainly the cost of new digital copyright distribution, which accounts for 75 percent in the first half of 202344%。

In each period of the reporting period, the gross profit margin of Senyu Culture was as follows. 91% and 4490%, which is at a high level overall. However, due to the increase in the cost of some animation copyrights, the gross profit margin of Senyu Culture decreased from January to June 2023.

In addition, in the first half of 2023, the gross profit margin of the [new ** digital content provision] business will exceed that of the [new ** digital copyright distribution] business, which has been leading in the previous three years. According to the report, with the expansion of the scale of the new digital content provision business, the scale effect has been further reflected, and the gross profit margin has improved.

As of the signing date of this prospectus, Chen Zhiyong, chairman of Senyu Culture, directly held 3870% of the shares, and through the employee stock ownership platform Ningbo Jiachang controls the company 2360% of the shares, a total of 62 control of the company30% of the shares are the controlling shareholders and actual controllers of the company. After the IPO, Chen Zhiyong's direct shareholding ratio will be reduced to 2903%。

However, Lei Bao found that Chen Zhiyong was not the founder of Senyu Culture, but after joining the company in 2015, he gradually became the current actual controller after gradually transferring all or part of the shares of the two founders.

It is also worth noting that on the eve of the IPO, its founder Cui Huiling sold more than 10% of the shares in the reporting period within 10 months and cleared out.

So what has happened between these shareholders so far? Lei Bao sorted out the equity change of Senyu Culture through the announcement of Senyu Culture at the time of its listing, as well as the details disclosed in the prospectus.

According to public information, Senyu Culture, formerly known as Senyu Co., Ltd., was jointly funded and established by Cui Huiling and Liu Jianchun in 2010. Senyu Co., Ltd. was established with a registered capital of 100,000 yuan, of which Cui Huiling subscribed 60,000 yuan and Liu Jianchun subscribed 40,000 yuan.

In January 2015, Chen Zhiyong joined Senyu Culture and served as executive director and general manager; On January 27, Chen Zhiyong became the second largest shareholder after acquiring 40% of Liu Jianchun's shares, and became one of the actual controllers through a concerted action agreement. And the other actual controller is Cui Huiling.

Since November 2016, Cui Huiling has never held any director, supervisor or senior position. Previously, from August 2010 to November 2016, Cui Huiling served as a supervisor of Senyu Culture.

In May 2017, Senyu Culture was listed on the National Small and Medium-sized Enterprise Share Transfer System. At this time, the company's total share capital is 6.7 million shares, and Cui Huiling still holds 300 sharesThe largest shareholder of 000000 shares and one of the actual controllers, with a shareholding ratio of up to 4478%。

In April 2019, Senyu Culture, which was listed on the stock exchange, announced that Cui Huiling would transfer 5% of its shares to Chen Zhiyong, and Cui Huiling's shareholding ratio would increase from 39 before this transfer36% becomes 3436%, Chen Zhiyong's shareholding ratio from 3541% becomes 4041%, becoming the largest shareholder. However, the basis for the transfer and pricing has not been disclosed.

In June 2020, Chu Chao, another natural person shareholder of Senyu Culture, transferred his 400 shares of the company to Zhang Chunying, an external shareholder, and held all the remaining 31640,000 shares of the company were held at 3The ** of 5 yuan shares was transferred to Chen Zhiyong.

In November and December 2020, Cui Huiling transferred the company's shares held by her twice, and the transfer ** was 14$67 shares. At this time, there was only less than half a year between Chen Zhiyong's transfer of Chu Chao's shares, but it was less than a quarter of Cui Huiling's external transfer of shares.

Chen Zhiyong's transfer of Chu Chao's shares is extremely low**, because Senyu Culture's prospectus and public information do not disclose the pricing basis of the equity transfer, it is difficult for us to analyze the fairness of the pricing.

In September 2021, Cui Huiling won another 2000 yuan shares, to external investment institutions to clear the remaining shares of Senyu Culture.

However, on September 28, 2021, Senyu Culture completed the registration of IPO counseling.

This means that on the eve of the official launch of the IPO of Senyu Culture, Cui Huiling, the founder and former actual controller, took 10 months to clear the company's shares, cashing out a total of about 1$1.4 billion. Say goodbye to the Senyu culture that he founded single-handedly.

It is worth noting that Senyu Culture once planned to "sell" itself to the A-share company Guangyi Technology (delisted) during the listing period, but ultimately failed. In addition, in May 2019, the company's participation in the "Nanyanzhai Record", which has been completed, was affected by the turmoil caused by the inappropriate remarks made by the male No. 2 Zhao Lixin, and it was unable to be launched for a long time.

According to the prospectus data, Senyu Culture's performance has been acceptable, and it is not yet known whether the above events will affect Cui Huiling's decision to sell her shares.

In addition, the company's investigation information shows that Senmao Pictures, the core subsidiary of Senyu Culture, and 13 companies (most of which are film and television companies) all use the same ***, which is suspected of being mixed up; According to the situation pointed out in the "Notice on Issues Concerning the Preferential Policies for New Enterprise Income Tax in Difficult Areas of Xinjiang and Kashgar Khorgos Economic Development Zone" issued by the Xinjiang Uygur Autonomous Region Taxation Bureau of the State Administration of Taxation on June 26, 2023, Senmao Pictures is also suspected of not operating substantively, and enjoys the Xinjiang tax exemption policy in violation of regulations, and may be at risk of being pursued for taxes.

In short, whether it is Chen Zhiyong's transfer of a high proportion of equity without disclosing the transfer** and pricing basis, or Cui Huiling's large-scale liquidation and exit on the eve of the IPO, or the possible risks of the core subsidiaries of Senyu Culture, the real situation is doubtful. Can Senyu Culture achieve a smooth listing? Lei Bao will continue to pay attention to relevant information.