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From traditional toy manufacturing, cross-border film and television, games and other pan-entertainment businesses, and later into the fields of general health, commodity trading, Dinglong Culture’s main business has been replaced frequently, but its performance has been on the verge of loss
.
According to the 2020 annual report disclosed late last month, Dinglong Culture achieved operating income of 445 million yuan last year, a year-on-year decrease of 58.
19%; net profit attributable to shareholders of listed companies was 33.
545 million yuan, which turned losses into profits from the previous year
.
Although the profitability of Dinglong Culture in 2020 has been significantly improved compared with 2018 (net profit attributable to the mother of -127 million) and 2019 (net profit attributable to the parent of -839 million), the regulatory authorities have not relaxed the company's Concerned
.
On May 12, the Shenzhen Stock Exchange sent an inquiry letter for the 2020 annual report to Dinglong Culture, asking the company to explain the reasons and rationality of the deviation between operating cash flow, net profit trends and operating income
.
Recently, Dinglong Culture responded to the above-mentioned inquiry letter, which revealed the progress of the TV series "The Truth" project and the company's key investment in titanium ore in 2021
.
Revenue fell 58%, but net profit and operating cash flow rose sharply against the trend.
Dinglong Culture explained that its reasonable annual report showed that in 2020, Dinglong Culture achieved operating income of 445 million yuan, a year-on-year decrease of 58.
19%; net profit was 0.
41 100 million yuan, a year-on-year increase of 104%; net cash flow from operating activities was 161 million yuan, a year-on-year increase of 1306.
13%
.
In this regard, the Shenzhen Stock Exchange required Dinglong Culture to explain in detail the reasons and rationality for the deviation of net cash flow and net profit from operating activities from the trend of changes in operating income
.
Dinglong Culture replied that the company's 2020 operating income decreased year-on-year mainly due to two reasons.
One is that according to the company's overall plan, the company's merchandise trading business will significantly decrease in 2020 (commodity trading business revenue decreased by 555 million yuan compared with the previous year); The second is that there will be no revenue from film and television business in 2020 (revenue from film and television business decreased by RMB 87,781,200 compared with the previous year), resulting in a substantial decrease in the company's overall operating income compared with the previous year
.
In order to explain the deviation between net profit and operating income, Dinglong Culture listed the comparison of the change trend of the company's main business operating income and net profit in 2020
.
It can be seen from the above table that in 2020, the operating income of the company's game business and titanium ore business will be consistent with the changing trend of net profit; the operating income of the film and television business and commodity trading business will be inconsistent with the changing trend of net profit
.
Among them, because the commodity trading business has the characteristics of large turnover but low gross profit margin, changes in its operating income (regardless of increase or decrease) have a small impact on the company's overall net profit; while there is no income from the film and television business in 2020, However, the reversal of bad debt provision due to the recovery of a large amount of receivables increased the net profit, and there was no reduction in sales revenue caused by re-negotiation in 2020, so the net profit turned from a loss to a profit
.
At the same time, in 2020, the company has strengthened its expense management and control, and the total amount of management expenses, sales expenses, and research and development expenses has decreased by 74,0953 million yuan compared with the previous year, which has a positive effect on the increase of the company's net profit
.
In addition, no major asset impairment such as goodwill impairment occurred in 2020, which is also an important factor for the company to turn losses into profits
.
In summary, the trend of changes in net profit and operating income in 2020 is inconsistent, which is in line with the actual situation of the company's related businesses and the company's overall asset status and operation management, and is reasonable
.
Regarding the deviation between operating cash flow and operating income, Dinglong Culture also first lists the comparison table of changes in operating income and net operating cash flow of the company's main businesses in 2020
.
As can be seen from the above table, in 2020, the operating income of Dinglong Culture’s game business is consistent with the change in net cash flow from operating activities; the change in operating income and net cash flow of operating activities in film and television business, commodity trading business and titanium ore business Inconsistent
.
Among them, although there is no income from the film and television business in 2020, due to the recovery of a large amount of receivables and no large costs and expenses, the net cash flow from operating activities is positive, and it is the company's overall net cash flow from operating activities.
The most important factor for the substantial increase in the previous year
.
In 2020, the company’s commodity trading business has substantially reduced its operating income, cash inflows from operating activities, and cash outflows from operating activities at the same time, and related trade payments will be paid and received within 2020, which will affect the company’s overall cash flow from operating activities throughout the year.
The impact of net flow is small
.
In 2020, due to the new titanium ore business of the company merged with Yunnan China Titanium Technology Co.
, Ltd.
, the operating income of the titanium ore business increased.
However, after the company was included in the company’s consolidated statement, the company paid part of the existing business related payables before the merger.
As a result, the net cash flow from operating activities of the company’s titanium ore business was negative
.
In summary, the inconsistency between the company’s net cash flow from operating activities and the trend of changes in operating income in 2020 is in line with the actual development of the company’s related businesses and the actual situation of fund receipts and payments related to operating activities, and is reasonable
.
The net profit of Phantasy Xingsheng Garden in 2020 is positive, while operating income is zero, mainly due to the preparation of bad debts to be transferred back to 2015.
The predecessor of Dinglong Culture, Huawei Culture, acquired Zhejiang Phantasy Xingsheng Garden with a total consideration of 1.
2 billion yuan.
dream Star Health garden Television culture Co.
, Ltd.
100% equity
.
Long Ding culture believes that a wholly-owned subsidiary of Star Health fantasy garden with good TV drama production and distribution capabilities, over the years produced a "a thousand mountains twilight snow," "the most beautiful of beauty"Time", "Lonely Empty Court Spring Wants Evening", "I Just Like You", "That Starry Sky and That Sea", "Abandon Me and Hold Me", "The King Behind the Scenes" and many other good word-of-mouth works have won the market.
And the audience's favor
.
According to the 2020 annual report, the net profit of Phantasy Star Garden is 13.
2165 million yuan, but its operating income is 0 yuan
.
For this reason, the Shenzhen Stock Exchange requires Dinglong Culture to combine the specific operating conditions and future development of the above-mentioned subsidiaries to explain the reason and rationality of its positive net profit and zero operating income
.
Dinglong Culture stated that Phantasy Star Park is the main body of the company’s film and television business operations.
A film and television series "I Know Your Secret" recently produced by it has achieved sales and confirmed revenue in 2019, based on market development and the company's overall plan.
, From 2019 to October 2020, Phantasy Star Garden has no film and television dramas or other salesable film and television drama products.
It will not start filming the new drama "The Truth" until November 2020 (Finishing in April 2021, It is in post-production), so the operating income of Fantasy Star Garden in 2020 is 0 yuan, which is in line with the actual status of its business
.
In 2020, the net profit generated by Phantasy Star Garden is mainly derived from the reversal of the provision for bad debts of receivables
.
The balance of bad debt provision of accounts receivable by Phantasy Star Garden at the beginning of 2020 is 25.
7593 million yuan.
In 2020, the balance of accounts receivable will be about 224 million yuan.
According to the Accounting Standards for Business Enterprises, it has confirmed that the bad debt provision is transferred back to 20.
759700 yuan.
Its net profit has had a corresponding impact, so the net profit of Phantasy Star Garden in 2020 is positive
.
In summary, the 2020 net profit of Phantasy Star Park is positive and its operating income is 0, which is in line with its actual operating conditions, and it also complies with the relevant provisions of the "Accounting Standards for Business Enterprises", which is reasonable
.
Monetary funds increased by 109% and accounted for 52% of current assets.
Dinglong Culture said that maintaining high cash is in line with the company’s actual operating conditions.
According to the annual report, Dinglong Culture’s monetary capital was 409 million yuan, an increase of 108.
75% over the same period last year.
Monetary funds accounted for liquidity.
The ratio of assets is 51.
67%
.
For this reason, the Shenzhen Stock Exchange requires Dinglong Culture to measure the working capital needs based on the company’s business development, indicate whether the company’s currency funds really exist, whether the use is restricted, and combined with the company’s future capital needs, investment and financing plans, etc.
, to explain how to maintain a high cash balance Reasonableness
.
Regarding the authenticity and use of monetary funds, Dinglong Culture stated that the company has established a more mature monetary capital management system.
Bank deposits are deposited in bank accounts opened by the company or its subsidiaries, and bank deposits and other currency Funds are reconciled with the bank on a regular basis to ensure that the accounts match
.
After verification, the company’s monetary funds are real, and the monetary funds balances at the end of each period are true and accurate
.
As of the end of 2020, except for the temporary freezing of 13.
177 million yuan in the accounts settled between Shenzhen First Wave Network Technology Co.
, Ltd.
and Ai Bei Payment due to the fact that the game business partner Ai Bei Payment is in the period of investigation, the company's other currency funds are not There are restricted situations
.
As early as 2020, Dinglong Culture has clearly made the titanium ore business its core business, and strives to become one of the leading suppliers of titanium concentrates in China as soon as possible.
Therefore, the company disclosed in the reply letter that the company’s funds will be mainly used to expand titanium in the future.
Mining business, including the construction cost of titanium ore production line, other related expenses necessary for the construction of titanium ore production line and production, the related investment required for further integration of titanium ore resources, and the exploration of the possible expenditures incurred by expanding the middle and downstream of the titanium industry chain
.
At present, China Titanium Technology, a subsidiary of Dinglong Culture Holdings, has controlled five ilmenite mines in Yunnan.
The basic situation is as follows: In addition to the titanium ore business, the smooth operation of games, film and television and other businesses also requires certain operating funds to maintain
.
In addition, a certain amount of operating funds is needed to pay for employee salaries, office expenses, intermediary agency fees, and other related expenses needed to maintain the company's normal operations
.
Regarding the rationality of maintaining a high cash balance, Dinglong Culture also gave a more detailed explanation
.
The company's monetary capital balance at the end of 2019 was 196 million yuan.
Among them, the company paid 300 million yuan in advance for capital increase in China Titanium Technology in 2019
.
Since China Titanium Technology has not been included in the scope of the company’s consolidated statements as of the end of 2019, the above 300 million yuan capital increase is temporarily included in the “other receivables” account, that is, as of the end of 2019, the company’s balance of simulated consolidated monetary funds including the above 300 million yuan is 496 million yuan
.
Therefore, the company's currency and capital balance of 409 million yuan at the end of 2020 did not actually increase significantly from the end of the previous year
.
As the company's titanium ore business has not yet been fully developed in 2020, and games, film and television and other businesses have not yet made large investments, the company has maintained a relatively high cash balance as of the end of 2020
.
The company expects that from 2021, the capital needs for the construction of titanium ore production lines and the integration of titanium ore resources will gradually be reflected
.
Since the beginning of 2021, the company has continued to invest in capital in accordance with actual business development needs to ensure the normal operation of the company's various businesses
.
As of the end of the first quarter of 2021, the company's monetary fund balance was 213 million yuan
.
With the rapid development of various businesses, it cannot be ruled out that the company will also have certain financing needs in the future
.
In summary, the company’s monetary funds are real, and the high balance of monetary funds at the end of 2020 is in line with the company’s actual operating conditions and is reasonable.
Such monetary funds will provide certain guarantees for the company’s future development of titanium ore and other businesses
.
.
According to the 2020 annual report disclosed late last month, Dinglong Culture achieved operating income of 445 million yuan last year, a year-on-year decrease of 58.
19%; net profit attributable to shareholders of listed companies was 33.
545 million yuan, which turned losses into profits from the previous year
.
Although the profitability of Dinglong Culture in 2020 has been significantly improved compared with 2018 (net profit attributable to the mother of -127 million) and 2019 (net profit attributable to the parent of -839 million), the regulatory authorities have not relaxed the company's Concerned
.
On May 12, the Shenzhen Stock Exchange sent an inquiry letter for the 2020 annual report to Dinglong Culture, asking the company to explain the reasons and rationality of the deviation between operating cash flow, net profit trends and operating income
.
Recently, Dinglong Culture responded to the above-mentioned inquiry letter, which revealed the progress of the TV series "The Truth" project and the company's key investment in titanium ore in 2021
.
Revenue fell 58%, but net profit and operating cash flow rose sharply against the trend.
Dinglong Culture explained that its reasonable annual report showed that in 2020, Dinglong Culture achieved operating income of 445 million yuan, a year-on-year decrease of 58.
19%; net profit was 0.
41 100 million yuan, a year-on-year increase of 104%; net cash flow from operating activities was 161 million yuan, a year-on-year increase of 1306.
13%
.
In this regard, the Shenzhen Stock Exchange required Dinglong Culture to explain in detail the reasons and rationality for the deviation of net cash flow and net profit from operating activities from the trend of changes in operating income
.
Dinglong Culture replied that the company's 2020 operating income decreased year-on-year mainly due to two reasons.
One is that according to the company's overall plan, the company's merchandise trading business will significantly decrease in 2020 (commodity trading business revenue decreased by 555 million yuan compared with the previous year); The second is that there will be no revenue from film and television business in 2020 (revenue from film and television business decreased by RMB 87,781,200 compared with the previous year), resulting in a substantial decrease in the company's overall operating income compared with the previous year
.
In order to explain the deviation between net profit and operating income, Dinglong Culture listed the comparison of the change trend of the company's main business operating income and net profit in 2020
.
It can be seen from the above table that in 2020, the operating income of the company's game business and titanium ore business will be consistent with the changing trend of net profit; the operating income of the film and television business and commodity trading business will be inconsistent with the changing trend of net profit
.
Among them, because the commodity trading business has the characteristics of large turnover but low gross profit margin, changes in its operating income (regardless of increase or decrease) have a small impact on the company's overall net profit; while there is no income from the film and television business in 2020, However, the reversal of bad debt provision due to the recovery of a large amount of receivables increased the net profit, and there was no reduction in sales revenue caused by re-negotiation in 2020, so the net profit turned from a loss to a profit
.
At the same time, in 2020, the company has strengthened its expense management and control, and the total amount of management expenses, sales expenses, and research and development expenses has decreased by 74,0953 million yuan compared with the previous year, which has a positive effect on the increase of the company's net profit
.
In addition, no major asset impairment such as goodwill impairment occurred in 2020, which is also an important factor for the company to turn losses into profits
.
In summary, the trend of changes in net profit and operating income in 2020 is inconsistent, which is in line with the actual situation of the company's related businesses and the company's overall asset status and operation management, and is reasonable
.
Regarding the deviation between operating cash flow and operating income, Dinglong Culture also first lists the comparison table of changes in operating income and net operating cash flow of the company's main businesses in 2020
.
As can be seen from the above table, in 2020, the operating income of Dinglong Culture’s game business is consistent with the change in net cash flow from operating activities; the change in operating income and net cash flow of operating activities in film and television business, commodity trading business and titanium ore business Inconsistent
.
Among them, although there is no income from the film and television business in 2020, due to the recovery of a large amount of receivables and no large costs and expenses, the net cash flow from operating activities is positive, and it is the company's overall net cash flow from operating activities.
The most important factor for the substantial increase in the previous year
.
In 2020, the company’s commodity trading business has substantially reduced its operating income, cash inflows from operating activities, and cash outflows from operating activities at the same time, and related trade payments will be paid and received within 2020, which will affect the company’s overall cash flow from operating activities throughout the year.
The impact of net flow is small
.
In 2020, due to the new titanium ore business of the company merged with Yunnan China Titanium Technology Co.
, Ltd.
, the operating income of the titanium ore business increased.
However, after the company was included in the company’s consolidated statement, the company paid part of the existing business related payables before the merger.
As a result, the net cash flow from operating activities of the company’s titanium ore business was negative
.
In summary, the inconsistency between the company’s net cash flow from operating activities and the trend of changes in operating income in 2020 is in line with the actual development of the company’s related businesses and the actual situation of fund receipts and payments related to operating activities, and is reasonable
.
The net profit of Phantasy Xingsheng Garden in 2020 is positive, while operating income is zero, mainly due to the preparation of bad debts to be transferred back to 2015.
The predecessor of Dinglong Culture, Huawei Culture, acquired Zhejiang Phantasy Xingsheng Garden with a total consideration of 1.
2 billion yuan.
dream Star Health garden Television culture Co.
, Ltd.
100% equity
.
Long Ding culture believes that a wholly-owned subsidiary of Star Health fantasy garden with good TV drama production and distribution capabilities, over the years produced a "a thousand mountains twilight snow," "the most beautiful of beauty"Time", "Lonely Empty Court Spring Wants Evening", "I Just Like You", "That Starry Sky and That Sea", "Abandon Me and Hold Me", "The King Behind the Scenes" and many other good word-of-mouth works have won the market.
And the audience's favor
.
According to the 2020 annual report, the net profit of Phantasy Star Garden is 13.
2165 million yuan, but its operating income is 0 yuan
.
For this reason, the Shenzhen Stock Exchange requires Dinglong Culture to combine the specific operating conditions and future development of the above-mentioned subsidiaries to explain the reason and rationality of its positive net profit and zero operating income
.
Dinglong Culture stated that Phantasy Star Park is the main body of the company’s film and television business operations.
A film and television series "I Know Your Secret" recently produced by it has achieved sales and confirmed revenue in 2019, based on market development and the company's overall plan.
, From 2019 to October 2020, Phantasy Star Garden has no film and television dramas or other salesable film and television drama products.
It will not start filming the new drama "The Truth" until November 2020 (Finishing in April 2021, It is in post-production), so the operating income of Fantasy Star Garden in 2020 is 0 yuan, which is in line with the actual status of its business
.
In 2020, the net profit generated by Phantasy Star Garden is mainly derived from the reversal of the provision for bad debts of receivables
.
The balance of bad debt provision of accounts receivable by Phantasy Star Garden at the beginning of 2020 is 25.
7593 million yuan.
In 2020, the balance of accounts receivable will be about 224 million yuan.
According to the Accounting Standards for Business Enterprises, it has confirmed that the bad debt provision is transferred back to 20.
759700 yuan.
Its net profit has had a corresponding impact, so the net profit of Phantasy Star Garden in 2020 is positive
.
In summary, the 2020 net profit of Phantasy Star Park is positive and its operating income is 0, which is in line with its actual operating conditions, and it also complies with the relevant provisions of the "Accounting Standards for Business Enterprises", which is reasonable
.
Monetary funds increased by 109% and accounted for 52% of current assets.
Dinglong Culture said that maintaining high cash is in line with the company’s actual operating conditions.
According to the annual report, Dinglong Culture’s monetary capital was 409 million yuan, an increase of 108.
75% over the same period last year.
Monetary funds accounted for liquidity.
The ratio of assets is 51.
67%
.
For this reason, the Shenzhen Stock Exchange requires Dinglong Culture to measure the working capital needs based on the company’s business development, indicate whether the company’s currency funds really exist, whether the use is restricted, and combined with the company’s future capital needs, investment and financing plans, etc.
, to explain how to maintain a high cash balance Reasonableness
.
Regarding the authenticity and use of monetary funds, Dinglong Culture stated that the company has established a more mature monetary capital management system.
Bank deposits are deposited in bank accounts opened by the company or its subsidiaries, and bank deposits and other currency Funds are reconciled with the bank on a regular basis to ensure that the accounts match
.
After verification, the company’s monetary funds are real, and the monetary funds balances at the end of each period are true and accurate
.
As of the end of 2020, except for the temporary freezing of 13.
177 million yuan in the accounts settled between Shenzhen First Wave Network Technology Co.
, Ltd.
and Ai Bei Payment due to the fact that the game business partner Ai Bei Payment is in the period of investigation, the company's other currency funds are not There are restricted situations
.
As early as 2020, Dinglong Culture has clearly made the titanium ore business its core business, and strives to become one of the leading suppliers of titanium concentrates in China as soon as possible.
Therefore, the company disclosed in the reply letter that the company’s funds will be mainly used to expand titanium in the future.
Mining business, including the construction cost of titanium ore production line, other related expenses necessary for the construction of titanium ore production line and production, the related investment required for further integration of titanium ore resources, and the exploration of the possible expenditures incurred by expanding the middle and downstream of the titanium industry chain
.
At present, China Titanium Technology, a subsidiary of Dinglong Culture Holdings, has controlled five ilmenite mines in Yunnan.
The basic situation is as follows: In addition to the titanium ore business, the smooth operation of games, film and television and other businesses also requires certain operating funds to maintain
.
In addition, a certain amount of operating funds is needed to pay for employee salaries, office expenses, intermediary agency fees, and other related expenses needed to maintain the company's normal operations
.
Regarding the rationality of maintaining a high cash balance, Dinglong Culture also gave a more detailed explanation
.
The company's monetary capital balance at the end of 2019 was 196 million yuan.
Among them, the company paid 300 million yuan in advance for capital increase in China Titanium Technology in 2019
.
Since China Titanium Technology has not been included in the scope of the company’s consolidated statements as of the end of 2019, the above 300 million yuan capital increase is temporarily included in the “other receivables” account, that is, as of the end of 2019, the company’s balance of simulated consolidated monetary funds including the above 300 million yuan is 496 million yuan
.
Therefore, the company's currency and capital balance of 409 million yuan at the end of 2020 did not actually increase significantly from the end of the previous year
.
As the company's titanium ore business has not yet been fully developed in 2020, and games, film and television and other businesses have not yet made large investments, the company has maintained a relatively high cash balance as of the end of 2020
.
The company expects that from 2021, the capital needs for the construction of titanium ore production lines and the integration of titanium ore resources will gradually be reflected
.
Since the beginning of 2021, the company has continued to invest in capital in accordance with actual business development needs to ensure the normal operation of the company's various businesses
.
As of the end of the first quarter of 2021, the company's monetary fund balance was 213 million yuan
.
With the rapid development of various businesses, it cannot be ruled out that the company will also have certain financing needs in the future
.
In summary, the company’s monetary funds are real, and the high balance of monetary funds at the end of 2020 is in line with the company’s actual operating conditions and is reasonable.
Such monetary funds will provide certain guarantees for the company’s future development of titanium ore and other businesses
.
