August 22，The application for the initial public offering of shares by Hengdian 188bet online sports betting and Television Co., Ltd. (securities abbreviated as "Hengdian 188bet online sports betting and Television"), a subsidiary of Hengdian Holdings, successfully passed the meeting，will be listed on Shanghai Stock Exchange。According to the disclosed prospectus，Hengdian Holdings and Jinhua Hengying hold 91% and 9% of the company's equity respectively，The initial issuance of no more than 53 million shares，Total funds raised 28.6.3 billion yuan，23 of them.600 million yuan for cinema project construction，500 million yuan to supplement working capital。

Currently，Hengdian 188bet online sports betting and Television is the sixth member of Hengdian Holding Group to enter the capital market，Hengdian DMC has been listed previously、Puluo Pharmaceutical、Yingluohua and Debon Lighting，Another Nanhua Futures Company is also queuing up to prepare for listing。

Main business gross profit margin has been at the bottom for 2 consecutive years

Public information display，Hengdian 188bet online sports betting and Television has a registered capital of 400 million yuan，The legal representative is Xu Tianfu，Mainly engaged in theatrical distribution、Movie screening and related derivative businesses，Main business income comes from theater distribution income、Income from movie screenings、Income from sales and other income。

As of June 30, 2017，Hengdian 188bet online sports betting and Television has 310 theaters in operation，There are 245 asset-linked theaters，65 franchised theaters，During the reporting period (2014-first half of 2017)，Achieved revenue of 11.8.1 billion 188bet online sports betting、21.1.3 billion 188bet online sports betting、22.8.1 billion 188bet online sports betting and 12.4.2 billion 188bet online sports betting，Net profit is 1.1.9 billion 188bet online sports betting、3.4.5 billion 188bet online sports betting、3.5.6 billion 188bet online sports betting and 200 million 188bet online sports betting，The net profit attributable to the parent company after non-deduction is 0.9.3 billion 188bet online sports betting、3.2.7 billion 188bet online sports betting、3.0.5 billion 188bet online sports betting and 1.7.7 billion 188bet online sports betting。

In terms of gross profit margin from movie screenings,2014-2016，The gross profit margin of Hengdian 188bet online sports betting and Television is 7.27%、16.92% and 10.01%，The industry average level during the same period was 20.06%、22.01% and 16.3%，The company’s gross profit margin has been at the bottom for two consecutive years。

For the situation where its own gross profit margin is lower than the average，Hengdian 188bet online sports betting and Television said，Affected by my country’s 188bet online sports betting market environment，The growth rate of the company’s 188bet online sports betting screening revenue has slowed down，But according to the company’s development strategy，The company’s theater layout still maintains a trend of rapid expansion，Therefore, the growth rate of various costs is higher than the growth rate of screening revenue，The gross profit margin of the screening business has declined。

The reason why it has always been at the bottom of the industry，Hengdian 188bet online sports betting and Television can be summarized as follows: First, some of the company’s new theaters in 2014 are still in the market cultivation period，Poor box office revenue，The amount of fixed costs is relatively large，Resulting in lower gross profit margin of movie screening business；The second reason is that the cost accounting scope of the company is different from that of comparable companies in the same industry，The company includes all the salaries of all employees in its asset-linked theaters into the cost，And Shanghai Movie、Times Cinema、China 188bet online sports betting and other companies include the wages and salaries of some employees of its affiliated theaters into management expenses，So the gross profit margin is relatively high；Third, most of the self-owned theaters of comparable companies in the same industry opened earlier，And mainly focus on first-tier cities and developed areas for layout expansion，Audiences develop movie-watching habits earlier，The theater operation is mature，Higher attendance and single-screen box office output。

“188bet online sports betting and Television City+” Strategy，“Content + scene + operation” has become its core direction

Hengdian 188bet online sports betting and Television and Hengdian 188bet online sports betting and Television City, both subsidiaries of Hengdian Holdings，One is a 188bet online sports betting and television work，One is a 188bet online sports betting and television drama base，There has always been a relatively deep integration。Currently，The former has successfully landed in the capital market，How cultural tourism assets such as Hengdian 188bet online sports betting and Television City will develop in the future has become a topic of considerable concern in the industry。

Official information shows，The full name of Hengdian 188bet online sports betting and Television City is Zhejiang Hengdian 188bet online sports betting and Television City Co., Ltd.，Located in Hengdian Town, Dongyang, Jinhua City, Zhejiang Province，1996，Invested and established to cooperate with the famous director Xie Jin in the filming of "The Opium War"，Over 20 years，Guangzhou Street was built successively、Qin Palace、Hong Kong Street、Along the River During Qingming Festival、Ming and Qing Palaces、Ming and Qing Residential Expo City、Chinese Cultural Park、Dream Valley、Pingyan Cave、Dazhi Zen Temple、National Defense Science and Technology Park and other special 188bet online sports betting and television shooting bases and attractions。2010，Hengdian 188bet online sports betting and Television City was rated as a national 5A-level scenic spot，It has become the world’s largest 188bet online sports betting and television shooting base and China’s only “national 188bet online sports betting and television industry experimental zone”。

Sang Xiaoqing, chairman of Hengdian 188bet online sports betting and Television City, once said,2016，Hengdian 188bet online sports betting and Television City’s annual tourism reception exceeds 16 million，The huge customer flow has more market imagination space，How to better utilize such huge traffic，How to create greater traffic，Becoming a new issue in the development of Hengdian 188bet online sports betting and Television City。The concept of “Internet +” is proposed for people to see，Different industries、Different content、Addition and integration of different subjects，Not only can it play a role in resource optimization and allocation，It can even produce amazingly huge energy。The strategy of "Hengdian 188bet online sports betting and Television City+" relies on this kind of addition and integration，Create a new round of development to promote the 188bet online sports betting and television city。

Hengdian 188bet online sports betting and Television City’s tourism and 188bet online sports betting and television is the first product of the “Hengdian 188bet online sports betting and Television City+” strategy，The Hengdian 188bet online sports betting and Television City shooting base is provided to the crew for free，Attracted many 188bet online sports betting and television crews across the country，It is precisely because the 188bet online sports betting and television resources of the crew have stimulated tourism，The free service for filming crews is the application of Internet thinking in "Hengdian 188bet online sports betting and Television City + Tourism"。

Look along this line of thinking，The author believes that Hengdian 188bet online sports betting and Television City will operate along the core logic of “scene + content + operation” in the future。Today，After more than 20 years of development，Hengdian Holdings’ integration of resources (scenarios) and content、The connection has begun to take effect，ButOne play and one stage，Whether such a combination model has growth potential depends on the commercial exploration of the 188bet online sports betting and television products themselves，How to operate has become a big problem，After all, content + scene are not a simple superposition。