This summer，"Nezha" brings surprises to the industry beyond just the box office surprise of over 4.9 billion 188bet mobile login。

There are also derivatives.

August 10，The crowdfunding amount of its officially authorized figure exceeded 4 million 188bet mobile login，Breaked the crowdfunding record for Chinese animated film peripherals。

Shortly afterwards，The amount of three crowdfunding projects for "Nezha" exceeded 14.68 million 188bet mobile login，Refreshed the crowdfunding record for movie peripherals in Chinese film history。As of September 16th，The amount of the crowdfunding project for the officially authorized figure of "Nezha" exceeded 13 million 188bet mobile login。In the second half of 2019，Which directions in the ACGN field are the most popular？Derivatives are one of them。

So a company whose main 188bet mobile login is derivatives，How was your first half of the year?？We have compiled financial data for the first half of 2019 for 16 listed companies or listed on the New OTC Market。

Among them，13 companies after deducting non-recurring gains and losses，That is, about 80% of companies can make profits，But a company that can achieve year-on-year growth while making profits，Only 4 。

This situation is obviously better than that of 188bet mobile login content production companies。First half of 2019，Among 24 companies whose main business includes 188bet mobile login content production，13 companies made money，11 companies’ losses exceeded one million yuan。

Then，Which companies whose main business is derivatives have lost money？Why can most companies experience a decline in 188bet mobile login or non-net profit?，Can still make a profit？

In the first half 188bet mobile login year, these three companies lost money

Among the 16 companies we counted, 3 lost money.

They are: Mosheng Culture, Tongshi Network and Xiaobailong.

1) Mosheng Culture

Meisheng Culture is a company with IP as its core，Involved in derivatives、anime、Game、Film and TV、An ecological cultural enterprise in self-media and other fields。

First half of 2019，The company achieved operating income of 5.1.7 billion 188bet mobile login，35 year-on-year increase.49%；Net profit-1702.360,000 188bet mobile login，4724 in the same period last year.330,000 188bet mobile login；Net profit after deduction-3439.070,000 188bet mobile login，-548 for the same period last year.150,000 188bet mobile login。

As a result, Mosaic Culture’s 188bet mobile login increased year-on-year and its net profit declined，Not derivatives business。

First half of the year，IP derivatives business achieves 188bet mobile login 2.4.7 billion yuan，12 year-on-year increase.05%；Toy manufacturing income 1.0.9 billion yuan，Year-on-year growth of 21.26%。Benefit from these two aspects of income，Meisheng Culture achieves operating income of 5.1.7 billion yuan，35 year-on-year increase.49%。

The reasons for the growth of income in these two aspects，The acquisition of NEWTIME increases the company’s 188bet mobile login accounting scope，At the same time, "Frozen 2" will be released this year，Related to the increase in orders for the company’s IP derivatives。

Since the company went public，Meisheng Culture is based on the original 188bet mobile login derivatives，The company focuses on developing upstream and downstream businesses，Improving the industrial chain，Including 188bet mobile login in the cultural industry chain、Game、Film and TV、Strategic layout of upstream and downstream products such as derivatives，Achieving transformation and upgrading。

Currently，Initially completed the construction of a cultural ecosystem of "own IP + content production + content distribution and operation + new media operation + derivatives development and design + online and offline retail channels"。

2)Little White Dragon

Xiaobailong is a company focusing on the research and development of building block products、 Production、Sales and IP creation and operations for a toy manufacturing company。Currently，Xiaobailong’s building block products，Mainly combines own IP and authorized IP。

The product line operated by the company includes four-wheel drive vehicles、Gyro、Yo-Yo、Assembled models and other competitive and trendy products，In the first half of 2019，Xiaobailong’s 188bet mobile login is 3444.490,000 yuan，YoY growth-39.56%；After deducting non-net profit, it is -887.390,000 yuan，YoY growth-618.54%。

In financial report，Xiao Bailong mentioned the following reasons that caused the company’s 188bet mobile login and net profit to decline:

a.Affected by the decrease in domestic market orders，The operating income during the reporting period dropped significantly compared with the same period last year；At the same time，Affected by the economic situation and overall industry trends，Newly developed products this year and old products in production，Overall gross profit margin decreased。On the other hand，Rising prices，Manufacturing labor costs are higher than in previous years。

b.Affected by foreign trade wars，Export sales have declined compared with previous years，Decrease 4.24%，Due to years of accumulation with customers，Maintain a good cooperative relationship and the decline is not significant。

c.The main reason is the newly invested R&D expenses through the wholly-owned subsidiary Hong Kong Jigao Co., Ltd.。

Most 188bet mobile login top 5 companies in accounts receivable are related to exports

3) Tongshi Network

First half of 2019，Tongshi Network’s financial data is still not optimistic。

188bet mobile login 675.670,000 yuan，YoY growth-82.93%；Excluding non-net profit is -3337.940,000 yuan，YoY growth-43.86%。

In the financial report, Tongshi Network pointed out the reasons behind:

a.During the reporting period，Affected and affected by the economic environment、Fierce product competition、Market shrinkage；

b.While all businesses are declining，IP (intangible assets) is subsequently impaired，Resulting in large asset impairment losses；

c.The company has made provisions for bad debts for some accounts receivable that are expected to be unrecoverable and difficult to recover，Increased the loss during the reporting period。As a result, the company's uncompensated losses amounted to one-third 188bet mobile login total paid-in capital。

2018，Tongshi Network, which was caught in various turmoils, had a net loss of more than 200 million yuan，188bet mobile login 2956.490,000 yuan。

Table: Tongshi Network’s 2018 annual performance figures

Excluding large amounts of accounts receivable that are difficult to pocket，Tongshi Network’s IP operation 188bet mobile login，It also requires investing huge amounts of money for trial and error。

In the article "Tongshi Network suffered a huge loss of 200 million", Zhongsan Entertainment already mentioned: Tongshi Network raised 2 after listing on the New OTC Market.600 million 188bet mobile login，After deducting the issuance fee, there are 2.500 million 188bet mobile login。From November 2015 to early 2017，Only a little over a year ago，The money has been spent。These 2.500 million was mainly spent on royalties、Three aspects: R&D, technical services and publicity and promotion。The money-burning aspect of the Big Horned Insect Platform， Exactly these three places。

Currently，Tongshi Network is actively promoting the development 188bet mobile login "Big Horned Insect Comics" APP product、IP accumulation、Marketing of IP works。

In the first half 188bet mobile login year, these companies made money

First half 188bet mobile login year，Two companies achieved profitability and achieved substantial growth after deducting non-net profits，Aofei Entertainment and Xingyuan Culture。

There are 4 companies that achieved year-on-year growth in both revenue and non-net profit deduction。They are Jintian 188bet mobile login，Elite 188bet mobile login，Miaoyin 188bet mobile login and Morning Light Stationery。

Two companies that achieved substantial growth after deducting non-net profits

1) Aofei Entertainment

First half of the year，Aofei Entertainment achieved 188bet mobile login of 13.5.9 billion yuan，Year-on-year increase of -2.52%。

But，Net profit is 1.1.1 billion 188bet mobile login，YoY growth of 7.63%；Excluding non-net profit is 8448.730,000 188bet mobile login，A year-on-year increase of 380.87%。

Aofei Entertainment stated in the annual report，Achieved the above results，On the one hand, it is because the company strategically and proactively adjusted the toy 188bet mobile login category structure during the reporting period，The proportion of original trend categories has been reduced，Super Wingman、Baby and child products、Zhantuo and other businesses increased year-on-year；On the other hand，After 2018 organizational structure、Personnel optimization management efficiency improvement，Reduced fees for the same period。

At present, the main 188bet mobile login of Aofei Entertainment is mainly divided into five parts: derivatives design、Production and sales，Content creation and management，Baby and child products，TV media，Interactive entertainment 188bet mobile login。

From the perspective of business type，Toy sales and baby products are still Aofei’s main sources of income，Total accounted for nearly 77% of total 188bet mobile login。

Among them, the 188bet mobile login toys are mainly based on the well-known domestic brand "Audi Double Diamond": centered around the independently created 188bet mobile login IP "Super Wings"、"Cute Chicken Team"、"Explosive Speed"、"Armor Warrior"、"Balala Little Demon Fairy"、"Titan Strike Team"、"Hurricane Spirit"、"Fire Power Boy King"、"Zero Speed ​​Hegemony", etc.，Develop and produce a series of deformed toys、Doll、Equipment、Gyro、Yo-Yo、Four-wheel drive vehicles and other types of toys。

Toys licensed in cooperation with well-known IP，For example "Peppa Pig"、"PJ Masks"、“SpongeBob SquarePants” and other series。"Vice Building Blocks"、New 188bet mobile login toy brand series such as "Aowan Aole" have also been launched on the market in recent years。

In the K12 field，Aofei currently has a large number、Widely known 188bet mobile login IP group，Includes "Pleasant Goat and Big Big Wolf"、"Super Wings"、"Backkom Bear"、"Cute Chicken Team"，"Armor Warrior"、“Balala Little Demon Fairy” and other well-known IPs。

Also，There is evil spirit as 188bet mobile login end 188bet mobile login reporting period，More than 30 million registered users，Super 4 comic serials.30,000 units。

2）Xingyuan Culture

Xingyuan Culture is an enterprise integrating 188bet mobile login content creation and industry operation，Focus on the creation and distribution of children’s 188bet mobile login IP、Creative R&D and Marketing of Derivatives、Full industry chain operations including 188bet mobile login IP licensing business。

First half of 2019，The company achieved operating income of 2529.990,000 188bet mobile login，Net profit 39.250,000 188bet mobile login，Income compared with the same period last year 2768.million 188bet mobile login and net profit 6.Compared to 620,000 188bet mobile login，Reduction in operating income 8.60%，Net profit achieved a substantial increase。

Deduction of non-net profit 8.290,000 188bet mobile login，300 year-on-year increase.61%。

Reporting period，The company continues the business model of integrated operation in the 188bet mobile login industry，Small decrease in operating income；Compared to the same period last year，Reasons for the company’s net profit growth，Reduction in sales expenses mainly for publicity and promotion for industrial operations。

Based on the successful operation of the company's independent original mecha IP 188bet mobile login "Hoshihara Little Treasure" and the long-form science popularization education 188bet mobile login "Hoshihara Little Treasure's Wonderful Exploration"，The company continues to create 60 episodes of "Hoshihara Xiaobao: The Brave V5 Team" ，The work has been fully completed with the full cooperation of all parties，Coming soon and available。

Four companies whose 188bet mobile login and non-net profit after deducting both achieved year-on-year increases

1) Jintian 188bet mobile login

Jintian 188bet mobile login is engaged in the research and development of 188bet mobile login snack food、Design、Production、Promotion and Sales。

The company combines the concepts of "188bet mobile login" and "food"，Taking 188bet mobile login brand licensing as the starting point，Focus on operating youth food，Provide snack foods with 188bet mobile login elements for young consumer groups。

The company achieved 188bet mobile login in the first half of 20191.5.8 billion yuan，An increase of 67 from the previous period.66%；Deduct non-net profit of 2.63 million yuan，165 year-on-year increase.63%。

Currently，The company already owns the "Armor Series"、"Balala Little Fairy Series"、 "Super Wings Series"、 "Ultraman Series"、 "Doraemon Series" 、 "Pleasant Goat and Big Big Wolf Series"、"Bear Haunting Series"、"Full-time master series"、 "The Paw Patrol Team's Great Contribution Series"、 "Minions Series"、 "Tea Dog Series" and other domestic and foreign first-line 188bet mobile login authorized images，Also owns "Yijian"、"Ultra Egg"、"Much-mouthed Fish"、Original brands such as "Qiao Rubik's Cube"。

From the perspective of operating income composition，Biscuit 188bet mobile login 1.5.7 billion yuan，Candy 66.29 million yuan，Seaweed 188bet mobile login 50.57 million yuan。

2) Elite 188bet mobile login

First half of 2019，Elite 188bet mobile login is profitable and revenue growth is stable。

The company’s revenue structure is mainly 188bet mobile login revenue，Supplementary by non-188bet mobile login income，188bet mobile login revenue mainly includes 188bet mobile login brand licensing、Broadcast authorization、188bet mobile login production、188bet mobile login derivatives sales。

First half of the year，Elite 188bet mobile login revenue 6517.970,000 yuan，12 year-on-year increase.78%，Among them 188bet mobile login derivatives sales revenue 5568.770,000 yuan，Accounting for 85% of the total。

These are mainly due to the increase in popularity and influence 188bet mobile login core IP Ye Luoli，And internal optimization 188bet mobile login company，enables the growth of sales of derivative toys and the reduction of unit costs。

The core IP Elf Dream Ye Luoli has been broadcast for 6 seasons (as of the date of the report disclosure, the seventh season of Elf Dream Ye Luoli has already started broadcasting)，The total play rate of the online platform has exceeded 14 billion times，The TV station has also won the 188bet mobile login ratings championship many times，has gradually become the leading brand of domestic female 188bet mobile login。

3) Miaoyin 188bet mobile login

Miaoyin 188bet mobile login，Mainly engaged in the production of 188bet mobile login, film and television works、IP licensing and development of derivatives of original 188bet mobile login works、Sales。

First half of 2019，Realized 188bet mobile login 3673.260,000 yuan，An increase of 58 compared with the same period last year.06%；Deduct non-net profit of 5.34 million yuan，13 year-on-year increase.42%。

The proportion of Miaoyin 188bet mobile login’s derivatives sales revenue increased from 5 in the same period in 2018.14% dropped to 0 in the first half of 2019.09%，Mainly due to Miaoyin 188bet mobile login focusing on exploring new markets，The focus is on undertaking commercial 188bet mobile login project production and integrated marketing of popular IP。

Miaoyin 188bet mobile login Project，In the next one or two years, we will focus on developing and creating Chinese 188bet mobile login short videos and Chinese classic education，Developing derivative products related to Chinese language education。

4) Morning Light Stationery

Morning Stationery is due to the Jiumu Sundry Club owned by the company.

During the reporting period，Morning Life Center (including Jiumu Sundries Club) achieved total operating income of 230.82 million 188bet mobile login，95% year-on-year growth，

Among them，Jiumu Sundry Co., Ltd. achieved operating income of 164.47 million 188bet mobile login，240% year-on-year growth。As of the end of the reporting period，The company has 300 retail stores nationwide，Among them, there are 129 morning light lifestyle centers，171 Jiumu Sundry Clubs (114 directly operated stores，57 franchises)。

Morning Life Store 188bet mobile login is divided into two store types: Morning Light Life Store and Jiumu Sundries Club。

Jiumu Sundry Club is a boutique sundry store in shopping malls，The products sold are mainly stationery and cultural creation、Puzzle, entertainment, practical home and other categories，The main customer group is high school students and above，is the company’s new retail consumption model focusing on cultural and creative life。

List of other representative companies’ half-year results

1) Gaole shares

The current main business of Gaole Co., Ltd. includes two major business segments: toy manufacturing and Internet education。Since the main 188bet mobile login of Gaole shares shifted to the Internet education industry in 2018，First half of 2019，Goller's education business accounts for 40% of 188bet mobile login70%，47 compared with the same period last year.10% decrease，But still a high proportion。Toy manufacturing 188bet mobile login 20,977.320,000 yuan，Basically the same as last year。

Gaole shares pointed out in the report，Due to labor in the toy industry、Manufacturing costs have increased，Extremely fierce competition in domestic and foreign markets。The complex and volatile international situation has led to increased 188bet mobile login uncertainty in overseas markets，Operation pressure further increases，As a result, international 188bet mobile login sales declined，The proportion of the toy 188bet mobile login increased from 62% at the end of 2018.72% dropped to 52 at the end of the reporting period.75%。In China, it is through actively cultivating channels and expanding customers，User-centered，Strengthen R&D and design，Improve product quality, etc.，Enables domestic 188bet mobile login to grow faster，The proportion of the toy 188bet mobile login increased from 37 at the end of 2018.28% increased to 47 at the end of the reporting period.25%。

2）Kadiwei

Kaidiwei is engaged in research and development、A specialized toy company that produces and sells alloy car models and educational plastic toys for infants and children。By selling alloy car models、Military model、Educational plastic toys for infants and children、Smart toys and other main products receive the company’s sales 188bet mobile login。

During the reporting period，Kaidiwei achieves operating income 4,225.310,000 yuan，18 less than the same period last year.33%，The main reason is: affected by the complex and severe foreign trade environment and violent exchange rate fluctuations，The company’s export 188bet mobile login decreased，Resulting in a decrease in the company’s overall operating income。

Due to the complex foreign market environment，Kaidiwei continues to intensively cultivate the domestic toy market，While maintaining the original dealer，Accelerate the development of new online sales channels and chain system channels，Develop multiple channels together，The company’s domestic sales 188bet mobile login achieved a steady increase during the reporting period。

Currently，Kaidiwei is planning the intelligent series product line in an orderly manner，Smart remote control、Voice communication interaction、Programming and other technologies are integrated into toy development，Enhance the playability and educational nature of toys，Improve the added value and brand influence 188bet mobile login company's products。

3）Xinghui Entertainment

First half of 2019，Xinghui Entertainment Pictures’ 188bet mobile login reaches 112,255.090,000 yuan，Synchronized growth from the previous year -31.50%；Deduction of non-net profit is 10,060.510,000 yuan，Year-on-year growth -12.15%。

The main 188bet mobile login of Xinghui Entertainment includes football club 188bet mobile login、Game 188bet mobile login、Toy 188bet mobile login。

In the toy business, 188bet mobile login increased by -11 compared to the same period last year.12% of the time，Xinghui Entertainment has currently acquired the Spanish Football League Real Espanyol Football Club 99.25% shares。

From the first half of 2019，Sports business 188bet mobile login accounts for 41% of total 188bet mobile login18% can be seen，Xinghui Entertainment will focus on sports business。

4）Zhilan Yushu

Zhilan Yushu is China’s leading children’s education and entertainment service provider，By building the core competitiveness of “IP” and “platform”，Create a strategic foundation based on children’s enlightenment education，“Content Copyright” “Digital Platform” asset system is the upper structure，188bet mobile login model in which the complex operations of each system promote each other。

Achieved operating income in the first half of 20191,332.300,000 188bet mobile login，Reduced by 35 compared with the same period last year.22%，Mainly due to Zhilan Yushu divesting its derivatives business in the second half of 2018，The impact。

But Zhilan Yushu continues to develop content with its independent IP "Beiva" as its core image，Through content creation、Content introduction、These three aspects of advertising 188bet mobile login continue to strengthen the value of “Beva” super IP，Continuously improve the 188bet mobile login model，Thus achieving the growth of non-net profit after divesting the derivatives 188bet mobile login。

5）Chicco Creative

Chicco Cultural and Creative’s operating income in the first half of 20191,474.160,000 188bet mobile login，Decreased by 7 compared to the same period last year.64%，Mainly because the company has transformed and upgraded from traditional R&D、Production、Sales-oriented enterprises transform into cultural and creative experiential consumption and IP licensing business with IP as the core，Gradually reduce e-commerce sales，Resulting in a decrease in operating income。

First half of 2019，The company achieved net profit of 381.320,000 188bet mobile login，An increase of 21 compared with the same period last year.96%，Mainly due to the company’s transformation and upgrading，Added high-margin licensing income，Let operating profit and net profit increase significantly compared with the same period last year。

In order to successfully achieve transformation，Chicco 188bet mobile login was established successively、Chicco Development and other companies，And realize the chain of magic schools、Franchise business model，The transformation effect is obvious。

6）Boruntong

Borentong is developed and produced with original 188bet mobile login、188bet mobile login commercial production services、188bet mobile login derivatives research and development and sales、A professional children’s 188bet mobile login operator whose main business direction is 188bet mobile login IP licensing cooperation and operation、Certified 188bet mobile login company、High-tech cultural and creative enterprise。

During the reporting period，Achieve operating income 1,834.850,000 yuan，An increase of 72 compared with the same period last year.11%，The main reason is that the company’s brand awareness has been improved，The company’s project and sales scale increased rapidly；The company’s new generation derivative products are iteratively launched，Promoted the increase in 188bet mobile login。

Derivatives，Boruntong’s 188bet mobile login derivatives revenue accounted for 10% of total revenue in the first half of 2019.99%，Compared to 19 in the same period last year.96% decrease，But the cost proportion of derivatives has also been greatly reduced，The main reason is that the company’s brand effect is prominent、And increase the company’s internal control and budget management，Changes brought about by controlling costs and rationalizing expenditures。

7）Happy 188bet mobile login

Happy 188bet mobile login is a company that provides original 188bet mobile login products、Cultural enterprises whose main business is cultural content products and services such as early childhood education resources and 188bet mobile login derivatives。

First half of 2019，The company achieved operating income 3,059.420,000 yuan，19 less than the same period last year.66%，Main reasons: ① Affected by the reduction in industry market demand，The company’s entrusted 188bet mobile login production revenue decreased compared with the same period last year；②The number of derivatives sales of Hong Kong subsidiaries decreases，Sales revenue decline。

Derivatives，Happy 188bet mobile login mainly adopts "distribution as the mainstay" in 2019，Direct sales supplemented” sales model。Sales of derivative products remained the same as the same period last year，Due to small batch purchase of derivative products，Higher procurement cost，Gross sales profit margin by 21.99% dropped to 7.79%。The derivatives sold by the company mainly include 188bet mobile login toys、188bet mobile login clothing and other products。

Summary

Last week，We also released the half-year financial data review of 188bet mobile login content production companies。

Financial data and details of our 188bet mobile login and derivatives companies，Seeing many commonalities。

One，Affected by foreign trade，188bet mobile login and net profit decline。

For example，3 companies affected by international trade: Goller、Kadiwei、Little White Dragon。

These three companies clearly mentioned the impact of the complex and changing international situation on the company's 188bet mobile login in their financial reports，Many toy companies involved in international business face greater operating pressure。

Gaole Shares, which is mainly engaged in toy manufacturing and Internet education business，In the report, one of the main reasons for the decline in performance was attributed to the decline in international business sales caused by the complex and changing international situation。Kaidiwei attributed one of the main reasons to the reduction in export 188bet mobile login due to the complex foreign trade environment，Thus leading to a decline in the company’s 188bet mobile login。

Part 2，Intensified downward pressure on the domestic economy、The impact of intensified market competition，Performance decline。

For example，In the report, toy manufacturing company Xiaobailong attributed one of the main reasons for the decline in performance to the reduction of orders in the domestic market，The impact of the economic situation and the sharp drop in revenue caused by rising prices；One of the main reasons for the decline in Happy 188bet mobile login’s revenue is the reduction in market demand in the industry，The company’s entrusted 188bet mobile login production revenue decreased compared with the same period last year。

Thirdly, due to the impact of the company's transformation and upgrading, 188bet mobile login has declined.

For example，Chigo Cultural and Creative Industries mentioned in the financial report that the decline in 188bet mobile login was mainly due to the company’s transformation and upgrading and gradually reducing e-commerce sales；Zhilan Yushu divested its derivatives business in the second half of 2018，Resulting in a decrease in 188bet mobile login compared with the same period last year，Without non-net profit, growth was achieved。Xinghui Entertainment is focusing its business on sports business，Toy business 188bet mobile login growth was negative compared with the same period last year。

Another thing worth mentioning，First half of 2019，Companies whose main 188bet mobile login is derivatives have made great efforts in monetizing research and development of independent IP，Some companies have achieved good results。

Aofei Entertainment is in the product derivatives，Insist on being asset-light、Strengthen the external cooperation model to develop its original comic platform-Youyaoqi Platform IP，Steadily advancing the "Zhenhun Street" theme block project、"One Hundred Thousand Bad Jokes" live-action film and television drama、"The Young Bee" animated drama、“Zhenhun Street” 188bet mobile login season 2 and other IP development projects；Elite 188bet mobile login’s continued development around its core IP Ye Luoli has led to an increase in the sales of derivative toys；Xingyuan Culture continues to develop new works around the original IP "Xingyuan Xiaobao"，Achieved a significant increase in net profit after non-profit deduction。

*Source of this article: WeChatPublic account "三文娱乐" (ID: hi3wyu)，Author: Sanwen Entertainment，Original title: "Do derivatives companies make money？16 companies in the first half 188bet mobile login year: 13 made money，2 companies lost more than 10 million》.