Recently，Sanxiang Impression Co., Ltd. issued an announcement，The actual controller Huang Hui transferred his holdings to the company 1.6.6 billion shares pledged，93% of its shares.89%，Accounting for 12% of the company’s total share capital.11%。According to other public information，The pledge is for its own production and operation。

2016，It was Huang Hui who paid 1.9 billion yuan，“Win” Zhang Yimou at a high premium、100% equity of Guan Impression Art Development Co., Ltd. (hereinafter referred to as "Guan Impression") mainly founded by Wang Chaoge and Fan Yue from the "Iron Triangle"。The acting project "Impression Liu Sanjie" is the pinnacle of the latter，And the key to establishing the status of the world。

Behind the impression is IDG、Yunfeng Fund with Jack Ma’s background and other big names in capital。At that time，Well-known Capital、Famous Director、Overlay of projects and "high gamblers"，Building a bright and "psychedelic" future。

Just，Changes in the world，The prosperity disperses，Present，Zhang Yimou, the "key man" in that transaction, has fulfilled his contract and left，Wang Chaoge、The same goes for Fan Yue，Sanxiang Impression’s performance projects are not expanding smoothly；Sanxiang Impression stock price fell，Yunfeng Fund was "trapped" and lost hundreds of millions of yuan；Trader Huang Hui’s first-hand cultural performance、First-hand real estate，Looks like a very profitable business，and Fusion Driven Goals，Also seems to be drifting away。

Behind this，What a story？When did the footnote of the story direction have been “buried”？

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A small real estate player (as of the end of September this year，Net assets less than 6 billion yuan)，Hope to meet big players in cultural and performing arts，Find a “boost” for your own business decline。

In 2014，The name of Sanxiang Impression is still Sanxiang Co., Ltd. (Sanxiang Co., Ltd.)，His performance dropped sharply，The current year’s revenue and net profit attributable to the parent are 12 respectively.700 million yuan、1.4.6 billion yuan，Down 54 respectively.24%、69.58%，After deducting non-net profit, it dropped to 91.62%。

2015，Sanxiang Co., Ltd. revenue 5.2 billion yuan，Net profit attributable to parent company 1.0.5 billion yuan，Both continue to fall，Without non-net profit-2.4.8 billion yuan，Already in loss。

Sanxiang Co., Ltd. begins to seek transformation，Intention to get rid of the single main business real estate，Includes real estate sales、Housing rental and construction, etc. (the three accounted for 93% of total revenue in 2015.36%，Real estate sales account for 70%.59%）。

July 2015，Sanxiang Co., Ltd. announced，In order to realize the comprehensive transformation and development strategy of “real estate + culture”，At premium 18.64 times the price and 1.9 billion yuan to acquire 100% equity of Guanyin Impression。After the transaction is completed in June of the following year，Guan Impression becomes a wholly-owned subsidiary of Sanxiang Co., Ltd.。

1.9 billion in funds，Huang Hui, the actual controller of Sanxiang Co., Ltd. 188bet app invested 10.3.1 billion，IDG issued 200 million yuan，Yunfeng Fund has released 0.500 million yuan。Ma Yun stands behind Yunfeng Fund、Yu Feng、Shi Yuzhu, Liu Yonghao and other big guys。

And IDG、Yunfeng Fund is the capital promoter behind the impression。According to public reports，Back in December 2010，Yunfeng Fund officially announced that it will invest US$50 million in Beijing Impression Innovation Art Development Co., Ltd., the predecessor of Guan Impression，This company is owned by Zhang Yimou、Wang Chaoge and Fan Yue founded the "Iron Triangle"，Has received two rounds of financing before，IDG、Goldman Sachs and others are investors。

At that time，The benchmark effect of "Impression Liu Sanjie"，Let the "Iron Triangle" establish its status in the field of entertainment，After the "Impression" series in Lijiang、West Lake、Haikou and other places have been expanded to 6，Building momentum。2008 Olympic Games，It makes Zhang Yimou’s reputation even more prosperous。Such a situation，You can naturally imagine the money-attracting ability of the “Iron Triangle”。

Yu Feng once revealed，Their investment mainly depends on people，After watching "Impression of the Big Red Robe" with Jack Ma in 2010，The investment matters have been finalized with the Impression team。

Jack Ma also said，One of the reasons for this investment is "I think we like these three people"，He also said，China needs innovative companies like Impression，Startup company。I believe we are not investing in "impressions" to make money，But "impression" will definitely make money。

Capital certainly pursues profit, but it may not be able to pursue profit.

About the above-mentioned investments of Yunfeng Fund，In an interview with "21st Century Business Herald"，Wang Chaoge once said，We are playing a game together，This game may be successful，Maybe not，But if it becomes，That will be a very new cultural industry operation model in China，This is much more interesting than calculating the rate of return。

As it turns out, this game isn't very fun.

Before being acquired by Sanxiang Co., Ltd.，Guanyin Impression has performed about 7 performing arts projects，The world of domestic performing arts is expanding，In addition, the three-year service contract signed with Zhang Yimou and other "iron triangle"，and Yunfeng Fund and other financial support，It seems that the 1.9 billion yuan transaction does not seem like a big gamble，But the future is promising，But reality eventually deviated from the established beautiful track。

Currently，View impression already has "impression"、"See you again" 、 The four major performing arts brands of "Most Memory" and "Return",Performance、The total number of production and contract projects has reached 17，It is not an exaggeration to call Sanxiang Impression a “rich family” in the entertainment industry。

Screenshot source: Sanxiang Impression 2019 Semi-annual Report

However, the wealthy family did not continue to shine.

The expansion of the entertainment giant is not smooth

2016-2018，Sanxiang Impression’s revenue is 6.7 billion yuan respectively、24.7.4 billion yuan and 16.3.3 billion yuan，Net profit attributable to parent company is 7.0.5 billion yuan、2.6.5 billion yuan、-4.5.6 billion yuan，Respectively decreased by 63% year-on-year.1%、62.41%、271.85%。 

Among them，The revenue of cultural and performing arts from 2016 to 2018 is 1.9.3 billion yuan、3.4.9 billion yuan、75.93 million yuan，Each accounted for 2% of the total revenue of Sanxiang Impression that year.88%、14.11%、4.65%。

188bet app First three quarters of 2019，Sanxiang Impression revenue 16.2.7 billion yuan，17 year-on-year increase.93%；Net profit is 3.4.6 billion yuan，212 year-on-year increase.33%；Deduction of non-net profit is 1.7.7 billion yuan，98 year-on-year increase.2%。There is no specific data on the revenue of cultural and performing arts in its third quarterly report。

According to Sanxiang Impression，Among the reasons for the growth of net profit in the 188bet app First three quarters of 2019，One of them is that the carryover income from some projects during the reporting period increased significantly compared with the previous period，Correspondingly increase the profit of this period。

When Guan Impression was acquired in 2015，The original shareholder had performance commitments，Guan Impression 2015、2016、The net profit attributable to the owners of the parent company realized in 2017 and 2018, whichever is lower before and after deducting non-recurring gains and losses, is not less than 100 million yuan respectively、1.300 million yuan、1.600 million yuan and 1.6.3 billion yuan。

And the data shows，The net profit attributable to the parent company from 2015 to 2018 was 1.0.2 billion yuan、1.2.5 billion yuan、1.3.4 billion yuan、27.61 million yuan，Failed to meet performance commitments from 2016 to 2018，And the performance gap with the promised performance is gradually widening。

One of the reasons why Sanxiang Impression’s performance in 2018 was relatively dismal was that a total of 12 asset impairments.4.4 billion yuan，11 of them have impressions.Goodwill value of 5.4 billion yuan。

As early as 2015, when Sanxiang Co., Ltd. won 1.9 billion yuan in public opinion，The fair value of Guan Impression’s identifiable assets is 6.4.9 billion yuan，There are 12.Premium of 5.1 billion yuan，This premium is recognized as goodwill。

What should come has come, and what should go has gone.

According to the previous acquisition agreement，Zhang Yimou from the date of completion of acquisition and reorganization，The service period in Guanyin is not less than three years，And serves as the cultural and artistic director of Sanxiang Impression，Wang Chaoge、Fan Yue’s service period is three years。June this year，Mentioned in Sanxiang Impression’s reply to the Shenzhen Stock Exchange’s inquiry letter，Zhang Yimou’s employment agreement expires in May 2019，Wang Chaoge and Fan Yue expire in January 2018，None of the three of them renewed their contracts with Guanyinyi after the expiration。

Based on the “cash + stock” half-and-half acquisition model at that time，corresponds to Zhang Yimou’s stock ratio in viewers’ impression，The value of his pocketed funds and stocks is about 500 million yuan，Then became a minority shareholder of Sanxiang Impression。

In 2016, Xu Wenzhi (current chairman), then general manager of Sanxiang Impression, said，Cooperating with Zhang Yimou’s Impression Team is a very cost-effective deal，After cooperation between both parties，We performed very well in the capital market，We are also looking forward to more cooperation with Director Zhang。

Now，He may want to take back these words。At the time of acquisition，Sanxiang Impression 6 per share.5 yuan，The closing price on November 20 this year was 4 per share.57 yuan is calculated，Yunfeng Fund and other investment institutions have lost more than 400 million yuan。

Other side，Sanxiang Impression only undertook one new performing arts project, "Tengchong Volcano" in 2018，After that, until the end of June this year，No new projects signed。

188bet app Logically speaking，2018，Zhang Yimou has not left the impression yet，The domestic demand for performing arts projects is still on the rise，Especially in April this year, the Ministry of Culture and Tourism issued the first domestic document to promote the development of tourism and performing arts，The market and policies are more favorable，What happened behind the decline in impressions？Is Zhang Yimou still popular?？

The death of pattern?

From Sanxiang Impression’s reply to the Shenzhen Stock Exchange，Reduced government investment willingness。

Sanxiang Impression replied，As the country strengthens the management policies related to local government debt,After 2018, Reduced government investment willingness，Since most of the investors in cultural tourism projects mainly operated by Guan Yinxiang are investment platforms with local government background，Changes in the macro environment have a greater impact on the development of the impression business，Resulting in the decline in the number of contracts signed and the number of projects under negotiation in 2018。

It also mentioned，Affected by the aforementioned macro environment in 2018，Guan Impression’s business expansion is significantly lower than expected, Resulting in a significant drop in production revenue of more than 90% compared to the previous period，This is the main reason why the achieved performance in 2018 was significantly lower than the promised performance。In addition，The maintenance agreement of some projects has expired,Subject to the macroeconomic environment、Affected by changes in the director team and other factors，The project company and Guanyin Impression did not renew the maintenance agreement，Or the project company budget is reduced，Maintenance times decreased，Resulting in a decrease in project maintenance income。

Combining these contents，It can be summed up in two points: the core competitiveness of Guan Impression、Profit model。

Undeniable，The "Iron Triangle" especially Zhang Yimou，It is the “IP” with the greatest impression，The strength or weakness of his "binding" with the impression of Guan or Sanxiang，His personal influence in the field of acting、The strength of the local government’s recognition, etc.，To a large extent, it determines the competitiveness of the impression。

Guan Impression’s profit model is “performance creation” + “intellectual property licensing” + “shareholder equity dividend” model，Main income comes from performing arts creation、Content maintenance、Performance ticket sharing and shareholder equity dividends, etc.。

It can be roughly understood that the impression is only responsible for producing entertainment programs，And perform corresponding content maintenance，These two charges，It will be divided later，But the risks of investment、The hard work of operations，And iterative upgrades of the project, etc.，Basically not responsible or responsible。

This business is really good，To exaggerate, it’s “making money while lying down”。Sanxiang Impression 2017 Annual Report Display，Sanxiang Impression Culture Performing Arts gross profit margin 62.75%，And the gross profit margin of real estate sales is 31.23%。

The local government debt management is tightened，When the government or corresponding investment platform becomes increasingly poor，Intensified debt risk，Their enthusiasm for investing in entertainment projects has decreased，Also reasonable。

There may be another reason 188bet sports betting app download for this，Zhang Yimou’s “IP effect” may have weakened for local governments。

Once，The birth of "Impression Liu Sanjie"，Beautiful revenue data，For surrounding tourism、Chain effect of catering and entertainment industry，Even promote Yangshuo tourism，In addition, Zhang Yimou is known as the "National Advisor"、Reputation of famous director，Aroused and responded to the desire of many local governments to create a performing arts project，Highlight local cultural characteristics，Promote tourism and even economic development。

Under the passion，Watch the expansion and implementation of each project of Impression、Signing。But，"Impression of Hainan Island"、Projects such as "Impression Putuo" and "Impression Lijiang" may be shut down、or loss，Or revenue decline，This reveals to some extent that he was not careful and reasonable in selecting project sites、Problems such as insufficient update iteration of project content，It also somewhat diluted the local government’s enthusiasm for the famous guide project。

Market demand and environment are changing, and so are local governments.

Zhou Mingqi, founder of Jingjian Think Tank, expressed his views on Zhihui，With the rapid development of the cultural tourism industry in recent years，The horizons of many local governments have been opened，Only rely on the "routine" of Zhang Yimou's team's project similar to that of 10 years ago，Not very attractive anymore。After all, performing arts projects worth several hundred million yuan have a very limited role in promoting local areas，Sanxiang Impression not only has backward products，The output mode has always been stuck in a rut，Only light asset output，The local government still has to pay，Business is naturally getting less and less。

He thinks，Today’s local governments prefer large-scale comprehensive cultural and tourism development projects，Invest billions、Cultural tourism complex worth tens of billions，Investors provide money，The government sells more remote land at preferential prices，Everyone takes what he needs。What the government wants is to revitalize other land in the project area，Raise up land prices，Sold to other real estate developers，At the same time, it may also stimulate local employment、Economy、Taxation, etc.。

Is there still a chance?

Of course the impression of Sanxiang is not that I didn’t think so，Culture + Real Estate，Cultural (Cultural Tourism) Real Estate，Having made plans after acquiring the impression。

Sanxiang Impression mentioned in the above reply to the Shenzhen Stock Exchange，Since 2016,Listed company (Sanxiang Impression) has approached dozens of cultural tourism real estate projects，2018 only，The company has officially contacted 16 cultural tourism real estate projects，12 projects have completed location analysis and project positioning，5 projects completed initial planning plan，The two projects of Yanguan Ancient Town in Haining, Zhejiang and Slender West Lake in Yangzhou, Jiangsu signed preliminary strategic intention agreements with local partners，Currently there are no clear cultural tourism real estate project opportunities such as commercial supporting development of tourist attractions。

The thunder is loud and the raindrops are light. Why?

Refer to the 2016 Sanxiang Impressions project "Most Reminiscent of Shaoshan Chong"，It is a cultural and tourism complex including performing arts，Public information shows an investment of 5 billion yuan，Sanxiang Impression holds 10% of the shares in the leading company related to the project。

Zhou Mingqi thinks，Sanxiang Impression’s small shareholding may be due to brand investment，In comparison, not much money has been invested。

Reluctant to give up money but not land，As a result, Sanxiang Impression, which is still dominated by real estate, has experienced ups and downs in performance，At the same time, because the land bank failed to effectively expand，Resulting in a small amount of real estate projects available for sale，Even old and new projects are not being picked up。

Sanxiang Impression 2018 Annual Report、2019 third quarter report display，Their inventories are approximately 9.4 billion yuan、9 billion yuan，Real estate projects are slowly decommissioned。

And its 2018 annual report、2019 semi-annual report display，The company had no new land reserves during the reporting period。Currently its real estate is concentrated in the Shanghai market，Rim Shanghai City、Beijing-Tianjin-Hebei、The city where the Guanxiang performing arts project is located, etc.，is the area considered for its new land bank。

Screenshot source: Sanxiang Impression 2019 Semi-annual Report

Sanxiang Impression has more plans.

February last year，Sanxiang Impression announcement，It signed a strategic cooperation agreement with Weikang Golden Scepter。During the cooperation period，Both parties to the agreement will discuss their own or legally authorized series of IP，Such as Sanxiang Impression’s own “impression”、"See you again"、High-end entertainment brands such as "Most Memory" and "Return" and Weikang Golden Scepter have been legally authorized (authorized from Viacom Group of the United States，Enter multi-dimensional cooperation on theme park projects such as "Nickelodeon Project" (limited to Jiangsu, Zhejiang and Shanghai)。

Sanxiang Impression integrates more cultural and tourism resources，Large-scale cultural tourism projects in Jiangsu, Zhejiang and Shanghai，Even with the intention of obtaining land，It’s not hard to see。

Those related to Sanxiang Impression once expressed their opinions on Zhihui，His contract with Weikang Golden Rod，I hope to combine from light assets to light and heavy assets，Achieving a good integration of culture and real estate，Then continue to develop culture and real estate as the dual main businesses。

The person also revealed，Sanxiang Impression only took 16% of the shares of Weikang Golden Stick，But I hope to use the other party’s theme park IP, etc.，To do some heavy asset projects，"Including real estate，We also hope to get one or two pieces of land in 2019。”But the specific project negotiation or promotion status，The other party did not disclose，And said that the Weikang Golden Rod will take the lead first。

Zhou Mingqi once thought，Sanxiang Impression had the opportunity to transform the impression，Reshaping business model and product structure，Integrate and complement tourism and real estate，Achieve rapid layout of major tourist destinations across the country。Double brands of "Impression Series" and famous directors，Add investment in cultural tourism projects，As a trump card in “land acquisition” for real estate projects，There are many opportunities to strategically achieve win-win development。

“The opportunity is fleeting，This opportunity is basically gone now，"His expression on Zhihui，The three-year contract period is too short，Now Zhang Yimou’s team has no agreement，The creative ability of the Future Impression series is worrying。Besides, Sanxiang Impression is just a small real estate 188bet app developer，Compared with big real estate developers，Financial strength, etc. vary greatly，It is difficult to imitate the mainstream culture and tourism city style in the industry。

(The author of this article is Zeng Jianzhong, editor-in-chief Zhi Hui.)