Affected by the new coronavirus epidemic，The catering, tourism, film and television industry experienced a long-term "closure" during the Spring Festival, which was supposed to be the most prosperous period。Recently，The number of new confirmed cases of new coronavirus pneumonia in other areas outside Hubei Province shows a declining trend，Catering、Tourism and film and television companies have also resumed business one after another under the "test" of the new crown pneumonia。

Meanwhile，Relevant companies are experiencing tight cash flow due to the epidemic，Increased debt repayment pressure and other difficulties still need to be resolved。Industries that have been greatly affected have called on all sectors of society to support "post-disaster reconstruction"，The decision-making department comes up with practical measures，Relevant companies have also taken multi-pronged measures，Enable self-rescue mode，The short shutdown caused by the epidemic has also brought new changes and thinking to these companies。

188bet sports betting app download Pendulum”

Under the heavy blow of the epidemic，The originally booming catering, tourism, film and television industry pressed the pause button before and after the Spring Festival。The first to bear the brunt is the closure of major scenic spots across the country。

“The epidemic has a great impact on scenic spots companies and travel agencies，If catering can be transferred to takeout，Theatrical movies can be transferred online，But the company operating the scenic spot is really helpless。"A manager of a listed travel company told reporters。

Recent，Songcheng Performing Arts、Xi’an Tourism、Yunnan Tourism、Lijiang Tourism、Huangshan Tourism、Sante Ropeway、A number of listed travel companies such as Zhongxin Travel，Both disclosed that short-term performance was greatly affected by the epidemic。

Songcheng Performing Arts Announcement，All the company’s tourism and performing arts projects will be closed starting from January 24, 2020，This has a greater impact on its financial performance in the first quarter。

Xi’an Tourism Disclosure，It is expected that the epidemic will have a greater impact on the company's operating performance in the first quarter of 2020。Company representation，Affiliated hotels、Travel agency、All resorts and other operating stores will be closed starting from January 27th，All travel plans canceled。

Yunnan Tourism Announcement，From January 25, 2020，The company’s scenic spots are temporarily closed to the public，Affiliated travel agency、Travel Transportation、Conferences, wedding banquets and other businesses are temporarily closed，The occupancy demand of the hotel business and the project schedule of the gardening business have also been affected to a certain extent by the epidemic。Due to the sudden outbreak of this epidemic，The company’s performance in the first quarter of 2020 will inevitably be affected to a certain extent。

Like tourism companies, catering companies also feel powerless。During Spring Festival，Xibei Chairman Jia Guolong exclaimed that "Xibei's cash flow can only last three months", showing the plight of the catering industry under the impact of the epidemic to the public: Haidilao's average daily loss is 80 million，Meizhou Dongpo’s revenue is only 5%，Quanjude “transitions” to sell vegetables，Xibei、Xiabuxiabu and other well-known catering chain companies cannot last more than 3 months in cash。

Data from the Chinese Culinary Association，The epidemic has caused 78% of catering companies to lose more than 100% of their revenue，9% of companies have lost more than 90% of their revenue；7% of companies lose between 70% and 90% of their revenue；Only 5% lost less than 70% of revenue。

The epidemic occurred during the Spring Festival Golden Week, 188bet online sports betting the most important time for catering companies。National Bureau of Statistics data display，15 of the catering companies’ revenue last year.5% comes from the Spring Festival；Estimation by Ren Zeping, Chief Economist of Evergrande Group，In the seven days of this year’s Spring Festival, the industry’s retail sales loss reached about 500 billion yuan。

The research report of Huachuang Securities says，The proportion of labor costs in the catering industry in 2019 is approximately 21.11%，The rent cost is about 9.3%，The two combined account for about 30% of the income，Constitutes the so-called "rigid expenditure"。Estimated，The catering industry’s rigid expenditure for a year is as high as 1.42 trillion。

A manager of a chain restaurant in Bantian, Shenzhen told reporters，Nowadays, catering companies are using their previous profits to survive the epidemic，But the most fearful thing is that the epidemic has passed，Consumers have not yet regained their confidence，And the prices of raw materials from various channels have increased。

For the film and television industry that is already struggling in the cold winter，The emergence of the new coronavirus epidemic，It is just adding insult to injury。

“Our December wages haven’t been paid yet，Because of iQiyi、Youku and other platform companies still default on payment，I originally said I would pay it back after the New Year，As a result, we encountered an epidemic again，Not yet。We are pretty good，Many crews who have started work before，Request to stop work in place，Quarantine in hotel，Loss more。" A financial staff member of a film and television company in Shanghai told reporters，The film and television company’s construction period was forced to be extended，Production costs increased significantly，Facing problems that require additional investment。

“I know the crew who filmed TV series in Wuhan，They started filming around December last year，It’s been shut down now，All staff are on standby，All living expenses must be paid by the crew，Whose money is burned？Everything burned is the employer’s money，Producer’s money，The show will be over once all the money is burned，Or else the management will continue to invest money，If the employer does not invest money, this project will be useless。" TV drama screenwriter Huang Yichuan told reporters。

The impact on the downstream channel end is more severe，Cinema lines closed，Direct loss of Spring Festival stalls、Two prime dates for Valentine’s Day。

How heavy is the Spring Festival schedule？Take listed company Chinese Film as an example，The company’s controlled theaters achieved a total box office revenue during the 2019 Spring Festival (February 4th to 10th) 1.4.4 billion yuan，Accounting for 7% of the total box office revenue for the year.94%；At the same time this year，All 141 of its controlled theaters are temporarily closed。

With statistics，The box office within 30 days after the first day of the first lunar month accounts for almost 1/5 of the annual box office。With theater closures and movie withdrawals，Advertising revenue of theater companies、Main business income such as movie derivatives and catering sales income is bound to drop significantly。

China Merchants Securities Research Institute estimates，Cinema closures due to the epidemic，A negative impact of about 11 points on the full-year box office。

However，Chinese movies、Shanghai Movie、Hengdian Film and Television and other listed companies all stated，The epidemic has a certain impact on the company’s short-term operating performance，But it will not affect the company’s continued profitability。Hengdian Film and Television also stated，Firmly optimistic about China’s film and television cultural industry，Will continue to maintain the pace of new cinema openings in 2020，Increase market share。

Reflected on the secondary market，The first trading day after the Spring Festival for A shares (February 3)，The market value of the culture and leisure sector fell by more than 9%。China International Travel Service encountered a "one-word limit drop"，Huangshan Tourism、Zhangjiajie、Guilin Tourism and other listed tourism companies，And Huayi Brothers、Huace Film and Television、Enlight Media and other film and television listed companies have fallen to varying degrees。

The tide of self-rescue is rising

According to the latest data released by the National Health Commission，On February 26, there were 0 new confirmed cases in 26 provinces and regions across the country，Effectiveness of epidemic prevention and control appears。All walks of life are resuming work in an orderly manner，The resumption of work in the catering, tourism, film and television industry is particularly concerning。

Currently，Scenic spots across the country have resumed operations in an orderly and controlled manner，February 19，Zhejiang announced that the West Lake Scenic Area will reopen closed park attractions in an orderly manner in accordance with regulations，In principle, the open-air paid attractions it belongs to are open according to normal business hours。

February 20，Lijiang City Culture and Tourism Bureau issued the "Notice on the Comprehensive Resumption of Business for Lijiang City's Tourism Industry"，The city’s tourism industry is oriented to Yunnan Province、Domestic epidemic prevention and control low-risk areas open，The city’s tourism industry has fully resumed business。

Same day，Nanjing Municipal Culture and Tourism Bureau reported a brief summary of the work plan for the orderly resumption of operation of Nanjing tourist attractions，And announced the decision starting from February 20th，The city’s tourist attractions gradually resumed operation in batches。

All scenic spots that have resumed business are indicated，Strict real-time visitor volume control will be carried out，And promote online declaration and reservation of tours。

The person in charge of a 5A-level scenic spot in Yunnan told reporters，Although the travel company’s business has been stagnant during the epidemic，But it’s not a complete vacation，The company will start flexible working hours on February 3rd，Making preparations for the opening of the scenic spot。At present, the scenic spots have been restored in batches，The recovery time of the performing arts sector has not yet been determined。On the one hand, it is densely populated，On the other hand, the cost of performing is relatively high，There is currently little traffic，To control costs，Performance suspended。

According to data from Tongcheng Yilong Scenic Area，As of February 24th，The opening rate of scenic spots nationwide is 38.1%，Except Huangshan、Outside Jiuhua Mountain，Hangzhou West Lake、Lingshan Giant Buddha、Zhouzhuang、Tongli Ancient Town、Qiandao Lake，Wuyuan、Shaoxing Shenyuan、Longmen Grottoes、Haijiao Tianya, etc. will also gradually open from February 19th。

A senior observer in the tourism industry pointed out，For many residents，The epidemic has only postponed travel plans。After the impact of the epidemic subsides，Residents’ travel demand will be released in a concentrated manner。Judging from the current development of the epidemic，Life for residents outside Hubei will return to normal starting from mid-to-late March，And Qingming、The arrival of May Day and Dragon Boat Festival holidays，Superimposed on the policy benefit of waiving tolls on expressways in the first half of the year，Will drive a strong recovery in the tourism market。

With the resumption of work in various places，Catering companies are also gradually resuming dine-in meals，Even some chain stores with high customer orders have begun to cooperate with takeout platforms。

Scenic spots are opening one after another, and catering companies are gradually resuming work.February 15，The China Cuisine Association issued the "Notice on the orderly resumption of work and business in the catering industry"，Encourage enterprises to do a good job in epidemic prevention and control，In accordance with the relevant regulations of the local government，Resumption of work and business gradually。Same day，Haidilao resumes takeaway business。

February 23，Guangzhou restaurants and catering stores resume business one after another，In addition，Taier Pickled Fish from Jiumaojiu，Shenzhen’s large catering company Runyuan Four Seasons and other catering brands also stated that they have reached strategic cooperation with takeout platforms，It will be carried out under the premise of comprehensive epidemic prevention，Providing consumers with healthy meals delivered。

There have been many market forecasts and analyzes before，The catering tourism industry will usher in “retaliatory” growth after the epidemic is over。

To this，Zhou Maohua, strategic analyst at China Everbright Bank, told reporters，The new coronavirus has impacted domestic catering, tourism and other service industries，But it is a short-term impact，And what the COVID-19 epidemic has changed is short-term consumer spending decisions，Has changed the way consumers spend to a certain extent，Short-term shocks will not fundamentally change consumer consumption tendencies and preferences。China is in the stage of consumption upgrading，Public opinion on high “quality”、The pursuit of “quantity” consumption will not change，Resident consumption expenditure is delayed rather than shrinking，After the epidemic is effectively controlled，Suppressed consumer spending will see a restorative rebound。In addition，The management also took a series of timely measures to stabilize the economy、Stabilize employment、Measures to stabilize consumption，Encourage financial coordination-related industries to take measures to facilitate residents’ consumption，Innovative business model releases potential demand。

Film and television industry，Major film and television production companies have begun to open online offices，As a crowded place，The theater’s resumption time has not yet been determined。

According to the resumption of work and production notices issued by many local governments，Cinemas and other entertainment venues are included in the industries that have been suspended from resumption of work and production。However，Relevant preparations for resumption of work are in progress。

February 23，"Recommendations of the Technical Branch of the China Film Distribution and Exhibition Association on Preparations for the Resumption of Cinemas" is released。The recommendation states，Must be targeted according to the cinema screen、3D device configuration，Carry out scientific and reasonable film arrangement。It is also recommended that the air-conditioning fresh air system be cleaned and disinfected as a whole before the theater resumes operations，Carefully check whether there are any safety hazards in the screening room facilities。

Film and television base，Hengdian Film and Television City issued the "Guidance Opinions" on February 10，Planned to promote resumption of work in phases，The first phase starts on February 13th。

Currently，Major movie theater chains are also changing their operating strategies，To reduce cash flow pressure。“Opening a store in the cloud” has become a new trend，Many cinemas adopt e-commerce sales model，RuWanda、Jinyi、Suning and other theater chains in various places have launched the online sales + offline delivery model of snacks and beverages。

Will the business logic be reconstructed

Opportunities often come in the form of difficulties。The short shutdown caused by the epidemic has also brought new changes and thinking to the previously rapidly developing tertiary industry enterprises。

Due to the short-term performance of the tourism industry being under pressure，Relevant listed companies take a multi-pronged approach，Enable self-rescue mode。

Jiuhua Tourism Name，The company and its subsidiaries have formulated a plan to “increase revenue and reduce expenditure”，Actively formulate market expansion plans after the epidemic is over and throughout the year，Strengthen the maintenance of various equipment and facilities，Ensure that the needs for resuming production and operations are met in a timely manner。

Yunnan Tourism Announcement，The company will prepare for key tasks in the summer and the second half of the year in advance，Actively repair performance。In tourism culture technology business，Promote the opening of various theme park projects as planned、Project construction and preliminary design and planning work。Also，The company will comprehensively enhance its R&D capabilities、Creative design ability、Market expansion capability，Actively obtain project resources，And transform and upgrade traditional scenic spots，Add consumption scenarios，Be fully prepared for the rebound in market demand after the epidemic is over。

“Previous Lijiang scenic area control，No publicity required。There will be remaining reception capacity after the epidemic。You can consider internet celebrity diversion。" A staff member of a scenic 188bet sports betting app download spot in Lijiang told reporters。

Judging from the information collected so far，No travel company has made major strategic adjustments due to the epidemic。

Wu Zhixiang, founder of Tongcheng Group, recently stated to the media，The maximum duration of the epidemic is 3-5 months，For a large enterprise that has grown for more than 10 years，These times are only a few tenths of their history。From this perspective，This epidemic has affected many large tourism companies，Just a small twist，It will not lead to major adjustments to existing strategies。

Said by Cao Zhixin, consultant of Xinjiang Uygur Autonomous Region Tourism Association，The tourism industry will usher in a reshuffle after the epidemic，Mutual merger，From this perspective，This epidemic is also accelerating industry competition、The running-in period of mutual tolerance。

Compared to tourism companies，The catering industry has greater flexibility in adjusting its business structure。Currently, catering companies in various places are gradually resuming work，Especially high-end single-serve restaurants such as Haidilao and Jiumaojiu’s Taier Pickled Fish have also begun to switch to takeout。

The takeaway business has also brought new changes and thinking to traditional catering companies that mainly focus on dine-in。For example, how to reasonably configure the takeaway business，What kind of dishes are more suitable for takeout, etc.。

A social service analyst told reporters，The catering industry has shown an obvious "Matthew Effect" in this epidemic，Large scale、Companies with strong brands are better able to obtain financial support from banks and investment companies。Small and micro enterprises often find it difficult to survive when their cash flow is cut off。As some companies withdraw from the catering market，Excellent companies that have withstood this round of epidemic can fill the market share，And build stronger competitive advantages through online operations。In addition，The catering industry may usher in a wave of listings after this round of epidemic，Companies replenish cash reserves through listing，Open up financing channels in the capital market，Improve risk resistance。

Different from catering and tourism enterprises，The film and television industry has brought subversive awareness to the public during this epidemic。

January 24，"囧Mom" directed by Xu Zheng will be launched on Douyin and other "headline" online platforms on New Year's Day，And play for free。Although this move has been condemned by many film practitioners，But it still brings new thinking to the profit model of the film industry。

An industry insider commented to reporters: "Like Xu Zheng's "囧Mom" being launched on the short video platform，This will have a huge impact on offline theaters，He created such a precedent，Will other films adopt this kind of cooperation model？This measure still offends offline theaters across the country。I think such cases may appear sporadically in the future，But it will not be copied on a large scale，Usually choose to play in short videos，It has the nature of a one-shot deal。”

Be forced to transform or actively seek change？There are still many institutions saying that it is not appropriate to over-interpret。

China Merchants Bank Research Institute believes，"囧Mom" transfer online，Can be understood as a multiple mutually beneficial business transaction between the producer Huanxi Media and Toutiao Department。

The hospital believes that，The main sources of income for online movies are online viewing fees and click-through income。Generally, the cost to watch online movies is less than 2-3 yuan，It is difficult to cover the cost by paying to watch movies，Generally, the investment cost of online movies will be controlled below 5 million，In this way, payment + click advertising has the basic possibility of recovering the cost。This means，First movies produced with more than 100 million yuan can basically only be screened in theaters to maximize profits。

In addition，Toutiao price 6.300 million yuan purchase behavior，More is diversion、Positioning of product announcement，No analogy to other mature online video platforms。According to headlines, the total number of views in the first three days exceeded 600 million，1.800 million people watched。If the final number of viewers and clicks are taken into account, the number will increase by 1-2 times，The final number of clicks is around 2 billion；Comparing the online clicks of a leading TV series，Generally qualified clicks are at 188bet Online Sports Betting and Casino least 3-4 billion，A good one can reach 5-10 billion；The purchase price of the series is only 300-500 million。So the platform purchases large-scale movies for online cinemas，Not worth the profit，This trend will not change in the medium term。Even if Toutiao wants to enter the long video competition，The future purchases will still be TV series、Not a big-budget movie。

In the view of New Era Securities Research，The key is "the problem of pricing difficulty before the movie is released" and "the issue of the right to disseminate information on the Internet after the movie is released"。Most theater movies will still be played in theaters first before being released online，But there will be more online movies，Video platforms will partially divert traffic from theater chains，High-quality film and television content and producers will be more popular in the market。

Calling for policy support

Although all walks of life have recently ushered in a wave of resumption of work，But the crisis is not over yet。The cash flow was tight due to the epidemic，Difficulties such as increasing debt repayment pressure have not been alleviated。Industries that have been greatly affected have called on all sectors of society to support enterprises in "post-disaster reconstruction"。

At the call of local government，Some real estate companies such as Wanda、Shimao and others take the initiative to reduce rent and waive rent (Wanda alone has waived rent for nearly 4 billion)。

In addition to Chairman Xibei using the Internet to post an article describing the company’s plight，Shu Congxuan, Chairman of Laoxiangji，Guan Yihong, Chairman of Jiumaojiu，Le Caesar Pizza CEO Chen Ning also expressed a common view through various channels: he hopes for corporate income tax、VAT will be exempted or suspended to a certain extent，Grant job stabilization subsidies to companies that do not lay off employees, etc.。

Relevant policies have also been introduced by local governments，Including ensuring the reduction of financing costs for small and micro enterprises、Allow enterprises to defer pension payments、Unemployed、Work-related injury insurance, etc.。Currently，Xibei has acquired Shanghai Pudong Development Bank 4.300 million yuan credit，1 of them.200 million yuan arrived on February 7，Haidilao also received 2.1 billion yuan in credit on February 23。

Peng Peng, executive director of the Guangdong Provincial Institutional Reform Research Association, told reporters，The epidemic has had a huge impact on the catering industry，The most effective way to save yourself at present is to sell semi-finished products and takeaways online，In addition, dine-in dining will gradually resume。Calling on local governments to provide appropriate tax reductions and exemptions to support。He also said，Currently, tourism companies are gradually resuming operations，But refer to the impact of SARS on the industry in 2003，The impact on enterprises cannot be underestimated，It is recommended that tourism companies be given more protection at the policy level，For example, for epidemic prevention and control，Appropriately increase the compensation amount of travel insurance；Encourage and coordinate office property properties in various places to reduce or reduce rents for tourism enterprises；Introducing preferential tax reduction and exemption policies for tourism enterprises；It is recommended to restart the May Day Golden Week this year，Stimulate catering tourism，Work together to help catering and tourism enterprises overcome difficulties。

Facing the urgent need to stimulate consumption，Incorporate the issuance of consumer vouchers into the economic policy package to fight the epidemic，It is necessary and reasonable，Worth Consideration。

“Eagerly looking forward to the epidemic passing soon，Due to long-term shutdown，Employees have a heavier salary burden，I hope the government will provide some policy support in social security。" An executive of a listed catering company told reporters。

Cinema chains, which have the same "rigid expenditure" as the catering industry, have also called on property owners to reduce cinema rentals。

As of now，Wanda Group、Poly Business、Joy City Holdings、Longfor Group、Xincheng Holdings、Commercial real estate companies such as China Resources Land，Launching phased rent reductions、Free rent、Free property fee policy。

Hengdian Film and Television City also promises to reduce rent: during the period when the crew suspends filming，All shooting bases under Hengdian Film and Television City、Free studio fees，The crew’s room rates at various hotels under the Hengdian Film and Television City are halved。

Appeal to Xiang Yong, Vice Dean of the Institute of Cultural Industry of Peking University，Central Ministries and Commissions、Local governments at all levels must introduce effective measures、Overall coordinated support policy，Actively respond to the tragic impact that the cultural industry has suffered due to the epidemic，Promote integrated development and marketization within the cultural industry、Legalized mergers and acquisitions，Further play the supporting role of cultural finance，Stimulate cultural consumption，Promote high-quality development of cultural industries。

*Source of this article: Securities Times Network,Author: Zhang Qianyao, Li Manning, original title: "The tourism, catering, film and television industry resumes work in an orderly manner and "post-disaster reconstruction" looks forward to practical measures》.