Huayi Wang Zhongjun "cut meat" cultural tourism, lanhai mi chunlei "low-key" takeover

Introduction: In recent years, Lanhai International, which has accelerated the layout of cultural tourism real estate, has extended its hand to the Huayi brothers in distress and taken over the Hainan real-life cultural tourism project that was once one of the "most successful products" in Wang Zhongjun's mind - co-incubated with Feng Xiaogang. Drunkard means "shell"?

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There is no unbroken feast in the world, and the Huayi brothers will also part ways with Feng Xiaogang.

At the end of October, Huayi Brothers transferred its original shares in the Hainan Real View Cultural Tourism Project to Shanghai Lansheng, a subsidiary of Lanhai Holdings, whose actual controller is Mi Chunlei, who is more well known as Dong Qing's husband.

Under the impact of the epidemic last year, the tourism industry fell off a cliff, and the cultural tourism real-life/real estate projects that were originally quite profitable have also become a burden on real estate and cultural giants, and Huayi Brothers, who are mired in losses, cannot continue to survive in order to alleviate the liquidity crisis.

At the same time, real estate "new players" seem to have quietly entered the game. Under the pressure of urban real estate regulation, cultural tourism real estate has become a new engine and breakthrough in the real estate industry, new and old capital looking at the suburban cultural tourism real estate depression, Lanhai Group is one of them, the purpose or this asset into the "big health" listed company?

Huayi Brothers sells "strategic assets"

It is reported that Hainan Mission Hills Huayi Feng Xiaogang Film Commune is located in Mission Hills Haikou International Golf Resort, set film and television shooting base, film theme tourism destination and commercial formats in one, planning control area of 1400 acres, construction area of 950 acres, a total investment of 5.5 billion yuan, Huayi Brothers originally held 35%.

According to Tianyancha data, on October 26, Huayi Brothers (Tianjin) Real Scene Entertainment Co., Ltd. withdrew from Hainan Mission Hills Huayi Feng Xiaogang Cultural Tourism Industrial Co., Ltd., that is, the operating entity of Hainan Mission Hills Huayi Feng Xiaogang Film Commune. Wang Zhongjun (Wang Zhongjun) retired as vice chairman of the company.

It is reported that the Hainan project has deep significance to Huayi Brothers and is the starting point for its layout of the film IP industry chain through "live entertainment".

In 2011, Huayi Brothers established a subsidiary, Huayi Brothers (Tianjin) Real Scene Entertainment Co., Ltd., and began to lay out real scene entertainment. In 2014, Haikou Mission Hills Huayi Feng Xiaogang Film Commune opened, which is also the first live-action entertainment project officially put into operation by Huayi.

That year coincided with the 20th anniversary celebration of Huayi Brothers, Wang Zhongjun first proposed the development strategy of "de-film singleness" at the meeting, hoping to open up the industrial chain "based on the original film IP", reduce the pressure of the performance contribution of the film business, and seek diversified development.

However, this kind of "heavy asset" strategy with real estate attributes makes it more difficult to get out when making money, and it is more difficult to get out when encountering risks.

According to media statistics, between 2015 and 2020, the licensing fee charged by Huayi to the Jianye Film Town project has exceeded 100 million, and the data since the opening of the film town have also shown strong earning power. Affected by the epidemic, throughout last year, the net profit loss of Hainan Mission Hills Huayi Feng Xiaogang Film Commune was as high as 87.5577 million yuan. From a "cash cow" to a "drag bottle" in the blink of an eye.

On the other hand, the transfer of strategic assets may also be a helpless move under the pressure of the group's cash flow.

In 2018, Huayi Brothers began to fall into a quagmire of losses. From 2018 to 2020, Huayi Brothers' losses were 1.169 billion, 3.978 billion and 1.048 billion yuan, respectively. In addition to selling the Hainan project, in the first half of this year, Huayi Brothers also completed the disposal of 13.17% of the equity of Huayi Tencent Entertainment Co., Ltd., as well as financial assets such as Tencent Music and Maoyan Entertainment.

Even so, Huayi Brothers continues to be optimistic about the track of "Cultural Tourism Town", and new projects are constantly advancing.

Huayi Brothers said that Huayi Real Scene's withdrawal from the film commune will not affect the cooperation between Huayi brothers and the film commune. The company will continue to focus on the "film and television + real scene" business model around its own content advantages and live entertainment resources, and deeply cultivate the integration of live entertainment business and cultural tourism.

According to the 2021 interim report, the operating income of Huayi Brothers brand licensing and real-life entertainment sector was 52.95 million yuan, an increase of 433.11% over the same period of the previous year, and the performance rebounded rapidly and significantly, showing the resilience of the cultural tourism track.

Under the premise of strictly implementing epidemic prevention and control measures, Huayi Brothers (Jinan) Film Town opened on June 26, 2021, and the five-city linkage of Haikou, Changsha, Suzhou, Zhengzhou and Jinan real-life projects was realized. Wuhan Zhuoer Huayi Brothers Film Town Project and Qinhuangdao Cultural Tourism Project are being promoted in an orderly manner.

In August this year, Huayi Brothers also applied for the registration of a number of "Huayi Brothers Movie Park HB world", continuing to lay out the PACE of IP live-action projects.

Lanhai Group entered the bottom

Huayi Brothers broke his arm and returned blood, who is the receiver?

At present, the shareholding structure of Hainan Mission Hills Huayi Feng Xiaogang Cultural Tourism Industrial Co., Ltd. is: Hainan Junhao Tourism Development Co., Ltd., Shanghai Lansheng, Haikou Fu'anyuan Industrial Co., Ltd., and Beijing Yifanfengshun Film and Television Culture Studio each hold 45%, 35%, 15% and 5% of the shares.

Image source: Sky Eye Check

Among them, behind Hainan Junhao Tourism and Haikou Fu'anyuan is Zhu Shuhao, Zhu Dingjian's father and son's Junhao Real Estate Group, and behind Beijing Yifanfengfeng Film and Television Culture Studio is Feng Xiaogang's 100% shareholding. Shanghai Lansheng, which succeeded Huayi Brothers (Tianjin) Real Scene Entertainment and became the second largest shareholder, is a subsidiary of Lanhai Holdings, controlled by Mi Chunlei.

According to public information, Shanghai Lansheng was established in April 2020 with a registered capital of 500 million yuan and 100% held by Lanhai Holdings. The business scope involves enterprise management, business management consulting, property management, hotel management, etc. The only foreign investment in the new company, which has only been established for one year, is the cultural tourism project.

Its parent company, Lanhai Holdings, is 91.3846%, 7.6923% and 0.9231% held by Michunlei, Shanghai Fengdao Zhengda Investment Co., Ltd. and Miboyuan each. Among them, Shanghai Fengdao Zhengda Investment is 90% and 10% owned by Mi Chunlei and Qian Champion (Mi Boyuan and Qian Champion are Mi Chunlei's parents).

It is worth mentioning that the listed company under Lanhai Holdings, *st Haiyi (Lanhai Medical), is also located in Hainan.

Regarding *st Haiyi, it is located in the "big health" track, mainly engaged in private medical services, and the industrial layout includes a high-end medical comprehensive system that combines high-end outpatient clinics, specialized hospitals, general hospitals and medical parks, and extends from medical services to closed-loop service chains such as health, pension and health management.

However, the company's previous performance was not satisfactory, recording revenue of 50.3009 million yuan in the first half of this year, an increase of 212.59% year-on-year; the net profit attributable to the shareholders of the listed company was -54.2016 million yuan, a year-on-year loss reduction. Due to the performance of the substandard, the company has been "wearing a hat with stars" since May 6, 2021.

The listed entity of Lanhai Medical was also successfully listed in 2015 by Relying on the fixed increase in issuance by Michunlei. By selling stocks and selling assets, in 2019, it achieved a positive net profit attributable to the mother, successfully protected the shell, and now the second time "wearing a hat", people are lamented.

Mi Chunlei's "Real Estate Wild Hope"

For Lanhai Holdings, what is the significance of acquiring a film cultural tourism project?

The key may lie here. According to Tianyan, the business scope of Hainan Mission Hills Huayi Feng Xiaogang Cultural Tourism Industrial Co., Ltd. covers tourism and cultural facilities investment, operation, consulting, exhibition services, venue equipment leasing, real estate development and operation, housing leasing, ancillary stores, guest rooms, catering services, etc.

In fact, as a special type of comprehensive facility, cultural tourism real estate has always been controversial as whether it is a "asset-heavy" tourism project or a real estate project with a heavier cultural gimmick.

Industry insiders pointed out that cultural tourism real estate and commercial real estate are essentially the same. The difference and advantage is that cultural tourism real estate relies on tourism resources, often has better natural landscapes, stronger consumption attributes, and has the special function of vacation and investment. This means that "tourists/vacationers" spend more, merchants set up higher rents, and are more profitable during the peak tourist season.

Since 2015, under the pressure of tightening urban real estate control, 50% of the top 500 real estate companies have switched to cultural tourism real estate. This is not the first time that Mi Chunlei has sold tourism real estate.

In December 2017, Lanhai Holdings signed a project cooperation agreement with The Yuxi Municipal Government of Yunnan Province and the Chengjiang County Government to invest in the construction of an international medical ecological health city integrating medical treatment, health care, ecology and tourism and residence on the east bank of Fuxian Lake in Chengjiang.

In February 2020, the Dali Provincial Tourism Resort Management Committee and Lanhai Holdings signed the "Dali Tea Expo Institute Project Investment Agreement", with an investment amount of 3 billion yuan. In March of the same year, the Dali Tea Museum Industry, a subsidiary of Lanhai Holdings, spent 1.07 billion yuan to acquire a 28-hectare land. However, for the project, Lanhai Holdings introduced Evergrande Life as a shareholder and pledged all 54.5% of its shares to Evergrande Life, which caused concerns about the capital chain of its project.

In August 2020, relevant companies such as *st Haiyi, a subsidiary of Lanhai Holdings, acquired 11 cases of about 346 mu of land on the east bank of Fuxian Lake in Yunnan Province for 285 million yuan, which was the first batch of land plots for the Fuxian Lake International Health Tourism Valley Project. According to media reports, in the same year, Mi Chunlei also spent 6 billion yuan to win a certain plot of land in Shanghai, and won the second place in the national enterprise in Shanghai.

In addition to the newly established Shanghai Lansheng, Michunlei's investment entities in the real estate field also include Lanhai Construction and Development, Shanghai Lanhai Real Estate, Shanghai Foreign Investment Real Estate, Yunnan Fuxian Lake Lanhai Medical Care Industry Development, Sanya Lanhai Health Care Valley Health Industry Development, etc.

Some market views speculate that the purpose of Michunlei's acquisition may not only continue the layout of cultural tourism real estate, but also want to inject the assets of this cultural tourism project into *st Haiyi, increase the financial reporting revenue and profit to "protect the shell", and enhance the valuation of the "big health" story of listed companies.