Core conclusion
The business activities of the script entertainment industry will be further standardized and a content self-examination system will be established. According to CCTV news, in order to regulate script entertainment business activities such as “script killing” and “secret room escape”, five departments including the Ministry of culture and tourism studied and drafted the “notice on regulating script entertainment business activities (Draft for comments)”, and solicited opinions from the public on April 1. It is proposed to stipulate that: 1) units engaged in script entertainment business activities shall submit their business address and script information (name, author, profile, age range) to the local county cultural and tourism department for filing; 2) Script entertainment business units need to establish a content self-examination system to ensure that the content is legal; 3) The script shall be provided with age appropriate tips, and the protection of minors shall be strengthened. Except for legal holidays, rest days and winter and summer holidays, script entertainment business activities shall not be provided to minors; 4) In terms of business site selection, it is not allowed to engage in script entertainment business activities in residential buildings and below the first floor of buildings. We believe that the regulatory opinions have made detailed provisions on the content of the script, the protection of minors, business qualification and business address, which is conducive to the increase of the market share of head chain brands, and a large number of small and medium-sized institutions in the market need to be adjusted or even cleared. It is suggested to pay attention to Mango Excellent Media Co.Ltd(300413) ( Mango Excellent Media Co.Ltd(300413) . SZ). The variety shows of “detective” series guide the offline mcity script to kill stores. At the same time, the company has also set up an online trading platform for “drama mans” script copyright to strengthen the protection and management of script copyright; In addition, it is suggested to pay attention to netease-s (9999. HK), which actively invests in the industrial chain.
Kwai 4Q21 has high quality user ecosystem and strong growth in advertising and e-commerce business. Kwai 21Q4 released its performance, 21Q4 operating income of 24 billion 400 million yuan, an increase of 35% over the same period last year. The adjusted net loss was 3.6 billion yuan, and the adjusted net profit margin improved by 7.9pct compared with the previous quarter. Kwai Kwai, 21Q4, has increased its average MAU and DAU by 578 million and 323 million respectively, up 21.5% and 19.2% over the same period, and the average daily usage of 21Q4 Kwai DAU increased by 32.3% to 118.9 minutes. On the other hand, after adjusting the organizational structure, the effectiveness of the company’s user growth strategy has been verified. Kwai 21Q4 has increased the total traffic volume by 57.6% compared to the previous year, and the related cost has increased by 10.8%. Thanks to the continuous growth of traffic and the participation of more brand advertisers, the advertising revenue of 21q4 company was 13.2 billion yuan, with a year-on-year increase of 55.5%. In the whole year of 21, the brand advertising revenue increased by more than 150% year-on-year. Kwai Kwai electric business 21Q4 GMV 240 billion 300 million yuan, an increase of 35.7% over the same period, while the trust based private domain business model has been strengthened, 21Q4 Kwai Kwai e-commerce business re purchase rate grew by over 5%, in 21 December, 98.8% of GMV in the fast closing of the fast business outlets. It is recommended to focus on Kwai -W (1024.HK).
Industry performance in one week:
The Shanghai Composite Index rose 2.19%, the Shenzhen Composite Index rose 0.67%, and the media (Shenwan) closed at 613.06 points, up 5.03%, outperforming the Shanghai Composite Index by 2.83 percentage points. Within the industry, the film and television index rose 4.78%, the animation index rose 3.55%, the game index rose 5.89%, the publishing index rose 5.64%, the radio and television index rose 5.75%, and the advertising and marketing index rose 3.82%.
Risk tip: policy risk, intensified competition, and the flow of the game does not meet expectations
