Executive Summary
Maoyan Entertainment reported QQ3 2024 revenue of 955.64 million CNY, marking a 25.35% year-over-year decline and an 11.96% quarter-over-quarter drop. The quarter delivered a gross profit of 234.42 million CNY (gross margin 24.53%), but the company posted an operating loss of 105.51 million CNY and a net loss of 51.46 million CNY, with earnings per share of -0.045. EBITDA stood at -94.62 million, and the company generated negative free cash flow of -590.39 million for the period. The results reflect a softer box office environment and ongoing investments to expand content, platform capabilities, and ticketing monetization, which weighed on near-term profitability. Despite the earnings weakness, Maoyan maintains a solid liquidity position with total cash and short-term investments of approximately 2.51 billion CNY and a net cash balance of about -421.84 million CNY, underscoring balance-sheet resilience amid volatility in the cinema/advertising cycle.
The QQ3 2024 performance shows a material margin contraction versus Q2 2024, driven primarily by a weaker revenue mix and higher operating and content-related expenditures. The quarter’s negative profitability contrasts with stronger profitability in some prior quarters, highlighting the need for a clearer trajectory on monetization, cost discipline, and content ROI. Management commentary in the period is not included in the provided data; thus, the assessment relies on reported numbers and structure of cash flows. Investors should monitor the pace of revenue stabilization, the evolution of the content strategy, user growth, and the company’s ability to convert operating activity into sustained free cash flow over the next several quarters.
Key Performance Indicators
QoQ: -11.96% | YoY:-25.35%
QoQ: -59.45% | YoY:-63.48%
QoQ: -151.86% | YoY:-137.93%
QoQ: -136.13% | YoY:-120.43%
QoQ: -137.50% | YoY:-120.45%
Key Insights
Revenue: 955,641,500 CNY (Q3 2024); YoY -25.35%, QoQ -11.96%
Gross Profit: 234,415,500 CNY; Gross Margin: 24.53%; YoY -63.48%, QoQ -59.45%
Operating Income: -105,512,500 CNY; Operating Margin: -11.04%
Net Income: -51,461,000 CNY; Net Margin: -5.38%; YoY -120.45%, QoQ -136.13%
EPS: -0.045 (basic); Diluted: -0.046; YoY -120.45%, QoQ -137.50%
EBITDA: -94,624,000 CNY; EBITDA Margin: -9.90%
Cash Flow: Operating Cash Flow -586,613,500 CNY; Free Cash Flow -590,392,500 CNY
Balance Sheet: Total Assets 12...
Financial Highlights
Revenue: 955,641,500 CNY (Q3 2024); YoY -25.35%, QoQ -11.96%
Gross Profit: 234,415,500 CNY; Gross Margin: 24.53%; YoY -63.48%, QoQ -59.45%
Operating Income: -105,512,500 CNY; Operating Margin: -11.04%
Net Income: -51,461,000 CNY; Net Margin: -5.38%; YoY -120.45%, QoQ -136.13%
EPS: -0.045 (basic); Diluted: -0.046; YoY -120.45%, QoQ -137.50%
EBITDA: -94,624,000 CNY; EBITDA Margin: -9.90%
Cash Flow: Operating Cash Flow -586,613,500 CNY; Free Cash Flow -590,392,500 CNY
Balance Sheet: Total Assets 12,505,595,000 CNY; Total Liabilities 3,457,283,000 CNY; Total Equity 9,048,312,000 CNY; Cash & Equivalents 903,058,000 CNY; Short-Term Investments 1,458,033,000 CNY; Net Cash (Net Debt) position -421,843,000 CNY
Liquidity: Current Ratio 1.99; Quick Ratio 1.98; Cash Ratio 0.27; DSO 82.51 days; DIO 4.24 days; DPO 103.91 days; CCC -17.16 days
Valuation (as of QQ3 2024): P/S 9.17x; P/B 0.97x; P/E negative; Enterprise Value / EBITDA negative; Cash per Share 2.10 CNY
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
955.64M |
-25.35% |
-11.96% |
| Gross Profit |
234.42M |
-63.48% |
-59.45% |
| Operating Income |
-105.51M |
-137.93% |
-151.86% |
| Net Income |
-51.46M |
-120.43% |
-136.13% |
| EPS |
-0.05 |
-120.45% |
-137.50% |
Key Financial Ratios
operatingProfitMargin
-11%
priceEarningsRatio
-42.59
Management Commentary
Transcript not provided in the data set. No management quotes or call-specific remarks are available to synthesize into themes.
Forward Guidance
No formal forward-looking guidance was included in the supplied material. Given current profitability pressures and negative free cash flow, near-term catalysts would likely hinge on: (1) stronger monetization of the content and advertising platform, (2) a more favorable box-office slate that enhances ticketing volumes, (3) improved efficiency in content acquisition and production, and (4) optimization of working capital and capital expenditures. Investors should monitor management commentary on content ROI, partnership/tunding strategies with cinemas, and any cost-control initiatives that could shift the trajectory toward positive operating cash flow over the next two to four quarters.