blade & soul gold 786. $ 410 - NZB

Major shareholder secretly transfusion whitewash hualu baina profitability Listed on the Shenzhen Stock Exchange second board hualu baina intends to sell 15 million shares, after the release of the total share capital to 60 million shares. The unit will be implemented on February 1 purchase. As a film and television production company, hualu baina as huace film and television, television business has been the main business of the company for many years. First half of 2008 and 2011, the company is not even anyMovie revenues. Investment banker pointed out that the movie business is too weak to affect the future growth of the company. In fact, the movie business margins more higher than the TV series. Prospectus according to the 2010 TV shows gross profit margin was 7,786. $ 410,000, gross margin is 36.13%, and the film gross margin amounted to 1.9034 million Yuan, gross margin of 40.16%;2009 TV shows gross profit margin is 3,561. $ 940,000, gross margin is 35.34%, and the film gross margin amounted to 4.6866 million Yuan, gross margin amounted to 44.13%. Lame movie business, television business is also weaker than their counterparts. Prospectus shows over the past three years, as the company's main business television business gross margin-35.91%, 35.34%, and 36.13%. While huace film gross margins are up to, 44.52%, and 51.39%, hualu baina higher. Reflect the company's operations, the liquidity ratio, quick ratio, hualu baina also substantially lower than huace film and television. But hualu baina smoothSecond tier Commission. Its operating profit in the first half of 2008-2011 is in a growth State showing scale better, reported operating profit was 1,535. $ 570,000, 2,440. $ 660,000, 4,258. $ 880,000 and 3,920. $ 740,000. Huace film and television industry pointed out that, if there is no central enterprisesGuo Hualu backed, hualu baina fundamentally not city. Reporters found that major shareholder China hualu dark blood transfusions, whitewashed hualu baina's profitability. If such support is withdrawn, hualu baina earnings prospects of hopeless condition does not match the gem. For example, the end of 2009, hualu baina loan balances of $ 110 million in 2008, representing the final 40 Yuan, an increase of 70 million Yuan, while finance charges per cent also declined slightly, due mainly to China hualu provides loans for the company, June, 2008 interest payments at contract rate performs, but China hualu when returned to the company of the year over the same period the previous year, as well as annual contract rates exceed Bank lending rates part of LeeTotal income of $ 539,400, return the interest directly reduced financial expenses in the period. In addition, the major shareholder endorsement, China Development Bank on December 30, 2009 made $ 30 million of long-term borrowings, there have been no interest payments, also received government grants of $ 4.6742 million. Again, hualu culture will be a House six layers inMay 1, 2008, for generously give hualu baina for Office use, hualu baina hualu culture using the housing five levels provided free decoration. In accordance with their housing area, which houses six layers (company Office) during the period of unpaid rent and property-related expenses May 2008,2009, June 1, respectively, and $ 337300 to $ and $ 167 blade & soul gold,300, total 1.0157 million Yuan warhammer online gold, the housing five levels (that were recorded in the China Office of culture) of renovation cost $ 844,100. Two costs mutually waive hualu culture actually hualu baina took 17.Fee of $ 160 eq2 platinum,000. The occasional State subsidies also have, cultural capital funds between issuers and baina, $ 49,700 issuers take less actual costs; and hualu culture, hualu electronic publishing media, China hualu funds between, $ 236,500 issuers take less actual costs. More important is that the reporting period, hualu baina businessScale adds a large number of financial requirements, and as a result of belonging to "asset light" enterprises difficult to obtain bank loans. "In the case of limited capacity of external financing, issuers are controlled by real people China hualu provide loans, is the normal choice of financing, also reflects the actual controller support for issuers. "The market thinks, it is because of hualu baina" business scaleIncreased the capital needs of a large number of "listed only money," issued to raise funds to invest in additional films and business working capital projects, total investment $ 252 million ". Prospectus according to the hualu baina reporting period end of the period the parent company asset-liability ratio, 71.12%, 68.47%, respectively, mergedAsset-liability ratio, 53.45%, 55.71%, respectively, have been at a high level. With the rapid expansion of production and operation, the company increased the intensity of external financing, the loan balance at the end of the reporting period $ 40 million, respectively, $ 110 million and $ 100.5 million, 8,500Million, made the company's gearing ratio is higher. "Although the company's liquid assets, in particular monetary funds a recent issue of the final at 5,741. $ 900,000, strong solvency and debt well in the past, but the company does not guarantee good business situation in the future, may still face a risk of inability to pay debts due. "Some investors are worried that,Major shareholder blood transfusions for many years, hualu baina profitability is not strong, and return on shareholders to remove only the eye to the stock market, eventually luck will only be retail.