Headlines from China: Enlight Media Reports Profit Drop by 95% for First Half of 2019

From Wei

Enlight Media Reports Profit Drop by 95% for First Half of 2019

On August 28, Beijing Enlight Media released its semi-annual financial report. The company’s revenues reached RMB1.17 billion ($164 million) in the first half of 2019, up 62.37% from the same period last year. However, its net profit was RMB105 million ($14.7 million), down by 95% compared with the previous year. The report included an RMB2.8 billion of box office sales from 7 films released by Enlight. 78.1% of the box office revenues come from one single movie, Crazy Alien, which was released in this year’s Chinese New Year holidays. The company’s recent film, Ne Zha, has grossed RMB4.5 billion at the box office. However, the film’s ticket sales was not included in the company’s semi-annual report since it was premiered on July 26. Read more on National Business Daily

Will ‘Ne Zha’ Beat ‘The Wandering Earth’ at The Box Office?

On August 28, Fast & Furious: Hobbs & Shaw did RMB 59.51 million to hit a RMB929 million total from its 6-day release. ‘Ne Zha’ grossed RMB29.69 million on the same day for a cume of RMB457.1 million. As of Wednesday, Ne Zha has narrowed down the box office gap with The Wandering Earth to RMB 80 million. It is expected that by this weekend, Ne Zha will pass The Wandering Earth to top the box office charts of this year. In addition, with 34 consecutive days that daily grossing crosses the RMB100 million mark, this August will become the biggest months at the all-time box office in China. Read more on Mtime