CAse Study

北京国家会计学院赵小鹿光线传媒：内容平台为王，发行营销致胜

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Xiaolu ZHAO

Jan 2014

Enlight Media: Content King Winning through Marketing

On the first day of the 2014 Chinese lunar new year, a family-gathering movie

with the same name as one of the most popular television programs throughout

the country in 2013 -- "Where Are We Going, Dad? " landed on the Spring

Festival cinema screens, when people were immersed in the song sung at the

Spring Festival National Gala "where has all the time gone?" Thereafter, the

beginning of the new year witnessed the spectacular crowds swarming into all

the major cinema lines. The producer and distributer of this movie is Enlight Media. In recent

years Chinese films have attracted tens of thousands of people, from the beginning of "Lost in

Thailand", to “So Young", to "Chinese partners", and then to "Where Are We Going, Dad”. Behind

this a series of box office miracles, it is not difficult to find the figure of Enlight Media.

Beijing Enlight Media Co. Ltd.

Currently as the largest private multimedia video content provider and operator in China, Enlight

Media was established in 1998 and became a listed company on the Start-up board in Shenzhen

Stock Exchange on August 3, 2011. The company's main business is the production of television

programs and investment, production and distribution of movies and TV dramas. TV programs

include conventional TV columns and performing activities broadcasted on television. Television

programs and performing activities are independently produced by the company, with expected

revenue through sales of program copyright or advertising time; the company is primarily

involved in the investment and distribution of films and television dramas with

sparing involvement in the production. The revenue in this sector is composed of the movie box

office revenue sharing, TV broadcasting rights, audio-video copyright and income from

derivative products, etc. As the largest television program production company, the company

covers programs ranging from entertainment information, entertainment programs and lifestyle

programs.

Enlight Media has a nation-wide TV program joint broadcasting network covering all the major

regional cities, coupled with the national digital channels, the programs of Enlight Media are

showed on the Internet, public transportation, outdoor media and university campus, forming a

three-dimensional cross-coverage, strongly influencing the every day entertainment life of the

whole nation. Since entry into the film industry in 2006, the company has become the major

competitor of the private media igiant Huayi Brothers in just a few years through close interaction

and resource sharing with its TV business supported by the country's largest ground film

distribution network. From 2009 to 2012, the operating income grew from 264 million Yuan

to 1034 million Yuan, with the compound growth rate of 40%; the net profit grew from 12.88

Enlight Media: Content King Winning through Marketing-Special usage for ACCA Job Hunting Competition 2014

2 Copyright © BNAI

million Yuan to 310 million Yuan, with the compound growth rate of 122%. (Appendix A.)

The Culture and Media Industry in China

The culture media industry to which Enlight Media belongs is in a period of growth with rapid

development. In 2012, the movie box office income of 17.073 billion Yuan is translated into a

year-on-year growth of 30.18%, far higher than the growth rate of GDP. A few competitors

appear with a strong momentum. At present, the industry is led by 9 major companies

including Huayi, Enlight Media, Huace, etc. To support growth, all the companies have seen a

soaring demand for funds, which explains pretty clearly why companies like Huayi and Enlight

Media have taken an IPO in recent years.

The main business of Enlight Media is evolved from the television programs production industry,

the advertising industry, as well as the film and TV drama industry. The culture media industry

belongs to the high consumption areas of the economy, greatly influenced by macroeconomic

development particularly by people's income level and input in the spiritual and

cultural consumption. In recent years, Chinese people have seen increasingly solid material

basis in their life, with continuous improvement of quality of life, releasing tremendous cultural

products purchasing desire and consumption capacity. International experience shows that the per

capita GDP of $5000 is the outbreak point for cultural and entertainment consumption, and in

2011 China's per capita GDP level exceeded that figure. Film, television, animation and other

sectors of the cultural media industry will have a brilliant future in the coming year.

With the fastest developing film industry as an example, the movie box office revenue in 2005

was only 1.6 billion Yuan, in revenue in 2010 was 10.172 billion Yuan, exceeding the 10

billion milestone for the first time. Thereafter, the scale of the box office revenue was rapidly

expanded, with the revenue of 2013 reaching 21.769 billion Yuan (Appendix B). Enligh

Media entered the film industry in 2006. After several years of steady development, the company

realized development of its film business by leaps and bounds with its best-selling movie “Lost in

Thailand” at the end of 2012. For the first time the box office revenue became the largest in the

three major business sectors of the company (Appendix C), continuously shaking the leading

status of Huayi Brothers in the film industry.

Key to Success

Media and Entertainment Content as the King

Enlight Media can provide more than 2 hours of original program content every day, the content

scale and feeding ability based on which has helped Enlight Media stand with a strong foothold in

the program production industry that relies heavily on high quality contents. More

importantly, the core value of Enligh Media does not lie on a few good-rating entertainment

programs, but a gradually formed overall system covering creativity, planning,

production, packaging, distribution and advertising. Film companies main problem is how

to achieve business continuity. Given the experiences of Disney, Sony etc., the best solution at

present is the integration of media and entertainment. Therefore this system is not only a program

production line, but also a lifeline for the products to achieve their ultimate value. In China today,

Enlight Media is the only company that has both media and entertainment business, and that


3 Copyright © BNAI

enjoys the coordinated development of the two sectors.

In addition, Enlight media skillfully combined the advanced management experience of overseas

media industry with the current situation of television entertainment industry in China. Following

the concept of industrialization, production and management of TV programs has been

industrialized -- Enlight Media has achieved specialized divisions on each link in the production

of TV programs: the planning, production, packaging, distribution, advertising and value-added

services of television programs have all been undertaken by specialized divisions. The

streamlined operation mode, the standardized and integrated production mode, have enabled

Enlight Media to have the leading entertainment program production system in China.

Platform and satellite TV Channels as Key to Success

Enlight Media has the biggest domestic ground TV distribution network. At present, it has

established in China a program combined supply network covering 307 terrestrial

channels(including prefecture level city TV station and some provincial terrestrial

television), which has become the main channel for television programs and

advertisements operation. The company has combined program production and distribution via the

combined program supply network. The company has transformed from a simple program

production company to a media content operator, which has made program production as a

link, and the program combined supply network covering 307 Nation-wide Television

channels broadcasting more than 1200 premier programs daily as the program operation platform.

Specifically, Enlight Media’s program combined supply network has three modes. First is

the time slot supply network, i.e., Enlight Media signed sales agreement for a

single television program with a single TV station. The program broadcasting rights are changed

into in the advertising time in the program which is further operated in forms of pre-rolls or

implanted product placement. Broadcast time of a program in a TV station is generally determined

by the Enlight Media in consultation with the TV station. Second is the

channel supply network, i.e. Enlight Media signed cooperation agreement of more than five years

with a ground channel, and provide the cooperative channel with a package premier content of 6

hours (generally in the prime time program). The program is uniformly packaged by Enlight

Media, with 30% - 40% of the total advertising time (generally includes a patch of pre-rolls

and fixed time ads) independently operated by Enlight Media. Finally is the digital pay channels

and new media supply network. Enlight Media has created a a digital pay channel "new

entertainment channel" in collaboration with TOPV media. In addition, Enlight Media has actively

pushed programs to the new media such as the Internet, the mobile phone TV, expanding its

customer base to the special industry such as airport, railway, hospital and university, which

worked together in forming a new media supply network with broad coverage.

In the business model of combined supply network, Enlight provided programs for TV stations in

exchange for advertising time. The naming advertisement and pre-roll advertisement constitute

the main source of income for Enlight Media, while the TV station is responsible for

the final censoring and broadcasting of programs, and operate their own advertising

time. Thus, both sides form a partnership of common interests with high stability. As a result,

the channel risk and cash flow risk has fallen to the lowest while Enlight Media enjoyed rapid

development in its program production operations. With the expansion of cooperation channels in


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the supply network, the advertising value of Enligh Medai’s programs increased quickly, with its

marginal cost decreasing sharply. According to publicly disclosed information, the gross margin

of this sector of the company was more than 42% in 2012, far exceeding the 10% - 20% of the

same business sector of CTV Media and TIK Media.

Precise and Perfect Marketing as the Edge

Wang Changtian, Chairman of Board of Enligh Media, once said, "the film production system of

Enlight Media is different to other companies. We have the industry's most comprehensive system

covering both investment and distribution. Objectively speaking, no company can compete

with Enlight Media in terms of comprehensiveness of the system inside the industry." It is owing

to the perfect distribution network and accurate marketing planning that has made the

film business of Enlight Media totally different in recent years.

In the distribution network, Enlight Media has stationed distribution system in 70 cities. Its staff

communicated closely with local cinemas and media. Based on the intimate relations with the

cinemas, they have managed to get better timing and higher number of show time for the films

distributed by Enlight Media. On the contrary, neither Bona nor Huayi Brothers did not have

similar distribution network.

As for precision of marketing, Enlight Media will go to the local cinemas to learn

about common feelings of the audience, and develop a propaganda plan according to

the survey. Enlight Media has a series of plans from production to marketing, and from strategy

formulation to implementation. The marketing people even grasped all the places where young

people gathered most and the most popular restaurants in each city they stationed. They know

every cinema hall and each poster position; in their marketing planning they can put the most

appropriate content in the most suitable position at the most appropriate time.

In addition, Enlight Media has also attached great importance to the online marketing; from

"Lost in Thailand" to "Where Are We Going, Dad", every movie distributed by Enlight Media has

attracted great attentions through accurately positioned propaganda on the

micro-blog, Renren, and Douban, etc. prior to its premier show.

Concerns over the Prosperity

Volatility of Income

According to the annual report 2012 of Enlight Media, revenue of the first five series (four films

among which) accounted for more than half of total revenue of Enlight Media, especially the

movie "Lost in Thailand" alone accounted for 40% of the total revenue (Appendix D). Such a

big coincidence has brought certain potential risk for the future performance of the company.

At the same time, as one of the three main business, the performing arts activities have seen an

abrupt drop of 30% in the operating income, the original core business columns production has

also seen a slight decline (Appendix C). But the income volatility of movie making is far greater

than the column production and advertising. In the future, Enlight Media may have concerns over

its rising volatility of revenue in contrast to the stabilized revenue brought by column production

in the past, which can bring great potential risk to the future development of Enlight Media.


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Concerns Over high Accounts Receivable and Prepayments after the Explosive Growth

By the end of 2012, current assets amounted to1.85 billion Yuan, more than 86% of total

assets, including accounts receivable and prepayments which respectively accounted for 29%

and 21%. Stock accounted for 6% -- more than half of the current assets have been depleted by the

upstream and downstream. Despite factors of the advertising industry, this nevertheless reflects its

subtle position in the industrial chain.

Erosion of the Channel Edge in the Era of Mobile Internet

In the past, Enlight Media operated with a three-layer matrix mode marketing system composed of

the marketing department, the regional representatives and city sales representatives. The

marketing department is responsible for the integration of all the market resources and the

development of marketing strategy and distribution strategy, all of which have to be

finally implemented by the "sales representative" through close connection with the local cinemas

in their cities, extensive cooperation with local theaters, media, businesses considering the

market conditions, and individualized marketing to the selected audience. But Zhang Zhao, the

founder of this system, moved to LeTV in 2011 and had its system fully upgraded. The interaction

between online and offline demonstrated an explosive sensation that astonished the

Hollywood and also brought Enlight Media under great pressure after its loss in the bid for “Tiny

Times”..

Compared to other film companies, the resident distribution network and the nation-widel media

channels, coupled with the core competitiveness of "self-produce, self market, and self

sustain", perhaps can still make Enlight Media worriless in the next few years, but how to enter

the field of the Internet may be an issue that Enlight Media has to reconsider after the failure of

the two attempts of entry.

Appendix A：Financial Date of Enlight Media（fiscal year 2010 - 2012）

Unit：thousand Yuan

Item 2012 2011 2010

Gross Revenue 1,033,855 697,925 479,604

Operating Profit 371,316 210,931 119,136

Total Profit 392,422 214,891 134,957

net profit attributed to the shareholders ofthe company 310,219 175,796 112,822

net profit excluding non-recurring profit and loss attributedto t

he shareholders of the company

293,132 172,481 94,758

Source：Annual Report of Enlight Media of fiscal year 2012


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Appendix B：Growth of Box Office Revenue in China 2005-2013

Unit: 100 million Yuan

Source：China Film Association

Appendix C：Itemized Business Income of Enlight Media

Item Revenue of 2012

（Thousand Yuan）

Revenue of 2011

（Thousand Yuan）

Year-on-year

Change (%)

Column Production and

Advertisement

338,985 345,606 -1.92%

Performing Arts

Activities

49,971 73,785 -32.27%

Movies and TV Dramas 644,898 278,532 131.53%

Total 1,033,855 697,925 48.13%

Business

Income

（Thousand

Yuan）

Operating

cost

（Thousand

Yuan）

Gross

Margin

（%）

Change of

Business

Income

over the

previous

year（%）

Change of

Operating

Cost over

the

previous

Year（%）

Change of

Gross

Margin

Over the

previous

Year（%）


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Sectors

Media 1,033,855 582,933 43.62% 48.13% 41.34% 2.72%

Products

Column

Production and

Advertisement

338,985 194,833 42.52% -1.92% 19.22% -10.19%

Performing

Arts Activities

49,971 26,576 46.82% -32.27% -31.88% -0.3%

Movies and TV

Dramas

644,898 361,523 43.94& 131.53% 72.16% 19.33%


Appendix D：Top 5 in the Revenue of Movie and TV Dramas of Enlight Media in 2012

Item 2012

Total Income of the Top 5（thousand Yuan） 540,754

Percentage in Total Operating Income 52.30%


According to the above case data and other related information, please discuss and answer

the questions:

1. Analyze and evaluate the financial performance of the case company; 30 marks

2, Based on the above results combined with the main business of the company (columns

production and advertisement, performing arts activities, films and television dramas), discuss and

analyze discuss the relationship between financial performance and competitive strategy of the

company; 60 markts

3, according to the above conclusion, discuss the sustainability of financial performance

and business model of the case company. 10 marks


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Submission Requirements of Executive Summary

Beijing and Shanghai Region Deadline for Submissions:

9:00 (Beijing Time, GMT+8) Monday, 14th April, 2014

Chengdu Region Deadline for Submissions:

9:00 (Beijing Time, GMT+8) Friday, 18th April, 2014

Guangzhou Region Deadline for Submissions:

9:00 (Beijing Time, GMT+8) Sunday, 20th April, 2014

Each team should submit a written executive summary in English (with financial analysis) of

not more than 5 pages of A4 papers (including 1 cover page, 3 pages contents, 1 page

appendixes and references).

Submit 2 soft copies (both PDF and WORD format) through email to the regional office of

ACCA where youenrolled in the competition.

The subject of the email should be JHC2014+ University/ALP Name (ALP Name to be

replaced if your team presented as an ALP team)

Beijing Region: [email protected]

Shanghai Region: [email protected]

Guangzhou Region: [email protected]

Chengdu Region: [email protected]

The answer to question 2 should NOT exceed 800 words.

　 Font type: Arial

Font size: 11

　 Line Space: 1.15

　 Margin: 1 inch (2.54 CM) for each side

　 The text on the content pages should be aligned.

　 The cover page should include the title, University or ALP Name and names of each team

member. It should also include the mobile phone number, e-mail address and postal address

of the team leader.

　 The content pages should NOT include the names of team members and university.

Failure to follow the above requirements may render the executive summary unmarked and

result in disqualification from ACCA Job Hunting Competition 2014.

案例

Case Sponsor

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http://www.nai.edu.cn/

提供单位：北京国家会计学院

案例作者：赵小鹿

编写时间：2014 年 1 月

光线传媒：内容平台为王，发行营销致胜

2014 年农历新年，当人们还沉浸在春晚歌曲《时间都去哪儿了》的感动之时，大年初

一，一部与 2013 年红透全国的电视栏目——《爸爸去哪儿》的同名合家欢电影悄然登陆春

节档期。于是，新年伊始，全国各大电影院线都出现了场场爆满的火爆场面。而该电影的制

作方与发行方便是光线传媒。回想最近两年的华语电影，从《人再囧途之泰囧》开始，到《致

青春》、《中国合伙人》，再到《爸爸去哪儿》，这一系列票房神话的后面，不难找到光线传媒

的身影。

一、北京光线传媒股份有限公司

光线传媒（ENLIGHT MEDIA）成立于 1998 年，2011 年 8 月 3 日登陆深交所创业板，

是目前中国最大的民营多媒体视频内容提供商和运营商。公司主营业务是电视节目制作和影

视剧的投资制作和发行业务。电视节目包括常规电视栏目和在电

视台播出的演艺活动。电视栏目和演艺活动是公司自主制作发行，

通过节目版权出售或广告营销实现收入；影视剧主要是投资和发

行，少量参与制作，收入包括电影票房分账、电视剧播映权、音

像版权和衍生品收入等。作为国内最大的电视节目制作公司，其

栏目涵盖娱乐资讯、综艺节目和生活类节目。

光线传媒坐拥唯一覆盖了全国所有地市级以上城市的电视节目联播网，再加上全国性数

字频道，光线传媒的节目在互联网、公共交通、户外媒体和大学校园等等形成了立体交叉覆

盖，每天都在影响着全国人的娱乐生活。自 2006 年进军电影行业起，依托与自身电视业务

的紧密互动、资源共享和全国最大的地面电影发行网，在短短几年之间便成为民营传媒行业

巨头华谊兄弟的劲敌。2009——2012 年，营业收入由 2.64 亿元增长至 10.34 亿元，复合

增长率为 40%；净利润由 1288 万元增长至 3.10 亿元，复合增长率为 122%（附录 A）。

二、中国文化传媒行业

光线传媒所在的文化传媒行业处于快速发展的成长期。2012 年，全国电影票房收入

170.73 亿元，同比增长 30.18%，远高于 GDP 增长率。少数竞争者以强有力的态势出现。

目前行业内有华谊、光线、华策等主要 9 家公司。为支持增长，各公司资金需求达到高峰，

华谊、光线等公司纷纷在这几年进行了 IPO。

ACCA 2014 全国就业力大比拼案例光线传媒：内容平台为王，发行营销致胜

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光线传媒主营业务所处的行业为电视节目制作和广告行业，以及影视剧行业。文化传

媒行业属于大消费经济领域，受到宏观经济尤其是人民收入水平和精神文化消费投入的影响。近年来，我国居民的物质基础日益坚实，生活质量不断提高，释放出巨大的文化产品购买欲望和消费能力。国际经验显示，人均 GDP 5000 美元为文化娱乐消费爆发点，而 2011 年我国人均 GDP 水平便突破了这个数字。电影、电视、动漫等文化传媒行业的各个子行业在未来几年均大有可为。

从近几年发展最快的电影行业来看，2005 年，我国电影票房仅为 16 亿元，2010 年

首次突破百亿大关达到 101.72 亿元。在此之后，影市规模迅速扩大，2013 年更是达到了217.69 亿元（附录 B）。光线传媒 2006 年进入电影行业，经历了几年的稳健发展之后，2012年底成功以一部《人再囧途之泰囧》实现了电影业务的跳跃式发展，电影业务收入首次成为三大业务模块中最多的一块（附录 C），并不断冲击着华谊兄弟电影行业的龙头地位。

三、成功之道

1、传媒+娱乐内容为王

光线传媒每天能提供超过 2 小时原创节目内容，这样的内容规模和供片能力使得光线传媒在依赖高质量内容的节目制作领域站稳了脚跟。更重要的是，光线传媒最核心的价值不是几个收视率不错的娱乐节目，而是逐渐形成的由创意、策划、制作、包装、发行到广告的一整套体系。影视公司最主要的问题是如何实现业务的连续性，纵观迪士尼、索尼等的经验，目前最好的解决办法是传媒娱乐一体化。所以这套体系不仅是节目生产的流水线，更是产品实现最终价值的生命线。当下的中国，既有传媒业务，又有娱乐业务，并做到相互协调公共发展的只有光线传媒。

除此之外，借鉴工业化思路，光线传媒熟练地把境外传媒产业先进的管理经验与中国电

视娱乐产业现状相结合，实现了电视节目工业化生产和经营——光线传媒公司在电视节目的制作的各个环节均实现了专业化的分工：电视节目的策划、制作、包装、发行、广告以及增值服务等各个环节都有专门的分工。流水线的运营模式，标准化、集约化的制片模式，使得光线传媒拥有了中国领先的娱乐节目制作体系。

2、平台+卫视渠道制胜

光线传媒拥有国内最大的地面电视节目发行网。目前，它已在国内建立了覆盖 307 个地面频道（包括地市级城市电视台和部分省级地面电视台）的节目联供网，使其成为电视节目和广告运营的主要渠道。公司通过节目联供网这一形式，实现了节目制作与发行相结合，从单纯的节目制作公司转型为以节目制作为纽带、以覆盖全国 307 个电视频道每日首播1200 余频次的节目联供网为节目运营平台的传媒内容运营商。

具体而言，光线的节目联供网有三种模式。首先是时段联供网，是指光线传媒的单个电


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视节目分别与单个电视台签订节目销售协议，用节目播映权换取栏目中的广告时间并通过贴片广告、植入广告进行广告时间的运营。节目在各电视台的播出时间一般由光线传媒和每个电视台协商确定。其次是频道联供网，即光线传媒与电视台的一个地面频道签订五年以上的合作协议，每日向合作频道打包提供 6 小时的首播内容（一般在黄金时段），节目由光线传媒统一包装，总广告时间（一般包括贴片广告和时段广告）中的 30％—40％由光线进行独立运营。最后一种模式是付费数字频道和新媒体联供网。光线传媒与鼎视传媒联合打造了付费数字频道“新娱乐频道”。此外，光线传媒积极把节目推向互联网、手机电视等新媒体，拓展机场、铁路、医院、高校等特殊行业客户，形成了覆盖面广泛的新媒体联供网。

在联供网的商业模式下，光线传媒通过向各电视台提供节目来换取广告时间，栏目的冠

名广告和贴片广告构成了光线传媒的主要收入来源；而电视台则负责节目的终审与播出，并经营属于自己的广告时间。这样，双方便形成了一个利益共同体，具备很高的稳定性，所以光线传媒节目制作业务在迅速发展的同时其面临的渠道风险和现金流风险却降至最低。随着联供网合作频道的拓展，公司节目广告价值快速提升，边际成本又大幅下降。据公开信息披露，公司该业务毛利率 2012 年超过 42%，远超中视传媒、电广传媒同一业务的 10%—20%。

3、精准+完善营销绝尘

光线传媒董事长王长田曾说过，“光线传媒的电影制作体系跟别的公司不一样，我们拥有全行业最完善的从投资到发行的电影体系。客观地讲，行业内没有一家公司能在体系的完整性上跟光线竞争。”正是靠着完善的发行网络和精准的营销策划，使得光线的电影业务在这几年风生水起。

在发行网络上，光线在 70 个城市有驻站发行系统，工作人员每天跟当地的影院和媒体

打交道。凭借着和影院良好的关系，他们为光线代理发行的影片争取到更好的场次时间和更多的排片数量。而博纳影业和华谊兄弟就没有这样“阵地式”的发行网络。

在营销的精准上，光线传媒会深入地方去了解当地普通观众的感受，进而针对调研情况

制作宣传计划，从节目制作到行销，从策略制定到执行都有一系列方案。其工作人员甚至了解每一个其所在城市年轻人最聚集的地方、最热门的餐厅，了解每一个影院的大厅，每一个海报的位置，在营销策划时能将最合适的内容在最合适的时间放在最合适的位置。

除此之外，光线传媒也非常重视网络营销的重要地位，从《泰囧》到《爸爸去哪儿》每

一部光线发行的影片均在首映前便在微博、人人、豆瓣等进行了目标客户定位精准的宣传。

四、盛世隐忧

1、收入的波动性

光线传媒 2012 的年报显示，当年前五部剧（其中有四部电影）的营收占了光线传媒总


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营收一半以上，特别是《泰囧》，约占总营收四成（附录 D）。如此大的偶然性给该公司未来业绩增长带来一定风险。

与此同时，三大主营业务之一的演艺活动营业收入大幅下滑逾三成，原来的核心业务栏

目制作也略有下滑（附录 C）。但电影的收入波动性要远大于栏目制作与广告，在未来，以往依托栏目制作获得稳定收益的光线将收益波动上升的隐忧，这将给光线传媒的发展带来巨大的潜在风险。

2、爆发式增长后高应收账款与预付款的隐忧

2012 年底，流动资产 18.5 亿元，占总资产的 86%以上，其中应收账款、预付款分别占到 29%、21%，存货占 6%——即公司超过一半的流动资产被上下游占用。这虽有广告行业性因素的缘由，但从中也折射出其在产业链内的微妙地位。

3、移动互联网时代渠道优势被赶超

之前，光线传媒在营销上是一个以市场部、大区办事处以及城市销售代表相结合的三级矩阵式市场系统执行。市场部负责整合所有市场资源，确立营销策略以及发行策略，最终要落实到“销售代表”深入所在城市的影院，结合本地市场情况与当地的影院、媒体、商家展开合作，对观众进行针对性的分众营销。但这个系统的创始人张昭，在 2011 年转投乐视后将系统进行了全面升级，线上线下联动呈现的爆发力开始让好莱坞惊讶，也让在《小时代》竞标中输掉的光线备感压力。

相比于其他电影公司，驻地发行网络与全国媒体渠道，再加上“自产自销，自给自足”

的核心竞争力，或许仍然可以让光线在以后数年内后顾无忧，但如何进入互联网领域可能是光线在曾经两度尝试进入两次失败后，不得不再度考虑的事情。

附录 A：光线传媒主要财务数据（2010——2012 财年）单位：千元项目 2012 年 2011 年 2010 年

营业总收入 1,033,855 697,925 479,604

营业利润 371,316 210,931 119,136

利润总额 392,422 214,891 134,957

归属于上市公司股东的净利润 310,219 175,796 112,822

归属于上市公司股东的扣除非经常性损益的净利润

293,132 172,481 94,758

资料来源：光线传媒 2012 财年年报


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附录 B：2005——2013 年中国电影票房增长单位：亿元

资料来源：电影发行放映协会附录 C：光线传媒各项业务收入情况

项目 2012 年收入（千元） 2011 年收入同比增减(%)

栏目制作与广告 338,985 345,606 -1.92%

演艺活动 49,971 73,785 -32.27%

影视剧 644,898 278,532 131.53%

合计 1,033,855 697,925 48.13%

营业收入（千元）营业成本（千

元）毛利率（%）

营业收入比上年同期增

减（%）

营业成本比上年同期增

减（%）

毛利率比上年同期增

减（%）分行业

传媒 1,033,855 582,933 43.62% 48.13% 41.34% 2.72%

分产品

栏目制作与广告

338,985 194,833 42.52% -1.92% 19.22% -10.19%

演艺活动 49,971 26,576 46.82% -32.27% -31.88% -0.3%

影视剧 644,898 361,523 43.94& 131.53% 72.16% 19.33%

资料来源：光线传媒 2012 财年年报

系列2, 2005, 16系列2, 2006, 21

系列2, 2007, 27.88

系列2, 2008, 38.84

系列2, 2009, 60.19

系列2, 2010, 101.72

系列2, 2011, 131.15

系列2, 2012, 170.73

系列2, 2013, 217.69

2005‐2013中国电影票房增长


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附录 D：光线传媒 2012 年影视剧收入前五部占比资料来源：光线传媒 2012 财年年报

请根据以上案例资料及其他相关公开信息，讨论回答问题：

1、对案例公司的财务绩效进行分析与评价；30 分 2、在以上结果基础上，结合公司的主营业务（栏目制作与广告、演艺活动、影视剧），

讨论分析案例公司财务绩效与竞争战略的关系；60 分 3、根据以上分析结论，讨论案例公司财务绩效与商业模式的可持续性。10 分

项目 2012 年度

前五部影视剧收入总额（千元） 540,754

占全部营业收入的比例 52.30%

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