On May 9, the Xinjiang Regulatory Bureau of the China Securities Regulatory Commission issued a penalty announcement, which took administrative supervision measures against Bona Film (001330.SZ) and Chairman Yu Dong and then Financial Director Qi Zhi due to matters such as non-operating funds occupation and information disclosure violations. The ticket directly points to the internal governance loopholes of the company, and also exposes the capital operation dilemma led by Chairman Yu Dong.

The Xinjiang Securities Regulatory Bureau stated that after investigation, in 2022, Bona Film and its subsidiaries provided 210 million yuan of funds to the company's director and vice president Qi Zhi and his affiliates through the form of paying trust funds, forming non-operating funds for other affiliates. In 2023, Bona Film and its subsidiaries provided a total of 261 million yuan in funds to Yu Dong and its affiliates through the third form of payment of trust funds, constituting the controlling shareholder's non-operating funds.

As of the end of December 2024, the above-mentioned funds occupied have been returned, and Bona Film has not disclosed the non-operating capital transactions with other related parties and controlling shareholders as required. According to relevant regulations, the Xinjiang Securities Regulatory Bureau decided to take supervision and management measures to order Bona Film to correct the situation. Supervision and supervision determined that Chairman Yu Dong and Vice President Qi Zhi did not perform their duties diligently and took supervision and management measures to issue warning letters to Dong and Qi Zhi, and recorded them in the capital market integrity file.

Bona Film said that this administrative supervision measure will not affect the company's daily production, operation and management activities, and the company will strictly fulfill its information disclosure obligations in accordance with regulatory requirements and relevant laws and regulations.

As the core figure of the incident, this storm has aggravated the market's concerns about the financial risks of winter. In April 2025, Bona Films issued an announcement stating that Yu Dong's 137 million Bona shares were frozen for three years, and the shares accounted for 48.70% of his personal shares and 10% of the company's total share capital.

Since this part of the equity involves a high proportion of pledge, and the market value of frozen equity has shrunk by more than 50% compared with the pledge, Yu Dong's financial stability has been questioned under the transmission of multiple risks.

According to data, after Bona Film Group went public in 2022, Yu Dong pledged 137 million shares to CITIC Trust to obtain financing. At that time, the company's stock price was around 10 yuan. As of May 9, 2025, the company's stock price had fallen to 4.41 yuan, with a market value of only 6.062 billion yuan. The pledged shares faced serious pressure to close positions. As of the end of the first quarter of 2025, Yu Dong's shareholding ratio was 20.53%. If the company's share price continues to decline, the pledged shares may be forced to close.

This financial crisis resonates with Bona Film's operating difficulties. Since its listing, Bona Film's revenue has declined for three consecutive years and its losses have continued to expand. According to the financial report, from 2022 to 2024, the company achieved revenue of 2.012 billion yuan, 1.608 billion yuan and 1.461 billion yuan, a year-on-year decrease of 35.60%, 20.06%, and 9.12% respectively; net profit attributable to shareholders was 75.51 million yuan, 553 million yuan and 867 million yuan, respectively, with losses expanding by 120.82%, 631.86%, and 56.87% respectively.

The continued deterioration of financial conditions is mainly due to the overall poor performance of Bona Film's films invested in recent years, and the high-leverage-supported heavy asset production model has caused its operating costs to surge. The first quarter financial report of 2025 shows that the company's main control film "Operation Dragon" cost 1 billion yuan but only achieved a box office of 354 million yuan, resulting in a huge loss of 950 million yuan in a single quarter, with the loss exceeding the full year of 2024.

Since "Changjin Lake", Bona Film has continued to increase its investment in military main themes, but in recent years, the "main theme + big production" model that Bona Film has bet on has shown signs of fatigue. "Operation Dragon" has exposed flaws such as thin narrative and failed character creation. The positioning deviation of the Spring Festival period has even made it fall into a disadvantage in film scheduling. "Legend" released in 2024 had a box office of 80 million yuan and "Dog Array" had a box office of 32.69 million yuan, both of which did not meet expectations.

In contrast, Light Media has attracted much attention during the Spring Festival with its diversified layout of animated films and genre films. When the industry enters a new cycle of "content quality-driven + light asset operation", Bona Films is still trapped in the old model of "capital leverage to leverage heavy asset production". The inefficient resource allocation caused by governance defects has formed a vicious cycle of continuous blood loss in performance.

As of the end of the first quarter, Bona Film's book cash was 1.517 billion yuan, short-term loans were 618 million yuan, long-term loans were 1.961 billion yuan, and net cash flow generated by operating activities was 28.8276 million yuan. The risk of cash flow breakage increased sharply, and the book cash was barely maintained by borrowings from related parties. As of the end of the first quarter, the company's owners' equity attributable to shareholders of listed companies shrank by 18.06% from the end of the previous year to 4.326 billion yuan.

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[Editor in charge: Yuan Xindi PF182]