（原标题："中国奈飞2.0"呼之欲出！海通国际首予中国儒意(00136)"跑赢大市"评级 目标价4.5港元） 作为中国最大的纯订阅制流媒体平台，南瓜电影更注重内容质量并向付费用户进行个性化内容推荐。截 至2025年6月，平台已拥有约9930万注册用户和3810万付费用户，储备影视版权近百万部。该行认为， 随着独家内容的不断扩充和AI技术的赋能，南瓜电影正处于健康增长轨道。 游戏业务已成为公司最大的收入来源，2025年上半年贡献了总营收的55%。借助腾讯(00700)的支持与多 项并购，景秀游戏业务在2022至2024年间实现了近500%的复合年增长率，为公司提供了稳定的现金 流。 总体而言，海通国际认为，凭借近20年的经验、战略投资以及腾讯的赋能，中国儒意正朝着构建类似奈 飞的高质量独家内容库迈进，该内容库同时服务于在线用户(通过南瓜电影)和线下用户(通过万达电 影)，旨在成为一个线上线下融合的影视娱乐平台。 该行预测，中国儒意2025至2027年的调整后净利润将分别达到24.2亿元、26.3亿元和27.3亿元。基于 PEG估值法，参考同业平均PEG水平0.8倍及公司30%的净利润复合年增长率，得出目标价4. ...

游戏业务已成为公司最大的收入来源，2025年上半年贡献了总营收的55%。借助腾讯(00700)的支持与多 项并购，景秀游戏业务在2022至2024年间实现了近500%的复合年增长率，为公司提供了稳定的现金 流。 海通国际发布研报，首次覆盖中国儒意(00136)，给予"跑赢大市"评级，目标价定为4.50港元。报告指 出，中国儒意作为中国影视行业全价值链的市场领导者，展现出长期发展成为"中国版奈飞2.0"的潜 力。 该行指出，中国儒意业务布局广泛，涵盖内容制作与发行(儒意影业)、在线流媒体(南瓜电影)、影院放 映(万达电影)、网络游戏(景秀游戏)及IP衍生品等多个领域。据灯塔专业版数据，公司已创作和投资超 过100部影视版权，累计票房约400亿元人民币。在2024财年及2025年上半年，公司总营收分别为37亿元 (人民币，下同)和22亿元，调整后净利润则大幅增长至12.5亿元及13亿元。 细分来看，公司以"制片人中心制"为核心模式，对内容主题、制作和质量拥有强大把控力，成功推出了 《你好，李焕英》、《热辣滚烫》和《送你一朵小红花》等多部高票房影片。此外，通过控股万达电 影，中国儒意不仅增强了影院放映能力，还获得了 ...

China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 有關訂立有關根據一般授權發行新股份之 第二份補充協議之補充公告 茲提述中國儒意控股有限公司（「本公司」）日期為二零二五年八月一日就根據一般授權發行 新股份的公告、二零二五年九月十二日就訂立有關根據一般授權發行新股份之第一份補充 協議的公告及二零二五年九月二十四日就訂立有關根據一般授權發行新股份之第二份補充 協議的公告（「該等公告」）。除另行界定者外，本公告所用詞彙與該等公告所界定者具有相 同涵義。 本公司謹此提供有關認購事項的以下額外資料。 Infini Global Master Fund（「基金」）乃認購方管理的聲譽良好的國際多策略基金。基金具有廣 泛多元的投資組合，包括於香港及全球市場上市公司的股權投資。據本公司了解，作為一 家聲譽良好的國際多策略基 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國儒意控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00136 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.02 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.02 | HKD | | 2,000,000,000 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 訂立有關根據一般授權發行新股份之第二份補充協議 茲提述中國儒意控股有限公司（「本公司」）日期為二零二五年八月一日就根據一般授權發行 新股份的公告及二零二五年九月十二日就訂立有關根據一般授權發行新股份之第一份補充 協議的公告（「該等公告」）。除另行界定者外，本公告所用詞彙與該等公告所界定者具有相 同涵義。 於二零二五年九月二十四日，本公司與認購方訂立認購協議之第二份補充協議（「認購補充 協議二」），並與配售代理訂立配售協議之第二份補充協議（「配售補充協議二」）。認購補充 協議二及配售補充協議二的主要條款如下： – 1 – 1. 各方同意將第二批認購股份（ 910,000,000股認購股份 ）分為兩批配發及發行（ 分別為「第 二A批認購事項」及「第二B批認購事 ...

Core Insights - China Ruyi has received a significant boost with Sunshine Insurance and its affiliates increasing their stake by 40 million H-shares, valued at approximately HKD 113 million, indicating strong investor confidence [1] - The inclusion of China Ruyi in the FTSE China Large Cap Index is a landmark event, reflecting international capital recognition and is expected to enhance the company's value [1][2] Group 1: Index Inclusion Benefits - Inclusion in the FTSE China Large Cap Index brings substantial benefits such as increased liquidity and valuation levels, as FTSE Russell is a leader in the global index industry with around USD 20 trillion in assets benchmarked to its indices [1] - The index's focus on large-cap stocks with high liquidity and industry leaders provides a strong endorsement of China Ruyi's market position and competitive strength, which is likely to positively influence its stock price and attract quality capital [2] Group 2: Financial Performance - In the first half of the year, China Ruyi reported robust financial performance with revenue of CNY 2.206 billion, a year-on-year increase of 20%, and a net profit of CNY 1.228 billion, marking a turnaround from losses [3] - The adjusted net profit reached CNY 1.303 billion, reflecting a significant year-on-year growth of 140%, indicating a notable improvement in profitability and sustainable growth potential [3] Group 3: Business Segments and Growth Drivers - China Ruyi's core business segments are driving growth, with a focus on high-quality content production and diversified strategies in film and television, leading to strong audience engagement and revenue generation [4] - The gaming segment, particularly the "JINGXIU" brand, achieved revenue of CNY 1.21 billion, a 40% increase year-on-year, highlighting its role as a key growth engine [5] - Innovative product strategies and collaborations in the gaming sector have resulted in significant market success, with new titles achieving top rankings and substantial revenue [6] Group 4: Technological Integration - The integration of AI technology across various business lines is enhancing operational efficiency and product experience, exemplified by advancements in gaming that improve modeling efficiency by approximately 70% [7] - The overall industry environment is improving, with policy support in the film and television sectors, providing a favorable backdrop for China Ruyi's multi-engine growth strategy [7]

Core Insights - China Ruyi has successfully entered the FTSE China Large Cap Index, marking a significant recognition of its investment value by international capital [1] - This inclusion is expected to attract broader capital attention, potentially triggering passive fund allocations such as index funds, which may enhance liquidity and valuation levels [1] Financial Performance - In the first half of the year, China Ruyi reported strong overall operating performance, with revenue reaching 2.206 billion yuan, a year-on-year increase of 20% [1] - The net profit amounted to 1.228 billion yuan, indicating a turnaround from previous losses [1] Business Segments - The core gaming business brand "Jingxiu" achieved a revenue growth of 40% year-on-year in the first half of the year, showcasing the advantages of the company's industrial layout and collaborative driving of its core segments [1]

Core Viewpoint - The inclusion of China Ruyi in the FTSE China Large Cap Index signifies international capital recognition of its investment value, which is expected to further enhance its value release [1][2]. Group 1: Benefits of Index Inclusion - Inclusion in the FTSE China Large Cap Index brings substantial benefits such as increased liquidity and valuation levels [2]. - FTSE Russell is a leader in the global index industry, with approximately $20 trillion in assets benchmarked to its indices, making it a significant indicator for global investors [2]. - The characteristics of the FTSE China Large Cap Index, which focuses on industry leaders, provide strong endorsement of China Ruyi's market position and competitive strength [3][4]. Group 2: Underlying Logic of Inclusion - The selection for the FTSE China Index reflects the company's "value creation capability" and "growth certainty," with newly included stocks showing strong performance in 2023 [5]. - China Ruyi reported strong financial performance in the first half of the year, achieving revenue of 2.206 billion yuan, a year-on-year increase of 20%, and a net profit of 1.228 billion yuan, marking a turnaround from losses [5][6]. - The company's core segments are driving growth, showcasing its ability to open up revenue and profit growth spaces [6]. Group 3: Business Performance Highlights - In content production, China Ruyi adheres to a premium strategy, producing high-quality content while expanding its audience reach [7]. - The company maintained a leading position in the film industry, with notable box office successes from films like "The Murderer 3" and "Love You, Love You Not" [7]. - In the gaming sector, the core brand "JINGXIU" achieved revenue of 1.21 billion yuan, a 40% year-on-year increase, contributing significantly to overall performance [10]. Group 4: Innovation and Technology Integration - China Ruyi is leveraging AI technology across its operations to enhance efficiency and product experience, exemplified by advancements in gaming through computer vision and motion transfer algorithms [13][14]. - The integration of AI is becoming a core productivity driver for the company, potentially enhancing its competitive edge and accelerating profit release [14]. - The overall industry is experiencing a recovery, supported by favorable policies, which allows China Ruyi to maximize its multi-engine growth capabilities [14].

Group 1 - The core viewpoint of the article highlights that China Ruoyi (00136) has seen a stock price increase of over 3%, currently trading at 2.99 HKD, with a trading volume of 14.72 million HKD [1] - FTSE Russell recently updated its semi-annual adjustment list for the FTSE Global Equity Index Series, and China Ruoyi has been included in the FTSE China Large Cap Index, which consists of companies with large market capitalization, high liquidity, and industry leaders [1] - Tianfeng Securities predicts a steady recovery in the film industry by 2025, suggesting that leading film companies like China Ruoyi will enhance their competitive advantages and market share, supported by the orderly launch of gaming projects and the growth of streaming services [1] Group 2 - In the first half of 2025, China Ruoyi's content production revenue reached 570 million CNY, a significant year-on-year increase of 1085%, primarily driven by the strong box office performance of several key films [1] - The company ranks among the top in the industry in terms of both the number of films produced and box office results, with a robust pipeline of upcoming projects including "You Have a Cloud Like You," "We Live in Nanjing," and several collaborations with Light Chaser Animation [1] - The gradual release of these upcoming projects is expected to contribute positively to the company's content production business performance [1]

Group 1 - The core viewpoint is that China Ruyi (00136) has seen a stock price increase of over 3%, currently at 2.99 HKD, with a trading volume of 14.72 million HKD, following its inclusion in the FTSE China Large Cap Index due to its market capitalization and liquidity [1] - The FTSE Russell Index recently updated its semi-annual adjustment list for the FTSE Global Equity Index Series, which included China Ruyi as a leading enterprise in the film industry [1] - Tianfeng Securities predicts a steady recovery in the film industry by 2025, which will enhance the competitive advantage and market share of quality film leaders like China Ruyi, alongside the orderly launch of gaming projects contributing to performance elasticity [1] Group 2 - In the first half of 2025, China Ruyi's content production business revenue reached 570 million CNY, a significant increase of 1085% year-on-year, primarily driven by the excellent box office performance of several major films [1] - The company ranks among the top in the industry in terms of the number of films produced and box office results, with a strong pipeline of projects including "You Have a Cloud Like You," "We Live in Nanjing," and others [1] - The gradual release of these reserve projects is expected to contribute to the company's performance growth in the content production sector [1]