Investment Rating - The report has downgraded the investment rating to "Accumulate" due to short-term performance pressure [4]. Core Views - The company is expected to achieve total revenue of RMB 2.48 billion in 1H25, a year-on-year increase of 14.3%, driven by the recovery of the Chinese film market and an increase in self-produced films [1]. - The forecasted net profit attributable to shareholders for 1H25 is RMB 170 million, a year-on-year decrease of 41.9%, primarily due to losses from self-produced films and increased investment in performance business [1]. - The online entertainment ticketing revenue is projected to be RMB 1.19 billion in 1H25, reflecting a year-on-year increase of 13.4% [2]. - The entertainment content service revenue is expected to reach RMB 1.19 billion in 1H25, a year-on-year increase of 16.5% [3]. - The gross profit margin for 1H25 is anticipated to be 39.2%, a decrease of 14.1 percentage points year-on-year, mainly due to low ROI from self-produced films and increased costs from infrastructure investments in the performance business [3]. Revenue and Profit Forecast - The revenue forecast for 2025 and 2026 has been revised down to RMB 4.4 billion and RMB 4.8 billion respectively, reflecting a decrease of 4% from previous estimates [4]. - The net profit forecast for 2025 and 2026 has been significantly reduced to RMB 320 million and RMB 520 million, representing a decrease of 56% and 42% from previous estimates [4]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.28, with a price-to-earnings (P/E) ratio of 24 [5]. Market Performance - The total box office revenue in China for 1H25 is expected to reach RMB 29.231 billion, a year-on-year increase of 22.91% [2]. - The performance market for large-scale commercial shows has shown moderate growth, with ticket revenue during the "May Day" holiday reaching RMB 1.212 billion, a year-on-year increase of 5.12% [2].

Investment Rating - The report has downgraded the investment rating to "Accumulate" due to short-term performance pressure [4]. Core Views - The company is expected to achieve total revenue of RMB 2.48 billion in 1H25, representing a year-on-year increase of 14.3%, driven by the recovery of the Chinese film market and an increase in self-produced films [1]. - The forecasted net profit attributable to shareholders for 1H25 is RMB 170 million, a decline of 41.9%, primarily due to losses from self-produced films and increased investment in the performance business [1]. - The online entertainment ticketing revenue is projected to be RMB 1.19 billion in 1H25, up 13.4% year-on-year, supported by a strong film box office performance [2]. - The entertainment content service revenue is expected to reach RMB 1.19 billion in 1H25, reflecting a 16.5% year-on-year increase, despite some self-produced films underperforming [3]. - The gross profit margin for 1H25 is anticipated to be 39.2%, down 14.1 percentage points year-on-year, due to low ROI from self-produced films and increased costs from infrastructure investments in the performance business [3]. Revenue and Profit Forecast - The revenue forecast for 2025 and 2026 has been adjusted down to RMB 4.4 billion and RMB 4.8 billion respectively, reflecting a decrease of 4% from previous estimates [4]. - The net profit forecast for 2025 and 2026 has been revised down to RMB 320 million and RMB 520 million respectively, a significant reduction of 56% and 42% from previous estimates [4]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.28, with a price-to-earnings (P/E) ratio of 24 [5].

Group 1 - The core viewpoint of the report indicates that the mainland movie box office experienced a year-on-year growth of approximately 23% in the first half of the year, primarily driven by the success of "Nezha 2," which accounted for half of the total box office [1] - Recent months have shown a continuous decline in box office performance, with July experiencing a double-digit percentage drop [1] - The films released and produced by Maoyan Entertainment had a lackluster performance in the first half of the year, with "Flames on the Plain" and "Traveling Through the Moon" recording box office revenues of approximately 19 million and 189 million respectively [1] Group 2 - Based on the latest trends, the company has revised its full-year box office forecast down from 50 billion to 46 billion [1] - The full-year revenue and non-International Financial Reporting Standards profit forecasts have been adjusted downwards by 8% and 15% respectively [1] - The company maintains a "Buy" rating, with the target price revised down from 9.2 HKD to 8.6 HKD [1]

智通财经获悉，猫眼娱乐(01896)早盘跌超6%，截至发稿，跌6.13%，报7.51港元，成交额1.1亿港元。 消息面上，据拓普数据，截至8月4日14时，2025年暑期档总票房(含服务费)70.54亿元。中泰证券指出， 今年暑期档的前半程相对平淡，从6月1日至7月17日，累计票房不到35亿元。随着《长安的荔枝》、 《罗小黑战记2》、《南京照相馆》等影片的上映，带动暑期档热度抬升，仅两周后累计票房实现翻 倍。该行指出，2024年暑期档票房为116.41亿元，今年有望实现明显的同比改善。 中金发布研报称，预计猫眼娱乐或于8月中下旬发布上半年业绩，预计期内收入25.02亿元，同比增长 15.3%；归母净利润1.65亿元，同比下降42.4%；Non-IFRS归母净利润2.19亿元，同比下降37.8%，低于 市场预期，主要因主投影片票房不及预期，而毛利率低于预期。该行指出，上半年公司参与多部影片， 包括主发春节档《唐探1900》、五一档《水饺皇后》等；自制《时间之子》《人生会议》《平原上的火 焰》等，但票房表现相对一般，根据猫眼专业版，以上三部票房分别为1.89亿元、551万元、1908万 元，结合票房表现，可能有亏损 ...

Group 1 - Cat's Eye Entertainment (01896) experienced a decline of over 6%, currently trading at 7.51 HKD with a transaction volume of 110 million HKD [1] - As of August 4, the total box office for the summer season in 2025 reached 7.054 billion CNY, with a relatively quiet first half of the summer season from June 1 to July 17, accumulating less than 3.5 billion CNY [1] - The release of films such as "The Lychee of Chang'an," "The Legend of Hei 2," and "Nanjing Photo Studio" has boosted the summer box office, doubling the cumulative box office in just two weeks [1] Group 2 - CICC's report anticipates that Cat's Eye Entertainment will release its first half performance in mid to late August, projecting revenue of 2.502 billion CNY, a year-on-year increase of 15.3% [2] - The expected net profit attributable to shareholders is 165 million CNY, a year-on-year decrease of 42.4%, while the Non-IFRS net profit is projected at 219 million CNY, down 37.8%, falling below market expectations [2] - The underperformance of films in which the company invested, along with lower-than-expected gross margins, contributed to the profit decline, with notable films like "Detective Chinatown 3," "Dumpling Queen," and "The Time of Sons" performing below expectations [2]

Group 1 - Cat's Eye Entertainment's stock dropped over 6%, currently at 7.51 HKD with a trading volume of 110 million HKD [1] - As of August 4, the total box office for the summer season reached 7.054 billion CNY, with a significant increase in ticket sales following the release of several films [1] - The first half of the summer season was relatively weak, with a cumulative box office of less than 3.5 billion CNY from June 1 to July 17, but saw a doubling of ticket sales in the following two weeks [1] Group 2 - CICC forecasts that Cat's Eye Entertainment will release its first half performance report in mid to late August, expecting revenue of 2.502 billion CNY, a year-on-year increase of 15.3% [2] - The expected net profit attributable to shareholders is 165 million CNY, a year-on-year decrease of 42.4%, with Non-IFRS net profit at 219 million CNY, down 37.8%, below market expectations [2] - The underperformance in box office revenue from films the company invested in, along with lower-than-expected gross margins, contributed to the profit decline [2]

Core Viewpoint - The company is expected to report a decline in Non-IFRS net profit for 1H25, primarily due to underperformance in film ticket sales and lower-than-expected gross margins [1][2]. Group 1: Financial Performance - The company anticipates a revenue of 2.5 billion yuan for 1H25, representing a year-on-year increase of 15.3% [1]. - The expected Non-IFRS net profit for 1H25 is 219 million yuan, a decrease of 37.8% year-on-year, which is below market expectations [1]. - The company's gross margin for 1H25 is projected to be 39%, reflecting a year-on-year decline [2]. Group 2: Ticketing Business - The film ticketing business is expected to grow by 12%, while the live entertainment ticketing revenue is projected to remain flat due to fee impacts [1]. - The online film ticketing revenue for 1H25 is estimated at 1.006 billion yuan, showing an increase of 11.6% [1]. - The overall online entertainment ticketing revenue is expected to grow by 10% to 1.149 billion yuan [1]. Group 3: Film Production and Releases - The company has participated in several films for 1H25, including "Detective Chinatown 1900" and "Dumpling Queen," but their box office performances have been average, potentially leading to losses [2]. - Upcoming summer releases include multiple films, which are expected to contribute evenly to the company's profits [2]. - The company has a pipeline of films for future releases, suggesting a focus on improving box office performance [2]. Group 4: Market Outlook and Valuation - The company has revised down its 2025 box office forecast by 11% to 49 billion yuan due to industry volatility [2]. - The Non-IFRS net profit forecasts for 2025 and 2026 have been reduced by 33.5% and 14.4%, respectively [2]. - The target price has been adjusted down by 17.6% to 8.4 HKD, indicating a potential upside of 5.1% [2].

Core Insights - The summer box office for 2025 is projected to reach 70.54 billion yuan with 186 million attendees and an average ticket price of 37.9 yuan, indicating a strong performance compared to previous years [1][2] - The release of several films such as "Nanjing Photo Studio" and "Longan's Lychee" has significantly boosted box office numbers, with the latter achieving over 15.49 billion yuan in total box office [2][3] - The animation film "The Little Black Warrior 2" has also performed well, grossing 3.52 billion yuan and collaborating with various brands for merchandise and promotions [3] Industry Performance - The first half of the summer box office was relatively slow, with total earnings below 35 billion yuan from June 1 to July 17, but recent releases have doubled the cumulative box office in just two weeks [2] - The summer box office for 2024 was 116.41 billion yuan, and this year is expected to show significant year-on-year improvement [1][3] Investment Opportunities - Companies involved in film content production, cinema chains, online ticketing platforms, and film rights management are seen as potential investment opportunities due to the rich supply of quality films this summer [1][3] - Specific companies to watch include Shanghai Film, Wanda Film, Hengdian Film, China Film, Maoyan Entertainment, Damai Entertainment, Jiechengtong, and Zhongwen Online [1][3]

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7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 貓眼娛樂 | | | | | | 呈交日期: | 2025年8月4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) | 01896 | 說明 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 ...

Group 1 - The core viewpoint of the articles indicates that Cat Eye Entertainment (01896) has seen a rise in stock price, with a notable increase of over 4% in early trading, and currently trading at 7.87 HKD with a transaction volume of 31.53 million HKD [1] - According to Changjiang Securities, the first half of the summer box office lacks major blockbuster films, leading to low overall market enthusiasm. However, with the release of "Nanjing Photo Studio" on July 25, the predicted box office in mainland China is expected to soar from 1.295 billion to 3.205 billion, potentially becoming the first film to break 3 billion in box office since the 2025 Spring Festival [1] - Citigroup highlights that the first blockbuster of the summer season in mainland China may have already emerged, which is expected to boost industry sentiment. Cat Eye Entertainment, as the largest ticketing platform in China, is likely to benefit from this trend [1] Group 2 - The report mentions that Cat Eye Entertainment's films "Lychee of Chang'an" and "The Stage" have received positive reviews, indicating that their box office performance is likely to continue to improve [1] - Upcoming films such as "Wang Wang Mountain Little Monster," set to be released on August 2, are anticipated to further enhance market confidence and contribute to the overall positive trend in summer box office performance [1]