Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to underperformance in film box office and a decrease in the overall Chinese film market [1][2]. Revenue Summary - The company achieved a total revenue of 4.082 billion yuan in 2024, a year-on-year decrease of 14.19% [1]. - Revenue breakdown: - Entertainment content services accounted for 48% of total revenue, generating 1.96 billion yuan, down 14.8% year-on-year [1]. - Online entertainment ticketing services contributed 47.1% with 1.922 billion yuan, a decline of 14.9% [1]. - Advertising services and others made up 4.9% with revenue of 201 million yuan, an increase of 1.2% [1]. Profit Summary - The company reported a net profit attributable to shareholders of 182 million yuan, a significant decrease of 80.02% year-on-year [1]. - Adjusted net profit was 310 million yuan, down 69.9% compared to the previous year [1]. Film Participation and Market Coverage - In 2024, the company participated in 63 domestic films, with 36 films under its direct control, achieving a total box office of 23.2 billion yuan [2]. - The company was involved in 8 out of the top 10 domestic films by box office in 2024, marking a historical high in participation and market coverage [2]. - Upcoming projects include the 3D animation "Time's Child" set to release on May 30, 2025, along with several other films in various stages of development [2]. Live Performance Market - The offline performance market saw record highs in both total attendance and GMV in 2024 [3]. - The company provided ticketing services for major domestic artists and international stars, enhancing its competitive edge [3]. - The company is expanding its ticketing services in Southeast Asia, the Middle East, and Latin America, aiming to strengthen its market position [3]. - Continuous updates to the "Maoyan Professional Version" and "Maoyan Research Institute" are being made to explore AI and film collaboration opportunities [3].

Group 1 - Company is a leading "technology + full entertainment" service provider in China, with a strong market position in online entertainment ticketing, entertainment content services, and advertising services [1] - Company holds a 60% market share in the film ticketing sector, making its performance highly sensitive to the film market [1] - Recent years have seen significant volatility in the film market due to the pandemic and supply cycles, impacting the company's performance [1] Group 2 - In 2024, company reported revenue of 4.082 billion yuan, a decrease of 14% year-on-year, primarily due to insufficient quality supply in the film market, with total box office down 22.6% to 42.5 billion yuan [2] - Entertainment content services revenue was 1.960 billion yuan, down 14.8% year-on-year, while online ticketing services revenue was 1.922 billion yuan, down 14.9% year-on-year [2] - Despite the decline in film ticketing, the live performance market grew, with ticket sales reaching 58 billion yuan, up 15%, and concert GMV increasing by 90% [2] Group 3 - Company achieved a net profit of 182 million yuan in 2024, a decline of 80%, attributed to increased costs from ticketing and poor performance of key films [3] - The company actively returned value to shareholders, repurchasing 50 million HKD worth of shares and maintaining a dividend of 0.32 HKD per share, yielding approximately 4.3% [3] - Future film releases are promising, with several projects in the pipeline, indicating potential for improved performance in key release periods [3] Group 4 - The film market is expected to recover in 2025, driven by the release of "Nezha 2," with an estimated total box office of 50 billion yuan [4] - Company forecasts revenue growth from 4.795 billion yuan in 2025 to 5.967 billion yuan in 2027, with corresponding net profit growth from 566 million yuan to 843 million yuan [4] - Based on comparable companies, a target price of 7.48-8.55 HKD is set, with an "outperform" rating assigned [4]

灯塔专业版数据分析师陈晋对《证券日报》记者表示，"五一档"数量和类型都比较丰富，良好的区分度 有利于降低同质化竞争，促进档期市场健康发展，满足观众的多样化需求。 猫眼娱乐为档期最大赢家 今年"五一档"，剧情片《水饺皇后》以期内1.85亿元票房领跑，影片上映6天累计票房达2.07亿元，也是 今年"五一档"唯一票房突破2亿元的新片，在29个省份暂列第一，灯塔AI票房预测数据显示，影片总票 房将达3.84亿元。 灯塔专业版数据显示，《水饺皇后》女性观众占比超过61%。从去年开始，《出走的决心》《好东西》 等一系列女性题材高口碑影片涌现。其中《好东西》最终票房超过7亿元，《水饺皇后》斩获"五一 档"票房冠军，都在印证女性影片的商业价值。 长三角电影市场研究中心专家陈丹对《证券日报》记者表示，当前中国电影市场存量观众里，女性用户 是市场主体，能获得女性关注的题材，票房表现相对会更好些。 值得一提的是，《水饺皇后》电影背后的主要出品方覆盖天津猫眼微影文化传媒有限公司（以下简 称"猫眼娱乐"）和阿里巴巴影业集团有限公司两家上市公司。 其中，猫眼娱乐也是今年"五一档"票房亚军《猎金·游戏》的主要出品方之一。该公司投资的两部电 ...

Core Viewpoint - The 2025 May Day holiday box office has exceeded 500 million yuan, with the film "Dumpling Queen" leading the charts, indicating a strong recovery and growth in the Chinese film market [1][8]. Box Office Performance - As of May 3, 2025, the total box office for the May Day period (May 1-5) reached 500 million yuan, with a total of 12.61 million tickets sold and an average ticket price of 39.6 yuan [3][6]. - The top three films during this period are "Dumpling Queen" (12.30 million yuan, 24.6% market share), "Hunting Gold: Game" (8.53 million yuan, 17.0% market share), and "Princess Mononoke" (4.88 million yuan, 9.8% market share) [6][8]. Film Details - "Dumpling Queen," released on April 30, 2025, is a drama based on the true story of Zang Jianhe, who rises from hardship to success through her dumpling business. The film is produced by companies including China Film, Maoyan Entertainment, and Alibaba Pictures [8]. - "Hunting Gold: Game," which premiered on May 1, 2025, focuses on the dark side of investment banking and is produced by Maoyan Entertainment [8]. - "Thunder Team," also released on April 30, 2025, is an action/adventure film featuring a team of anti-heroes [9]. Industry Growth - The Chinese film market has shown robust growth, with the first quarter of 2025 achieving a box office of 2.44 billion yuan, a year-on-year increase of 49.08%, and 520 million viewers, up 43.07% [10]. - The 2025 Spring Festival box office reached 9.51 billion yuan, setting new records for both box office and viewer numbers during this period [10]. Company Performance - Several film companies reported significant growth in their first-quarter earnings due to the strong performance of films like "Nezha 2." For instance, Light Media reported a revenue of 2.98 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.02 billion yuan, up 374.79% [10].

Core Viewpoint - The article highlights the strong box office performance of films during the May Day holiday period in 2025, with a total box office exceeding 400 million yuan, indicating a robust recovery and interest in the film industry [1][4]. Group 1: Box Office Performance - As of May 3, 2025, the total box office (including pre-sales) for the May Day holiday period has surpassed 400 million yuan, with the film "Dumpling Queen" leading the box office [1]. - The top three films during this period are "Dumpling Queen," "Hunting Gold: Game," and "Princess Mononoke" [1]. - "Dumpling Queen" is projected to exceed 400 million yuan in total box office, potentially becoming the box office champion for the May Day holiday [4]. Group 2: Film Details - "Dumpling Queen," directed by Liu Weiqiang and starring Ma Li, Hui Yinghong, and Zhu Yawen, is based on the true story of Zang Jianhe, who rises from hardship to success through her dumpling business [5]. - The film's production companies include China Film, Maoyan Entertainment, and Alibaba Pictures, indicating strong industry backing [5]. - "Hunting Gold: Game," set to release on May 1, focuses on the dark side of capital markets through the story of a finance graduate who uncovers investment traps [6]. - "Thunder Strike Team," released on April 30, features a team of anti-heroes facing dangerous missions, with distribution involvement from companies under China Film [6].

Core Insights - The ticketing system application industry in China is experiencing continuous growth driven by the rapid economic development and upgrading of consumer spending structures, with a market size projected to increase from approximately 328.22 billion yuan in 2022 to 407.83 billion yuan by 2024, indicating a strong growth potential [1][11]. Industry Definition and Classification - Ticketing system applications are software solutions based on computer and network technologies aimed at automating ticket management, sales, verification, and data analysis across various sectors such as events, performances, sports, tourism, and public transportation [2][4]. Industry Chain Analysis - The industry chain of ticketing systems consists of upstream technology and data support, midstream system development and operation, and downstream application scenarios and end-users, ensuring efficient service and stable operation [4]. Development History - The industry has evolved through three stages: initial manual operations in the 1980s-90s, the development phase with the rise of online platforms in the early 2000s, and the current mature phase characterized by mobile and intelligent advancements [6]. Current Industry Status - In 2022, the sales volume of performance tickets reached 71.62 million, with an average ticket price increasing from 100.5 yuan in 2013 to 125.5 yuan in 2022, reflecting a growing demand for ticketing systems to meet higher technical requirements [9][13]. Key Enterprises Analysis - Major players in the industry include Ctrip, Maoyan Entertainment, and Damai, each leveraging their strengths in technology and market presence to cater to diverse consumer needs, while also engaging in collaborations and mergers to foster innovation [15][19]. Future Development Trends - The industry is expected to see trends such as the rise of mobile and contactless services, cross-industry integration, and enhanced user experience optimization, driven by advancements in technology and changing consumer preferences [21][22][24].

Financial Performance - Revenue decreased by 14.2% from RMB 4,757.4 million in 2023 to RMB 4,082.2 million in 2024[9] - Gross profit fell by 31.9% from RMB 2,384.9 million in 2023 to RMB 1,625.0 million in 2024[9] - Net profit for 2024 was RMB 181.9 million, a decline of 80.0% compared to RMB 907.8 million in 2023[9] - Adjusted EBITDA decreased by 71.1% from RMB 1,249.7 million in 2023 to RMB 361.6 million in 2024[9] - Revenue decreased by 14.2% from RMB 4,757.4 million in 2023 to RMB 4,082.2 million in 2024, primarily due to insufficient supply of major films and a decline in overall box office performance[31] - Gross profit fell by 31.9% from RMB 2,384.9 million in 2023 to RMB 1,625.0 million in 2024, with gross margin decreasing from 50.1% to 39.8%[39] - Revenue from entertainment content services decreased by 14.8% from RMB 2,300.4 million in 2023 to RMB 1,959.8 million in 2024[33] - Online entertainment ticketing service revenue declined by 14.9% from RMB 2,258.6 million in 2023 to RMB 1,921.6 million in 2024, with the total box office in China for 2024 reported at RMB 42.5 billion, a 22.6% decrease from 2023[34] - Operating profit for 2024 was RMB 195.9 million, significantly down from RMB 1,098.2 million in 2023[44] - Other income decreased by 13.5% to RMB 44.2 million in 2024 from RMB 51.1 million in 2023, mainly due to a reduction in tax credits[43] - Income tax expense decreased to RMB 119.4 million in 2024 from RMB 245.8 million in 2023, mainly due to the decline in operating profit[46] - Adjusted net profit for 2024 was RMB 309.6 million, compared to RMB 1,029.0 million in 2023[50] - EBITDA for 2024 was RMB 322.6 million, a decrease from RMB 1,219.7 million in 2023[51] Box Office and Film Performance - The total box office for national films in 2024 was RMB 42.502 billion, down 22.6% from 2023[10] - The company participated in 63 domestic films in 2024, achieving a total box office of approximately RMB 23.2 billion[14] - The company controlled the distribution of 36 domestic films, setting historical highs in both quantity and box office share[15] - The company’s films ranked first in box office during major holiday periods in 2024, including New Year's Day and the Dragon Boat Festival[16] - The film "Silent Kill" achieved a box office of 1.351 billion yuan, becoming the second highest-grossing film of the summer 2024 season and received multiple awards and nominations at the 37th Tokyo International Film Festival and the 19th Changchun Film Festival[20] - The total box office in China reached RMB 24.2 billion as of March 26, 2025, with a record RMB 9.51 billion during the Spring Festival period, marking a historic high[27] Market and Strategic Initiatives - The revenue from live performance market increased by 15.37% to RMB 57.954 billion in 2024[10] - The company enhanced its promotional capabilities through collaborations with platforms like Baidu and Tencent, integrating AI technology into film marketing[14] - The company plans to enhance its strategic investment in entertainment content and strengthen its market position in film promotion and distribution[29] - The company aims to explore AI technology integration in film creation and expand commercial cooperation in regions like Hong Kong and Macau[29] - The company will continue to focus on the long-term development of animation films and maintain its competitive edge in the live entertainment sector[29] - The company aims to increase long-term investment in live entertainment and improve infrastructure and service capabilities to enhance market competitiveness[98] - The company will explore new growth opportunities, including collaborations in AI technology and new scene partnerships with cinemas[98] Cost and Expenses - The cost of revenue increased by 3.6% from RMB 2,372.5 million in 2023 to RMB 2,457.2 million in 2024, driven by rising content production and internet infrastructure costs[37] - Sales and marketing expenses increased by 11.5% from RMB 842.5 million in 2023 to RMB 939.8 million in 2024, attributed to higher marketing and promotional costs[40] Employee and Management - The company employs 896 full-time employees, primarily located in Beijing, Shanghai, and other cities in mainland China[63] - The company participates in various employee social security plans, contributing a specific percentage of employee salaries to these plans[64] - The company has a competitive compensation and benefits system, continuously improving its salary and incentive policies[63] - The company plans to continue granting share-based rewards to motivate employees for growth and development[63] - The company has a commitment to employee training to keep staff updated on industry developments and technological advancements[63] Shareholder and Dividend Information - The board proposed a final dividend of HKD 0.32 per share for the year ending December 31, 2024, subject to shareholder approval on June 25, 2025[110] - The company aims to distribute no less than 20% of the profit attributable to shareholders for the fiscal years 2025, 2026, and 2027, based on its dividend policy[112] - The company repurchased a total of 7,099,800 shares at a total cost of approximately HKD 49.75 million during the year ending December 31, 2024[123] - The repurchase aimed to enhance long-term shareholder value[123] Compliance and Governance - The company has adhered to all relevant Chinese laws and regulations without facing any compliance issues that could adversely affect its business or financial condition[102] - The company has received annual independence confirmation letters from all independent non-executive directors, confirming their independence[129] - The company has established a remuneration committee to determine director remuneration, which requires shareholder approval at the annual general meeting[134] Related Party Transactions - The annual cap for the film and television investment production cooperation framework agreement with Light Media Group is RMB 181.5 million, with actual transaction amount for the year ending December 31, 2024, being approximately RMB 8.8 million[184] - The annual cap for the film and television promotion framework agreement with Light Media Group is RMB 111.3 million, with actual transaction amount for the year ending December 31, 2024, being approximately RMB 99.3 million[187] - The annual cap for related transactions with Tencent Group for film and television promotion services is set at RMB 256.8 million, with actual transaction amounts around RMB 0.2 million as of December 31, 2024[195]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Views - The company is a leading provider of "technology + full entertainment" services in China, with a strong market position in online ticketing and film distribution, holding a 60% market share in movie ticketing [1][7] - The company's revenue for 2024 is projected to decline by 14% to 4.08 billion yuan, primarily due to a lack of quality film supply and a significant drop in the overall box office [2][25] - Despite short-term performance pressures, the company is actively returning capital to shareholders, with a buyback of 50 million HKD and a dividend of 0.32 HKD per share, corresponding to a yield of approximately 4.3% [3][26] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 182 million yuan, a decrease of 80% year-on-year, mainly due to increased costs associated with ticketing and poor performance of key films [3][26] - The company expects revenue growth from 2025 to 2027, with projected revenues of 4.80 billion, 5.41 billion, and 5.97 billion yuan, representing year-on-year growth of 17%, 13%, and 10% respectively [4][29] Market Outlook - The overall film market is expected to recover in 2025, driven by the release of "Nezha 2," with an estimated total box office of 50 billion yuan, a year-on-year increase of 18% [4][29] - The company has a robust pipeline of upcoming films, with several titles already scheduled for release, indicating potential for improved performance in key release periods [27][28] Competitive Position - The company maintains a strong competitive position in the online ticketing market, with a market share of approximately 60%, supported by significant shareholder resources and partnerships with major platforms like Tencent and Meituan [20][21] - In the content service sector, the company has increased its market share in film distribution, achieving nearly 50% in 2023, despite challenges in 2024 [21][25]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Viewpoints - The company's performance in 2024 was impacted by a weak film market, with total revenue of 4.082 billion yuan, a year-on-year decrease of 14.19%. The entertainment content service accounted for 48% of total revenue, online entertainment ticketing services 47.1%, and advertising services and others 4.9%. The net profit attributable to shareholders was 182 million yuan, down 80.02% year-on-year, while adjusted net profit was 310 million yuan, a decrease of 69.9% [2][5] Revenue Breakdown - Entertainment content services generated 1.96 billion yuan in 2024, a year-on-year decrease of 14.8%, primarily due to underperforming box office results of certain films. Online entertainment ticketing services brought in 1.922 billion yuan, down 14.9% year-on-year, attributed to a decline in the total box office of the Chinese film market. Advertising services and other revenues increased by 1.2% to 201 million yuan [9] Market Coverage and Competitive Strength - The company achieved record highs in both the number of films participated in and market coverage, with 63 domestic films released in 2024, including 36 films under its control, generating a total box office of 23.2 billion yuan. The company participated in 8 of the top 10 domestic films by box office in 2024 [9] Future Prospects - The company is optimistic about its content pipeline for 2025, with several films scheduled for release, including the first 3D animation "Time's Son" on May 30, and other animated films and projects in development. The live performance market is also showing strong demand, with the company providing ticketing services for both domestic and international artists [9] Technological Advancements - The company is continuously updating its "Cat Eye Professional Version" and "Cat Eye Research Institute," exploring more collaboration scenarios in "AI + Film." The "Cat Eye Professional Version" covers major global markets, providing domestic users with insights into overseas markets, while the "Cat Eye Research Institute" offers in-depth data services for films [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.3 based on a 2025 target PE of 15x, indicating a potential upside of 24% from the closing price of HKD 7.50 on April 1, 2025 [4][6]. Core Insights - The company plans to increase shareholder returns through a dividend of HKD 0.32 per share for the fiscal year 2024, amounting to approximately HKD 370 million, which exceeds the current profit [9]. - The company is expected to benefit directly from a recovery in the film market, with a projected increase in domestic box office revenue in 2025, driven by successful film releases [9][10]. - The offline performance sector is showing strong growth, with ticket sales expected to rise significantly, enhancing the company's market share [9]. - The profit forecast for 2025 and 2026 has been adjusted downwards due to cautious estimates regarding future box office performance [9]. Financial Data and Earnings Forecast - The company reported a revenue of HKD 4.08 billion in 2024, a decline of 14% year-on-year, with a net profit of HKD 1.8 billion, down 80% year-on-year [2][5]. - The adjusted net profit for 2025 is forecasted at HKD 6.58 billion, with a growth rate of 113% compared to 2024 [5][10]. - The earnings per share (EPS) for 2025 is projected to be HKD 0.57, with a net asset return rate of 6.75% [5][10].