(Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Stock Code 1896 Interim Report 2025 中期報 告 Interim Report 2025 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 首席執行官報告 | 4 | | 管理層討論及分析 | 11 | | 其他信息 | 20 | | 中期財務資料審閱報告 | 31 | | 中期簡明綜合全面收益表 | 32 | | 中期簡明綜合財務狀況表 | 34 | | 中期簡明綜合權益變動表 | 36 | | 中期簡明綜合現金流量表 | 38 | | 中期財務資料附註 | 40 | | 釋義及詞彙表 | 90 | 公司資料 董事會 執行董事 鄭志昊先生 （首席執行官） 非執行董事 王長田先生 （董事長） 李曉萍女士 王牮女士 孫忠懷先生 陳少暉先生 唐立淳先生 獨立非執行董事 汪華先生 陳尚偉先生 尹紅先生 劉琳女士 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 審核委員會 陳尚偉先生 （主席 ...

9月11日，港股三大指数集体下跌，均止步4连涨行情，市场做多情绪趋于谨慎。 截止收盘，恒生指数跌0.43%险守26000点大关，国企指数、恒生科技指数分别下跌0.73%及0.24%。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | 7 | 26086.32 | -113.94 | -0.43% | | 800000 | | | | | | 国企指数 | intrieter | 9260.25 | -67.91 | -0.73% | | 800100 | | | | | | 恒生科技指数 | Mala | 5888.77 | -13.92 | -0.24% | | 800700 | . NY | | | | 具体来看： 盘面上，大型科技股普遍走低，尤其是美团跌6%刷新阶段新低；报道称特朗普政府拟限制中国药品，生物医药股集体重挫，创新药概念股跌幅居前；影视 娱乐股、钢铁股、汽车股、内房股、手游股多数低迷。 半导体芯片股涨幅强势；受美联储降息前景支撑，铜、铝等有色金属股表现活跃，军工、苹果概念、建材水泥、重型机械、高铁基建股走强 ...

Group 1 - The entertainment content business continues to lead, contributing to performance elasticity, with a total revenue of 2.47 billion yuan in H1 2025, a year-on-year increase of 13.9% [1] - The gross profit margin is 37.9%, down 15.4 percentage points year-on-year, primarily due to increased costs in content production, distribution, and internet infrastructure [1] - The company reported a profit of 180 million yuan in H1 2025, a decrease of 37.3% year-on-year [1] Group 2 - Online entertainment ticketing service revenue reached 1.18 billion yuan, accounting for 47.7% of total revenue, with a year-on-year increase of 12.8% [1] - Entertainment content service revenue was 1.209 billion yuan, making up 48.9% of total revenue, with a year-on-year increase of 18% [1] - The company participated in the production and distribution of 29 domestic films and 9 imported films in H1 2025, with 4 out of the top 5 domestic films being involved [2] Group 3 - The company is increasing investment in the performance market, achieving deep cooperation with multiple leading venues in Hong Kong and Macau, and expanding services to Southeast Asia [2] - The company has enhanced its ticketing service infrastructure and on-site team capabilities, with a significant increase in GMV and coverage for local performances [2] - The company is actively exploring IP derivative businesses, leveraging film IPs to develop related services and products [2]

华创证券指出，7月起电影大盘已明显边际改善，公司作为头部参与方，储备有《刺杀小说家2》 (10/1)、《熊猫计划2》(10/1)、《浪浪人生》(12/31)、《匿杀》(12/31)、《飞驰人生3》等单片待释放， 期待后续上线后表现；现场演出方面，当前行业仍在增长，公司积极攫取份额中，积极关注后续进展。 该行认为，25年电影有望进入新一轮产品周期，看好行业修复。看好猫眼电影相关业务优势持续，预计 随大盘快速修复；同时现场演出票务有望贡献第二增长曲线。 猫眼娱乐(01896)涨超4%，截至发稿，涨4.77%，报8.12港元，成交额5710.12万港元。 消息面上，根据国家电影局统计，2025年暑期档(6月1日至8月31日)电影票房为119.66亿元，观影人次为 3.21亿，同比分别增长2.76%和12.75%，国产影片票房占比为76.21%，超过去年同档期。华泰证券指 出，6-8月暑期档票房119.66亿元，同比增长2.8%，行业有所恢复。暑期档10亿+影片2部与去年持平， 分别为《南京电影院》和《浪浪山小妖怪》，但较往年仍数量较少，反映电影市场仍处于恢复进程中。 ...

智通财经APP获悉，猫眼娱乐(01896)涨超4%，截至发稿，涨4.77%，报8.12港元，成交额5710.12万港 元。 华创证券指出，7月起电影大盘已明显边际改善，公司作为头部参与方，储备有《刺杀小说家2》 （10/1）、《熊猫计划2》（10/1）、《浪浪人生》（12/31）、《匿杀》（12/31）、《飞驰人生3》等 单片待释放，期待后续上线后表现；现场演出方面，当前行业仍在增长，公司积极攫取份额中，积极关 注后续进展。该行认为，25年电影有望进入新一轮产品周期，看好行业修复。看好猫眼电影相关业务优 势持续，预计随大盘快速修复；同时现场演出票务有望贡献第二增长曲线。 消息面上，根据国家电影局统计，2025年暑期档（6月1日至8月31日）电影票房为119.66亿元，观影人 次为3.21亿，同比分别增长2.76%和12.75%，国产影片票房占比为76.21%，超过去年同档期。华泰证券 指出，6-8月暑期档票房119.66亿元，同比增长2.8%，行业有所恢复。暑期档10亿+影片2部与去年持 平，分别为《南京电影院》和《浪浪山小妖怪》，但较往年仍数量较少，反映电影市场仍处于恢复进程 中。 ...

Group 1: Financial Performance - The company reported total revenue of 2.472 billion yuan for the first half of 2025, a year-on-year increase of 13.9%, primarily driven by growth in entertainment content services [1] - Gross profit decreased to 937 million yuan, a year-on-year decline of 19.0%, with gross margin dropping 15.4 percentage points to 37.9% due to a 521 million yuan increase in cost of revenue compared to 2024 [1] - Net profit fell to 179 million yuan, a year-on-year decrease of 37.3%, while adjusted net profit was 235 million yuan, down 33.2% year-on-year [1] Group 2: Entertainment Content Services - Revenue from entertainment content services grew by 18.0% to 1.209 billion yuan, accounting for 48.9% of total revenue [1] - The company participated in the promotion or production of a record 29 domestic films and 9 imported films, with 24 films under its main control, achieving historical highs [1] - The film "Detective Chinatown 1900" achieved a box office of 3.612 billion yuan, becoming the runner-up in the Spring Festival box office [1] Group 3: Online Entertainment Ticketing - Online entertainment ticketing revenue increased by 12.8% to 1.180 billion yuan, representing 47.7% of total revenue [2] - The company successfully managed thousands of large-scale performances and events, including domestic concerts by top international artists and ticketing services for major events [2] - The overseas GMV for ticketing grew by 300% year-on-year, while local performances saw an 80% increase in GMV [2] Group 4: Advertising and IP Development - Revenue from advertising and other businesses declined to 83 million yuan, accounting for 3.4% of total revenue, primarily due to a contraction in the overall advertising budget [3] - The company is actively exploring and developing IP derivative businesses, with ongoing investments in IP reserves, operations, and channel construction [3] - The company has created proprietary IPs such as the "Panda Project" series and "Son of Time," and is collaborating on film promotion and IP derivative products [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 2.472 billion yuan for the first half of 2025, representing a year-on-year growth of 13.9%, primarily driven by the growth in entertainment content services [3][5]. - The gross profit was 937 million yuan, a decrease of 19.0% year-on-year, with the gross margin declining by 15.4 percentage points to 37.9%, mainly due to an increase in revenue costs by 521 million yuan compared to 2024 [3][5]. - The net profit was 179 million yuan, down 37.3% year-on-year, while the adjusted net profit was 235 million yuan, a decrease of 33.2% [3][5]. Summary by Sections Revenue and Profitability - The company achieved a revenue growth of 18.0% in entertainment content services, reaching 1.209 billion yuan, which accounted for 48.9% of total revenue [8]. - The company participated in the distribution or production of 29 domestic films and 9 imported films, with the number of films reaching a historical high for the same period [8]. Business Operations - The company is actively exploring and laying out IP derivative businesses, having developed its own IPs such as "Panda Plan" and "Children of Time," and is collaborating on film promotions and IP derivative products [5]. - The online entertainment ticketing segment saw a revenue increase of 12.8% to 1.180 billion yuan, accounting for 47.7% of total revenue, with significant growth in both international and local performance ticketing [8]. Strategic Initiatives - The company is enhancing its data capabilities and investing in AI and big data infrastructure to support its "Technology + Full Entertainment" dual-driven growth model [5]. - The company has established deep partnerships with major venues in Hong Kong and Macau and is expanding into Southeast Asia with various performance projects [8].

Core Viewpoint - The company reported a revenue of 2.472 billion yuan for the first half of 2025, reflecting a year-on-year growth of 13.9%, with a notable performance in live events and a stable market share in ticketing services [1][2]. Revenue Summary - Entertainment content service revenue reached 1.209 billion yuan, up 18% year-on-year [1]. - Online entertainment ticketing service revenue was 1.18 billion yuan, showing a year-on-year increase of 12.8% [1]. - Advertising services and other revenues decreased to 83 million yuan, down 17.3% year-on-year [1]. - The overall ticket volume in the market increased by 17% year-on-year, with the company's market share remaining stable [1]. Profit Summary - The net profit for the first half of 2025 was 179 million yuan, a decline of 37% year-on-year, while the adjusted net profit was 235 million yuan, down 33% year-on-year [1][2]. - The gross profit margin was 37.9%, reflecting a decrease of 15.4 percentage points year-on-year due to increased content costs and higher investments in live performances [2]. - Sales and management expenses decreased by 12.2% and 20.2% respectively, indicating ongoing cost reduction and efficiency improvement efforts [2]. Future Outlook - The film industry is expected to enter a new product cycle in 2025, with the company positioned to benefit from industry recovery [3]. - Upcoming film releases include titles such as "Assassination Novelist 2" and "Panda Project 2," which are anticipated to enhance revenue performance [2][3]. - The live performance sector continues to grow, with the company actively capturing market share [2][3]. Investment Recommendation - The company is projected to achieve revenues of 4.598 billion yuan, 5.371 billion yuan, and 6.068 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13%, 17%, and 13% [3]. - Adjusted net profits are forecasted to be 472 million yuan, 671 million yuan, and 819 million yuan for the same years, reflecting significant growth [3]. - A target market value of 11 billion HKD is set, with a target price of 9.5 HKD based on a relative valuation method [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8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9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 ...

Investment Rating - The report maintains a "Recommended" rating for Maoyan Entertainment (01896.HK) [1][4] Core Views - The company's revenue for the first half of 2025 reached 2.472 billion yuan, a year-on-year increase of 13.9%. The entertainment content service revenue was 1.209 billion yuan (YOY +18%), online entertainment ticketing service revenue was 1.18 billion yuan (YOY +12.8%), while advertising services and other income decreased to 83 million yuan (YOY -17.3%). The net profit was 179 million yuan (YOY -37%), and the adjusted net profit was 235 million yuan (YOY -33%) [1][4] - The report highlights that the film market has shown marginal improvement, and there is an expectation for the release of significant films and performances in the second half of the year [1][4] Financial Summary - Total revenue projections for 2025-2027 are 45.98 billion yuan, 53.71 billion yuan, and 60.68 billion yuan, with year-on-year growth rates of 13%, 17%, and 13% respectively [4][5] - Adjusted net profit forecasts for the same period are 4.72 billion yuan, 6.71 billion yuan, and 8.19 billion yuan, with year-on-year growth rates of 52%, 42%, and 22% respectively [4][5] - The report indicates a decline in gross margin to 37.9% (YOY -15.4 percentage points) due to increased content costs and higher investment in performances [4][5] Market Performance - The report notes that the ticket sales volume in the first half of 2025 increased by 17% year-on-year, with Maoyan maintaining a stable market share [4][5] - The local performance segment saw a GMV growth of over 80% year-on-year, while overseas performances experienced a GMV increase of over 300% [4][5] Future Outlook - The report emphasizes the importance of upcoming film releases and performance progress, with several anticipated films set to release in the latter half of 2025 [4][5] - The company is expected to benefit from a new product cycle in the film industry, with a positive outlook on industry recovery [4][5]