Investment Rating - The report maintains a "Buy" rating for the company, considering its leading position in the ticketing business and strong selection capabilities despite a downward adjustment in revenue and profit forecasts for 2024-2026 [2][6]. Core Insights - The company's ticketing business remains robust, with online entertainment ticketing revenue of 1.046 billion RMB, accounting for 48.2% of total revenue, showing a year-on-year increase of 3.0% [2]. - The overall revenue for the first half of 2024 was 2.171 billion RMB, a decrease of 1.2% year-on-year, while gross profit increased by 5.0% to 1.156 billion RMB, resulting in a gross margin of 53.3% [2]. - Adjusted EBITDA reached 490 million RMB, down 16.2% year-on-year, and adjusted net profit was 352 million RMB, a decrease of 22.8% due to increased sales expenses from film subsidies [2]. Summary by Sections Ticketing Business Performance - The ticketing business is driven by steady growth in live performances, with the offline performance market showing a 13.2% year-on-year increase in ticket revenue, reaching 19.016 billion RMB in the first half of 2024 [2]. - The company has strengthened collaborations across the cinema industry and expanded its service capabilities, enhancing multi-platform synergy [2]. Entertainment Content Services - Revenue from entertainment content services was 1.024 billion RMB, a decrease of 6.9% year-on-year, accounting for 47.2% of total revenue [2]. - The company participated in the distribution and production of 31 films in the first half of 2024, with significant box office performances from several titles [2]. - The company is actively developing over 20 projects and leveraging AI technology for film creation and marketing [2]. Financial Forecasts - Revenue forecasts for 2024-2026 have been adjusted downwards to 4.6 billion, 4.9 billion, and 5.1 billion RMB, respectively, reflecting a conservative outlook on the film market [2]. - Net profit forecasts for the same period have also been reduced to 579 million, 739 million, and 895 million RMB, respectively, due to increased sales expenses and underperformance of some films [2].

Investment Rating - The report maintains a "Buy" rating for the company, considering its leading position in the ticketing business and strong selection capabilities despite a conservative outlook on future box office performance [2]. Core Insights - The company's ticketing business remains robust, with online entertainment ticketing revenue of 1.046 billion RMB, accounting for 48.2% of total revenue, showing a year-on-year increase of 3.0% [2]. - The overall revenue for the first half of 2024 was 2.171 billion RMB, a decrease of 1.2% year-on-year, while gross profit increased by 5.0% to 1.156 billion RMB, resulting in a gross margin of 53.3% [2]. - Adjusted EBITDA reached 490 million RMB, down 16.2% year-on-year, and adjusted net profit was 352 million RMB, a decrease of 22.8% due to increased sales expenses from film subsidies [2]. Summary by Sections Ticketing Business Performance - The ticketing business is driven by steady growth in live performances, with the offline performance market showing a 13.2% year-on-year increase in ticket revenue, reaching 19.016 billion RMB in the first half of 2024 [2]. - The company has strengthened collaborations across the cinema industry chain and expanded its service capabilities, enhancing multi-platform synergy [2]. Entertainment Content Services - Revenue from entertainment content services was 1.024 billion RMB, a decrease of 6.9% year-on-year, accounting for 47.2% of total revenue [2]. - The company participated in the distribution and production of 31 films in the first half of 2024, with significant box office performances from several titles [2]. - The company is actively developing over 20 projects and leveraging AI technology for film creation and marketing [2]. Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 have been adjusted downwards to 4.6 billion RMB, 4.9 billion RMB, and 5.1 billion RMB, reflecting a decrease of 7%, 8%, and 10% respectively from previous estimates [2]. - Net profit forecasts for the same period have also been revised down to 580 million RMB, 740 million RMB, and 900 million RMB, representing decreases of 38%, 29%, and 25% respectively [2].

Financial Performance - Revenue for the first half of 2024 was RMB 2,170.9 million, a slight decrease of 1.2% compared to RMB 2,196.9 million in the same period of 2023[2] - Gross profit increased to RMB 1,156.2 million, reflecting a growth of 5.0% from RMB 1,101.2 million year-on-year[3] - Net profit for the period was RMB 284.8 million, down 29.7% from RMB 405.2 million in the first half of 2023[3] - Adjusted EBITDA for the first half of 2024 was RMB 489.7 million, a decrease of 16.2% compared to RMB 584.4 million in the same period of 2023[3] - Operating profit for the first half of 2024 was RMB 406.9 million, down from RMB 518.4 million in the first half of 2023, representing a decrease of approximately 21.5%[23] - Adjusted net profit for the first half of 2024 was RMB 351.8 million, down from RMB 455.7 million in the first half of 2023, a decrease of approximately 22.8%[27] - EBITDA for the first half of 2024 was RMB 467.1 million, down from RMB 578.7 million in the first half of 2023, a decline of approximately 19.3%[28] - Basic earnings per share for the period was RMB 0.25, down from RMB 0.36 in 2023[39] - Diluted earnings per share for the same period were RMB 0.25, compared to RMB 0.35 in the previous year[56] Revenue Breakdown - Revenue decreased from RMB 2,196.9 million in H1 2023 to RMB 2,170.9 million in H1 2024, primarily due to a decline in entertainment content service revenue[12] - Online entertainment ticketing service revenue rose from RMB 1,015.8 million in H1 2023 to RMB 1,046.1 million in H1 2024, reflecting a 3.4% increase[14] - Entertainment content service revenue decreased from RMB 1,100.1 million in H1 2023 to RMB 1,024.1 million in H1 2024, a decline of 6.9%[15] - Advertising services and other revenue increased from RMB 81.0 million in H1 2023 to RMB 100.7 million in H1 2024, a growth of 24.0%[16] Expenses and Costs - Cost of revenue decreased by 7.4% from RMB 1,095.7 million in H1 2023 to RMB 1,014.7 million in H1 2024[17] - Selling and marketing expenses increased by 39.9% from RMB 366.0 million in H1 2023 to RMB 512.0 million in H1 2024[20] - Other losses increased by 48.8% from RMB 21.1 million in H1 2023 to RMB 31.4 million in H1 2024, primarily due to increased foreign exchange losses[22] Box Office and Film Production - The number of domestic films released or produced by the company increased to 32, with four of the top five box office films in the first half being from the company[5] - The total box office revenue for the first half of 2024 in mainland China was RMB 23.903 billion, a decline of 9.02% year-on-year[4] - The film "Murder by Death" achieved over RMB 1.3 billion in box office revenue during the summer release period[6] - The company participated in the release of 31 domestic films, with 15 being under its direct control, surpassing historical levels[6] - Upcoming films scheduled for release include "Crisis Line" and "Plan P," among others, indicating a robust pipeline for the second half of the year[7] Assets and Liabilities - Total assets increased from RMB 12,540.1 million as of December 31, 2023, to RMB 13,242.9 million as of June 30, 2024, an increase of approximately 5.6%[29] - Total liabilities rose from RMB 3,501.8 million as of December 31, 2023, to RMB 4,004.4 million as of June 30, 2024, an increase of approximately 14.3%[29] - Current liabilities increased to RMB 4,004,370 thousand from RMB 3,501,819 thousand, which is an increase of approximately 14.3%[41] - Cash and cash equivalents remained stable at RMB 2,150,568 thousand compared to RMB 2,147,222 thousand, showing a slight increase[40] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the six months ended June 30, 2024[69] - The company is committed to maintaining high standards of corporate governance and has adhered to all applicable codes during the reporting period[66] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[68] Future Outlook and Strategy - The company aims to enhance participation in the offline performance market and explore AI technology applications for new growth opportunities[10] - The company continues to focus on online entertainment services and advertising services in China, with ongoing investments in new technologies and market expansion strategies[42] - The company has developed AI-related film creation software to enhance script creation efficiency[9] Employee and Operational Information - The company had 866 full-time employees as of June 30, 2024, primarily located in Beijing, Shanghai, and other cities in mainland China[36] - The company has established deep cooperation with super apps in Southeast Asia, the Middle East, and Latin America[8]

Financial Performance - Revenue increased by 105.1% from RMB 2,319.5 million in 2022 to RMB 4,757.4 million in 2023[6] - Gross profit rose by 133.8% from RMB 1,020.0 million in 2022 to RMB 2,384.9 million in 2023[6] - Net profit for the year surged by 766.2% from RMB 104.8 million in 2022 to RMB 907.8 million in 2023[6] - Adjusted EBITDA grew by 290.4% from RMB 320.1 million in 2022 to RMB 1,249.7 million in 2023[6] - Adjusted net profit increased by 342.2% from RMB 232.7 million in 2022 to RMB 1,029.0 million in 2023[6] - Revenue increased by 105.1% from RMB 2,319.5 million in 2022 to RMB 4,757.4 million in 2023, driven by the recovery of the entertainment industry and growth in entertainment content services and online ticketing services[18] - Entertainment content service revenue rose by 106.6% from RMB 1,113.5 million in 2022 to RMB 2,300.4 million in 2023, due to a record number of films distributed and high box office performance[20] - Online entertainment ticketing service revenue grew by 111.5% from RMB 1,067.7 million in 2022 to RMB 2,258.6 million in 2023, supported by a 82.6% increase in China's total box office revenue to RMB 54.915 billion[21] - Gross profit margin improved to 50.1% in 2023 from 44.0% in 2022, with gross profit increasing to RMB 2,384.9 million[16] - Operating profit surged to RMB 1,098.2 million in 2023, up from RMB 162.1 million in 2022, reflecting a significant recovery in profitability[16] - Adjusted EBITDA increased to RMB 1,249.7 million in 2023, compared to RMB 320.1 million in 2022, indicating strong operational efficiency[17] - Net profit for the year rose to RMB 907.8 million in 2023, up from RMB 104.8 million in 2022[31] - Adjusted EBITDA increased to RMB 1,249.7 million in 2023 from RMB 320.1 million in 2022, reflecting strong operational performance[36] - Total assets grew to RMB 12,540.1 million in 2023, while total liabilities increased to RMB 3,501.8 million, resulting in a debt-to-asset ratio of 27.9%[37] - Cash and cash equivalents amounted to RMB 3,685.4 million as of December 31, 2023, primarily denominated in RMB and USD[38] - Total borrowings were approximately RMB 250.0 million as of December 31, 2023, all in RMB-denominated bank loans with interest rates ranging from 1.30% to 1.80%[38] - Unutilized bank financing facilities stood at RMB 700.0 million as of December 31, 2023[38] - Capital expenditures increased by 100.0% from RMB 12.3 million in 2022 to RMB 24.6 million in 2023[39] - The company holds a 5.7% equity interest in Huanyu Media Group Limited as of December 31, 2023[41] - The company had 872 full-time employees as of December 31, 2023, primarily located in Beijing, Shanghai, and other cities in China[43] - The company did not enter into any forward contracts or other financial instruments to hedge foreign exchange risk in 2023[42] - The company plans to fund future capital expenditures using cash generated from operations[39] - The company maintains a net cash position as of December 31, 2023, with no significant contingent liabilities[38] - The company did not have any significant acquisitions or disposals of subsidiaries or associates during the year ended December 31, 2023[40] - The company achieved strong recovery and growth in the entertainment industry in 2023, with multiple business and financial indicators reaching historical highs[56] - The company plans to continue enhancing its core competitiveness and profitability in the "technology + full entertainment" sector, focusing on film promotion, distribution, and live performance services[58] - The company aims to explore new innovative business areas and regions, leveraging its dual advantages in technology services and the entertainment industry[58] - The company will further develop post-box office market-related businesses, in addition to its core film ticketing services[58] - The company did not pay a final dividend for the year ended December 31, 2023[65] - The company will suspend share transfer registration from June 21, 2024, to June 26, 2024, for the annual general meeting[66] - The company did not issue any public bonds during the year ended December 31, 2023[70] - The company made no charitable donations during the year ended December 31, 2023[72] - The company's executive directors have service contracts with a term of three years starting from June 29, 2021, with a notice period of at least three months[74] - The company received annual independence confirmation letters from all independent non-executive directors, confirming their independence[75] - The company's Chairman and Non-Executive Director, Mr. Wang Changtian, indirectly holds approximately 24.24% and 16.87% of the company's issued share capital through Vibrant Wide Limited and Hong Kong Film International Limited, respectively[77] - The company has adopted a series of employee incentive plans (ESOP) with a total of 117,033,705 shares issued or issuable, representing approximately 10.1% of the company's total issued share capital as of the annual report date[81] - The Pre-IPO Share Option Plan allows for the issuance of up to 42,544,600 shares upon exercise of all options, representing approximately 3.7% of the company's total issued share capital as of the annual report date[82] - The total number of shares that may be issued under the Post-IPO Share Option Scheme and Restricted Share Unit Plan does not exceed 55,211,880 shares, representing approximately 4.8% of the company's total issued share capital as of the annual report date[89] - The maximum number of shares that may be issued under the Post-IPO Share Option Scheme alone is 23,293,595 shares, representing approximately 2.0% of the company's total issued share capital as of the annual report date[89] - The exercise price for Pre-IPO share options is determined by the Board or CEO and must not be lower than the par value of the company's shares[84] - Pre-IPO share options are subject to a six-month lock-up period from the date of listing, during which employees cannot sell the related shares[83] - For Class A options, 25% of the granted options can be exercised on the first vesting date, increasing to 50% after one year, 75% after two years, and 100% after three years[87] - For Class B options, 50% of the granted options can be exercised on the first vesting date, increasing to 75% after one year and 100% after two years[88] - During the reporting period, 685,580 Pre-IPO share options were granted, 221,900 were exercised, and 461,515 remained unexercised[85] - The total number of Pre-IPO share options granted during the reporting period was 15,779,492, with 5,497,119 exercised and 10,060,473 remaining unexercised[86] - Pre-IPO share options are automatically canceled if the grantee retires or voluntarily terminates employment, and any unexercised options expire within 90 days[83] - The Post-IPO Share Option Scheme aims to incentivize and reward directors, senior management, employees, and other eligible individuals for their contributions to the company[89] - The company's post-IPO share option plan has a validity period of 10 years, with 4 years remaining as of the annual report date[92] - The post-IPO share option plan allows for annual vesting of 25% over 4 years or 50% vesting by the second year, with the remainder equally vested in the third and fourth years[91] - Any share option grants exceeding 1% of the total issued shares within a 12-month period require shareholder approval at a general meeting[90] - Share option grants to major shareholders or independent non-executive directors exceeding 0.1% of issued shares within 12 months require shareholder approval[91] - The company revised its post-IPO share option plan to comply with amended listing rules, effective from January 1, 2023, and approved by shareholders on June 28, 2023[93] - The weighted average exercise price of share options granted under the post-IPO plan is HKD 13.1360, with a vesting period of 10 years from the grant date[94] - As of December 31, 2023, the company had 7,533,000 unexercised share options under the post-IPO plan[94] - The post-IPO share option plan allows for the exercise of options by legal heirs in the event of the original grantee's death[92] - The company does not require payment from grantees for share option grants unless otherwise determined by the board or CEO[91] - The post-IPO share option plan restricts the total number of shares issued under incentive plans to 1% of the total issued shares within a 12-month period[90] - The total number of post-IPO share options available for grant under the post-IPO share option scheme as of January 1, 2023, and December 31, 2023, were 7,992,830 and 11,889,550, respectively[96] - No share options were granted during the year ended December 31, 2023[96] - The Restricted Share Unit (RSU) Plan has a total limit of 31,918,285 shares, representing approximately 2.8% of the company's total issued share capital as of the annual report date[100] - The RSU Plan is effective for 8 years from its adoption date, with 2 years remaining as of the annual report date[99] - Any RSU grant exceeding 0.1% of the issued shares to directors (excluding independent non-executive directors) or key executives requires shareholder approval[98] - The RSU Plan aims to retain and incentivize talent, including directors, senior management, and employees, by granting conditional rights to receive shares or cash equivalents[97] - The company's total granted share options under the pre-IPO share option scheme amounted to 15,135,171, with 3,766,500 exercised and 10,769,851 remaining[95] - The RSU Plan allows the Board and CEO full discretion to determine the amount and terms of awards granted to participants[99] - Any RSU grant exceeding 1% of the issued shares within a 12-month period requires separate shareholder approval[97] - The RSU Plan includes provisions for cash and non-cash income, dividends, and sales proceeds related to the shares from the grant date to the vesting date[97] - The company has appointed a professional trustee to manage and distribute restricted share units (RSUs) under the RSU plan, with vesting periods of either 25% annually over four years or 50% in the second year and the remainder equally in the third and fourth year[101] - As of December 31, 2023, the total number of RSUs available for grant under the RSU plan was 13,243,560, down from 22,131,193 at the beginning of the year[104] - The fair value of RSUs granted on May 4, 2023, September 20, 2023, and November 1, 2023, was HK$8.34, HK$11.68, and HK$9.32 per share, respectively, based on the company's share price on the grant date[104] - The weighted average closing price of shares immediately before the vesting date of RSUs vested in 2023 was HK$8.96 per share[104] - The total number of shares that could be issued under all share option and RSU plans in 2023 was 0.81% of the weighted average number of issued shares for the year[104] - As of December 31, 2023, Mr. Wang Changtian, a director and the company's top executive, held a 41.11% interest in the company through controlled corporations[106] - Mr. Zheng Zhihao, another director, held a 1.68% interest in the company through a wholly-owned subsidiary, Rhythm Brilliant Limited, which directly held 19,277,225 shares[107] - Vibrant Wide Limited holds a beneficial ownership of 277,979,625 shares, representing 24.24% of the total shares[109] - Hong Kong Film International Limited holds a beneficial ownership of 193,486,220 shares, representing 16.87% of the total shares[109] - Inspired Elite Investments Limited holds a beneficial ownership of 82,693,975 shares, representing 7.21% of the total shares[109] - Tencent holds an indirect beneficial ownership of 157,169,260 shares, representing 13.71% of the total shares through Image Flag Investment (Hong Kong) Limited[109][110] - Interstellar Investment Ltd. holds a beneficial ownership of 66,127,317 shares, representing 5.77% of the total shares[109] - The annual cap for the related party transaction with Light Media Group for film and TV series investment and production is RMB 165.0 million, with actual transaction amount of RMB 0.0 million for the year ended December 31, 2023[116] - The annual cap for the related party transaction with Light Media Group for film and TV series promotion and distribution services is RMB 101.2 million, with actual transaction amount of RMB 47.9 million for the year ended December 31, 2023[117] - The annual cap for related transactions with Enlight Media Group for film and TV drama promotion services in 2023 was RMB 44.0 million, with actual transaction amount of RMB 11.3 million[118] - The annual cap for related transactions with Enlight Media Group for products and services provided by the company in 2023 was RMB 17.6 million, with actual transaction amount of RMB 1.1 million[119] - The annual cap for related transactions with Enlight Media Group for products and services provided to the company in 2023 was RMB 1.0 million, with actual transaction amount of RMB 0.02 million[119] - The annual cap for related transactions with Tencent Group for film and TV drama promotion services provided by the company in 2023 was RMB 231.7 million, with actual transaction amount of RMB 2.0 million[120] - The annual cap for related transactions with Tencent Group for film and TV drama promotion services provided to the company in 2023 was RMB 60.0 million, with actual transaction amount of RMB 2.7 million[122] - The annual cap for related transactions with Tencent Group for payment services in 2023 was RMB 110.0 million, with actual transaction amount of RMB 91.7 million[123] - The annual cap for related transactions with Tencent Group for cloud and technical services in 2023 was RMB 60.0 million, with actual transaction amount of RMB 44.8 million[124] - The company renewed the Tencent Business Cooperation and Service Framework Agreement, with an annual cap of RMB 62.0 million for providing products and services to Tencent Group, while the actual transaction amount for 2023 was approximately RMB 4.4 million[125] - The company renewed the Tencent Entertainment Content Investment and Production Cooperation Framework Agreement, with an annual cap of RMB 364.0 million, but the actual transaction amount for 2023 was RMB 0.0 million[126] - The company signed the Tencent Marketing Promotion Framework Agreement, with an annual cap of RMB 110.0 million for traffic and technical support services, and the actual transaction amount from February 14, 2023, to December 31, 2023, was approximately RMB 87.3 million[126] - The company entered into the Yuewen Entertainment Content Investment and Production Cooperation Framework Agreement, with an annual cap of RMB 381.0 million, but the actual transaction amount for 2023 was RMB 0.0 million[127] - The company signed the Yuewen Movie Promotion and Distribution Framework Agreement, with an annual cap of RMB 214.5 million for providing movie promotion services, but the actual transaction amount for 2023 was RMB 0.0 million[128] - Under the Yuewen Movie Promotion and Distribution Framework Agreement, Yuewen Group provided movie promotion services to the company, with an annual cap of RMB 18.8 million, but the actual transaction amount for 2023 was RMB 0.0 million[128] - The independent non-executive directors and auditors have reviewed and confirmed that the ongoing connected transactions were conducted in the ordinary course of business, on normal commercial terms or better, and in compliance with relevant agreements, ensuring fairness and reasonableness in the interests of the company and its shareholders[129] - The auditors found no issues indicating that the disclosed ongoing connected transactions were not approved by the board, not conducted in accordance with the company's pricing policy, or exceeded the annual caps set by the company[129] - The company operates certain businesses in China through consolidated affiliated entities under contractual arrangements due to regulatory restrictions on foreign ownership, allowing the company to receive economic benefits and exercise control over these entities[130] - The exclusive consulting and service agreement with the foreign-invested enterprise (FIE) ensures that the company receives 100% of the consolidated affiliated entities' total profits, adjusted for costs, taxes, and other statutory contributions, with service fees calculated monthly and paid within 10 days of invoice receipt[133] - The exclusive consulting and service agreement has a 20-year term, renewable at the FIE's discretion, and prohibits the consolidated affiliated entities from accepting similar services from third parties without prior written consent from the FIE[134] - Foreign-invested enterprise has the exclusive and irrevocable right to request the transfer of all equity in Tianjin Maoyan Weiyin, with no conditions attached[135] - Tianjin Maoyan Weiyin and its shareholders are restricted from selling, transferring, or disposing of assets exceeding RMB 5,000,000 without prior written consent from the foreign-invested enterprise[135] - The affiliated entities are prohibited from incurring, guaranteeing, or assuming any debt, except for payables

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$13.60, representing a potential upside of 27% from the current price of HK$10.68 [1][2][11]. Core Insights - The company is expected to lead the industry due to its expanding market share and increased investment in top films, despite a slight downward adjustment in the 2024 box office growth forecast [4][5]. - The report highlights a strong performance in 2H23, with revenue soaring 127% year-on-year to RMB 2.56 billion and adjusted net profit reaching RMB 573 million, indicating a profit margin of 22.4% [4][8]. - The company plans to increase its investment in major films to capture box office revenue potential, with expectations of a 10% revenue growth in 2024 [5][11]. Financial Summary - Revenue for 2024 is projected at RMB 5.23 billion, reflecting a 9.9% year-on-year increase, with entertainment content services expected to grow by 11% [9][10]. - The adjusted net profit for 2024 is estimated at RMB 1.09 billion, with a net profit margin of 20.7% [10][12]. - The company’s earnings per share (EPS) for 2024 is forecasted to be RMB 0.94, with a price-to-earnings (P/E) ratio of 11x based on the 2024 earnings [3][12]. Market Performance - The company’s market capitalization stands at approximately US$1.56 billion, with a three-month average daily trading volume of US$5 million [2]. - The stock has shown a 52-week high of HK$12.18 and a low of HK$6.32, indicating significant volatility [2]. Industry Outlook - The report expresses a cautious outlook on the Chinese film industry, anticipating a modest 4% growth in box office revenue for 2024 due to a decrease in contributions from major films and slow macroeconomic recovery [5][11]. - Despite the overall industry challenges, the company is positioned to outperform its peers, leveraging its strong content library and marketing capabilities [5][11].

2024年3月29日 公司研究 业绩表现强劲，主发行佳片不断 ——猫眼娱乐（1896.HK）2023 年业绩公告点评 要点 买入（维持） 事件：公司发布23年全年业绩公告，实现营收47.57亿元人民币，同比增长 当 前价：9.56港元 105.1%；实现毛利润23.85亿元，同比增长133.8%，对应毛利率为50.1%， 同比增长6.2pct；经调整EBITDA达12.5亿元，同比增长290.4%；实现经调 作者 整净利润达10.29亿元，同比增长342.2%。 分析师：付天姿 CFA，FRM 点评：电影及演出市场回暖，公司业绩创历史新高。国家电影局数据显示，23 执业证书编号：S0930517040002 年度全国电影总票房达 549 亿元，同比增长 82.6%，国产影片年度票房为 460 021-52523692 亿元，创历史新高。线下演出市场同样迅速升温，根据《2023 年全国演出市场 futz@ebscn.com 发展简报》，23年全国演出票房收入502 亿元，与19年相比增长150.7%。公 联系人：杨朋沛 司在线娱乐票务收入22.59亿元（yoy+111.5%），占总收入比例47.5%。电影 02 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 互联网 | 公司研究 23 年业绩位于预告区间中值偏上，24 年项 2024年3月27日 目储备丰富关注表现 买入 猫眼娱乐 (1896:HK) 维持评级 猫眼娱乐公布 23年业绩；收入为 47.6 亿元（预告区间中值 47.5 亿元），同比增长 105%；IFRS 口径净利润为9.1亿元（预告区间中值9.05亿元），同比增长766%；Non-IFRS口径净利润为10.3 市场数据：2024年3月26日 亿元，同比增长342%；符合预期。 收盘价（港币） 9.42 票务业务随大盘恢复，演出票务是主要增量。根据财报，在线娱乐票务服务23年收入为22.6亿元， 恒生中国企业指数 5825.42 52周最高/最低价 (港币) 12.18/6.32 已经较为接近 19 年电影大盘最高峰时收入体量（23.0 亿元），增量主要来自演出票务。猫眼电影 H股市值（亿港币） 109 票务份额稳定，继续保持市场领先地位；演出票务 23 年起进展积极，演唱会、电竞赛事、体育赛 流通H股（百万股） 1 ...

港股公司报告 | 公司点评 猫眼娱乐（01896） 证券研究报告 2024年03月 28日 投资评级 头部影片参与度提升，大盘复苏助推业绩向好 行业 非必需性消费/媒体及 娱乐 6个月评级 买入（维持评级） 事件： 当前价格 9.33港元 北京时间2024年3月21日，猫眼娱乐发布2023年全年业绩公告。2023年，公司实现收入48 目标价格 港元 亿元，同比增加105.1%。其中，娱乐内容服务业务23.0亿元，同比增加106.6%；在线娱乐票务 业务收入22.6亿元，同比增加111.5%；广告服务及其他业务收入2.0亿元，同比增加43.5%。 基本数据 利润端表现大幅优化，2023年净利润为9.08亿元，同比增加766%；经调整后净利润10.29亿元， 港股总股本(百万股) 1,158.01 同比增加342.2%。 港股总市值(百万港元) 10,804.26 娱乐内容服务：业务实现跨越式增长，市场覆盖及宣发能力向好 每股净资产(港元) 8.71 2023 年，文娱行业实现强势复苏与增长。根据国家电影局数据，全国电影总票房实现 549.15 亿 资产负债率(%) 27.92 元，同比增长82.64%，国产影片 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The entertainment market has shown a strong recovery, leading to significant growth across multiple business segments for the company. In 2023, the company achieved a revenue of 4.757 billion yuan, representing a year-on-year increase of 105.1%. The net profit reached 908 million yuan, up 766.2%, while the adjusted net profit was 1.029 billion yuan, reflecting a growth of 342.2%. The adjusted EBITDA was 1.250 billion yuan, marking a 290.4% increase [4][5]. Summary by Sections Event Description - On March 21, 2024, the company released its full-year results for 2023, highlighting a robust recovery in the entertainment industry and the company's effective management of quality content. The company’s various business and financial metrics reached historical highs [4][5]. Market Performance - The national box office in 2023 reached 54.915 billion yuan, a year-on-year increase of 82.64%. Domestic films generated a box office of 46.005 billion yuan, setting a new record. The summer box office for 2023 was 20.619 billion yuan, also a record for the same period. The offline performance market saw 171 million attendees, an increase of 83.01% compared to 2019, with total ticket revenue of 50.232 billion yuan, up 150.65% from 2019 [4][5]. Business Growth - The company participated in 54 domestic films released in 2023, achieving historical highs in terms of the number of films, total box office, and market coverage. The company’s involvement in top films has increased, with significant contributions to the box office of major releases [5]. Content Strategy - The company has a rich content reserve and is expected to provide long-term growth potential. It has increased its participation in the promotion and production of major films, with several upcoming projects already scheduled for release [5].

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的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Maoyan Entertainment 貓眼娛樂 （於開曼群島註冊成立的有限公司） （股份代號：1896） 截 至2023年12月31日止年度的全年業績公告 貓 眼 娛 樂（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司、其 附 屬 公 司 及 綜 合 聯 屬 實 體（「本集團」）截 至2023年12月31日止年度的經審核綜合業績。該等業績已經由 本公司核數師根據國際審計準則進行審核，亦經審核委員會審閱。 表現摘要 截 至12月31日止年度 | --- | --- | --- | --- | |-------------------------|---------|---------|----------| | | 2023 年 | 2022 年 | 同比變動 | | | 人民幣 | 人民幣 | | | | 百萬元 | 百萬元 | % | | | | | | | 收 益 | 4,757 ...