Core Insights - Cat's Eye Entertainment reported a total revenue of 4.082 billion RMB and a net profit of 182 million RMB for the year 2024, showcasing strong performance in the film and live entertainment sectors [1] - The company proposed a final dividend of 0.32 HKD per share, reflecting confidence in future operations and shareholder value [1] Film Industry Performance - In 2024, the total box office for national films reached 42.502 billion RMB, a decrease of 22.6% from 2023, while the live performance sector saw a revenue increase of 15.37% to 57.954 billion RMB [2] - Cat's Eye participated in the release of 63 domestic films, achieving a cumulative box office of approximately 23.2 billion RMB, with 8 out of the top 10 films being produced or distributed by the company [2][3] Marketing and Distribution - The company enhanced its promotional capabilities, controlling the distribution of 36 domestic films, achieving record highs in both the number of films and box office share [2][3] - Cat's Eye's films have consistently performed well in various festival awards, demonstrating its ability to identify and produce quality content [3] Animation and Content Development - Cat's Eye is actively investing in the animation film sector, with its first 3D animation film "Time's Son" set to release in May 2025 [4] - The company is focusing on developing its own intellectual properties and has successfully launched several films that received positive box office results and critical acclaim [3][4] Live Entertainment Growth - The company reported record highs in revenue and GMV for its offline ticketing business, with a 90% year-on-year increase in GMV for concerts [6] - Cat's Eye is expanding its international collaborations and enhancing its service capabilities in various regions, including Southeast Asia and Latin America [6][9] Technological Integration - Cat's Eye is leveraging technology to enhance its service offerings, including the integration of AI in the film industry and improving its marketing capabilities through partnerships with internet platforms [7][9] - The company has upgraded its data services to provide authoritative information on domestic film overseas distribution, further solidifying its position in the industry [7] Future Outlook - Cat's Eye plans to continue its strategic investments in entertainment content, focusing on both film promotion and animation development [8][9] - The company aims to strengthen its market competitiveness and explore new growth opportunities while maintaining its commitment to high-quality entertainment services [9]

Financial Performance - For the fiscal year ending December 31, 2024, total revenue decreased by 14.2% to RMB 4,082.2 million compared to RMB 4,757.4 million in 2023[4] - Gross profit fell by 31.9% to RMB 1,625.0 million from RMB 2,384.9 million year-over-year[4] - Operating profit declined by 82.2% to RMB 195.9 million, down from RMB 1,098.2 million in the previous year[4] - Net profit for the year decreased by 80.0% to RMB 181.9 million, compared to RMB 907.8 million in 2023[4] - Adjusted EBITDA dropped by 71.1% to RMB 361.6 million from RMB 1,249.7 million year-over-year[4] - Revenue from entertainment content services decreased by 14.8% to RMB 1,959.8 million in 2024, compared to RMB 2,300.4 million in 2023[32] - Online entertainment ticketing services revenue dropped by 14.9% to RMB 1,921.6 million in 2024, down from RMB 2,258.6 million in 2023, reflecting a 22.6% decline in the overall Chinese box office[33] - The company's 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 box office performance[25] - Gross profit for the year ended December 31, 2024, was RMB 1,625.0 million, down from RMB 2,384.9 million in 2023[62] - The net profit for the year ended December 31, 2024, was RMB 181.9 million, compared to RMB 907.8 million in 2023[62] - Adjusted net profit decreased from RMB 1,029.0 million in 2023 to RMB 309.6 million in 2024[47] Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.32 per share for the fiscal year ending December 31, 2024, pending shareholder approval[6] - The company aims to distribute no less than 20% of its annual profit attributable to shareholders as dividends for the fiscal years 2025, 2026, and 2027[7] - The board proposed a final dividend of HKD 0.32 per share for the year ending December 31, 2024, compared to no dividend in 2023, subject to shareholder approval[89] Market Performance and Box Office - The total box office for national films in 2024 was RMB 42.502 billion, a decrease of 22.6% from 2023[8] - The company participated in the release of 63 domestic films in 2024, achieving a total box office of approximately RMB 23.2 billion[10] - The company maintained a leading position in the industry with a record high coverage of box office performance for films it promoted[9] - The film "Silent Kill" achieved a box office of 1.351 billion yuan, becoming the runner-up in the summer box office for 2024, and received multiple awards and nominations at the 37th Tokyo International Film Festival and the 19th Changchun Film Festival[16] Strategic Initiatives and Future Plans - The company has a rich pipeline of films scheduled for release, including "Dumpling Queen," "Hunting Gold," and "The Time Traveler," among others, ensuring a diverse and sufficient content reserve[15] - The company plans to strengthen its strategic investment in entertainment content and enhance its market competitiveness through long-term investments in live entertainment and infrastructure[24] - The company aims to explore AI technology integration in film creation and seek new business cooperation opportunities in regions like Hong Kong and Macau[24] - The company is actively exploring AI technology applications in film production and visual storytelling, having developed AI software for script analysis and character creation[19] Marketing and User Engagement - The company continues to enhance its ticketing services, providing support for major artists and events, including international stars like Kanye West and Mariah Carey, further solidifying its market competitiveness[17] - The "Maoyan Professional Version" has seen a historical high in daily visits during the 2025 Spring Festival period, further enhancing its industry influence[20] - The "Maoyan Research Institute" provided in-depth data services and market insights, helping the industry understand audience preferences and consumption habits[21] - The company upgraded its live marketing capabilities, generating over ten million in commercial revenue through enhanced online marketing strategies during the reporting period[19] Financial Position and Assets - Total assets decreased slightly from RMB 12,540.1 million as of December 31, 2023, to RMB 12,505.6 million as of December 31, 2024[50] - Total liabilities reduced from RMB 3,501.8 million in 2023 to RMB 3,457.3 million in 2024, maintaining a stable debt-to-asset ratio[50] - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 2,378.0 million, primarily held in RMB and USD[52] - The total borrowings as of December 31, 2024, were approximately RMB 470.4 million, with interest rates ranging from 1.95% to 2.85%[53] - The company had unused bank financing of RMB 700.0 million as of December 31, 2024[53] Compliance and Governance - The company maintained compliance with corporate governance codes throughout the reporting period[97] - All directors confirmed adherence to the standard code of conduct regarding securities trading during the reporting period[98] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2024, and confirmed that they were prepared in accordance with applicable accounting principles[100] - The company's auditor confirmed that the financial figures for the year ended December 31, 2024, were verified, although this does not constitute an audit opinion[101]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.27, indicating a potential upside of 21% based on a 2025 target PE of 12x [2]. Core Insights - The 2025 Spring Festival box office in China reached a historical high of HKD 9.51 billion, representing an 18.6% increase compared to the previous year. The average daily box office was HKD 1.36 billion, up 35.3% year-on-year, driven by a 14.7% increase in audience attendance [1]. - The company's film ticketing business is expected to benefit directly from the recovery of the overall box office market, with a strong supply of quality films anticipated to drive demand [7]. - The offline performance sector is also showing significant growth, with a projected 85% increase in ticket sales for live performances in 2024, indicating a robust market environment [7]. Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2022: HKD 2,319 million - 2023: HKD 4,757 million - 2024E: HKD 4,140 million - 2025E: HKD 5,001 million - 2026E: HKD 5,594 million - The net profit attributable to the parent company is forecasted to be: - 2022: HKD 233 million - 2023: HKD 1,002 million - 2024E: HKD 308 million - 2025E: HKD 819 million - 2026E: HKD 1,005 million [3][8]. - The earnings per share (EPS) are projected to be: - 2022: HKD 0.20 - 2023: HKD 0.87 - 2024E: HKD 0.27 - 2025E: HKD 0.72 - 2026E: HKD 0.88 [3][8]. Market Data - As of February 5, 2025, the closing price of the company's stock was HKD 7.66, with a market capitalization of HKD 88.19 billion. The stock has a 52-week high of HKD 11.08 and a low of HKD 5.56 [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][18]. Core Insights - The company is projected to face challenges in 2024, with expected revenue of 4.185 billion yuan, a year-over-year decline of 12%. This is attributed to a downturn in the film market and underperformance of certain films. The net profit attributable to shareholders is anticipated to drop to 178 million yuan, a year-over-year decrease of 80.5% [1][7]. - Looking ahead to 2025, the company is expected to see operational improvements, with revenue projected to rebound to 5.266 billion yuan, reflecting a year-over-year growth of 25.8% [1][7]. Financial Projections - Total revenue for 2024 is estimated at 4.185 billion yuan, down from 4.758 billion yuan in 2023, with a projected growth of 5.266 billion yuan in 2025 [3][8]. - The net profit for 2024 is expected to be 178 million yuan, significantly lower than 910 million yuan in 2023, with a recovery to 733 million yuan in 2025 [3][8]. - The earnings per share (EPS) is projected to be 0.16 yuan in 2024, compared to 0.79 yuan in 2023, with an expected increase to 0.64 yuan in 2025 [3][8]. Revenue Breakdown - Online ticketing revenue is expected to decline to 1.944 billion yuan in 2024, a year-over-year decrease of 44%. This includes a projected 1.594 billion yuan from movie ticketing, down 20% due to a weaker film market [7]. - Live performance ticketing revenue is anticipated to grow to 350 million yuan, a year-over-year increase of 29%, benefiting from a strong demand in the live performance sector [7]. - Revenue from entertainment content services is projected to be 2 billion yuan in 2024, down 13% year-over-year, primarily due to underperformance of key films [7]. Profitability Metrics - The gross margin for 2024 is expected to be 40%, a decrease of 10 percentage points from the previous year, influenced by the underperformance of certain films [7]. - The report anticipates an increase in the sales and management expense ratio to 30.5% in 2024, reflecting the impact of declining revenues while some costs remain fixed [7]. Valuation and Target Price - The target price for the company's stock is set at 10.7 HKD, based on a relative valuation method using a price-to-earnings (P/E) ratio of 13 times for 2025 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to face pressure on its 2024 performance due to insufficient quality content supply in the film market, but a recovery in the broader market could support performance improvement [1][4]. - The online ticketing business is projected to generate revenue of 1.94 billion, a year-on-year decline of 14.2%, while the offline ticketing business shows resilience and growth potential [2]. - The entertainment content service segment is anticipated to achieve revenue of 2.04 billion, down 11.4% year-on-year, primarily due to underperformance of certain film projects [3]. Summary by Sections Online Entertainment Ticketing - The online ticketing business is expected to be impacted by the overall market downturn, with a projected revenue of 1.94 billion, reflecting a 14.2% decline [2]. - The offline ticketing market is showing growth, with ticket sales reaching 39.83 billion in the first three quarters of 2024, representing 79.3% of the total for 2023, and a 22.9% increase in audience attendance [2]. Entertainment Content Services - The entertainment content service segment is projected to generate 2.04 billion in revenue, a decrease of 11.4% year-on-year, mainly due to disappointing box office results from certain films [3]. - The company is involved in producing 35 domestic films in 2024, with a focus on increasing participation in key release periods [3]. Investment Recommendations - The company is positioned as a leading online ticketing platform and domestic film distributor, with an increasing participation in top films expected to enhance profitability [4]. - Adjusted revenue forecasts for 2024 and 2025 are set at 4.18 billion and 5.29 billion, respectively, with adjusted net profits of 233 million and 930 million [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a forecasted investment return exceeding the market benchmark by over 15% in the next 6-12 months [4]. Core Views - The company is expected to face revenue pressure in 2024, with projected revenue of 4.18 billion RMB, a 12% year-on-year decline, primarily due to a decrease in the Chinese film market box office and underperformance of some invested films [1][4]. - The report highlights a potential recovery in the 2025 Spring Festival box office, with specific films like "Detective Chinatown 1900" anticipated to perform well [3][4]. Revenue and Profit Forecast - The company’s online entertainment ticketing revenue is projected to be 1.94 billion RMB in 2024, down 14% year-on-year, which is less than the overall market decline of 22.7% [2]. - Entertainment content service revenue is expected to reach 2.01 billion RMB in 2024, reflecting a 12.7% decrease, with a stable performance anticipated between the first and second halves of the year [3]. - The gross profit margin for 2024 is estimated at 40.3%, with a significant drop in the second half of the year due to high production and promotional costs [3]. Financial Projections - The company’s revenue projections for 2024, 2025, and 2026 are adjusted to 4.2 billion, 4.6 billion, and 5.0 billion RMB respectively, reflecting a slight downward revision [4][5]. - The net profit forecast for 2024 is revised down to 190 million RMB, an 80% decline year-on-year, primarily due to losses from certain film investments [1][4]. Market Position and Strategy - The company is recognized as a leader in the film ticketing business, with strong correlations to the overall film market performance [4]. - The report emphasizes the company's strong film selection capabilities and its strategic partnerships with top artists, which are expected to enhance its market position [2][3].

Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 7.26 and a fair value of HKD 10.73 [5]. Core Views - The company is expected to face pressure in 2024, but there is potential for recovery in 2025 due to an increase in content supply [3][8]. - The overall performance in 2024 is anticipated to decline, primarily due to a weak domestic film market and underperformance of certain films [8][9]. - The company maintains a strong position in the ticketing and film promotion sectors, with expectations of revenue growth in the coming years [10][11]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of RMB 42.62 billion in 2024, RMB 50.19 billion in 2025, and RMB 55.99 billion in 2026, with a year-on-year decrease of 10.42% in 2024 [4][12]. - **Net Profit**: The expected net profit for 2024 is RMB 1.85 billion, significantly down from 2023, but projected to recover to RMB 7.14 billion in 2025 and RMB 9.18 billion in 2026 [4][12]. - **Earnings Per Share (EPS)**: EPS is forecasted to be RMB 0.16 in 2024, increasing to RMB 0.62 in 2025 and RMB 0.80 in 2026 [4][12]. - **Valuation Metrics**: The company is expected to have a P/E ratio of 41.7 in 2024, decreasing to 10.8 in 2025 and 8.4 in 2026 [4][12]. Revenue Breakdown - **Online Entertainment Ticketing Services**: Expected revenues of RMB 20.44 billion in 2024, RMB 24.34 billion in 2025, and RMB 27.02 billion in 2026, with a decline of 9.52% in 2024 [10][12]. - **Entertainment Content Services**: Projected revenues of RMB 20.16 billion in 2024, RMB 23.53 billion in 2025, and RMB 26.42 billion in 2026, reflecting a decrease of 12.37% in 2024 [10][12]. - **Advertising Services and Others**: Anticipated revenues of RMB 2.02 billion in 2024, RMB 2.33 billion in 2025, and RMB 2.56 billion in 2026 [10][12]. Market Position - The company is recognized as a leading player in the ticketing and film promotion industry, with a stable market share in the film ticketing sector and significant growth in the live performance market [9][10].

Group 1 - The core viewpoint is that Hong Kong film stocks are experiencing a strong performance, with notable increases in share prices for companies such as Maoyan Entertainment, Emperor Culture Industry, and Alibaba Pictures [1] - As of the report, Maoyan Entertainment has risen over 8%, while Emperor Culture Industry and Alibaba Pictures have increased by over 4% [1] - The November movie market report from Lighthouse Professional indicates that the total box office revenue in China for November reached 1.877 billion RMB, representing a year-on-year growth of 11.4% [1]

财联社12月10日电，截至发稿，猫眼娱乐(01896.HK)涨8.98%、英皇文化产业(00491.HK)涨4.55%、阿里 影业(01060.HK)涨3.30%。 消息面上，灯塔专业版发布11月电影市场报告称，今年11月全国电影总票房达到18.77亿元人民币，同 比增长11.4%。 ...

Investment Rating - The report gives a "Recommend" rating for Maoyan Entertainment (01896 HK) with a target price of 11 2 HKD [1][7] Core Views - Maoyan Entertainment is a leading online entertainment ticketing and content service provider in China with major shareholders including Tencent Meituan and Light Chaser Animation [1] - The company's main businesses are online entertainment ticketing (48% of 24H1 revenue) entertainment content services (47%) and advertising other services (5%) [1] - The film industry is expected to recover in 2025 with a new product cycle and Maoyan's film-related business is well-positioned to benefit from this recovery [1][6] - The company's live entertainment ticketing business is a new growth driver with 24H1 concert music festival GMV growing over 3x YoY [1][3] Business Analysis Online Entertainment Ticketing - The online movie ticketing market has stabilized into a "one super one strong" duopoly with Maoyan and Tao Piao Piao dominating [1][104] - Maoyan benefits from strong traffic advantages through its partnerships with Tencent and Meituan [1][115] - The movie ticketing business provides a stable cash flow base while live entertainment ticketing is a high-growth emerging segment [1][3] Entertainment Content Services - Maoyan has proven its film distribution capabilities ranking among the top 3 domestic distributors since 2021 [1][136] - The company's big data from its ticketing platform helps improve film selection and distribution success rates [1][136] - Future growth opportunities lie in deeper participation in film production and distribution including increasing investment shares and attempting more lead production projects [1][3] Industry Outlook - The Chinese film market is expected to recover in 2025 after a challenging 2024 with box office down 22% YoY to 38 4 billion RMB [1][72] - Both domestic and imported films are expected to enter a new release cycle in 2025 with major titles like "Nezha 2" and "Avatar 3" [1][80] - Long-term growth potential remains as China's per capita movie viewing frequency (1 23 times in 2019) is still far below the US level (3 8 times) [1][89] Financial Projections - Revenue is forecasted to grow from 4 04 billion RMB in 2024 to 5 79 billion RMB in 2026 [1][7] - Adjusted net profit is expected to increase from 663 million RMB in 2024 to 1 07 billion RMB in 2026 [1][7] - The target valuation of 12 9 billion HKD is based on 13x 2025 PE [1][7]