Core Viewpoint - The company is expected to experience a revenue increase in the first half of 2025, driven by a recovery in the Chinese film market and an increase in self-produced films, although net profit is projected to decline significantly due to losses from self-produced films and increased investment in performance business [1][2]. Group 1: Revenue and Profit Forecast - Total revenue for 1H25 is projected to be 2.48 billion RMB, a year-on-year increase of 14.3% [1]. - The company anticipates a net profit attributable to shareholders of 170 million RMB for 1H25, representing a year-on-year decrease of 41.9% [1]. - Online entertainment ticketing revenue is expected to reach 1.19 billion RMB, a year-on-year increase of 13.4% [1]. Group 2: Film and Performance Business Insights - The Chinese film box office for 1H25 is estimated at 29.231 billion RMB, a year-on-year growth of 22.91%, with attendance increasing by 16.89% to 641 million [1]. - The company has participated in several major films, including "Detective Chinatown 1900" and "Dumpling Queen," with box office performances of 3.612 billion RMB and 419 million RMB, respectively [2]. - The company’s self-produced films have shown poor performance, with titles like "Children of Time" and "Meeting of Life" generating low box office returns, leading to increased costs and losses [2]. Group 3: Margin and Cost Analysis - The company's gross margin for 1H25 is expected to be 39.2%, a decrease of 14.1 percentage points year-on-year, primarily due to low ROI from self-produced films and increased infrastructure costs in the performance business [2]. - The company is focusing on increasing market share in the performance sector, with strategies including lowering ticket fees and commercial negotiations, leading to stable revenue expectations despite profit not being the primary goal [1]. Group 4: Future Outlook and Valuation - Revenue forecasts for 2025 and 2026 have been revised down to 4.4 billion RMB and 4.8 billion RMB, respectively, reflecting a 4% decrease from previous estimates [3]. - Net profit forecasts for 2025 and 2026 have been significantly reduced to 320 million RMB and 520 million RMB, respectively, a decrease of 56% and 42% from prior predictions [3]. - The company is advised to maintain a focus on upcoming film releases and their box office potential, with several films already showing profitability [2].

Core Viewpoint - The company expects a revenue increase for the first half of 2025, but a significant decline in profit attributable to shareholders compared to the same period in 2024 [1][2]. Group 1: Financial Projections - The company anticipates revenue for the first half of 2025 to be approximately 2.4 billion to 2.5 billion RMB, representing a growth of about 10.6% to 15.2% compared to 2.171 billion RMB for the first half of 2024 [1]. - The expected profit attributable to shareholders for the first half of 2025 is projected to be around 160 million to 200 million RMB, which is a decrease of approximately 29.8% to 43.8% from 285 million RMB in the first half of 2024 [1]. Group 2: Market Performance and Challenges - The overall box office for the first half of 2025 is expected to be 29.231 billion RMB, a 22.91% increase from 2024, driven by major films during the Spring Festival [2]. - However, from March to June 2025, the film market faced a significant downturn, with total box office revenue dropping to 6.771 billion RMB, a year-on-year decline of 33.68% due to a lack of major films [2]. - Despite releasing a record number of 24 films during the reporting period, some films underperformed at the box office, leading to a decline in profitability for the entertainment content service business [2]. Group 3: Content and Future Strategies - As of August 7, 2025, the summer box office has exceeded 7.6 billion RMB, contributing to a total annual box office of 34.994 billion RMB [3]. - The company has a strong pipeline of quality content, with several films achieving excellent reviews and box office results, and more films scheduled for release [3]. - The company is increasing its investment in live performance services, providing ticketing services for major artists and events, and is actively exploring new business models in IP management [3].

Core Viewpoint - The company expects a revenue increase for the first half of 2025, but a significant decline in profit attributable to shareholders compared to the same period in 2024 [1][2]. Group 1: Financial Projections - The company anticipates revenue for the first half of 2025 to be approximately 2.4 billion to 2.5 billion RMB, representing a growth of about 10.6% to 15.2% compared to 2.171 billion RMB for the first half of 2024 [1]. - The expected profit attributable to shareholders for the first half of 2025 is projected to be around 160 million to 200 million RMB, which is a decrease of approximately 29.8% to 43.8% from 285 million RMB in the first half of 2024 [1]. Group 2: Market Performance and Challenges - The overall box office for the first half of 2025 is expected to be 29.231 billion RMB, a 22.91% increase from 2024, driven by major films during the Spring Festival [2]. - However, from March to June 2025, the film market faced a significant downturn, with total box office revenue dropping to 6.771 billion RMB, a year-on-year decline of 33.68% due to a lack of major films [2]. - Despite releasing a record number of 24 films during the reporting period, some films underperformed at the box office, leading to a decline in profitability for the entertainment content service business [2]. Group 3: Future Developments and Strategies - The company has a strong pipeline of quality content, with several films achieving excellent reviews and box office performance during the summer season [3]. - Upcoming films and events include major concerts and esports tournaments, indicating a strategic focus on enhancing market competitiveness and diversifying revenue streams [3]. - The company is actively exploring new business models in IP development, with early-stage investments in IP reserves, operations, and channel construction, which are expected to positively impact future operations [3].

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 就 因 本 公 告 全 部 或任何部分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。 根據現時所得資料，董事會認為前述本集團盈利水準的預期降幅主要由於：(1)2025 年 上 半 年，在 春 節 檔《哪 吒 之 魔 童 鬧 海》和《唐 探1900》等 頭 部 影 片 的 帶 動 下，全 國 電影總票房為人民幣292.31億 元、較2024年增長22.91%（根 據 國 家 電 影 局 數 據）； 但3月–6月電影市場明顯遇冷，頭部影片相對缺失，該期間的總票房僅為67.71億元， 同比下降33.68%（根 據 貓 眼 專 業 版 數 據）。在 該 背 景 下，本 集 團 在 報 告 期 內 共 有24 部主控宣傳╱發行的影片上映（包括4部開發的影片），影片數量均創歷史同期新高， 但 是，其 中 參 與 的 部 分 影 片 票 房 表 現 不 及 預 期，使 得 娛 樂 內 容 服 務 業 務 的 盈 利 較上年同期出現一定程度下滑。( ...

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].

杰富瑞发表研究报告指，内地电影票房今年上半年按年增长约23%，主要得益于《哪吒2》，占总票房 一半。近数月票房持续疲弱，7月呈双位数跌幅。而猫眼娱乐发行及制作的影片上半年表现亦平淡，当 中《平原上的火焰》及《穿过月亮的旅行》票房分别录约1900万及1.89亿元。基于最新趋势，该行将公 司的全年票房预测由500亿元下调至460亿元，并将全年收入及非国际财务报告准则盈利预测分别下调 8%及15%，维持"买入"评级，目标价由9.2港元下调至8.6港元。 ...

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 ...

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 （600918）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 ...

智通财经APP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。 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，对上半年利润产生一定拖累。 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116.4 ...