Core Viewpoint - The company is expected to report a decline in Non-IFRS net profit for 1H25, primarily due to underperformance in film ticket sales and lower-than-expected gross margins [1][2]. Group 1: Financial Performance - The company anticipates a revenue of 2.5 billion yuan for 1H25, representing a year-on-year increase of 15.3% [1]. - The expected Non-IFRS net profit for 1H25 is 219 million yuan, a decrease of 37.8% year-on-year, which is below market expectations [1]. - The company's gross margin for 1H25 is projected to be 39%, reflecting a year-on-year decline [2]. Group 2: Ticketing Business - The film ticketing business is expected to grow by 12%, while the live entertainment ticketing revenue is projected to remain flat due to fee impacts [1]. - The online film ticketing revenue for 1H25 is estimated at 1.006 billion yuan, showing an increase of 11.6% [1]. - The overall online entertainment ticketing revenue is expected to grow by 10% to 1.149 billion yuan [1]. Group 3: Film Production and Releases - The company has participated in several films for 1H25, including "Detective Chinatown 1900" and "Dumpling Queen," but their box office performances have been average, potentially leading to losses [2]. - Upcoming summer releases include multiple films, which are expected to contribute evenly to the company's profits [2]. - The company has a pipeline of films for future releases, suggesting a focus on improving box office performance [2]. Group 4: Market Outlook and Valuation - The company has revised down its 2025 box office forecast by 11% to 49 billion yuan due to industry volatility [2]. - The Non-IFRS net profit forecasts for 2025 and 2026 have been reduced by 33.5% and 14.4%, respectively [2]. - The target price has been adjusted down by 17.6% to 8.4 HKD, indicating a potential upside of 5.1% [2].

Core Insights - The summer box office for 2025 is projected to reach 70.54 billion yuan with 186 million attendees and an average ticket price of 37.9 yuan, indicating a strong performance compared to previous years [1][2] - The release of several films such as "Nanjing Photo Studio" and "Longan's Lychee" has significantly boosted box office numbers, with the latter achieving over 15.49 billion yuan in total box office [2][3] - The animation film "The Little Black Warrior 2" has also performed well, grossing 3.52 billion yuan and collaborating with various brands for merchandise and promotions [3] Industry Performance - The first half of the summer box office was relatively slow, with total earnings below 35 billion yuan from June 1 to July 17, but recent releases have doubled the cumulative box office in just two weeks [2] - The summer box office for 2024 was 116.41 billion yuan, and this year is expected to show significant year-on-year improvement [1][3] Investment Opportunities - Companies involved in film content production, cinema chains, online ticketing platforms, and film rights management are seen as potential investment opportunities due to the rich supply of quality films this summer [1][3] - Specific companies to watch include Shanghai Film, Wanda Film, Hengdian Film, China Film, Maoyan Entertainment, Damai Entertainment, Jiechengtong, and Zhongwen Online [1][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7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8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 ...

花旗指出，中国内地暑期档期首部爆款可能已经出现，有望提振行业情绪，预计猫眼娱乐作为中国最大 票务平台将会受惠。报告指出，猫眼娱乐旗下电影《长安的荔枝》及《戏台》口碑提升，票房有望继续 走高；至于接下来《浪浪山小妖怪》亦将于8月2日上映。 智通财经获悉，猫眼娱乐(01896)早盘涨超4%，截至发稿，涨2.21%，报7.87港元，成交额3153万港元。 本文源自智通财经网 长江证券发布研报称，暑期档前半程缺乏大体量头部影片带动，整体市场热度不高，展望暑期档后半 程，随着7月25日《南京照相馆》的上映，中国内地预测票房从12.95亿飙升到32.05亿，有望成为2025年 春节档之后第一部票房破30亿的电影，后续还有《浪浪山小妖怪》《东极岛》等具备市场关注度且有望 取得优异市场表现的影片或将提振市场信心，暑期档票房整体向好且趋势加速。 ...

Group 1 - The core viewpoint of the article highlights the positive outlook for the Chinese film industry during the summer season, particularly with the anticipated success of upcoming films [1] - Cat's Eye Entertainment (01896) saw its stock rise over 4% in early trading, indicating market optimism, with a current price of 7.87 HKD and a trading volume of 31.53 million HKD [1] - Longjiang Securities reports that the box office forecast for the film "Nanjing Photo Studio" is expected to surge from 1.295 billion to 3.205 billion RMB, potentially becoming the first film to break 3 billion RMB since the 2025 Spring Festival [1] Group 2 - Citigroup notes that the first blockbuster of the summer season may have already emerged, which could boost industry sentiment, with Cat's Eye Entertainment positioned to benefit as the largest ticketing platform in China [1] - The report mentions that Cat's Eye Entertainment's films "The Lychee of Chang'an" and "The Stage" have improved in reputation, suggesting that their box office performance may continue to rise [1] - Upcoming films such as "Wang Wang Mountain Little Monster" set to release on August 2 are expected to further enhance market confidence and overall box office performance [1]

花旗指出，中国内地暑期档期首部爆款可能已经出现，有望提振行业情绪，预计猫眼娱乐作为中国最大 票务平台将会受惠。报告指出，猫眼娱乐旗下电影《长安的荔枝》及《戏台》口碑提升，票房有望继续 走高；至于接下来《浪浪山小妖怪》亦将于8月2日上映。 猫眼娱乐(01896)早盘涨超4%，截至发稿，涨2.21%，报7.87港元，成交额3153万港元。 长江证券发布研报称，暑期档前半程缺乏大体量头部影片带动，整体市场热度不高，展望暑期档后半 程，随着7月25日《南京照相馆》的上映，中国内地预测票房从12.95亿飙升到32.05亿，有望成为2025年 春节档之后第一部票房破30亿的电影，后续还有《浪浪山小妖怪》《东极岛》等具备市场关注度且有望 取得优异市场表现的影片或将提振市场信心，暑期档票房整体向好且趋势加速。 ...

New Stock Issuance - The new stock issuance for 酉立智能 (stock code: 920007) is priced at 23.99[1] - The offer period for 申科股份 (stock code: 002633) is from July 29, 2025, to August 27, 2025[1] - The offer period for ST凯利 (stock code: 300326) is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - The report highlights severe abnormal fluctuations for multiple stocks, including 广生堂 (stock code: 300436) and 华银电力 (stock code: 600744)[1] - The announcement links for stocks experiencing abnormal fluctuations are provided for further details[1] - The report includes a list of stocks with significant trading activity and their respective announcement dates[1] General Market Insights - The report provides a comprehensive overview of new stock offerings and market activities on July 29, 2025[1] - It emphasizes the importance of monitoring stock performance and market trends for informed investment decisions[1]

港股影视股部分走强，欢喜传媒(01003.HK)涨超7%，猫眼娱乐(01896.HK)涨超4%，IMAX中国 (01970.HK)、阿里影业(01060.HK)等跟涨。 ...

部分港股影视股走强 欢喜传媒涨超7% 智通财经7月28日电，截至发稿，欢喜传媒(01003.HK)涨7.37%、猫眼娱乐(01896.HK)涨4.83%、IMAX 集团(01970.HK)涨0.12%。 ...

Core Viewpoint - The summer film season has seen a sudden surge in activity, with multiple films changing release dates and engaging in aggressive marketing strategies due to underwhelming box office performances in early July [1][4]. Group 1: Film Release Dynamics - The films "You Can! You Go!" and "Longan in Chang'an" both moved their release dates to July 18, leading to a competitive environment [2][3]. - The film "Xitai" had to change its release date to July 25 due to the competitive pressure from other films [3]. - The underperformance of major films in early July prompted many films originally scheduled for later in the month to move their release dates up in hopes of capturing market share [5]. Group 2: Box Office Performance - "Longan in Chang'an" had a strong opening day box office of 93.6 million, while "You Can! You Go!" earned 28.9 million on its opening day [7]. - "Longan in Chang'an" and "Ro Xiao Hei: Battle of the Black" had similar box office performances despite differing marketing efforts, indicating a high demand for family-friendly content [6][7]. - The film "Chat: Lan Ruo Temple" saw a significant drop in screenings, losing half of its slots within a day, highlighting the volatility of the current market [8]. Group 3: Marketing and Distribution Challenges - The intense competition has led to a chaotic marketing environment, with promotional plans needing to be adjusted frequently [22][23]. - The marketing efforts for "Xitai" have been disrupted, as it now faces a delayed release without new promotional activities [23][24]. - The distribution landscape is heavily influenced by major players like Maoyan, which has led to smaller films struggling to secure adequate screening slots [9][10]. Group 4: Audience Reception and Critical Response - The film "You Can! You Go!" faced negative reviews during its limited screenings, which may deter general audiences from attending [16]. - The audience's expectations for promotional events have increased, with dissatisfaction noted in recent roadshows for films like "Longan in Chang'an" [28]. - The competitive landscape has forced films to engage in early screenings to build word-of-mouth, but this strategy can backfire if the reception is poor [15][19]. Group 5: Future Implications - The upcoming release of "Nanjing Photo Studio" is expected to impact the box office performance of "Longan in Chang'an" significantly [24][29]. - The film "East Extreme Island," scheduled for August, may also be affected by the success of "Nanjing Photo Studio," as both films target similar audiences [30][31]. - The industry is currently in a state of flux, with the potential for unexpected successes amidst the chaos of the summer film season [32].