消息面上，据网络平台数据，截至8月18日4时，2025年暑期档电影总票房（含预售）达99.56亿元，8月 18日有望突破百亿大关；观影总人次已超2.6亿，较去年同期显著增长。此外，猫眼专业版最新统计显 示，国产动画电影《浪浪山小妖怪》累计票房突破10.026亿元。中金指出，7月全国含服务费票房同降 24.3%，8月呈边际恢复趋势。该行认为，大盘票房回落主要受暑期档头部影片上映节奏偏晚的影响， 随着《南京照相馆》《浪浪山小妖怪》口碑发酵，8月大盘观影需求已有所回暖，建议关注重点影片票 房表现及IP衍生商业化开发带来的利润弹性。 值得一提的是，2025年初，国务院办公厅印发《关于推动文化高质量发展的若干经济政策》的通知，明 确强调要推动文化领域精品创作，特别包括影视、动漫等重点内容创作。华西证券表示，若政策导向如 期改善，影视板块正处于2022年底游戏版号放开的转折点阶段。随着政策边际改善，展望后续，行业商 业模式有望逐步改善，优质长剧项目有望加快推出，行业大剧供给有可能逐步恢复，从而加速去库存， 推动新业务现金周转加速。 智通财经APP获悉，影视股早盘走强，截至发稿，柠檬影视(09857)涨33.03%，报5. ...

格隆汇8月18日｜港股影视股普涨，其中，丰德丽控股涨超12%，柠萌影视涨超10%，新石文化涨超 5%，大麦娱乐涨4%，耀星科技集团涨近4%，猫眼娱乐涨超2%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 00571 | 丰德丽控股 | 0 | 12.28% | 0.064 | 1.12亿 | 20.75% | | 09857 | 柠萌影视 | | 10.55% | 4.820 | 17.43亿 | 72.14% | | 01740 | 新石文化 | | 5.49% | 0.096 | 9960万 | 23.08% | | 01060 | 大麦娱乐 | | 4.07% | 1.280 | 382.41亿 | 169.47% | | 08446 | 耀星科技集团 | | 3.98% | 0.183 | 2.06亿 | 22.00% | | 01896 | 猫眼娱乐 | | 2.19% | 7.940 | 91.42 Z | 3.52% | | 08220 | 比高集团 | | 0. ...

[Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the group's financial performance, liquidity, and capital resources, detailing operating results and key financial metrics [Overview and Business Segments](index=5&type=section&id=Overview%20and%20Business%20Segments) The group's revenue primarily stems from Content Solutions and Technology Products and Services, encompassing film conversion, cinema system sales, leasing, and maintenance - The Group's revenue primarily comes from two core business segments: Content Solutions (film conversion and distribution) and Technology Products and Services (cinema system sales, leasing, and maintenance)[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) 2025 Fiscal Year First Half Revenue by Segment | Segment | Revenue (Thousand USD) | % of Total Revenue | | :--- | :--- | :--- | | Content Solutions | 20,801 | 36.0% | | Technology Products and Services | 36,230 | 62.7% | | All Other | 771 | 1.3% | | **Total** | **57,802** | **100.0%** | 2025 Fiscal Year First Half Gross Profit by Segment | Segment | Gross Profit (Thousand USD) | Gross Margin (%) | | :--- | :--- | :--- | | Content Solutions | 19,197 | 92.3% | | Technology Products and Services | 20,686 | 57.1% | | All Other | 217 | 28.1% | | **Total** | **40,100** | **69.4%** | [Content Solutions](index=5&type=section&id=Content%20Solutions) Content Solutions revenue is generated from a percentage of box office receipts from Hollywood, Chinese, and other films converted to IMAX format - Content Solutions revenue is derived from a percentage of box office receipts from partner films (Hollywood, Chinese, etc.) converted and distributed to the IMAX cinema network[11](index=11&type=chunk) [Technology Products and Services](index=6&type=section&id=Technology%20Products%20and%20Services) Technology Products and Services revenue includes sales and leases of IMAX cinema systems, revenue-sharing, maintenance, and other cinema-related item sales - Technology Products and Services revenue comprises: - **Sales and Sales-Type Leases**: design, manufacturing, and installation fees for cinema systems - **Revenue-Sharing Arrangements**: leasing systems to exhibitors for future box office revenue sharing - **Maintenance Revenue**: ongoing maintenance, warranty, and technical support services - **Other Cinema Revenue**: aftermarket sales of 3D glasses, screens, and more[12](index=12&type=chunk)[14](index=14&type=chunk) [Comparative Operating Results](index=10&type=section&id=Comparative%20Operating%20Results) In H1 2025, total revenue grew 31.7% to $57.8 million, operating profit increased 93.7% to $30.2 million, and net profit rose 88.9% to $23.9 million, driven by Content Solutions' strong box office recovery and improved gross margins H1 2025 vs H1 2024 Operating Results | Metric (Thousand USD) | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 57,802 | 43,901 | +31.7% | | Gross Profit | 40,100 | 25,102 | +59.8% | | Operating Profit | 30,196 | 15,592 | +93.7% | | Profit for the Period | 23,893 | 12,648 | +88.9% | | Adjusted Profit | 24,815 | 13,401 | +85.2% | - Revenue growth was primarily driven by an **$11.5 million increase** in Content Solutions revenue and a **$2.1 million increase** in Technology Products and Services revenue[26](index=26&type=chunk) [Revenue Comparison](index=11&type=section&id=Revenue%20Comparison) Total revenue increased by 31.7%, primarily driven by Content Solutions, which surged 123.7% to $20.8 million due to a 91.2% rise in IMAX format film box office to $205.5 million and higher-commission Chinese film box office share - Content Solutions revenue increased by **123.7% year-on-year**, primarily due to increased box office revenue and a higher proportion of local language films with higher commission rates; IMAX format film box office revenue increased by **91.2% year-on-year** to **$205.5 million**[27](index=27&type=chunk) - Technology Products and Services revenue increased by **6.2% year-on-year**, mainly due to a **$7 million increase** in revenue-sharing arrangements, partially offset by a **$5.5 million decrease** in sales and sales-type lease revenue[29](index=29&type=chunk) IMAX Cinema System Installations | Business Arrangement | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales and Sales-Type Lease Arrangements | 9 | 4 | | Revenue-Sharing Arrangements | 15 | 6 | | **Total** | **24** | **10** | [Cost of Sales Comparison](index=14&type=section&id=Cost%20of%20Sales%20Comparison) Total cost of sales decreased by 5.9% to $17.7 million, with Content Solutions' cost of sales falling 30.4% due to fewer Hollywood films screened and lower per-film costs, while Technology Products and Services' costs slightly decreased by 3.1% from reduced depreciation under revenue-sharing arrangements - The Group's total cost of sales decreased by **5.9%** from **$18.8 million** to **$17.7 million**[36](index=36&type=chunk) - Content Solutions' cost of sales decreased by **30.4%**, primarily due to fewer Hollywood films screened in mainland China and lower DMR conversion and marketing costs per film[37](index=37&type=chunk) [Gross Profit and Gross Margin Comparison](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Comparison) Group gross profit significantly increased by 59.8% to $40.1 million, with gross margin improving from 57.2% to 69.4%, primarily driven by Content Solutions' 174.3% gross profit growth to $19.2 million and 92.3% gross margin, reflecting network operating leverage - Overall group gross profit increased by **59.8% year-on-year**, with gross margin improving from **57.2%** to **69.4%**[43](index=43&type=chunk) - Content Solutions gross profit increased by **174.3%**, with gross margin rising from **75.4%** to **92.3%**, primarily due to operating leverage from **91.2% box office growth** and reduced costs[44](index=44&type=chunk) - Technology Products and Services gross profit increased by **14.4%**, with gross margin rising from **53.1%** to **57.1%**[45](index=45&type=chunk) [Other Expenses and Profit Comparison](index=16&type=section&id=Other%20Expenses%20and%20Profit%20Comparison) Selling, general, and administrative expenses slightly increased by 2.9%, other operating expenses rose due to higher licensing fees to IMAX Corporation from increased revenue, and financial asset impairment shifted from provision to reversal due to enhanced collection efforts, resulting in a period profit increase of 88.9% to $23.9 million - Selling, general, and administrative expenses slightly increased by **2.9%** to **$7 million**[50](index=50&type=chunk) - Financial asset impairment impact shifted from a **$0.4 million provision** in the prior period to a **$0.1 million reversal** in the current period, mainly due to enhanced collection efforts for trade receivables[52](index=52&type=chunk)[19](index=19&type=chunk) - Income tax expense increased by **86.8%** to **$7.1 million** due to a significant increase in profit before tax[55](index=55&type=chunk) - Profit for the period was **$23.9 million**, compared to **$12.6 million** in the prior period[56](index=56&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the group's net current assets increased to $191.3 million from $164.7 million at year-end 2024, with cash and cash equivalents rising to $94.2 million, reflecting capital management goals to ensure going concern, maximize shareholder returns, and maintain an optimal capital structure Liquidity Position (Thousand USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 226,116 | 198,702 | | Total Current Liabilities | 34,839 | 34,014 | | **Net Current Assets** | **191,277** | **164,688** | | Cash and Cash Equivalents | 94,172 | 80,049 | - The increase in net current assets was primarily attributable to a **$15.4 million increase** in trade and other receivables and a **$14.1 million increase** in cash and cash equivalents[59](index=59&type=chunk) - Capital management objectives include safeguarding the ability to continue as a going concern, maximizing shareholder returns, and optimizing the capital structure to reduce the weighted average cost of capital[61](index=61&type=chunk) [Cash Flow Analysis](index=20&type=section&id=Cash%20Flow%20Analysis) In H1 2025, net cash from operating activities was $19.3 million, largely consistent with the prior period, while net cash used in investing activities was $3.2 million, primarily for cinema equipment under revenue-sharing arrangements, and net cash used in financing activities was $2.2 million, mainly for share repurchases and equity incentive settlements Condensed Cash Flow Statement (Thousand USD) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 19,295 | 19,657 | | Net Cash Used in Investing Activities | (3,187) | (3,216) | | Net Cash Used in Financing Activities | (2,209) | (1,492) | | **Increase in Cash and Cash Equivalents for the Period** | **14,123** | **14,746** | - Net cash inflow from operating activities was **$19.3 million**, primarily from **$31 million** in profit before tax, partially offset by working capital changes (mainly increased trade receivables) and taxes paid after adjusting for non-cash items[62](index=62&type=chunk) - Net cash outflow from investing activities was **$3.2 million**, primarily for the installation of IMAX cinema equipment under comprehensive revenue-sharing arrangements[64](index=64&type=chunk) - Net cash outflow from financing activities was **$2.2 million**, mainly for **$1.5 million** in share repurchases[66](index=66&type=chunk) [Capital Commitments and Working Capital](index=21&type=section&id=Capital%20Commitments%20and%20Working%20Capital) As of June 30, 2025, the group's capital commitments totaled $1.3 million, primarily for property, plant, and equipment acquisitions, with working capital needs met by operating cash flow and an unutilized RMB 400 million (approximately $55.8 million) unsecured revolving credit facility from Bank of China and HSBC - As of June 30, 2025, contracted but unprovided capital expenditure amounted to **$1.3 million**[69](index=69&type=chunk) - The Group has unsecured revolving credit facilities totaling up to **RMB 400 million** (approximately **$55.8 million**) with Bank of China and HSBC to meet working capital requirements[73](index=73&type=chunk) - As of June 30, 2025, the Group had no outstanding borrowing capital, bank overdrafts, or other similar debts[74](index=74&type=chunk)[78](index=78&type=chunk) [Key Financial Ratios and Dividends](index=24&type=section&id=Key%20Financial%20Ratios%20and%20Dividends) As of June 30, 2025, the capital-to-debt ratio decreased from 21.7% to 20.0% due to increased equity, while the adjusted profit margin significantly improved from 30.5% to 42.9%, and the board resolved not to declare an interim dividend for the six months ended June 30, 2025 Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital-to-Debt Ratio | 20.0% | 21.7% | | **Ratio** | **H1 2025** | **H1 2024** | | Adjusted Profit Margin | 42.9% | 30.5% | - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[84](index=84&type=chunk) [Corporate Governance Summary and Other Information](index=26&type=section&id=Corporate%20Governance%20Summary%20and%20Other%20Information) This section outlines the company's share repurchase activities, adherence to corporate governance principles, and details on connected transactions and equity-based compensation plans [Share Repurchase and Corporate Governance](index=26&type=section&id=Share%20Repurchase%20and%20Corporate%20Governance) In the six months ended June 30, 2025, the company repurchased 1,495,900 listed shares for approximately HKD 11.27 million on the Stock Exchange, while maintaining high corporate governance standards and public float, with minor exceptions for director attendance at the AGM - For the six months ended June 30, 2025, the company repurchased **1,495,900 shares** on the Stock Exchange, totaling approximately **HKD 11.27 million**[87](index=87&type=chunk)[88](index=88&type=chunk) - The company is committed to maintaining high corporate governance practices and has complied with all code provisions of the Corporate Governance Code, with minor exceptions for certain directors' absence from the Annual General Meeting[91](index=91&type=chunk)[93](index=93&type=chunk) - The company has established Audit, Remuneration, and Nomination Board Committees to manage and oversee specific matters[97](index=97&type=chunk) [Connected Transactions](index=29&type=section&id=Connected%20Transactions) The group engages in various ongoing connected transactions with its controlling shareholder, IMAX Corporation and its subsidiaries, primarily involving equipment supply, technology and trademark licensing, and film DMR conversion and distribution services, which are fundamental to the group's operations and comply with Listing Rules - The Group has multiple ongoing connected transactions with its controlling shareholder, IMAX Corporation, which are crucial to the Group's business and cover technology, brand, equipment, and content services[104](index=104&type=chunk) H1 2025 Key Connected Transaction Amounts (Thousand USD) | Transaction Type | Payable to IMAX Corp. | Receivable from IMAX Corp. | | :--- | :--- | :--- | | Equipment Supply | 3,768 | - | | Master Distribution Agreement (Hollywood Films) | 1,277 | 3,255 | | DMR Services (Chinese Films) | 504 | 347 | | Technology License | 1,803 | - | | Trademark License | 1,202 | - | | Enhanced Business | 64 | 722 | [Discloseable and Announceable Connected Transactions](index=29&type=section&id=Discloseable%20and%20Announceable%20Connected%20Transactions) These transactions require disclosure and announcement under Listing Rules but are exempt from independent shareholder approval, including trademark and technology licensing, DMR services, and Enhanced business agreements, forming the framework for the group's core technology, brand authorization, content production, and back-office support - Trademark License Agreement: IMAX Corporation grants the Group exclusive rights to use IMAX-related trademarks in Greater China, with a fee of **2% of total revenue**; approximately **$1.202 million** was paid in H1 2025[111](index=111&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) - Technology License Agreement: IMAX Corporation grants the Group exclusive rights to use related equipment and service technologies, with a fee of **3% of total revenue**; approximately **$1.803 million** was paid in H1 2025[126](index=126&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) - DMR Services Agreement: IMAX Corporation provides DMR conversion services for Chinese films, with a fee of actual cost plus **10%**; approximately **$0.504 million** was paid in H1 2025[143](index=143&type=chunk)[147](index=147&type=chunk)[150](index=150&type=chunk) - Enhanced Business Agreement: The Group collaborates with IMAX Corporation to develop the IMAX Enhanced business, involving license fee payments and revenue sharing; in H1 2025, the Group paid approximately **$0.064 million** in license fees and received approximately **$0.722 million** in revenue sharing[168](index=168&type=chunk)[173](index=173&type=chunk) [Discloseable, Announceable, and Shareholder Approved Connected Transactions](index=48&type=section&id=Discloseable%2C%20Announceable%2C%20and%20Shareholder%20Approved%20Connected%20Transactions) These transactions, due to their significant value, require disclosure, announcement, and shareholder approval (though exempted), primarily including the Equipment Supply Agreement and Master Distribution Agreement, which are core channels for the group to acquire IMAX cinema system hardware and Hollywood film content - Equipment Supply Agreement: IMAX Corporation supplies cinema system-related equipment to the Group, with a purchase price of actual cost plus **10%**; in H1 2025, the Group paid approximately **$3.768 million** for equipment for **24 systems**[185](index=185&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - Master Distribution Agreement: IMAX Corporation provides Hollywood films for screening in Greater China, with the Group paying a fixed conversion fee and receiving a portion of box office revenue; in H1 2025, the Group paid **$1.277 million** in conversion fees for **8 films** and received **$3.255 million** in revenue[192](index=192&type=chunk)[197](index=197&type=chunk)[204](index=204&type=chunk) [Equity and Remuneration](index=57&type=section&id=Equity%20and%20Remuneration) This report discloses shareholdings of directors, key executives, and major shareholders in the company and its associated corporations (IMAX Corporation), detailing the group's comprehensive remuneration policy and long-term incentive plans, including share option, RSU, and PSU schemes, designed to attract and motivate talent - Disclosures include shareholdings of directors, key executives, and major shareholders (IMAX Corporation and its subsidiaries) in the company[207](index=207&type=chunk)[213](index=213&type=chunk) - The Group's remuneration policy aims to attract and retain talent by linking compensation to the Group's annual performance[215](index=215&type=chunk) - The Group has three long-term incentive sub-plans: Share Option Scheme, Restricted Share Unit (RSU) Scheme, and Performance Share Unit (PSU) Scheme[218](index=218&type=chunk)[220](index=220&type=chunk) [Long-Term Incentive Plan Details](index=59&type=section&id=Long-Term%20Incentive%20Plan%20Details) The group's long-term incentive plan comprises three sub-plans, with 654,265 unexercised share options, 1,793,004 unexercised RSUs, and 663,969 unexercised PSUs as of June 30, 2025, and 1,097,339 new RSUs and 180,930 new PSUs granted to directors, executives, and employees during the period Outstanding Equity Incentives as of June 30, 2025 | Plan Type | Outstanding Quantity | | :--- | :--- | | Share Option Scheme | 654,265 | | Restricted Share Unit Scheme | 1,793,004 | | Performance Share Unit Scheme | 663,969 | - For the six months ended June 30, 2025, the company granted **1,097,339 new Restricted Share Units (RSUs)** and **180,930 new Performance Share Units (PSUs)**[248](index=248&type=chunk)[263](index=263&type=chunk) [Interim Financial Information](index=74&type=section&id=Interim%20Financial%20Information) This section presents the interim financial statements, including the review report, condensed consolidated statements of comprehensive income, financial position, changes in equity, and cash flows, along with detailed notes on accounting policies, financial risk management, and related party transactions [Review Report on Interim Financial Information](index=74&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers has reviewed the group's interim financial information in accordance with International Standard on Review Engagements 2410, concluding that nothing came to their attention causing them to believe the interim financial information is not prepared in all material respects in accordance with International Accounting Standard 34 - PricewaterhouseCoopers, the auditor, has reviewed the interim financial information and issued a conclusion[278](index=278&type=chunk) - Conclusion: Nothing came to the auditor's attention causing them to believe the interim financial information is not prepared in all material respects in accordance with International Accounting Standard 34[280](index=280&type=chunk) [Condensed Consolidated Interim Financial Statements](index=75&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the four core financial statements for the six months ended June 30, 2025: the statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, reflecting strong revenue and profit growth, expanded assets, and a healthy cash position Condensed Consolidated Interim Statement of Comprehensive Income (Thousand USD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 57,802 | 43,901 | | Gross Profit | 40,100 | 25,102 | | Operating Profit | 30,196 | 15,592 | | **Profit for the Period Attributable to Owners of the Company** | **23,893** | **12,648** | | Basic Earnings Per Share (USD) | 0.07 | 0.04 | Condensed Consolidated Interim Statement of Financial Position (Thousand USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 358,266 | 333,573 | | Total Liabilities | 59,826 | 59,469 | | **Total Equity** | **298,440** | **274,104** | Condensed Consolidated Interim Statement of Cash Flows (Thousand USD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 19,295 | 19,657 | | Net Cash Used in Investing Activities | (3,187) | (3,216) | | Net Cash Used in Financing Activities | (2,209) | (1,492) | | **Cash and Cash Equivalents at End of Period** | **94,172** | **77,457** | [Notes to Condensed Consolidated Interim Financial Information](index=81&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Information) These notes provide detailed explanations and supplementary information on accounting policies, financial risk management, significant accounting estimates, segment information, and various asset, liability, and profit/loss items, with a focus on revenue segment breakdown, financial risks (market, credit, liquidity), equity incentive accounting, and detailed related party transactions with IMAX Corporation - Financial Risk Management: The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, with corresponding policies in place; credit risk includes concentration risk due to revenue and receivables from a few major customers[308](index=308&type=chunk)[314](index=314&type=chunk) - Revenue and Segment Information (Note 7): Details revenue, cost, and gross profit for Content Solutions and Technology Products and Services segments; in H1 2025, revenue from two major customers each accounted for over **10% of total revenue**[344](index=344&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) - Share-Based Payments (Note 16c): Discloses activity for options, RSUs, and PSUs under the China Long-Term Incentive Plan and IMAX Long-Term Incentive Plan, including outstanding at beginning, granted, vested, forfeited, and outstanding at end of period[369](index=369&type=chunk)[372](index=372&type=chunk)[376](index=376&type=chunk)[383](index=383&type=chunk) - Related Party Transactions (Note 24): Quantifies various transactions with controlling shareholder IMAX Corporation, including cinema system purchases, film-related transactions, management fees, trademark and technology fees, and revenue sharing[415](index=415&type=chunk)

今年上半年的中国内地电影市场，一大亮点在于特效厅的增长较为瞩目。 据拓普数据方面统计，今年上半年，特效厅票房72.6亿元，同比增长58.6%，占市场大盘的比例为 24.8%，为2019年以来新高。作为对比，上半年市场大盘的增长幅度为23%。 《中国经营报》记者从拓普数据方面了解到，在过去几年，特效影厅产出票房占市场大盘的比例基本处 于稳步提升的状态，而IMAX又是市占率最高的品牌，这为该公司今年上半年的业绩大幅增长创造了有 利条件。此外，在今年上半年，《哪吒2》的强势表现又带动了观众对特效厅观影的需求，进一步推动 了IMAX中国的财务表现。 《哪吒2》助力明显 在行业发展趋势下，包括IMAX、CINITY等在内的品牌收获了红利。据IMAX中国（01970.HK）于7月 24日晚间发布的2025年中期财报，IMAX中国实现收入约5780.2万美元（约合人民币4.16亿元），创下 史上最佳上半年业绩表现，同比增速为29.77%，净利润为2389.3万美元，同比增长86.18%。 IMAX中国的财报显示，该公司业务主要为技术产品及服务、内容解决方案两大板块。 自2023年以来，技术产品及服务的占比始终保持在70%左 ...

智通财经7月24日电，IMAX China上半年净利润2,390万美元，上年同期1,260万美元。 ...

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依賴該等內容而引致的任何損失承擔任何 責任。 IMAX CHINA HOLDING, INC. （於開曼群島註冊成立的有限公司） （股份代號：1970） 截 至 2025 年 6 月 3 0 日止六個月的中期業績公告 及 內幕消息 控股股東 IMAX CORPORATION 發佈了 2025 年財政年度第二季度及上半年的 未經審計業績及季度報告 中期業績公告 IMAX China Holding, Inc.（「本公司」或「IMAX China」）董事會宣佈本公司及其附屬公司 （統稱「本集團」）截至2025年6月30日止六個月的未經審計綜合中期業績。中期業績已經本 集團外部核數師及審計委員會審閱。 內幕消息 本公告乃根據《證券及期貨條例》（第571章）第XIVA部之內幕消息條文及《香港聯合交易所 有限公司證券上市規則》第13.09條作出。 我們的控股股東IMAX Corporation已於2025年7月24日（紐約時間）發佈了2025年第二季度 的未經 ...

Financial Performance & Growth - IMAX reported a 40% growth in global box office market share from 2018 through 1Q25[11] - The company's 1Q25 Total Adjusted EBITDA margin was 43%[11], exceeding the FY25 guidance of 40%+[96] - IMAX projects over $12 billion in IMAX Box Office revenue for 2025[36] - The company has repurchased 19% of shares outstanding since 2020[11, 124] Network Expansion & Backlog - IMAX's global network scale includes 1,738 systems[11] across 89 countries and territories[11, 38] - The company has a contracted IMAX system backlog of 516 systems[11, 42] - International markets (excluding China) have seen over 27% network growth since pre-pandemic (year-end 2019 to March 31, 2025)[14] Content & Strategy - IMAX is increasing its connection with studios and filmmakers, expecting a record 11 Filmed For IMAX (FFI) Hollywood titles in 2025[11] - The company expects over 60 local language titles in 2025, demonstrating a 27% CAGR from 2019-2024[86, 87] - IMAX is partnering with streaming platforms to eventize and launch content[75] Financial Position - As of March 31, 2025, IMAX has $4015 million in total liquidity[117] - The company's net debt to TTM Total Adjusted EBITDA is 128x[119]

Box Office Performance - IMAX achieved over $130 million in box office revenue during the Spring Festival, more than double its previous record, with 14 million attendees[5]. - IMAX's market share during the Spring Festival reached a historical high of 5%, despite only accounting for 1% of total screens in China[5]. - The film "Ne Zha" became IMAX's highest-grossing local language film globally, surpassing "Avengers: Endgame" by 32%, with a total box office of $1.7 billion[5]. - IMAX's share of Hollywood film screenings in China increased from 9% to 15% over five years, with over 30% of the box office for "Dune" and over 20% for the re-release of the "Harry Potter" series[8]. - The revenue from Chinese-language films accounted for 44.7% of IMAX's box office in the fiscal year 2024, down from previous years due to an increase in Hollywood film screenings[34]. - In the fiscal year 2024, 73 IMAX films are projected to be screened in mainland China, up from 57 in fiscal year 2023[46]. - The average box office per screen for IMAX theaters in mainland China is estimated at $0.26 million, significantly higher than the $0.07 million average for all screens[47]. - In the fiscal year 2024, Chinese-language films accounted for 76.6% of total box office revenue in mainland China, compared to 83.5% in fiscal year 2023[51]. - The share of IMAX format Chinese-language films in the group's box office revenue in mainland China was 44.7% in fiscal year 2024, down from 61.5% in fiscal year 2023[51]. Strategic Partnerships and Expansion - IMAX signed long-term agreements with over 100 theaters, upgrading 61 high-performing locations and opening up to 25 new IMAX theaters in key markets[8]. - IMAX expanded its content offerings to include concerts, sports, documentaries, and esports, achieving 45% of the box office for "Taylor Swift: The Eras Tour" and a 90% average occupancy for the League of Legends finals streamed in over 150 IMAX theaters[9]. - IMAX aims to leverage its brand influence and rich content resources to drive the premiumization of the Chinese film and entertainment industry[12]. - The company aims to expand its market share by collaborating with local filmmakers to produce high-quality films that resonate with local audiences[35]. - IMAX's strategic emphasis on Chinese-language films is expected to drive future growth, particularly in smaller cities in China[35]. - The company has established strong partnerships with over 90 exhibitors, including major players like Wanda Film and Huayi Brothers[41]. - The company aims to enhance collaboration with mainland Chinese filmmakers to incorporate IMAX technology into local films[45]. Financial Performance - The company's revenue for the fiscal year 2024 was $80,997 thousand, a decrease from $86,982 thousand in fiscal year 2023, representing a decline of approximately 6.8%[86]. - Revenue from content solutions was $15,510 thousand, accounting for 19.2% of total revenue, down from $25,522 thousand and 29.4% in the previous year[86]. - Revenue from technology products and services increased to $64,507 thousand, making up 79.6% of total revenue, compared to $60,898 thousand and 70.0% in fiscal year 2023, indicating a growth of approximately 5.3%[86]. - The company reported a net income attributable to shareholders of $22.217 million for the fiscal year 2024, down from $27.501 million in the fiscal year 2023[96]. - The adjusted profit for the fiscal year 2024 was $23.443 million, compared to $29.831 million in the fiscal year 2023[100]. - Gross profit for the fiscal year 2024 was $44.017 million, with a gross margin of 54.3%, down from $54.533 million and a gross margin of 62.7% in the fiscal year 2023[96]. - The total comprehensive income for FY2024 was $20.3 million, down from $24.7 million in FY2023, mainly due to a decrease in profit[143]. Operational Efficiency and Costs - The company’s operating costs are significantly fixed, which may adversely affect profitability if there are substantial declines in revenue due to pricing adjustments[74]. - The company faces risks related to the collection of receivables from its exhibitors, which may impact future revenue and cash flow if exhibitors encounter financial difficulties[76]. - The company has a flexible scheduling strategy, particularly during holidays, allowing for multiple Chinese-language films to be released simultaneously[35]. - Seasonal impacts are noted, with higher profitability typically observed in the second half of the year as most exhibitors install IMAX systems in preparation for the Chinese New Year holiday[78]. - The company may strategically offer discounts to certain exhibitors to maintain or gain market share, which could impact overall revenue[74]. Governance and Management Changes - Richard Gelfond has been the non-executive chairman since May 27, 2015, and is a major shareholder of IMAX Corporation[190]. - Daniel Wade Manwaring will become an executive director effective February 27, 2024, after serving as CEO since January 9, 2023[192]. - Jim Athanasopoulos has been an executive director since May 27, 2015, and served as CFO and COO until July 2023[196]. - Robert Lister was appointed as a non-executive director on May 1, 2023, and has been with IMAX Corporation since 1999[197]. - The company has undergone changes in its board, with new appointments and resignations effective February 2024[188]. - The board includes independent directors such as 靳羽西 and John Marshal Davison, contributing to corporate governance[188]. Market Challenges and Risks - The overall economic recovery in mainland China is slow, impacting the financial stability of several exhibitors, which may lead to delays in payments and responsibilities towards the group[65]. - Political tensions between China and the US or Canada may exacerbate risks, potentially impacting future revenue and cash flow in mainland China[67]. - The entertainment industry is highly competitive, with advancements in home entertainment technology posing challenges to the group's market position[71]. - The group faces competition from various entertainment channels, including streaming services and home theaters, which may negatively impact its business performance[72].

Financial Performance - IMAX China reported total revenue of $80,997,000 for the year ended December 31, 2024, a decrease of 6.8% compared to $86,982,000 in 2023[8]. - The gross profit for the year was $44,017,000, down 19.4% from $54,533,000 in the previous year[8]. - Operating profit decreased to $27,524,000, a decline of 14.0% from $32,227,000 in 2023[8]. - Net profit attributable to shareholders was $22,217,000, representing a decrease of 19.3% compared to $27,501,000 in 2023[8]. - For the fiscal year ending December 31, 2024, total revenue was $80,997 million, a decrease of 6.8% from $86,982 million in 2023[29]. - The company reported a pre-tax profit of $29,354 million for 2024, down from $33,673 million in 2023, reflecting a decrease of 12.9%[29]. - The adjusted profit for FY2024 was $23.443 million, down from $29.831 million in FY2023, a decrease of 21.5%[142]. - The company reported a net profit attributable to shareholders of $22.217 million in FY2024, down from $27.501 million in FY2023, a decrease of 19.2%[138]. - Total comprehensive income for FY2024 was $20.3 million, a decrease from $24.7 million in FY2023[176]. Revenue Breakdown - The content solutions segment generated revenue of $15,510 million, down 39.3% from $25,522 million in 2023, while the technology products and services segment saw an increase to $64,507 million from $60,898 million[29]. - Revenue from content solutions was $15.510 million, accounting for 19.2% of total revenue, down from $25.522 million (29.4%) in the previous year[123]. - Revenue from technology products and services increased to $64.507 million, representing 79.6% of total revenue, compared to $60.898 million (70.0%) in fiscal year 2023[123]. - Revenue from sales and sales-type leases increased from $16.1 million in FY2023 to $25.0 million in FY2024, a growth of 55.3% driven by new agreements and system installations[150]. - Revenue share arrangements decreased from $20.1 million in FY2023 to $13.3 million in FY2024, a decline of 33.8%, primarily due to reduced IMAX box office revenue[151]. Expenses and Profitability - The gross profit margin fell from 62.7% in FY2023 to 54.3% in FY2024, reflecting a decrease in profitability[138]. - Cost of sales for fiscal year 2024 was $36.980 million, which is 45.7% of total revenue, up from $32.449 million (37.3%) in fiscal year 2023[126]. - Selling, general, and administrative expenses totaled $13.085 million, representing 16.1% of total revenue, a decrease from $18.138 million (20.9%) in fiscal year 2023[129]. - Other operating expenses were approximately $4.3 million in fiscal year 2024, compared to $3.9 million in fiscal year 2023, accounting for about 5% of total revenue[130]. - The company reported a net reversal of impairment losses of $0.2 million in fiscal year 2024, contrasting with a provision of $1.2 million in fiscal year 2023[132]. Assets and Liabilities - Total assets increased to $333,573,000 as of December 31, 2024, up from $318,276,000 in 2023, reflecting a growth of 4.0%[10]. - Cash and cash equivalents rose to $80,049,000, an increase of 27.7% from $62,711,000 in the previous year[10]. - Total liabilities decreased to $59,469,000, down 6.5% from $63,905,000 in 2023[12]. - Shareholders' equity increased to $274,104,000, up 7.8% from $254,371,000 in 2023[12]. Market Strategy and Expansion - The company continues to focus on expanding its presence in the Greater China region, leveraging its digital cinema technology[15]. - IMAX aims to increase the number of Chinese-language films screened annually and the percentage of box office revenue generated from these films[81]. - The company plans to produce three "IMAX Special Shoot" Chinese-language films in 2024, continuing this strategy into 2025 and beyond[71]. - The company collaborates with over 90 exhibitors, including major players like Wanda Film and Alibaba Pictures, to expand its IMAX cinema network[78]. - The company plans to continue upgrading and expanding its IMAX cinema network through existing contracts and future orders, focusing on revenue-sharing arrangements[194]. Risks and Challenges - The slow post-pandemic economic recovery in China poses risks, including financial difficulties for some exhibitors, which may delay their payment and installation responsibilities[101]. - Regulatory changes in China regarding data protection and foreign enterprises may introduce uncertainties that could impact the company's operations and compliance[102]. - The company faces risks related to the Chinese government's control over the distribution of Hollywood films, which could affect its business expansion and revenue growth in the region[103]. - The company's revenue is significantly influenced by the willingness of consumers to purchase IMAX tickets, which may decline due to economic challenges and inflation, potentially impacting box office revenue from exhibitors[105]. - The company faces intense competition from other entertainment channels, including home theaters and streaming services, which may affect consumer willingness to pay a premium for IMAX tickets[110]. Cash Flow and Financing - The company reported a net cash generated from operating activities of approximately $30.8 million in FY2024, compared to $12.5 million in FY2023[185]. - The company's financing activities for fiscal year 2024 resulted in a net cash outflow of approximately $2.1 million, mainly due to restricted stock unit settlements and lease payments[190]. - The company has established an unsecured revolving financing facility of up to RMB 200 million (approximately $27.8 million) to meet ongoing working capital needs[198]. - As of December 31, 2024, there were no significant adverse changes in the company's debt since the audited financial statements[199].

IMAX CHINA HOLDING, INC. 於 開 曼 群 烏 註 冊 成 立 之 有 限 公 司 股份代號 : 1970 2024 年中期報告 . IMAX 目 錄 IMAX CHINA HOLDING, INC. 2024年中期報告 公司資料 | --- | |--------------------------| | | | | | 管理層討論與分析 | | 企業管治摘要及其他資料 | | 中期財務資料的審閱報告 | | 簡明綜合中期全面收益表 | | 簡明綜合中期財務狀況表 | | 簡明綜合中期權益變動表 | | 簡明綜合中期現金流量表 | | 簡明綜合中期財務資料附註 | | 釋義 | | --- | |-------| | | | 3 | | 24 | | 69 | | 70 | | 71 | | 73 | | 75 | | 76 | | 121 | | 126 | 詞彙 2024年中期報告 1 IMAX 公司資料 | --- | --- | |--------------------------------|---------------------------------------| ...