Financial Performance - The net profit attributable to shareholders for 2021 was CNY 236.39 million, with a proposed profit distribution of CNY 74.68 million[4]. - In 2021, the company's operating revenue reached ¥5,815,601,887.76, a 97.16% increase compared to ¥2,949,613,645.09 in 2020[21]. - The net profit attributable to shareholders of the listed company was ¥236,392,616.71, a significant turnaround from a loss of ¥556,263,589.80 in 2020, marking a 142.50% increase[21]. - The basic earnings per share improved to ¥0.127 from a loss of ¥0.298 in 2020, reflecting a 142.62% increase[22]. - The net cash flow from operating activities surged to ¥977,393,371.59, compared to ¥37,177,807.06 in 2020, representing a 2,528.97% increase[21]. - Total assets increased by 14.47% to ¥19,247,765,664.58 at the end of 2021, up from ¥16,814,727,135.05 at the end of 2020[21]. - The company reported a weighted average return on equity of 2.15%, an increase of 6.98 percentage points from -4.83% in 2020[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥92,841,231.82, compared to a loss of ¥679,970,866.03 in 2020, marking a 113.65% increase[21]. - The company achieved operating revenue of approximately CNY 5.82 billion, a year-on-year increase of 97.16%[80]. - Operating costs amounted to CNY 4.80 billion, reflecting a year-on-year increase of 60.63%[80]. Risk Management and Compliance - The company emphasizes the importance of risk management, highlighting potential risks related to industry policy changes, market fluctuations, and operational risks[6]. - The report includes a forward-looking statement risk declaration, cautioning investors about potential investment risks[5]. - The company has not violated decision-making procedures for external guarantees, maintaining compliance with regulations[6]. - The company operates under the supervision of the China Securities Regulatory Commission and adheres to the listing rules of the Shanghai Stock Exchange[10]. - The company has a comprehensive risk management system embedded in its governance processes to address potential risks effectively[123]. - The company emphasizes strict compliance management regarding fundraising, related transactions, external guarantees, and insider information, ensuring no abnormal stock price fluctuations due to insider information leaks[127]. Governance and Management - The board of directors has confirmed that all members attended the board meeting, ensuring proper governance and decision-making processes[3]. - The board of directors consists of 10 members, including 4 independent directors, ensuring compliance with legal and regulatory requirements[121]. - The company has revised 8 regulations and established 2 new systems to enhance its governance structure in line with central policies and regulatory requirements[122]. - The company has established a risk-oriented internal control system, with a clear management structure for decision-making, management, execution, and supervision[168]. - The company held one annual general meeting and one extraordinary general meeting during the reporting period, with all resolutions passed without any objections[130]. - The company has implemented measures to ensure that the controlling shareholder does not interfere with the company's financial activities or decision-making processes[129]. Market and Industry Position - The company produced films with a market share of 60.01% in box office revenue, an increase of 27% year-on-year, with half of the top 18 films in audience satisfaction being produced by the company[36]. - The company's film distribution market share reached 76.74%, up 27% from 2020 and 34% from 2019, with domestic film distribution market share at 78.59%[37]. - The total box office revenue in China for 2021 was 472.58 billion yuan, a year-on-year increase of 131.46%, with domestic films accounting for 399.27 billion yuan, or 84.49% of the total[46]. - The company completed the acquisition of shares in CINITY-related companies, establishing 60 CINITY theaters nationwide and screening over 100 CINITY films[38]. - The company’s strategic development plan for 2021-2025 focuses on six major business segments: creation, distribution, screening, technology, service, and innovation[35]. Innovation and Development - The company emphasizes innovation to develop new products and services in response to market trends and consumer demands[60]. - The company has established a comprehensive film technology industry chain, focusing on high-format film business and advanced projection systems[58]. - The company is investing in technology development, particularly in CINITY high-tech format films, to promote innovation and improve asset operation efficiency[109]. - The company is focusing on high-quality film production, with several projects already released in 2022, including "The Battle at Lake Changjin II" and "The King’s Avatar"[104]. - Research and development expenses totaled ¥70.88 million, accounting for 1.22% of total revenue[90]. Audience Engagement and Marketing - The company is expanding its user base by promoting the China Film Membership Card to enhance user experience and increase ticket sales[109]. - User data indicated a rise in ticket sales, with a total of 150 million tickets sold, marking a 20% increase compared to the previous year[138]. - The company plans to increase its dividend payout by 20% in 2022, rewarding shareholders for their continued support[145]. - The board approved a new marketing strategy aimed at increasing brand awareness, with a budget allocation of 50 million RMB for 2022[145]. Financial Investments and Returns - The company has invested RMB 400 million in wealth management products and RMB 700 million in structured deposits from raised funds[193]. - The company reported a total of 500 million in structured deposits with an interest rate of 3.16%, generating a return of approximately 4.45 million[196]. - The company has a cash dividend policy that stipulates at least 10% of the distributable profits for the year will be distributed in cash, with a cumulative distribution over the last three years not less than 30% of the average annual distributable profits[164]. - The company reported a significant increase in revenue, achieving a total of 10.5 billion yuan for the year, representing a 15% year-over-year growth[138]. Employee and Organizational Development - The total number of employees in the parent company is 261, while the total number of employees in major subsidiaries is 3,068, resulting in a combined total of 3,329 employees[160]. - The company has implemented a "3+1" training system to enhance employee skills and capabilities, including various training programs for different levels of staff[162]. - The company emphasizes a performance-oriented compensation policy, ensuring that salary adjustments are made in accordance with market conditions and internal equity, while maintaining a reasonable growth in employee income[161].

[Important Reminders](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness, accuracy, and completeness of the quarterly report content - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[2](index=2&type=chunk) - This quarter's financial statements are unaudited[2](index=2&type=chunk) [Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company's financial performance in Q1-Q3 2021 shows significant revenue and net profit growth, driven by film market recovery [Key Accounting Data and Financial Indicators](index=2&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Q1-Q3 2021 operating revenue and net profit attributable to shareholders significantly increased year-on-year, driven by film market recovery Key Accounting Data and Financial Indicators | Item | Current Reporting Period (July-Sept) (yuan) | YoY Change (%) for Current Reporting Period | Year-to-Date (Jan-Sept) (yuan) | YoY Change (%) for Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 814,413,886.30 | 37.28 | 3,826,807,865.29 | 262.94 | | Net Profit Attributable to Shareholders of Listed Company | -43,619,509.67 | 23.58 | 261,616,159.45 | 146.77 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -74,687,349.47 | -6.87 | 185,211,619.15 | 130.55 | | Net Cash Flow from Operating Activities | Not applicable | Not applicable | 1,112,758,565.16 | 214.48 | | Basic Earnings Per Share (yuan/share) | -0.023 | 25.81 | 0.140 | 146.67 | | Total Assets (End of Reporting Period) | 20,449,229,108.97 | 21.61 (vs. end of prior year) | - | - | | Shareholders' Equity Attributable to Shareholders of Listed Company (End of Reporting Period) | 11,123,058,931.84 | 2.41 (vs. end of prior year) | - | - | [Non-Recurring Gains and Losses Items and Amounts](index=3&type=section&id=(%E4%BA%8C)%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **31.07 million yuan** in the reporting period, mainly from government subsidies and investment income, positively impacting net profit Non-Recurring Gains and Losses | Item | Amount for Current Reporting Period (yuan) | Year-to-Date Amount (yuan) | | :--- | :--- | :--- | | Government Subsidies Included in Current Profit/Loss | 51,376,540.17 | 72,653,962.30 | | Gains/Losses from Entrusted Investments or Asset Management | 7,678,671.37 | 22,499,178.07 | | Other Non-Operating Income and Expenses | -13,666,173.77 | -4,299,007.08 | | Total | 31,067,839.80 | 76,404,540.30 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=4&type=section&id=(%E4%B8%89)%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E3%80%81%E5%8E%9F%E5%9B%A0) Year-to-date operating revenue, net profit, and operating cash flow significantly increased, primarily due to the film market's recovery from the prior year's pandemic impact - Year-to-date operating revenue increased by **262.94%** year-on-year, primarily due to the gradual recovery of the box office market in the current period, following the overall impact of the pandemic on the film market in the prior year[7](index=7&type=chunk) - Year-to-date net profit attributable to shareholders of the listed company increased by **146.77%** year-on-year, mainly driven by the gradual recovery of the box office market and increased operating revenue in the current period[7](index=7&type=chunk) - Year-to-date net cash flow from operating activities increased by **214.48%** year-on-year, primarily due to the gradual recovery of the box office market driving an increase in revenue sharing settlements[7](index=7&type=chunk) [Key Business Operations](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company achieved significant progress across its five core business segments: production, distribution, exhibition, technology, and services [Film Industry Overview](index=5&type=section&id=(%E4%B8%80)%E7%94%B5%E5%BD%B1%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In Q1-Q3 2021, China's film market achieved **34.87 billion yuan** box office and **879 million** admissions, with domestic films dominating over **80%** market share National Film Market Performance (Q1-Q3 2021) | Indicator | Amount/Quantity | YoY Increase | | :--- | :--- | :--- | | National Total Box Office (Q1-Q3) | 34.87 billion yuan | 321.46% | | Total Admissions (Q1-Q3) | 879 million | - | | Domestic Film Box Office | 28.14 billion yuan | - | | Domestic Film Box Office Share | 80.70% | - | | Number of Cinemas (as of Sept end) | 14,235 | - | | Number of Screens (as of Sept end) | 80,743 | - | [Company Business Operations](index=5&type=section&id=(%E4%BA%8C)%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company made substantial progress across its production, distribution, exhibition, technology, and services segments, strengthening its market position [Production Segment](index=5&type=section&id=1.%20%E5%88%9B%E4%BD%9C%E6%9D%BF%E5%9D%97) In Q1-Q3 2021, the company produced or co-produced **19 films**, generating **15.61 billion yuan** box office, **55.45%** of the domestic total - In the first three quarters, the company led or participated in the production and release of **19 films**, achieving a cumulative box office of **15.61 billion yuan**[9](index=9&type=chunk) - The box office of films produced by the company accounted for **55.45%** of the total national domestic film box office during the same period[9](index=9&type=chunk) - Films such as "My People, My Parents" and "The Battle at Lake Changjin" spurred a National Day holiday viewing boom, while "Cloudy Mountain" became the Mid-Autumn Festival box office champion[9](index=9&type=chunk) [Distribution Segment](index=5&type=section&id=2.%20%E5%8F%91%E8%A1%8C%E6%9D%BF%E5%9D%97) In Q1-Q3 2021, the company dominated film distribution, leading or participating in **452** domestic and **76** imported films, securing significant market shares - Led or participated in the distribution of **452 domestic films**, with a cumulative box office of **23.07 billion yuan**, accounting for **88.7%** of the total national domestic film box office during the same period[10](index=10&type=chunk) - Distributed **76 imported films**, with a cumulative box office of **3.91 billion yuan**, accounting for **69.1%** of the total national imported film box office during the same period[10](index=10&type=chunk) - **18** of the top 20 films by national box office were either led or co-distributed by the company[10](index=10&type=chunk) [Exhibition Segment](index=5&type=section&id=3.%20%E6%94%BE%E6%98%A0%E6%9D%BF%E5%9D%97) As of the reporting period end, the company operated **142** controlled cinemas with **1,077** screens, achieving a **27.50%** screen market share - **2** new controlled cinemas opened, adding **28** screens; **4** cinemas were closed after comprehensive evaluation[11](index=11&type=chunk) - As of the end of the reporting period, the company operated **142** controlled cinemas with **1,077** screens[11](index=11&type=chunk) - The company's screen market share was **27.50%**, with controlled and invested cinema chains and controlled cinemas collectively achieving a box office of **8.38 billion yuan** and **216 million** admissions[11](index=11&type=chunk) [Technology Segment](index=5&type=section&id=4.%20%E7%A7%91%E6%8A%80%E6%9D%BF%E5%9D%97) In Q1-Q3 2021, projection equipment sales reached **49.8%** market share, with China Giant Screen (CGS) and CINITY premium formats expanding globally - China Film Barco projectors saw **1,908** new sales, accounting for **49.8%** of the national newly added screen market share during the same period[12](index=12&type=chunk) - As of the end of the reporting period, there were a total of **400** China Giant Screen (CGS) auditoriums globally, with **370** operational in China and **30** installed overseas[12](index=12&type=chunk) - The acquisition of CINITY-related companies was completed, bringing them into the scope of consolidated financial statements, with **55** CINITY auditoriums now operational domestically[12](index=12&type=chunk) [Services Segment](index=5&type=section&id=5.%20%E6%9C%8D%E5%8A%A1%E6%9D%BF%E5%9D%97) In Q1-Q3 2021, the production base serviced **535** works, the ticketing platform expanded, and financing lease business progressed steadily - China Film Base provided production services for a total of **535** film and television works, including **291** films, **22** TV series, and **222** documentaries[13](index=13&type=chunk) - China Film Cloud Ticketing Platform had **12.85 million** registered users and was connected to **9,943** cinemas, accounting for **82.32%** of the total number of box office-reporting cinemas nationwide[13](index=13&type=chunk) - The financing lease business had signed **76** cinemas, with a financing lease contract balance of approximately **247 million yuan**[13](index=13&type=chunk) [Shareholder Information](index=6&type=section&id=%E4%B8%89%E3%80%81%20%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) The company's shareholder structure is detailed, with China Film Group Corporation as the largest shareholder [Total Number of Common Shareholders, Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=6&type=section&id=%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **89,300** common shareholders, with China Film Group Corporation as the largest, holding **67.36%** of shares - As of the end of the reporting period, the total number of common shareholders was **89,300**[14](index=14&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | China Film Group Corporation | State-owned Legal Person | 1,257,682,500 | 67.36 | | China Securities Finance Corporation Limited | Unknown | 44,371,120 | 2.38 | | China Unicom Group Corporation Limited | State-owned Legal Person | 13,523,500 | 0.72 | [Top 10 Shareholders with Unlimited Sale Conditions](index=7&type=section&id=%E5%89%8D%2010%20%E5%90%8D%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) Top ten unlimited sale condition shareholders largely mirror the overall top ten, with China Film Group Corporation holding all such shares and no known related parties - China Film Group Corporation holds **1.26 billion** shares with unlimited sale conditions[15](index=15&type=chunk) - The company is unaware of any associated relationships among these shareholders or whether they constitute concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[15](index=15&type=chunk) [Other Reminders](index=7&type=section&id=%E5%9B%9B%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8F%90%E9%86%92%E4%BA%8B%E9%A1%B9) No other significant operational information requiring special attention from investors was identified during the reporting period - During the reporting period, the company had no other important operational information requiring special attention from investors[16](index=16&type=chunk) [Quarterly Financial Statements](index=8&type=section&id=%E4%BA%94%E3%80%81%20%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The company presents its unaudited consolidated financial statements for Q3 2021, including the balance sheet, income statement, and cash flow statement [Type of Audit Opinion](index=8&type=section&id=(%E4%B8%80)%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E7%B1%BB%E5%9E%8B) This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[17](index=17&type=chunk) [Financial Statements](index=8&type=section&id=(%E4%BA%8C)%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The company provides its consolidated balance sheet as of Sept 30, 2021, and Q1-Q3 income and cash flow statements, reflecting financial position and results [Consolidated Balance Sheet](index=8&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of Sept 30, 2021, total assets reached **20.45 billion yuan**, a **21.61%** increase year-on-year, with significant growth in current and non-current assets Consolidated Balance Sheet as of September 30, 2021 | Item | Sept 30, 2021 (yuan) | Dec 31, 2020 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 20,449,229,108.97 | 16,814,727,135.05 | 21.61 | | Total Current Assets | 13,314,087,148.28 | 11,461,338,566.20 | 16.17 | | Total Non-Current Assets | 7,135,141,960.69 | 5,353,388,568.85 | 33.29 | | Total Liabilities | 8,687,866,879.20 | 5,339,247,905.72 | 62.62 | | Total Equity Attributable to Parent Company Shareholders | 11,123,058,931.84 | 10,861,601,642.83 | 2.41 | - Right-of-use assets and lease liabilities reached **2.01 billion yuan** and **1.96 billion yuan** respectively as of September 30, 2021, primarily impacted by the adoption of new lease standards[19](index=19&type=chunk)[20](index=20&type=chunk) [Consolidated Income Statement](index=11&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1-Q3 2021, total operating revenue surged **262.94%** year-on-year, resulting in **238 million yuan** net profit and a turnaround from prior year's loss Consolidated Income Statement for Q1-Q3 2021 | Item | Q1-Q3 2021 (Jan-Sept) (yuan) | Q1-Q3 2020 (Jan-Sept) (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,826,807,865.29 | 1,054,389,233.13 | 262.94% | | Operating Profit | 361,075,624.53 | -680,956,476.22 | Turned Loss into Profit | | Net Profit | 237,971,355.91 | -709,238,619.76 | Turned Loss into Profit | | Net Profit Attributable to Parent Company Shareholders | 261,616,159.45 | -559,367,122.52 | Turned Loss into Profit | | Basic Earnings Per Share (yuan/share) | 0.140 | -0.300 | Turned Loss into Profit | - Total operating costs significantly increased year-on-year, but the growth rate was lower than that of revenue, indicating improved operating efficiency[22](index=22&type=chunk) [Consolidated Cash Flow Statement](index=13&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In Q1-Q3 2021, net cash flow from operating activities turned positive to **1.11 billion yuan**, driven by increased cash from sales and services Consolidated Cash Flow Statement for Q1-Q3 2021 | Item | Q1-Q3 2021 (Jan-Sept) (yuan) | Q1-Q3 2020 (Jan-Sept) (yuan) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,112,758,565.16 | -972,030,296.78 | Turned from Negative to Positive | | Net Cash Flow from Investing Activities | -595,525,882.61 | -571,031,668.18 | Outflow Expanded | | Net Cash Flow from Financing Activities | -175,402,929.94 | -669,654,647.20 | Outflow Reduced | | Net Increase in Cash and Cash Equivalents | 341,797,535.11 | -2,212,820,290.32 | Turned from Negative to Positive | - Cash received from sales of goods and provision of services significantly increased year-on-year to **3.75 billion yuan**, which was the primary reason for the positive shift in operating cash flow[24](index=24&type=chunk) [Adjustments to Beginning-of-Year Financial Statements upon First-Time Adoption of New Lease Standards in 2021](index=15&type=section&id=(%E4%B8%89)2021%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) First-time adoption of new lease standards on Jan 1, 2021, significantly increased right-of-use assets and lease liabilities, impacting total assets and liabilities but not owner's equity - The company began implementing new lease standards on **January 1, 2021**[28](index=28&type=chunk) Adjustments to Beginning-of-Year Financial Statements (New Lease Standards) | Item | Dec 31, 2020 (yuan) | Jan 1, 2021 (Adjusted) (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | - | 2,251,373,402.44 | 2,251,373,402.44 | | Lease Liabilities | - | 2,131,713,250.50 | 2,131,713,250.50 | | Non-Current Liabilities Due Within One Year | 14,844,781.63 | 134,504,933.57 | 119,660,151.94 | | Total Assets | 16,814,727,135.05 | 19,066,100,537.49 | 2,251,373,402.44 | | Total Liabilities | 5,339,247,905.72 | 7,590,621,308.16 | 2,251,373,402.44 | | Total Owner's Equity | 11,475,479,229.33 | 11,475,479,229.33 | - |

公司代码：600977 公司简称：中国电影 中国电影股份有限公司 2021 年半年度报告 中国电影股份有限公司 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人焦宏奋、主管会计工作负责人王蓓及会计机构负责人（会计主管人员）李宁声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在的产业政策变动风险、市场风险和经营风险等内容， ...

Financial Performance - The net profit attributable to shareholders for 2020 was -556.36 million RMB, indicating that the company is not in a position to distribute cash dividends[5] - The company has not proposed any profit distribution for the 2020 fiscal year, pending approval from the shareholders' meeting[5] - The company's operating revenue for 2020 was CNY 2,949,613,645.09, a decrease of 67.47% compared to CNY 9,068,413,284.24 in 2019[23] - The net profit attributable to shareholders for 2020 was a loss of CNY 556,263,589.80, down 152.41% from a profit of CNY 1,061,446,557.23 in 2019[23] - The net cash flow from operating activities was CNY 37,177,807.06, a decline of 98.09% compared to CNY 1,948,183,347.13 in 2019[23] - The total assets at the end of 2020 were CNY 16,814,727,135.05, a decrease of 2.57% from CNY 17,258,512,134.61 at the end of 2019[23] - The net assets attributable to shareholders decreased by 9.43% to CNY 10,861,601,642.83 from CNY 11,992,882,300.94 in 2019[23] - The basic earnings per share for 2020 were -CNY 0.298, a decrease of 152.37% from CNY 0.569 in 2019[24] - The weighted average return on equity was -4.83% in 2020, down from 9.11% in 2019, reflecting a significant decline in profitability[24] - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of -CNY 679,970,866.03 in 2020, a decrease of 175.58% from CNY 899,690,262.73 in 2019[23] Operational Developments - The company is focusing on new technologies and systems such as CINITY and TMS to enhance the movie viewing experience and improve operational efficiency[14] - The company aims to expand its market presence and enhance its product offerings through innovative cinema management systems and immersive audio technologies[14] - The company has restructured its business into six major segments, focusing on high-quality development in the film industry[33] - The company operates 140 cinemas with a total of 1,045 screens, enhancing its market presence in the cinema investment sector[41] - The company achieved a total box office of 450 million yuan from its operating cinemas, representing 2.42% of the national box office, with a total of 13.46 million viewers and an average occupancy rate of 9.61%[69] - The company’s cinema network covers 19,371 screens and 2.4395 million seats, with a market share of 26.87%[68] - The company’s ticketing platform connected with 9,818 cinemas, covering 85% of the national cinema market[75] - The company’s film production base is one of the largest and most advanced in Asia, capable of providing services for over a thousand film projects annually[45] Market Position and Strategy - The company produced and released 11 films during the reporting period, generating a total box office of 5.664 billion yuan, capturing 33.14% of the national box office for domestic films[58] - The company’s market share increased by approximately 15.15% year-on-year[58] - The company is actively involved in film production, distribution, and technology development, maintaining a comprehensive business model in the film industry[33] - The company is adapting to market conditions by adjusting production schedules and project timelines as necessary[116] - The company plans to focus on high-quality film production, emphasizing key themes and optimizing its creative layout, including films celebrating the 100th anniversary of the Communist Party[114] - The company aims to enhance its production capabilities across various genres, including mainstream blockbusters and sci-fi films, to meet market demands[115] - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[178] Risk Management - The company faces risks related to industry policy changes, market fluctuations, and operational challenges, as detailed in the report[7] - The company is committed to addressing potential risks and has outlined these in the report's discussion and analysis section[7] - The report includes a forward-looking statement risk disclaimer, cautioning investors about potential investment risks[6] - The company acknowledges potential risks from changes in industry policies and is working to strengthen its entire industry chain to mitigate these risks[129] - The company has implemented strict project management and quality control measures to mitigate risks associated with inventory, particularly regarding film production and market release[135] Governance and Compliance - The audit report issued by the accounting firm was a standard unqualified opinion, ensuring the financial report's authenticity and completeness[4] - The board of directors and senior management have guaranteed the accuracy and completeness of the annual report[8] - The company has not violated decision-making procedures in providing guarantees to external parties[7] - The company has not reported any non-standard audit opinions from its accounting firm[145] - The company has established a comprehensive competitive advantage across the entire film industry chain, but faces increasing market competition risks due to the influx of capital and talent in the industry[130] Shareholder Information - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[7] - The company has not disclosed any significant changes in its shareholding structure or shareholder situation[9] - The largest shareholder, China Film Group Corporation, holds 1,257,682,500 shares, representing 67.36% of the total shares[164] - The company has a total of 107,969 ordinary shareholders as of the end of the reporting period, an increase from 90,922 in the previous month[163] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[178] - New product launches are expected to contribute an additional 1 billion yuan in revenue, with a focus on innovative technologies[178] - The company plans to build 6-10 self-operated cinemas and add 50-80 new screens in 2021 to enhance its market presence[124] Employee and Management Information - The total number of employees in the parent company is 252, while the total number of employees in major subsidiaries is 3,408, resulting in a combined total of 3,660 employees[187] - The company emphasizes a fair compensation system and implements a performance-oriented salary policy based on market references[188] - The company has a stable management team with no significant changes in personnel during the reporting period[175] - The company has established a training program aimed at improving employee capabilities and enhancing business performance[192]

Financial Performance - Net profit attributable to shareholders reached CNY 143.51 million, a significant turnaround from a loss of CNY 227.18 million in the previous year, representing a 163.17% increase[6] - Operating revenue surged by 387.18% year-on-year to CNY 1.26 billion[6] - Basic earnings per share increased to CNY 0.077 from a loss of CNY 0.122, marking a 163.11% improvement[6] - The company reported a non-recurring gain of CNY 47.72 million for the period[7] - Net profit for Q1 2021 was ¥167,838,705.93, compared to a net loss of ¥291,970,875.00 in Q1 2020, marking a turnaround in profitability[31] - The total comprehensive income for Q1 2021 was approximately ¥57 million, compared to ¥14 million in Q1 2020, indicating a growth of 306.5%[35] Cash Flow - Net cash flow from operating activities improved by 389.63% to CNY 1.63 billion, compared to a negative cash flow in the same period last year[6] - The cash flow from operating activities was approximately ¥1.63 billion in Q1 2021, a turnaround from a negative cash flow of ¥562 million in Q1 2020[37] - The company generated cash inflows from operating activities totaling approximately ¥3.22 billion in Q1 2021, compared to ¥801 million in Q1 2020, reflecting a growth of 302.5%[37] - The investment activities resulted in a net cash outflow of approximately ¥818 million in Q1 2021, compared to a net outflow of ¥539 million in Q1 2020[38] Assets and Liabilities - Total assets increased by 28.31% year-on-year to CNY 21.57 billion[6] - The total liabilities of the company were CNY 9.94 billion, compared to CNY 5.34 billion in the previous year, which is an increase of approximately 86.5%[26] - The company's current assets reached CNY 14.06 billion, up from CNY 11.46 billion year-on-year, indicating a growth of about 22.4%[24] - The total liabilities amounted to CNY 5,339,247,905.72, a significant increase from CNY 2,251,373,402.44 in the previous period[43] - The total equity attributable to shareholders reached CNY 10,861,601,642.83, reflecting stability in shareholder value[43] Market and Operations - The company produced and released 3 films, achieving a total box office of 10.164 billion RMB, accounting for 61.51% of the total domestic box office[10] - The company participated in the distribution of 127 domestic films, generating a total box office of 14.075 billion RMB, which is 93.18% of the domestic film box office during the same period[11] - The company opened 3 new cinemas, increasing the total number of cinemas to 142 and the number of screens to 1,062[11] - The company’s cloud platform covered 9,933 cinemas with a total of 12.2093 million registered members[14] Research and Development - The company’s R&D expenses increased by 57.52% to approximately 7.636 million RMB compared to the previous year[17] - Research and development expenses for Q1 2021 were ¥7,636,037.24, compared to ¥4,847,687.58 in Q1 2020, indicating an increase of about 57.5%[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 90,922[8] - The largest shareholder, China Film Group Corporation, holds 67.36% of the shares[8] Government Support - The company received government subsidies amounting to CNY 23.23 million, which are closely related to its normal business operations[7] Accounting and Financial Standards - The company has implemented new leasing standards starting from 2021, which may impact future financial reporting and asset valuations[41] - The financial statements will reflect the cumulative impact of the new leasing standards without restating the comparable data for 2020[47] - The new accounting policy aims to objectively and fairly represent the company's financial position and operating results[47]

Financial Performance - Net profit attributable to shareholders was approximately -CNY 559.37 million, a decline of 163.99% year-on-year[5] - Operating revenue for the first nine months was approximately CNY 1.05 billion, down 84.33% compared to the same period last year[5] - The net cash flow from operating activities was approximately -CNY 972.03 million, a decrease of 174.45% year-on-year[5] - Basic earnings per share were -CNY 0.300, a decline of 164.10% compared to the previous year[5] - The company reported a significant year-on-year decline in total box office revenue, with Q3 2020 showing a 82.71% decrease compared to the same period last year[12] - Total operating revenue for Q3 2020 was ¥593.24 million, a decrease of 68.4% compared to ¥1.89 billion in Q3 2019[35] - The net profit for Q3 2020 was a loss of ¥97.98 million, compared to a profit of ¥227.66 million in Q3 2019[36] - The total comprehensive loss of ¥97.99 million for Q3 2020, compared to a comprehensive income of ¥227.67 million in Q3 2019[37] Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 15.78 billion, a decrease of 8.56% compared to the end of the previous year[5] - The total inventory increased to CNY 2,014,619,497.12, up 45.38% from CNY 1,385,763,297.47 as of December 31, 2019[21] - The company's financial assets increased significantly to CNY 693,300,000.00, a rise of 298.63% from CNY 173,920,000.00[21] - The company reported a significant decrease in accounts receivable, which fell by 71.76% to CNY 5,872,916.60 from CNY 20,796,862.44[21] - The company’s total liabilities included contract liabilities of CNY 863,039,510.09, reflecting a 100% increase due to the implementation of new revenue standards[21] - Total liabilities decreased from CNY 4.32 billion to CNY 4.27 billion, a decline of about 1.2%[29] - The company’s goodwill decreased by 38.41% to CNY 279,236,078.84, primarily due to impairment losses related to a subsidiary[21] - The total liabilities of the company were RMB 4,320,181,930.00, reflecting the company's financial obligations[51] Shareholder Information - The total number of shareholders at the end of the reporting period was 105,901[8] - The largest shareholder, China Film Group Corporation, held 67.36% of the shares[8] - Shareholders' equity decreased from CNY 12.94 billion to CNY 11.51 billion, a decline of approximately 11.1%[29] - Shareholders' equity totaled approximately ¥10.72 billion, with paid-in capital at ¥1.87 billion and retained earnings at ¥3.62 billion[54] Operational Activities - The company opened 2 new cinemas in Zhuhai and Anshan, adding 17 screens, while closing 3 cinemas, resulting in a total of 140 operating cinemas and 1,041 screens by the end of the reporting period[19] - The company's cinema chains achieved a total box office of CNY 1.445 billion in the reporting period, with 42 million viewers[19] - The company participated in the release of 78 domestic films in the reporting period, generating a total box office of CNY 977 million, which represented 24.10% of the total domestic box office[18] - The total box office for the company's films reached CNY 4.016 billion, with three films released in September contributing CNY 345 million, accounting for 5.71% of the total domestic box office for the same period[13] Research and Development - The company’s research and development expenses decreased by 52.30% to CNY 21,168,867.35 from CNY 44,379,487.86 in the previous year[22] - The company has not disclosed any new product or technology developments in the report[10] - The company is developing multiple film projects, including "Space Walk 2049" and "The Red Starting Point," among others[15] Cash Flow and Investments - The cash flow from operating activities in the first three quarters of 2020 was negative at approximately -¥972.03 million, compared to positive cash flow of ¥1.31 billion in the same period of 2019[43] - The total cash inflow from investment activities was 1,362,968,056.80 RMB, while cash outflow was 2,021,225,122.82 RMB, resulting in a net cash flow of -658,257,066.02 RMB[46] - The company invested 1,980,560,000.00 RMB in cash during the investment activities, down from 3,691,495,000.00 RMB in the previous year[46]

Financial Performance - The net profit attributable to shareholders for 2019 was CNY 1,061.45 million[4]. - The company's operating revenue for 2019 was approximately CNY 9.07 billion, a slight increase of 0.34% compared to CNY 9.04 billion in 2018[20]. - The net profit attributable to shareholders for 2019 was approximately CNY 1.06 billion, representing a decrease of 28.99% from CNY 1.49 billion in 2018[20]. - The basic earnings per share for 2019 was CNY 0.569, down 28.96% from CNY 0.801 in 2018[21]. - The net cash flow from operating activities increased significantly by 245.84% to approximately CNY 1.95 billion, compared to CNY 563.32 million in 2018[20]. - The total assets of the company at the end of 2019 were approximately CNY 17.26 billion, an increase of 5.64% from CNY 16.34 billion at the end of 2018[20]. - The company's net assets attributable to shareholders increased by 7.33% to approximately CNY 11.99 billion at the end of 2019[20]. - The company achieved a net profit of CNY 355.27 million in Q1 2019, which was the highest among the four quarters[23]. - The company reported a total revenue of 1,500 million RMB from structured deposits using raised funds[153]. - The company reported a net profit of 200 million RMB in 2019, a 10% increase from the previous year[185]. Dividend and Profit Distribution - The proposed cash dividend is CNY 3.18 per 10 shares, totaling CNY 593.71 million[4]. - The profit distribution plan is pending approval from the shareholders' meeting[4]. - In 2019, the cash dividend per 10 shares was 3.18 RMB, totaling 593,706,000 RMB, which accounted for 55.93% of the net profit attributable to shareholders[135]. - The cash dividend in 2018 was 2.81 RMB per 10 shares, totaling 524,627,000 RMB, representing 35.10% of the net profit attributable to shareholders[135]. - The company implemented a stable profit distribution policy, ensuring at least 10% of the distributable profit is allocated as cash dividends annually, subject to shareholder approval[134]. Risks and Compliance - The company has outlined risks related to industry policy changes, market risks, and operational risks in its report[6]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors[5]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has maintained a commitment to fair and reasonable transactions with related parties, ensuring compliance with legal procedures[139]. - The company has no major accounting errors or changes in accounting policies that would affect its financial reporting[142]. - The company has not disclosed any significant related party transactions that would require further reporting[148]. Corporate Governance - The board of directors and senior management have confirmed the accuracy and completeness of the financial report[3]. - The company has retained its auditing firm, Deloitte Touche Tohmatsu, for the 2019 fiscal year, with an audit fee of 2.1 million RMB[143]. - The company has established a comprehensive governance system to ensure effective decision-making and accountability[199]. - The company has revised its governance documents in line with the new guidelines from the China Securities Regulatory Commission[200]. - The company emphasizes a performance-oriented compensation policy, ensuring fair salary adjustments based on market conditions[195]. Market Presence and Expansion - The company operates 139 cinemas with a total of 1,026 screens, and has investments in 14 additional cinemas[36]. - As of the end of the reporting period, the company had a total of 3,009 affiliated cinemas and 18,331 screens across its controlled and affiliated cinema chains[37]. - The ticketing platform operated by the company's subsidiary covered 9,486 cinemas and had a total of 7.9833 million registered members[38]. - The company aims to expand its market presence through strategic partnerships and the development of diverse revenue streams[35]. - The company is actively exploring new strategies for market expansion and technology development to enhance its competitive edge in the film industry[98]. Film Production and Distribution - The film production segment includes movies, TV series, web dramas, and animations, with a focus on balancing social and economic benefits[30]. - The company produced and released a total of 23 films during the reporting period, achieving a box office of 7.406 billion yuan, accounting for 17.99% of the total box office for domestic films in the same period[50]. - The company participated in the release of 564 domestic films, achieving a total box office of 13.034 billion yuan, which represents 34.15% of the total box office for domestic films during the same period[58]. - The company also released 133 imported films, generating a box office of 12.227 billion yuan, accounting for 57.51% of the total box office for imported films[58]. - The company has established a complete film industry chain, covering production, distribution, marketing, and cinema operations, enhancing its competitive advantage[43]. Research and Development - Research and development expenses surged by 49.22% to 96.553 million RMB, indicating a focus on innovation[73]. - The company is focusing on expanding its film and television production capabilities, as evidenced by multiple awards received for its productions during the year[71]. - Research and development investments have increased by 30%, focusing on innovative film technologies and production techniques[181]. - The company is committed to innovation in film production, with ongoing research and development in new technologies for animation and storytelling[118]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12%[181]. - Future guidance suggests a revenue growth target of 20% for 2020, driven by new releases and expanded distribution channels[186]. - The company plans to launch three new film productions in 2020, aiming for a 25% increase in box office revenue compared to 2019[185]. - The company is currently in post-production for multiple projects, including "封神" and "美人鱼 2" which are expected to be released soon[112]. - The company is actively developing new projects, with titles like "悬崖之上" and "守龙者" currently in production[115].