中国电影（600977）公告，2024年营业收入为45.75亿元，同比下降14.28%。归属于上市公司股东的净 利润为1.4亿元，同比下降46.42%。公司2024年中期利润分配已于2025年1月实施完毕，派发现金红利 6534.5万元(含税)。如本预案获股东大会批准，2024年公司两次利润分配共计派发现金红利8588.2万元 (含税)，占公司当期归属于上市公司股东净利润的61.14%。 ...

Group 1 - The core event was the global launch of the Huaxia Feiying Cloud Network Transmission Platform in Beijing, attended by representatives from various government departments and film enterprises from countries like Malaysia and Brazil [1][2] - Huaxia Film, as a national-level film distribution platform, aims to promote the digital transformation of the Chinese film industry and has become the controlling shareholder of the "Digital Film Network Distribution System" project after two years of collaboration with the Feiying Cloud team [1] - The Huaxia Feiying Cloud platform has served over 11,600 cinemas nationwide, transmitting 227 films and over 2.18 million versions, addressing traditional transmission inefficiencies and enabling "same-day production, next-day release" support for films [1] Group 2 - Strategic cooperation agreements were signed between Huaxia Feiying Cloud and government and film entities from Malaysia and Brazil, aiming to accelerate the digital and intelligent upgrade of overseas film distribution [2] - The collaboration with Malaysia will leverage Feiying Cloud technology to build an efficient transmission network, facilitating the entry of Chinese films into thousands of cinemas in Southeast Asia [2] - The partnership with Brazil signifies the penetration of Chinese film transmission technology into the South American market, providing digital copy transmission solutions and promoting cultural integration between Chinese films and Latin American culture [2]

本文来自微信公众号：潜水鱼X，作者：何润萱，题图来自：AI生成 最近在播的剧挺多，还都有老戏骨出演，然而效果嘛，就见仁见智了。且不说云合之类的数据，有网友在微博上直接盖章剧集"一潭死水"，甚至还为此写 了"悼词"：中国电视剧比中国电影还先走一步。小鱼发现也有戏在播的姚晨，正好刷到了这条，留言说，不如都看看？其实都不错。 热播期集均数据（图源：豆瓣） 广告招商方面，长剧市场更惨。仍以去年同比来看，今年的下降几乎是断崖式的。 去年3月播出的《与凤行》，是全年长剧广告招商亚军，广告总时长长达3610s，2月播出的年代剧《南来北往》也有2776s。但今年1月招商最好的是《国 色芳华》，广告时长为2249s，剩下的直接断档。还有很多剧几乎在裸播，陈哲远和梁洁的《白色橄榄树》播出一月广告仅为30s，口碑相对好一点的《树 下有片红房子》仅为25s（还是自家腾讯元宝的广告）。 虽然当事网友很高情商地接了话，但是此事还是透露出市场上大家一个隐隐察觉的共识：2025Q1，长剧好像真凉了。 凉的风声，去年就有。先是网传优酷大刀阔斧地砍集数，而后优酷副总裁谢颖在年底演讲提到大部分剧集前五集的弃剧率在50%以上，全剧完播率仅在 20% ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has underperformed compared to major indices, with a decline of 12.20% from March 14 to April 11, 2025, while the Shanghai Composite Index and CSI 300 fell by 3.59% and 4.12%, respectively [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - The advertising market is expected to rebound due to government initiatives aimed at boosting consumption, with stable demand from consumer goods clients [12][18] - State-owned publishing companies are highlighted for their high dividend yields and defensive value, with some companies achieving an average dividend yield of over 6% in the past three years [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover in valuation due to minimal impact from tariffs and strong domestic demand [11][12] - Monitor the advertising market for cyclical recovery driven by government consumption stimulus policies [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, ranking 28th among all sectors [3][13] - The sector's PE ratio as of April 11, 2025, is 26.38, above the historical average of 24.46 [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which includes 30 key tasks aimed at boosting consumer spending [18] - The gaming industry continues to receive support from government policies, with a significant number of game licenses issued in Q1 2025 [11][41] - The advertising market is showing signs of recovery, with notable increases in spending in various sectors [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21][27] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow, with a 1.6% increase in overall spending in 2024 [52][54]

总台记者刘骁骞：事实证明，那些能够契合中国文化偏好、并与中国演员、取景地或制作方合作的影 片，通常会获得更好的发行机会与市场支持。好莱坞编剧和制片方如今甚至会在剧本和选角阶段就考虑 中国市场的反馈，这本身就说明了中国影响力之大。 总台记者刘骁骞：其次，中国的影院观影习惯在一定程度上弥补了美国国内影院观众的流失。随着流媒 体兴起，美国观众去影院的频率持续下降。而中国观众则更倾向于走进影院，尤其偏好视觉震撼的大制 作影片。好莱坞最擅长的类型，例如动作片、科幻片和系列电影往往在中国获得极大成功。 总台记者刘骁骞：美国著名影视媒体《好莱坞报道》指出，"中国不仅仅是票房助力，它甚至能决定一 部大片是盈利还是亏损。"美国高级媒体分析师保罗·德加拉贝迪安也表示："中国已经成为全球票房系 统中不可或缺的一环。它不再是一个可选项，而是一个必选项。" 中国电影市场有巨大消费潜力和市场活力 总台记者刘骁骞：美国电影公司长期主导全球票房，现在也意识到，未来的扩张必须深耕中国市场。除 了票房收益外，电影衍生品、品牌合作和主题公园等相关产业也高度依赖中国消费者的兴趣。环球影业 和迪士尼都在中国进行了大量基础设施投资，意在将中国观众转化为 ...

一位影评人向《证券日报》记者表示，好莱坞电影近些年受当地罢工影响，产量不足。除此之外，中国 观众对美式叙事出现审美疲劳。"如迪士尼公司著名大IP《白雪公主》《小美人鱼》真人电影连续在全 球口碑出现滑铁卢。其中，今年上映的《白雪公主》在中国票房都未能突破千万元，只有925.3万元。" 记者梳理发现，除了2022年有两部好莱坞电影——《阿凡达.水之道》《侏罗纪世界3》票房在中国突破 10亿元外，2023年至今都没有好莱坞电影在中国票房突破10亿元。 从过亿元票房电影数量占比看，国产电影的占比正在提升。国家电影局数据显示，2023年全年票房过亿 元影片共73部，其中国产影片50部，占比68%；2024年，票房过亿元影片共79部，其中国产影片55部， 占比70%。 4月10日晚，国家电影局发言人表示，中国是全球第二大电影市场，我们始终坚持高水平对外开放，将 引进世界更多国家优秀影片，满足市场需求。 对此，多位业内人士向《证券日报》记者表示，此举有利于推动国内电影市场的多元化。 观众对美式叙事审美疲劳 4月11日，三部好莱坞电影《速度与激情7》(重映)《此心安处》《谍网追凶》如期上映。 灯塔专业版数据显示，《速度与激情 ...

Core Viewpoint - The animated film "Ne Zha 2" is set to release in India on April 25, 2023, with expectations to break the previous box office record held by "Wolf Warrior 2" [1][4]. Group 1: Film Success and Anticipation - "Ne Zha 2" has achieved remarkable success in Southeast Asia, breaking all box office records [3]. - The film has grossed over $2 billion globally, making it the highest-grossing animated film of all time [4]. - The film's release in India is anticipated to attract significant attention due to its cultural significance and potential connections to Indian mythology [4]. Group 2: Distribution and Audience Engagement - The film will be released in Mandarin with English subtitles, and there are plans for a Hindi dubbed version to cater to Indian audiences [3]. - The collaboration between Encore Films and Warner Bros. Discovery aims to bring more engaging content to Indian viewers in the future [3].

2025年春节档票房95.10亿元，观影人次为1.87亿，刷新中国影史纪录。截至2025年3月18日，今年中国 电影总票房突破240亿大关，同比增长60%，观影人次突破5亿，占到全球票房的45%！近日印发的《提 振消费专项行动方案》为电影全产业链注入强劲动能。2025年，中国电影市场正迎来一场"风火轮"式的 加速奔跑！ 传统文化IP唤醒消费新动能 《哪吒之魔童闹海》连续创造多项纪录，流量持续"溢出"；《射雕英雄传：侠之大者》和《封神二》系 列电影等IP火爆出圈——中华文明五千年的精神富矿正通过"传统美学+科技赋能"的化学反应，孵化出 全球瞩目的中国IP矩阵！ 文旅联动 打造"电影+"消费新生态 从影院到景点，从热映到热游，春节档电影的爆火为文旅市场带来了新思路。各地搭乘国产电影快车， 将电影"流量"转化为旅游"留量"。从跟着电影去旅游，到相关衍生品卖断货，电影IP让文旅市场也踩上 了"风火轮"，掀起阵阵热潮。 从仰韶彩陶的纹样到赛博世界的光影，从梨园戏台的锣鼓到杜比全景声的震撼——中国电影以文化为 锚，以创新为帆，在提振消费的浪潮中破浪前行！国产电影市场，值得期待！ 监制｜刘鑫 温露 制片人｜王率 顾小慈 陈 ...

Group 1 - The popularity of Chinese films overseas is boosting tourism to China, particularly attracting visitors from Russia and CIS countries [1] - Russian cultural experts are exploring various cities in Jiangsu province, such as Suzhou, Nanjing, Wuxi, and Changzhou, to experience traditional Chinese culture and landscapes [1] - The connection between films and real-life experiences allows tourists to appreciate China's natural beauty and cultural stories more deeply [1] Group 2 - Interest in Chinese culture is growing among Russians, with many eager to learn more about traditional customs and etiquette showcased in historical-themed dramas [2] - The upcoming "Asian Film Festival" in Moscow will feature a full day dedicated to Chinese cinema, highlighting the increasing fascination with Chinese film and its artistic presentation [2]

Group 1 - The core viewpoint is that the popularity of Chinese films overseas is boosting tourism to China, particularly attracting visitors from Russia and CIS countries to experience traditional culture and scenic beauty [1] - Russian cultural experts are actively engaging with Chinese culture, highlighting their experiences in Jiangsu province, which includes cities like Suzhou, Nanjing, Wuxi, and Changzhou [1] - The connection between films and real-life experiences is emphasized, as visitors are able to experience the landscapes and cultural elements depicted in movies, enhancing their understanding of Chinese culture [1] Group 2 - The interest in Chinese culture is further reflected in the enthusiasm of Russian artists and the upcoming "Asian Film Festival" in Moscow, which will focus on Chinese cinema [2] - Historical-themed television dramas are playing a significant role in educating audiences about traditional Chinese customs and social interactions, which were previously unknown to many [2] - There is a growing fascination among Russians for Chinese films and the art of film projection, indicating a cultural exchange and interest in Chinese cinematic narratives [2]