提名人上海电影股份有限公司董事会,现提名朱小苏为上海电影股份有限公 司第五届董事会独立董事候选人,并已充分了解被提名人职业、学历、职称、详 细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人已同意出 任上海电影股份有限公司第五届董事会独立董事候选人(参见该独立董事候选人 声明)。 提名人认为,被提名人具备独立董事任职资格,与上海电影股份有限公司之 间不存在任何影响其独立性的关系,具体声明如下; 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规 章及其他规范性文件,具有 5年以上法律、经济、财务、管理或者其他履行独立 董事职责所必需的工作经验。 上海电影股份有限公司 独立董事提名人声明与承诺 (八)中国证监会《证券基金经营机构董事、监事、高级管理人员及从业人 员监督管理办法》等的相关规定(如适用); 被提名人尚未完成独立董事培训,已承诺在本次提名后尽快参加上海证券交 易所举办的独立董事相关培训。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用); ...

证券代码：601595 证券简称：上海电影 公告编号：2024-029 上海电影股份有限公司 关于董事会、监事会换届选举的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海电影股份有限公司（以下简称"公司"）第四届董事会、监事会任期即 将届满，根据《中华人民共和国公司法》（以下简称《公司法》）《上海证券交 易所股票上市规则》等法律法规以及《公司章程》等相关规定，公司开展董事会、 监事会的换届选举工作，现将本次董事会、监事会相关候选人换届选举情况公告 如下： 一、董事会换届选举情况 公司于 2024 年 9 月 12 日召开了第四届董事会第二十四次会议，审议通过了 《关于董事会换届选举暨提名第五届董事会非独立董事的议案》及《关于董事会 换届选举暨提名第五届董事会独立董事的议案》。 经董事会提名委员会对公司第五届董事会董事候选人任职资格的审查，董事 会同意提名王隽女士、吴嘉麟先生、戴运先生、李早女士、杨正迎先生为公司第 五届董事会非独立董事候选人；同意提名蔺楠女士、朱小苏先生、朱振梅女士为 公司第五届董事会独立董事候选人， ...

证券代码：601595 证券简称：上海电影 公告编号：2024-030 上海电影股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 （一）股东大会类型和届次 2024 年第一次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 30 日 10 点 00 分 召开地点：上海市徐汇区漕溪北路 595 号 A 座 5 楼会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 30 日 至 2024 年 9 月 30 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规 范运作》等有关规定执行。 （七）涉及公开征集股东投票 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a current price of 18.82 CNY and a forecasted PE ratio of 52, 32, and 24 for the years 2024, 2025, and 2026 respectively [1][7]. Core Insights - The company is a well-established state-owned enterprise in the film industry, focusing on film operations and actively developing its IP business, which is expected to drive future growth [1][5]. - The film business remains stable, with a significant market share in cinema operations and a growing emphasis on IP development, particularly after acquiring a 51% stake in a key IP company [1][6]. - The company is embracing AI technology to enhance its IP value, indicating a forward-looking strategy that combines traditional film production with innovative digital approaches [1][6]. Summary by Sections Company Overview - The company operates a full industry chain in film, including distribution, cinema operations, and film production, with a strong focus on IP and AI integration [13][14]. - It is the only publicly listed company under the Shanghai Film Group, which holds a significant number of quality assets that could be injected into the listed entity in the future [15][17]. Film Business - The film business is the core revenue driver, accounting for approximately 69% of total revenue in 2023, with expectations for a rebound in 2025 following a slight decline in 2024 due to supply chain constraints [1][27]. - The company has a leading market share in cinema operations and is exploring new business models to rejuvenate cinema experiences [1][27]. IP Business - The company has made significant strides in its IP business, acquiring rights to over 60 classic IPs, which are expected to be a major growth area [1][6]. - The IP strategy includes revitalizing classic content and monetizing through various channels such as merchandise, licensing, and digital content [1][6]. Financial Performance - The company reported a revenue of 795 million CNY in 2023, with a projected growth to 865 million CNY in 2024, and further increases in subsequent years [2][21]. - The net profit for 2023 was 127 million CNY, with expectations of reaching 159 million CNY in 2024, reflecting a strong growth trajectory [2][21].

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1][2][5] Core Views - The company demonstrates strong resilience in performance, with a significant growth in IP business, achieving a revenue of 381 million yuan in H1 2024, representing a year-over-year increase of 2.39% [1][2] - The net profit attributable to shareholders reached 69 million yuan, up 4.92% year-over-year, while the net profit excluding non-recurring items surged by 84.86% to 43 million yuan [1][2] - The report highlights the impact of a weak film market on the cinema business, which faced short-term pressure, but the "Cinema+" strategy is driving growth in non-ticket revenue [2][3] Summary by Sections Financial Performance - H1 2024 revenue was 381 million yuan (YOY +2.39%), with a gross margin of 26.70% (up 2.10 percentage points) and a net margin of 21.90% (up 1.91 percentage points) [2][5] - The company reported a quarterly breakdown with Q1 revenue at 210 million yuan (YOY +18.26%) and Q2 revenue at 171 million yuan (YOY -12.09%) [2][3] Business Development - The cinema business is under pressure due to the overall film market performance, with ticket sales for the company's cinemas declining [2][3] - The "Cinema+" initiative has led to nearly 100 events, enhancing non-ticket revenue through innovative activities [2][3] Future Outlook - The company is expected to see revenue growth, with projections of 810 million yuan in 2024, 1.01 billion yuan in 2025, and 1.17 billion yuan in 2026 [6][8] - The net profit forecast for 2024 is 131 million yuan, increasing to 216 million yuan in 2025 and 271 million yuan in 2026 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business is impacted by the overall film market, but its IP business is experiencing rapid revenue and profit growth [1] - In the first half of 2024, the company's revenue increased by 2.4% year-on-year to 380 million yuan, with a gross margin rise of 2.1 percentage points to 26.7% [1] - The company has adjusted its net profit forecasts for 2024-2026 downwards due to the adverse effects on its cinema business, but remains optimistic about the progress of its IP business and future product pipeline [1] Financial Performance Summary - Total revenue (million yuan): - 2022A: 429.68 - 2023A: 795.23 - 2024E: 811.16 - 2025E: 1,031.99 - 2026E: 1,226.07 - Year-on-year growth rates: - 2023A: 85.07% - 2024E: 2.00% - 2025E: 27.22% - 2026E: 18.81% [1][7] - Net profit attributable to the parent (million yuan): - 2022A: (328.21) - 2023A: 126.98 - 2024E: 164.53 - 2025E: 278.77 - 2026E: 384.65 - Year-on-year growth rates: - 2023A: 138.69% - 2024E: 29.57% - 2025E: 69.44% - 2026E: 37.98% [1][7] - Latest diluted EPS (yuan/share): - 2023A: 0.28 - 2024E: 0.37 - 2025E: 0.62 - 2026E: 0.86 [1][7] Business Segment Performance - Film screening and other business revenue decreased by 23.6% year-on-year to 280 million yuan, accounting for 70.0% of total revenue [1] - Cinema line business revenue increased by 205.1% year-on-year to 26.3 million yuan, with a gross margin increase of 59.4 percentage points to 57.2% [1] - IP licensing business revenue was 64.05 million yuan, accounting for 15.9% of total revenue, with a gross margin of 65.9% [1] Market Context - The domestic film market's total box office decreased by 9.5% year-on-year to 23.77 billion yuan in the first half of 2024, negatively impacting the company's cinema business [1] - The company has established a strategic partnership with BOE Technology Group to innovate new business models in the film industry [1] Future Outlook - The company's IP development business saw revenue and profit growth exceeding 100% in the first half of 2024, with a promising product pipeline ahead [1] - Upcoming projects include a game based on the "Black Cat Sheriff" IP and an animated film "Summer of Little Monsters" set for release in 2025 [1]

证券研究报告·公司点评报告·影视院线 上海电影（601595） 2024年中报业绩点评：主业受电影大盘影响， IP 业务收入及利润快速增长 2024 年 09 月 04 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 429.68 | 795.23 | 811.16 | 1,031.99 | 1,226.07 | | 同比（ % ） | (41.23) | 85.07 | 2.00 | 27.22 | 18.81 | | 归母净利润（百万元） | (328.21) | 126.98 | 164.53 | 278.77 | 384.65 | | 同比（ % ） | (1,600.60) | 138.69 | 29.57 | 69.44 | 3 ...

上 市 公 司 传媒 证 券 研 究 报 告 2024 年 09 月 04 日 上海电影 (601595) ——IP 业务持续兑现，集团管理层焕新，三大战略继续 推进 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 18.97 | | 一年内最高 / 最低（元） | 36.42/16.12 | | 市净率 | 5.1 | | 息率（分红/股价） | 0.60 | | 流通 A 股市值（百万元） | 8,502 | | 上证指数/深证成指 | 2,802.98/8,268.05 | | | | 投资要点： | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.72 | | | | | 资产负债率 % | 35. ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595) with a target price of RMB 27.90, down from the previous target of RMB 35.28 [2] - The current stock price is RMB 18.17 [2] Core Views - The company's IP development business performed exceptionally well in H1 2024, with net profit exceeding the full-year 2023 results [3] - Major IP animation projects such as "Little Monster's Summer: Once Upon a Time in Langlang Mountain" and "Chinese Tales" Season 2 are expected to be released in 2025 [3] - The company's IP business is progressing faster than peers, with a projected 62.5% CAGR in net profit from 2024 to 2026 [9] Financial Performance - H1 2024 revenue reached RMB 380 million, up 2.4% YoY, with net profit attributable to shareholders of RMB 65.84 million, a 4.9% YoY increase [9] - Q2 2024 revenue declined 12.1% YoY to RMB 170 million, with net profit down 23.1% to RMB 22.97 million due to weak overall film market performance [9] - The company's subsidiary, Shangying Yuan, achieved RMB 64.05 million in revenue and RMB 21.16 million in net profit in H1 2024, representing 80.3% and 101% of 2023 full-year results respectively [9] Business Development - The company is actively transforming its cinema business by integrating "film + IP + space" resources to promote non-ticket innovative business growth [9] - Shanghai Film City SHO has hosted nearly 100 events, including film parties, premieres, and IP derivative activities [9] - The company is collaborating with Kaiying Network to launch an authorized game based on the "Black Cat Detective" IP, with other IP collaborations progressing steadily [9] Market Data - The stock's 52-week price range is RMB 16.43-34.43 [5] - Total market capitalization is RMB 8.144 billion [5] - The company has 448 million shares outstanding, all of which are A-shares [5] Financial Ratios - The current P/E ratio is 64.14x based on 2023 earnings, expected to decline to 29.17x by 2025 [10] - ROE is projected to increase from 7.7% in 2023 to 16.6% in 2026 [10] - Net profit margin is forecast to improve from 18.2% in 2023 to 32.4% in 2026 [11] Industry Comparison - The company's 2025E P/E ratio of 29.17x is higher than the peer average of 22.18x, reflecting its premium valuation due to faster IP business development [12] - Comparable companies include Hengdian Films (25.33x 2024E P/E), Enlight Media (21.58x), and Alpha Animation (41.86x) [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a strong performance in its IP development business, with significant growth in revenue and profit, driven by the successful integration of Shanghai Film Group and the robust performance of its major IP projects [2][4] - The company is expected to continue its growth trajectory in the IP development and film business, with revenue forecasts for 2024-2026 projected at 11.09 billion, 13.31 billion, and 15.20 billion yuan respectively, and net profits at 2.37 billion, 3.45 billion, and 4.64 billion yuan [2] - The overall gross margin for the company improved to 26.70% in H1 2024, primarily due to the higher revenue contribution from the IP development business [3] Financial Performance Summary - In H1 2024, the company achieved revenue of 381 million yuan (up 2.39% year-on-year) and a net profit of 69 million yuan (up 4.92% year-on-year) [2] - The company’s Q2 2024 revenue was 171 million yuan (down 12.09% year-on-year, down 18.60% quarter-on-quarter), with a net profit of 23 million yuan (down 23.09% year-on-year, down 50.19% quarter-on-quarter) [2] - The company’s EPS for 2024-2026 is projected to be 0.53, 0.77, and 1.04 yuan respectively, with corresponding P/E ratios of 34.4, 23.7, and 17.5 times [2][5] IP Development and Business Growth - The company’s IP development business has accelerated its commercialization, with revenue and profit growth exceeding 100% in H1 2024 [4] - New IP products and collaborations with various games have significantly increased the company's market exposure, with total exposure exceeding 3 billion [4] - The company is set to release new films and entertainment products, which are expected to further enhance its revenue streams [4]