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]

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 H1 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's net profit attributable to shareholders grew by 4.9% year-on-year to 69.08 million yuan, while the non-recurring net profit increased by 84.9% to 43.08 million yuan [1] Revenue and Profit Forecasts - Total revenue is projected to reach 811.16 million yuan in 2024, with a year-on-year growth of 2% [1] - Net profit attributable to shareholders is expected to be 164.53 million yuan in 2024, reflecting a year-on-year increase of 29.57% [1] - The report adjusts the net profit forecasts for 2024-2026 from 260 million, 420 million, and 530 million yuan to 160 million, 280 million, and 380 million yuan respectively [1] Business Segment Performance - The film screening and other businesses saw a revenue decline of 23.6% to 280 million yuan in H1 2024, accounting for 70% of total revenue [1] - The cinema line business revenue increased by 205.1% to 26.3 million yuan, with a gross margin improvement of 59.4 percentage points to 57.2% [1] - The IP licensing business generated 64.05 million yuan in revenue, representing 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 H1 2024, negatively affecting the company's cinema operations [1] - The company's cinema market share decreased by 0.9 percentage points to 7.4%, ranking fourth nationally [1] IP Business Development - The company's IP development business saw revenue and profit growth exceeding 100% in H1 2024, with a subsidiary achieving a net profit margin of 33% [1] - Future product pipelines include collaborations on games and animated films based on popular IPs, which are expected to enhance the IP's commercial value [1]

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]

证券代码：601595 证券简称：上海电影 公告编号：2024-024 上海电影股份有限公司 第四届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 上海电影股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日以通讯表 决的方式召开了第四届监事会第十五次会议（以下简称"本次会议"）。本次会 议通知及会议材料已于 2024 年 8 月 24 日通过电子邮件方式送达全体监事，本次 监事会应出席监事 5 名，实际出席监事 5 名，出席监事占应出席人数的 100%， 会议由监事会主席钮怿女士主持。本次会议的召集、召开程序符合《中华人民共 和国公司法》（以下简称《公司法》）等相关法律、法规及《上海电影股份有限 公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 1．审议通过《关于<2024 年半年度报告>及摘要的议案》 经审核，监事会认为董事会编制和审议《上海电影股份有限公司 2024 年半 年度报告》及摘要的程序符合法律、行政法规及中国证监会的规定，报告内容真 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 380,863,794.07, representing a 2.39% increase compared to CNY 371,957,699.30 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 69,081,820.89, up 4.92% from CNY 65,840,290.66 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 84.86% to CNY 43,075,897.33 from CNY 23,302,350.52 year-on-year[13]. - The net cash flow from operating activities was negative at CNY -9,314,482.40, a significant decline of 111.44% compared to CNY 81,443,022.23 in the same period last year[13]. - The net assets attributable to shareholders at the end of the reporting period were CNY 1,666,216,191.93, reflecting a 1.09% increase from CNY 1,648,229,171.04 at the end of the previous year[13]. - Total assets decreased by 5.30% to CNY 2,813,549,746.54 from CNY 2,971,148,080.23 year-on-year[13]. - Basic earnings per share for the reporting period (January to June) remained at CNY 0.15, unchanged from the same period last year[14]. - The basic earnings per share after deducting non-recurring gains and losses increased by 100% to CNY 0.10 from CNY 0.05 in the previous year[14]. - The weighted average return on net assets decreased slightly to 4.11% from 4.12% year-on-year[14]. - The weighted average return on net assets after deducting non-recurring gains and losses increased by 1.13 percentage points to 2.56% from 1.43% in the previous year[14]. Box Office and Market Trends - The total box office for the domestic film market in the first half of 2024 was CNY 23.773 billion, a decrease of 9.50% compared to the same period in 2023[16]. - The number of moviegoers reached 548 million, down 9.27% year-on-year, with an average ticket price of CNY 43.39, a slight decrease of 0.25%[16]. - Domestic films accounted for 81.09% of the total box office, generating CNY 19.277 billion, while imported films contributed CNY 4.496 billion, a decline of 30.38%[16]. - The company is focusing on enhancing cinema operations and expanding its IP development business to increase revenue streams[16]. - The government has initiated a consumption season from August to October 2024, aiming to boost movie attendance and support the film industry[16]. Cinema Operations and Development - The cinema chain achieved a total box office of 1.761 billion yuan (including service fees), ranking 4th nationwide with a market share of 7.41% and a total of 37.45 million moviegoers[19]. - The company’s direct-operated cinemas generated a box office of 245 million yuan (including service fees), holding a market share of 1.03%[19]. - The total number of franchise cinemas under the chain reached 789, with a total of 5,031 screens as of the end of the reporting period[19]. - The company is actively developing high-quality cinema franchises through various methods, including authorized franchising and equipment upgrades, to enhance franchise standards and quality[19]. - The company plans to integrate LED digital innovation and content creation with BOE Technology Group to establish a new benchmark for cinema audiovisual experiences[19]. - The company has launched a "Cinema Treasure" service in collaboration with banks, providing financial solutions for franchise clients[19]. - The company’s "SFC Shanghai Film City" and "SFC Shanghai Film City (Honghui Yonghua IMAX Store)" ranked first and second in box office performance in Shanghai[19]. - The company is focusing on the development of a full IP industry chain, actively exploring new popular IP content while leveraging existing classic animation and film IPs[18]. - The company hosted nearly 100 "Cinema+" events, including premieres and themed activities, attracting significant audience engagement[19]. - The company is shifting from policy-based screenings to commercial screenings in rural and educational cinema lines, enhancing service quality and content diversity[19]. Costs and Expenses - The company's operating costs decreased by 0.47% to ¥279,161,773.79 from ¥280,473,799.27 year-on-year[22]. - Sales expenses increased significantly by 48.42% to ¥13,737,745.83 from ¥9,255,987.20 in the previous year[22]. - The company achieved over 100% growth in revenue and profit from its IP development business, driven by new collaborations and product launches[20]. - The average viewership rating for the Spring Festival Gala program featuring over 30 animated characters was 34.1%, ranking in the top 3 overall[20]. Cash Flow and Investments - Cash and cash equivalents decreased by 61.77% to ¥300,058,029.55, down from ¥784,867,559.63 in the previous year[25]. - Inventory increased significantly by 161.45% to ¥43,288,249.26, compared to ¥16,557,052.58 last year, primarily due to increased film production costs[25]. - Prepayments rose by 26.97% to ¥13,562,987.15, up from ¥10,681,833.34 in the previous year[25]. - The company reported an asset disposal gain of ¥10,528,850.46, accounting for 11.64% of total profit, primarily due to changes in leasing models for some cinemas[23]. - Investment income amounted to ¥12,615,698.28, representing 13.95% of total profit, mainly from the sale of subsidiary equity and structured deposits[23]. Risks and Challenges - The company faces intensified market competition in the film industry, with a shift towards a saturated competition era expected in the short term[31]. - The recovery of box office revenue to pre-pandemic levels remains uncertain due to increasing competition from online media and changing consumer habits[32]. - There is a risk of insufficient supply of quality content, which is crucial for the company's film distribution and exhibition business[32]. - The company may encounter risks related to the recovery of receivables and potential asset impairments due to industry recovery delays[32]. - The company has a risk associated with property lease expirations, which could lead to increased costs or inability to renew leases[32]. Shareholder and Corporate Governance - The company did not propose any profit distribution or capital reserve transfer for the reporting period[35]. - There are no updates on stock incentive plans or employee stock ownership plans during the reporting period[36]. - The company has not disclosed any significant environmental protection measures or changes during the reporting period[37]. - The company has not reported any specific actions related to poverty alleviation or rural revitalization efforts[38]. - The company has commitments from its controlling shareholder, Shanghai Film (Group) Co., Ltd., to avoid any future competition and protect investor interests, which includes not engaging in any competing business activities[39]. - The company has committed to minimizing and regulating related party transactions, ensuring that transactions are conducted fairly and in compliance with relevant laws and regulations[39]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal standing[40]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[40]. - The company has not received any penalties or corrective actions related to violations of laws or regulations during the reporting period[40]. - The company has a long-term commitment from its controlling shareholder to ensure compliance with related party transaction regulations and to compensate for any losses incurred due to violations[39]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the accrual basis of accounting, reflecting the company's financial position accurately[73]. - The company views the entire corporate group as a single accounting entity, preparing consolidated financial statements that reflect the overall financial position, operating results, and cash flows of the group[80]. - The company recognizes the loss exceeding the minority shareholders' equity in subsidiaries, which reduces the minority shareholders' equity[81]. - The company applies the equity method for investments in joint ventures, confirming its share of assets, liabilities, revenues, and expenses related to joint operations[82][83]. - The company assesses impairment of financial assets based on expected credit losses, considering past events, current conditions, and forecasts of future economic conditions[92]. - The company uses the effective interest method to calculate interest income on financial assets measured at amortized cost[87]. - The company categorizes financial instruments into groups based on credit risk characteristics to determine expected credit losses, using aging analysis for accounts receivable and other receivables[93]. Inventory and Receivables Management - The total inventory at the end of the period is 43,288,249.26 RMB, with a significant portion being finished goods valued at 14,608,824.60 RMB[176]. - The company has a total of ¥135,375,736.68 in accounts receivable under the combined provision method, with a provision amount of ¥9,330,893.47, reflecting a provision ratio of 6.89%[157]. - The company expects to recover a significant portion of its receivables, with specific provisions for certain accounts reaching 100%[158]. - The total bad debt provision for the combined method was ¥9,330,893.47, down from ¥10,765,085.05 at the beginning of the period, showing a decrease of approximately 13.3%[159]. Future Outlook and Strategic Plans - The company plans to expand its market presence in the Asia-Pacific region in the upcoming quarters[67]. - The company continues to focus on market expansion and new product development strategies to drive future growth[60].

上海电影股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日以通讯表 决的方式召开了第四届董事会第二十三次会议（以下简称"本次会议"）。本次 会议通知及会议材料已于 2024 年 8 月 24 日通过电子邮件方式送达全体董事，本 次会议应出席董事 9 名，实际出席董事 9 名，出席董事占应出席人数的 100%， 会议由董事长王健儿先生主持。本次会议的召集、召开程序符合《中华人民共和 国公司法》等相关法律、法规及《上海电影股份有限公司章程》的规定，会议决 议合法、有效。 二、董事会会议审议情况 证券代码：601595 证券简称：上海电影 公告编号：2024-023 上海电影股份有限公司 第四届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 1．审议通过《关于<2024 年半年度报告>及摘要的议案》 特此公告。 上海电影股份有限公司董事会 2024 年 8 月 31 日 1 表决结果：9 票赞成；0 票弃权，0 票反对。 本议案已经审计委员会审议通过，无需提交公司 ...

证券代码：601595 证券简称：上海电影 公告编号：2024-022 上海电影股份有限公司 2023 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.114 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/30 | － | 2024/7/31 | 2024/7/31 | 本次利润分配方案经公司 2024 年 6 月 27 日的 2023 年年度股东大会审议通 过。 二、分配方案 1．发放年度：2023 年年度 2．分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3．分配方案： 本次利润分配以方案实施前的公司总股本 448,200,000 股为基数，每股派发 现金红利 0.114 元（含税）， ...