重要内容提示： 每股分配比例 A 股每股现金红利 0.096 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 | 2024/12/19 | － | 2024/12/20 | 2024/12/20 | 差异化分红送转： 否 证券代码：601595 证券简称：上海电影 公告编号：2024-045 上海电影股份有限公司 2024 年前三季度权益分派实施 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。 一、 通过分配方案的股东大会届次和日期 《关于公司 2023 年度利润分配预案及 2024 年中期现金分红事项的议案》经 公司 2024 年 6 月 27 日的 2023 年年度股东大会审议通过，授权董事会在满足现金 分红条件、不影响公司正常经营和持续发展的情况下，根据实际情况制定并实施 2024 年中期现金分红方案。10 月 29 日，公司召开第五届董事会第二次会议审议 通过《关于实施 2024 ...

Investment Rating - The report maintains a "Buy-A" rating for Shanghai Film (601595 SH) [3] Core Views - The company plans to acquire an additional 19% stake in Shangyingyuan Culture for a total consideration not exceeding RMB 49 03 million and RMB 17 51 million respectively, valuing the entire equity of Shangyingyuan at RMB 350 million [1] - Post-transaction, the company will hold 70% of Shangyingyuan, with Shanghai Animation Film Studio retaining 30% and Shanghai Film Group no longer holding direct shares [1] - Shangyingyuan's business performance has shown steady growth, with revenue and net profit doubling year-over-year in 2023 and H1 2024 [3] - The IP business of Shangyingyuan continues to demonstrate strong commercial value, with significant contributions from content renewal and new projects [3] - The company's IP business growth, film business recovery, and support from high-quality shareholder resources are expected to drive continued strong performance [4] Financial Performance and Projections - Revenue for 2023 was RMB 795 million, a 115 9% YoY increase, with a projected slight decline of 0 2% in 2024E, followed by growth of 52 3% in 2025E and 20 7% in 2026E [5] - Net profit for 2023 was RMB 127 million, a 137 9% YoY increase, with projected growth rates of 8 9% in 2024E, 90 0% in 2025E, and 41 5% in 2026E [5] - Gross margin improved from -10 7% in 2022A to 22 8% in 2023A, with further improvements expected to 28 0% in 2024E, 35 0% in 2025E, and 39 0% in 2026E [5] - ROE increased from -20 7% in 2022A to 8 1% in 2023A, with projections of 8 3% in 2024E, 13 7% in 2025E, and 16 3% in 2026E [5] Market Data - The closing price on November 26, 2024, was RMB 29 29, with a year-to-date high/low of RMB 36 42/16 12 [2] - The company has a total market capitalization of RMB 13 128 billion, with a circulating A-share market capitalization of RMB 13 128 billion [2] - Basic EPS for the period ending September 30, 2024, was RMB 0 24, with a diluted EPS of RMB 0 24 and a net asset per share of RMB 4 20 [2] IP Business Highlights - Shangyingyuan's IP business includes the development and operation of a full chain of IP assets, with significant contributions from classic and new IPs [3] - The company's IPs, such as the Monkey King and Nezha, gained significant exposure during the 2024 Spring Festival Gala, with over 600 million views and plays [3] - New projects like "Chinese Folktales Season 2" and "Little Monster's Summer: Once Upon a Time in Langlang Mountain" are expected to be released in 2025, contributing to new content and licensing revenue [3] - The company's short video matrix, with over 5 million fans on platforms like Douyin and Kuaishou, continues to refresh classic works like "Calabash Brothers" and "Black Cat Detective," amplifying IP commercial value [3]

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses the company involved in the acquisition of shares in a subsidiary, referred to as "上源" (Shangyuan), and its implications for the broader media and entertainment industry, particularly in animation and AI toys. Core Points and Arguments 1. **Acquisition Details**: The company has acquired 19% of Shangyuan, with the group no longer holding shares, allowing for a direct relationship between the listed company and Shangyuan. This move aims to expedite the transaction process and avoid prolonged delays [1][2][3]. 2. **Impact on Financial Reporting**: The acquisition will not significantly affect the financial reporting for 2025, as the company can adjust its financial statements based on the integration of assets from Shangyuan. The timing of the acquisition (70% vs. 100%) does not impact the consolidation process [2][3]. 3. **Valuation and Pricing**: The acquisition price is considered favorable, with the company receiving substantial support from its internal group and regulatory bodies. The valuation is seen as low compared to the market, indicating a strategic move to strengthen the company's position [3][4][5]. 4. **Cash Transactions**: All acquisitions are conducted in cash to streamline the approval process and maintain operational flexibility. This approach ensures that the company can manage its cash flow effectively while pursuing growth opportunities [5]. 5. **Cultural Industry Fund**: The company has established a cultural industry fund to support its expansion into new business areas, including partnerships in the toy sector and other creative projects [6][7]. 6. **AI Toy Development**: The company is actively developing AI-integrated toys, focusing on enhancing user interaction and embedding technology directly into the products. This innovation aims to create a more engaging experience for users [8][9][10]. 7. **Content Production and IP Management**: The company is facing challenges in content production timelines, which have been pushed to 2025 due to dependencies on other entities. This delay affects the potential revenue from IP extensions and commercialization [13][14][15]. 8. **Market Outlook**: The company anticipates a recovery in the film market for the upcoming year, driven by improved supply and demand dynamics. The overall sentiment towards the media and entertainment sector remains optimistic, with various growth opportunities identified [18][19]. Other Important but Possibly Overlooked Content 1. **Technological Innovations**: The company is exploring advanced technologies for content delivery and user engagement, including a new micro-drama format that aims to enhance viewer interaction and reduce production costs [10][11]. 2. **Strategic Partnerships**: The company is in discussions for several strategic partnerships that could enhance its market position and expand its product offerings in the entertainment sector [6][7]. 3. **Long-term Vision**: The company emphasizes a comprehensive approach to integrating content creation and commercialization, aiming to build a robust ecosystem that supports sustainable growth in the media industry [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to acquire a 19% stake in Shanghai Film Yuan, which will enhance its IP business layout and potentially boost its performance. Following this acquisition, the ownership structure will be 70% for the company and 30% for Shanghai Meiying. The previous acquisition of 51% stake in March 2023 valued the entire equity at 120 million yuan, while the current transaction values it at 350 million yuan, indicating a significant increase in valuation. The net profit for Shanghai Film Yuan in 2023 was 16.5853 million yuan, and for the first half of 2024, it was 21.1202 million yuan. The acquisition is expected to further enhance the company's performance as the IP business develops [2][3]. Financial Summary - The company's projected financials for 2024-2026 are as follows: - Net profit attributable to shareholders is expected to be 139 million yuan in 2024, 273 million yuan in 2025, and 376 million yuan in 2026, with corresponding EPS of 0.31, 0.61, and 0.84 yuan respectively. The current stock price corresponds to P/E ratios of 100.6, 51.1, and 37.1 for the years 2024, 2025, and 2026 [2][5]. Business Development - The commercial value of the IPs managed by Shanghai Film Yuan continues to be highlighted, with over 600 million views for various programs featuring popular characters during the 2024 Spring Festival. The company also released the film "Good Things," which grossed over 130 million yuan within three days of its release. Upcoming projects like "Chinese Folktales" Season 2 and "Little Monsters' Summer" are expected to contribute to new content and revenue streams [3][4]. Market Outlook - The release of major films such as "Fengshen Part 2," "Boonie Bears: Reboot," and "The Legend of the Condor Heroes" is anticipated to drive box office recovery and support the company's cinema business. The upcoming films scheduled for the 2025 Spring Festival are expected to positively impact the overall film market [4].

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [3][28]. Core Views - The acquisition of a 19% stake in Shanghai Film Yuan is expected to enhance the company's IP value and strengthen its position in the IP industry chain, with a focus on multi-field licensing cooperation [10][28]. - The company is projected to see significant revenue growth, with expected revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 0.6%, 52.1%, and 31% [28]. - The net profit forecast for the same period is 130 million, 295 million, and 439 million yuan, with year-on-year growth of 2.9%, 125.4%, and 49.1% [28]. Summary by Sections Acquisition Details - On November 22, 2024, the company announced the signing of an equity transfer agreement to acquire 14% and 5% stakes in Shanghai Film Yuan from Shanghai Film Group and Shanghai Meiying, respectively, for a total estimated price of 49.028 million yuan and 17.51 million yuan [10][11]. - After the transaction, the shareholding structure will be 70% for the company and 30% for Shanghai Meiying, with Shanghai Film Group no longer holding direct shares [10]. Financial Projections - The report projects that the company will achieve revenues of 800 million, 1.22 billion, and 1.59 billion yuan for 2024, 2025, and 2026, with corresponding net profits of 130 million, 295 million, and 439 million yuan [28]. - The PE ratios for 2024, 2025, and 2026 are estimated at 106.92, 47.43, and 31.82 respectively, indicating significant valuation potential compared to peers in the IP sector [28][30]. IP Development and Market Position - Shanghai Film Yuan, as the main entity for IP development under Shanghai Film Group, has seen its IP value continue to rise, with a reported online presence of over 6.78 billion for collaborative projects in 2023 [10][12]. - The company is focusing on expanding its IP through various media, including the upcoming releases of "Chinese Tales" Season 2 and "The Summer of Little Monsters" in 2025, which are expected to contribute to new content and licensing revenue [17][28].

财联社11月24日讯（记者 崔铭） 继去年收购上影元51%股权后，上海电影（601595.SH）再度加码上影 元，预计将进一步增强上影股份的核心盈利能力。在昨日举行的"上影力量分享"会上，公司总经理戴运 透露，未来公司IP业务与传统业务的融合会越来越高。 "经过行业的发展周期，我们发现单纯的影院经营已经很难支撑一个上市公司的高质量发展，为此我们 布局第二增长曲线IP业务，同时在线上线下与各个不同领域的伙伴跨界合作。"戴运表示。 游戏一直是IP变现的重要领域，今年上半年，上海电影与《光遇》、《决战平安京》、《永劫无间》、 《超能世界》、《时光旅行社》、《球球英雄》等多款多类型游戏开展联动，总传播曝光量超过30亿。 今年下半年，公司上线了双人互动影游《谍影成双》，并登顶Steam热销榜。 值得一提的是，今年年中，恺英网络（002517.SZ）宣布与上海电影达成战略合作，双方将共同推出首 个IP合作项目《黑猫警长》授权游戏。恺英网络副董事长兼总经理沈军透露，这款《黑猫警长》IP手游 将采用放置塔防玩法。 未来游戏IP跟影视IP的合作会越来越多。沈军表示，电子游戏与影视的拍摄和叙事有很多相似之处，例 如《黑猫警长》在 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595) [1] Core Views - The acquisition of a 19% stake in Shangying Yuan is expected to increase the listed company's net profit and enhance IP development efforts [1] - Shangying Yuan's stable growth in operating performance and commercial value will effectively improve the listed company's operating quality and shareholder returns [2] - The transaction will further promote the IP strategy, accelerating the development of a second growth curve beyond box office revenue [3] - The report raises the forecast for net profit attributable to the parent company for 2024-2026 to 1.19/2.47/3.68 billion yuan, with corresponding P/E ratios of 118/57/38 [4] Financial Projections - Revenue is projected to grow from 733.42 million yuan in 2024E to 1,077.71 million yuan in 2026E, with year-on-year growth rates of -7.77%, 17.56%, and 25.00% respectively [1] - Net profit attributable to the parent company is forecasted to increase from 118.79 million yuan in 2024E to 367.79 million yuan in 2026E, with year-on-year growth rates of -6.45%, 108.02%, and 48.84% respectively [1] - EPS is expected to rise from 0.27 yuan/share in 2024E to 0.82 yuan/share in 2026E [1] IP Development Strategy - Shangying Yuan focuses on multi-form content renewal, commercial licensing, game cooperation, and creating hit cultural products across online and offline channels [3] - Key IP projects include "Chinese Fantasy 2" and "Little Monster's Summer: Once Upon a Time in Langlang Mountain," expected to be released in 2025 [3] - The company leverages classic IPs like "Calabash Brothers" and "Black Cat Detective" through short video platforms with over 5 million fans [3] - AI technology integration is expanding IP value and commercial applications in areas like social media, gaming, and interactive storytelling [3] Market Performance - The stock price has shown significant volatility, with a 52-week range of 16.12-36.42 yuan [7] - Current market data shows a closing price of 31.17 yuan, with a P/B ratio of 8.20 and a total market capitalization of 13,970.39 million yuan [7] Financial Health - The company's asset-liability ratio stands at 31.38% [8] - Net assets per share are reported at 3.80 yuan [8] - Total share capital is 448.20 million shares, all of which are tradable A-shares [8]

证券代码：601595 证券简称：上海电影 公告编号：2024-042 上海电影股份有限公司 第五届监事会第三次会议决议公告 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 11 月 22 日以通讯 表决的方式召开了第五届监事会第三次会议（以下简称"本次会议"）。本次会 议通知及会议材料已于 2024 年 11 月 17 日通过电子邮件方式送达全体监事，本 次会议应出席监事 5 名，实际出席监事 5 名，出席监事占应出席人数的 100%， 会议由监事会主席郑英豪先生主持。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、监事会会议审议情况 表决结果：5 票赞成，0 票反对，0 票弃权。 本议案无需提交公司股东大会审议。 具体内容请详见同日披露的《关于收购控股子公司少数股东权益暨关联交易 的公告》（公告编号：2024-043）。 特此公告。 上海电影股份有限公司监 ...

证券代码：601595 证券简称：上海电影 公告编号：2024-041 上海电影股份有限公司 第五届董事会第三次会议决议公告 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 上海电影股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日以通讯 表决的方式召开了第五届董事会第三次会议（以下简称"本次会议"）。本次会 议通知及会议材料已于 2024 年 11 月 17 日通过电子邮件方式送达全体董事，本 次会议应出席董事 8 名，实际出席董事 8 名，出席董事占应出席人数的 100%， 会议由董事长王隽女士主持。本次会议的召集、召开程序符合《中华人民共和国 公司法》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 1．审议通过《关于收购控股子公司少数股东权益的议案》 关联董事王隽、吴嘉麟回避表决，由其他非关联的六名董事进行表决。 表决结果：6 票赞成，0 票反对，0 票弃权。 本议案已经独立董事专门会议、战略委员会审议通过，无需提交公司股东大 ...