光线传媒则持续享受《哪吒之魔童闹海》的长尾效应，前三季度净利润同比增超4倍，营收和净利润均创历史新高。 【环球网消费综合报道】A股影视院线板块三季报披露完毕，业绩出现分化。一方面，中国电影、上海电影、光线传媒等公司因 成功"押宝"暑期档爆款，净利润实现数倍乃至十余倍的暴增；另一方面，博纳影业、华谊兄弟等传统巨头仍陷亏损泥潭。在票 房大盘回暖的背景下，单片成败正成为决定公司业绩走向的关键，而IP衍生与短剧等新业务已成为行业突围的共同方向。 爆款驱动，回报丰厚 暑期档，作为全年最重要的战场，成为检验影视公司"押宝"能力的试金石，也直接决定了三季度的业绩排名。 中国电影无疑是最大赢家。其主出品的《南京照相馆》以超30亿元票房斩获暑期档冠军，直接助力公司第三季度净利润同比暴 增1463.17%，创下上市以来单季历史最高。前三季度，中国电影主导或出品的影片累计票房超122亿元，占全国国产片总额近三 分之一，尽显全产业链龙头的"押宝"实力。 上海电影则凭借《浪浪山小妖怪》的出色表现，第三季度净利润成功翻倍。该片票房已超17亿元，成为中国影史二维动画电影 票房冠军，为公司带来了丰厚的回报。 院线端同样受益于票房回暖。横店影 ...

传媒行业三季报回顾 20251103 摘要 2025 年前三季度，中国电影市场票房稳定，月均 30-40 亿元。中国电 影、光线传媒、万达影业等公司利润显著增长，横店、光线和万达的归 母净利润增长分别达到 1,085%、900%以上和略超预期。 影视院线公司通过潮玩、IP 衍生品、广告及 VR 影厅等多元化业务增加 收入，并积极探索影片投资，如上海电影和中国电影分别依靠《浪浪山 小妖怪》和《南京照相馆》的票房推动业绩增长。 未来几个月贺岁档、跨年档和春节档将是电影市场的重要档期，多部国 产片和进口片如《疯狂动物城 2》、《阿凡达 3》、《飞驰人生 3》等有 望上映，对市场产生积极影响。 剧集行业短剧和 AI 漫剧发展迅速，抖音平台 AI 漫剧付费自然流量显著 增长，预计 2025 年漫剧市场规模可能突破 200 亿元，主要得益于生成 式 AI 技术在降本增效方面的应用。 潮玩行业中，泡泡玛特在北美快速扩张，预计全年开设 100 家左右门店， 并将在四季度推出一系列重磅产品，今年整体利润目标为 135 亿人民币， 明年目标 180 亿人民币。 Q&A 2025 年第三季度影视行业整体表现如何？ 2025 年第三 ...

11月1日上午，浙江省横店影视产业文学艺术界联合会横店演艺经纪协会年会在横店贵宾楼召开。本次会议以"聚合力 共发展"为主题，约50位行业代表齐聚一堂，共同回顾过去一年的工作，探 东阳市委常委、宣传部部长，横店影视文化产业集聚区党工委副书记、管委会副主任卢旭萍，爱奇艺首席内容官兼专业内容业务群（PCG）总裁王晓晖， 横店影视文化产业集聚区党工委委员、 浙江省横店影视产业文学艺术界联合会横店演艺经纪协会深深扎根于横店这片影视沃土。作为全球最大的影视实景拍摄基地，横店影视城每年吸引超500部影视剧（不含微短剧）在此取景拍摄， 徐天福在致辞中回顾了协会成立的初心。他表示，横店始终致力于推动演艺经纪行业规范化、专业化发展，搭建资源共享平台，助力从业人员从"单打独斗"迈向"抱团发展"。横店汇聚了从明星 从协会的诞生，到演艺经纪行业规范的逐步成型，横店用近三十年的产业积淀，为演艺经纪行业注入了稳健发展的底气。此次年会不仅是协会工作的总结与展望，更是横店推动演艺经纪行业规范 卢旭萍认为，当前，人们对影视行业的精神文化需求持续提升，演员、艺人所承载的情感寄托不可替代，演艺经纪公司要抓住影视新业态机遇，勇敢尝试。希望协会会员团结 ...

在数字技术迅猛发展的今天，人工智能正以革新之力，点亮影视创作的星光大道，带给大家无限的惊喜与期盼。11月1日，横店影视节"人工智能+影视"专场活动举行，来自影视企业、人工智能 本次活动由北京火山引擎科技有限公司主办，东阳元影科技有限公司、东阳嘉环人工智能有限公司协办，主题是"智创影视新生态——人工智能赋能影视全产业链变革"，旨在汇聚行业智慧，搭建 东阳市委副书记、市长任魁致辞，市委常委、常务副市长郭锦明，横店影视文化产业集聚区党工委委员、管委会副主任胡易安等出席活动。 主题分享： 展示AI技术在影视行业的广泛应用 主题分享环节，北京火山引擎科技有限公司副总裁张鑫、嘉环科技股份有限公司副总裁陈哲、火山引擎业务创新孵化部的耿若思、北京爱奇艺科技有限公司副总裁朱梁结合各自工作领域，分享了 张鑫通过《豆包大模型重构影视创作链，从创意到银幕快人一步》主题演讲，展示了豆包大模型赋能到影视全产业链条的应用前景，让大家看到影视产业发展的无限可能。 陈哲通过《AI技术驱动的影视产业革命》主题演讲，带大家感受了在AI技术推动下，影视产业的风云变幻。 朱梁带来《AI时代的智能制作》主题演讲，让大家从中对AI智创产生了无限期待。 赛 ...

证券之星消息，11月3日影视院线板块较上一交易日上涨3.14%，欢瑞世纪领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。影视院线板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000892 | 欢瑞世纪 | 7.85 | 9.94% | 61.30万 | | 4.73亿 | | 300528 | 幸福蓝海 | 23.73 | 7.86% | 53.58万 | | 12.44亿 | | 600088 | 中视传媒 | 17.00 | 6.45% | 12.67万 | | 2.12亿 | | 002343 | 慈文传媒 | 8.09 | 4.39% | 28.65万 | | 2.29亿 | | 300291 | 百纳千成 | 6.51 | 4.16% | 43.92万 | | 2.81亿 | | 600977 | 中国电影 | 15.04 | 4.01% | 74.75万 | | 11.19亿 | | 3 ...

近日，国内与国际市场各大上市公司陆续发布2025年第三季度业绩。 其中美泰 三季度净销售额约17.4亿美元，同比下滑6%；SpinMaster营收约7.35亿美元，同比下滑17%；Jakks收入约2.11亿美元，同比大跌34%。孩之宝则 通过密集推进《万智牌》IP联动和拓展授权，实现 收入增长8%达到约13.88亿美元。 对于欧美日韩公司，文创潮将在迪士尼、万代等巨头发布业绩之后进行解读。 今天我们先来看看国内在A股上市的四十余家IP相关公司。 首先是与玩具和文具相关的15家，其中不到一半能够实现营业收入的增长，增幅 超过5%的有 *ST沐邦、星辉娱乐、元隆雅图、创源股份、广博股份、晨 光股份，共计6家。 我们注意到，*ST沐邦、星辉娱乐、元隆雅图都是在业务模式/IP矩阵有了较大重整之后，实现收入大幅回升（同比增幅超30%）。 在宏观经济不振和关税阴云的背景之下，欧美玩具公司的业绩普遍下行。 | | | | 2025年第三季度 玩具/文具 相关上市公司简要业绩 | | | | --- | --- | --- | --- | --- | --- | | | | | (文创潮统计,数据来自财报,金额单位人民币亿元 ...

Core Insights - The third quarter report of public funds reveals that fund managers' unique heavy positions are showing a different trend compared to mainstream strategies, with a focus on smaller market cap stocks that exhibit greater elasticity and diversification [1][2] Group 1: Performance of Unique Heavy Positions - Over 30 actively managed equity funds with unique heavy positions achieved returns exceeding 30% in the third quarter, with some funds like Dongcai Digital Economy Preferred seeing a net value growth rate close to 70% [1] - A total of 691 stocks became unique heavy positions for funds by the end of the third quarter, with an average market cap of less than 10 billion, and 82.2% of these stocks saw price increases [2] - In the third quarter alone, 519 unique heavy position stocks recorded positive returns, with 9 stocks doubling in price [2] Group 2: Notable Fund Cases - The fund "Bosera Hong Kong Stock Connect Leading Trend" saw significant gains from its unique heavy position in InnoScience, with a floating profit estimated at 125 million yuan due to a 135.57% increase in the stock price [3] - Other funds like E Fund Hong Kong Stock Connect Dividend and Qianhai Kaiyuan Core Resource Fund also reported substantial returns and significant increases in fund size due to their unique heavy positions [3] Group 3: Sector Distribution and Trends - Unique heavy positions are predominantly found in sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with several stocks having a market value exceeding 100 million yuan [4] - Despite an overall underweight in the real estate sector, some funds have made counter-cyclical investments, indicating a potential shift in market sentiment [5] Group 4: Emerging Opportunities - Fund managers are increasingly focusing on companies with strong fundamentals and safety margins, as seen in the case of Yongyin Hongze's heavy position in Bolong Technology, which has yielded a 62.13% return year-to-date [6] - The satellite internet sector is highlighted as a key area for future growth, with significant investments being made in high-value, high-barrier segments of the industry [7] Group 5: Unique Heavy Positions in Niche Stocks - The fund managed by Wu Yuanyi and Ye Shuai has taken a unique heavy position in Huifeng Diamond, the only active equity product to do so, indicating a strategic focus on niche markets [8] - Other funds have also established unique heavy positions in various emerging companies, showcasing a trend towards diversification and targeted investment strategies [8]

2025 年 11 月 02 日 看 AI 赋能国企文化传媒新叙事与应用新期待 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | -6.0 | 8.7 | 33.2 | | 沪深 300 | -0.0 | 14.4 | 19.3 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：推进文化强国 建设统筹科技强国关注文化国企 AI 时代新发展》2025-10-26 2、《传媒行业周报：AI 赋能媒介与 内容从 IP 经济到审美经济》2025- 10-19 3、《传媒行业周报：Sora2 推出看 AI 焕新应用 2025 国庆档收官》 2025-10-13 推荐(维持) 投资要点 证 券 研 究 报 告 行 业 研 究 —传媒行业周报 ▌本周观点更新 从行业属性看，传媒板块兼具科技应用与可选消费双属性， 从提估值的角度看，"预期"因子占比相对较高；2 ...

Market Performance - The film and cinema sector increased by 3.33% on October 31, with Huanrui Century leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Huanrui Century (000892) closed at 7.14, up 10.02% with a trading volume of 1.24 million shares and a transaction value of 876 million [1] - Bona Film Group (001330) closed at 6.83, up 9.98% with a trading volume of 499,100 shares and a transaction value of 334 million [1] - Jiechuan Co. (300182) closed at 6.65, up 6.57% with a trading volume of 3.07 million shares and a transaction value of 2.01 billion [1] - Other notable stocks include Shanghai Shenying (601595) at 30.05, up 6.00%, and Shifuhai (300528) at 22.00, up 5.47% [1] Capital Flow Analysis - The film and cinema sector saw a net inflow of 700 million from institutional investors, while retail investors experienced a net outflow of 402 million [1] - Huanrui Century had a net inflow of 1.49 billion from institutional investors, but a net outflow of 716.95 million from retail investors [2] - Bona Film Group experienced a net inflow of 1.01 billion from institutional investors, with a significant net outflow of 5.53 billion from retail investors [2]

Core Insights - The film market in October 2023 generated a total box office of 2.574 billion yuan, reflecting a month-on-month decline of 3% and a year-on-year decline of 29% [1] - The performance during the "Double Festival" period (National Day and Mid-Autumn Festival) was disappointing, with box office earnings of 1.835 billion yuan, significantly lower than the expected 2.105 billion yuan for 2024 [1] Group 1: Company Performance - Beijing Enlight Media reported record-high revenue and net profit for the first three quarters of 2023, with revenue reaching 3.616 billion yuan, a year-on-year increase of 150.81%, and net profit of 2.336 billion yuan, up 406.78% [2] - Hengdian Film's revenue for the same period was 1.895 billion yuan, a year-on-year growth of 17.28%, with net profit soaring to 206 million yuan, marking an increase of 1084.80% [2] Group 2: Business Strategy - Companies are increasingly focusing on enhancing IP derivative income as a strategy to mitigate market risks, with many executives emphasizing the importance of IP development [3][4] - Disney's financial report indicated a decline in traditional entertainment profits, yet overall revenue grew by 2.1% due to gains in other business segments, highlighting the potential of diversified revenue streams [3] Group 3: IP Derivative Potential - The potential for IP derivatives is significant, with Enlight Media's "Nezha" series generating over 10 billion yuan in derivative income, and projections suggesting total sales could exceed 100 billion yuan [4] - The commercial value of the animated film "Wang Wang Mountain Little Monster" is estimated to exceed 1 billion yuan, with over 400 licensed derivative products launched simultaneously [4] Group 4: Industry Trends - Companies like Wanda Film are exploring integration with ACG (Animation, Comics, Games) to enhance derivative income, showcasing various IP resources at industry events [5] - The concept of "super entertainment space" proposed by Wanda Film aims to cultivate super IPs and brands, indicating a shift towards creating a new industry ecosystem [5] Group 5: Challenges and Opportunities - The success of IP integration relies on achieving a unified core narrative across different media, rather than mere licensing, to fully unlock the potential of cross-media collaborations [6]