横店影视股份有限公司 第二条 本规划的制定原则 公司制定股东回报规划应充分考虑和听取股东（特别是中小投资者）、独立 董事、董事会审计委员会的意见，在重视对投资者的合理投资回报并兼顾公司的 可持续发展的前提下，实行持续、稳定的、优先采用现金分红的利润分配政策。 第三条 公司未来三年（2025 年-2027 年）的具体股东回报规划 （一）公司视具体情况采取现金、股票、现金与股票相结合的方式或者法律、 法规允许的其他方式分配股利；在符合现金分红的条件下，公司应当优先采取现 金分红的方式进行利润分配。 （二）公司原则上每年至少进行一次利润分配，公司可以根据公司盈利及资 金需求等情况具体实施。 未来三年（2025 年-2027 年）股东回报规划 为规范横店影视股份有限公司（以下简称"公司"）建立科学、持续、稳定 的股东回报机制，增加利润分配政策决策透明度和可操作性，积极回报投资者， 切实保护中小投资者合法权益，根据《中华人民共和国公司法》《上市公司监管 指引第 3 号—上市公司现金分红》等相关法律、法规和规范性文件及《公司章程》 的相关规定，制定《未来三年（2025 年-2027 年）股东回报规划》（以下简称"本 规划 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-023 横店影视股份有限公司 | 变更前 | 变更后 | | --- | --- | | 许可项目：电影发行；电影放映；食品 | 许可项目：电影发行；电影放映；食品 | | 互联网销售；出版物零售；游艺娱乐活动； | 互联网销售；出版物零售；游艺娱乐活动； | | 演出场所经营；广播电视节目制作经营；餐 | 演出场所经营；广播电视节目制作经营；餐 | | 饮服务；食品生产；食品销售；饮料生产。(依 | 饮服务；食品生产；食品销售；饮料生产。(依 | | 法须经批准的项目，经相关部门批准后方可 | 法须经批准的项目，经相关部门批准后方可 | | 开展经营活动，具体经营项目以审批结果为 | 开展经营活动，具体经营项目以审批结果为 | 1 | 变更前 | 变更后 | | --- | --- | | 准)。 | 准)。 | | 一般项目：企业总部管理；自有资金投 | 一般项目：企业总部管理；自有资金投 | | 资的资产管理服务；广告设计、代理；广告 | 资的资产管理服务；广告设计、代理；广告 | | 制作；广告发布；非居住房地产租赁；互联 | 制作；广告 ...

第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞职或辞任、 任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 公司董事、高级管理人员离职包含任期届满离任、主动辞职、被解除职务 以及其他导致董事、高级管理人员实际离职等情形。 第四条 董事、高级管理人员辞任应当提交书面辞职报告。董事辞任的，自公司收 到通知之日辞任生效。高级管理人员辞任的，自董事会收到辞职报告时生效。 除《上海证券交易所上市公司自律监管指引第1号——规范运作》另有规定外，出 现下列规定情形的，在改选出的董事就任前，原董事仍应当按照法律法规、上海证券 交易所相关规定及《公司章程》规定继续履行职责： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低于法定 最低人数； 横店影视股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范横店影视股份有限公司（以下简称"公司"或"本公司"）董事、高级 管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民共和国公司 法》《上市公司章程指引》《上海证券交易所股票上市规则》和《横店影视股份有限公司 章程》（以下简称"《公司章程》"）的规 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-027 关于使用公积金弥补亏损的公告 横店影视股份有限公司 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。 为积极推动公司高质量发展，提升投资者回报能力和水平，保护投资者特别 是中小投资者的合法权益，横店影视股份有限公司（以下简称"公司"）拟依据 《中华人民共和国公司法》（以下简称"《公司法》"）、财政部《关于公司法、 外商投资法施行后有关财务处理问题的通知》等法律、法规及规范性文件以及《公 司章程》的相关规定使用公积金弥补亏损，进一步推动公司符合法律、法规和《公 司章程》规定的利润分配条件。具体情况公告如下： 一、本次使用公积金弥补亏损的基本情况 根据立信会计师事务所（特殊普通合伙）出具的审计报告，截至2024 年 12 月 31 日，公司母公司财务报表累计未分配利润为-100,343,963.32 元，盈余 公积为 147,581,097.22 元（其中法定盈余公积 147,581,097.22 元，任意盈余公 积 0元），资本公积为577,395,435.8 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-024 横店影视股份有限公司 关于制定、修订及废止公司相关制度的公告 本公司董事会及全体董事、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。 横店影视股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开了第 四届董事会第七次会议，逐项审议通过了《关于制定、修订公司相关制度的议案》 包括的全部事项；并于同日召开了第四届监事会第五次会议，逐项审议通过了《关 于修订、废止公司相关制度的议案》包括的全部事项。具体情况如下： 为进一步促进公司规范运作，完善公司内部治理机制，根据《公司法》《证 券法》、中国证监会《关于<新公司法>配套制度规则实施相关过渡期安排》《上 市公司章程指引》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等法律、法规、规范性文件和《公司章程》 （2025 年 8 月修订）的规定，并结合公司实际情况，公司拟新制定《董事、高 级管理人员离职管理制度》和《董事和高级管理人员所持本公司股份及其变动管 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-028 横店影视股份有限公司 关于召开2025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 (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 (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2025 年 9 月 9 日 至2025 年 9 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关 ...

第四届监事会第五次会议决议公告 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 横店影视股份有限公司（以下简称"公司"）第四届监事会第五次会议（以 下简称"本次会议"）于 2025 年 8 月 8 日以电话、邮件或专人送达等方式通知 全体监事，并于 2025 年 8 月 19 日在公司三楼会议室以现场方式召开，会议由监 事会主席厉国平主持。本次会议应出席监事 3 名，实际出席监事 3 名，公司董事 会秘书马俊华女士列席会议。本次会议召集、召开符合《公司法》和《公司章程》 的有关规定，会议决议合法有效。 二、监事会会议审议情况 证券代码：603103 证券简称：横店影视 公告编号：2025-029 横店影视股份有限公司 表决结果：同意 3 票、反对 0 票、弃权 0 票。 本议案需提交股东大会审议。 3、逐项审议通过《关于修订、废止公司相关制度的议案》 监事会认为：本次修订、废止公司相关制度，符合《公司法》《证券法》、 中国证监会《关于新<公司法>配套制度规则实施相关过渡期安排》《上市公司章 程指引》《 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-022 横店影视股份有限公司 第四届董事会第七次会议决议公告 一、董事会会议召开情况 横店影视股份有限公司（以下简称"公司"）第四届董事会第七次会议（以 下简称"本次会议"）于 2025 年 8 月 8 日以书面、电话、邮件等方式通知全体 董事，并于 2025 年 8 月 19 日在公司三楼会议室以现场结合通讯方式召开，会议 由董事长张义兵先生主持。本次会议应出席董事 7 名，实际出席董事 7 名，其中 独立董事姚明龙先生、蒋岳祥先生、张爱珠女士通讯参会，公司全体监事、高级 管理人员及非独立董事候选人吕跃龙先生列席了会议。本次会议的召集、召开符 合《公司法》及《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于公司<2025 年半年度报告>及摘要的议案》 本议案已经公司第四届董事会审计委员会第六次会议审议通过。审计委员会 认为：经审核，公司《2025年半年度报告》及摘要能够充分反映公司的财务状况 以及经营成果和现金流量，编制和审核程序也符合中国证监会和上海证券交易所 的规定，委员会 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Statement on Report Authenticity](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, with the financial report declared true and accurate by key personnel and unaudited - The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, and assume legal responsibility[4](index=4&type=chunk) - Company head Zhang Yibing, chief accounting officer Liu Shengbo, and head of accounting department Liu Guangren declare the financial report is true, accurate, and complete[6](index=6&type=chunk) - This semi-annual report has not been audited[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding the company's future plans are not substantial commitments to investors, who should be aware of investment risks - Forward-looking statements in the report concerning the company's operations and development strategies do not constitute substantial commitments to investors[7](index=7&type=chunk) - Investors should be aware of investment risks[7](index=7&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operational fund occupation by controlling shareholders or related parties, nor any unauthorized external guarantees - There was no non-operational occupation of funds by controlling shareholders or other related parties[8](index=8&type=chunk) - There were no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Major Risk Alert](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's risk factors are detailed in "Section III Management Discussion and Analysis," and investors are advised to pay attention to these risks - The company's risk factors are detailed in "Section III Management Discussion and Analysis"[8](index=8&type=chunk) - Investors are kindly requested to pay attention to the risks[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, business types, and specific funds, to ensure accurate understanding - "Company" and "Hengdian Entertainment" refer to Hengdian Entertainment Co., Ltd[13](index=13&type=chunk) - "Film Distribution" is defined to include both professional distributor distribution and cinema chain distribution[13](index=13&type=chunk) - "Net Box Office Revenue" is explained as the net income after deducting national film special funds and taxes from cinema box office revenue[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, including its Chinese and English names, legal representative, registered address, website, and email - The company's Chinese name is Hengdian Entertainment Co., Ltd., abbreviated as Hengdian Entertainment[15](index=15&type=chunk) - The legal representative is Zhang Yibing[15](index=15&type=chunk) - The company's registered and office address is located in the Business Building, Hengdian Film and Television Industrial Experimental Zone, Hengdian Town, Dongyang City, Zhejiang Province[17](index=17&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Ma Junhua, and the Securities Affairs Representative is Liu Mingyue[16](index=16&type=chunk) - The contact address is Business Building, Hengdian Film and Television Industrial Experimental Zone, Hengdian Town, Dongyang City, Zhejiang Province[16](index=16&type=chunk) [Information Disclosure Channels](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" for information disclosure, with the semi-annual report published on the SSE website and available at the Board Secretary's office - The company's designated information disclosure newspaper is "Shanghai Securities News"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed and traded on the Shanghai Stock Exchange under the stock name Hengdian Entertainment and stock code 603103 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Hengdian Entertainment, and the stock code is 603103[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company saw significant growth in key financial metrics, including basic and diluted EPS and ROE, primarily due to increased profits from film exhibition and related derivative businesses 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.32 | 0.14 | 128.57 | | Diluted EPS (yuan/share) | 0.32 | 0.14 | 128.57 | | Basic EPS after Non-Recurring Gains/Losses (yuan/share) | 0.26 | 0.02 | 1,200.00 | | Weighted Average ROE (%) | 15.93 | 6.39 | Increased by 9.54 percentage points | | Weighted Average ROE after Non-Recurring Gains/Losses (%) | 13.16 | 1.09 | Increased by 12.07 percentage points | 2025 H1 Key Accounting Data | Item | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Total Profit (yuan) | 209,112,177.60 | 104,469,168.68 | 100.17 | | Net Profit Attributable to Shareholders (yuan) | 202,161,647.20 | 88,429,928.72 | 128.61 | | Net Profit Attributable to Shareholders after Non-Recurring Gains/Losses (yuan) | 166,929,027.16 | 15,125,166.30 | 1,003.65 | | Net Cash Flow from Operating Activities (yuan) | 588,093,850.71 | 441,027,014.70 | 33.35 | | Net Assets Attributable to Shareholders (Period-End, yuan) | 1,369,843,145.86 | 1,167,681,498.66 | 17.31 | | Total Assets (Period-End, yuan) | 4,015,861,706.71 | 4,051,130,636.18 | -0.87 | - The significant growth in total profit, net profit attributable to shareholders, net profit after non-recurring gains/losses, basic EPS, and diluted EPS was primarily due to increased profits from film exhibition and related derivative businesses[22](index=22&type=chunk) [Non-Recurring Gains and Losses](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In H1 2025, the company's non-recurring gains and losses totaled **35.23 million yuan**, mainly from non-current asset disposal, government grants, and other non-operating income/expenses 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 7,716,856.54 | | Government grants recognized in current profit or loss | 10,945,940.25 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 87,259.44 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,254,274.75 | | Other non-operating income and expenses apart from the above | -2,067,214.11 | | Other gains and losses that meet the definition of non-recurring gains and losses | 17,505,171.26 | | Less: Income tax impact | 209,668.09 | | **Total** | **35,232,620.04** | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the broadcasting, television, film, and audio-visual production industry, with H1 2025 seeing a strong recovery in the Chinese film market and robust domestic film performance - The company's industry is broadcasting, television, film, and audio-visual production[26](index=26&type=chunk) 2025 H1 China Film Market Performance | Indicator | 2025 H1 | YoY Growth | | :--- | :--- | :--- | | Box Office (billion yuan) | 29.23 | 22.91% | | Admissions (million) | 641 | 16.89% | | Domestic Film Box Office Share | 91.2% | - | | New Cinemas | 555 | 9.3% | | New Screens | 3,336 | 8.5% | | Specialty Screen Box Office (billion yuan) | 7.26 | 58.6% | - The company's main business includes film and television investment, production, distribution, film exhibition, and related derivative services, with revenue sources including film and television investment, production and distribution income, film exhibition income, merchandise sales income, and advertising income[29](index=29&type=chunk) [Industry Development](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%A1%8C%E4%B8%9A%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) In H1 2025, China's film market achieved **29.23 billion yuan** in box office revenue, a **22.91% increase**, with **641 million** admissions, marking the best performance in six years - In H1 2025, China's film market box office reached **29.23 billion yuan**, a **22.91%** year-on-year increase; admissions reached **641 million**, a **16.89%** year-on-year increase[26](index=26&type=chunk) - Domestic films accounted for **91.2%** of the box office, with **555** new cinemas and **3,336** new screens, and specialty screen box office reached **7.26 billion yuan**, a **58.6%** year-on-year increase[26](index=26&type=chunk)[27](index=27&type=chunk) - The Spring Festival holiday box office reached **9.51 billion yuan** with **187 million** admissions, both setting new records for the period; box office share from third, fourth, and fifth-tier cities combined reached **44.5%**, increasing for three consecutive years[28](index=28&type=chunk)[29](index=29&type=chunk) [Company's Main Business and Model](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's main business includes film and television investment, production, distribution, film exhibition, and related derivative services, generating revenue from various streams - The company's main business is film and television investment, production, distribution, film exhibition, and related derivative services[29](index=29&type=chunk) - Film and television investment, production, and distribution business generates revenue through the sale of TV series copyrights, film box office sharing, and derivative income[30](index=30&type=chunk) - Film exhibition and related derivative businesses include providing viewing services, selling merchandise (beverages, snacks, film derivatives), and publishing advertisements (pre-screening ads, venue ads)[31](index=31&type=chunk) [Operating Performance Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, benefiting from the film market recovery, the company's film exhibition and derivative business revenue grew **29.42%** to **1.31 billion yuan**, with its cinema investment company ranking second nationally in box office - In H1 2025, the company's film exhibition and related derivative businesses achieved operating revenue of **1.31 billion yuan**, a **29.42%** year-on-year increase[32](index=32&type=chunk) - The company's cinema investment company's box office remained stable at the **second position** nationwide[32](index=32&type=chunk) - Film and television investment, production, and distribution business achieved operating revenue of **61 million yuan**, with the company adopting a cautious investment strategy and increasing its focus on short-form dramas[40](index=40&type=chunk)[42](index=42&type=chunk) [Film Exhibition and Derivative Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%94%B5%E5%BD%B1%E6%94%BE%E6%98%A0%E5%8F%8A%E7%9B%B8%E5%85%B3%E8%A1%8D%E7%94%9F%E4%B8%9A%E5%8A%A1) The company's film exhibition and derivative business revenue increased **29.42%** to **1.31 billion yuan**, with its cinema chain box office and admissions growing above the national average - In H1 2025, the company's film exhibition and related derivative businesses achieved operating revenue of **1.31 billion yuan**, a **29.42%** year-on-year increase[32](index=32&type=chunk) 2025 H1 Company Cinema Chain Operating Data | Cinema Type | Number of Cinemas | Number of Screens | Box Office (billion yuan) | Box Office YoY Change (%) | Box Office Market Share (%) | Admissions (million) | Admissions YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directly-operated Cinemas | 449 | 2,867 | 1.031 | 26.82 | 3.91 | 27.1676 | 22.60 | | Franchised Cinemas | 79 | 437 | 0.126 | 2.14 | 0.48 | 3.1348 | 1.04 | | Total | 528 | 3,304 | 1.157 | 23.56 | 4.39 | 30.3024 | 19.95 | - The company actively responded to the National Film Bureau's call by launching "Film + Food" activities, expanding its bitter buckwheat series and tea brands, and collaborating with PepsiCo for a "Black Myth: Wukong" co-marketing campaign[36](index=36&type=chunk) - The IP derivative business adheres to external cooperation and independent development, with strong sales of film IP derivatives and an upgrade of the "Toy Dream Factory" business to expand non-film IP products[37](index=37&type=chunk)[38](index=38&type=chunk) - Leveraging cinema space functionality, the company is building cinema complexes, conducting diversified activities like "Cinema + E-sports" and "Cinema + Ball Games," and actively embracing virtual reality projects[38](index=38&type=chunk) [Film and Television Investment, Production, and Distribution Business](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%BD%B1%E8%A7%86%E6%8A%95%E8%B5%84%E3%80%81%E5%88%B6%E4%BD%9C%E5%8F%8A%E5%8F%91%E8%A1%8C%E4%B8%9A%E5%8A%A1) In H1 2025, the company's film and television investment, production, and distribution business generated **61 million yuan** in revenue, adopting a cautious investment strategy and expanding into short-form dramas - In H1 2025, the company's film and television investment, production, and distribution business achieved operating revenue of **61 million yuan**[40](index=40&type=chunk) - Wholly-owned subsidiary Hengdian Film participated in the production of newly released films including "Boonie Bears: Restart the Future," "The Legend of the Condor Heroes: The Great Hero," and "The Murderer Is Not My Mother"[41](index=41&type=chunk) - The company is significantly increasing its investment in short-form dramas, participating in and independently developing over ten short-form drama projects, and collaborating with a Korean company to expand into overseas short-form drama markets[42](index=42&type=chunk) [H2 Operating Plan](index=13&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) The company plans to focus on quality and scale, enhance single-cinema output, explore new business directions, and apply cutting-edge technologies in H2 - H2 operating goals: focus on quality and scale construction, continuously improve single-cinema output, explore new business directions, revenue streams, and the application of cutting-edge technologies in company operations and management[43](index=43&type=chunk) - Film exhibition and related derivative businesses plan to deepen the layout of the cinema chain main business, customize marketing strategies as circumstances dictate, expand diversified sales scenarios, innovate cinema operating models, and integrate the cinema chain distribution link[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Film and television investment, production, and distribution businesses will high-quality advance film production and distribution, optimize the investment decision-making system, and continue to develop short-form dramas with a focus on quality, actively seeking opportunities in overseas short-form drama markets[48](index=48&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include an excellent management team, extensive film and television resources, scale advantages of asset-linked cinemas, and a full industry chain - The company possesses a professional management team and talent pool with deep professional backgrounds and extensive experience in film and television project investment and operation[50](index=50&type=chunk) - The company has rich film and television business resources, including strong relationships with excellent directors, producers, screenwriters, actors, and close cooperation with high-quality film and television companies[51](index=51&type=chunk) - As of the end of the reporting period, the company owned **449** asset-linked cinemas with **2,867** screens, covering **29** provinces and **198** cities nationwide, ranking second in box office among asset-linked cinema investment companies[51](index=51&type=chunk) - The company's forward-looking layout in third, fourth, and fifth-tier cities accounts for **70%**, aligning with China's film development trends[51](index=51&type=chunk) - The company's business scope covers the entire film and television industry chain, forming an industrial closed loop encompassing film and television investment, production, distribution, and exhibition, achieving comprehensive "content + channel" development[53](index=53&type=chunk) [Key Operating Performance](index=17&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the reporting period, the company's operating revenue increased **17.81%**, operating costs rose **5.34%**, and net cash flow from operating activities grew **33.35%**, driven by increased film exhibition revenue Main Financial Statement Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Operating Costs | 1,062,248,340.55 | 1,008,400,628.26 | 5.34 | | Net Cash Flow from Operating Activities | 588,093,850.71 | 441,027,014.70 | 33.35 | | Net Cash Flow from Investing Activities | -637,072,176.99 | -79,127,756.51 | Not applicable | - The change in net cash flow from operating activities was primarily due to increased revenue from film exhibition and related derivative businesses[54](index=54&type=chunk) - The change in net cash flow from investing activities was primarily due to an increase in the purchase of large-denomination certificates of deposit in the current reporting period[54](index=54&type=chunk) Asset and Liability Situation Changes | Item | Current Period End (yuan) | Share of Total Assets (%) | Prior Year End (yuan) | Share of Total Assets (Prior Year, %) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,260,840,939.59 | 31.40 | 855,899,010.85 | 21.13 | 47.31 | | Net Assets Attributable to Shareholders | 1,369,843,145.86 | - | 1,167,681,498.66 | - | 17.31 | | Total Assets | 4,015,861,706.71 | 100.00 | 4,051,130,636.18 | 100.00 | -0.87 | - As of the end of the reporting period, the company's equity investment balance was **104.47 million yuan**, a **0.35%** decrease from the previous year[58](index=58&type=chunk) [Main Business Analysis](index=17&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased **17.81%**, operating costs rose **5.34%**, and net cash flow from operating activities grew **33.35%**, primarily due to increased film exhibition revenue Main Business Financial Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,373,106,462.57 | 1,165,552,790.53 | 17.81 | | Operating Costs | 1,062,248,340.55 | 1,008,400,628.26 | 5.34 | | Net Cash Flow from Operating Activities | 588,093,850.71 | 441,027,014.70 | 33.35 | - The change in net cash flow from operating activities was primarily due to increased revenue from film exhibition and related derivative businesses[54](index=54&type=chunk) [Asset and Liability Analysis](index=18&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's monetary funds increased **47.31%** to **1.26 billion yuan**, while total assets slightly decreased, and net assets attributable to shareholders grew **17.31%** Major Asset and Liability Item Changes | Item | Current Period End (yuan) | Share of Total Assets (%) | Prior Year End (yuan) | Share of Total Assets (Prior Year, %) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,260,840,939.59 | 31.40 | 855,899,010.85 | 21.13 | 47.31 | | Total Assets | 4,015,861,706.71 | 100.00 | 4,051,130,636.18 | 100.00 | -0.87 | | Net Assets Attributable to Shareholders | 1,369,843,145.86 | - | 1,167,681,498.66 | - | 17.31 | - The increase in monetary funds was primarily due to increased revenue from film exhibition and related derivative businesses[57](index=57&type=chunk) - The main asset restriction at period-end was **13,300 yuan** in monetary funds due to deposit freezing[56](index=56&type=chunk) [Investment Status Analysis](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's equity investment balance was **104.47 million yuan**, a slight decrease from the previous year, with no significant new investments - As of June 30, 2025, the company's equity investment balance was **104.47 million yuan**, a **0.35%** decrease from the previous year[58](index=58&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Zhejiang Hengdian Film Co., Ltd., a wholly-owned subsidiary, reported **60.33 million yuan** in revenue but negative operating and net profits in the reporting period Zhejiang Hengdian Film Co., Ltd. Key Financial Data | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Hengdian Film Co., Ltd. | Subsidiary | Film investment, production, distribution | 100,000,000.00 | 331,789,993.63 | 100,763,571.00 | 60,325,027.98 | -22,636,856.34 | -21,617,714.47 | [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from market competition, investment uncertainties, new media, film supply, lease renewals, and public health events, but is actively implementing "quality and efficiency improvement" initiatives - The company faces risks from intensified market competition, film and television investment uncertainties, new media competition, insufficient supply of quality films, lease renewal risks, and public health event risks[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company actively implemented the "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan, achieving **1.37 billion yuan** in operating revenue in H1 2025, a **17.81%** year-on-year increase; net profit attributable to shareholders was **202 million yuan**, a **128.61%** year-on-year increase[66](index=66&type=chunk) - The company enhances its competitiveness by improving cinema project quality, optimizing film scheduling, innovating marketing activities, and expanding IP derivatives and self-operated beverage businesses to create cinema complexes[67](index=67&type=chunk) - The company continuously innovates business models, exploring the application of AI technology in script analysis, scene design, content distribution, and cinema operations to drive cinema business with technology[70](index=70&type=chunk)[71](index=71&type=chunk) - The company strictly fulfills information disclosure obligations, strengthens investor relations management, and improves corporate governance structure, preparing to revise the "Articles of Association" and adjust the board of directors' composition[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Potential Risks](index=20&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks including intensified market competition, uncertainty in film and television investment, impact from new media, insufficient supply of quality films, and lease renewal challenges - Intensified market competition and rapid growth in cinema numbers may lead to increased commercial property rents and personnel costs, affecting the company's operating performance[61](index=61&type=chunk) - Film and television investment carries uncertainties, and expected box office, viewership, and investment returns may not be realized[61](index=61&type=chunk) - The rise of new media (e.g., video websites) impacts traditional cinema exhibition, potentially changing audience viewing habits[62](index=62&type=chunk) - Insufficient supply of quality films means box office revenue is highly dependent on the availability of such films[63](index=63&type=chunk) - Cinema property leases expiring may face risks of increased renewal costs or inability to renew[64](index=64&type=chunk) - Sudden public health events may lead to cinema closures, affecting short-term operating performance[64](index=64&type=chunk) [Assessment of "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" Action Plan Implementation](index=21&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company's "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan led to significant operational improvements in H1 2025, with revenue up **17.81%** and net profit up **128.61%** - In H1 2025, the company achieved operating revenue of **1.37 billion yuan**, a **17.81%** year-on-year increase; net profit attributable to shareholders was **202 million yuan**, a **128.61%** year-on-year increase[66](index=66&type=chunk) - The company's cinema chain box office and admissions growth rates were both higher than the national average, with directly-operated cinema box office ranking **second** among national cinema investment companies[67](index=67&type=chunk) - The company formulated the "Hengdian Entertainment Co., Ltd. Shareholder Return Plan for the Next Three Years (2025-2027)" and conducted "2025 Shareholder Feedback Activities"[68](index=68&type=chunk)[69](index=69&type=chunk) - The company increased the construction of specialty cinemas like "IMAX" and "CINITY," promoted the upgrade of its new cinema self-operated platform and mini-programs, and explored the application of Artificial Intelligence (AI) technology in script analysis, scene design, content distribution, and cinema operations[70](index=70&type=chunk)[71](index=71&type=chunk) - The company strictly fulfilled its information disclosure obligations, disclosing **2** periodic reports and **19** interim announcements in H1, and continuously strengthened investor relations management by holding performance briefings[71](index=71&type=chunk)[72](index=72&type=chunk) - The company improved its corporate governance structure, preparing to revise the "Articles of Association" and adjust the composition of the board of directors, while strengthening the responsibilities of "key minorities," with the controlling shareholder and its concerted parties not reducing their shareholdings during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=25&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Mr. Pan Feng resigned as Board Secretary and CFO, with Ms. Ma Junhua appointed Board Secretary and Mr. Liu Shengbo as CFO - Former Board Secretary and CFO Mr. Pan Feng resigned due to personal reasons[76](index=76&type=chunk) - Ms. Ma Junhua was appointed as the company's Board Secretary, and Mr. Liu Shengbo as the company's CFO[76](index=76&type=chunk) [Profit Distribution Plan](index=25&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) No profit distribution or capital reserve to share capital conversion plan is applicable for this semi-annual report, with no bonus shares, dividends, or capital increases - No profit distribution or capital reserve to share capital conversion plan is applicable for this reporting period[77](index=77&type=chunk) - The number of bonus shares, dividends per 10 shares, and capital increase per 10 shares are all **0**[77](index=77&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures[78](index=78&type=chunk)[79](index=79&type=chunk) [Section V Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=27&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controller, directors, supervisors, and senior management have strictly fulfilled all commitments, including avoiding competition and reducing related-party transactions - The company's actual controller and controlling shareholder committed to avoiding horizontal competition, not directly or indirectly engaging in businesses identical, similar, or analogous to the issuer's[81](index=81&type=chunk) - Directors, supervisors, and senior management committed not to hold positions in companies, enterprises, or other organizations that compete with the issuer[82](index=82&type=chunk) - The controlling shareholder and actual controller committed not to illegally occupy, use, or actually control the company's funds or any assets through direct or indirect means[84](index=84&type=chunk) - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will repurchase all newly issued shares and compensate investors for losses in accordance with the law[84](index=84&type=chunk) - The company's directors and senior management committed to earnestly implement measures to fill immediate returns and not harm the company's interests[86](index=86&type=chunk) [Explanation of Integrity Status](index=30&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company, its controlling shareholder Hengdian Holdings, and actual controller Hengdian Group are in good standing, with no significant overdue debts or unfulfilled court judgments - The company's controlling shareholder, Hengdian Holdings, has good operating and integrity status, with no significant overdue debts or unfulfilled effective court judgments[89](index=89&type=chunk) - The company's actual controller, Dongyang Hengdian Group Economic Enterprise Federation, has good integrity status, with no significant overdue debts or unfulfilled effective court judgments[89](index=89&type=chunk) [Fulfillment of Material Contracts](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its wholly-owned subsidiary Hengdian Film signed an investment agreement in June 2025 to establish a joint venture, which has completed business registration - The company and its wholly-owned subsidiary Hengdian Film signed an "Investment Agreement" in June 2025, planning to jointly establish a controlling subsidiary[94](index=94&type=chunk) - The controlling subsidiary has completed industrial and commercial registration and obtained its business license[94](index=94&type=chunk) [Other Significant Matters](index=32&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company plans to use **100.34 million yuan** of parent company surplus reserves to cover accumulated losses as of December 31, 2024, making the year-end undistributed profit zero, pending shareholder approval - The company plans to use **100,343,963.32 yuan** of parent company surplus reserves to cover the parent company's accumulated losses as of December 31, 2024[95](index=95&type=chunk) - After this loss compensation, the parent company's undistributed profit at the end of 2024 will be **0**[95](index=95&type=chunk) - This matter has been approved by the board of directors and still requires submission to the first extraordinary general meeting of shareholders in 2025 for deliberation[95](index=95&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure, nor any changes in unrestricted shares - During the reporting period, there were no changes in the company's total share capital or share structure[97](index=97&type=chunk) - There were no changes in unrestricted shares during the reporting period[98](index=98&type=chunk) [Shareholder Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **16,416** common shareholders, with Hengdian Group Holdings and Jinhua Hengying Investment being the top two shareholders and acting in concert - As of the end of the reporting period, the total number of common shareholders was **16,416**[98](index=98&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hengdian Group Holdings Co., Ltd. | 509,600,000 | 80.35 | Domestic Non-State-Owned Legal Person | | Jinhua Hengying Investment Partnership (Limited Partnership) | 50,400,000 | 7.95 | Other | | Aladdin Culture Media (Beijing) Group Co., Ltd. | 3,000,000 | 0.47 | Domestic Non-State-Owned Legal Person | | Industrial and Commercial Bank of China Co., Ltd. - ABC-CA Industrial 4.0 Flexible Allocation Mixed Securities Investment Fund | 2,864,780 | 0.45 | Other | | Hong Kong Securities Clearing Company Limited | 2,432,967 | 0.38 | Other | - Hengdian Group Holdings Co., Ltd. is the general partner of Jinhua Hengying Investment Partnership (Limited Partnership), and the two are parties acting in concert[101](index=101&type=chunk) [Section VII Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Debt Financing Instruments](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[104](index=104&type=chunk) [Convertible Corporate Bonds](index=36&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[104](index=104&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[106](index=106&type=chunk) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **4.02 billion yuan**, total liabilities were **2.65 billion yuan**, and total owner's equity was **1.37 billion yuan**[106](index=106&type=chunk)[108](index=108&type=chunk) - The consolidated income statement shows that for H1 2025, operating revenue was **1.37 billion yuan**, and net profit was **202 million yuan**[113](index=113&type=chunk)[115](index=115&type=chunk) - The consolidated cash flow statement shows that for H1 2025, net cash flow from operating activities was **588 million yuan**[122](index=122&type=chunk) [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Hengdian Entertainment Co., Ltd., established in June 2015 and listed in October 2017, primarily engages in film distribution, exhibition, production, food sales, and advertising - Hengdian Entertainment Co., Ltd. was established in June 2015 and listed on the Shanghai Stock Exchange in October 2017[134](index=134&type=chunk) - The company's main business activities include film distribution, film exhibition, film and television audio recording production, food sales, and advertising publication[135](index=135&type=chunk) - The company's parent company is Hengdian Group Holdings Co., Ltd., and the actual controller is Dongyang Hengdian Group Economic Enterprise Federation[135](index=135&type=chunk) [Basis for Preparation of Financial Statements](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no significant issues affecting its ability to continue as a going concern within 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[137](index=137&type=chunk) - The company has no significant issues affecting its ability to continue as a going concern within 12 months from the end of the reporting period[138](index=138&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, covering various financial reporting aspects from revenue recognition to financial instruments and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[140](index=140&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[152](index=152&type=chunk) - Inventories include raw materials, low-value consumables, work-in-progress, finished goods, film scripts, and film inventory, valued at weighted average cost or specific identification method upon issuance[175](index=175&type=chunk)[176](index=176&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services, including distribution revenue, film exhibition revenue, merchandise sales revenue, advertising revenue, and film and TV series sales revenue[204](index=204&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets[218](index=218&type=chunk)[219](index=219&type=chunk) [Taxation](index=79&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, film special funds, and cultural construction fees, with some subsidiaries enjoying preferential tax policies Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 15% | | Film Special Funds | Box office revenue (including tax) | 5% | | Cultural Construction Fee | Advertising revenue | 3% | - Some subsidiaries enjoy a **15%** corporate income tax preferential policy for enterprises in the western development region[230](index=230&type=chunk) - Some subsidiaries that meet the conditions for small and micro-profit enterprises calculate their taxable income at **25%** and pay corporate income tax at a **20%** rate[229](index=229&type=chunk) - Film group companies (including member enterprises) approved by film authorities to engage in film production, distribution, and exhibition are exempt from VAT, effective until December 31, 2027[230](index=230&type=chunk) [Notes to Consolidated Financial Statement Items](index=80&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, and income statement accounts, with period-end balances and changes Monetary Funds Period-End Balance | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on hand | 1,727,218.19 | | Bank deposits | 1,257,842,872.78 | | Other monetary funds | 1,270,848.62 | | **Total** | **1,260,840,939.59** | - Accounts receivable period-end book balance was **91.34 million yuan**, bad debt provision was **10.29 million yuan**, and book value was **81.05 million yuan**[238](index=238&type=chunk) - Inventory period-end book value was **100.14 million yuan**, with film scripts and film inventory accounting for a larger proportion[263](index=263&type=chunk) - Fixed assets period-end book value was **495.01 million yuan**, with accumulated depreciation of **1.55 billion yuan**[279](index=279&type=chunk) - For H1 2025, operating revenue was **1.37 billion yuan**, and operating costs were **1.06 billion yuan**[332](index=332&type=chunk) - For H1 2025, net profit was **202 million yuan**, and net cash flow from operating activities was **588 million yuan**[115](index=115&type=chunk)[122](index=122&type=chunk) [Interests in Other Entities](index=129&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in several wholly-owned subsidiaries and significant equity investments, with some accounted for using the equity method due to specific control arrangements - The company owns multiple wholly-owned subsidiaries, such as Changsha Hengdian Xiaoxiang Wangfujing Cinema Co., Ltd. and Zhejiang Hengdian Film Co., Ltd., primarily acquired through business combinations under common control or investment establishment[360](index=360&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk) - The company holds an **11%** equity interest in Wuzhou Film Distribution Co., Ltd., appoints **1** director, has significant influence over it, and accounts for it using the equity method[365](index=365&type=chunk) - The company holds a **99%** equity interest in Dongyang Hengdian Film and Television Cultural Industry Investment Fund Partnership, but because management rights belong to the general partner Hengdian Capital, the company's ability to influence the fund's returns as a limited partner is not strong, thus it is accounted for using the equity method and not included in the consolidated scope[366](index=366&type=chunk)[367](index=367&type=chunk) [Government Grants](index=134&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received **5.00 million yuan** in new government grants, with a total of **28.34 million yuan** recognized in profit or loss Government Grant Liability Item Changes | Financial Statement Item | Beginning Balance (yuan) | New Grants This Period (yuan) | Recognized in Non-Operating Income This Period (yuan) | Transferred to Other Income This Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 120,030,209.76 | 5,001,607.00 | 0 | 17,395,069.15 | 107,636,747.61 | Asset-related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 17,395,069.15 | 11,901,443.14 | | Income-related | 10,945,940.25 | 13,436,560.42 | | **Total** | **28,341,009.40** | **25,338,003.56** | [Risks Related to Financial Instruments](index=135&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (including interest rate and exchange rate risks) through a robust risk management framework and appropriate financial instruments - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[374](index=374&type=chunk) - Credit risk primarily arises from monetary funds, accounts receivable, and other receivables, managed by depositing funds in reputable banks and conducting credit assessments for new customers[375](index=375&type=chunk) - Liquidity risk is centrally controlled by the finance department, monitoring cash balances, marketable securities, and rolling forecasts of cash flows for the next 12 months to ensure sufficient funds[376](index=376&type=chunk) - Interest rate risk is hedged through the proportion of fixed-rate and floating-rate instruments and interest rate swaps[378](index=378&type=chunk) [Fair Value Disclosure](index=139&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) For financial assets and liabilities not measured at fair value, their carrying amounts are not materially different from fair values due to short expected realization periods - The carrying amounts of financial assets and liabilities not measured at fair value (monetary funds, accounts receivable, and accounts payable) are not materially different from their fair values[380](index=380&type=chunk) [Related Parties and Related Party Transactions](index=139&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in various daily related-party transactions, including goods procurement, service provision, and leases, with its parent company and other affiliates, all within approved limits - The company's parent company is Hengdian Group Holdings Co., Ltd., and the actual controller is Dongyang Hengdian Group Economic Enterprise Federation[382](index=382&type=chunk) Current Period Procurement of Goods/Acceptance of Services Related Party Transactions | Related Party | Related Transaction Content | Current Period Amount (yuan) | Approved Transaction Limit (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Hengdian Film City Co., Ltd. | Meetings, catering, accommodation, tickets, merchandise procurement, etc. | 1,480,919.93 | 10,000,000.00 | | Hengdian Wenrong Hospital | Medical examination fees, etc. | 120,533.55 | 200,000.00 | | Zhejiang Hengdian Film and Television Industrial Experimental Zone Film Service Co., Ltd. | Property management, utilities | 336,594.15 | 1,000,000.00 | Current Period Sale of Goods/Provision of Services Related Party Transactions | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Wuzhou Film Distribution Co., Ltd. | Film promotion service fees, etc. | 560,000.00 | | Zhejiang Hengdian Film City Co., Ltd. | Movie tickets, etc. | 1,583,314.70 | | Other Related Parties | Movie tickets, etc. | 212,245.34 | - As a lessee, the company paid **3,338,358.00 yuan** in rent for office buildings, office equipment, and cinema leases to Zhejiang Hengdian Film and Television Industrial Experimental Zone Film Service Co., Ltd[391](index=391&type=chunk) - Key management personnel compensation for the current period was **2.32 million yuan**[393](index=393&type=chunk) [Other Significant Matters](index=148&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has two reporting segments: cinema chain and film production/distribution, and plans to use **100.34 million yuan** of parent company surplus reserves to cover accumulated losses, pending shareholder approval - The company has identified two reporting segments: the cinema chain segment and the film production and distribution segment (content segment)[401](index=401&type=chunk) - The company plans to use **100,343,963.32 yuan** of parent company surplus reserves to cover the parent company's accumulated losses as of December 31, 2024[403](index=403&type=chunk) - After this loss compensation, the parent company's undistributed profit at the end of 2024 will be **0**[403](index=403&type=chunk) [Notes to Parent Company Financial Statement Items](index=149&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - The parent company's accounts receivable period-end book balance was **20.63 million yuan**, bad debt provision was **1.28 million yuan**, and book value was **19.35 million yuan**[408](index=408&type=chunk) - The parent company's other receivables period-end book balance was **344.93 million yuan**, bad debt provision was **32.03 million yuan**, and book value was **312.90 million yuan**[418](index=418&type=chunk)[419](index=419&type=chunk) - The parent company's long-term equity investment period-end book value was **316.80 million yuan**, including investments in subsidiaries and investments in associates and joint ventures[427](index=427&type=chunk) - The parent company's H1 2025 operating revenue was **1.22 billion yuan**, and operating costs were **903.82 million yuan**[432](index=432&type=chunk) - The parent company's H1 2025 investment income was **5.61 million yuan**[436](index=436&type=chunk) [Supplementary Information](index=162&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling **35.23 million yuan** and key earnings per share metrics for H1 2025 2025 H1 Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 7,716,856.54 | | Government grants recognized in current profit or loss | 10,945,940.25 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,254,274.75 | | Other gains and losses that meet the definition of non-recurring gains and losses | 17,505,171.26 | | Less: Income tax impact | 209,668.09 | | **Total** | **35,232,620.04** | 2025 H1 Net Asset Return and EPS | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (yuan/share) | Diluted EPS (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 15.93 | 0.32 | 0.32 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 13.16 | 0.26 | 0.26 |

横店影视公告，2025年上半年归母净利润2.02亿元，同比增长128.61%。 ...