（1） 根据猫眼，2025Q1 公司直营影投票房8.83 亿元（YOY+55.73%），市占率4.01%（同比 +0.18pct）。2025Q1 新开直营影院5 家，新增银幕32 块。2024 年院线放映业务营收17.15 亿元（YOY- 19.49%），毛利率-1.1%（2023 年为11.55%）。截至2024 年末，已开业直营影院/银幕分别为454 家/2895 块，同比增加22 家/138 块（新开29家，关停7 家），保持影院稳健扩张和市占率的提升。 （2） 创新驱动影院多元创收。①探索各项创新类场租业务，包括音乐剧、电竞比赛等，继续加强按摩 椅、娃娃机等项目合作，2024 年统筹娱乐收入同比+43.1%。②区域广告业务加强，2024 年广告收入同 比提升。③卖品端，2024 年水吧自制类饮品收入同比+28.03%。开设玩具梦工厂店，涵盖卡牌、时尚潮 品、品牌积木、二次元衍生品等。 影片投资制作发展获突破。 2024 年公司影视投资、制作及发行业务营收2.03 亿元（YOY+35.48%），毛利率14.22%（同比 +4.48%）。2024 年公司出品影片《浴火之路》《小小的我》等24 部，累计实现 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company's Q1 2025 performance shows significant growth, with revenue reaching 1.172 billion yuan, a year-over-year increase of 39.15%, and a net profit of 343 million yuan, up 56.77% year-over-year [5][6]. - The growth is attributed to the recovery of the film market and an increase in the company's market share [6][9]. - The company continues to expand its cinema operations, with a steady increase in market share [7][10]. - The company has made breakthroughs in film investment and production, contributing to its strong performance [8][9]. Summary by Sections Recent Performance - In Q1 2025, the company reported a revenue of 1.172 billion yuan and a net profit of 343 million yuan, with gross margin at 36.12% and net margin at 29.25% [5][9]. - The film market's total box office reached 24.388 billion yuan in Q1 2025, a 49.1% increase year-over-year, with the Spring Festival box office hitting 9.51 billion yuan, up 18.7% [9]. Market Position - The company's direct cinema box office revenue was 883 million yuan in Q1 2025, reflecting a 55.73% year-over-year increase, with a market share of 4.01% [10]. - The company opened 5 new direct cinemas and added 32 screens, maintaining a steady expansion of its cinema network [10]. Future Outlook - The company is expected to achieve revenues of 2.729 billion yuan in 2025, with a projected net profit of 379 million yuan, indicating a strong recovery and growth trajectory [12][13]. - The company has a robust pipeline of films for 2025, including titles like "Mermaid 2" and "7 Days," which are anticipated to contribute to future revenues [11].

Industry Overview - In the first quarter of 2025, the film industry in China experienced steady growth, driven by high-quality films during the Spring Festival, resulting in a total box office of 24.386 billion yuan, a year-on-year increase of 49.10% [4] - Domestic films generated box office revenue of 23.666 billion yuan, marking a year-on-year growth of 57.31%, with a market share of 97.11%, up by 5.14 percentage points from the previous year [4] - The total number of moviegoers reached 520 million, reflecting a year-on-year increase of 42.86% [4] - The Spring Festival box office alone reached 9.51 billion yuan, a year-on-year increase of 18.64%, with 187 million viewers, up by 14.50% [4] Company Performance - In the first quarter of 2025, the company achieved box office revenue of 999.7 million yuan (excluding service fees), representing a year-on-year increase of 50.76%, with a total of 25.2787 million viewers, up by 47.16% [5] - The company's market share in box office revenue was 4.53%, with its directly operated cinemas generating 886 million yuan in revenue, a year-on-year increase of 55.17% and 22.5799 million viewers, up by 50.48% [5] - The company opened 5 new directly operated cinemas and added 32 new screens during the reporting period [5] - The company’s subsidiary, Zhejiang Hengdian Film Co., Ltd., released films such as "The Legend of the Condor Heroes: The Great Hero" and "Boonie Bears: Rebooting the Future" during the reporting period, and has a rich pipeline of films [5]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,172,231,986.17, representing a 39.15% increase compared to ¥842,411,957.41 in the same period last year[5] - Net profit attributable to shareholders was ¥342,822,587.31, up 56.77% from ¥218,684,421.85 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 110.35%, amounting to ¥325,638,695.65 compared to ¥154,807,845.63 in the previous year[5] - Basic and diluted earnings per share for Q1 2025 were both ¥0.54, compared to ¥0.34 in Q1 2024[25] - Total operating costs for Q1 2025 were ¥842,626,354.03, up 27.0% from ¥663,713,426.33 in Q1 2024[23] Cash Flow - The company's cash flow from operating activities was ¥456,244,172.48, a slight decrease of 0.86% from ¥460,179,278.44 in the same period last year[5] - Cash inflow from operating activities in Q1 2025 was ¥1,320,909,365.69, an increase from ¥930,949,689.49 in Q1 2024[27] - Cash paid for goods and services in Q1 2025 was ¥604,212,784.94, significantly higher than ¥233,500,418.50 in Q1 2024[27] - The net cash flow from operating activities was $456,244,172.48, slightly down from $460,179,278.44 in the previous period[28] - The total cash and cash equivalents decreased by $24,703,759.67 during the period[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,271,142,702.23, reflecting a 5.43% increase from ¥4,051,130,636.18 at the end of the previous year[6] - Total current assets as of March 31, 2025, amount to ¥1,838,934,186.84, an increase from ¥1,444,734,685.62 as of December 31, 2024[18] - Total liabilities decreased to ¥2,760,638,616.26 in the current period from ¥2,883,449,137.52 in the previous period[20] - Total equity increased to ¥1,510,504,085.97 in the current period from ¥1,167,681,498.66 in the previous period[20] - Accounts payable increased to ¥275,620,112.77 from ¥240,888,814.46, reflecting higher liabilities[19] Market Performance - The total box office revenue for the company's cinema line was ¥9.97 billion, with a market share of 4.53%, and total audience attendance of 25.28 million, up 47.16% year-on-year[10] - The Chinese film market's total box office for Q1 2025 was ¥24.386 billion, a 49.10% increase year-on-year, with domestic films accounting for 97.11% of the total box office[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,815[14] - The largest shareholder, Hengdian Group Holdings Co., Ltd., holds 509,600,000 shares, accounting for 80.35% of total shares[14] - The company has no significant changes in the top 10 shareholders or their shareholding status[15] Investment and Future Outlook - The company has a rich pipeline of films, including titles like "The Legend of the Condor Heroes: The Great Hero" and "Boonie Bears: Restarting the Future," which have been released during the reporting period[11] - The company reported a significant increase in investment income, totaling ¥2,203,165.98 in Q1 2025 compared to ¥41,574,805.19 in Q1 2024[24] Tax and Other Financial Metrics - Deferred income tax liabilities rose to ¥668,552.16 from ¥392,913.33 year-over-year[20] - The company reported a significant increase in cash paid for operating activities, totaling $160,745,581.38 compared to $169,630,242.77 previously[28]

今天我们还是在这个整个市场大跌之后还是继续推荐我们前期强烈看好的横店影视其主要逻辑还是一季度整体院线的 总票房同比去年有较高的增长院线资产作为金银杠杆比较高的这样的一个商业模式我们认为它会受益于一季度的院线的票房高所带来的这样的利润的增长我先介绍一下恒电公司的基本的情况 恒电影视的大股东是浙江东阳的恒电集团这个公司是影视行业比较全产业链的布局但是院线的票房收入在公司占比较高而且公司的院线实战率现在已经排在全国第七名也是在影投公司的前列 那公司的主业呢还是影院投资制作还有影院发行电影放映等等相关衍生还有现在一些股市经济相关的这样的一个业务啊他以前有参与出品过比如说像送你一朵小红花你好李幻英啊人生大事啊包括这个熊出没熊出没这个系列独行月球等等这样一些啊口碑和票房都表现的不错的这个啊影片 那他的这个特点呢是现在他会比较前瞻的去布局三四五线的这样的一个市场比较具备优秀的经营和管理能力那公司的这个在他的这个三四五线市场这个占他的整个占70%在这个恒电影视这个文化的这个品牌的宣传下其实还是影响力比较高他的这个大股东恒电集团呢 其实大家也比较熟悉就是这个恒电影视城这个是它大股东的这个资产大股东恒电恒电集团其实在整个影视行业 ...

除了用分红"真金白银"回馈股东之外，一些上市公司还会用其他活动吸引投资者关注。例如ST易购在 常态化推进股东回馈计划，股东可以在苏宁股东会员福利专区领取活动优惠券购买商品；全聚德今年年 初也表示将适时推出股东回馈活动，以优惠的价格请股东对推出的新品进行品尝。汇嘉时代去年年底也 公告向股东免费赠送汇嘉时代首款自有食用油品牌——"味嘉"有机葵花籽油（1.8L）及有机亚麻籽油 （1.8L）各1桶，并针对汇嘉时代非会员、贵宾卡、银卡、金卡及以上会员股东，将享受到不同的会员 专属升级政策。有的公司是连续多年坚持给予股东实物回馈，包括爱朋医疗、仲景食品、佳禾食品、万 达影业等。 近年来，监管部门不断呼吁上市公司积极践行尊重投资者、回报投资者的理念，通过现金分红、股份回 购等方式增强对股东的回报，与投资者共享上市公司成长带来的收益和回报，提升投资者获得感。除了 现金分红等形式外，实物回馈也是越来越多上市公司的另一种选择。 （文章来源：深圳商报） 【深圳商报讯】（记者邱清月）横店影视公告称，公司将于4月14日至4月23日开展"2025股东回馈"活 动。符合条件的股东可免费获得观影、旅游礼包及以200元专享价格购买公司400元 ...

证券代码：603103 证券简称：横店影视 公告编号：2025-017 横店影视股份有限公司 关于股东回馈活动的自愿性信息披露公告 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。 为建立长效、多样的股东回报机制，感谢广大股东长期以来对横店影视股份 有限公司（以下简称"公司"）的关心和支持，同时让股东更好地了解公司和体 验公司服务，提高投资者对公司内在价值的理解与认识。公司将开展"2025 股东 回馈"活动，现将活动内容公告如下： | 持股数量区间 | | 礼包内容 | | | --- | --- | --- | --- | | 500 股（含）-10,000 | 股 | 观影券*4 张 | | | 10,000 股（含）以上 | | 观影券*8 张+横店影视城 1 | 日游景区门票 | | | | (任选 3 个景区)*4 | 份 | 一、活动时间 本次活动时间为 2025 年 4 月 14 日（星期一）至 2025 年 4 月 23 日（星期 三）。若超过 2025 年 4 月 23 日 24:00 未进行本次活动申领登记的 ...

横店影视：拟开展2025股东回馈活动 金十数据4月11日讯，横店影视公告称，为感谢股东支持，公司将开展"2025股东回馈"活动。活动时间 为2025年4月14日至4月23日，限2025年4月1日登记在册的持股500股以上的股东参与。活动内容包含免 费观影、旅游礼包及以200元专享价格购买400元会员卡权益。 ...

横店影视（603103）公告，公司将于2025年4月14日至2025年4月23日开展"2025股东回馈"活动。符合条 件的股东可免费获得观影、旅游礼包，并以200元专享价格购买公司400元会员卡权益。持股500股(含) 至10000股的股东可获得4张观影券，10000股以上的股东可获得8张观影券及横店影视城1日游景区门票 (任选3个景区)。活动结束后，礼包或会员卡将在三个工作日内发放至股东一码通账户对应手机号上。 ...

2025 年 04 月 09 日 优质内容促内需 横店具品牌优势 —横店影视（603103.SH）公司动态研究报告 买入(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2 0 2 5-0 4-0 8 | | --- | --- | | 当前股价（元） | 13.83 | | 总市值（亿元） | 88 | | 总股本（百万股） | 634 | | 流通股本（百万股） | 634 | | 52 周价格范围（元） | 9.81-17.14 | | 日均成交额（百万元） | 81.18 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 横店影视 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《横店影视（603103）：2024 年 业绩承压落地看 2025 年内容新供 给》2025-01-18 2、《横店影视（603103）：2024 年 跨越低谷新增可期内容需求韧性持 续》2024-03-08 3、《横店影视（603103）：2023Q4 承压落地 2024 年跨越低谷新增可 期》2024-01-29 预 ...