Core Viewpoint - The A-share market for film and television stocks is experiencing a counter-trend rise, indicating a recovery in the market, with significant increases in stock prices for various companies [1] Group 1: Market Performance - The national annual box office has surpassed 2 billion yuan as of February 1, 2026, reflecting a strong start to the Spring Festival season [1] - Six new domestic films, including "Flying Life 3" and "Silent Awakening," are scheduled for release during the Spring Festival, covering multiple genres [1] - In 2025, the national box office reached 51.832 billion yuan, a year-on-year increase of 21.95%, with domestic films accounting for 79.67% of the total [1] Group 2: Stock Performance - Hengdian Film's stock rose by 10%, with a total market value of 17.8 billion yuan and a year-to-date increase of 69.18% [2] - Happiness Blue Sea's stock increased by 7.63%, with a market value of 8.939 billion yuan and a year-to-date increase of 15.39% [2] - Bona Film's stock rose by 6.88%, with a market value of 14.1 billion yuan and a year-to-date increase of 35% [2] - Other notable increases include Light Media (5.27%, 60.4 billion yuan), Jinyi Film (5.19%, 4.809 billion yuan), and Huayi Brothers (3.4%, 7.75 billion yuan) [2]

Core Viewpoint - The A-share market for the film industry is experiencing a counter-trend rise, with several key stocks showing significant gains, indicating a recovery in the market driven by strong box office performance and upcoming film releases [1][2]. Group 1: Stock Performance - Hengdian Film surged to its daily limit, increasing by 10% with a total market value of 17.8 billion [2] - Happiness Blue Sea rose by over 7%, with a market capitalization of 26.67 billion [2] - Bona Film increased by over 6%, with a market value of 14.1 billion [2] - Light Media and Jinyi Film both saw gains of over 5%, with market values of 60.4 billion and 4.809 billion respectively [2] - Other notable increases include Huanrui Century (3.4%), China Film (3.09%), and Shanghai Film (2.11%) [2] Group 2: Box Office Data - As of February 1, 2026, the national annual box office has surpassed 2 billion, reflecting a strong start to the year [1] - In 2025, the total box office reached 51.832 billion, marking a year-on-year growth of 21.95%, with domestic films accounting for 79.67% of the total [1] - There were 51 films that surpassed 100 million in box office revenue, and the total number of screens reached 93,187 [1] - The upcoming Spring Festival releases include six domestic films, indicating a diverse offering for the holiday season [1]

Core Viewpoint - Beijing Culture expects to achieve revenue of 310 million to 360 million yuan in 2025, compared to 317 million yuan in the same period last year, while projecting a net loss attributable to shareholders of 410 million to 350 million yuan, compared to a loss of 156 million yuan in the previous year [1][2]. Financial Performance - The net profit attributable to shareholders for the current reporting period is projected at -410 million yuan, compared to -350 million yuan in the same period last year, and -156.36 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses is expected to be -385 million yuan, compared to -325 million yuan last year [2]. - Basic earnings per share are projected at -0.5727 yuan, compared to -0.4889 yuan last year and -0.2174 yuan in the previous year [2]. - Operating revenue is expected to be 310 million yuan, unchanged from last year, while the adjusted operating revenue is also 310 million yuan [2]. Project-Specific Insights - The anticipated loss for 2025 is attributed to the film project "Fengshen Part 2: The Battle of Xiqi," which did not meet box office expectations due to a long production cycle and intense competition in the Spring Festival film market, leading to high production and promotional costs [3]. - As of June 30, 2025, "Fengshen Part 2" has accumulated a box office of 1.238 billion yuan and 24.078 million viewers, with a Douban rating of 5.8 [4]. Market Reaction - As of January 30, the stock price of Beijing Culture fell by 0.44%, closing at 4.53 yuan per share, with a total market capitalization of 3.243 billion yuan [5].

Group 1 - The film and cinema sector saw a significant increase of 3.28% on January 30, with Hengdian Film leading the gains [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Key stocks in the film and cinema sector showed notable price increases, with Hengdian Film rising by 10.01% to a closing price of 25.50 [1] Group 2 - The film and cinema sector experienced a net inflow of 542 million yuan from institutional investors, while retail investors saw a net outflow of 768 million yuan [2] - Major stocks such as China Film and Wanda Film attracted significant net inflows from institutional investors, with China Film receiving 206 million yuan [3] - Retail investors showed a negative trend in several stocks, with significant outflows from Happiness Blue Sea and Huayi Brothers [3]

Financial Performance Expectations - The company expects a net profit attributable to shareholders to be in the range of -41,000 to -35,000 thousand yuan, compared to -15,563.65 thousand yuan in the same period last year[5]. - The net profit after deducting non-recurring gains and losses is projected to be between -38,500 and -32,500 thousand yuan, compared to -15,214.36 thousand yuan in the previous year[5]. - Basic earnings per share are expected to be between -0.5727 and -0.4889 yuan, down from -0.2174 yuan year-on-year[5]. - The company's operating revenue is anticipated to be between 31,000 and 36,000 thousand yuan, which is consistent with the previous year's revenue of 31,692.97 thousand yuan[5]. Reasons for Expected Loss - The primary reason for the expected loss is the underperformance of the film project "Fengshen Part II: The Battle of Xiqi," which faced high production and promotional costs due to a long production cycle and intense competition during the Spring Festival[7]. Asset Impairment and Financial Data - The company has conducted asset impairment assessments and made provisions for potential impairment losses based on the principle of prudence, with final amounts subject to evaluation by intermediaries and auditors[9]. - The financial data presented is preliminary and has not been audited, indicating potential uncertainties in the final report[10].

Core Viewpoint - Beijing Culture expects a net loss of 350 million to 410 million yuan for the fiscal year 2025 due to underperformance of its film project "Feng Shen Part II: War at West Qi" [1] Group 1 - The film project "Feng Shen Part II: War at West Qi" did not meet box office expectations [1] - High production and promotional costs, coupled with a competitive Spring Festival film market, contributed to the project's losses [1] - The lengthy production cycle of the film also played a significant role in the financial outcome [1]

Market Overview - The film and theater sector experienced a decline of 0.68% on January 28, with Huayi Brothers leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Hengdian Film (603103) saw a closing price of 21.07, with an increase of 4.57% and a trading volume of 155,400 shares, totaling a transaction value of 331 million yuan [1] - Light Media (300251) closed at 17.89, up 1.07%, with a trading volume of 709,300 shares and a transaction value of 1.267 billion yuan [1] - Huayi Brothers (300027) closed at 2.20, up 0.46%, with a trading volume of 645,600 shares and a transaction value of 14.2 million yuan [1] - The biggest decline was seen in Huayi Century (000892), which closed at 7.80, down 5.34%, with a trading volume of 516,300 shares and a transaction value of 410 million yuan [2] Capital Flow Analysis - The film and theater sector experienced a net outflow of 244 million yuan from institutional investors, while retail investors saw a net inflow of 143 million yuan [2] - The capital flow for individual stocks showed that Light Media had a net inflow of 13.9 million yuan from institutional investors, while Huayi Brothers had a net outflow of 22.49 million yuan from retail investors [3] - Overall, retail investors contributed positively to the sector, with a net inflow of 143 million yuan, indicating a potential interest in the sector despite the overall decline [2][3]

Core Viewpoint - The new productive forces are reshaping Beijing's cultural ecology, promoting the vigorous development of new mass arts, and enhancing the quality of cultural experiences for citizens [1][2]. Group 1: Cultural Development - The transition from "having culture to enjoy" to "having high-quality culture to feel" reflects a shift in focus from mere accessibility of cultural resources to the quality and depth of cultural experiences [2]. - New productive forces, including digital technology, artificial intelligence, and big data, are being utilized to activate creativity, empower dissemination, and upgrade experiences in the cultural sector [1]. Group 2: Practical Examples - The "Cloud Central Axis" platform has achieved over 9 million visits, allowing citizens and global audiences to engage with historical sites like the Bell and Drum Towers and the Forbidden City [1]. - The immersive broadcast of the Peking Opera "Ding Jun Shan" brought the art form to local communities, making it accessible and engaging for residents [1]. - The Longfu Outdoor Drama Festival has transformed spectators into participants, breaking traditional boundaries of performance [1]. - The play "Crocodile" incorporates film-level visual effects on stage, showcasing how technology expands the imagination in theater [1]. Group 3: Policy and Recommendations - As a member of the Political Consultative Conference, the company emphasizes the importance of active participation and practical promotion in cultural development [2]. - A proposal was submitted to support the sustainable and healthy development of private performing arts institutions in Beijing, aligning with the city's goal of becoming a "Performing Arts Capital" by 2025 [2]. - Specific recommendations have been made regarding program innovation, youth talent cultivation, integration of drama with cultural tourism, and international dissemination, with some suggestions already reflected in relevant policies for high-quality development in the capital [2].

Core Viewpoint - The new productive forces are reshaping Beijing's cultural ecology, promoting the development of high-quality cultural experiences for citizens, moving from mere access to culture to a deeper appreciation of quality cultural engagement [1][2] Group 1: Cultural Development - The new productive forces utilize digital technology, artificial intelligence, and big data to enhance creativity, empower communication, and upgrade experiences in the cultural sector [1] - The initiative "Cloud Central Axis" has achieved over 9 million visits, allowing citizens and global audiences to engage with historical sites like the Bell and Drum Towers and the Forbidden City [1] - Traditional performances, such as Peking Opera, are being integrated into community settings, making cultural experiences more accessible and relatable to everyday life [1] Group 2: Quality of Cultural Experience - The shift in cultural consumption from "having culture to enjoy" to "having high-quality culture to feel" emphasizes the importance of the quality of cultural activities and the depth of experiences [2] - The new productive forces have transformed culture from static exhibitions to interactive and participatory experiences, enriching daily life and invigorating the capital's development [2] Group 3: Policy and Recommendations - As a member of the Political Consultative Conference, the company is actively involved in promoting the sustainable development of private performing arts institutions in Beijing, with proposals submitted for enhancing the cultural landscape [2] - Specific recommendations have been made regarding performance innovation, youth talent cultivation, integration of drama with tourism and commerce, and international communication, some of which have been reflected in relevant policies for high-quality development in the capital [2]

Core Viewpoint - The new quality productivity is reshaping Beijing's cultural ecology and promoting the development of new mass arts through digital technology, enhancing creation, enabling dissemination, and upgrading experiences [1] Group 1: Cultural Development - New quality productivity is driving a transition in Beijing's cultural development from quantity to quality [1] - The focus is on transforming cultural enjoyment into high-quality cultural experiences that are participatory and co-created [1] Group 2: Technological Integration - Digital technologies are being utilized to activate creative processes and enhance cultural dissemination [1] - The integration of technology aims to upgrade the overall experience of cultural consumption in Beijing [1]