业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 报告摘要 公司披露 2025 年年度业绩预告。公司预计 2025 年归属于上市公司股东的净利润为负 值，经营业绩将出现亏损。公司 2025Q1~Q3 实现营收 9.72 亿元，同比增长 1.29%， 归母净利润-11.1 亿元，同比下滑 213.11%。 请务必阅读正文之后的重要声明部分 股价与行业-市场走势对比 公司持续深化电影主业，推进院线布局与剧集市场稳步发展。根据拓普数据，2025 年全年全国电影市场总票房 518.32 亿元（yoy+21.95%），观 ...

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 博纳影业（001330.SZ） 证券研究报告/公司点评报告 2026 年 01 月 28 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | | 营业收入（百万元） | 1,608 | 1,461 | 1,590 ...

Market Overview - The film and cinema sector experienced a decline of 0.24% on January 26, with Baida Qiancheng leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Bona Film Group (001330) saw a closing price of 9.76, with an increase of 4.72% and a trading volume of 1.5779 million shares, amounting to a transaction value of 1.524 billion [1] - Hengdian Film (603103) closed at 19.97, up 3.26%, with a trading volume of 121,900 shares and a transaction value of 242 million [1] - Wanda Film (002739) closed at 11.75, up 1.12%, with a trading volume of 686,100 shares and a transaction value of 806 million [1] - Baida Qiancheng (300291) led the decline with a closing price of 9.06, down 6.98%, and a trading volume of 658,000 shares, resulting in a transaction value of 604 million [2] - Shanghai Film (601595) closed at 29.19, down 3.70%, with a trading volume of 137,100 shares and a transaction value of 403 million [2] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 294 million from institutional investors, while retail investors saw a net inflow of 10.7 million [2] - Major stocks like Light Media (300251) had a net inflow of 68.36 million from institutional investors, while Bona Film Group (001330) had a net inflow of 49.62 million [3] - Conversely, stocks like Huayi Brothers (300027) and China Film (600088) experienced net outflows of 8.87 million and 7.27 million from institutional investors, respectively [3]

Core Viewpoint - Bona Film Group has established a wholly-owned subsidiary in Shenyang for film production, indicating a strategic expansion in the film industry [1] Group 1: Company Overview - The newly established company is named Shenyang Bona Film Production Co., Ltd. [1] - The legal representative of the company is Shi Chaolong [1] - The registered capital of the company is 10 million yuan [1] Group 2: Business Scope - The company's business scope includes film production services, artistic creation, and photography and printing services among other film-related activities [1]

Group 1 - The core point of the article is the establishment of Shenyang Bona Film Production Co., Ltd., which is fully owned by Bona Film Group (001330) [1] - The registered capital of the new company is 10 million yuan [1] - The business scope of the company includes film production services, artistic creation, photography and printing services, video production services, film making, and professional design services [1]

Investment Rating - The industry rating for the media and internet sector is "Positive" [2][47] Core Insights - Kuaishou's AI product, Keling, achieved a significant milestone with over 12 million monthly active users (MAU) in January 2026, and daily revenue increased by approximately 30% month-on-month [3][4] - The animation drama market is projected to reach 22 billion yuan in 2026, contributing 50% to the short drama industry's growth, with a compound annual growth rate (CAGR) of 12% for user scale and 24% for viewership from June to December 2025 [3][4] - AI technology is being increasingly applied in various stages of animation production, leading to over 70% cost reduction and over 80% efficiency improvement [4] Summary by Sections Sub-industry Ratings - The film industry is rated as "Positive" [2] User and Revenue Growth - Kuaishou's Keling AI user base and revenue have shown breakthrough performance, with a monthly revenue exceeding 20 million USD in December 2025 and a 350% increase in monthly paid users [3][4] Market Size and Growth Projections - The animation drama market is expected to exceed 22 billion yuan in 2026, with AI-generated content gaining significant viewer acceptance [3][4] AI Application in Content Creation - AI is utilized in creative processes, content production, and editing operations, with application ratios ranging from 10%-30% in creativity to 50%-80% in content production [4] Recommendations - The report suggests paying attention to companies like Bona Film Group due to their potential in the evolving landscape of AI-driven content production [4]

Core Viewpoint - The announcement details a reduction in shareholding by Zhejiang Dongyang Dama Entertainment Co., Ltd. in Bona Film Group Co., Ltd., which does not trigger a mandatory tender offer and will not affect the company's control or governance structure [2][3]. Group 1: Shareholding Changes - Zhejiang Dongyang Dama has reduced its shareholding by selling 60,531 shares, bringing its total holdings to 68,665,350 shares, which represents 4.9956% of the total share capital [2][3]. - Prior to the reduction, Dongyang Dama held 68,725,881 shares, accounting for 5.0000% of the total share capital [3]. - The total share capital of the company is reported to be 1,374,518,984 shares, with 1,212,000 shares already repurchased [2]. Group 2: Regulatory Compliance - The shareholding change complies with relevant laws and regulations, including the Securities Law and the Shenzhen Stock Exchange's rules [3][4]. - The reduction does not trigger a mandatory tender offer and will not lead to changes in the controlling shareholder or actual controller [2][4]. - Dongyang Dama is still within the period of its share reduction plan and will continue to adhere to disclosure obligations [4].

Core Viewpoint - Bona Film Group announced that Zhejiang Dongyang Dama Entertainment Co., Ltd. reduced its holdings by 60,531 shares through centralized bidding, representing 0.0044% of the company's total share capital [1] Group 1 - After the reduction, Zhejiang Dongyang Dama Entertainment Co., Ltd. holds 68,665,350 shares, which is 4.9956% of the total share capital and 5.0000% of the total share capital excluding repurchased shares [1] - The shares held by Zhejiang Dongyang Dama Entertainment Co., Ltd. are not subject to any pledges, freezes, or other restrictions [1] - This equity change will not result in a change of the company's controlling shareholder or actual controller [1]

股东浙江东阳大麦娱乐有限公司（曾用名"浙江东阳阿里巴巴影业有限公司"）保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。本公司 及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 公司于 2025 年 12 月 27 日披露了《关于股东及其一致行动人减持股份计划预披露公 告》（公告编号：2025-077 号），股东东阳大麦计划在公告披露之日起 15 个交易日后 的 3 个月通过集中竞价方式共计减持公司股份不超过 13,733,069 股，占公司总股本的 0.9991%（占剔除公司回购股份后总股本的 1.0000%）。 公司近日收到股东东阳大麦的《简式权益变动报告书》，东阳大麦于 2026 年 1 月 22日以集中竞价方式减持公司60,531股。本次权益变动前，东阳大麦持有公司68,725,881 股无限售条件流通股股份，约占总股本的 5.0000%（占剔除公司回购专户持股数后总股 本的 5.0044%）；本次权益变动后，东阳大麦持有公司 68,665,350 股无限售条件流通股 股份，约占总股本的 4.9956%（占扣除公司回购股份后总股本的 5.0000 ...

博纳影业集团股份有限公司 简式权益变动报告书 | 上市公司： | 博纳影业集团股份有限公司 | | --- | --- | | 上市地点： | 深圳证券交易所 | | 股票简称： | 博纳影业 | | 股票代码： | 001330 | | 信息披露义务人： | 浙江东阳大麦娱乐有限公司 | | --- | --- | | 注册地址： | 浙江省金华市东阳市浙江横店影视产业实验 | | | 区商务楼 | | 通讯地址： | 北京市朝阳区广善路 20 号楼阿里巴巴北京朝 | | | 阳科技园 区 B | | 股份权益变动性质： | 股份减少 | 签署日期：二〇二六年一月二十二日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在博纳 ...