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 rise of the Z generation is driving demand for trendy blind boxes, as they seek products that align with their values and provide emotional connections [2][4] - The Chinese government is implementing a regulatory framework for the trendy blind box industry, focusing on consumer protection and promoting cultural integration [7][9] Group 1: Industry Overview - Major listed companies in the trendy blind box sector include Pop Mart (09992.HK), Miniso (09896.HK), Aofei Entertainment (002292.SZ), Gaole Shares (002348.SZ), and Yuanlong Yatu (002878.SZ) [1] - The trendy blind box market is characterized by a blend of emotional companionship, nostalgia, and investment value, appealing to consumers' desire for unique designs and surprise elements [4] Group 2: Consumer Behavior - The Z generation, as internet natives, values individual expression, social recognition, and emotional connections, making trendy toys a significant part of their social currency [2] - The psychological aspects of trendy blind box consumption include emotional attachment, collection desire, and the thrill of surprise, which enhance the overall consumer experience [4] Group 3: Government Policies - The 2023 "Guidelines for Blind Box Business Conduct (Trial)" establishes a comprehensive regulatory framework for the industry, emphasizing the prohibition of illegal sales and the protection of minors [7] - The government is encouraging the integration of trendy toys with intangible cultural heritage and tourism, with initiatives like a 1 billion yuan IP overseas expansion fund aimed at increasing international revenue [7][9] Group 4: Regional Development - Various provinces and cities in China are adopting measures to promote the trendy blind box industry, including market regulation, cultural empowerment, and consumer rights protection [12]

北京商报讯（记者 卢扬 实习记者 华卓玛）10月29日，奥飞娱乐在投资者互动平台回答投资者称："'喜 羊羊与灰太狼'系列动画内容深受广大观众喜爱，其影响力和受众基础保持稳固。我们将持续关注观众 喜好的内容类型和风格，通过不断创新，努力为大家带来更优质的内容体验。" ...

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, including details on share repurchase and asset impairment provisions, reflecting its commitment to transparency and compliance with regulations [10][13]. Financial Data - The company reported a total of 33.95 million yuan in asset impairment and credit impairment provisions for the first three quarters of 2025, which will reduce the net profit for the same period by the same amount [21]. - As of September 30, 2025, the company has repurchased a total of 8,163,100 shares, accounting for 0.5520% of the total share capital, with a total transaction amount of approximately 80.80 million yuan [6]. Share Repurchase - The company approved a share repurchase plan with a total amount not less than 80 million yuan and not exceeding 130 million yuan, with a maximum repurchase price of 14 yuan per share [5]. - The shares repurchased will be used for employee stock ownership plans and equity incentives [5]. Asset Impairment - The company conducted a comprehensive review and impairment testing of various assets, including accounts receivable, inventory, and fixed assets, leading to the recognition of impairment losses [15][21]. - The impairment provisions were made in accordance with the accounting standards and are aimed at accurately reflecting the company's financial condition and asset values [21]. Board Meeting - The company's board of directors held a meeting on October 24, 2025, where the third-quarter report was approved unanimously [11].

Group 1 - The core point of the article is that Aofei Entertainment (SZ 002292) held its seventh second board meeting on October 24, 2025, where it reviewed the Q3 2025 report and other documents [1] - For the first half of 2025, Aofei Entertainment's revenue composition was entirely from the animation industry, accounting for 100.0% [1] - As of the report date, Aofei Entertainment's market capitalization was 12.6 billion yuan [1]

Core Viewpoint - Aofei Entertainment announced a total impairment and credit impairment provision of 33.95 million yuan for the first three quarters of 2025, which will reduce the net profit in the consolidated financial statements for the same period by the same amount [1] Company Summary - Aofei Entertainment's revenue composition for the first half of 2025 is entirely from the animation industry, accounting for 100% [1] - As of the report date, Aofei Entertainment has a market capitalization of 12.6 billion yuan [1]

北京商报讯（记者 卢扬 实习记者 华卓玛）10月27日，奥飞娱乐发布2025年三季度报告显示，今年三季 度营收6.89亿元，同比下降2.42%；归属于上市公司股东的净利润1354万元，同比下降16.63%。 ...

证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-061 奥飞娱乐股份有限公司（以下简称"公司"）第七届董事会第二次会议于 2025 年 10 月 24 日下午 14:30 在公司会议室以现场会议和通讯表决方式召开，其中蔡东青、蔡嘉贤、陈黄漫以 通讯方式参加会议。会议通知于 2025 年 10 月 21 日以短信或电子邮件送达。应出席会议的董 事 7 人，实际出席会议的董事 7 人，会议有效表决票数为 7 票。会议由公司董事长蔡东青先生 主持，公司高级管理人员列席了会议。会议程序符合《中华人民共和国公司法》和《公司章程》 的规定。 二、董事会会议审议情况 经过与会董事认真审议，形成如下决议： （一）会议以 7 票同意，0 票反对，0 票弃权审议通过了《2025 年第三季度报告》。 公司董事会审计委员会已经审议通过了本议案中财务信息相关章节内容。 具体内容详见同日刊登在《证券时报》《中国证券报》《证券日报》《上海证券报》以及巨 潮资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》（公告编号：2025-060）。 三、备查文件 奥飞娱乐股份有限公司 第七届董事会第二次会议决议 ...

奥飞娱乐股份有限公司 2025 年第三季度报告 证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-060 奥飞娱乐股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | --- | | | | 增减 | | | 年同期增减 | | 营业收入（元） | 688,628,764.37 | | -2.42% | 1,886,966,800.72 | -6.16% | | 归属于上市公司股东 的净利润（元） | 13,539,645.45 | | -16.63% | 50,549,010.55 | -29.05% | | 归属于上市公司股东 ...