股票代码：002343 股票简称：慈文传媒 公告编号：2025-077 慈文传媒股份有限公司 二、本次对外投资进展情况 关于全资子公司霍尔果斯定坤影视传播有限公司 与关联方共同投资暨关联交易的进展公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、与关联方共同投资暨关联交易概述 慈文传媒股份有限公司（以下简称"慈文传媒"或"公司"）于 2024 年 11 月 27 日召开第九届董事会第二十五次会议，审议通过了《关于全资子公司霍尔果斯定坤影 视传播有限公司与关联方共同投资暨关联交易的议案》，同意全资子公司霍尔果斯定 坤影视传播有限公司（以下简称"定坤影视"）作为普通合伙人，以自有资金出资人 民币 100 万元，与公司关联方江西文投慈文泛文娱产业投资基金（有限合伙）（暂定 名，以最终工商注册为准，以下简称"慈文产业基金"）等，共同设立慈文赣影投资 合伙企业（有限合伙）（暂定名，以最终工商注册为准）（以下简称"慈文赣影"或 "合伙企业"）；授权定坤影视负责人签署合伙协议及相关法律文件。具体情况详见 公司于 2024 年 11 月 28 日披露的《关于全资子公司霍 ...

证券日报网讯慈文传媒（002343）11月24日在互动平台回答投资者提问时表示，截至11月20日收盘，公 司股票持有人总数为45901户。 ...

Group 1 - The film industry sector is experiencing a rise, with Huayi Brothers, Ciwen Media, Bona Film Group, and Huanrui Century seeing significant stock price increases, including Huanrui Century hitting the daily limit up [1]

Market Overview - The film and theater sector declined by 1.67% on November 20, with Happiness Blue Sea leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Shanghai Film (601595) closed at 30.90, up 0.82% with a trading volume of 114,000 shares and a turnover of 349 million [1] - AoFei Entertainment (002292) closed at 9.10, up 0.55% with a trading volume of 835,800 shares and a turnover of 764 million [1] - Happiness Blue Sea (300528) led the decline, closing at 21.15, down 5.58% with a trading volume of 241,300 shares and a turnover of 519 million [2] - China Film (600977) closed at 16.41, down 2.78% with a trading volume of 480,500 shares and a turnover of 797 million [2] Capital Flow - The film and theater sector experienced a net outflow of 405 million from institutional investors, while retail investors saw a net inflow of 468 million [2] - The data indicates that retail investors are more active in the sector despite the overall decline [2] Individual Stock Capital Flow - AoFei Entertainment had a net inflow of 48.85 million from institutional investors, while retail investors had a net outflow of 88.64 million [3] - Happiness Blue Sea saw a significant net outflow of 14.14 million from institutional investors, indicating weaker institutional interest [3] - Shanghai Film experienced a net outflow of 7.86 million from institutional investors, suggesting a cautious stance among larger investors [3]

Market Performance - The film and television industry sector rose by 1.06% on November 18, with Ciwen Media leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Ciwen Media (002343) closed at 8.21, up 3.14% with a trading volume of 276,400 shares and a transaction value of 224 million [1] - Other notable gainers included: - Jiecheng Co. (300182) at 6.23, up 2.30% [1] - Yihai Film (601595) at 30.94, up 2.21% [1] - Bona Film (001330) at 7.25, up 2.11% [1] - Aofei Entertainment (002292) at 8.85, up 2.08% [1] Capital Flow Analysis - The film and television sector saw a net inflow of 12.77 million from institutional investors, while retail investors experienced a net outflow of 42.06 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Stocks - Shanghai Film (601595) had a net inflow of 98.89 million from institutional investors, but a net outflow of 56.96 million from retail investors [3] - Jiecheng Co. (300182) saw a net inflow of 52.41 million from institutional investors, with retail investors experiencing a net outflow of 82.48 million [3] - Bona Film (001330) had a net inflow of 34.11 million from institutional investors, while retail investors had a net outflow of 34.76 million [3]

Core Viewpoint - The trend in the television industry indicates that listed companies are shifting from a "main investment and control" role to a model that emphasizes external project investment, often utilizing a "funding" approach to mitigate risks associated with project development [1][4]. Group 1: Industry Trends - The phenomenon of listed companies reducing their project development and focusing on external investments can be traced back to 2020, with a notable increase in such projects starting from 2023 [2]. - Companies like Ciwen Media are increasingly participating in projects as co-producers or investors rather than as primary producers, especially for projects starting in 2025 [2][4]. - The rise of the "funding" model is linked to the shift from copyright dramas to customized dramas, which are becoming the focal point for development in the industry [4][14]. Group 2: Financial Implications - The funding model allows companies to enhance their liquidity and financial security while still obtaining the title of "co-producer" [4]. - Companies are experiencing a significant increase in asset turnover rates, with examples like Zhongguang Tianze showing a rise from 0.49 in 2024 to 0.65 in 2025 H1 [11]. - The financial performance of companies like Zhongguang Tianze has improved, with reported investment income from "capital-preserving" film and television projects reaching 980,000 yuan in 2024 and 1.94 million yuan in the first half of 2025 [10]. Group 3: Project Development Models - The development of television dramas is categorized into three models: copyright dramas, self-produced dramas, and customized dramas, with the latter gaining prominence [4][5]. - The funding model operates by securing a customized contract, allowing the main team to negotiate funding with external investors after project approval [5][6]. - The typical funding share ranges from 20% to 40%, with the first phase of settlement usually paying 50% of the agreed price, allowing external funds to gradually exit [6][9]. Group 4: Market Dynamics - The decline in the share of copyright dramas has led to a concentration of resources among a few major productions, pushing smaller companies to adopt safer customized drama strategies [18]. - The profit margins for customized dramas are significantly lower, ranging from 10% to 15%, compared to 30% to 50% for copyright dramas, leading to a withdrawal of purely financial investors from the market [18][24]. - The industry is collectively seeking stability and certainty, with companies prioritizing risk control and maintaining influence through funding investments [24].

Group 1 - The film and theater sector saw a rise of 0.89% on November 17, with Shanghai Film leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] - Key stocks in the film and theater sector showed various performance metrics, with Shanghai Film closing at 30.27, up 3.84% [1] Group 2 - The main capital flow in the film and theater sector indicated a net outflow of 6.698 million yuan from institutional investors, while retail investors saw a net inflow of 20.1 million yuan [3][4] - Shanghai Film had a net inflow of 47.1935 million yuan from institutional investors, despite a net outflow from retail investors [4] - The overall trading volume and turnover for key stocks in the sector were significant, with Shanghai Film achieving a turnover of 302 million yuan [1][4]

Group 1 - The company, Ciwen Media, reported that as of November 10, the total number of shareholders was 47,361 [1]

Core Insights - The production of domestic dramas in China has seen a significant focus on contemporary themes, with 66.67% of the total productions being reality-based [1] - The overall performance of the drama production companies indicates a trend of increasing revenue but declining profits, with a total revenue of 18.63 billion yuan and a net loss of 3.20 billion yuan [2][3] Industry Overview - In Q3 2025, a total of 21 domestic dramas comprising 658 episodes were produced, with 14 reality-based dramas and 7 historical dramas [1] - The total number of new long dramas released was 161, a decrease of 8 from the previous year, while the number of new domestic dramas increased by 7 to 73 [1] Company Performance - Huace Film & TV reported a revenue of 10.41 billion yuan, a year-on-year increase of 16.62%, with a net profit of 1.75 billion yuan, up 5.35% [2][6] - Huanrui Century achieved a revenue of 3.42 billion yuan, a significant increase of 123.30%, but reported a net loss of 0.35 billion yuan, worsening by 164.94% [2][9] - Ciweng Media's revenue reached 1.93 billion yuan, up 266.36%, but it turned to a net loss of 0.27 billion yuan [2][11] - Baina Qiancheng experienced the largest decline, with a revenue of 1.77 billion yuan, down 73.43%, and a net loss of 0.68 billion yuan, worsening by 224.89% [2][3] - Huazhi Shumei reported a revenue of 1.10 billion yuan, a 90.81% increase, but faced a net loss of 3.66 billion yuan, a dramatic increase of 590.84% [2][12] Specific Company Insights - Baina Qiancheng's performance was severely impacted by a reduction in broadcast dramas, with only one drama aired in the first three quarters [3][5] - Huace Film & TV had three dramas premiere, including "Our Rivers and Mountains," which achieved significant viewership ratings [6][8] - Huanrui Century's revenue growth was largely driven by short drama business, with only one long drama aired [9][11] - Ciweng Media's Q3 revenue was relatively flat, indicating a lack of strong performance from its new releases [11] - Huazhi Shumei's high operating costs led to significant losses, attributed to the costs associated with film projects [12][14]

Core Insights - The production of domestic dramas in China has seen a significant focus on contemporary themes, with 66.67% of the total productions being reality-based [1] - The overall performance of the drama production companies indicates a trend of increasing revenue but declining profits, with a total revenue of 18.63 billion yuan and a net loss of 3.20 billion yuan [2][3] Industry Overview - In Q3 2025, a total of 21 domestic dramas comprising 658 episodes were produced, with 14 reality-based dramas accounting for 66.67% of the total productions [1] - The total number of new long dramas released was 161, a decrease of 8 from the previous year, while the number of new domestic dramas increased by 7 to 73 [1] Company Performance - Huace Film & TV reported a revenue of 10.41 billion yuan, a year-on-year increase of 16.62%, and a net profit of 1.75 billion yuan, up 5.35% [2][6] - Huanrui Century achieved a revenue of 3.42 billion yuan, a significant increase of 123.30%, but reported a net loss of 0.35 billion yuan, with losses expanding by 164.94% [2][9] - Ciweng Media's revenue reached 1.93 billion yuan, a remarkable growth of 266.36%, but it turned to a net loss of 0.27 billion yuan [2][9] - Baina Qiancheng experienced the largest decline, with a revenue of 1.77 billion yuan, down 73.43%, and a net loss of 0.68 billion yuan, with losses expanding by 224.89% [2][3] - Huazhi Digital Media reported a revenue of 1.10 billion yuan, a growth of 90.81%, but faced a net loss of 3.66 billion yuan, with losses increasing by 590.84% [2][12] Specific Company Insights - Baina Qiancheng's performance was severely impacted by a reduction in broadcast dramas, with only one drama aired in the first three quarters [3][5] - Huace Film & TV had three dramas that premiered, including "Our Rivers and Mountains," which achieved significant viewership ratings [6][8] - Huanrui Century's revenue growth was heavily reliant on short drama business, with only one long drama aired during the period [9][11] - Ciweng Media's Q3 revenue was relatively flat, indicating a lack of strong performance from newly released content [9][12] - Huazhi Digital Media faced high operating costs, significantly exceeding its revenue, leading to substantial losses [12][14]