万达电影股份有限公司 2023 年年度报告全文 万达电影股份有限公司 2023 年年度报告 二零二四年四月 1 万达电影股份有限公司 2023 年年度报告全文 积金转增股本。 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人陈曦、主管会计工作负责人黄朔及会计机构负责人（会计主管 人员）高树达声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者 的实质性承诺，请投资者予以关注。 公司业务经营面临的各种风险因素已在本年度报告"第三节 管理层讨论与 | --- | --- | |-----------------------------------------------------------------|------------------------------------| | | | | | | | 分析 "" 十二、公司未来发展的展望 ...

万达电影股份有限公司 2024 年第一季度报告 证券代码：002739 证券简称：万达电影 公告编号：2024-031 万达电影股份有限公司 2024 年第一季度报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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、监事会及董事、监事、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。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3、第一季度报告是否经审计 □是 否 1 万达电影股份有限公司 2024 年第一季度报告 一、主要财务数据 （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 | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-----------------------------------|----------- ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The actual controller of the company changed from Wang Jianlin to Ke Liming on April 15, 2024, with a focus on enhancing cinema market share and non-ticket revenue [2][11]. - The company aims to increase its market share from 15.44% to over 20% by leveraging its extensive cinema network and optimizing its operational strategies [2][16]. - The collaboration with Ru Yi is expected to accelerate the development of film, television, and gaming projects, enhancing resource sharing and competitive advantages [2][8]. Summary by Sections 1. Change of Actual Controller and Strategic Alliance - The company announced a change in its actual controller to Ke Liming, who holds significant stakes through various entities [11]. - The management team combines expertise from both Wanda and Ru Yi, focusing on cinema, film production, and gaming [11][13]. 2. Cinema Business: Scale and Operational Efficiency - As of the end of 2023, the company operates 709 cinemas in China, maintaining a leading market share of 15.44% [2][16]. - The company plans to enhance its market share to over 20% by expanding its cinema network and improving operational efficiency [2][16]. - The operational efficiency of Wanda cinemas has improved post-pandemic, with ticket sales recovering to 96.4% of 2019 levels [16][23]. 3. Content Business: Film, Television, and Gaming - The company plans to release over 7 films and 6 television series in 2024, alongside multiple gaming projects [2][8]. - The gaming segment has shown rapid growth, particularly with successful overseas releases [2][8]. 4. Profit Forecast and Investment Recommendations - Projected revenues for 2023-2025 are 15.089 billion, 16.852 billion, and 18.145 billion yuan, with net profits of 1.045 billion, 1.502 billion, and 1.780 billion yuan respectively [2][4]. - The report assigns a 30x PE valuation for 2024, leading to a target price of 20.68 yuan per share [2][4].

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2024-020 号 万达电影股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）于近日收到控股股东北京万达投 资有限公司（以下简称"万达投资"）通知，获悉其将持有的部分公司股份进行质 押，现将具体情况公告如下： | 股东 | 是否为控 股股东及 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 | 质押起 | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | 为限 | 补充 | | | 质权人 | | | 名称 | 其一致行 | 数量（股） | 比例 | 比例 | 售股 | 质押 | 始日 | 期日 | | 用途 | | | 动人 | | | | | | | | | | | 万达 | | | | | | | 2024 年 | 至解除 质押登 | ...

Transaction Overview - Keyi Ming's Ruyi Investment acquired a 51% stake in Wanda Investment, making Keyi Ming the actual controller of Wanda Film [1][2] - The total consideration for the 51% stake was RMB 2.155 billion, with Wanda Culture, Beijing Hengrun, and Wang Jianlin transferring 20%, 29.8%, and 1.2% respectively [2] - In July 2023, China Ruyi, a Hong Kong-listed company controlled by Keyi Ming, acquired 49% of Wanda Investment for RMB 2.262 billion [1][2] - Post-transaction, Keyi Ming controls 100% of Wanda Investment and indirectly controls 20% of Wanda Film, while Wanda Culture's stake drops to 10.9% [2] Management Changes - Wanda Film's chairman Zhang Lin and director Yin Xiangjin resigned in January 2024, with Chen Xi and Gong Qiao taking over as directors [2] - Chen Xi, a well-known actress and producer, was elected as the new chairman of Wanda Film [2][3] - Wanda Culture is required to facilitate the resignation of over half of Wanda Film's board members within one month of the transaction, with Ruyi Investment recommending replacements [3] Wanda Film's Market Position - As of December 31, 2023, Wanda Film operates 905 cinemas with 7,546 screens, holding a 16.7% market share in China [4] - In the first half of 2023, Wanda Film's box office revenue reached RMB 4.042 billion, accounting for 58.84% of total revenue, with additional revenue from merchandise, food, and advertising sales [6] Strategic Implications for Ruyi - The acquisition allows Ruyi to integrate the upstream and downstream of the film industry chain, leveraging Wanda Film's extensive cinema network [1] - Wanda Film's cinema network provides valuable audience data, enabling better market insights and IP management for China Ruyi [6] Wanda's Financial Pressure - Wang Jianlin's decision to sell Wanda Film shares was driven by Wanda Commercial Management's debt pressure, with RMB 29.257 billion in short-term debt due by June 2023 and only RMB 14.692 billion in cash and equivalents [4] - Wanda Commercial Management faced a potential buyback obligation of over RMB 30 billion if it failed to list by the end of 2023, leading to asset sales including 11 Wanda Plazas and the Beijing Wanda Plaza [4] Keyi Ming's Background - Keyi Ming, born in 1983, has a master's degree in monetary banking from Griffith University and has extensive experience in both finance and the film industry [5] - He has produced and invested in numerous successful films and TV series, including "The Wandering Earth," "Hi, Mom," and "The Battle at Lake Changjin" [5] - Keyi Ming has been actively involved in capitalizing Ruyi Pictures, with previous attempts to sell stakes to listed companies and a successful acquisition by China Ruyi in 2020 [5][6]

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2024-018 号 关于间接控股股东股权转让完成暨公司控制权变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次控制权变更基本情况 2023 年 12 月 12 日，北京万达文化产业集团有限公司（以下简称"万达文 化集团"）、北京珩润企业管理发展有限公司（以下简称"北京珩润"）及王健林 先生与上海儒意投资管理有限公司（以下简称"儒意投资"）签署股权转让协议， 拟分别将其持有的万达电影股份有限公司（以下简称"公司"）控股股东北京万 达投资有限公司（以下简称"万达投资"）20%、29.8%和 1.2%股权（合计持有万 达投资 51%股权）转让予儒意投资，转让价款共计人民币 21.55 亿元。本次交易 完成后，公司实际控制人将变更为柯利明先生，具体内容详见公司于 2023 年 12 月 13 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于间接控股股东及 实际控制人签署<股权转让协议>暨公司控股权拟发生变更的提示性公告》。 二、本次控制权变更进 ...

万达电影股份有限公司 | 股东名称 | 是否为控股 | 本次解除 | 占其所持 | 占公司 | 是否 | 质押起始 | 质押解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东及其一 | 质押数量 | 股份比例 | 总股本 | 为限 | 日 | 日 | | | | 致行动人 | （股） | | 比例 | 售股 | | | | | 万达投资 | 控股股东 | 70,000,000 | 16.06% | 3.21% | 否 | 2023 年 5 | 2024 年 4 | 中国银行股份有 限公司大连沙河 | | | | | | | | 月 9 日 | 月 15 日 | | | | | | | | | | | 口支行 | 股票代码：002739 股票简称：万达电影 公告编号：2024-019 号 万达电影股份有限公司 关于控股股东股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）于近日收到控股股东北京万达投 资有限公司 ...

万达电影股份有限公司 特此公告。 万达电影股份有限公司 关于办公地址及投资者联系电话变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）根据经营发展需要，于近日搬迁 至新办公地址，现将变更后的联系方式公告如下： | | 变更前 | | | 变更后 | | | --- | --- | --- | --- | --- | --- | | 办公地址 | 北京市朝阳区建国路 | | 号万达 93 | 北京市朝阳区八里庄东里 | 号 1 | | | 广场 B 座 | 11 | 层 | 莱锦文化创意产业园 CN02 | 楼 | | 邮政编码 | 100022 | | | 100025 | | | 联系电话 | 010-85587602 | | | 010-65055989 | | 除上述调整外，公司其他联系方式保持不变，敬请广大投资者留意。 股票代码：002739 股票简称：万达电影 公告编号：2024-017 号 万达电影股份有限公司 董事会 2024 年 4 月 9 日 ...

Investment Rating - Buy (首次) [1] Core Views - The report highlights that Wanda Film, as a leading cinema chain, is poised for a revaluation of its core value due to the post-pandemic recovery and the introduction of AI technology in the film industry [1] - The company's cinema business provides a profit cushion, with controllable downside risks and significant upside potential [1] - The entry of Ruyi Investment as a major shareholder and the change in management are expected to bring new opportunities for the company's development [1] Domestic Cinema Business Review - Wanda Film's domestic cinema business has shown resilience and market share growth despite industry challenges [2] - The company's market share in box office revenue increased from 14% in 2019 to 17% in 2022, even as the industry faced significant headwinds during the pandemic [2] - The company's profitability was impacted during the pandemic, but it managed to maintain and even increase its market share through strategic measures such as closing underperforming cinemas and focusing on high-quality locations [2] Market Share and Profit Potential - The report estimates that Wanda Film's domestic cinema business has a potential post-tax profit of up to 3 billion yuan, driven by the recovery of the film industry and the company's competitive advantages [2] - The company's overseas cinema business is expected to contribute 250-300 million yuan in annual net profit, providing a stable cash flow and profit cushion [2] Ruyi Investment and AI Opportunities - The entry of Ruyi Investment, led by Ke Liming, is expected to enhance Wanda Film's film production capabilities and bring new growth opportunities [2] - AI technology is seen as a potential game-changer for the film industry, with the ability to enrich mid-tier film production and drive industry demand growth [2] - Wanda Film, as a leading cinema chain and film producer, is well-positioned to benefit from these technological advancements [2] Financial Projections and Valuation - The report forecasts that Wanda Film's revenue will grow from 14.35 billion yuan in 2023 to 18.13 billion yuan in 2025, with net profit increasing from 1.14 billion yuan to 1.85 billion yuan over the same period [3] - The company's EV/EBITDA valuation for 2024 is estimated at 17x, which is between the industry average and the valuation of leading US cinema chains, suggesting a target market capitalization of 45.7 billion yuan [3] Historical Performance and Industry Trends - Wanda Film's historical performance reflects the broader trends in the domestic cinema industry, with periods of rapid growth, intense competition, and pandemic-induced challenges [2] - The company has consistently maintained a leading position in the industry, with a focus on high-quality expansion and operational efficiency [2] Strategic Initiatives - The company has implemented various strategic initiatives, including the introduction of franchise operations, to maintain its market leadership and improve profitability [2] - Wanda Film's focus on high-quality locations and strategic closures of underperforming cinemas has helped it navigate the challenges posed by the pandemic [2] Future Outlook - The report is optimistic about Wanda Film's future, citing the potential for market share growth, profit expansion, and the positive impact of new technologies and strategic partnerships [2][3] - The company's ability to leverage its strong market position, operational efficiency, and new opportunities in film production and AI technology is expected to drive future growth [2][3]

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The new management team is in place, aiming to enhance market share and diversify revenue streams through film production and distribution [4]. - The company achieved a box office revenue of 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [4]. - The collaboration between the new controlling shareholder and the company is expected to bring flexibility to the film content business [4]. - The company is exploring diversified income sources, including IP derivative sales and advertising revenue [4]. - The report adjusts profit forecasts, projecting net profits of 1.137 billion yuan for 2023 and 1.513 billion yuan for 2024 [4]. Financial Summary - Total revenue for 2023 is estimated at 14.396 billion yuan, with a year-on-year growth rate of 48.5% [6]. - The net profit for 2023 is projected at 1.137 billion yuan, with a corresponding earnings per share of 0.52 yuan [6][7]. - The gross margin is expected to be 27.1% in 2023, with a return on equity (ROE) of 13.8% [6].