Core Viewpoint - Wanda Film (002739.SZ) anticipates a net profit attributable to shareholders of 480 million to 550 million yuan for the year 2025, leveraging its extensive network of over 700 cinemas and 80 million online members to strengthen its leading position in the recovering industry [1] Group 1: Box Office Performance - During the release of "Zootopia 2," Wanda Film achieved a box office revenue of 7.678 billion yuan, leading the market with a 17-year consecutive industry share [3] - In the reporting period, Wanda Film's box office revenue reached 7.678 billion yuan, representing a year-on-year increase of 18.53%, with 163 million viewers, up 14.76% year-on-year [3] - As of 2025, Wanda Film operates 714 cinemas with 6,179 screens, having opened 24 new cinemas during the year, and holds 91 seats in the top 200 cinemas nationwide, an increase of 10 seats from 2024, accounting for 45.5% [3] Group 2: Film Production and Releases - In 2025, Wanda Film produced and released several films including "Detective Chinatown 1900," "Nanjing Photo Studio," and "Boonie Bears: Reboot Future," which received positive reviews and box office returns [4] - Upcoming films include "Fast and Furious 3," "Boonie Bears: Year of the Bear," and "The Wandering Earth 3," with a focus on both self-distributed and co-distributed projects [4] Group 3: Diversification and Revenue Growth - Wanda Film is implementing a "Super Entertainment Space" strategy to diversify operations and enhance non-ticket revenue through collaborations with major game and film IPs [6] - The company has partnered with popular IPs like "Identity V" and "Avatar 3" to create a full-chain model that integrates online and offline experiences, transitioning from a ticket-dependent model to a multi-revenue approach [6] - Strategic investments in brands like 52TOYS and "拍立方" (Photo Cube) are aimed at enriching offline entertainment experiences and creating a commercial loop between film and merchandise consumption [7]

南财智讯1月27日电，万达电影发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 48000.00万元—55000.00万元，预计同比扭亏；预计2025年全年归属于上市公司股东的扣除非经常性损 益的净利润为32000.00万元—39000.00万元。2025年，公司依托超过700家直营影院体系和8,000万线上 会员优势，凭借高效的经营管理能力与"五星级影城"服务品质，进一步夯实行业领先地位。报告期内， 公司实现票房76.78亿元（含服务费），同比增长18.53%，观影人次1.63亿，同比增长14.76%，市场份 额连续17年稳居行业首位。截至2025年12月31日，公司拥有直营影院714家、6,179块银幕，年内新开业 直营影院24家，在全国票房TOP200影院中公司占据91席，较2024年增加10家，TOP500影院中公司占据 224席，较2024年增加13家。澳洲院线方面，2025年Hoyts实现票房3亿澳元，同比增长4.51%，观影人次 1,672万，同比增长4.96%，截至2025年12月31日，Hoyts拥有影院62家、536块银幕，累计市场份额首次 位列澳洲地区第一。受益于财务结构 ...

万达电影公告，预计2025年度净利润为4.8亿元～5.5亿元，上年同期为-9.4亿元。2025年，公司依托超 过700家直营影院体系和8000万线上会员优势，凭借高效的经营管理能力与"五星级影城"服务品质，进 一步夯实行业领先地位。报告期内，公司实现票房76.78亿元(含服务费)，同比增长18.53%，观影人次 1.63亿，同比增长14.76%，市场份额连续17年稳居行业首位。 ...

股票代码：002739 股票简称：万达电影 公告编号：2026-004 万达电影股份有限公司 2025 年度业绩预告 万达电影股份有限公司 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 审计。但公司已就 2025 年度业绩预告有关重大事项与会计师事务所进行了预沟 通，公司与会计师事务所不存在分歧。 三、业绩变动原因说明 2025 年，公司依托超过 700 家直营影院体系和 8,000 万线上会员优势，凭借 高效的经营管理能力与"五星级影城"服务品质，进一步夯实行业领先地位。报告 期内，公司实现票房 76.78 亿元（含服务费），同比增长 18.53%，观影人次 1.63 亿，同比增长 14.76%，市场份额连续 17 年稳居行业首位。截至 2025 年 12 月 31 日，公司拥有直营影院 714 家、6,179 块银幕，年内新开业直营影院 24 家，在全 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 2 ...

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]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - The company has approved the use of idle funds for entrusted financial management in 2026, with a maximum amount of RMB 2.5 billion, to enhance fund utilization efficiency without affecting normal operations [1][4]. Group 1: Meeting Details - The seventh board meeting was held on January 23, 2026, with all six directors present, and the meeting was conducted in accordance with relevant laws and regulations [1]. - The resolutions passed included the proposal for using idle funds for entrusted financial management and the revision of the "Entrusted Financial Management System" [2]. Group 2: Financial Management Proposal - The company plans to use up to RMB 2.5 billion of idle funds for entrusted financial management, which can be rolled over within the approved limit for 12 months [4][8]. - The investment will focus on financial products issued by reputable financial institutions that are liquid and have controllable overall risks [5][9]. Group 3: Investment Strategy - The company will adhere to prudent investment principles, selecting financial products such as bank wealth management products, structured deposits, trust products, and others from credible issuers [9]. - The board has authorized the chairman or designated individuals to make investment decisions within the approved limit [9]. Group 4: Risk Management - The company acknowledges potential risks from macroeconomic factors and market volatility that could affect expected returns [6][13]. - Measures to control risks include strict evaluation of investment products, ongoing monitoring, and timely communication with issuers [14]. Group 5: Impact on Operations - The use of idle funds for entrusted financial management is expected to enhance fund efficiency without disrupting the company's normal operations or core business activities [12][14].

Group 1 - Wanda Film announced that its seventh board meeting will be held on January 23, 2026, in Beijing, combining on-site and remote voting methods [1] - The meeting will review the proposal to amend the "Entrusted Financial Management System" [1] Group 2 - Local state-owned assets have begun to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at prices around 6,000 to 7,000 yuan per unit [1] - The average listing price for second-hand houses in the same community exceeds 20,000 yuan [1]