Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [2][4]. Core Views - The company reported a revenue of 6.22 billion RMB for H1 2024, a decrease of 9.5% year-on-year, and a net profit attributable to shareholders of 110 million RMB, down 73.2% [1][2]. - The cinema segment faced pressure due to weak box office performance in Q2, while the gaming business showed strong growth, with a 100.2% increase in revenue [2]. - The report anticipates continued pressure on the cinema segment in Q3, but expects growth in the content segment in the second half of the year [2]. Summary by Sections Performance Review - H1 2024 revenue was 6.22 billion RMB, down 9.5% year-on-year; net profit attributable to shareholders was 110 million RMB, down 73.2% [1]. - Q2 revenue was 2.4 billion RMB, a decrease of 23.0% year-on-year, with a net loss of 210 million RMB compared to a profit of 110 million RMB in the same period last year [1]. Operational Analysis - Revenue breakdown: - Cinema revenue was 3.64 billion RMB, down 10.0% year-on-year - Merchandise and catering sales were 810 million RMB, down 17.3% - Advertising revenue was 590 million RMB, down 3.6% - Game publishing revenue was 330 million RMB, up 100.2% [2]. - The cinema segment's Q2 box office decreased by 28.7%, attributed to a lack of supply and competition from tourism and concerts [2]. - The report highlights that the content segment's profitability remains stable, with a gross margin of 46.5% for film production and distribution, up 15.8 percentage points year-on-year [2]. Future Outlook - The cinema segment is expected to face challenges in Q3 due to a lackluster summer box office, with July and August 2024 box office down approximately 7 billion RMB year-on-year [2]. - Upcoming films and series are anticipated to support performance in the content segment, with several titles set to release in H2 2024 [2]. - The report projects net profits for 2024-2026 to be 580 million RMB, 1.22 billion RMB, and 1.48 billion RMB, respectively, with corresponding P/E ratios of 36.9, 17.5, and 14.4 [2][4].

Investment Rating - Investment Rating: Buy [2] - Target Price: RMB 12.06 [2] Core Insights - The company's performance in H1 2024 was impacted by industry-wide challenges, with a revenue decline of 9.48% year-over-year to RMB 6.218 billion and a net profit of RMB 113 million, down 73.18% year-over-year [2][3] - The second quarter saw a significant drop in box office revenue, with a nationwide decline of approximately 29%, leading to losses in the company's cinema operations [3] - Despite the challenges, the content production segment showed strong performance, with several projects set to release in the year, indicating a potential recovery in the future [4][5] Financial Summary - H1 2024 Revenue: RMB 6.218 billion (yoy -9.48%) [2] - H1 2024 Net Profit: RMB 113 million (yoy -73.18%) [2] - Q2 2024 Revenue: RMB 2.397 billion (yoy -22.97%, qoq -37.27%) [2] - Q2 2024 Net Loss: RMB 2.12 billion (yoy -298.32%, qoq -165.20%) [2] - 2024-2026 Net Profit Forecast: RMB 769 million (2024), RMB 1.45 billion (2025), RMB 1.639 billion (2026) [6] Market Position and Strategy - The company maintains a leading position in the cinema market with the highest market share and operational efficiency [2][5] - The partnership with Ru Yi is expected to enhance the company's strategic direction, focusing on increasing domestic market share and expanding content production [5]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 25% in the first half of 2024[1]. - The company's operating revenue for the first half of 2024 was ¥6,218,370,043.59, a decrease of 9.48% compared to the same period last year[12]. - The net profit attributable to shareholders was ¥113,389,302.05, down 73.18% year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥86,479,320.35, representing a 79.17% decline compared to the previous year[12]. - The net cash flow from operating activities was ¥536,985,094.53, a decrease of 77.59% from the same period last year[12]. - Basic earnings per share were ¥0.0520, down 73.20% year-on-year[12]. - The company's total profit for the first half of 2024 was CNY 158,666,671.46, down from CNY 439,969,310.82 in the first half of 2023, a decline of 64.0%[135]. - The net loss attributable to the parent company for the first half of 2024 was CNY 1,219,668,193.66, an improvement from a loss of CNY 1,301,593,930.95 in the same period of 2023[133]. Market and User Growth - User data showed a rise in active users by 15% compared to the same period last year, reaching a total of 10 million active users[2]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% over the first half[3]. - New product launches contributed to 30% of total revenue, indicating strong market acceptance and demand[4]. - The company is expanding its market presence, with plans to open 50 new theaters by the end of 2024[5]. - The company has over 65 million self-owned members, with the contribution of self-owned channel box office steadily increasing[22]. Box Office Performance - The company's domestic cinema box office reached 3.13 billion yuan, a decline of 14.5% year-on-year, with audience attendance of 75 million, down 14.3% year-on-year, maintaining a market share of 16.9%[22]. - The total national box office for the first half of 2024 was 23.77 billion yuan, a year-on-year decrease of 9.5%, with audience attendance of 550 million, down 9.3%[18]. - The second quarter box office was 7.42 billion yuan, a decline of 28.7% year-on-year, with audience attendance of 180 million, down 31.2%[18]. - The box office for the film "White Snake: The Floating Life" reached 3.8 billion yuan, contributing to the company's strong performance in the summer film season[29]. Strategic Initiatives - The company has completed a strategic acquisition of a smaller competitor, enhancing its market share by 5%[7]. - The management highlighted a commitment to sustainability, with initiatives aimed at reducing carbon emissions by 20% by 2025[8]. - The company is actively adjusting its strategic layout and integrating resources to mitigate the impact of the box office decline on its cinema segment[21]. - The company plans to enhance its cinema development model and optimize cinema construction standards while accelerating the expansion of direct-operated cinemas[23]. Research and Development - Research and development expenses increased by 10%, focusing on innovative technologies in film production and distribution[6]. - The company reported a significant increase in research and development expenses to CNY 15,360,149.00 from CNY 10,605,241.72, marking a rise of 44.5%[134]. Risk Management - Risk factors related to market competition and regulatory changes have been identified, with mitigation strategies in place[10]. - The company faces risks related to insufficient supply of quality films, which could impact box office revenue due to a trend towards concentration on high-quality films[64]. - To mitigate risks from insufficient film supply, the company is enhancing marketing efforts and diversifying its entertainment offerings, including live performances and events[65]. - Regulatory risks are present due to strict oversight in the film industry, and the company is committed to closely monitoring policy changes to minimize compliance risks[69]. Corporate Governance - The company held three shareholder meetings during the reporting period, with participation rates of 23.94%, 29.85%, and 22.49% respectively[72]. - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[74]. - The company has no stock incentive plans or employee stock ownership plans during the reporting period[74]. - The company maintains a commitment to investor relations, ensuring timely and accurate information disclosure to shareholders[80]. Social Responsibility - The company actively engaged in social responsibility activities, including charity events for rural children and free movie screenings for disabled individuals[76]. - The company implemented green and low-carbon development practices in cinema construction and operations, utilizing eco-friendly materials and energy-saving technologies[77]. Financial Position - Total assets at the end of the reporting period were ¥24,912,585,962.41, a decrease of 0.85% from the end of the previous year[12]. - The net assets attributable to shareholders were ¥8,075,951,768.57, an increase of 0.57% compared to the end of the previous year[12]. - The company's total liabilities decreased to CNY 16,687,538,649.09 from CNY 16,949,955,180.44, a reduction of 1.5%[130]. - The total equity at the end of the reporting period is RMB 13,269,078,820.16, with a capital stock of RMB 2,179,368,810.00 and capital reserves of RMB 12,719,342,434.98[154]. Shareholder Structure - The company’s major shareholder, Beijing Wanda Investment Co., Ltd., holds 20.00% of the shares, amounting to 435,873,762 shares[113]. - The company has a total of 96,261 shareholders holding more than 5% of the shares as of the reporting period[112]. - The company’s shares are subject to various pledges, with 222,295,619 shares pledged by Beijing Wanda Investment Co., Ltd.[113]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[158]. - The financial report was approved by the board of directors on August 29, 2024[157]. - The company’s financial statements are prepared based on the going concern principle, with no significant issues affecting its ability to continue operations for the next 12 months[158].

| | | | | 万达电影股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024年1-6月非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | | | 编制单位：万达电影股份有限公司 | | | | | | | | | 单位： | 人民币万元 | | 非经营性资金 | 资金占用方名称 | 占用方与上市公 | 上市公司核 算的会计科 | 2024年期初占 | 2024年1-6月占 用累计发生额 | 2024年1-6月 占用资金的 | 2024年1-6月 偿还累计发 | 2024年6月30 日占用资金 | 占用形成 | 占用性质 | | 占用 | | 司的关联关系 | | 用资金余额 | | | | | 原因 | | | | | | 目 | | （不含利息） | 利息 | 生金额 | 余额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 企业 | | | | | | | | | | | | 小计 | ...

一、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 经审核，监事会认为：董事会编制和审议的《公司 2024 年半年度报告》及 其摘要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏， 具体内容请参见同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的相关公 告。 表决结果：3 票同意，0 票反对，0 票弃权。 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：2024-042 号 万达电影股份有限公司 第六届监事会第十五次会议决议公告 本公司及监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"）第六届监事会第十五次会议于 2024 年 8 月 29 日在北京市朝阳区八里庄东里 1 号莱锦文化创意产业园 CN02 楼 会议室以现场与通讯相结合的表决方式召开，会议通知于 2024 年 8 月 20 日以电 话、电子邮件及书面形式发出。会议由公司监事会主席杨海先生主持，应出席监 事 3 人 ...

[2024] 9-00116 WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 1 22 2206 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 Telephone +86 10 82330558 Fax +86 10 82327668 Internet www.daxincpa.com.cn [2024] 9-00116 2023 —— 1 20 3101 —— - 1 - 1 22 2206 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 Telephone +86 10 82330558 ...

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：2024-041 号 万达电影股份有限公司 第六届董事会第十七次会议决议公告 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"）第六届董事会第十七次会议于 2024 年 8 月 29 日在北京市朝阳区八里庄东里 1 号莱锦文化创意产业园 CN02 楼 会议室以现场与通讯相结合的表决方式召开，会议通知于 2024 年 8 月 20 日以电 话、电子邮件及书面形式发出。会议由公司董事长陈曦女士主持，应出席董事 6 人，实际出席董事 6 人，会议的召集、召开符合《公司法》《公司章程》的相关 规定，会议合法有效。本次会议采用记名投票方式进行表决，与会董事经认真审 议，形成以下决议： 一、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 董事会认为公司编制的《2024 年半年度报告》及其摘要真实、准确、完整 的反映了公司报告期内的经营情况，具体内容请参见同日披露于巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 表决 ...

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：2024-045 号 万达电影股份有限公司 关于发行股份购买资产暨关联交易之标的资产 减值测试情况的公告 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 2024 年 8 月 29 日召开第六届 董事会第十七次会议及第六届监事会第十五次会议，审议通过了《关于发行股份 购买资产暨关联交易之标的资产减值测试情况的议案》。现将相关情况公告如下： 一、发行股份购买资产情况 2019 年 4 月 30 日，公司收到中国证券监督管理委员会《关于核准万达电影 股份有限公司向北京万达投资有限公司等发行股份购买资产的批复》（证监许可 [2019]817 号），核准公司向北京万达投资有限公司（以下简称"万达投资"）、莘 县融智兴业管理咨询中心（有限合伙）（以下简称"莘县融智"）、林宁等 20 名交 易对方发行 316,985,827 股股份，购买其持有的万达影视传媒有限公司（以下简 称"万达影视"）95.7683%股权（以下简称"标的资产"）。本次交易构成重大资 ...

中国国际金融股份有限公司 关于万达电影股份有限公司 发行股份购买资产暨关联交易资产减值测试情况的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"本独立财务顾问"）作 为万达电影股份有限公司（以下简称"万达电影"或"公司"）发行股份购买北京万 达投资有限公司（以下简称"万达投资"）、莘县融智兴业管理咨询中心（有限 合伙）（以下简称"莘县融智"）、林宁等20名交易对方持有的万达影视传媒有 限公司（以下简称"万达影视"）95.7683%股权的独立财务顾问，依照《上市公司 重大资产重组管理办法》、《上市公司并购重组财务顾问业务管理办法》等法律 法规的有关规定，就万达电影重大资产重组标的资产减值测试情况做了专项核查， 具体如下： 一、发行股份购买资产情况 2019年4月30日，公司收到中国证券监督管理委员会《关于核准万达电影股 份有限公司向北京万达投资有限公司等发行股份购买资产的批复》（证监许可 [2019]817号），核准公司向北京万达投资有限公司（以下简称"万达投资"）、莘 县融智兴业管理咨询中心（有限合伙）（以下简称"莘县融智"）等20名交易对方 发行316,985,827股股份，购买其持有的万达影视 ...

[Table_Main] 证券研究报告 | 公司首次覆盖 万达电影(002739.SZ) 2024 年 08 月 14 日 买入（首次） 所属行业：传媒/影视院线 当前价格(元)：10.40 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 万达电影 沪深300 -34% -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |--------------|-------|--------|--------| | 沪深 300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.31 | -16.80 | -25.39 | | 相对涨幅(%) | -2.33 | -11.36 | -16.38 | 资料来源：德邦研究所，聚源数据 相关研究 万达电影(002739.SZ)首次覆盖:儒 意加持院线龙头迎来价值重估，AI 赋能 IP 拓展带来长期增长 投资要点 儒意入主后， ...