万达电影股份有限公司 万达电影股份有限公司（以下简称"公司"）第七届监事会第五次会议于 2025 年 10 月 30 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 2025 年 10 月 24 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，实际出席监事 3 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，与会监事经认真审 议，形成以下决议： 二、监事会会议审议情况 1、审议通过了《关于公司 2025 年第三季度报告的议案》 万达电影股份有限公司 第七届监事会第五次会议决议公告 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。 一、监事会会议召开情况 股票代码：002739 股票简称：万达电影 公告编号：2025-050 监事会 2025 年 10 月 31 日 经审核，监事会认为：董事会编制和审议的《公司 2025 年第三季度报告》 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 ...

万达电影股份有限公司 1、审议通过了《关于公司 2025 年第三季度报告的议案》 二、董事会会议审议情况 股票代码：002739 股票简称：万达电影 公告编号：2025-049 万达电影股份有限公司 第七届董事会第七次会议决议公告 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。 一、董事会会议召开情况 万达电影股份有限公司（以下简称"公司"）第七届董事会第七次会议于 2025 年 10 月 30 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 2025 年 10 月 24 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： 董事会认为公司编制的《2025 年第三季度报告》真实、准确、完整地反映 了公司报告期内的经营情况，具体内容请参见同日披露于《中国证券报》《证券 时报》《证券日报》《上海证券 ...

万达电影股份有限公司 2025 年第三季度报告 证券代码：002739 证券简称：万达电影 公告编号：2025-051 万达电影股份有限公司 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。 □是 否 1 万达电影股份有限公司 2025 年第三季度报告 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 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 3,097,582,331.45 | -14.63% | 9,786,727,500.69 | ...

Core Viewpoint - The film and cinema sector experienced a slight decline of 0.07% on October 29, with "Happiness Blue Sea" leading the drop, while the overall market indices showed positive movements with the Shanghai Composite Index rising by 0.7% and the Shenzhen Component Index increasing by 1.95% [1][2]. Group 1: Market Performance - The film and cinema sector's decline was primarily driven by "Happiness Blue Sea," which fell by 8.62% to a closing price of 22.15 [2]. - Other notable performers included "China Film" with a 1.90% increase, closing at 14.51, and "Jiecheng Co." which rose by 1.61% to 6.33 [1][2]. - The total trading volume for the sector was significant, with "Happiness Blue Sea" alone accounting for a transaction amount of 1 billion yuan [2]. Group 2: Capital Flow - The sector saw a net outflow of 149 million yuan from institutional investors, while retail investors contributed a net inflow of 206 million yuan [2][3]. - "Wanda Film" experienced a significant net outflow of 43.51 million yuan from institutional investors, indicating a lack of confidence among larger investors [3]. - In contrast, "Jiecheng Co." had a net inflow of 29.82 million yuan from institutional investors, suggesting a positive sentiment towards this stock [3].

Core Viewpoint - The media sector has shown a notable performance this week, ranking 7th among all sectors in terms of price changes, with a 4.20% increase, outperforming the CSI 300 but underperforming the ChiNext Index [3]. Group 1: Industry Performance - The media industry increased by 4.20% during the week of October 20-24, 2023, outperforming the CSI 300's 3.24% but underperforming the ChiNext Index's 8.05% [3]. - The top gainers in the media sector included Rongxin Culture, Youzu Interactive, Haikan Co., and Jiayun Technology, while the biggest losers were Vision China, Tianxiaxiu, Xinghui Entertainment, and Gehua Cable [3]. Group 2: Key Events and Innovations - Significant events include the launch of OpenAI and Oracle's $15 billion Lighthouse Park, expected to be completed by 2028 [3]. - The introduction of the MoGA long video generation model by the University of Science and Technology of China and ByteDance, capable of producing high-quality videos with a resolution of 480p at 24 frames per second [3]. - ByteDance's Seed team has launched the 3D generation model Seed3D1.0, which can create high-quality simulation-level 3D models from a single image [3]. - Bilibili's "Escape from Duckkov" achieved over one million sales in its first week [3]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector, IP toys, and the potential for policy shifts in the film industry, recommending stocks such as Giant Network, Kaiying Network, and Gigabit [5]. - For IP toys, Pop Mart is highlighted as a key recommendation [5]. - The media sector is advised to monitor potential economic recovery, with a focus on companies like Focus Media [5]. - The shift in content policies and AI application opportunities are emphasized, recommending platforms like Mango TV and Bilibili, as well as content providers such as Light Media and Huace Film [5].

Core Viewpoint - Wanda Film showcased its achievements in IP incubation and licensing at the 10th China International Copyright Expo, emphasizing its comprehensive capabilities in IP aggregation, product development, and commercialization [1][3]. Group 1: IP Resources and Products - Wanda Film's exhibition featured a variety of well-known IP resources, including the hit animated film "Ne Zha," the trendy illustration IP "Dai Meng Ting," and popular games like "Love and Deep Space" and "Light and Night," highlighting the company's extensive layout in IP licensing and derivative development [1]. - The exhibition attracted a diverse audience with a wide range of licensed derivative products, including themed popcorn buckets and practical decorative items like makeup mirrors and photo frames [1]. Group 2: Innovative Product Development - The company demonstrated its foresight in potential IPs, such as "Ne Zha" and "Wang Wang Mountain Little Monster," facilitating the rapid market introduction of popular products and creating synergy with key release periods, effectively driving group business growth [3]. - In-depth development of IPs like "Dai Meng Ting" and "Love and Deep Space" showcased innovative product design that transcends mere replication, integrating functionality with the core of the IP to meet the diverse needs of different fan groups [3]. Group 3: Original Art Brand and Digital Innovation - Wanda Film launched the "Big Dreamer" series under its original trendy art brand "Qi Jing," created in collaboration with contemporary artist Chen Jianzhou, featuring blind box figurines and prints, each limited to 300 editions with unique numbering [5]. - The Rtime link, introduced by Ying Shiguang, employs a dual-track model of "physical trendy art products + digital certification," providing collectors with added value and showcasing a new paradigm for copyright digital innovation and dual anti-counterfeiting measures [5]. - The exhibition illustrated Wanda Film's dual-driven approach of "licensing + original" and its commitment to digital innovation, effectively demonstrating its comprehensive strength in IP development and copyright value extraction [5].

Core Insights - Wanda Film (002739) announced on October 23 that it plans to open a total of 125 franchise stores for Haoyun Coconut within its cinemas by October 15, 2025 [1] Company Summary - As of the specified date, Wanda Film will have 125 Haoyun Coconut franchise stores operating within its cinema locations [1] - In addition to the franchise stores, Haoyun Coconut will also operate some direct-operated stores and other outlets [1]

Market Overview - The film and cinema sector saw a rise of 2.29% on October 23, with Happiness Blue Sea leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Happiness Blue Sea (300528) closed at 23.46, with a significant increase of 20.00% and a trading volume of 676,700 shares, amounting to a transaction value of 1.466 billion yuan [1] - Huanrui Century (000892) rose by 10.07% to close at 6.34, with a trading volume of 1,249,100 shares and a transaction value of 780 million yuan [1] - Jiecheng Co. (300182) increased by 3.25% to 6.36, with a trading volume of 1,993,500 shares and a transaction value of 1.257 billion yuan [1] - Other notable performers include Huayi Brothers (300027) up 2.85% to 2.53, and Light Media (300251) up 2.44% to 16.80 [1] Capital Flow Analysis - The film and cinema sector experienced a net inflow of 784 million yuan from institutional investors, while retail investors saw a net outflow of 596 million yuan [2] - The main stocks with significant net inflows include Happiness Blue Sea with 279 million yuan and Huanrui Century with 161 million yuan [3] - Conversely, retail investors showed notable outflows in stocks like Happiness Blue Sea and Huanrui Century, indicating a divergence in investment behavior [3]

Core Viewpoint - Wanda Film showcased its capabilities in IP incubation and licensing at the 10th China International Copyright Expo, emphasizing its commitment to digital empowerment and innovative IP development [1][4][6] Group 1: IP Aggregation and Development - Wanda Film's exhibition featured a diverse range of well-known IP resources, including the hit animated film "Ne Zha," the trendy illustration IP "Dai Meng Ting," and popular games like "Love and Deep Space" and "Light and Night of Love," demonstrating the company's extensive layout in IP licensing and derivative development [1][4] - The exhibition attracted a wide audience with various derivative products, including themed popcorn buckets, laser tickets, and practical decorative items like makeup mirrors and photo frames, showcasing the company's ability to create appealing merchandise [1][4] Group 2: Strategic IP Management - The company has a forward-looking approach to potential IPs, such as "Ne Zha" and "Wang Wang Mountain Little Monsters," facilitating rapid market introduction of popular products and creating synergistic effects with key release periods, effectively driving business growth [4] - In-depth development of IPs like "Dai Meng Ting" and "Love and Deep Space" has led to innovative product designs that blend functionality with the core essence of the IP, catering to the diverse needs of different fan groups [4] Group 3: Digital Empowerment and Innovation - Wanda Film introduced the "Big Dreamer" series, a collaboration with contemporary artist Chen Jianzhou, featuring blind box figurines and prints that reflect innovative interpretations of traditional culture, thus infusing the brand with a trendy artistic identity [4][6] - The "Big Dreamer" series prints are limited to 300 copies each, with unique numbering, and buyers can access a digital collectible certificate through the Rtime link system, which combines physical art products with digital authentication for enhanced collector experience [6] - The dual approach of "licensing + original" and digital innovation not only showcases Wanda Film's comprehensive strength in IP development and copyright value extraction but also aligns with the expo's theme of "Copyright Innovation Future, Digital Intelligence Brightens Life" [6]

Core Insights - Wanda Film's stock increased by 0.46% on October 22, with a trading volume of 248 million yuan [1] - The company reported a net financing outflow of 470.45 million yuan on the same day, with a total financing and margin balance of 1.322 billion yuan [1] Financing Overview - On October 22, Wanda Film had a financing buy-in amount of 27.51 million yuan, with a current financing balance of 1.313 billion yuan, accounting for 5.81% of its market capitalization [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] Margin Trading Details - On the same day, Wanda Film repaid 11,200 shares in margin trading and sold 43,000 shares, amounting to 465,700 yuan based on the closing price [1] - The remaining margin balance is 8.5636 million yuan, also exceeding the 90th percentile level over the past year, suggesting significant margin trading activity [1] Company Profile - Wanda Film, established on January 20, 2005, and listed on January 22, 2015, is based in Beijing and focuses on cinema investment, film distribution, and related businesses [2] - The company's revenue composition includes 62.45% from ticket sales, 12.90% from merchandise and food sales, and 7.52% from advertising [2] Financial Performance - For the first half of 2025, Wanda Film achieved a revenue of 6.689 billion yuan, representing a year-on-year growth of 7.57%, and a net profit of 536 million yuan, up 372.55% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 2.43% to 92,700, with an average of 22,489 shares per shareholder, an increase of 2.49% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with significant increases in their holdings [3]