Financial Performance - The company reported a total revenue of 2,179,368,810, with a cash dividend of 0 per 10 shares[5]. - Wanda Film's revenue for 2023 reached 10 billion RMB, reflecting a 15% increase compared to the previous year[11]. - The company's operating revenue for 2023 reached ¥14.62 billion, a 50.79% increase compared to ¥9.70 billion in 2022[20]. - The net profit attributable to shareholders was ¥912.24 million, a significant recovery from a loss of ¥1.92 billion in 2022[20]. - The net profit after deducting non-recurring gains and losses was ¥718.78 million, compared to a loss of ¥2.08 billion in the previous year[20]. - The company reported a net profit of RMB 932,336,590.59 for the fiscal year 2023, with a net profit attributable to shareholders of RMB 912,242,629.16[156]. - The total number of employees at the end of the reporting period was 10,665, with 8,660 operational staff and 905 technical personnel[149][151]. Strategic Plans and Market Expansion - The company plans to continue its focus on market expansion and new product development as part of its growth strategy[6]. - The company plans to expand its market presence by opening 50 new cinemas in 2024, aiming for a 20% increase in market share[11]. - In 2024, the company plans to actively expand high-quality direct-operated cinemas, particularly in first-tier cities like Beijing and Shanghai, to enhance market share[93]. - The company aims to increase both box office and non-box office revenue through innovative management and operational strategies, including the development of self-researched products and upgrades to its movie app[94]. - The company plans to deepen IP cooperation with Time Network and develop derivative products, including a new series of baby-Molly merchandise set to launch in May 2024[97]. Risk Management and Compliance - The company emphasized the importance of risk factors in its business operations, urging investors to pay attention to investment risks[4]. - The company is implementing measures to mitigate investment risks in film projects by enhancing project management and marketing strategies to ensure key films are released as planned[99]. - Regulatory risks are present due to strict government oversight in the film industry, and the company is enhancing its understanding of industry policies to mitigate these risks[102]. - The company has established safety management protocols to address public safety risks associated with high audience volumes during peak times[103]. - The company has no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[182]. Corporate Governance and Management - The company has established a robust internal control system, integrating checks into daily operations and optimizing internal control manuals based on external audit recommendations[113]. - The company maintains complete operational independence from its controlling shareholder, with distinct business, personnel, asset, and financial management[116]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic appointments and governance changes[124][125]. - The company has a commitment to maintaining high governance standards with independent directors actively involved in oversight[130]. - The company has a remuneration management system in place for directors, supervisors, and senior management based on performance evaluation[139]. Research and Development - Wanda Film's R&D expenditure increased by 20% in 2023, emphasizing its commitment to innovation in film technology and production processes[11]. - The company is developing an automated privacy compliance detection software to mitigate risks associated with user privacy regulations[65]. - The number of R&D personnel decreased by 26.01% to 128, which may impact future innovation capabilities[66]. - R&D investment amounted to ¥70,915,044.87, down 18.32% from the previous year, with a decrease in the proportion of R&D investment to operating revenue from 0.90% to 0.49%[66]. Community Engagement and Corporate Social Responsibility - The company actively engaged in over 130 volunteer activities with more than 7,000 participants throughout the year[170]. - The company organized special screening events for veterans and military personnel, enhancing community engagement[169]. - The company has established 252 university student internship bases and achieved cooperation with 119 universities, enhancing its corporate social responsibility and employer brand image[171]. - The company has adopted patented low-carbon technology for its self-developed beverage series, emphasizing its commitment to sustainable development[172]. Shareholder Communication and Meetings - The company held one annual general meeting during the reporting period to review significant matters such as the annual report and asset impairment[107]. - The annual shareholders meeting on June 30, 2023, had a participation rate of 40.97%[122]. - The company disclosed 102 announcements in 2023, ensuring timely and fair information dissemination to all shareholders[114]. - The company is focused on enhancing communication with regulatory bodies and minority shareholders regarding performance compensation[146]. Financial Health and Investments - The total assets at the end of 2023 were ¥25.13 billion, a decrease of 5.92% from ¥26.71 billion at the end of 2022[20]. - The net assets attributable to shareholders increased by 13.14% to ¥8.03 billion, compared to ¥7.10 billion at the end of 2022[20]. - The company has a total of 204 subsidiaries, with 7 newly established and 18 deregistered in 2023[60]. - The company has not reported any significant losses from leasing projects that exceed 10% of the total profit for the reporting period[193].

Financial Performance - Total revenue for Q1 2024 was CNY 3,821,260,847.55, representing a 1.70% increase compared to CNY 3,757,516,467.53 in the same period last year[3] - Net profit attributable to shareholders was CNY 325,869,861.80, up 3.25% from CNY 315,625,516.33 year-on-year[3] - Net profit after deducting non-recurring gains and losses decreased by 15.31% to CNY 307,099,153.65 from CNY 362,629,023.09 in the previous year[3] - Total comprehensive income for Q1 2024 was 201,369,182.68 CNY, down from 249,551,021.52 CNY in Q1 2023, indicating a decline of approximately 19.3%[19] - The company reported a basic earnings per share of 0.1495 CNY for Q1 2024, slightly up from 0.1448 CNY in Q1 2023[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -45,642,476.63, a significant decline from CNY 1,591,690,795.18 in the same period last year[3] - Cash inflow from financing activities was 769,500,000.00 CNY in Q1 2024, a decrease from 1,701,000,000.00 CNY in Q1 2023, representing a decline of approximately 54.7%[21] - The total cash and cash equivalents at the end of Q1 2024 were 1,719,192,958.52, down from 3,594,210,106.72 at the end of Q1 2023, reflecting a decrease of approximately 52.2%[22] - The cash and cash equivalents net increase for Q1 2024 was -1,373,414,511.54, contrasting with an increase of 822,538,513.80 in Q1 2023[22] - The total cash outflow from financing activities was 1,949,882,034.20 in Q1 2024, down from 2,298,946,337.01 in Q1 2023, indicating a decrease of about 15.2%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,117,833,603.17, down 4.01% from CNY 25,125,323,360.13 at the end of the previous year[3] - The total liabilities decreased to ¥15,741,096,240.80 from ¥16,949,955,180.44, indicating a reduction of about 7.1%[17] - Cash and cash equivalents decreased by 44.13% to CNY 1,764,170,954.04 from CNY 3,157,910,977.92 at the end of the previous year[6] - Accounts receivable increased to ¥1,673,405,294.77 from ¥1,624,617,950.02, showing a growth of about 3%[15] - Inventory increased by 48.60% to CNY 2,220,059,778.28, primarily due to increased film investments[6] Tax and Expenses - The company reported a significant increase in income tax expenses, which rose by 261.95% to CNY 23,491,776.17 from CNY 6,490,259.36 in the previous year[6] - Operating costs for Q1 2024 totaled 3,476,631,352.27 CNY, up from 3,391,925,681.56 CNY in Q1 2023, reflecting an increase of approximately 2.5%[18] - Research and development expenses decreased by 33.48% to CNY 4,574,363.38 compared to CNY 6,876,614.37 in the previous year[6] Market Performance - In Q1 2024, China's box office reached RMB 16.35 billion, a year-on-year increase of 3.0%, with 360 million admissions, up 8.1% year-on-year[11] - The company's domestic cinema generated RMB 2.1 billion in box office (excluding service fees), a year-on-year decrease of 2.6%, with 48.18 million admissions, an increase of 4.4% year-on-year[11] - As of March 31, 2024, the company operated 929 cinemas and 7,720 screens domestically, with a market share of 16.5%, up 0.2 percentage points year-on-year[11] - The company’s Australian cinema chain achieved a box office of approximately RMB 315 million, a year-on-year increase of 9%[11] - The films co-produced by the company, "The 20th Rule" and "Boonie Bears: Back to Earth," generated box office revenues of RMB 2.45 billion and RMB 1.99 billion, respectively[11] Strategic Initiatives - The company plans to increase investment in film and television projects, with several films and series scheduled for release in 2024[11] - The company terminated part of the fundraising investment projects and will permanently supplement the remaining funds into working capital, as approved in meetings held on January 12 and January 29, 2024[14] - The company’s membership card and W+ card promotions have contributed to an increasing share of box office revenue from self-operated channels[11] Corporate Changes - The company’s actual controller changed to Mr. Ke Liming following a series of equity transfers completed in April 2024[12] - The company has not audited the Q1 2024 report[23]

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].