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：2025-036 万达电影股份有限公司 关于拟与关联方共同投资及与乐自天成开展战略合作的公告 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"、"万达电影"）于 2025 年 5 月 12 日召开第七届董事会第五次会议及第七届监事会第三次会议，审议通过了《关于 拟与关联方共同投资暨关联交易的议案》。现将相关情况公告如下： 一、关联交易概述 根据公司长期战略规划和经营发展需要，公司全资子公司北京影时光电子商 务有限公司（以下简称"影时光"）拟与关联方上海儒意星辰企业管理有限公司（以 下简称"儒意星辰"）共同投资北京乐自天成文化发展股份有限公司（以下简称"乐 自天成"或"标的公司"）。影时光拟以人民币 6,898.97 万元为对价购买天津棠棣 之华管理咨询合伙企业（有限合伙）、深圳兼固股权投资基金企业（有限合伙） 等 7 家乐自天成现有股东（以下合称"转让方"）持有的乐自天成 370,906 股股份， 儒意星辰拟以人民币 5,174.23 万元为对价购 ...

第七届监事会第三次会议决议公告 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"）第七届监事会第三次会议于 2025 年 5 月 12 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 5 月 6 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： 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：2025-035 万达电影股份有限公司 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 万达电影股份有限公司 监事会 2025 年 5 月 13 日 1 一、审议通过了《关于拟与关联方共同投资暨关联交易的议案》 经审议，监事会认为：本次关联交易事项符合《深圳证券交易所股票上市规 则》等法律、法规及《公司章程》 ...

万达电影股份有限公司 一、审议通过了《关于拟与关联方共同投资暨关联交易的议案》 经审议，董事会同意公司根据长期战略规划和经营发展需要与关联方共同投 资北京乐自天成文化发展股份有限公司。本议案已经独立董事专门会议审议通过， 关联董事陈曦回避表决，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》《上海证券报》以及巨潮资讯网（http://www.cninfo.com.cn/）上的 《关于拟与关联方共同投资及与乐自天成开展战略合作的公告》。 表决结果：5 票同意，0 票反对，0 票弃权。 特此公告。 万达电影股份有限公司 董事会 股票代码：002739 股票简称：万达电影 公告编号：2025-034 万达电影股份有限公司 第七届董事会第五次会议决议公告 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"）第七届董事会第五次会议于 2025 年 5 月 12 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 5 月 6 日以电话、 电 ...

智通财经5月12日电，万达电影(002739.SZ)公告称，公司全资子公司影时光拟以6898.97万元购买乐自天 成370,906股股份，关联方儒意星辰拟以5174.23万元购买乐自天成278,178股股份。此外，影时光和儒意 星辰还分别以1329.60万元和997.20万元认购乐自天成新增注册资本。交易完成后，影时光和儒意星辰合 计持有乐自天成7%股权。同时，公司拟与乐自天成开展战略合作，双方将在IP玩具产品的开发及售 卖、市场营销和其他相关领域展开战略合作，充分发挥各自优势，实现互利共赢。 万达电影：拟投资乐自天成并与其开展战略合作 ...

万达电影（002739）公告，公司全资子公司北京影时光电子商务有限公司拟与关联方上海儒意星辰企业 管理有限公司共同投资北京乐自天成文化发展股份有限公司。影时光拟以6898.97万元购买乐自天成 37.09万股股份，儒意星辰拟以5174.23万元购买27.82万股股份。此外，影时光和儒意星辰还将分别认购 乐自天成新增注册资本31284股和23464股股份。交易完成后，影时光将持有乐自天成4%的股权，儒意 星辰持有3%的股权，双方合计持有7%的股权。 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating that consumers are increasingly focused on well-being and life quality, which benefits the media sector [5][17]. - The report emphasizes the potential for domestic demand to drive growth in the media industry, supported by government policies and the integration of technology and content [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes significant fluctuations in individual stocks, with top gainers including Baotong Technology and Daocaoxiong Entertainment, while major losers included Wanda Film and Meiri Interactive [15]. Key Recommendations - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) focusing on experience economy - Mango Super Media (300413) benefiting from upcoming shows - Yaoyi Technology (002605) expected to recover due to card games [6][10]. - Other notable mentions include BlueFocus (300058), Wanda Film (002739), and Huace Film & TV (300133), all rated as "Buy" [10]. Market Trends - The report discusses the impact of the fifth consumption era on consumer preferences, emphasizing a focus on emotional resonance and value recognition rather than mere status symbols [17][19]. - It highlights the importance of the cinema line content sector, which is expected to benefit from government support and a growing domestic market [18]. Gaming Industry Insights - The gaming sector continues to thrive, with Tencent leading in mobile game revenues, and significant growth observed in titles like "Honor of Kings" [20]. - The report notes that 33 Chinese publishers ranked in the global top 100 for mobile game revenue, collectively earning $2 billion in April 2025 [20]. Upcoming Releases and Market Activity - The report outlines upcoming film releases, including "Chong·Zhuang," set to premiere on May 17, 2025, which is based on a true story [29][34]. - It also provides insights into the television ratings, with popular shows like "Cheng Jia" and "Man Hao De Ren Sheng" leading in viewership [35].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Core Viewpoint - Alibaba's investment in Wanda Film has significantly underperformed, leading to a planned reduction in its stake, raising questions about the future of both companies in a challenging film industry environment [1][3][5]. Group 1: Investment and Stake Changes - Seven years ago, Alibaba's affiliate, Hangzhou Zhenxi, invested 4.676 billion yuan at 51.96 yuan per share for a 7.66% stake in Wanda Film [1]. - Hangzhou Zhenxi plans to reduce its holdings by up to 29.41 million shares, bringing its stake down to approximately 5% [1][3]. - Wanda Film's stock price has dropped to around 10.66 yuan per share, indicating a significant loss for Alibaba [5]. Group 2: Financial Performance and Management Changes - Wanda Film reported a net loss of 940 million yuan in 2024, a substantial decline compared to previous years [3]. - In 2024, control of Wanda Film was transferred from Wang Jianlin to Ke Liming, with new strategies focusing on game business as a potential growth driver [3][10]. - Wanda Film's game revenue increased by 54.71% in 2024, indicating a shift towards gaming as a new revenue stream [12][13]. Group 3: Market Conditions and Future Prospects - The film industry is experiencing a downturn, with a notable decline in box office revenues during the recent May Day holiday [8]. - Wanda Film is exploring new avenues such as live sports broadcasting to attract audiences and boost revenues [8][9]. - The collaboration between Wanda Film and China Ruyi in gaming aims to leverage cinema networks for game promotions, potentially revitalizing the company's fortunes [12][13].

Core Insights - The Chinese film market experienced a significant boost in Q1 2025, driven by strong performances during the Spring Festival, particularly from the film "Nezha 2" [1][3] - However, after February, the market faced a sharp decline, with poor performance in subsequent months, raising concerns about future earnings [2][5] Financial Performance - Hengdian Film's Q1 revenue increased by 39.15% to 1.172 billion yuan, with net profit up 110.35% to 325 million yuan [1] - Happiness Blue Sea reported a 40.4% revenue increase to 332 million yuan, with net profit soaring by 2817.87% to 68.44 million yuan [1] - Wanda Film's Q1 revenue grew by 23.33% to 4.709 billion yuan, with net profit increasing by 165.72% to 816 million yuan [2] Market Trends - The overall box office for the Chinese film market in Q1 2025 reached 24.39 billion yuan, a 49.1% year-on-year increase, with 520 million admissions, up 43% [3] - The market saw a significant drop in box office revenue in March and April, with declines of 31% and 46.5% respectively [3][4] Cinema Operations - The number of new cinemas opened in January 2025 was 329, but this dropped dramatically to 17 in February, indicating a slowdown in cinema construction [4] - The performance of special effect theaters improved, with their box office contribution rising significantly during Q1 2025, largely due to "Nezha 2" [6][8] Audience Engagement - IMAX theaters saw a notable increase in ticket sales, with a year-on-year growth of 218.1% and 259.4% in January and February respectively [8] - The demand for high-quality cinematic experiences remains strong, as evidenced by the popularity of IMAX screenings of "Nezha 2" [7][8] Future Outlook - The film industry anticipates an increase in blockbuster releases in 2025, with several high-profile films expected to be released, potentially revitalizing the market [9]

Group 1 - As of May 9, 2025, the total domestic box office for films reached 26.448 billion yuan, with "Nezha: The Devil's Child" contributing 15.38 billion yuan, accounting for 58% of the total box office [1] - The remaining films released in 2025 contributed only 11.068 billion yuan, indicating a heavy reliance on "Nezha 2" for box office success [1] - The film industry is anticipating new blockbuster releases, as "Nezha 2" has undergone three key extensions, with uncertainty regarding a potential fourth extension after May 30 [1] Group 2 - Six animated films awaiting release involve six main production companies: Maoyan Entertainment, Shanghai Film, China Ruoyi, Wanda Film, Light Media, and Zhongwen Online [2] - The upcoming animated films are primarily based on traditional Chinese cultural stories, enhancing their commercial value and potential for derivative products [2] - The increasing emphasis on cultural industries by the government is driving the development of films that feature Chinese cultural elements [2] Group 3 - More high-rated animated series producers are entering the film market, such as Guangzhou Molecular Interactive Media, which is producing "Non-Human: Limited Player" based on a popular comic [3] - The animated series "Non-Human" has received high ratings of 8.9 and 8.6 for its first and second seasons, respectively [3] - The trend of animated series producers targeting adult audiences is expanding the animated film market, moving beyond traditional children's content [3]