这是万达电影"易主"后交出的第一份年报，也是陈曦担任董事长的第一年。2024年4月，中国儒意 （0136.HK）董事会主席柯利明通过连续的资本运作，接替王健林成为了万达电影的新任实控人。中国 儒意董事陈曦出任万达电影董事长、总裁。 万达电影的管理层薪资普遍高于行业。获得高薪的除了董事长陈曦以外，万达系留任的执行总裁陈洪涛 以763.91万元位列第二（虽然较2023年的923.12万元减少159.21万元），新任董事龚峤以489.04万元位列 第三。除此之外，还有多位高管年薪高达数百万元。 欢瑞世纪（000892.SZ）董事长赵枳程去年获得了273.36万元的年薪，是上述企业中薪资第二高的董事 长，但同比2023年的278.36万元略有下滑。 各大影视公司"一把手"的薪资情况与影视行业整体的情况是挂钩的。 随着A股影视院线板块2024年年报披露完毕，板块内"一把手"薪酬情况也公之于众。 据Wind数据，已披露"一把手"薪酬的13家影视院线板块上市公司，薪酬浮动范围较大，年薪在18万元 到1017万元不等，平均数为190万元。 万达电影（002739.SZ）董事长陈曦 2024年从公司获得的税前报酬总额是全行业中 ...

Investment Rating - The report maintains an "Overweight" (OW) rating for Maoyan (1896.HK) and Ali Pictures (1060.HK) due to their strong ticketing business and market share gains in content [4][32] - The rest of the companies are rated "Equal Weight" (EW) or "Underweight" (UW) based on weaker growth outlooks and stretched valuations [4][32] Core Insights - The 2025 China film box office forecast has been reduced from Rmb57 billion to Rmb49 billion, reflecting a 15.5% year-over-year increase and a 76% recovery [2][17] - The non-holiday box office market remains weak, with a significant decline in revenue from Rmb30 billion in 2018/2019 to Rmb10-20 billion during 2022-2024 [3][23] - The report highlights a concentration among producers and distributors in the blockbuster-driven market, with holiday box office accounting for 58-60% of total box office from 2022 to 2024 [3][24] Summary by Sections Industry Outlook - The report forecasts a 16% growth in the film box office for 2025, indicating a recovery trend [17][18] - The first quarter of 2025 saw a box office of Rmb24 billion, a 49% increase year-over-year, largely driven by the success of Nezha 2 [8][19] - The second quarter is expected to decline by over 25% year-over-year, with significant drops during the May Golden Week [8][20] Company Analysis - Maoyan and Ali Pictures dominate the film ticketing business with over 60% and 30% market share, respectively, and are also key players in film distribution [36][42] - The report raises revenue forecasts for Beijing Enlight by 40% for 2025-2027, reflecting the success of Nezha 2 and its expansion into IP derivatives [33] - Huace Film is expected to see a 40% year-over-year revenue growth in 2025, driven by a strong content pipeline [37] Market Dynamics - The non-holiday market has shrunk significantly, with foreign films' box office dropping from Rmb26 billion in 2017 to Rmb10 billion in 2024 [23][25] - The report notes that domestic blockbusters are primarily released during holiday periods, exacerbating the imbalance in the market [24][23] - Tariffs are expected to further weaken the non-holiday box office, with a forecast of Rmb9 billion for foreign films in the base case scenario for 2025 [25][26]

Core Viewpoint - The capital market is showing a lack of confidence in the film industry, as evidenced by the planned share reduction by a major shareholder of Wanda Film, indicating ongoing challenges in the sector [1][3]. Company Summary - Wanda Film's major shareholder, Hangzhou Zhenxi Investment Management Co., plans to reduce its stake by up to 1.3927%, which amounts to over 3 billion yuan based on current stock prices [1][3]. - Hangzhou Zhenxi holds 135 million shares, representing 6.3927% of Wanda Film's total shares [3]. - The share price of Wanda Film has significantly declined from approximately 51.96 yuan per share in 2018 to 10.82 yuan per share currently, reflecting a nearly fivefold decrease over seven years [4]. Financial Performance - Wanda Film's revenue for 2024 is reported at 12.362 billion yuan, a year-on-year decline of 15.44% [4]. - The company has experienced three years of negative net profit over the past five years, with a staggering 203.05% decline in net profit for 2024, resulting in a loss of 940 million yuan [4]. - The return on assets (ROA) has been highly unstable, with a low of -27.39% in 2020 and a high of 3.6% in 2023, dropping to -3.96% in 2024, a decline of 210.2% [4]. Industry Context - The overall film industry is facing significant challenges, with the Chinese film market experiencing a notable downturn, as evidenced by a 22.6% drop in total box office revenue to 42.502 billion yuan in 2024 [5]. - The number of moviegoers also decreased by 22.3% to 1.01 billion, indicating a lack of blockbuster films contributing to the market's decline [5]. - Despite these challenges, there are signs of slight recovery in early 2025, with Wanda Film reporting a 23.23% increase in revenue to 4.709 billion yuan in Q1, the highest in four years [6]. Strategic Adjustments - Alibaba's decision to reduce its stake in Wanda Film may be influenced by its broader strategic shift towards more promising sectors like cloud computing and artificial intelligence, while divesting from non-core assets [7].

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]

Core Viewpoint - Wanda Film Co., Ltd. has experienced significant shareholder changes, including a recent reduction in shares by a major shareholder, signaling a shift in control and ownership dynamics within the company [2][6]. Shareholder Changes - The major shareholder, Xinxian Rongzhi, reduced its holdings by 63,353,361 shares at an average price of 11.56 yuan per share, amounting to a total cash-out of 732 million yuan, which represents a 3% decrease in its stake [3][4]. - Following the reduction, Xinxian Rongzhi holds 91,493,868 shares, accounting for 4.33% of the total share capital, while the combined holdings of Xinxian Rongzhi and its concerted parties amount to 106,551,715 shares, or 5.05% of the total [4][5]. Control Transition - In 2023, Wanda Film underwent a series of ownership changes, including the transfer of 49% of the controlling shareholder Beijing Wanda Investment Co., Ltd. to Shanghai Ruyi for 2.262 billion yuan [6]. - By December 2023, it was announced that the actual controller of Wanda Film shifted from Wang Jianlin to Shanghai Ruyi, following the transfer of 51% of Beijing Wanda Investment's shares [8]. - The resignation of Zhang Lin from the board in January 2024 marks the end of Wang Jianlin's era at Wanda Film, with Chen Xi taking over as chairman [8].

Core Viewpoint - The capital market is showing a lack of confidence in the film industry, as evidenced by the planned share reduction by a major shareholder of Wanda Film, indicating ongoing challenges in the sector [1][4]. Company Summary - Wanda Film's major shareholder, Hangzhou Zhenxi Investment Management Co., plans to reduce its stake by up to 1.3927%, which amounts to over 3 billion yuan based on current stock prices [1][3]. - Hangzhou Zhenxi holds 135 million shares, representing 6.3927% of Wanda Film's total shares, and the reduction is attributed to its own business arrangements [3]. - The stock price of Wanda Film has dropped by 2.61% to 10.82 yuan per share, reflecting a significant decline from the price of approximately 51.96 yuan per share when Alibaba acquired shares in 2018 [3][4]. Financial Performance - Wanda Film's revenue for 2024 is reported at 12.362 billion yuan, a year-on-year decline of 15.44%, with a net loss of 940 million yuan, marking a staggering 203.05% drop compared to the previous year [4][5]. - The company's return on assets (ROA) has been highly unstable over the past five years, with a low of -27.39% in 2020 and a high of 3.6% in 2023, and a projected ROA of -3.96% for 2024, down 210.2% [4]. Industry Context - The overall film industry is experiencing a downturn, with Wanda Film's 2024 box office revenue declining by 22.6% to 42.502 billion yuan, and total audience numbers dropping by 22.3% [5]. - Despite the challenges, there are signs of recovery in early 2025, with Wanda Film reporting a revenue increase of 23.23% in Q1, reaching 4.709 billion yuan, and a net profit increase of 154.72% [5]. - The company has maintained a leading position in market share and audience attendance, with successful releases such as "Detective Chinatown 1900" contributing significantly to its revenue [5]. Strategic Adjustments - Alibaba's decision to reduce its stake in Wanda Film may reflect a broader strategic shift towards focusing on core business areas like cloud computing and artificial intelligence, while divesting from non-core assets [7].

Core Viewpoint - Wanda Film is enhancing its IP collaboration strategy through partnerships with leading IPs to diversify revenue streams and reduce reliance on box office performance [1] Group 1: IP Collaboration - Wanda Film's subsidiary, Time Network, is focusing on full-chain IP operations and industry integration [1] - Collaborations include popular IPs such as "Genshin Impact," "Identity V," and Pop Mart's "Baby Molly," among others [1] - The company has developed over a hundred related SKUs to engage younger consumer demographics [1] Group 2: Revenue Diversification - The strategy aims to activate consumer demand beyond ticket sales, thereby increasing non-ticket revenue [1] - Future plans include expanding the IP copyright pool and venturing into various fields such as trendy toys, art products, and virtual ecosystems [1] - This approach is expected to enhance the company's intrinsic investment value [1]

Core Insights - The average annual salary of A-share chairpersons shows a significant concentration in the range of 1 million to 2 million yuan, with 1,402 individuals, accounting for one-third of the total [1][4] - The total disclosed annual salary for 4,231 listed companies reached 5.789 billion yuan, with 13 chairpersons earning over 10 million yuan [1][4] - The number of chairpersons with annual salaries exceeding 10 million yuan has decreased from 27 in 2022 to 16 in 2023, and further down to 13 in 2024 [4] Salary Distribution - The top three highest-paid chairpersons are from the biopharmaceutical industry, with WuXi AppTec's chairman earning 41.8 million yuan, followed by Mindray Medical's chairman at 24.939 million yuan, and BeiGene's chairman at 20.1938 million yuan [2][3] - The salary distribution is characterized by an olive-shaped curve, with fewer individuals earning higher salaries; for instance, there are 381 individuals earning between 2 million and 3 million yuan, and only 67 earning between 4 million and 5 million yuan [6] Salary Changes - A total of 3,765 chairpersons had comparable salaries from 2023 to 2024, with 1,377 experiencing a decrease (37%) and 1,985 seeing an increase (58%) [8] - Notable salary reductions were observed among high-earning chairpersons, with some experiencing declines of over 90% due to poor company performance [9][10] Industry Performance - The salary trends reflect a dichotomy in industry performance, with high salaries in thriving sectors like media, electronics, and pharmaceuticals, while industries like real estate and finance are facing salary cuts [11][13] - The average salary for chairpersons in the media industry was 1.78 million yuan, the highest among 31 sectors, while the average salary in the construction and defense sectors was below 1 million yuan [12][13]

股票代码： 002739 股票简称：万达电影 公告编号：2025-032 万达电影股份有限公司 特此公告。 万达电影股份有限公司 关于变更持续督导独立财务顾问主办人的公告 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。 本次变更后，公司发行股份购买资产暨关联交易项目的独立财务顾问主办人 为刘飞峙先生、李义刚先生。 万达电影股份有限公司 董事会 2025 年 5 月 8 日 1 万达电影股份有限公司 万达电影股份有限公司（以下称"公司"）于近日收到公司独立财务顾问中 国国际金融股份有限公司（以下简称"中金公司"）《关于更换万达电影股份有限 公司发行股份购买资产暨关联交易项目持续督导独立财务顾问主办人的函》，艾 雨先生因工作变动不再担任公司上述项目持续督导的独立财务顾问主办人，为不 影响持续督导工作的正常进行，中金公司拟委派李义刚先生接替艾雨先生担任持 续督导独立财务顾问主办人，继续履行对本次重大资产重组持续督导的相关职责 和义务。 附件：李义刚先生简历 李义刚，男，保荐代表人，现任中金公司投资银行部副总经理，曾担任合肥 晶合集成电路股份有限公司 A 股 IPO ...

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：2025-033 万达电影股份有限公司 关于持股 5%以上股东减持股份的预披露公告 公司持股 5%以上股东杭州臻希投资管理有限公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 公司于近日收到持股 5%以上股东杭州臻希出具的《股份减持计划告知函》， 现将相关情况公告如下： 一、股东基本情况 1、股东名称：杭州臻希投资管理有限公司 2、持股情况：截至本公告披露日，杭州臻希持有公司股份 135,000,000 股， 占公司总股本的 6.3927%，均为无限售条件流通股份。 二、本次减持计划的主要内容 1、减持原因：杭州臻希自身商业安排。 2、股份来源：通过协议转让方式取得的公司股份（含资本公积转增股本获 得的股份）。 1 万达电影股份有限公司（以下简称"公司"、"万达电影"）持股 5%以上股东 杭州臻希投资管理有限公司（以下简称"杭州臻希"）持有公司股份 135,000,000 股，占公司总股本的 6.3927%。杭州臻希计 ...