[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, a comprehensive report index, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management guarantee the semi-annual report's accuracy, with no plans for cash dividends or bonus shares - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters and their starting page numbers, providing quick navigation for investors [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, business types, and financial units, ensuring clear understanding [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's fundamental information and presents key financial performance indicators for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic information about Wanda Film, including stock details, company names, and legal representative, confirming its listing on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wanda Film | | Stock Code | 002739 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Wanda Film Holding Co., Ltd. | | Company's Legal Representative | Chen Xi | [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretaries, including address, phone, and email, for investor communication Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wang Huiwu, Peng Tao | CN02 Building, Laijin Cultural and Creative Industrial Park, No. 1 Balizhuang East Road, Chaoyang District, Beijing | 010-65055989 | wandafilm-ir@wanda.com.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section confirms no changes in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - Company's registered address, office address, company website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 7.57%, net profit attributable to shareholders surged by 372.55%, and operating cash flow grew by 203.10%, indicating significant improvements in profitability and cash generation Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 6,689,145,169.24 | 6,218,370,043.59 | 7.57% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 535,816,224.68 | 113,389,302.05 | 372.55% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) (yuan) | 480,262,228.35 | 86,479,320.35 | 455.35% | | Net Cash Flow from Operating Activities (yuan) | 1,627,588,440.05 | 536,985,094.53 | 203.10% | | Basic Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | 386.92% | | Diluted Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | 386.92% | | Weighted Average Return on Net Assets | 7.44% | 1.41% | 6.03% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Total Assets (yuan) | 23,232,902,086.37 | 23,354,235,028.92 | -0.52% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 7,507,328,806.37 | 6,894,727,550.24 | 8.89% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses amounted to **55.55 million yuan**, primarily from disposal of non-current assets, government grants, and fair value changes Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 17,935,017.14 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed at fixed standards, and having a continuous impact on company profit or loss) | 36,864,941.27 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 9,018,603.53 | | Other non-operating income and expenses apart from the above | -7,207,777.44 | | Less: Income tax impact | 879,648.81 | | Impact on minority interests (after tax) | 177,139.36 | | **Total** | **55,553,996.33** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, industry landscape, core competencies, and strategic initiatives during the reporting period [Principal Businesses During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses include cinema film exhibition, merchandise sales, advertising, film and TV series investment/production/distribution, and game publishing, forming a diversified entertainment industry - The company is a leading cinema investor and operator in China, with box office, attendance, and market share ranking first domestically for sixteen consecutive years[26](index=26&type=chunk) - Merchandise sales primarily include food and beverages (popcorn, drinks, snacks) and derivatives (movie merchandise, trendy toys, co-branded IP products, self-developed products)[26](index=26&type=chunk) - The company's business also encompasses cinema advertising (screen and venue advertising), investment, production, and distribution of film and television series, as well as game publishing (web games and mobile online games)[26](index=26&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, national box office grew by **22.9%** to **29.23 billion yuan**, driven by domestic films, though Q2 saw a **34.7%** decline; premium formats like IMAX performed strongly, and the IP trend toy market expanded rapidly - In H1 2025, the national box office totaled **29.23 billion yuan** (including service fees), a **22.9%** year-on-year increase, ranking third in the same period of film history; attendance reached **640 million**, up **16.9%** year-on-year[27](index=27&type=chunk) - Domestic films dominated the first half of the year, accounting for **91.2%** of the box office, with nine domestic films in the TOP10 box office rankings[27](index=27&type=chunk) - Box office performance varied significantly across months in H1 2025, with February's single-month box office reaching **16.09 billion yuan**, accounting for **55.1%** of the total, while the second quarter's box office was only **4.82 billion yuan**, a **34.7%** year-on-year decrease[28](index=28&type=chunk) - Special effects screens generated a cumulative box office of **7.26 billion yuan**, a **58.6%** increase from the prior year, contributing **24.8%** to the total market; IMAX box office reached **1.57 billion yuan**, up **102.1%** year-on-year[31](index=31&type=chunk) - In H1 2025, approximately **13,000** cinemas were in operation nationwide, a **2.6%** year-on-year increase; **555** new cinemas opened, up **9.3%** year-on-year[32](index=32&type=chunk) - The retail market for trendy toys in mainland China is projected to reach **110.1 billion yuan** by 2026, with a compound annual growth rate of **24%**[33](index=33&type=chunk) [Company's Key Operations During the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company achieved **6.69 billion yuan** in operating revenue, up **7.57%**, and net profit attributable to shareholders of **536 million yuan**, up **372.55%**, driven by its "1+2+5" strategic blueprint - The company upgraded its "Super Entertainment Space" strategy to a "1+2+5" strategic blueprint, aiming to reduce reliance on box office revenue and reshape its growth logic and expand growth space[35](index=35&type=chunk) - During the reporting period, the company achieved operating revenue of **6.69 billion yuan**, a **7.57%** year-on-year increase; net profit attributable to listed company shareholders was **536 million yuan**, a **372.55%** year-on-year increase[35](index=35&type=chunk) [Cinema Business](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E9%99%A2%E7%BA%BF%E4%B8%9A%E5%8A%A1) The company's cinema business saw domestic box office grow by **19.2%** with a **14.4%** market share, enhanced by new consumption scenarios, a five-star cinema system, and optimized non-ticket sales, while overseas Hoyts cinema chain achieved **144.1 million AUD** in box office, turning profitable - The company's domestic direct-operated cinemas achieved a box office of **4.21 billion yuan** (including service fees), a **19.2%** year-on-year increase; attendance reached **82.39 million**, up **9.6%** year-on-year; cumulative market share was **14.4%**[36](index=36&type=chunk) - Among the national TOP100 cinemas by box office, the company accounted for **51** seats, and among the TOP500, it accounted for **246** seats[36](index=36&type=chunk) - The company's IMAX format advantage was prominent, with single-screen output increasing by **111%** year-on-year, and its box office market share reaching **58%**, an increase of **3.3** percentage points year-on-year[39](index=39&type=chunk) - The company deepened its cooperation with IMAX Corporation, adding **27** IMAX laser systems[39](index=39&type=chunk) - The company's merchandise gross margin increased by **10** percentage points, and it launched new self-developed brands "TimiSnack" and "H2O TALKS"[41](index=41&type=chunk) - Overseas Australian cinema chain Hoyts maintained stable operations, achieving box office revenue of **144.1 million AUD**, a **9.9%** year-on-year increase; attendance reached **8.1 million**, up **10.2%** year-on-year, with operating performance turning profitable year-on-year[42](index=42&type=chunk) [Film and TV Series Business](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%BD%B1%E8%A7%86%E5%89%A7%E9%9B%86%E4%B8%9A%E5%8A%A1) The company upgraded its content strategy, with "Detective Chinatown 1900" achieving **3.61 billion yuan** box office and "Nanjing Photo Studio" reaching **2.76 billion yuan**, while multiple TV series are in production or scheduling, and the "Jing Tan Hao" brand fosters talent development - The company's invested and produced film "Detective Chinatown 1900" achieved a box office of **3.61 billion yuan**, securing the second position in the first half of the year's box office rankings[45](index=45&type=chunk) - As of August 25, "Nanjing Photo Studio" had achieved a box office of **2.76 billion yuan**, expected to become the 2025 summer box office champion[45](index=45&type=chunk) - The company launched the new "Jing Tan Hao" brand, which, through the "Yue Mu Plan" and "Jing Tan Plan," aims to discover and cultivate talent for the Chinese film industry[47](index=47&type=chunk) [Strategic Investment Business](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%88%98%E7%95%A5%E6%8A%95%E8%B5%84%E4%B8%9A%E5%8A%A1) The company made strategic equity investments in "Good Luck Coconut" (health coconut water) and "52TOYS" (IP toys) for ecosystem synergy, while also launching new self-developed brands like "TimiSnack" and "H2O TALKS" to enter new consumption markets - The company strategically invested in the healthy coconut water brand "Good Luck Coconut," which is expected to open **300** stores this year, with online delivery channels accounting for over **50%** of its revenue in the first half[48](index=48&type=chunk) - The company strategically invested in the IP toy brand "52TOYS," which has opened **175** cooperative franchise stores and has submitted an IPO application to the main board of the Hong Kong Stock Exchange[49](index=49&type=chunk) - The company incubated new self-developed emotional snack brand "TimiSnack" and beverage brand "H2O TALKS," planning to gradually expand beyond cinemas and fully deploy across online and offline channels in the future[50](index=50&type=chunk) [Trend Toy Business](index=15&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%BD%AE%E7%8E%A9%E4%B8%9A%E5%8A%A1) Subsidiary Yingshiguang is transforming into a trend entertainment company, building a "content+consumption+tech" system around IP incubation, AI interaction, and omni-channel retail, successfully launching three trend toy brands and two original IPs, with plans for a digital rights platform - Subsidiary Yingshiguang is building a "content+consumption+technology" business system, gradually transforming into a trend entertainment company[51](index=51&type=chunk) - Yingshiguang successfully incubated three trend toy brand lines ("Plush Color World," "Cute Heart Story," "Habitat Realm") and two original IPs ("MOMO&FRIENDS," "Vexel")[53](index=53&type=chunk)[54](index=54&type=chunk) - Yingshiguang also plans to launch Rtime Link, a digital rights platform specifically for trendy toys, to enable copyright tracking and collection number retrieval for limited edition trendy toys[54](index=54&type=chunk) [Game Business](index=16&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%B8%B8%E6%88%8F%E4%B8%9A%E5%8A%A1) In H1 2025, the domestic game market grew by **14.1%** to **168 billion yuan**; subsidiary Huai Interactive focuses on cross-border IP and global expansion, operating existing projects and advancing new ones, with "Transformers: New Era" obtaining a license for Q4 launch - In H1 2025, the domestic game market's total revenue reached **168 billion yuan**, a **14.1%** year-on-year increase, with **812** licenses issued cumulatively, up **18%** year-on-year[55](index=55&type=chunk) - Subsidiary Huai Interactive is advancing its work with a business strategy of "cross-border shaping of super IPs and entering the global market"[56](index=56&type=chunk) - The incubating project "Transformers: New Era" obtained its license on June 23, and is currently undergoing testing and debugging as planned, with a phased launch expected in overseas and domestic markets in Q4[56](index=56&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include efficient full-产业链 business synergy, strong cinema chain operations, advanced film exhibition technology, leading film/TV investment/production/distribution, and innovative product R&D with digital intelligence - The company has newly laid out five major business segments: cinema chain, film and TV series, strategic investment, trendy toys, and games, building a complete industry chain from content creation to terminal consumption to maximize value across the entire chain[59](index=59&type=chunk) - The company owns over **700** direct-operated cinemas, covering **350** cities nationwide, and its box office market share has ranked first nationally for **16** consecutive years[60](index=60&type=chunk) - The company possesses over **50%** of domestic IMAX screens and ranks first nationally in the number of special effects cinemas, maintaining leading positions in projection technology and quality both domestically and internationally[61](index=61&type=chunk) - The company has invested in and produced excellent works such as "Mojin: The Lost Legend" and the "Detective Chinatown" series, demonstrating industry-leading film distribution capabilities and rich experience in TV series operations[62](index=62&type=chunk)[63](index=63&type=chunk) - The company's online membership platform builds a comprehensive entertainment ecosystem centered on "Film+," and it has developed an industry-leading intelligent operation and management platform, enhancing decision-making and operational efficiency through AI intelligent agent technology[64](index=64&type=chunk) [Analysis of Principal Business](index=18&type=section&id=%E4%BA%94%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **7.57%**, driven by **14.78%** growth in viewing revenue, **6.07%** in merchandise/catering, and **44.84%** in film/TV production/distribution; advertising and game publishing revenue decreased, domestic revenue grew **11.17%**, while international revenue slightly declined, and the company adjusted its principal business data to consolidate film and TV series production/distribution Key Financial Data YoY Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,689,145,169.24 | 6,218,370,043.59 | 7.57% | | | Selling Expenses | 258,135,098.04 | 367,016,174.07 | -29.67% | (1) Reduced game-related advertising and promotion expenses in H1; (2) Decreased cinema marketing expenses | | R&D Expenses | 28,152,396.14 | 15,360,149.00 | 83.28% | Increased R&D investment in current period | | Net Cash Flow from Operating Activities | 1,627,588,440.05 | 536,985,094.53 | 203.10% | Increased cash collection from viewing and merchandise sales YoY | | Long-term Equity Investment | 116,197,550.93 | 45,245,142.10 | 156.82% | New investment in 52TOYS in current period | | Development Expenditures | 20,951,310.28 | 4,966,981.81 | 321.81% | Internal software R&D expenditures did not meet capitalization criteria | Operating Revenue Breakdown | Item | Current Reporting Period Amount (yuan) | Share of Operating Revenue (%) | Prior Year Period Amount (yuan) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Viewing Revenue | 4,177,240,256.32 | 62.45% | 3,639,364,297.71 | 58.53% | 14.78% | | Merchandise and Catering Sales Revenue | 862,837,170.79 | 12.90% | 813,496,712.55 | 13.08% | 6.07% | | Advertising Revenue | 502,911,765.18 | 7.52% | 587,608,878.20 | 9.45% | -14.41% | | Film and TV Series Production, Distribution, and Related Business Revenue | 322,343,331.58 | 4.82% | 222,553,600.02 | 3.58% | 44.84% | | Game Publishing and Related Business Revenue | 185,255,562.74 | 2.77% | 331,083,633.47 | 5.32% | -44.05% | | Domestic Revenue | 5,101,264,041.00 | 76.26% | 4,588,898,083.49 | 73.80% | 11.17% | | International Revenue | 1,587,881,128.24 | 23.74% | 1,629,471,960.10 | 26.20% | -2.55% | - In the current period, the company integrated its film and TV series resources and internal business structure, merging the two reporting segments of film production, distribution, and related businesses and TV series production, distribution, and related businesses into a single film and TV series business reporting segment[71](index=71&type=chunk) [Analysis of Non-Principal Business](index=20&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses include investment income, fair value changes, asset impairment, non-operating income/expenses, credit impairment losses, other income, and asset disposal gains; investment income and fair value changes are from wealth management products, while credit impairment and film special fund refunds are sustainable Non-Principal Business Analysis | Item | Amount (yuan) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,352,464.82 | 0.74% | Primarily income from wealth management products | No | | Gains or Losses from Fair Value Changes | 3,254,726.30 | 0.55% | Gains from fair value changes of wealth management products held at period-end | No | | Asset Impairment | -11,992,211.14 | -2.03% | Provision for inventory depreciation | No | | Non-operating Income | 3,821,973.69 | 0.65% | | No | | Non-operating Expenses | 19,724,165.08 | 3.34% | Primarily losses from disposal of non-current assets | No | | Credit Impairment Losses | 11,965,418.24 | 2.02% | Primarily provision for bad debts of accounts receivable and other receivables | Yes | | Other Income | 37,588,877.88 | 6.36% | Primarily refunds of film special funds obtained | Yes | | Gains from Asset Disposal | 27,102,293.59 | 4.59% | Primarily gains from disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=20&type=section&id=%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased, while net assets attributable to shareholders increased by **8.89%**; significant changes occurred in cash, accounts receivable, right-of-use assets, short-term borrowings, long-term borrowings, and lease liabilities; overseas asset Hoyts contributed positively, and fair value financial assets totaled **1.21 billion yuan** Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Share of Total Assets (%) | Prior Year-End Amount (yuan) | Share of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,035,106,538.40 | 13.06% | 3,623,419,937.74 | 15.52% | -2.46% | | Accounts Receivable | 1,068,853,014.95 | 4.60% | 1,309,724,004.12 | 5.61% | -1.01% | | Long-term Equity Investment | 116,197,550.93 | 0.50% | 45,245,142.10 | 0.19% | 0.31% | | Right-of-Use Assets | 5,319,175,762.89 | 22.90% | 5,627,819,834.45 | 24.10% | -1.20% | | Short-term Borrowings | 2,349,036,917.29 | 10.11% | 2,473,120,716.91 | 10.59% | -0.48% | | Lease Liabilities | 6,360,439,237.32 | 27.38% | 6,617,306,410.08 | 28.33% | -0.95% | Major Overseas Assets | Specific Content of Asset | Asset Scale (billion yuan) | Location | Profit Status (million yuan) | Share of Overseas Assets in Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Hoyts Company | 8.61 | Australia | 9.31 | 37.05% | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (yuan) | | :--- | :--- | | Trading Financial Assets | 1,073,254,726.30 | | Other Equity Instrument Investments | 132,606,518.00 | | **Subtotal Financial Assets** | **1,205,861,244.30** | [Analysis of Investment Status](index=22&type=section&id=%E5%85%AB%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment for the period was **89.71 million yuan**, primarily equity investments; the company acquired and invested in Beijing Lezitancheng Culture Development Co., Ltd. (IP toy brand), holding **4%** equity, and securities investments include Bona Film Group, with a book value of **100 million yuan** - Total investment for the reporting period was **89.71 million yuan**[82](index=82&type=chunk) Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Principal Business | Investment Method | Investment Amount (million yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Beijing Lezitancheng Culture Development Co., Ltd. | IP toy product design, development, production, sales | Acquisition and Capital Increase | 82.29 | 4.00% | Securities Investment Status | Security Abbreviation | Period-Beginning Book Value (yuan) | Period-End Book Value (yuan) | | :--- | :--- | :--- | | Bona Film Group | 126,387,022.05 | 100,191,518.00 | [Significant Asset and Equity Disposals](index=23&type=section&id=%E4%B9%9D%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not sell significant assets during the reporting period[89](index=89&type=chunk) - The company did not sell significant equity during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=%E5%8D%81%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Hoyts and Wanda Pictures operated steadily; Hoyts had total assets of **8.61 billion yuan** and net profit of **9.31 million yuan**; Wanda Pictures had total assets of **5.18 billion yuan** and net profit of **29.42 million yuan**; three new subsidiaries were established, and one was deregistered Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hoyts Company | 860,719.93 | 239,329.47 | 146,815.38 | 1,618.35 | 931.41 | | Wanda Pictures | 517,894.89 | 299,664.94 | 26,615.83 | 3,509.39 | 2,941.83 | - During the reporting period, three new subsidiaries were established: Tianjin H2O TALKS Beverage Co., Ltd., Tianjin TimiSnack Food Co., Ltd., and HUDONG GAMES PTE.LTD[91](index=91&type=chunk)[92](index=92&type=chunk) - Shenzhen Huaxia Longsheng Film Co., Ltd. was deregistered during the reporting period[92](index=92&type=chunk) [Structured Entities Controlled by the Company](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from insufficient quality film supply, lower-than-expected film investment returns, intensified market competition, improper cinema site selection, regulatory changes, and public safety; countermeasures include strategic diversification, refined operations, content strengthening, optimized site selection, and policy monitoring - The company faces the risk of insufficient quality film supply, which it addresses by promoting a diversified layout through its "1+2+5" strategy, expanding non-ticket businesses and cinema functions, and investing in and incubating its own IP matrix[93](index=93&type=chunk) - The company faces the risk of lower-than-expected film investment returns, which it mitigates through precise project evaluation, focusing on头部IPs, controlling single-project investment scale, co-producing to diversify risk, and optimizing promotion and distribution strategies while developing derivative businesses[94](index=94&type=chunk) - The company faces the risk of intensified market competition, which it addresses by strengthening regional advantages, implementing flat organizational reforms, refining cinema management, building a five-star cinema system, producing high-quality film and television series, and enhancing promotion and distribution efforts[96](index=96&type=chunk) - The company faces regulatory risks and will closely monitor policy adjustments, strengthen policy interpretation and understanding, and strictly adhere to content review systems to ensure smooth film releases and broadcasts[99](index=99&type=chunk) - The company faces public safety risks and has established safety production systems such as "Safety Emergency Plans" and "Cinema System Safety Management Regulations" to continuously improve safety management levels[100](index=100&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved and implemented a "Market Value Management System" on December 27, 2024, to enhance investment value and shareholder returns, but did not disclose a valuation enhancement plan - The company approved the "Proposal on Formulating the Company's Market Value Management System" on December 27, 2024[101](index=101&type=chunk) - The company did not disclose a valuation enhancement plan[101](index=101&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=26&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[101](index=101&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance structure, environmental practices, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period[102](index=102&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion for the Reporting Period](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period[103](index=103&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[104](index=104&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) In H1, the company actively fulfilled social responsibilities, launching the "Dream Cinema" charity project with over **100** screenings benefiting **12,400** people, conducting **700+** regular public screenings, promoting Chinese culture, fostering new talent, and enhancing service quality - The company, in collaboration with the China Film Foundation, launched the "Dream Cinema" public welfare project, which has held over **100** public screenings in more than **50** cities nationwide, benefiting over **12,400** people, including rural students, children from welfare institutions, and students from special schools[106](index=106&type=chunk) - In H1 2025, the company's cinemas across the country organized over **700** public welfare screenings, meeting the spiritual and cultural needs of various groups[107](index=107&type=chunk) - The company's produced and distributed works, such as "Detective Chinatown 1900" and "Liaozhai: Lanruo Temple," are dedicated to telling Chinese stories and promoting Chinese film culture[109](index=109&type=chunk) - The company contributes to discovering and cultivating talent for the Chinese film industry through its "Yue Mu Plan" and "Jing Tan Plan"[109](index=109&type=chunk) - The company launched the "Spring Standard, Summer New" service quality upgrade initiative and a regular inspection mechanism, with Wanda Cinemas nationwide completing an average of **30** self-inspections and rectifications to enhance the audience's viewing experience[110](index=110&type=chunk) [Significant Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant events, including commitments, litigation, related party transactions, and other material developments affecting the company [Fulfillment of Commitments](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Commitments regarding performance compensation and share lock-up by Xinxiang Rongzhi, Lin Ning, and Wanda Investment for asset acquisition were fully fulfilled; negotiations are ongoing for Yin Xiangjin's performance and share lock-up commitments - During the reporting period, the company's performance compensation obligations for issuing shares to acquire assets were fully fulfilled, and related share lock-up commitments were completed, with Xinxiang Rongzhi's relevant shares now listed for trading[113](index=113&type=chunk) - According to the arbitration award from the China International Economic and Trade Arbitration Commission, Xinxiang Rongzhi was required to compensate **67,590,102** shares, which the company repurchased at a total price of **1 yuan** and cancelled on January 13, 2025[113](index=113&type=chunk) - For Yin Xiangjin's commitments regarding performance achievement and share lock-up, both parties are currently negotiating performance compensation matters[114](index=114&type=chunk) [Non-Operating Funds Occupied](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[115](index=115&type=chunk) [Irregular External Guarantees](index=31&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[116](index=116&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[117](index=117&type=chunk) [Board of Directors' and Supervisory Board's Explanations on Non-Standard Audit Reports](index=31&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[118](index=118&type=chunk) [Board of Directors' Explanations on Non-Standard Audit Reports from the Previous Year](index=31&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[118](index=118&type=chunk) [Bankruptcy and Reorganization Matters](index=31&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[118](index=118&type=chunk) [Litigation Matters](index=31&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple lawsuits; performance compensation arbitration with Wanda Investment, Xinxiang Rongzhi, and Lin Ning is settled, a lease dispute with Qingdao Ruiheng is ongoing (**224.14 million yuan**), and a lawsuit with Migu Xinkong resulted in a second-instance judgment requiring the company to pay **23.64 million yuan** - The arbitration concerning disputes over the "Profit Forecast Compensation Agreement" and its supplementary agreements with Wanda Investment, Xinxiang Rongzhi, and Lin Ning has been finally adjudicated, and Xinxiang Rongzhi's compensation of **67,590,102** shares was repurchased and cancelled on January 13, 2025[121](index=121&type=chunk) - The lease contract dispute with Qingdao Ruiheng Film Technology Co., Ltd. involves an amount of **224.14 million yuan** and is currently under trial, with no judgment yet rendered[121](index=121&type=chunk) - The lawsuit dispute with Migu Xinkong Culture Technology (Xiamen) Co., Ltd. has been decided in the second instance, requiring the company to pay a total of approximately **23.64 million yuan** in goods and liquidated damages, which was executed on August 5, 2025[121](index=121&type=chunk) - The company, as plaintiff, is involved in a cinema lease agreement dispute with Guiyang Hongyi Real Estate Development Co., Ltd., with an amount of **70.65 million yuan**, which is still under trial[122](index=122&type=chunk) [Penalties and Rectifications](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[123](index=123&type=chunk) [Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=33&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[124](index=124&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in daily related party transactions with Ruyi Film, Wanda Group companies, Wuzhou Distribution, and Lezitancheng, including procurement, sales, and film investments, based on market pricing; the company also co-invested in Beijing Lezitancheng Related Party Transactions Related to Daily Operations (Current Reporting Period) | Related Party | Related Party Transaction Type | Related Party Transaction Content | Amount (million yuan) | | :--- | :--- | :--- | :--- | | Ruyi Film | Acceptance of Services/Procurement of Goods | Purchase of investment shares and acceptance of promotion and distribution services | 1.97 | | Ruyi Film | Provision of Services/Sale of Goods | Transfer of investment shares and provision of promotion and distribution services | 73.20 | | Ruyi Film | Film Investment | Payment and payable share of box office revenue | 174.95 | | Wanda Group Related Companies | Acceptance of Services | Acceptance of venue leasing services | 185.18 | | Wanda Group Related Companies | Acceptance of Services | Acceptance of property management services | 118.78 | | Lezitancheng | Procurement of Goods | Procurement of derivative products | 1.85 | | **Total** | | | **609.35** | - The company's wholly-owned subsidiary, Beijing Yingshiguang E-commerce Co., Ltd., co-invested in Beijing Lezitancheng Culture Development Co., Ltd. with related party Shanghai Ruyi Star Enterprise Management Co., Ltd., with Yingshiguang holding **4%** of its equity[127](index=127&type=chunk) - Transactions between the company and Wanda Group related enterprises ceased to constitute related party transactions from April 16, 2025[125](index=125&type=chunk) [Significant Contracts and Their Fulfillment](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's main operating premises and some projection equipment are leased, with agreements being fulfilled; guarantees for subsidiaries totaled **157.70 million yuan**; wealth management products amounted to **1.93 billion yuan** in transactions, with **1.07 billion yuan** outstanding and no overdue amounts - The operating premises of the company's direct-operated cinemas and the company's headquarters office premises are all leased, with lease agreements ranging from **10-20** years, and are currently being fulfilled normally[134](index=134&type=chunk) - Some of the company's projection equipment is leased, and all lease agreements, except for the MX4D equipment lease agreement, are being fulfilled normally[135](index=135&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Entity Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Fulfilled | | :--- | :--- | :--- | :--- | | Wanda Film (Horgos) Co., Ltd. | 300 | 24 | No | | Wanda Film (Horgos) Co., Ltd. | 300 | 6 | No | | Dalian Wanda International Cinema Co., Ltd. | | 9.95 | No | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **1,800** | **157.70** | | Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Transaction Amount (billion yuan) | Outstanding Balance (billion yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 1.93 | 1.07 | 0 | [Explanation of Other Significant Matters](index=38&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The performance compensation for asset acquisition was completed, with **67,590,102** shares from Xinxiang Rongzhi repurchased and cancelled, reducing the company's total share capital; related restricted shares were listed for trading - Performance commitment party Xinxiang Rongzhi was required to compensate the company **67,590,102** shares, which were repurchased and cancelled on January 13, 2025[143](index=143&type=chunk) - The company's total share capital changed from **2,179,368,810** shares to **2,111,778,708** shares, with a corresponding reduction in registered capital[143](index=143&type=chunk) - Given that performance commitment party Xinxiang Rongzhi's performance compensation obligations were fully fulfilled, its **45,084,337** restricted shares were listed for trading on March 5, 2025[143](index=143&type=chunk) [Significant Matters of Company Subsidiaries](index=38&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[145](index=145&type=chunk) [Share Changes and Shareholder Information](index=39&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management [Share Change Status](index=39&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total shares decreased by **67,590,102** due to performance compensation share repurchase and cancellation, resulting in **2,111,778,708** shares; restricted shares decreased by **45,153,524**, and unrestricted shares decreased by **22,436,578**; some restricted shares were listed, and executive lock-up shares decreased Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change (%) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 71,477,615 | 3.28% | -45,153,524 | 26,324,091 | 1.25% | | II. Unrestricted Shares | 2,107,891,195 | 96.72% | -22,436,578 | 2,085,454,617 | 98.75% | | **III. Total Shares** | **2,179,368,810** | **100.00%** | **-67,590,102** | **2,111,778,708** | **100.00%** | - The main reason for the share change was the repurchase and cancellation of **67,590,102** shares for performance compensation[148](index=148&type=chunk) - Shareholder Xinxiang Rongzhi's **45,084,337** restricted shares were listed for trading on March 5, 2025[150](index=150&type=chunk) - Shares held by resigned senior executives became fully transferable after six months from their original director term end date (June 18, 2025), reducing executive lock-up shares by **69,187**[151](index=151&type=chunk) [Securities Issuance and Listing](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no derivative investments during the reporting period[87](index=87&type=chunk) - The company had no use of raised funds during the reporting period[88](index=88&type=chunk) [Shareholder Numbers and Shareholding](index=41&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, there were **92,730** common shareholders; among the top ten shareholders, Beijing Wanda Investment Co., Ltd. held **20.64%**, Lu Lili held **8.52%**, and Hangzhou Zhenxi Investment Management Co., Ltd. held **6.39%**; shares of Beijing Wanda Investment Co., Ltd. and Xinxiang Rongzhi Xingye Management Consulting Center (Limited Partnership) were pledged - As of the end of the reporting period, the total number of common shareholders was **92,730**[155](index=155&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wanda Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 20.64% | 435,873,762 | Pledged | 222,295,619 | | Lu Lili | Domestic Natural Person | 8.52% | 180,000,000 | Not Applicable | | | Hangzhou Zhenxi Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.39% | 135,000,000 | Not Applicable | | | Xinxiang Rongzhi Xingye Management Consulting Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.33% | 91,493,868 | Pledged | 43,500,000 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[157](index=157&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[158](index=158&type=chunk) - The company's actual controller did not change during the reporting period[159](index=159&type=chunk) [Preferred Share Information](index=43&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[160](index=160&type=chunk) [Bond-Related Information](index=44&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[162](index=162&type=chunk) [Financial Report](index=45&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=45&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[164](index=164&type=chunk) [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively displaying its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=45&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **23.23 billion yuan**, with current assets at **7.97 billion yuan** and non-current assets at **15.26 billion yuan**; total liabilities were **15.60 billion yuan**, and total owners' equity was **7.63 billion yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 23,232,902,086.37 | | Total Current Assets | 7,968,227,649.11 | | Total Non-Current Assets | 15,264,674,437.26 | | Total Liabilities | 15,604,860,579.24 | | Total Owners' Equity | 7,628,041,507.13 | [Parent Company Balance Sheet](index=48&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **18.65 billion yuan**, with current assets at **8.59 billion yuan** and non-current assets at **10.05 billion yuan**; total liabilities were **4.62 billion yuan**, and total owners' equity was **14.03 billion yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 18,648,952,674.86 | | Total Current Assets | 8,593,673,181.18 | | Total Non-Current Assets | 10,055,279,493.68 | | Total Liabilities | 4,618,439,686.04 | | Total Owners' Equity | 14,030,512,988.82 | [Consolidated Income Statement](index=50&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, total operating revenue was **6.69 billion yuan**, up **7.57%**; net profit was **539 million yuan**, with net profit attributable to parent company shareholders at **536 million yuan**, up **372.55%**; basic EPS was **0.2532 yuan** Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 6,689,145,169.24 | 6,218,370,043.59 | | Net Profit | 538,974,923.17 | 116,900,346.66 | | Net Profit Attributable to Parent Company Shareholders | 535,816,224.68 | 113,389,302.05 | | Basic Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | [Parent Company Income Statement](index=52&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, parent company operating revenue was **723 million yuan**, with net profit of **45.88 million yuan**, a decrease from the prior year Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 723,062,394.88 | 580,128,203.26 | | Net Profit | 45,874,956.75 | 81,925,737.29 | [Consolidated Cash Flow Statement](index=53&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was **1.63 billion yuan**, up **203.10%**; net cash outflow from investing activities was **1.36 billion yuan**, and from financing activities was **876 million yuan**; net increase in cash and cash equivalents was **-601 million yuan** Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,627,588,440.05 | 536,985,094.53 | | Net Cash Flow from Investing Activities | -1,362,115,907.61 | -248,802,368.24 | | Net Cash Flow from Financing Activities | -875,911,778.79 | -548,907,447.05 | | Net Increase in Cash and Cash Equivalents | -600,723,076.36 | -265,755,441.47 | [Parent Company Cash Flow Statement](index=55&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was **101 million yuan**; net cash outflow from investing activities was **1.08 billion yuan**, and net cash inflow from financing activities was **491 million yuan**; net increase in cash and cash equivalents was **-493 million yuan** Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 100,711,565.76 | 158,766,874.57 | | Net Cash Flow from Investing Activities | -1,084,425,384.78 | 18,905,569.87 | | Net Cash Flow from Financing Activities | 490,624,513.87 | -603,652,866.00 | | Net Increase in Cash and Cash Equivalents | -493,089,305.15 | -425,980,421.56 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, consolidated owners' equity increased by **615 million yuan**, primarily due to **536 million yuan** in net profit attributable to parent company owners and **76.79 million yuan** in other comprehensive income; share capital decreased by **67.59 million yuan** due to share repurchase - Consolidated owners' equity totaled **7.63 billion yuan** at period-end, up **615.35 million yuan** from the period-beginning balance of **7.01 billion yuan**[186](index=186&type=chunk) - Total comprehensive income attributable to parent company owners was **612.60 million yuan**[186](index=186&type=chunk) - Share capital decreased by **67.59 million yuan**, while capital reserve increased by **67.59 million yuan**[186](index=186&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, parent company owners' equity increased by **26.23 million yuan**; share capital decreased by **67.59 million yuan** due to share repurchase, with a corresponding increase in capital reserve - Parent company owners' equity totaled **14.03 billion yuan** at period-end, up **26.23 million yuan** from the period-beginning balance of **14.00 billion yuan**[196](index=196&type=chunk) - Share capital decreased by **67.59 million yuan**, while capital reserve increased by **67.59 million yuan**[196](index=196&type=chunk) [Company Basic Information](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Wanda Film was established on January 20, 2005, listed on the Shenzhen Stock Exchange on January 22, 2015, and renamed on May 9, 2017; as of June 30, 2025, its registered capital was **2.11 billion yuan**, primarily engaged in film exhibition, film/TV investment, and advertising - Wanda Film Holding Co., Ltd. was established in Beijing on January 20, 2005, and listed on the Shenzhen Stock Exchange on January 22, 2015[200](index=200&type=chunk) - As of June 30, 2025, the company's registered capital was **2.11 billion yuan**[200](index=200&type=chunk) - The company and its subsidiaries primarily engage in film exhibition, film and television series investment, and advertising agency businesses[201](index=201&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, in accordance with the Ministry of Finance's Accounting Standards for Business Enterprises and significant accounting policies/estimates; the company's going concern ability for the next 12 months is not in question - The company's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and other relevant regulations, based on actual transactions and events[203](index=203&type=chunk) - The company's ability to continue as a going concern for **12** months from the end of the reporting period has no significant issues[204](index=204&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=63&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash/cash equivalents, foreign currency, financial instruments, expected credit losses, inventories, contract assets/liabilities, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term deferred expenses, employee benefits, provisions, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, leases, and film/game revenue estimates - The financial statements prepared by the company comply with the requirements of the "Accounting Standards for Business Enterprises" and truly and completely reflect the company's financial position as of June 30, 2025, and its operating results and cash flows for January-June 2025[206](index=206&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use Australian dollars, US dollars, and other currencies as their functional currencies[209](index=209&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[222](index=222&type=chunk) - For accounts receivable (regardless of whether they contain a significant financing component) and lease receivables, the company adopts a simplified approach, always measuring loss provisions at the expected credit losses over the entire lifetime[231](index=231&type=chunk) - Film box office revenue is recognized when the film is completed, obtains a "Film Public Release Permit," and is screened in cinemas, based on the actual box office statistics confirmed by both parties and the corresponding revenue-sharing method[273](index=273&type=chunk) - TV series sales revenue is recognized when the TV series is acquired or completed and obtains a distribution license, a broadcast license contract has been signed with the buyer, the broadcast tape or other carrier has been transferred to the buyer as agreed in the contract, the buyer can control the use of the TV series, and the right to receive payment has been obtained[274](index=274&type=chunk) [Taxation](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharges, corporate income tax, cultural construction fees, and film special funds; it benefits from VAT exemptions for film distribution, **15%** corporate income tax for Western Development and high-tech enterprises, and tax exemptions/reductions in special economic zones Major Taxes and Rates | Tax Type | Specific Ta

Market Overview - The film and theater sector experienced a decline of 3.24% on August 27, with Bona Film Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Bona Film Group's stock price fell by 6.83% to 5.73, with a trading volume of 1.77 million shares and a transaction value of 1.10 billion [2] - Other notable declines include Light Media down 5.49% to 19.80, and Golden Screen Cinemas down 4.80% to 9.53 [2] - The highest closing price in the sector was Shanghai Film at 31.04, down 3.96% [2] Capital Flow Analysis - The film and theater sector saw a net outflow of 723 million from institutional investors, while retail investors contributed a net inflow of 542 million [2][3] - The data indicates that retail investors are more active in the sector, with a net inflow of 542 million, compared to the outflow from institutional investors [2][3] Stock-Specific Capital Flow - For individual stocks, Jiecheng Co. saw a net inflow of 86.49 million from retail investors, while it experienced a net outflow of 54.72 million from institutional investors [3] - Wanda Film had a net outflow of 5.80 million from institutional investors but a net inflow of 27.57 million from retail investors [3] - The overall trend shows that while institutional investors are pulling back, retail investors are stepping in to buy [3]

Core Viewpoint - Wanda Film is actively expanding its IP toy business by leveraging its extensive cinema resources and plans to open 100 "Time Space" art stores by 2025, focusing on immersive experiences and diverse product offerings [2] Group 1: Business Strategy - The company is utilizing its over 700 cinema locations to create immersive IP experience spaces called "Time Space," which will integrate toy retail, themed exhibitions, and limited-time events [2] - Wanda Film's subsidiary, Ying Shiguang, is transitioning towards a trend entertainment company by focusing on IP incubation, AI interactive experiences, and comprehensive consumer engagement [2] - The company has a diverse IP resource library that includes its own film and game IPs, leading licensed IPs, original IPs, and co-created IPs with artists [2] Group 2: Partnerships and Collaborations - Wanda Film has strategically invested in the IP toy brand "52TOYS," initiating collaboration in product development, marketing, and other related areas to enhance mutual benefits [2] - The partnership aims to leverage each other's strengths to boost the company's non-ticket revenue streams [2] Group 3: Future Plans - The company is in the early stages of these initiatives and is actively promoting them, with specific progress and developments to be disclosed in regular reports [2]

Group 1 - The summer box office has reached 11 billion, indicating a significant recovery in the film market [1][3] - Successful films like "Nanjing Photo Studio," "Wang Wang Mountain Little Monster," and "Lychee in Chang'an" have contributed to this surge, showcasing the potential of emotional consumption and merchandise sales [3] - The derivative product market has doubled this summer, with plush toys and blind boxes selling better than movie tickets, highlighting the transformation of films into valuable IP assets [3] Group 2 - Companies benefiting from this trend include production firms like Light Media and Wanda Film, which profit from both box office revenue and merchandise licensing [3] - State-owned enterprises like China Film have advantages due to their full industry chain layout, from distribution to screening [3] - The derivative product market is reshaping the industry landscape, with toy manufacturers like Aofei Entertainment and established companies like Shanghai Film leveraging IP collaborations and pop-up stores to convert audiences into long-term consumers [3][4] Group 3 - Despite the current excitement, the film industry faces risks, as evidenced by last year's losses among cinema companies, including Wanda Film's 900 million loss [4] - Long-term investors should focus on companies with sustainable content output capabilities, such as Light Media's animation IP reserves and Wanda Film's cinema integration abilities [4] - The 11 billion box office serves as a signal of consumer recovery in the cultural sector, indicating a positive cycle where audiences are willing to pay for quality content and merchandise supports creative production [4]

Group 1 - The core issue involves a consumer complaint against Wanda Film Co., Ltd. regarding a potential breach of contract related to a purchase made on June 16, 2025 [1] - The complaint was filed on June 24, 2025, and the consumer is seeking compensation for alleged losses due to the company's refusal to fulfill the contract [1] - As of August 23, 2025, no mediation agreement has been reached, and the case is being handled by the Beijing Chaoyang District Market Supervision Administration [1] Group 2 - Wanda Film Co., Ltd. was established on January 20, 2005, and is located in Chaoyang District, Beijing [1] - The company primarily engages in broadcasting, television, film, and recording production activities [1] - The registered capital of Wanda Film Co., Ltd. is approximately 2.11 billion RMB, and the legal representative is Chen Xi [1]

Market Overview - On August 21, the film and cinema sector rose by 0.13% compared to the previous trading day, with Bona Film Group leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Bona Film Group (001330) closed at 5.05, up 2.85% with a trading volume of 500,400 shares and a turnover of 252 million yuan [1] - Light Media (300251) closed at 20.06, up 1.67% with a trading volume of 970,400 shares and a turnover of 1.94 billion yuan [1] - China Film (600977) closed at 13.04, up 1.64% with a trading volume of 354,500 shares and a turnover of 460 million yuan [1] - Other notable performers include Zhongshi Media (600088) at 17.55, up 1.50%, and Jinyi Film (002905) at 9.95, up 1.22% [1] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 82.57 million yuan from institutional investors, while retail investors saw a net inflow of 34.26 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow by Company - Light Media (300251) had a net outflow of 48.54 million yuan from institutional investors, while retail investors contributed a net inflow of 1.07 million yuan [3] - Huayi Brothers (300027) saw a net inflow of 37.89 million yuan from institutional investors, but a net outflow of 30.36 million yuan from retail investors [3] - China Film (600977) had a net inflow of 16.14 million yuan from institutional investors, while retail investors experienced a net outflow of 25.54 million yuan [3] - Bona Film Group (001330) had a net inflow of 10.25 million yuan from institutional investors, but also saw a net outflow from retail investors [3]

Group 1 - Wanda Film's latest stock price is 11.41 yuan, up 0.35% from the previous trading day, with a trading volume of 295,962 hands and a transaction amount of 335 million yuan [1] - Wanda Film operates in the cultural media sector and is a leading cinema operator in China, with main businesses including film screening, investment, production, distribution, and television drama production and distribution [1] - The recent policy from the National Radio and Television Administration supports the broadcast of excellent micro-short dramas, leading to an increase in industry interest, with the micro-short drama market expected to reach 50.5 billion yuan in 2024 and exceed 68 billion yuan in 2025 [1] - Wanda Film has received "positive" ratings from multiple institutions, with over five institutions predicting a net profit growth rate of over 20% for the next two years [1] Group 2 - In terms of capital flow, Wanda Film experienced a net outflow of 22.56 million yuan in principal funds on August 20, with a total net outflow of 72.81 million yuan over the past five days [2]

从资金流向上来看，当日影视院线板块主力资金净流出4.94亿元，游资资金净流入1.04亿元，散户资金净 流入3.89亿元。影视院线板块个股资金流向见下表： 证券之星消息，8月20日影视院线板块较上一交易日下跌0.66%，慈文传媒领跌。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。影视院线板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300027 | 华谊兄弟 | 3.01 | 4.15% | 366.45万 | | 11.13亿 | | 603721 | *ST天择 | 20.03 | 2.14% | 3.55万 | | 7111.38万 | | 002292 | 奥飞娱乐 | 9.89 | 2.06% | 83.24万 | | 8.13亿 | | 300251 | 光线传媒 | 19.73 | 0.36% | 51.66万 | | 10.12亿 | | 002739 | 万达电影 | 11.41 | 0 ...

Core Insights - As of August 19, a total of 202 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Huashu Gaoke, which has seen net buying for 16 trading days [1] - Other notable stocks with significant consecutive net inflows include Kaisheng New Materials, Qilu Bank, Heimu Dan, Nova Star Cloud, Zhangqu Technology, Meihao Medical, Zhenhua Wind Power, and Wanda Film [1]

据公告，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")减持持有的万达电影股份，不触及要约收购。 本次权益变动后，杭州臻希持有的股份由1.35亿股减少至1.06 亿股。同时，其持有的万达电影股份比例由6.392715%减少至 4.999995%，不再是万达电影持 股 5%以上股东。 IF•商业发布 8月19日晚间，万达电影股份有限公司（股票代码：002739.SZ，以下简称"万达电影"）发布关于持股5%以上股东减持计划实施结果暨权益变动至 5%以下的 提示性公告。 ...