Investment Rating - The report maintains a "Buy" rating for Wanda Film [7] Core Views - Wanda Film's revenue for H1 2024 was 6.218 billion yuan, a year-on-year decline of 9.48%, with a net profit attributable to shareholders of 113 million yuan, down 73.18% year-on-year. In Q2 2024, the company reported revenue of 2.397 billion yuan, a decrease of 22.97% year-on-year, resulting in a loss of 212 million yuan [5][6] - The company's market share in cinema operations has steadily increased, and it has a rich film reserve. The gaming business has performed well, enhancing the diversified revenue structure, leading to optimism about future performance [5][6] Summary by Sections Financial Performance - In H1 2024, Wanda Film's revenue was 6.218 billion yuan, down 9.48% year-on-year, and the net profit was 113 million yuan, down 73.18% year-on-year. Q2 2024 revenue was 2.397 billion yuan, a decline of 22.97% year-on-year, with a loss of 212 million yuan [5][6] Market Analysis - The film market in Q2 2024 was sluggish, affecting the company's main business. The overall box office was 7.42 billion yuan, down 28.7% year-on-year, with attendance dropping 31.2% to 180 million. The company's cinema operation revenue is closely tied to the overall market performance [6] Film Production and Investment - Wanda Film's selection capability has improved, with all invested films in H1 2024 being profitable. Notable films include "Peacekeeping Riot Team" and "I Don't Want to Be Friends with You," which achieved box office revenues of 511 million yuan and 203 million yuan, respectively. The company has a rich pipeline of upcoming films [6] Gaming Business - The gaming segment has shown significant growth, with revenue reaching 331 million yuan in H1 2024, more than doubling year-on-year. The game "Saint Seiya: Legend of Justice" has performed well in various markets, contributing to this growth [6] Profit Forecast - The forecast for net profit attributable to shareholders is 507 million yuan for 2024 and 939 million yuan for 2025, with corresponding price-to-earnings ratios of 42 and 23 times [7]

Investment Rating - The report maintains a "Buy" rating for Wanda Film [1] Core Views - The company's performance in H1 2024 was impacted by a weak film market, leading to a decline in revenue and net profit [2][3] - Despite the challenges, the company is focusing on optimizing cinema operations and expanding merchandise sales, which are expected to contribute positively in the future [5][7] Financial Summary - In H1 2024, Wanda Film reported revenue of 6.218 billion yuan, a year-over-year decrease of 9.48%, and a net profit of 113 million yuan, down 73.18% [2][3] - The company's net profit margin was 1.88%, down 4.34 percentage points year-over-year, while the gross margin was 26.08%, down 2.18 percentage points [3] - Operating cash flow for H1 2024 was 537 million yuan, a significant decrease of 77.59% year-over-year, primarily due to increased investments in content [3] Business Segments - Cinema operations generated 3.639 billion yuan in revenue in H1 2024, a decline of 9.96% year-over-year, with a gross margin of 2.46% [5] - Merchandise sales reached 813 million yuan, down 17.25% year-over-year, with a gross margin of 60.96% [6] - The gaming segment saw revenue of 331 million yuan, a year-over-year increase of 100.19%, driven by successful game launches [7] Future Outlook - The report forecasts revenue growth for the company, estimating revenues of 14.192 billion yuan, 16.494 billion yuan, and 17.866 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 604 million yuan, 1.363 billion yuan, and 1.607 billion yuan [7][9] - The company aims to increase its market share in the cinema industry to 20% and is actively working on enhancing its content offerings [5][7]

万达[Table_StockNameRptType] 电影（ 002739.SZ） 公司点评 Q2 业绩受大盘拖累，持续关注大盘修复情况及重点影片上映节奏 | --- | --- | --- | --- | |------------------------------------------------------|------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Author] [Table_Rank] | 投资评级：买入（维持） | | 主要观点： | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [2][4]. Core Views - The company reported a revenue of 6.22 billion RMB for H1 2024, a decrease of 9.5% year-on-year, and a net profit attributable to shareholders of 110 million RMB, down 73.2% [1][2]. - The cinema segment faced pressure due to weak box office performance in Q2, while the gaming business showed strong growth, with a 100.2% increase in revenue [2]. - The report anticipates continued pressure on the cinema segment in Q3, but expects growth in the content segment in the second half of the year [2]. Summary by Sections Performance Review - H1 2024 revenue was 6.22 billion RMB, down 9.5% year-on-year; net profit attributable to shareholders was 110 million RMB, down 73.2% [1]. - Q2 revenue was 2.4 billion RMB, a decrease of 23.0% year-on-year, with a net loss of 210 million RMB compared to a profit of 110 million RMB in the same period last year [1]. Operational Analysis - Revenue breakdown: - Cinema revenue was 3.64 billion RMB, down 10.0% year-on-year - Merchandise and catering sales were 810 million RMB, down 17.3% - Advertising revenue was 590 million RMB, down 3.6% - Game publishing revenue was 330 million RMB, up 100.2% [2]. - The cinema segment's Q2 box office decreased by 28.7%, attributed to a lack of supply and competition from tourism and concerts [2]. - The report highlights that the content segment's profitability remains stable, with a gross margin of 46.5% for film production and distribution, up 15.8 percentage points year-on-year [2]. Future Outlook - The cinema segment is expected to face challenges in Q3 due to a lackluster summer box office, with July and August 2024 box office down approximately 7 billion RMB year-on-year [2]. - Upcoming films and series are anticipated to support performance in the content segment, with several titles set to release in H2 2024 [2]. - The report projects net profits for 2024-2026 to be 580 million RMB, 1.22 billion RMB, and 1.48 billion RMB, respectively, with corresponding P/E ratios of 36.9, 17.5, and 14.4 [2][4].

Investment Rating - Investment Rating: Buy [2] - Target Price: RMB 12.06 [2] Core Insights - The company's performance in H1 2024 was impacted by industry-wide challenges, with a revenue decline of 9.48% year-over-year to RMB 6.218 billion and a net profit of RMB 113 million, down 73.18% year-over-year [2][3] - The second quarter saw a significant drop in box office revenue, with a nationwide decline of approximately 29%, leading to losses in the company's cinema operations [3] - Despite the challenges, the content production segment showed strong performance, with several projects set to release in the year, indicating a potential recovery in the future [4][5] Financial Summary - H1 2024 Revenue: RMB 6.218 billion (yoy -9.48%) [2] - H1 2024 Net Profit: RMB 113 million (yoy -73.18%) [2] - Q2 2024 Revenue: RMB 2.397 billion (yoy -22.97%, qoq -37.27%) [2] - Q2 2024 Net Loss: RMB 2.12 billion (yoy -298.32%, qoq -165.20%) [2] - 2024-2026 Net Profit Forecast: RMB 769 million (2024), RMB 1.45 billion (2025), RMB 1.639 billion (2026) [6] Market Position and Strategy - The company maintains a leading position in the cinema market with the highest market share and operational efficiency [2][5] - The partnership with Ru Yi is expected to enhance the company's strategic direction, focusing on increasing domestic market share and expanding content production [5]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 25% in the first half of 2024[1]. - The company's operating revenue for the first half of 2024 was ¥6,218,370,043.59, a decrease of 9.48% compared to the same period last year[12]. - The net profit attributable to shareholders was ¥113,389,302.05, down 73.18% year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥86,479,320.35, representing a 79.17% decline compared to the previous year[12]. - The net cash flow from operating activities was ¥536,985,094.53, a decrease of 77.59% from the same period last year[12]. - Basic earnings per share were ¥0.0520, down 73.20% year-on-year[12]. - The company's total profit for the first half of 2024 was CNY 158,666,671.46, down from CNY 439,969,310.82 in the first half of 2023, a decline of 64.0%[135]. - The net loss attributable to the parent company for the first half of 2024 was CNY 1,219,668,193.66, an improvement from a loss of CNY 1,301,593,930.95 in the same period of 2023[133]. Market and User Growth - User data showed a rise in active users by 15% compared to the same period last year, reaching a total of 10 million active users[2]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% over the first half[3]. - New product launches contributed to 30% of total revenue, indicating strong market acceptance and demand[4]. - The company is expanding its market presence, with plans to open 50 new theaters by the end of 2024[5]. - The company has over 65 million self-owned members, with the contribution of self-owned channel box office steadily increasing[22]. Box Office Performance - The company's domestic cinema box office reached 3.13 billion yuan, a decline of 14.5% year-on-year, with audience attendance of 75 million, down 14.3% year-on-year, maintaining a market share of 16.9%[22]. - The total national box office for the first half of 2024 was 23.77 billion yuan, a year-on-year decrease of 9.5%, with audience attendance of 550 million, down 9.3%[18]. - The second quarter box office was 7.42 billion yuan, a decline of 28.7% year-on-year, with audience attendance of 180 million, down 31.2%[18]. - The box office for the film "White Snake: The Floating Life" reached 3.8 billion yuan, contributing to the company's strong performance in the summer film season[29]. Strategic Initiatives - The company has completed a strategic acquisition of a smaller competitor, enhancing its market share by 5%[7]. - The management highlighted a commitment to sustainability, with initiatives aimed at reducing carbon emissions by 20% by 2025[8]. - The company is actively adjusting its strategic layout and integrating resources to mitigate the impact of the box office decline on its cinema segment[21]. - The company plans to enhance its cinema development model and optimize cinema construction standards while accelerating the expansion of direct-operated cinemas[23]. Research and Development - Research and development expenses increased by 10%, focusing on innovative technologies in film production and distribution[6]. - The company reported a significant increase in research and development expenses to CNY 15,360,149.00 from CNY 10,605,241.72, marking a rise of 44.5%[134]. Risk Management - Risk factors related to market competition and regulatory changes have been identified, with mitigation strategies in place[10]. - The company faces risks related to insufficient supply of quality films, which could impact box office revenue due to a trend towards concentration on high-quality films[64]. - To mitigate risks from insufficient film supply, the company is enhancing marketing efforts and diversifying its entertainment offerings, including live performances and events[65]. - Regulatory risks are present due to strict oversight in the film industry, and the company is committed to closely monitoring policy changes to minimize compliance risks[69]. Corporate Governance - The company held three shareholder meetings during the reporting period, with participation rates of 23.94%, 29.85%, and 22.49% respectively[72]. - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[74]. - The company has no stock incentive plans or employee stock ownership plans during the reporting period[74]. - The company maintains a commitment to investor relations, ensuring timely and accurate information disclosure to shareholders[80]. Social Responsibility - The company actively engaged in social responsibility activities, including charity events for rural children and free movie screenings for disabled individuals[76]. - The company implemented green and low-carbon development practices in cinema construction and operations, utilizing eco-friendly materials and energy-saving technologies[77]. Financial Position - Total assets at the end of the reporting period were ¥24,912,585,962.41, a decrease of 0.85% from the end of the previous year[12]. - The net assets attributable to shareholders were ¥8,075,951,768.57, an increase of 0.57% compared to the end of the previous year[12]. - The company's total liabilities decreased to CNY 16,687,538,649.09 from CNY 16,949,955,180.44, a reduction of 1.5%[130]. - The total equity at the end of the reporting period is RMB 13,269,078,820.16, with a capital stock of RMB 2,179,368,810.00 and capital reserves of RMB 12,719,342,434.98[154]. Shareholder Structure - The company’s major shareholder, Beijing Wanda Investment Co., Ltd., holds 20.00% of the shares, amounting to 435,873,762 shares[113]. - The company has a total of 96,261 shareholders holding more than 5% of the shares as of the reporting period[112]. - The company’s shares are subject to various pledges, with 222,295,619 shares pledged by Beijing Wanda Investment Co., Ltd.[113]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[158]. - The financial report was approved by the board of directors on August 29, 2024[157]. - The company’s financial statements are prepared based on the going concern principle, with no significant issues affecting its ability to continue operations for the next 12 months[158].

| | | | | 万达电影股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024年1-6月非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | | | 编制单位：万达电影股份有限公司 | | | | | | | | | 单位： | 人民币万元 | | 非经营性资金 | 资金占用方名称 | 占用方与上市公 | 上市公司核 算的会计科 | 2024年期初占 | 2024年1-6月占 用累计发生额 | 2024年1-6月 占用资金的 | 2024年1-6月 偿还累计发 | 2024年6月30 日占用资金 | 占用形成 | 占用性质 | | 占用 | | 司的关联关系 | | 用资金余额 | | | | | 原因 | | | | | | 目 | | （不含利息） | 利息 | 生金额 | 余额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 企业 | | | | | | | | | | | | 小计 | ...

一、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 经审核，监事会认为：董事会编制和审议的《公司 2024 年半年度报告》及 其摘要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏， 具体内容请参见同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的相关公 告。 表决结果：3 票同意，0 票反对，0 票弃权。 万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2024-042 号 万达电影股份有限公司 第六届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）第六届监事会第十五次会议于 2024 年 8 月 29 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 2024 年 8 月 20 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 ...

[2024] 9-00116 WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 1 22 2206 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 Telephone +86 10 82330558 Fax +86 10 82327668 Internet www.daxincpa.com.cn [2024] 9-00116 2023 —— 1 20 3101 —— - 1 - 1 22 2206 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 Telephone +86 10 82330558 ...

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2024-041 号 万达电影股份有限公司 第六届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）第六届董事会第十七次会议于 2024 年 8 月 29 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 2024 年 8 月 20 日以电 话、电子邮件及书面形式发出。会议由公司董事长陈曦女士主持，应出席董事 6 人，实际出席董事 6 人，会议的召集、召开符合《公司法》《公司章程》的相关 规定，会议合法有效。本次会议采用记名投票方式进行表决，与会董事经认真审 议，形成以下决议： 一、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 董事会认为公司编制的《2024 年半年度报告》及其摘要真实、准确、完整 的反映了公司报告期内的经营情况，具体内容请参见同日披露于巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 表决 ...