转自：推广 文丨白杨 2025年9月下旬，万达电影旗下多家影城子公司同时进行注册资本变更，引发行业关注。其中，哈尔滨 万达国际电影城有限公司（简称：哈尔滨万达影城）的注册资本从500万元大幅增至3000万元，增资 2500万元。此次增资是万达电影系列资本运作的组成部分，映射出影院行业从单一观影场所向多元化娱 乐空间转型的趋势。 万达电影作为国内影院行业的龙头企业，已建立起广泛的影院网络。数据显示，截至2025年6月30日， 万达电影在国内已开业直营影院705家，覆盖全国350个城市，共有6121块银幕。其票房份额高达14.4% 的，使万达电影票房市场份额已连续16年位列全国第一。在全国票房排名前100的影院中，万达电影占 据51席，较去年同期增加4席。在硬件设施上，万达电影保持着行业领先优势。公司拥有386块IMAX银 幕，51块CINITY银幕和18块杜比影院银幕，特效厅资源位居行业首位。 哈尔滨暑期档票房亮眼，文旅融合激活消费潜力 哈尔滨电影市场在2025年暑期档表现活跃，在重点影片《731》上映首日，哈尔滨两家万达影城——哈 西店与哈东店同时冲进全国单日票房前三，显示出当地市场的强劲消费能力。 据哈尔滨 ...

Core Insights - The 2025 National Day film market is showing strong pre-sale performance, with total pre-sale box office exceeding 1 billion yuan as of September 29, 2025 [2] - The diversity in film genres and themes is notable, catering to various audience preferences, including high-budget blockbusters and comedies [2][3] - Listed companies are playing a significant role in this year's National Day film lineup, with major titles expected to perform well [4][5] Group 1: Film Market Performance - The pre-sale box office for the National Day films has surpassed 1 billion yuan, with top films including "The Sound of Thunder," "Assassination of the Novelist 2," and "The Volunteer Army: Blood and Peace" [2] - The film industry is experiencing a resurgence in consumer interest, driven by strong summer box office results, which are expected to carry over into the National Day period [6] - The total box office for the year is approaching 42 billion yuan, with projections for the National Day box office to exceed 2 billion yuan [6] Group 2: Industry Trends - The trend of sequels, series, and IP-based films is becoming mainstream, with films like "The Volunteer Army: Blood and Peace" and "Assassination of the Novelist 2" exemplifying this shift [3][5] - Companies are increasingly focusing on cross-industry collaborations based on IP, exploring new consumption models and expanding the influence of films [7] - The development of related IP products and experiences is being prioritized, with companies aiming to enhance audience engagement beyond the cinema [7]

Investment Rating - The report maintains an "Outperform" rating for the media sector [1] Core Viewpoints - The media sector has shown significant performance with favorable policies and AI-driven growth, particularly in the gaming segment [1][4] - The gaming sector is experiencing robust growth, with a year-on-year revenue increase of nearly 24% and net profit growth of approximately 75% [4][13] - The report highlights a divergence in performance among sub-sectors, with gaming showing strong growth while publishing and film sectors face challenges [4][12] Summary by Sections Investment Recommendations - The media sector's H1 2025 report indicates record-high revenue and significant profit growth, with a positive outlook on gaming, publishing, and IP derivative products [4][12] - The gaming sector benefits from favorable policies and AI advancements, leading to improved valuations and sustained performance [4][13] Market Review - From August 18 to September 26, 2025, the media sector rose by 11.76%, underperforming the ChiNext index by 12.60 percentage points but outperforming the CSI 300 and Shanghai Composite indices [3][16] - Among sub-sectors, the gaming sector increased by 28.36%, while the publishing sector declined by 2.19% [3][16] Industry News - Recent government policies, such as the "Artificial Intelligence +" initiative, are expected to enhance the media sector's growth prospects [25] - The gaming industry saw the approval of 145 domestic game licenses in September 2025, indicating a healthy regulatory environment [50] Monthly Data - In August 2025, the domestic film market generated a box office of 5.991 billion yuan, a year-on-year increase of 48.59% [26][27] - The gaming market's actual sales revenue in August 2025 was 29.263 billion yuan, with a year-on-year decline of 13.01% [44]

Core Viewpoint - The article discusses the decline of Wang Jianlin and Wanda Group, highlighting the company's debt crisis and the shift from the real estate era to the technology era, emphasizing the need for adaptation to new market conditions [4][25]. Wanda's Debt Crisis - Wang Jianlin was recently subjected to a high consumption restriction due to a court ruling related to a 186 million yuan enforcement case, revealing Wanda's ongoing debt issues [5][9]. - Wanda Group has 10 enforcement cases totaling 5.262 billion yuan, with 47 equity freeze cases affecting core subsidiaries, indicating severe financial distress [9][10]. - The company has been forced to sell over 30 Wanda Plazas to survive, with significant transactions planned for 2025, indicating a shift towards asset liquidation [10][12]. Historical Context - The turning point for Wanda began in 2017 when it faced regulatory scrutiny over its overseas investments, leading to a liquidity crisis and a reported debt exceeding 600 billion yuan [10][11]. - Despite attempts to pivot towards a lighter asset model, Wanda's debt continued to escalate, particularly in its real estate segment, which has become a liability rather than an asset [11][14]. Business Model Challenges - Wanda's diversified business model, which once thrived on real estate, is now under pressure as each segment faces its own challenges, leading to a systemic risk across the company [14][17]. - The cultural and investment arms of Wanda have struggled to generate returns, exacerbated by the pandemic and market downturns, further straining the company's financial health [17][18]. Market Dynamics - The article contrasts the decline of "old economy" stocks, like Wanda, with the rise of "new economy" stocks focused on technology and innovation, signaling a broader market shift [19][20]. - The real estate sector's decline has forced traditional companies to adapt or face obsolescence, as seen in Wanda's struggles compared to more agile firms like Wantong Development [22][23]. Conclusion - The narrative of Wang Jianlin's fall from grace serves as a cautionary tale about the importance of adapting to changing market conditions, particularly the transition from real estate to technology-driven growth [25][26].

电影基因打造全方位包裹式沉浸体验 据万达电影介绍，团队充分发挥电影人的专业基因，以"拍一部电影"的匠心水准，为玩家打造了全方位包裹式沉浸体验。 即日起，玩家从生成"通告单"开始，自此开启线上沉浸式体验之旅。 10月2日，梦想渐近，玩家可在线上发起预约，准备奔赴"片场"。10月5日，玩家将在万达电影的线下影院"破次元壁"。 可以预见，玩家们踏入商场的瞬间，便仿佛置身于专属"痛楼"之中——联名视频、海报、垂幅铺满商场大屏、廊道与电梯，浓郁的氛 围感扑面而至。 在此次活动中，万达电影遍布全国200+城市的700+线下影城，将分别变为2家「光影开拍」店、100家「心动热映」店，和605家「爱意 流光」店。在后两类门店中，全国各地的玩家都能看到精美绝伦的巨幅海报作为打卡点；IP专属OST音乐与爆米花的香甜气息在空气 中弥漫开来。视觉、听觉、嗅觉被全方位占领。「光影开拍」店尤其高度还原了电影片场，配备监视器等专业级道具，一系列沉浸式 布景将玩家带入IP梦幻实景。 今日，万达电影发起重磅官宣——十一黄金周将携手现象级游戏 IP《恋与深空》推出大型联名活动。玩家将以游戏中的身份"猎人小 姐"走进影城，和男主一起沉浸式体验"一 ...

转自：大众报业·齐鲁壹点 齐鲁晚报·齐鲁壹点 记者 王颖颖 今日，万达电影发起重磅官宣——十一黄金周将携手现象级游戏 IP《恋与深空》推出大型联名活动。 玩家将以游戏中的身份"猎人小姐"走进影城，和男主一起沉浸式体验"一部电影诞生的故事"。 消息一经发布，玩家们的热情瞬间被点燃。在万达电影APP端，用户们纷纷生成专属"通告单"，开启 了"拍电影"体验的第一站。万达电影旨在通过此类活动突破单一票房模式，践行"超级娱乐空间"战略， 以多元化体验吸引大量年轻观众走进影院。 电影基因打造全方位包裹式沉浸体验 据万达电影介绍，团队充分发挥电影人的专业基因，以"拍一部电影"的匠心水准，为玩家打造了全方位 包裹式沉浸体验。 即日起，玩家从生成"通告单"开始，自此开启线上沉浸式体验之旅。 10月2日，梦想渐近，玩家可在线上发起预约，准备奔赴"片场"。10月5日，玩家将在万达电影的线下影 院"破次元壁"。 可以预见，玩家们踏入商场的瞬间，便仿佛置身于专属"痛楼"之中——联名视频、海报、垂幅铺满商场 大屏、廊道与电梯，浓郁的氛围感扑面而至。 惊喜还在继续：玩家进入影厅后，还有新发现——5大主角登上大银幕，为玩家讲述文明观影须知， ...

西藏拉孜 县锡钦乡中心小学的学生观看《闪闪的红星》。万达电影供图 国庆佳节临近，拉萨万达影城大堂内"小小格桑花，朵朵向中华"心愿墙成为情感汇聚的焦点。一张张手 写明信片上，稚嫩的字迹书写着对祖国的热爱与祝福："我要好好学习，为祖国做出自己的贡献""我爱 你祖国""祝祖国繁荣昌盛，越来越富强"。 "梦想电影院"项目自今年3月启动以来，致力于通过电影艺术助力青少年成长与文化普惠。项目结合全 国万达影城的地理与文化特色，设计系列主题放映活动，并开放影视研学资源，推动"观影+教育"深度 融合。项目原计划在2025年完成的100场公益放映目标已超额完成165场，有效助力现代公共文化服务体 系建设。 中国青年报客户端讯（中青报·中青网记者 夏瑾）9月26日，海拔3664米的拉萨万达影城内，一场特殊的 观影活动正在举行。来自拉萨市纳金小学的200名学生齐聚于此，跟随电影《南京照相馆》的镜头，沉 浸于一段难忘的光影启蒙之旅。这意味着万达电影与中国电影基金会共同发起的"梦想电影院"公益项目 抵达其海拔最高的站点。 观影过程中，孩子们神情专注，随着剧情推进而思考。"历史会记录下真相，我们要铭记先辈的沉痛和 牺牲。"一名学生在观影 ...

Market Overview - The film and theater sector experienced a decline of 2.31% on September 26, with Huace Film leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - Huace Film (300133) saw a significant drop of 5.21%, closing at 9.27 with a trading volume of 1.31 million shares and a turnover of 1.23 billion yuan [2] - China Film (600977) decreased by 3.86%, closing at 14.95 with a trading volume of 604,200 shares and a turnover of 911 million yuan [2] - Other notable declines include Zhongshi Media (600088) down 0.48% to 16.57 and Wanda Film (002739) down 1.85% to 12.21 [1][2] Capital Flow Analysis - The film and theater sector saw a net outflow of 415 million yuan from institutional investors, while retail investors contributed a net inflow of 424 million yuan [2] - The capital flow for individual stocks indicates that Jiechuan Co. (300182) had a net outflow of 47.55 million yuan from institutional investors [3] - In contrast, Baijia Qiancheng (300291) experienced a net inflow of 36.51 million yuan from institutional investors [3]

斑马消费 陈碧婷 儒意收购万达电影后，市场一度质疑这场宏大交易的价值。 交易达成后，万达电影、中国儒意业绩下降甚至是亏损；此前颇多经典的两大电影公司，近年也并未推出新的重磅，甚至在接下来颇为关键的十一档中，几 乎没什么存在感。 不过，儒意系掌舵人柯利明，并非严格意义上的电影人，而是一位文娱产业的投资人。他以影视业务入圈，近年却带领儒意布局游戏业务，今年还投资了潮 玩产业。收购万达电影后，中国儒意先后投资游戏公司有爱互娱、北京永航，潮玩品牌52TOYS，以及快钱金服，初步构成文化+科技+金融的产业版图。 市场不用焦虑，柯利明用儒意和万达电影编织的IP大网，也许很快就能迎来丰收时刻。 蛇吞象 万达电影的高峰和儒意影业的起步，都发生在那如梦似幻般美好的2013年。 那时候，万达院线在中国市场已经坐上了头把交椅，便计划朝影视行业纵向发展，以及横向开启出海扩张。 当年9月，号称投资500亿元的青岛东方影都开工，展示出了万达在影视制作与投资上的雄心。年底，万达文化板块旗下最重要的海外资产，AMC院线在美 股上市。万达院线因为国内上市流程等原因，则要等到一年以后才登陆了A股市场。 那个时期，影视行业的明星公司是华谊兄弟和光 ...

Box Office Performance - The film "731" has surpassed 1.3 billion yuan in box office revenue, significantly boosting the traditionally slow September movie market and extending this viewing enthusiasm into the upcoming National Day holiday [2] - As of September 25, 2025, the total pre-sale box office for new films during the National Day holiday reached 15.75 million yuan, with "Assassination of the Novelist 2" leading the pre-sale box office rankings [2] Market Trends - September is typically a slow month for the film market, but this year, driven by "731," the monthly box office has exceeded 2.3 billion yuan, far surpassing the same period last year [2] - The upcoming National Day holiday features a diverse range of film genres, including fantasy, action, war, drama, animation, history, comedy, and crime, catering to various audience preferences [3] Film Analysis - "Assassination of the Novelist 2" is currently leading in pre-sales, with a strong emphasis on visual and auditory experiences, and has the highest number of IMAX screenings among all films [3] - The film's pre-sale success indicates sustained interest based on its predecessor's IP, and if it receives positive reviews post-release, its performance during the National Day holiday is expected to be strong [3][4] Audience Demographics - "Assassination of the Novelist 2" has a significant market share in lower-tier cities, with 22.7% of its box office coming from these areas [3] - "The Volunteer Army: Blood and Peace" has a notable audience demographic, with nearly 40% of its pre-sale viewers aged 40 and above, highlighting its appeal to family audiences [4] Industry Impact - The anticipation for the National Day holiday has led to a surge in several film stocks, with notable increases in share prices for companies like Bona Film Group and Light Media [4] - The trend of film sequels and IP series is becoming mainstream, with several films in the National Day lineup being sequels, indicating a shift towards a more mature and industrialized film industry in China [6][7] Box Office Variability - Despite the prevalence of sequels, there is a noticeable polarization in box office performance, with some films exceeding expectations while others fall short [8][9] - The ultimate success of a film is influenced by its quality and audience reception, alongside promotional efforts and market trends [9]