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：2024-020 号 万达电影股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）于近日收到控股股东北京万达投 资有限公司（以下简称"万达投资"）通知，获悉其将持有的部分公司股份进行质 押，现将具体情况公告如下： | 股东 | 是否为控 股股东及 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 | 质押起 | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | 为限 | 补充 | | | 质权人 | | | 名称 | 其一致行 | 数量（股） | 比例 | 比例 | 售股 | 质押 | 始日 | 期日 | | 用途 | | | 动人 | | | | | | | | | | | 万达 | | | | | | | 2024 年 | 至解除 质押登 | ...

Transaction Overview - Keyi Ming's Ruyi Investment acquired a 51% stake in Wanda Investment, making Keyi Ming the actual controller of Wanda Film [1][2] - The total consideration for the 51% stake was RMB 2.155 billion, with Wanda Culture, Beijing Hengrun, and Wang Jianlin transferring 20%, 29.8%, and 1.2% respectively [2] - In July 2023, China Ruyi, a Hong Kong-listed company controlled by Keyi Ming, acquired 49% of Wanda Investment for RMB 2.262 billion [1][2] - Post-transaction, Keyi Ming controls 100% of Wanda Investment and indirectly controls 20% of Wanda Film, while Wanda Culture's stake drops to 10.9% [2] Management Changes - Wanda Film's chairman Zhang Lin and director Yin Xiangjin resigned in January 2024, with Chen Xi and Gong Qiao taking over as directors [2] - Chen Xi, a well-known actress and producer, was elected as the new chairman of Wanda Film [2][3] - Wanda Culture is required to facilitate the resignation of over half of Wanda Film's board members within one month of the transaction, with Ruyi Investment recommending replacements [3] Wanda Film's Market Position - As of December 31, 2023, Wanda Film operates 905 cinemas with 7,546 screens, holding a 16.7% market share in China [4] - In the first half of 2023, Wanda Film's box office revenue reached RMB 4.042 billion, accounting for 58.84% of total revenue, with additional revenue from merchandise, food, and advertising sales [6] Strategic Implications for Ruyi - The acquisition allows Ruyi to integrate the upstream and downstream of the film industry chain, leveraging Wanda Film's extensive cinema network [1] - Wanda Film's cinema network provides valuable audience data, enabling better market insights and IP management for China Ruyi [6] Wanda's Financial Pressure - Wang Jianlin's decision to sell Wanda Film shares was driven by Wanda Commercial Management's debt pressure, with RMB 29.257 billion in short-term debt due by June 2023 and only RMB 14.692 billion in cash and equivalents [4] - Wanda Commercial Management faced a potential buyback obligation of over RMB 30 billion if it failed to list by the end of 2023, leading to asset sales including 11 Wanda Plazas and the Beijing Wanda Plaza [4] Keyi Ming's Background - Keyi Ming, born in 1983, has a master's degree in monetary banking from Griffith University and has extensive experience in both finance and the film industry [5] - He has produced and invested in numerous successful films and TV series, including "The Wandering Earth," "Hi, Mom," and "The Battle at Lake Changjin" [5] - Keyi Ming has been actively involved in capitalizing Ruyi Pictures, with previous attempts to sell stakes to listed companies and a successful acquisition by China Ruyi in 2020 [5][6]

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：2024-018 号 关于间接控股股东股权转让完成暨公司控制权变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次控制权变更基本情况 2023 年 12 月 12 日，北京万达文化产业集团有限公司（以下简称"万达文 化集团"）、北京珩润企业管理发展有限公司（以下简称"北京珩润"）及王健林 先生与上海儒意投资管理有限公司（以下简称"儒意投资"）签署股权转让协议， 拟分别将其持有的万达电影股份有限公司（以下简称"公司"）控股股东北京万 达投资有限公司（以下简称"万达投资"）20%、29.8%和 1.2%股权（合计持有万 达投资 51%股权）转让予儒意投资，转让价款共计人民币 21.55 亿元。本次交易 完成后，公司实际控制人将变更为柯利明先生，具体内容详见公司于 2023 年 12 月 13 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于间接控股股东及 实际控制人签署<股权转让协议>暨公司控股权拟发生变更的提示性公告》。 二、本次控制权变更进 ...

万达电影股份有限公司 | 股东名称 | 是否为控股 | 本次解除 | 占其所持 | 占公司 | 是否 | 质押起始 | 质押解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东及其一 | 质押数量 | 股份比例 | 总股本 | 为限 | 日 | 日 | | | | 致行动人 | （股） | | 比例 | 售股 | | | | | 万达投资 | 控股股东 | 70,000,000 | 16.06% | 3.21% | 否 | 2023 年 5 | 2024 年 4 | 中国银行股份有 限公司大连沙河 | | | | | | | | 月 9 日 | 月 15 日 | | | | | | | | | | | 口支行 | 股票代码：002739 股票简称：万达电影 公告编号：2024-019 号 万达电影股份有限公司 关于控股股东股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）于近日收到控股股东北京万达投 资有限公司 ...

万达电影股份有限公司 特此公告。 万达电影股份有限公司 关于办公地址及投资者联系电话变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）根据经营发展需要，于近日搬迁 至新办公地址，现将变更后的联系方式公告如下： | | 变更前 | | | 变更后 | | | --- | --- | --- | --- | --- | --- | | 办公地址 | 北京市朝阳区建国路 | | 号万达 93 | 北京市朝阳区八里庄东里 | 号 1 | | | 广场 B 座 | 11 | 层 | 莱锦文化创意产业园 CN02 | 楼 | | 邮政编码 | 100022 | | | 100025 | | | 联系电话 | 010-85587602 | | | 010-65055989 | | 除上述调整外，公司其他联系方式保持不变，敬请广大投资者留意。 股票代码：002739 股票简称：万达电影 公告编号：2024-017 号 万达电影股份有限公司 董事会 2024 年 4 月 9 日 ...

Investment Rating - Buy (首次) [1] Core Views - The report highlights that Wanda Film, as a leading cinema chain, is poised for a revaluation of its core value due to the post-pandemic recovery and the introduction of AI technology in the film industry [1] - The company's cinema business provides a profit cushion, with controllable downside risks and significant upside potential [1] - The entry of Ruyi Investment as a major shareholder and the change in management are expected to bring new opportunities for the company's development [1] Domestic Cinema Business Review - Wanda Film's domestic cinema business has shown resilience and market share growth despite industry challenges [2] - The company's market share in box office revenue increased from 14% in 2019 to 17% in 2022, even as the industry faced significant headwinds during the pandemic [2] - The company's profitability was impacted during the pandemic, but it managed to maintain and even increase its market share through strategic measures such as closing underperforming cinemas and focusing on high-quality locations [2] Market Share and Profit Potential - The report estimates that Wanda Film's domestic cinema business has a potential post-tax profit of up to 3 billion yuan, driven by the recovery of the film industry and the company's competitive advantages [2] - The company's overseas cinema business is expected to contribute 250-300 million yuan in annual net profit, providing a stable cash flow and profit cushion [2] Ruyi Investment and AI Opportunities - The entry of Ruyi Investment, led by Ke Liming, is expected to enhance Wanda Film's film production capabilities and bring new growth opportunities [2] - AI technology is seen as a potential game-changer for the film industry, with the ability to enrich mid-tier film production and drive industry demand growth [2] - Wanda Film, as a leading cinema chain and film producer, is well-positioned to benefit from these technological advancements [2] Financial Projections and Valuation - The report forecasts that Wanda Film's revenue will grow from 14.35 billion yuan in 2023 to 18.13 billion yuan in 2025, with net profit increasing from 1.14 billion yuan to 1.85 billion yuan over the same period [3] - The company's EV/EBITDA valuation for 2024 is estimated at 17x, which is between the industry average and the valuation of leading US cinema chains, suggesting a target market capitalization of 45.7 billion yuan [3] Historical Performance and Industry Trends - Wanda Film's historical performance reflects the broader trends in the domestic cinema industry, with periods of rapid growth, intense competition, and pandemic-induced challenges [2] - The company has consistently maintained a leading position in the industry, with a focus on high-quality expansion and operational efficiency [2] Strategic Initiatives - The company has implemented various strategic initiatives, including the introduction of franchise operations, to maintain its market leadership and improve profitability [2] - Wanda Film's focus on high-quality locations and strategic closures of underperforming cinemas has helped it navigate the challenges posed by the pandemic [2] Future Outlook - The report is optimistic about Wanda Film's future, citing the potential for market share growth, profit expansion, and the positive impact of new technologies and strategic partnerships [2][3] - The company's ability to leverage its strong market position, operational efficiency, and new opportunities in film production and AI technology is expected to drive future growth [2][3]

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The new management team is in place, aiming to enhance market share and diversify revenue streams through film production and distribution [4]. - The company achieved a box office revenue of 7.56 billion yuan in 2023, recovering to 96.4% of 2019 levels, with a market share of 16.7% [4]. - The collaboration between the new controlling shareholder and the company is expected to bring flexibility to the film content business [4]. - The company is exploring diversified income sources, including IP derivative sales and advertising revenue [4]. - The report adjusts profit forecasts, projecting net profits of 1.137 billion yuan for 2023 and 1.513 billion yuan for 2024 [4]. Financial Summary - Total revenue for 2023 is estimated at 14.396 billion yuan, with a year-on-year growth rate of 48.5% [6]. - The net profit for 2023 is projected at 1.137 billion yuan, with a corresponding earnings per share of 0.52 yuan [6][7]. - The gross margin is expected to be 27.1% in 2023, with a return on equity (ROE) of 13.8% [6].

万达电影股份有限公司 一、《行政监管措施决定书》内容 "北京万达投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁： 经查，2019 年万达电影以发行股份购买资产方式收购万达影视传媒有限公 司（以下简称"万达影视"）股权。你们共同作为业绩承诺补偿主体，与公司签订 了《盈利预测补偿协议》，对万达影视 2018 年度、2019 年度、2020 年度及 2021 年度的净利润作出承诺，在业绩承诺不能实现时你们对万达电影进行补偿。 股票代码：002739 股票简称：万达电影 公告编号：2024-016 号 关于股东收到中国证券监督管理委员会北京监管局 行政监管措施决定书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"、"万达电影"）控股股东北京万达 投资有限公司及股东莘县融智兴业管理咨询中心（有限合伙）、林宁女士于 2024 年 3 月 25 日收到中国证券监督管理委员会北京监管局出具的《关于对北京万达 投资有限公司、莘县融智兴业管理咨询中心（有限合伙）、林宁采取责令改正行 政监管措施的决定》（【2024】53 号） ...

[Table_Title] 证券研究报告 万达电影（002739.SZ）：强强联合，推陈出 公司研究 新 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年03月26日 万达电影（002739.SZ） [T事ab件le：_万Su达mm电ar影y]于3月22日举办的投资者交流会，公司实际控制人柯利明， 投资评级 董事长兼总裁陈曦，董事、执行总裁陈洪涛，董事、董事会秘书王会武，董 事龚峤，副总裁、财务负责人黄朔出席会议，董事长兼总裁陈曦主要发言。 上次评级 点评： [T冯ab翠le婷_Au传th媒or互]联网及海外 万达电影表示：（1）将继续拓展院线板块市场份额，并不断提高内容板块 首席分析师 产出能力。（2）公司计划利用时光网平台重点发展衍生品业务。（3）公司 执业编号：S1500522010001 现在坚持推进制片人中心制，相当于在全流程化的每一个流程端，除了满足 邮箱：fengcuiting@cindasc.com 导演的创作需求之外，公司无论是从产品立项上、还是从内容品质上、艺术 创作上以及审美上的层层方都严格把控，这样才能保证每一部作品的质量。 近年来中国观 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The new management team, led by Chairman Chen Xi, will focus on enhancing content production, IP collaboration, and AI technology integration to empower Wanda Film's business [1][2] - The company aims to increase its market share in the cinema sector to over 20% in the long term, currently holding a market share of 16.7% [1][2] - Wanda Film has a robust pipeline of films and series, with over 15 projects in production, including major releases scheduled for 2024 [2][3] Summary by Sections Company Overview - Wanda Film has a total of 905 operating cinemas and 7,546 screens as of December 31, 2023, with a market share of 16.7% [1] - The company plans to expand its direct-operated cinemas and enhance the quality and profitability of its cinema operations [1] Film and TV Production - The company is set to release films such as "Peacekeeping Riot Team" on May 1 and "White Snake: The Floating Life" on August 10, with a focus on major holiday releases [2] - Wanda Film is also investing in high-quality series, with several projects completed and set to air in 2024 [2] Gaming Business - Wanda Film's gaming subsidiary, Mutual Love Interactive, has seen significant growth in overseas revenue, which increased from 8% in 2019 to over 30% in 2023 [2] - The company plans to release several high-quality games in 2024, further expanding its international market presence [2] Non-Ticket Revenue - The company is focusing on developing its merchandise and food and beverage lines to increase non-ticket revenue, leveraging popular IPs for product development [2][3] - Wanda Film has established a strong online presence with 35 Douyin live accounts and approximately 5.4 million followers, aiming to enhance its online and offline sales channels [2] Financial Projections - Revenue projections for 2023E-2025E are 141.4 billion, 164.1 billion, and 180.1 billion yuan respectively, with net profits expected to be 11.27 billion, 16.6 billion, and 18.24 billion yuan [3][4] - The company anticipates a revenue growth rate of 45.8% in 2023E, followed by 16.1% in 2024E and 9.7% in 2025E [4]