Industry Overview - In 2024, the number of operating cinemas in China reached 13,337, a historical high, despite a backdrop of declining box office revenues, leading to intensified market competition [1] - The total number of screens in operation in 2024 reached 81,500, surpassing 80,000 for the first time [1] - The number of newly built cinemas in 2024 was 1,026, representing a year-on-year growth of 19.9% [1] Company Developments - Wanda Film reported opening 7 new cinemas in 2024, maintaining a total of 892 cinemas and 7,435 screens by the end of the year [2] - Hengdian Film announced the opening of 29 new asset-linked cinemas in 2024, bringing its total to 541 cinemas [2] - Happiness Blue Sea opened 2 new cinemas in 2024, with plans to sign 5 new cinema projects [3] Strategic Adjustments - Hengdian Film is optimizing its cinema construction and development strategies to enhance the scale, quality, and profitability of its direct-operated cinemas [3] - Wanda Film plans to adjust its cinema development strategy based on market conditions, with a goal to open 20 to 25 new direct-operated cinemas in 2025 [4] - Companies are focusing on improving operational efficiency and closing underperforming cinemas to mitigate risks [3]

Core Insights - The Chinese film industry experienced a significant recovery in Q1 2025, driven by the success of "Nezha 2," with total box office revenue reaching 243.86 billion yuan, a 49.1% year-on-year increase [1][2][4]. Group 1: Industry Performance - The total box office for the Spring Festival period was 95.1 billion yuan, marking an 18.64% increase, with 1.87 billion viewers, a 14.50% rise [2]. - Domestic films accounted for 236.66 billion yuan of the total box office, representing 97.05% of the market share, with a 57.31% increase compared to the previous year [2][4]. - The total number of viewers in Q1 reached 5.2 billion, up 42.86% year-on-year [2]. Group 2: Company Performance - Wanda Film reported record-high revenues of 47.09 billion yuan, a 23.23% increase, and a net profit of 8.3 billion yuan, up 154.72% [4]. - Hengdian Film achieved revenues of 11.72 billion yuan and a net profit of 3.43 billion yuan, reflecting growth rates of 39.15% and 56.77%, respectively [5]. - Light Media's revenue soared to 29.75 billion yuan, a 177.87% increase, with a net profit of 20.16 billion yuan, up 374.79% [9][10]. Group 3: Challenges in the Industry - Despite the success of certain companies, upstream investment firms faced difficulties, with China Film reporting a net loss of 1.41 billion yuan, a 245.25% decline [8]. - Bona Film experienced a significant loss of 9.55 billion yuan, attributed to poor box office performance and high costs [9]. - Beijing Culture continued to face losses, reporting a 2.18 billion yuan deficit in Q1, expanding nearly 15 times compared to the previous year [9].

Core Viewpoint - The legal opinion letter regarding the 2024 annual shareholders' meeting of Wanda Film Co., Ltd. confirms that the meeting was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the proceedings and the validity of the resolutions passed [1][2][4]. Group 1: Meeting Procedures - The shareholders' meeting was announced within the legal timeframe, detailing the time, location, agenda, and registration methods [2][3]. - The meeting was held on May 28, 2025, with specific time slots for voting and participation [3]. Group 2: Attendance and Voting - A total of 31.4296% of the company's shares were represented at the meeting, confirming the legitimacy of the attendees [3][4]. - Voting was conducted both in-person and through the Shenzhen Stock Exchange's internet voting system, with results combined and no objections raised by the shareholders [4][5]. Group 3: Resolutions Passed - All proposed resolutions, including those related to the annual reports, financial statements, profit distribution, and related party transactions, were approved by the shareholders [5][7]. - The resolutions were deemed legal and valid according to the company's articles of association and relevant regulations [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：2025-038 万达电影股份有限公司 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。 特别提示： 一、会议召开情况 （1）现场会议召开时间：2025 年 5 月 28 日（星期三）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 28 日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为 2025 年 5 月 28 日 9:15－15:00 的任 意时间。 化创意产业园 CN02 楼） 《上市公司股东会规则》以及 《公司章程》的规定，会议的表决程序和表决结果合法有效。 二、会议出席情况 万达电影股份有限公司 表决权股份总数的 31.4296％。其中：通过现场投票的股东 13 人，代表股份 人，代表股份 119,576,932 股，占公司有表决权股份总数的 5.6624％。 中小股东出席的总体情况：通过现场和网络投票的中小股东 894 人，代表股 份 136,3 ...

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2025-038 万达电影股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议； 3、本次股东大会以现场和网络投票相结合的方式召开。 一、会议召开情况 1、召开时间： （1）现场会议召开时间：2025 年 5 月 28 日（星期三）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 28 日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为 2025 年 5 月 28 日 9:15－15:00 的任 意时间。 2、现场会议地点：万达电影会议室（北京市朝阳区八里庄东里 1 号莱锦文 化创意产业园 CN02 楼） 3、会议召集人：公司第七届董事会 4、会议召开方式：本次会议采取现场投票与网络投票相结合的方式 5、会议主持人：公司董事长陈 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于万达电影股份有限公司 2024 年年度股东大会的 法律意见书 致：万达电影股份有限公司 根据《中华人民共和国公司法》(以下简称"公司法")、《中华人民共和国证券法》 (以下简称"证券法")、《上市公司股东会规则》(以下简称"股东会规则")、《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"规范运 作指引"）以及《万达电影股份有限公司章程》（以下简称"公司章程"）的规定，北京 市通商律师事务所(以下简称"通商")接受万达电影股份有限公司(以下简称"公司")的 委托，指派律师出席了公司 2024 年年度股东大会(以 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][19]. Core Views - The company is expected to achieve revenue and profit growth from 2025 to 2027, with projected revenues of 150.81 billion, 162.88 billion, and 171.02 billion yuan respectively, reflecting year-on-year growth rates of 22%, 8%, and 5% [6]. - The company has a strong market position in the cinema industry, with a significant share of the top 100 box office cinemas and a robust recovery in ticket sales in early 2025 [2]. - The company is actively expanding into the trendy toy sector, enhancing its IP derivative business through strategic investments [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 12.36 billion yuan, a decrease of 15.44% year-on-year, and a net loss of 940 million yuan [1]. - For Q1 2025, the company achieved a revenue of 4.709 billion yuan, an increase of 23.23% year-on-year, and a net profit of 830 million yuan, a significant increase of 154.72% [1]. Cinema Operations - The company maintains a strong market share, with its single-screen revenue output nearly double the national average, and it holds 41 seats in the top 100 box office cinemas [2]. - The company has introduced innovative viewing experiences through its "Time Space" brand, which combines entertainment, social interaction, and consumption [2]. Film and Television Production - The film production and distribution segment generated 620 million yuan in revenue in 2024, a year-on-year increase of 85.49%, while the television segment saw a decline [3]. - Notable films released include "Grab the Doll" with a box office of 3.33 billion yuan and "Detective Chinatown 3" [3]. Gaming Business - The gaming segment reported a revenue of 580 million yuan in 2024, a growth of 54.71%, with a significant portion of revenue coming from overseas [4]. - The company plans to launch several classic IP games internationally in 2025 [4]. Trendy Toy Sector - The company is investing in the trendy toy market through a partnership with 52TOYS, acquiring a 7% stake to enhance its IP portfolio [5]. - 52TOYS is a leading brand in China's IP toy industry, with a revenue of approximately 630 million yuan in 2024 [5].

Group 1: Key Insights on the Food and Beverage Industry - The liquor sector is focusing on cultivating new consumer bases among younger demographics, with a current PE-TTM of 19.52X, indicating a relatively low valuation compared to historical levels [3] - Pre-processed food categories are showing varied performance, with specific attention on themes such as cost control and new consumption trends [3] - Dairy products are expected to benefit from ongoing policies related to childbirth and milk powder subsidies, as well as rising beef prices [3] Group 2: Key Insights on Mining and Metals Industry - The company, a global metal mining giant, is expected to see significant revenue growth in 2024, with projected revenues of $4.479 billion, a year-on-year increase of 3.05% [4] - The Las Bambas mine is anticipated to contribute nearly 80% of the company's performance, with copper production expected to reach 322,900 tons in 2024 [4][29] - The company’s net profit is projected to increase dramatically to $162 million in 2024, a year-on-year increase of 1698.89% [4] Group 3: Key Insights on the Media and Entertainment Industry - The cinema business of the company is maintaining a strong market share, with a significant increase in box office revenue in Q1 2025, reaching $4.709 billion, a 23.23% year-on-year increase [8][20] - The company is innovating its operational strategies by launching a new brand that combines entertainment, social interaction, and consumption [21] - The film production segment is expected to drive revenue growth, with notable box office performances from key releases [22] Group 4: Key Insights on Chemical Industry - The current cycle in the chemical industry is nearing its end, with expectations for demand recovery in 2024 driven by infrastructure and export resilience [10] - The industry is shifting towards a regional cooperation model, focusing on stability and security in supply chains [10] - Investment opportunities are being identified in companies that focus on new material production and breakthroughs in supply chain efficiency [10]

Investment Rating - The report maintains a "Buy" rating for Wanda Film, with an expected relative return of over 20% within the next six months [8][19]. Core Views - Wanda Film's cinema and film business shows steady growth, with a strategic expansion into the trendy toy sector, which is expected to drive revenue and profit growth [6][5]. - The company reported a revenue of 12.36 billion yuan in 2024, a decrease of 15.44% year-on-year, while the first quarter of 2025 saw a revenue increase of 23.23% to 4.71 billion yuan [1][6]. - The film production and distribution segment achieved a revenue of 620 million yuan in 2024, marking an 85.49% increase year-on-year, driven by successful films [3]. Summary by Sections Cinema Operations - Wanda Film's cinema operations maintain a strong market share, with a single-screen output nearly double the national average. The company holds 41 seats in the top 100 cinemas by box office [2]. - In Q1 2025, Wanda's domestic cinemas generated a box office of 3.42 billion yuan, a 44.9% increase year-on-year, with attendance rising by 32.7% to 63.98 million [2]. Film Production - The film production and distribution business saw significant growth, with notable films such as "Grab the Doll" achieving a box office of 3.33 billion yuan in 2024 [3]. - The company launched the "Time Youth Leap Plan" to nurture young directors and optimize content offerings [3]. Gaming Business - The gaming segment reported a revenue of 580 million yuan in 2024, a 54.71% increase year-on-year, with a focus on international markets [4]. - The subsidiary, Mutual Love Interactive, has seen a rise in overseas revenue, contributing to the overall growth of the gaming business [4]. Trendy Toy Sector - Wanda Film is expanding into the trendy toy sector by investing in 52TOYS, aiming to enhance its IP derivative business and diversify revenue streams [5]. - The investment includes acquiring a 7% stake in 52TOYS, which reported a revenue of approximately 630 million yuan in 2024 [5]. Financial Projections - The company forecasts revenues of 15.08 billion yuan, 16.29 billion yuan, and 17.10 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22%, 8%, and 5% [6][7]. - Projected net profits for the same period are 1.12 billion yuan, 1.35 billion yuan, and 1.44 billion yuan, with corresponding P/E ratios of 21, 18, and 17 [6][7].

Core Viewpoint - The Hong Kong stock market is witnessing a surge in IP-related stocks, with companies like Pop Mart and Bluecoco reaching historical highs, and 52TOYS is set to join this trend with its upcoming IPO [1] Group 1: Company Overview - 52TOYS, founded in 2015, specializes in a variety of IP toy products including static figures, movable toys, wind-up toys, transforming mechas, assembly toys, plush toys, and related merchandise [1][2] - As of the end of last year, 52TOYS owns 35 proprietary IPs and has 80 licensed IPs, including popular franchises like Crayon Shin-chan and Disney [2] Group 2: IPO Details - 52TOYS plans to raise between $100 million to $200 million (approximately HKD 780 million to HKD 1.56 billion) through its IPO, with funds allocated for diversifying its IP matrix, product design, channel expansion, marketing, potential investments, and operational costs [1] - The company aims to complete the Hong Kong listing process in the second half of the year [1] Group 3: Sales and Distribution - 52TOYS sells its products through direct brand stores, unmanned retail machines, online platforms, and distributors, with plans to open over 100 self-operated stores in China in the coming years [3] - As of last year, the company had 10 direct brand stores and 336 distributors in China, along with 90 overseas distributors covering regions like Southeast Asia, Japan, South Korea, and North America [3] Group 4: Financial Performance - The projected revenue for 52TOYS from 2022 to 2024 is approximately CNY 463 million, CNY 482 million, and CNY 630 million, respectively, with licensed IP revenue expected to grow from CNY 233 million to CNY 406 million during the same period [3] - Recently, 52TOYS secured an investment of CNY 144 million from Wanda Film's subsidiary and Ru Yi Xing Chen, which will facilitate strategic cooperation in product development and marketing [3]