万达电影股份有限公司 一、审议通过了《关于拟与关联方共同投资暨关联交易的议案》 经审议，董事会同意公司根据长期战略规划和经营发展需要与关联方共同投 资北京乐自天成文化发展股份有限公司。本议案已经独立董事专门会议审议通过， 关联董事陈曦回避表决，具体内容请参见同日披露于《中国证券报》《证券时报》 《证券日报》《上海证券报》以及巨潮资讯网（http://www.cninfo.com.cn/）上的 《关于拟与关联方共同投资及与乐自天成开展战略合作的公告》。 表决结果：5 票同意，0 票反对，0 票弃权。 特此公告。 万达电影股份有限公司 董事会 股票代码：002739 股票简称：万达电影 公告编号：2025-034 万达电影股份有限公司 第七届董事会第五次会议决议公告 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"）第七届董事会第五次会议于 2025 年 5 月 12 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 2025 年 5 月 6 日以电话、 电 ...

智通财经5月12日电，万达电影(002739.SZ)公告称，公司全资子公司影时光拟以6898.97万元购买乐自天 成370,906股股份，关联方儒意星辰拟以5174.23万元购买乐自天成278,178股股份。此外，影时光和儒意 星辰还分别以1329.60万元和997.20万元认购乐自天成新增注册资本。交易完成后，影时光和儒意星辰合 计持有乐自天成7%股权。同时，公司拟与乐自天成开展战略合作，双方将在IP玩具产品的开发及售 卖、市场营销和其他相关领域展开战略合作，充分发挥各自优势，实现互利共赢。 万达电影：拟投资乐自天成并与其开展战略合作 ...

万达电影（002739）公告，公司全资子公司北京影时光电子商务有限公司拟与关联方上海儒意星辰企业 管理有限公司共同投资北京乐自天成文化发展股份有限公司。影时光拟以6898.97万元购买乐自天成 37.09万股股份，儒意星辰拟以5174.23万元购买27.82万股股份。此外，影时光和儒意星辰还将分别认购 乐自天成新增注册资本31284股和23464股股份。交易完成后，影时光将持有乐自天成4%的股权，儒意 星辰持有3%的股权，双方合计持有7%的股权。 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating that consumers are increasingly focused on well-being and life quality, which benefits the media sector [5][17]. - The report emphasizes the potential for domestic demand to drive growth in the media industry, supported by government policies and the integration of technology and content [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes significant fluctuations in individual stocks, with top gainers including Baotong Technology and Daocaoxiong Entertainment, while major losers included Wanda Film and Meiri Interactive [15]. Key Recommendations - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) focusing on experience economy - Mango Super Media (300413) benefiting from upcoming shows - Yaoyi Technology (002605) expected to recover due to card games [6][10]. - Other notable mentions include BlueFocus (300058), Wanda Film (002739), and Huace Film & TV (300133), all rated as "Buy" [10]. Market Trends - The report discusses the impact of the fifth consumption era on consumer preferences, emphasizing a focus on emotional resonance and value recognition rather than mere status symbols [17][19]. - It highlights the importance of the cinema line content sector, which is expected to benefit from government support and a growing domestic market [18]. Gaming Industry Insights - The gaming sector continues to thrive, with Tencent leading in mobile game revenues, and significant growth observed in titles like "Honor of Kings" [20]. - The report notes that 33 Chinese publishers ranked in the global top 100 for mobile game revenue, collectively earning $2 billion in April 2025 [20]. Upcoming Releases and Market Activity - The report outlines upcoming film releases, including "Chong·Zhuang," set to premiere on May 17, 2025, which is based on a true story [29][34]. - It also provides insights into the television ratings, with popular shows like "Cheng Jia" and "Man Hao De Ren Sheng" leading in viewership [35].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Core Viewpoint - Alibaba's investment in Wanda Film has significantly underperformed, leading to a planned reduction in its stake, raising questions about the future of both companies in a challenging film industry environment [1][3][5]. Group 1: Investment and Stake Changes - Seven years ago, Alibaba's affiliate, Hangzhou Zhenxi, invested 4.676 billion yuan at 51.96 yuan per share for a 7.66% stake in Wanda Film [1]. - Hangzhou Zhenxi plans to reduce its holdings by up to 29.41 million shares, bringing its stake down to approximately 5% [1][3]. - Wanda Film's stock price has dropped to around 10.66 yuan per share, indicating a significant loss for Alibaba [5]. Group 2: Financial Performance and Management Changes - Wanda Film reported a net loss of 940 million yuan in 2024, a substantial decline compared to previous years [3]. - In 2024, control of Wanda Film was transferred from Wang Jianlin to Ke Liming, with new strategies focusing on game business as a potential growth driver [3][10]. - Wanda Film's game revenue increased by 54.71% in 2024, indicating a shift towards gaming as a new revenue stream [12][13]. Group 3: Market Conditions and Future Prospects - The film industry is experiencing a downturn, with a notable decline in box office revenues during the recent May Day holiday [8]. - Wanda Film is exploring new avenues such as live sports broadcasting to attract audiences and boost revenues [8][9]. - The collaboration between Wanda Film and China Ruyi in gaming aims to leverage cinema networks for game promotions, potentially revitalizing the company's fortunes [12][13].

Core Insights - The Chinese film market experienced a significant boost in Q1 2025, driven by strong performances during the Spring Festival, particularly from the film "Nezha 2" [1][3] - However, after February, the market faced a sharp decline, with poor performance in subsequent months, raising concerns about future earnings [2][5] Financial Performance - Hengdian Film's Q1 revenue increased by 39.15% to 1.172 billion yuan, with net profit up 110.35% to 325 million yuan [1] - Happiness Blue Sea reported a 40.4% revenue increase to 332 million yuan, with net profit soaring by 2817.87% to 68.44 million yuan [1] - Wanda Film's Q1 revenue grew by 23.33% to 4.709 billion yuan, with net profit increasing by 165.72% to 816 million yuan [2] Market Trends - The overall box office for the Chinese film market in Q1 2025 reached 24.39 billion yuan, a 49.1% year-on-year increase, with 520 million admissions, up 43% [3] - The market saw a significant drop in box office revenue in March and April, with declines of 31% and 46.5% respectively [3][4] Cinema Operations - The number of new cinemas opened in January 2025 was 329, but this dropped dramatically to 17 in February, indicating a slowdown in cinema construction [4] - The performance of special effect theaters improved, with their box office contribution rising significantly during Q1 2025, largely due to "Nezha 2" [6][8] Audience Engagement - IMAX theaters saw a notable increase in ticket sales, with a year-on-year growth of 218.1% and 259.4% in January and February respectively [8] - The demand for high-quality cinematic experiences remains strong, as evidenced by the popularity of IMAX screenings of "Nezha 2" [7][8] Future Outlook - The film industry anticipates an increase in blockbuster releases in 2025, with several high-profile films expected to be released, potentially revitalizing the market [9]

Group 1 - As of May 9, 2025, the total domestic box office for films reached 26.448 billion yuan, with "Nezha: The Devil's Child" contributing 15.38 billion yuan, accounting for 58% of the total box office [1] - The remaining films released in 2025 contributed only 11.068 billion yuan, indicating a heavy reliance on "Nezha 2" for box office success [1] - The film industry is anticipating new blockbuster releases, as "Nezha 2" has undergone three key extensions, with uncertainty regarding a potential fourth extension after May 30 [1] Group 2 - Six animated films awaiting release involve six main production companies: Maoyan Entertainment, Shanghai Film, China Ruoyi, Wanda Film, Light Media, and Zhongwen Online [2] - The upcoming animated films are primarily based on traditional Chinese cultural stories, enhancing their commercial value and potential for derivative products [2] - The increasing emphasis on cultural industries by the government is driving the development of films that feature Chinese cultural elements [2] Group 3 - More high-rated animated series producers are entering the film market, such as Guangzhou Molecular Interactive Media, which is producing "Non-Human: Limited Player" based on a popular comic [3] - The animated series "Non-Human" has received high ratings of 8.9 and 8.6 for its first and second seasons, respectively [3] - The trend of animated series producers targeting adult audiences is expanding the animated film market, moving beyond traditional children's content [3]

这是万达电影"易主"后交出的第一份年报，也是陈曦担任董事长的第一年。2024年4月，中国儒意 （0136.HK）董事会主席柯利明通过连续的资本运作，接替王健林成为了万达电影的新任实控人。中国 儒意董事陈曦出任万达电影董事长、总裁。 万达电影的管理层薪资普遍高于行业。获得高薪的除了董事长陈曦以外，万达系留任的执行总裁陈洪涛 以763.91万元位列第二（虽然较2023年的923.12万元减少159.21万元），新任董事龚峤以489.04万元位列 第三。除此之外，还有多位高管年薪高达数百万元。 欢瑞世纪（000892.SZ）董事长赵枳程去年获得了273.36万元的年薪，是上述企业中薪资第二高的董事 长，但同比2023年的278.36万元略有下滑。 各大影视公司"一把手"的薪资情况与影视行业整体的情况是挂钩的。 随着A股影视院线板块2024年年报披露完毕，板块内"一把手"薪酬情况也公之于众。 据Wind数据，已披露"一把手"薪酬的13家影视院线板块上市公司，薪酬浮动范围较大，年薪在18万元 到1017万元不等，平均数为190万元。 万达电影（002739.SZ）董事长陈曦 2024年从公司获得的税前报酬总额是全行业中 ...

Investment Rating - The report maintains an "Overweight" (OW) rating for Maoyan (1896.HK) and Ali Pictures (1060.HK) due to their strong ticketing business and market share gains in content [4][32] - The rest of the companies are rated "Equal Weight" (EW) or "Underweight" (UW) based on weaker growth outlooks and stretched valuations [4][32] Core Insights - The 2025 China film box office forecast has been reduced from Rmb57 billion to Rmb49 billion, reflecting a 15.5% year-over-year increase and a 76% recovery [2][17] - The non-holiday box office market remains weak, with a significant decline in revenue from Rmb30 billion in 2018/2019 to Rmb10-20 billion during 2022-2024 [3][23] - The report highlights a concentration among producers and distributors in the blockbuster-driven market, with holiday box office accounting for 58-60% of total box office from 2022 to 2024 [3][24] Summary by Sections Industry Outlook - The report forecasts a 16% growth in the film box office for 2025, indicating a recovery trend [17][18] - The first quarter of 2025 saw a box office of Rmb24 billion, a 49% increase year-over-year, largely driven by the success of Nezha 2 [8][19] - The second quarter is expected to decline by over 25% year-over-year, with significant drops during the May Golden Week [8][20] Company Analysis - Maoyan and Ali Pictures dominate the film ticketing business with over 60% and 30% market share, respectively, and are also key players in film distribution [36][42] - The report raises revenue forecasts for Beijing Enlight by 40% for 2025-2027, reflecting the success of Nezha 2 and its expansion into IP derivatives [33] - Huace Film is expected to see a 40% year-over-year revenue growth in 2025, driven by a strong content pipeline [37] Market Dynamics - The non-holiday market has shrunk significantly, with foreign films' box office dropping from Rmb26 billion in 2017 to Rmb10 billion in 2024 [23][25] - The report notes that domestic blockbusters are primarily released during holiday periods, exacerbating the imbalance in the market [24][23] - Tariffs are expected to further weaken the non-holiday box office, with a forecast of Rmb9 billion for foreign films in the base case scenario for 2025 [25][26]