证券日报网讯 12月1日，万达电影在互动平台回答投资者提问时表示，公司子公司互爱互动积极响应国 家文化出海战略，以"跨界塑造超级IP，进军全球市场"为经营策略推进各项工作，构建从IP合作到研发 合作、游戏发行、海外运营的完整产业链条。互爱互动将秉承"聚焦经典IP"的理念持续与多家版权公司 洽谈IP合作事宜，为长期发展储备更多优质IP。同时，互爱互动将积极探索与其他板块的协同，在IP联 动、技术协同、宣发一体化、长线运营等方面发力，通过游戏、动漫、影视的深度联动，不断提高经营 业绩。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - "Zootopia 2" has exceeded box office expectations, with a total box office forecast of 42.5 billion, driven by strong performance during a weak release period [2] - The film's high screen share of 76.8% and a weekend box office of 7.3 billion indicate strong audience interest, surpassing the first installment of "Zootopia" [2] - The overall film market in 2025 shows a recovery trend, with significant contributions from key holiday periods, particularly the Spring Festival and summer seasons [4][11] Summary by Sections - **Box Office Performance**: As of December 1, 2025, "Zootopia 2" has grossed over 19.4 billion in its first five days, with projections indicating a total of 42.5 billion. The film's performance is compared favorably to previous hits like "Nezha" [2] - **Market Trends**: The film industry has seen a 16.20% year-on-year increase in total box office revenue from January to October 2025, with the Spring Festival box office reaching a record high of 95.14 billion, up 18.69% [4] - **Future Outlook**: The 2026 film market is expected to continue its recovery, with box office predictions ranging from 481 to 580 billion, driven by a strong lineup of films for the New Year and Spring Festival [11][12]

Core Viewpoint - The A-share market experienced a collective rise, with the Shanghai Composite Index surpassing 3900 points, reflecting a 0.39% increase [1] Company Performance - China Film Co., Ltd. (600977) saw a significant increase of 10.01%, with a total market capitalization of 35.5 billion and a year-to-date increase of 64.41% [1] - Happiness Blue Ocean (300528) rose by 6.53%, with a market cap of 8.756 billion and a year-to-date increase of 170.11% [1] - Golden Eagle Film (002905) increased by 3.54%, with a market cap of 4.625 billion and a year-to-date increase of 55.96% [1] - Cultural Investment Holdings (600715) experienced a rise of 2.78%, with a market cap of 10.5 billion and a year-to-date increase of 15.11% [1] - Light Media (300251) rose by 3.17%, with a market cap of 49.7 billion and a year-to-date increase of 81.35% [1] - Shanghai Shenying (601595) increased by 3.06%, with a market cap of 14.6 billion and a year-to-date increase of 32.42% [1] - Hengdian Film (603103) saw a rise of 2.25%, with a market cap of 11 billion and a year-to-date increase of 21.29% [1] - Bona Film Group (001330) increased by 2.11%, with a market cap of 9.993 billion and a year-to-date increase of 18.60% [1] - Wanda Film (002739) rose by 2.10%, with a market cap of 24.7 billion but a year-to-date decrease of 3.71% [1] - Baida Qiancheng (300291) increased by 2.00%, with a market cap of 5.764 billion and a year-to-date increase of 21.67% [1]

Core Insights - The A-share market is witnessing a strong performance in the film sector, with notable stocks hitting their daily limits and significant price increases [1] - The film "Zootopia 2" has achieved a box office revenue exceeding 1.9 billion, making it the box office champion for November [1] Stock Performance - China Film (600977) has seen a price increase of 10.01% with a total market capitalization of 35.5 billion and a year-to-date increase of 64.41% [2] - Happiness Blue Ocean (300528) has risen by 6.53%, with a market cap of 875.6 million and a year-to-date increase of 170.11% [2] - Golden Screen Cinemas (002905) has increased by 3.54%, with a market cap of 4.625 billion and a year-to-date increase of 55.96% [2] - Cultural Investment Holdings (600715) has seen a rise of 2.78%, with a market cap of 10.5 billion and a year-to-date increase of 15.11% [2] - Light Media (300251) has increased by 3.17%, with a market cap of 49.7 billion and a year-to-date increase of 81.35% [2] - Shanghai Film (601595) has risen by 3.06%, with a market cap of 14.6 billion and a year-to-date increase of 32.42% [2] - Hengdian Film (603103) has increased by 2.25%, with a market cap of 11 billion and a year-to-date increase of 21.29% [2] - Bona Film Group (001330) has seen a rise of 2.11%, with a market cap of 9.993 billion and a year-to-date increase of 18.60% [2] - Wanda Film (002739) has increased by 2.10%, with a market cap of 24.7 billion but a year-to-date decrease of 3.71% [2] - Baida Qiancheng (300291) has risen by 2.00%, with a market cap of 576.4 million and a year-to-date increase of 21.67% [2]

Core Viewpoint - The company has successfully completed the equity investment in Beijing Lezi Tianc Cultural Development Co., Ltd. [2] Group 1 - An investor inquired about the progress of the company's equity investment in Beijing Lezi Tianc Cultural Development Co., Ltd. [2] - On December 1, the company confirmed that the relevant equity investment in Lezi Tianc has been finalized. [2]

Investment Rating - The industry investment rating is "Increase Holding" [4][11]. Core Viewpoints - The release of "Zootopia 2" has exceeded expectations, with total box office revenue expected to surpass 50 billion yuan [6]. - The animation film market is entering a new phase driven by both domestic and overseas productions, with 2025 anticipated to be a significant year for animation films [6]. - The commercial value of film IP is expanding, with over 70 brands collaborating with "Zootopia 2" across various sectors [6][7]. - The film market is transitioning from quantity to quality, with high-quality content becoming the core driver of box office performance [6]. Summary by Sections Industry Overview - The industry comprises 130 listed companies with a total market value of 1,783.635 billion yuan and a circulating market value of 1,650.146 billion yuan [2]. Market Performance - "Zootopia 2" achieved a box office of 14 billion yuan within four days of release, setting multiple records in Chinese film history [6]. - The film's performance indicates a strong recovery in the market, with a significant increase in audience attendance and box office revenue [6]. Future Outlook - The upcoming holiday seasons are expected to see a robust performance from both imported and domestic films, with several high-profile releases scheduled [6][10]. - The industry is expected to continue its growth trajectory, supported by a recovery in the supply of imported films and a focus on high-quality content [6]. Key Companies to Watch - Companies to monitor include China Film, Light Media, Wanda Film, and Maoyan Entertainment, among others, which are positioned to benefit from the evolving market dynamics [6].

Core Viewpoint - The film and cinema sector has experienced a significant surge, with notable stocks such as China Film reaching their daily limit up, indicating strong market interest and potential growth in the industry [1] Group 1: Stock Performance - China Film (600977) has seen a price increase of 9.99% to 17.29, with a one-year growth of 49.70% [2] - Golden Screen Cinemas (002905) rose by 5.44% to 11.82, with a one-year increase of 54.51% [2] - Happiness Blue Sea (300528) increased by 5.29% to 21.90, showing a remarkable one-year growth of 133.23% [2] - Bona Film Group (001330) experienced a 3.93% rise to 7.14, with a one-year growth of 19.80% [2] - Shanghai Film (601595) saw a 2.70% increase to 31.90, with a one-year growth of 16.13% [2] - Hengdian Film (603103) rose by 2.37% to 16.88, with a one-year increase of 27.01% [2] - Wanda Film (002739) increased by 1.96% to 11.43, but has a negative one-year growth of -5.38% [2] - Tianfu Cultural Tourism (000558) rose by 1.72% to 5.93, with a one-year growth of 108.07% [2] - Delixi Holdings (002571) increased by 1.63% to 8.74, with a one-year growth of 90.00% [2]

Investment Rating - The industry investment rating is maintained as "Recommended" due to positive fundamentals and expectations for the industry index to outperform the benchmark index [2][10]. Core Insights - The upcoming release of major overseas IP films is expected to create a strong box office boost, with titles like "Zootopia 2" and "Avatar 3" anticipated to exceed box office expectations [1][6]. - The film industry is experiencing a revival, with Q4 box office projected to surpass the same period last year, driven by the release of high-profile films and advancements in AI-generated video technology [1][6][7]. - AI advancements, particularly OpenAI's Sora2 model, are revolutionizing content production, enabling more efficient and cost-effective filmmaking processes, which is expected to reshape the industry landscape [6][7]. Industry Overview - The industry comprises 160 listed companies with a total market capitalization of 2021.1 billion and a circulating market capitalization of 1856.4 billion [2]. - The absolute performance of the industry over 1 month, 6 months, and 12 months is 4.6%, 21.3%, and 24.7% respectively, indicating a strong upward trend [4]. Upcoming Releases - Major films scheduled for release include "Demon Slayer: Infinity Castle" on November 14, 2025, "Nowhere to Hide" and "The Meaning of Being Nameless" on December 31, 2025, and "Avatar: Fire and Ash" on December 19, 2025 [8]. - "Demon Slayer: Infinity Castle" has already achieved a global box office of 7.02 billion USD, while "Zootopia 2" has a pre-sale box office exceeding 1.8 billion [6][8]. Company Recommendations - Companies to watch include China Film, Shanghai Film, and major cinema chains like Wanda Film, Hengdian Film, and Huanxi Media, which are expected to benefit from the upcoming film releases and the overall box office recovery [1][6][7]. - The ticketing platform Maoyan Entertainment is also highlighted for its market share advantage, which is likely to result in significant revenue growth as the box office rebounds [7].

Group 1 - The movie "Zootopia 2" is set to be released on November 26, with a midnight screening box office surpassing 7.41 million yuan, topping the daily box office chart for November 25 [1] - Disney announced that the pre-sale box office (including midnight screenings) for "Zootopia 2" has exceeded 200 million yuan, making it the first imported animated film in Chinese film history to achieve this milestone [1] - The film has garnered 2.3 million "want to watch" ratings, ranking third in the history of mainland films, indicating strong audience interest [1] Group 2 - "Zootopia" was highly acclaimed during its 2016 release in China, grossing over 1.5 billion yuan, making it one of Disney's highest-grossing animated films and the box office champion for imported animated films in China [1] - Industry insiders predict that "Zootopia 2" could become the first imported film to surpass 2 billion yuan in box office revenue since "Avengers: Endgame" in 2019 [1] - BoxOffice Theory forecasts that the global box office for "Zootopia 2" could reach 2 billion USD (approximately over 14 billion yuan), potentially becoming a significant boost for the winter 2025 film market [1] Group 3 - The "Zootopia" theme park has maintained high popularity and visitor satisfaction since its opening, and the release of "Zootopia 2" is expected to trigger a new wave of theme park visits [2] - Disney executives revealed that since December 2023, "Zootopia" related licensing business in the Greater China region has seen a threefold increase, with over 2,000 related licensed products expected to be released by the end of 2025 [2] Group 4 - Wanda Film reported that the initial screening ratio for "Zootopia 2" is as high as 96.8%, indicating strong distribution support [3] - China Film is one of the co-distributors for the imported film "Zootopia 2," highlighting its involvement in the film's release strategy [4]

Core Viewpoint - The "Dream Cinema" public welfare project by Wanda Film has been recognized as a significant case for social responsibility in the 2025 Beijing online audio-visual industry, highlighting the company's commitment to social responsibility and public cultural development [1][5]. Group 1: Event Overview - The "2025 Beijing Online Audio-Visual Industry Social Responsibility Construction Exchange Activity" was held in Beijing, focusing on the construction and practice of industry social responsibility [4]. - The event aimed to explore innovative paths for industry responsibility and establish benchmarks for best practices, promoting a healthy and orderly development environment for the online audio-visual industry [4]. Group 2: Wanda Film's Initiatives - As an industry leader, Wanda Film integrates social responsibility into its corporate development, exemplifying its mission of "cultural benefits for the public" [5]. - The "Dream Cinema" project, launched in March 2025, represents a shift from sporadic public screenings to a more systematic and large-scale public welfare initiative [5]. Group 3: Impact and Reach - The "Dream Cinema" project has conducted over 200 events across 23 provinces, benefiting more than 20,000 children from rural areas, welfare institutions, and special schools [7]. - The project combines geographical and cultural elements of Wanda Cinemas to create immersive themed screening activities, enhancing cultural and educational outreach through film [7]. Group 4: Future Directions - The recognition of the "Dream Cinema" project serves as a milestone in its development and a testament to Wanda Film's commitment to public welfare [11]. - Wanda Film plans to continue deepening its social responsibility efforts, leveraging its platform and resources to optimize and expand the "Dream Cinema" initiative, exploring diverse activity formats and deeper collaboration models [11].