海润天睿律师 华谊兄弟 2024 年年度股东大会法律意见书 北京海润天睿律师事务所 关 于 华谊兄弟传媒股份有限公司 2024 年年度股东大会的 法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 Add: 5/9/10/13/17Floor,Broadcasting Tower, No.14,Jianwai Avenue,Chaoyang District,Beijing,100022,P.R.China 电话Tel:8610-65211833 传真Fax: 8610-88381869 Website :www.hairunlawyer.com 1 海润天睿律师 华谊兄弟 2024 年年度股东大会法律意见书 北京海润天睿律师事务所 关 于 华谊兄弟传媒股份有限公司 2024 年年度股东大会的 法 律 意 见 书 致：华谊兄弟传媒股份有限公司 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》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师 事务所从事证券法律业务管理办法》等法律、法规和规范性文件的规定、《华谊 兄弟传媒股 ...

Core Viewpoint - The integration of AI technology in the film and television industry is transforming the creative, production, distribution, and viewing experiences, enhancing production capabilities and efficiency while diversifying content and forms [1][2][4]. AI+ Film and Television Industry Overview - AI+ Film and Television refers to the use of artificial intelligence to assist or independently complete various stages of film and television production, including scriptwriting, visual effects optimization, and virtual scene generation [1][2]. - The penetration rate of AI in the film industry is currently around 4%, with the AI+ Film and Television market in China projected to reach approximately 26.5 billion yuan in 2024 [14]. AI Technology Development Status - The global generative AI market is expected to reach $14.6 billion in 2024, with a year-on-year growth of 115%, driven by advancements in large language models and visual generation technologies [16]. - The film industry is increasingly adopting AI tools, with over 60% of global film companies expected to integrate AI into their production processes by 2024 [18]. Current Applications of AI in Film Production - AI is being utilized across various stages of film production, including script generation, project evaluation, and visual effects [21][22]. - AI tools are being developed for specific applications, such as script analysis and scene generation, with notable examples including ChatGPT and DeepSeek [19][22]. Development Trends in AI+ Film and Television - The integration of AI in film production is evolving from simple functional applications to deep collaborative processes, aiming to create a full-stack AI film creation platform that encompasses script generation, scene pre-visualization, and intelligent editing [24][26]. - Future advancements will focus on building a data-driven ecosystem that connects various production stages, enhancing collaboration and efficiency in the filmmaking process [26].

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]

Core Insights - The article highlights the booming cultural and tourism activities in Jiangsu, driven by government policies, market innovations, and upgraded consumer demand [1][2][3] Group 1: Policy and Economic Impact - The "Several Measures" issued by five government departments aims to enhance the development of the cultural and tourism industry, encouraging businesses to optimize and expand their offerings [1][2] - The implementation of these policies has led to significant growth in the performance of the live entertainment sector, with 5,603 performances generating a ticket revenue of 350 million yuan in Q1, marking a year-on-year increase of 166.2% [2] - The policies have also stimulated related sectors, with cultural and tourism activities generating 1.9 billion yuan in direct consumption during the May Day holiday [3] Group 2: Market Trends and Consumer Behavior - The trend of "traveling with performances" has gained popularity, with major events like the Taihu Bay Music Festival attracting over 36,000 attendees, showcasing a shift in consumer behavior towards experiential tourism [1][3] - The data indicates that 47.2% of attendees at performances were from outside the province, highlighting the appeal of Jiangsu's cultural offerings to a broader audience [2] - The rise of new tourism formats, such as cruise and RV camping, is being supported by targeted incentives to address market challenges like product homogeneity and service standardization [2] Group 3: Rural Tourism Development - Rural areas are also experiencing a cultural tourism revival, with events and attractions drawing significant visitor numbers, contributing to local economies [4] - The integration of cultural experiences in rural tourism, such as performances and markets, has led to increased foot traffic and demand for local accommodations and dining [4] - Jiangsu's approach to blending urban and rural tourism through policy and market initiatives is creating a comprehensive narrative of cultural and economic revitalization [4]

Group 1 - The A-share film and television theater sector experienced a significant afternoon rally, with Huazhi Shumei rising nearly 9% [1] - Other companies such as Beijing Culture, Aofei Entertainment, Bona Film Group, Jiecheng Co., and Huayi Brothers also saw increases in their stock prices [1]

证券代码：300027 证券简称：华谊兄弟 公告编号：2025-023 华谊兄弟传媒股份有限公司 二、参加人员 重要内容提示： 华谊兄弟传媒股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日在 巨潮资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便于 广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 5 月 13 日（星期二）15:30-17:30 在"价值在线"（www.ir-online.cn）举办 华谊兄弟传媒股份有限公司 2024 年年度报告网上说明会，与投资者进行沟通和 交流，广泛听取投资者的意见和建议。 会议召开时间：2025 年 5 月 13 日（星期二）15:30-17:30 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 5 月 13 日 前 访 问 网 址 https://eseb.cn/1nQkZ7lGx0s 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注 ...

Group 1 - The A-share film and cinema sector showed strong performance at the beginning of trading, with Huayi Brothers, Golden Shield Film, and others experiencing significant gains [1] - Huayi Century reached the daily limit increase, while Ciwen Media rose over 6% [1] - Other companies in the sector, such as Baiana Qiancheng, also saw upward movement in their stock prices [1]

Core Insights - The 2024 annual financial reports of listed film and television companies reveal a paradox where revenue has increased but profits have declined, highlighting the industry's challenges and realities [1][2] Revenue and Profit Trends - Among 21 listed film companies, only 5 reported revenue growth, while 7 achieved positive net profit, and 4 saw net profit growth [1] - In Q1 2024, companies like Light Media, Wanda Film, and Huayi Brothers showed significant improvements in both revenue and net profit, with Light Media's net profit soaring by 374.79% [2][3] Company Performance - Light Media's revenue from its main business, film, accounted for 71.20% but decreased by 12.22% year-on-year, primarily due to over-reliance on a single film, "The King's Avatar" [3] - Wanda Film reported a 23.23% increase in revenue to 47.09 billion, with net profit rising by 154.72% to 8.3 billion [4] - Huayi Brothers' revenue fell by 29.36% to 4.43 billion, despite a slight increase in Q1 2024 [12] Box Office Impact - "Nezha: The Devil's Child" significantly boosted Light Media's revenue, contributing approximately 20% to its earnings, with total box office exceeding 15.3 billion [5][6] - Wanda Film's box office revenue for Q1 reached 34.2 billion, a 44.9% increase, benefiting from the success of "Nezha" and other films [5] Struggles of Certain Companies - Bona Film has faced continuous losses since its return to A-shares, with a significant drop in both revenue and net profit over the past three years [8][10] - Beijing Culture's recent films have underperformed, leading to a staggering 1480.50% increase in revenue but a net loss of 2.18 billion due to high costs [10][11] Strategic Shifts - Companies are diversifying their business models, focusing on short films and AI technology to adapt to market changes [15][16] - Light Media plans to expand its derivative product development and explore theme park collaborations to enhance IP value [20] Future Outlook - The industry is witnessing a shift towards integrating quality content with new consumption scenarios, as companies like Wanda Film emphasize innovation in cinema economics [20]

Group 1: A-Share Market Performance - In Q1 2025, 5,379 A-share companies reported stable performance, with 4,071 companies profitable, representing nearly 80% [2] - 2,125 companies achieved year-on-year net profit growth, while 821 companies turned losses into profits or reduced losses [2] - The growth is driven by domestic demand and innovation, with consumer companies benefiting from policies aimed at expanding domestic demand [2] Group 2: Media and Entertainment Sector - Media companies like Light Media and Happiness Blue Sea reported strong Q1 results, with Light Media achieving revenue of 2.975 billion yuan, up 177.87%, and net profit of 2.016 billion yuan, up 374.79% [3] - The domestic tourism market is thriving, with companies like Jiuhua Tourism reporting revenue of 235 million yuan, up 30.13%, and net profit of 68.66 million yuan, up 31.83% [3] Group 3: Aviation and Electronics Sector - Huaxia Airlines reported a revenue of 1.774 billion yuan, up 9.78%, and net profit of 81.98 million yuan, up 232.31% [4] - BOE Technology Group achieved a revenue of 50.599 billion yuan, up 10.27%, and net profit of 1.614 billion yuan, up 64.06%, driven by the "old-for-new" policy [4] Group 4: Technology Sector - Companies like Shenghong Technology and Juchip reported significant growth, with Shenghong achieving revenue of 4.312 billion yuan, up 80.31%, and net profit of 921 million yuan, up 339.22% [6] - Juchip reported revenue of 192 million yuan, up 62.03%, and net profit of 41.45 million yuan, up 385.67% [6] Group 5: Automotive and Pharmaceutical Sector - BYD reported Q1 revenue of 170.36 billion yuan, up 36.35%, and net profit of 9.155 billion yuan, up 100.38%, driven by strong sales in the new energy vehicle sector [7] - Luo Xin Pharmaceutical's net profit grew by 115.41%, attributed to the successful commercialization of innovative drugs [7]

尽管归母净亏损从5.39亿元收窄至2.85亿元（同比减亏47%），但扣非净亏损仍达3.83亿元，显示主营 业务尚未实现真正盈利。值得注意的是，经营活动现金流净额从上年同期的8282万元骤降至-3225万 元，降幅达138.94%，反映出资金链紧张的局面。 2025年一季度，公司营收同比增长11.26%至1.06亿元，归母净利润实现1976万元（同比扭亏），但扣非 净亏损扩大至2754万元，表明盈利主要依赖非经常性损益项目（如出售英雄互娱股权带来的约9100万元 利润）。经营活动现金流净额进一步恶化至-1696万元，同比降幅达149.02%，现金流压力持续加剧。 影视项目推进与资产整合并行 影视业务方面，华谊兄弟在2025年一季度重点推进《向阳·花》《东极岛》等院线电影及多部剧集制 作，其中冯小刚执导的《抓特务》已杀青，周星驰的《美人鱼2》进入后期阶段。但影视娱乐板块收入 尚未显著恢复，一季度营收同比增幅仅为11%，显示内容产出对业绩的拉动作用仍待观察。 华谊兄弟近期披露的2024年财报及2025年一季报显示，公司在行业调整与市场挑战中呈现复杂的经营态 势。 亏损收窄与现金流压力并存 2024年全年，华谊兄弟实 ...