业绩同比向下。公司披露 23 年及 24 年 Q1 业绩：1）23 年公司实现营业收入 22.67 亿元、归母净利润 3.82 亿元，同比分别下滑 8.39%、5.08%，对应全 面摊薄 EPS 0.20 元；其中 Q4 单季度实现营业收入 8.03 亿元、归母净利润 0.55 亿元，同比分别下滑 20.5%、46.0%，对应摊薄 EPS 0.03 元；2）24 年 Q1公司实现营业收入1.77亿元、归母净利润0.30亿元，同比分别下滑81.7%、 79.6%，对应全面摊薄 EPS 0.02 元；Q1 业绩大幅下滑主要与档期确认收入项 目较少有关。 储备预售充足，核心主业保持稳定。1）电视剧方面强化 IP 全生命周期管理， 当前在研项目均为版权剧，已成功开发《我们这十年》《去有风的地方》《以 家人之名》《两个人的小森林》《追光者》《我可能遇到了救星》等原创项 目。其中《去有风的地方》成为全年现象级作品并实现了影文旅深度联动， 有风小院"成为公司首个民宿项目；当前公司处于后期制作/审查或已进入 备播的剧集项目共 8 个，拟二季度开机剧集项目 4 个；2023 年完成预售签约 19.81 亿元，累计预售 37.9 ...

＃assAuthor＃ 证券研究报告 ＃分析师： emailAuthor＃ | --- | --- | --- | --- | --- | |---------------------------------------|-------|------------|---------------------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 2267 2770 3027 3281 | | | 同比增长 | -8.4% | 22.2% | 9.3% | 8.4% | | 归母净利润 ( 百万元 ) | | | 382 468 543 584 | | | 同比增长 | -5.1% | 22.5% | 16.0% | 7.5% | | 毛利率 | 28.5% | 28.8% | 28.8% | 29.3% | | ROE | 5.4% | 6.3% | 6.8% | 6.9% | | 每股收益 ( 元 ) | | | 0.20 0.25 0.29 0.31 | | | 市盈率 ...

3 亿元（YOY-81.69%），归母净利润 0.3 亿元 （YOY-79.58%），扣非归母净利润 144 万元（YOY-98.8%），主要 原因为 2024Q1 项目较少。 剧集预计恢复高开机数，电影朝主控发力。 国海证券研究所 请务必阅读正文后免责条款部分 业绩预告点评：积极探索 AIGC 应用落地，版权及 国际业务快速发展（买入）*影视院线*姚蕾，方博 云》——2023-04-06 （2）电影：2023 年电影业务收入 8056 万元（YOY-80.6%），毛利率 46.71%（同比提升 3.32pct）。2023 年上映 3 部参投影片（《流浪地 球 2》等）和 1 部主控影片（《燃冬》），2022 年为 3 部主控影片（《万 里归途》票房 15.9 亿元）。4 部主控影片（《我的朋友安德烈》《亲爱 的妈妈》等）及 2 部参投影片（《守阙者》等）预计 2024H2 上映， S 级项目《狂野时代》2024Q1 已开机，《刺杀小说家 2》预计 2024H2 开机。 版权、出海、短剧等业务构建第二成长曲线。 （2）出海：累计将 15 万小时影视作品在全球发行，在海外参投剧集； 海外新媒体传播宣发矩阵已建有 ...

研 新质生产力下优质内容价值有望持续凸显 —华策影视（300133.SZ）公司事件点评报告 买入(维持) 事件 1、《华策影视（300133）：影视+ 科技相互赋能华流原创价值有望再 升》2023-05-02 2、《华策影视（300133）：第二季 度利润同比增 30%降本增效重质量下 半年关注电影及新增量》2022-08- 22 3、《华鑫证券＊公司报告＊华策影 视(300133)：十四五文化强国与版 权强国护航 看内容科技融合新发展 ＊20220428＊朱珠》2022-04-28 剧集端，2024 年开机逐步恢复，剧集《国色芳华》有序拍摄 中，其中，短剧与抖音合作紧密，推出精品短剧《我的归途 有风》播放取得较好成绩，2024 年将加大短剧方向资本投 入，拟开机制作《留住时间的人》《我的归途有风 2》等精 品短剧；电影端，系列 IP 电影《刺杀小说家 2》已立项， 2024 年拟上映 6 部；版权业务稳步提升，2023 年完成对森 联公司收购，影视版权数量升至 5 万小时；动画业务在 2024 年上升为事业部并探索动画电影、卡牌等衍生业态；出海业 务端，海外新媒体传播宣发矩阵已建有 100 多个频道，扩充 ...

Film Production and Releases - The company released a total of 16 films (including animated films and online films) in 2023[2] - Revenue from the film industry dropped by 9.61% to 2,245,663,287.50, with a corresponding decrease in operating costs by 3.58%[39] - The company has established an animation business group, forming 6 IP series and exploring derivative formats such as animated films and cards[194] Financial Performance and Expenses - Sales expenses decreased by 37.99% to 173,133,532.42 yuan in 2023, mainly due to a decrease in gross profit, business performance, and film volume, leading to reduced promotional expenses[19] - Management expenses decreased by 7.39% to 171,200,712.48 yuan in 2023, primarily due to reductions in stock-based compensation, depreciation, rental fees, employee salaries, consulting fees, and business entertainment expenses[19] - R&D expenses increased by 70.84% to 25,093,212.16 yuan in 2023, driven by increased investment in R&D, including the establishment of the AIGC Research Institute[19] - Operating revenue for 2023 was 2.27 billion yuan, a decrease of 8.39% compared to 2022[183] - Net profit attributable to shareholders in 2023 was 382.23 million yuan, a decrease of 5.08% compared to 2022[183] Cash Flow and Investments - The net cash flow from operating activities increased by 35.83% year-on-year, mainly due to a decrease in the number of projects launched compared to the previous year[23] - The net cash flow from investing activities decreased by 53.37% year-on-year, primarily due to a reduction in investment expenditures compared to the previous year[23] - The net cash flow from financing activities decreased by 74.10% year-on-year, mainly due to an increase in bank loan repayments[23] - Cash flow from operating activities in 2023 was 393.34 million yuan, an increase of 35.83% compared to 2022[183] - Investment in Shanghai Dasheng Culture Media Co., Ltd. amounted to 5,000,000 RMB with a 40% stake, resulting in a loss of 166,167.40 RMB for the period[90] - Total investment for the period was 5,000,000 RMB with an overall loss of 166,167.40 RMB[90] Assets and Liabilities - The company's monetary funds increased by 1.18% to 2,836,348,127.17 yuan, accounting for 28.71% of total assets at the end of 2023[24] - Accounts receivable decreased by 3.04% to 812,265,196.19 yuan, accounting for 8.22% of total assets at the end of 2023, mainly due to the collection of receivables[24] - Inventory decreased by 2.42% to 1,718,317,200.91 yuan, accounting for 17.39% of total assets at the end of 2023[24] - Transactional financial assets increased by 24.13% to 2,384,319,773.45, mainly due to increased purchases of wealth management funds[25] - Accounts receivable financing rose by 0.54% to 62,300,000.00, driven by an increase in receivables from "6+9 banks"[25] - Goodwill surged by 3.50% to 748,840,727.84, primarily due to the acquisition of three non-controlling companies[25] - Accounts payable decreased by 2.10% to 425,932,990.15, mainly due to increased payments for film production and settlement[25] - The company's fixed assets increased from 58,010,102.81 yuan to 61,618,386.15 yuan, reflecting a growth in capital investment[65] - Fixed assets at the end of the period were valued at 67,532,239.27 RMB[109] - Cash and cash equivalents totaled RMB 2,836,348,127.17 at the end of the period, with RMB 165,178,752.39 held overseas and RMB 5,643,668.95 frozen due to litigation[117][120] - Trading financial assets increased to RMB 2,384,319,773.45, including RMB 155,186,245.76 in stocks and RMB 2,229,133,527.69 in wealth management products[121] - Bank acceptance notes decreased significantly to RMB 20,000,000.00 from RMB 131,900,000.00 at the beginning of the period[122] Revenue and Costs - Overseas revenue declined by 11.52% to 130,583,096.09, while domestic revenue decreased by 8.19% to 2,136,841,010.89[38] - Revenue from advertising increased by 48.66% to 32,325,100.31, with a significant rise in gross margin by 25.21%[39] - Revenue from TV series sales grew by 6.53% to 1,996,583,999.18, despite a slight decrease in gross margin by 1.74%[39] - The company's revenue recognition for TV series sales is based on the transfer of broadcasting rights and the fulfillment of contractual obligations, ensuring accurate financial reporting[64] - The company's revenue from movie box office sharing is recognized based on actual box office statistics and agreed sharing methods[64] - The company's revenue recognition principles are based on the transfer of control and fulfillment of contractual obligations, ensuring accurate financial reporting[59][61] R&D and Innovation - The company established an AIGC Application Research Institute to drive innovation in AI technology across the entire film production chain[34] - The company's R&D projects include a big data system for film and television, aimed at reducing investment risks and improving production quality[72] - The company's vertical large model project focuses on enhancing production efficiency and creative quality using generative AI[72] - The company's shared collaborative office digital platform aims to optimize operational efficiency and resource allocation through digital transformation[72] - R&D personnel increased by 21.21% to 40 in 2023, with the proportion of R&D personnel rising to 7.60% from 6.05% in 2022[73] - R&D investment in 2023 was RMB 25,093,212.16, accounting for 1.11% of operating revenue, a significant increase from 0.01% in 2022[73] - The number of R&D personnel with a bachelor's degree increased by 44.44% to 26 in 2023[73] - The age group of 30-40 years old among R&D personnel increased by 43.75% to 17 in 2023[73] - The company anticipates that AI and MR technologies will significantly enhance content production efficiency, marketing optimization, and visual experiences, driving industry transformation[143] Subsidiaries and Tax Benefits - The company's subsidiaries, including Xiangshan Times Golden Globe Cinema Co., Ltd. and others, qualify as small and micro-profit enterprises, benefiting from reduced corporate income tax rates[110] - Subsidiary Jiayunshe Entertainment Co. qualifies as an encouraged industry enterprise in the western region, enjoying a reduced corporate income tax rate of 15%[111] - Subsidiaries in Jingning, including Jingning Ketun Co., enjoy a reduced corporate income tax rate of 15% for 10 years from registration[111] - Subsidiaries in Horgos, including Horgos Huace Co., are exempt from local share of corporate income tax, paying only 15%[112] - Subsidiary Hangzhou Huace Film and Television Technology Co., Ltd. is recognized as a high-tech enterprise, enjoying a reduced corporate income tax rate of 15% from 2022 to 2024[113] - Subsidiary Huace Film and Television (Beijing) Co., Ltd. is recognized as a high-tech enterprise, enjoying a reduced corporate income tax rate of 15% from 2022 to 2024[113] - Subsidiary Olive Hainan Co. qualifies as an encouraged industry enterprise in Hainan Free Trade Port, enjoying a reduced corporate income tax rate of 15% from 2020 to 2024[113] - Subsidiaries Huocheng Senlian Film Co., Ltd., Horgos Senlian Film Co., Ltd., and Horgos Zixuan Entertainment Co., Ltd. are eligible for corporate income tax exemptions under specific policies, with Huocheng Senlian Film Co., Ltd. taxed at a reduced rate of 9% in 2023[115] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period was 48,514[160] - The top shareholder, Fu Meicheng, holds 18.31% of the shares, amounting to 348,135,743 shares[160] - Hangzhou Dace Investment Co., Ltd., the second-largest shareholder, holds 17.12% of the shares, amounting to 325,481,020 shares[160] - Beijing Dinglu Zhongyuan Technology Co., Ltd. holds 4.60% of the shares, amounting to 87,431,693 shares[160] - Wu Tao holds 2.34% of the shares, amounting to 44,539,043 shares[160] - Hong Kong Securities Clearing Company Ltd. holds 1.39% of the shares, amounting to 26,458,982 shares[160] - Wang Xiaoan holds 1.32% of the shares, amounting to 25,000,000 shares[160] - Fu Binxing holds 0.82% of the shares, amounting to 15,599,857 shares[160] - Zhejiang Yinwan Private Fund Management Co., Ltd. - Yinwan Quanying No. 31 Private Securities Investment Fund holds 0.74% of the shares, amounting to 14,000,000 shares[160] - Zhejiang Yinwan Private Fund Management Co., Ltd. - Yinwan Quanying No. 32 Private Securities Investment Fund holds 0.68% of the shares, amounting to 12,955,000 shares[160] - The top 10 shareholders of the company hold significant stakes, with Hangzhou Dace Investment Co., Ltd. holding 325,481,020 shares and Beijing Dinglu Zhongyuan Technology Co., Ltd. holding 87,431,693 shares[165] - Fu Meicheng, the actual controller, holds 87,033,936 shares and has a 97.44% stake in Hangzhou Dace Investment Co., Ltd., indicating a strong control over the company[165] - The company's actual controller, Fu Meicheng, and Zhao Yifang, the legal representative of Hangzhou Dace Investment Co., Ltd., are both Chinese nationals and do not hold residency in other countries or regions[169] - The company's actual controller, Fu Meicheng, and Zhao Yifang, the legal representative of Hangzhou Dace Investment Co., Ltd., have not changed during the reporting period[169] - The company's actual controller, Fu Meicheng, and Zhao Yifang, the legal representative of Hangzhou Dace Investment Co., Ltd., have not been involved in any significant changes in their holdings or control over the company during the reporting period[169] Accounts Receivable and Bad Debts - The company's accounts receivable for the period within 1 year (including 1 year) amounted to 699,065,249.48 RMB, showing a decrease from the previous period's 953,610,457.07 RMB[181] - The company's accounts receivable for the period between 1 to 2 years amounted to 89,276,327.12 RMB, showing a decrease from the previous period's 96,496,599.57 RMB[181] - Accounts receivable with individual bad debt provision amounted to 219.52 million yuan, accounting for 18.12% of total receivables, with a provision ratio of 85.32%[182] - Accounts receivable with portfolio bad debt provision amounted to 991.64 million yuan, accounting for 81.88% of total receivables, with a provision ratio of 21.34%[182] - Total accounts receivable amounted to 1.21 billion yuan, with a total bad debt provision of 398.9 million yuan, representing a provision ratio of 32.94%[182] - The company's bank acceptance bills at the end of the period amounted to 20,000,000 RMB, with a 100% provision for bad debts[179] - The company's bank acceptance bills at the beginning of the period amounted to 131,900,000 RMB, with a 100% provision for bad debts[179] Litigation and Legal Matters - The company's litigation as a defendant involved an amount of 8,452.08 thousand yuan, with no significant impact expected[43] - The company's litigation as a plaintiff involved an amount of 9,651.13 thousand yuan, with no significant impact expected[43] - The company's monetary funds were frozen at RMB 5,643,668.95 due to litigation[79] Fair Value and Financial Instruments - The fair value of financial assets at the end of the period was RMB 2,689,654,905.70, with a fair value change loss of RMB 22,148,375.55 during the period[78] - The fair value of other equity instrument investments decreased by RMB 48,101,021.26 to RMB 305,335,132.25 at the end of the period[78] - The fair value of the fund investment was RMB 2,229,133,527.69 at the end of the period, with a fair value change gain of RMB 27,255,226.03 during the period[83] - The fair value of domestic and foreign stock investments was RMB 14,527,915.56 at the end of the period, with a fair value change loss of RMB 49,138,876.28 during the period[83] - The company did not have any derivative investments during the reporting period[84] Music and IP Development - The company has developed over 200 music copyrights, collaborating with projects like "Cheng Huan Ji" and "Guo Se Fang Hua"[195] - The company has launched an "AI video analysis and retrieval function" to automatically tag specific elements in videos for quick material identification[197] Equity and Share Structure - The company's total equity at the end of the period was 6,212,843,851.44 yuan, an increase from the previous year's 5,587,027,582.62 yuan[48] - The company's comprehensive income for the period was 107,730,193.60 yuan, with a total profit distribution of -41,477,275.42 yuan[51] - The company's capital reserve increased by 13,096,654.28 yuan due to equity incentives[51] - The company's restricted shares decreased by 9,714,750 shares, now totaling 272,803,200 shares, representing 14.35% of total shares[56] - The company's unrestricted shares increased by 9,714,750 shares, now totaling 1,628,270,501 shares, representing 85.65% of total shares[56] - The company's total shares remained unchanged at 1,901,073,701 shares[56] - Restricted shares held by directors and senior management decreased by 9,716,250 shares, with a total of 272,803,200 shares remaining restricted[130] Non-Recurring Gains and Losses - Non-recurring gains and losses attributable to the parent company in 2022 amounted to RMB 101,443,348.01, with a difference of RMB 14,966,049.46 compared to the adjusted calculation[140] Fixed Assets and Depreciation - The company's fixed assets include significant investments in buildings, general equipment, and specialized equipment, with a total book value of 129,150,625.42 yuan[66] - The company's cumulative depreciation for fixed assets increased by 4,310,007.47 yuan during the reporting period[66] Customer Concentration - The top five customers accounted for 73.30% of the total annual sales, with the largest customer contributing 20.93% of the total sales[69]

持股 5%以上股东、前 10 名股东及前 10 名无限售流通股股东参与转融通业务出借股份情况 （二） 公司优先股股东总数及前 10 名优先股股东持股情况表 （三） 限售股份变动情况 | --- | --- | --- | --- | --- | --- | --- | |----------|--------------|--------------|--------------|--------------|---------------|----------------------------------------------------| | 股东名称 | 期初限售股数 | 本期解除限售 | 本期增加限售 | 期末限售股数 | 限售原 | 单位：股 拟解除限售日期 | | 傅梅城 | 261,101,807 | 股数 0 | 股数 0 | 261,101,807 | 因 董监高 | 年按持有股份总数的 25% 解除锁定，其余 | | | | | | | 锁定股 | 75% 自动锁定 | | 傅斌星 | 11,699,893 | 0 | 0 | 11,699,893 | 董监高 锁定股 | 年按持有股份 ...

证券代码：300133 证券简称：华策影视 浙江华策影视股份有限公司投资者关系活动记录表 编号：2023-005 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 √其他 电话会议 序 参会者姓名 机构名称 号 1 王春 华安基金 2 李建 中银基金 3 杨行远 太平基金 4 吴桐 宁银理财 参与单位名 5 张昱 平安资管 称及人员姓 6 王茜 国泰基金 名 ...

| --- | --- | --- | |-----------------------------------------|------------------|-------------------| | | | | | 支付原保险合同赔付款项的现金 | | | | 拆出资金净增加额 | | | | 支付利息、手续费及佣金的现金 | | | | 支付保单红利的现金 | | | | 支付给职工及为职工支付的现金 | 209,849,069.10 | 224,157,342.89 | | 支付的各项税费 | 129,654,971.06 | 80,593,933.67 | | 支付其他与经营活动有关的现金 | 78,430,972.05 | 107,716,079.62 | | 经营活动现金流出小计 | 1,547,812,713.00 | 1,875,020,083.92 | | 经营活动产生的现金流量净额 | 347,745,611.00 | 24,387,746.61 | | 二、投资活动产生的现金流量： | | | | 收回投资收到的现金 | 607,020,216.26 | 658,593,925. ...

证券代码:300133 证券简称:华策影视 | --- | --- | --- | |------------|---------------------------|-------------| | | √特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | | 活动类别 | □现场参观 | | □其他 序号 参会者姓名 机构名称 1 陈志新 前海人寿 参与单位名 2 刘远程 前海人寿 称及人员姓 3 李克强 前海人寿 名 4 吴伟 前海人寿 5 姚尧 前海人寿 时间 2023 年 9 月 13 日 地点 公司会议室 上市公司 董事会秘书:张思拓 接待人员 财务总监:陈敬 证券事务代表:毛婷婷 浙江华策影视股份有限公司投资者关系活动记录表 | --- | --- | |------------|----------------------------------------------------------------------| | | 一、介绍公司经营发展情况 | | | 今年以来,公司紧密围绕内容、科技、生态,扎实推进各 ...

Company Overview - Founded in 1992, the company has been focused on the content industry for over 30 years and went public in 2010 [1] - Currently the leading domestic film and television production company, with a business ecosystem centered around TV dramas and movies, expanding into animation, music, talent management, copyright operations, international new media, integrated marketing, and cinema operations [1] - As of June 2023, the company's monetary funds and trading financial assets totaled 5 billion yuan [3] TV Drama Business - The TV drama industry has undergone significant changes: (1) healthier industry chain value with reduced talent costs and increased production costs, leading to improved content quality [3] (2) optimized industry chain value with downstream channels improving profitability through efficient content procurement [3] (3) industry demand shifting towards niche markets, with stable platform procurement volumes [3] - The company focuses on producing high-quality content, with 6 new pre-sales and a total of 15 pre-sales in the first half of the year [3] - IP value is shifting from first-round revenue to long-tail effects, providing opportunities for copyright operations, international distribution, and commercialization [3] Film Business - Entered the film business in 2013, focusing on content development and talent cultivation [3] - Currently collaborating with top mid-generation directors in China [3] - Plans to produce 1 major S-level film annually and participate in key seasonal projects [3] - The film "Misjudgment" is scheduled to start production in September 2023 [3] Copyright Operations - In 2022, the copyright business generated a net profit of 65.5951 million yuan, with 36.4186 million yuan in the first half of 2023 [4] - Established the "MetaVision" platform to digitize and internetize copyright content, exploring new commercial opportunities [4] - Acquired Senlian Film and Television for 485 million yuan, increasing the company's film and television copyright library from over 30,000 hours to more than 50,000 hours [4] International Business - Chinese content is gaining popularity in Southeast Asia, the Middle East, and South America, with increasing demand for remake rights [4] - The company's YouTube channel has over 17 million subscribers, with efforts to increase new media operational income [4] Technology and Innovation - Exploring virtual shooting technology, with a virtual shooting base established in Shanghai's Songjiang district [4] - Building a virtual asset library through 3D modeling, aiming to reduce production costs in the long term [4] - Established an AIGC Application Research Institute, focusing on improving production efficiency and content quality through AI tools [5] Investor Q&A - Virtual shooting can save costs, but the savings vary depending on the type of production [5] - AI in scriptwriting can shorten production cycles and increase efficiency, while also encouraging more original scripts [5] - The company plans to produce 1 S-level film annually, with the number of co-investments depending on profitability [6] - Revenue recognition standards vary depending on the distribution platform, with a time gap between cash flow and revenue recognition [6] - Virtual actors in TV dramas are still experimental, with cost and actor adaptability being key factors [6]