证券代码：300133 证券简称：华策影视 公告编号：2025-072 浙江华策影视股份有限公司 2025 年第二次临时股东会决议公告 本公司及其董事会全体成员保证公告内容真实、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、本次股东会未出现否决议案。 2、本次股东会不涉及变更前次股东会决议。 3、本次股东会召开期间没有增加或变更议案。 一、会议召开情况 1、召开时间： （1）现场会议召开时间：2025 年 9 月 5 日（星期五）15：00 （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时间为 2025 年 9 月 5 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联 网系统投票的具体时间为 2025 年 9 月 5 日 9:15-15:00。 2、召开地点：杭州市西湖区五常港路 466 号华策中心 A 座公司会议室。 3、召开方式：本次会议采取现场结合网络投票的表决方式。 4、召集人：浙江华策影视股份有限公司董事会。 5、主持人：公司董事长赵依芳女士。 6、本次股东会的召集、召开与表决程序符合《公司法》、《深圳证券交易 所股票上 ...

Market Performance - On September 5, the film and theater sector rose by 4.21% compared to the previous trading day, with Happiness Blue Ocean leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Happiness Blue Ocean (300528) closed at 20.72, up 14.35% with a trading volume of 749,000 shares and a turnover of 1.463 billion yuan [1] - China Film (600977) closed at 15.02, up 10.04% with a trading volume of 1,000,400 shares and a turnover of 1.487 billion yuan [1] - Other notable stocks include Hengdian Film (603103) up 6.37%, Wanda Film (002739) up 4.57%, and Bona Film (001330) up 4.26% [1] Capital Flow Analysis - The film and theater sector saw a net inflow of 558 million yuan from institutional investors, while retail investors experienced a net outflow of 306 million yuan [2] - The main capital flow data indicates that China Film had a net inflow of 346 million yuan from institutional investors, while it faced a net outflow of 182 million yuan from retail investors [3] Summary of Capital Flows for Key Stocks - Happiness Blue Ocean had a net inflow of 55.95 million yuan from institutional investors, but a net outflow of 50.19 million yuan from retail investors [3] - Shanghai Film (601595) saw a net inflow of 42.10 million yuan from institutional investors, with a significant net outflow from retail investors of 35.92 million yuan [3] - Wanda Film (002739) had a net inflow of 25.34 million yuan from institutional investors, while retail investors had a net outflow of 11.59 million yuan [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported significant year-on-year growth in revenue and net profit for the first half of the year, with revenue reaching 790 million yuan and net profit at 118 million yuan, representing increases of 114.94% and 65.05% respectively [1][8] - The television drama production business has seen substantial growth, contributing to the improved financial performance [1][17] - The company plans to distribute a cash dividend of 0.20 yuan per 10 shares for the 2024 fiscal year [1][8] - The upcoming release of "Assassination of a Novelist 2," which is expected to generate significant box office revenue, is anticipated to boost the film business [2][17] Summary by Sections Financial Performance - In the first half of the year, the company achieved a revenue of 790 million yuan and a net profit of 118 million yuan, with a year-on-year growth of 114.94% and 65.05% respectively, leading to a diluted EPS of 0.06 yuan [1][8] - For Q2 2025, the company reported a revenue of 204 million yuan and a net profit of 25 million yuan, with year-on-year growth of 6.8% and a decline of 38.3% respectively [1][8] Television and Film Business - The television drama production and distribution segments generated revenues of 360 million yuan and 164 million yuan, reflecting year-on-year growth of 1258.92% and a decline of 9.24% respectively [2][17] - The company has several new projects in the pipeline, including six new dramas that have started production, which are expected to support performance in the second half of the year [2][17] New Growth Areas - The company is expanding into short dramas and animation, with a monthly production capacity of 20 short dramas and a focus on IP operations in the animation sector [3][18] - The company has also initiated a new media strategy, with over 600 global accounts and a total fan base exceeding 58 million [3][18] Financial Projections - The company forecasts net profits of 443 million yuan, 516 million yuan, and 543 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.23 yuan, 0.27 yuan, and 0.29 yuan [3][21]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported significant year-on-year growth in revenue and net profit for the first half of the year, with revenue reaching 790 million yuan and net profit at 118 million yuan, representing increases of 114.94% and 65.05% respectively [1][8] - The television drama production business has seen substantial growth, contributing to the improved financial performance, with revenue from drama production and distribution reaching 360 million yuan and 164 million yuan, marking year-on-year increases of 1258.92% and a slight decline of 9.24% respectively [2][17] - The company is focusing on new content releases and has several projects in the pipeline, including the anticipated release of "Assassination of a Novelist 2" in October 2025, which is expected to significantly boost the film business [2][20] Summary by Sections Financial Performance - In the first half of the year, the company achieved a revenue of 790 million yuan and a net profit of 118 million yuan, with a fully diluted EPS of 0.06 yuan. The non-recurring net profit was 72 million yuan, up 67.87% year-on-year [1][8] - For Q2 2025, the company reported a revenue of 204 million yuan and a net profit of 25 million yuan, with year-on-year growth of 6.8% in revenue but a decline of 38.3% in net profit [1][8] Business Segments - The television drama segment has shown a remarkable recovery, with two new dramas released and several others in production, which are expected to support performance in the second half of the year [2][17] - The short drama and animation segments are emerging as new growth areas, with a monthly production capacity of 20 short dramas and a significant international presence, including over 600 new media accounts globally [3][18] Future Outlook - The company maintains its profit forecasts for 2025, 2026, and 2027, expecting net profits of 443 million yuan, 516 million yuan, and 543 million yuan respectively, with corresponding diluted EPS of 0.23 yuan, 0.27 yuan, and 0.29 yuan [3][21] - The company is well-positioned in the industry, leveraging its leadership in film and television, along with new growth opportunities in copyright operations, AIGC, and computing power services [3][21]

Group 1: Financial Performance - In the first half of the year, the company achieved operating revenue of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, representing year-on-year growth of 114.94% and 65.05% respectively, with a fully diluted EPS of 0.06 yuan [1] - For Q2 2025, the company reported operating revenue of 204 million yuan and a net profit attributable to shareholders of 25 million yuan, showing year-on-year growth of 6.8% and a decline of 38.3% respectively [1] - The company plans to distribute a cash dividend of 0.20 yuan per 10 shares (tax included) for the year 2024 [1] Group 2: Television and Film Business - The company's television production and distribution business generated revenues of 360 million yuan and 164 million yuan respectively in the first half of the year, with year-on-year growth of 1258.92% and a decline of 9.24% respectively; gross profit margins decreased by 23.55 and 5.14 percentage points to 18.12% and 61.43% respectively [2] - The company released 2 new dramas and has 3 approved projects, with 6 new projects currently in production, which are expected to lay a solid foundation for performance in the second half of the year [2] - The film "Assassination Novelist 2," which follows a predecessor that grossed 1.035 billion yuan, is scheduled for release on October 1, 2025, and is expected to contribute significantly to the film business [2] Group 3: Emerging Business Segments - The monthly production capacity for short dramas has increased to 20, with several high-performing titles exceeding 200 million views [3] - The animation business is focusing on IP operation and exhibitions, with a collaboration on "Peppa Pig: Perfect Holiday" expected to release in 2026 [3] - The computing power segment has achieved normalized operations, generating revenue of 56.5 million yuan in the first half of the year [3] - Internationally, the company operates over 600 new media accounts with a total follower count exceeding 58 million, and the first international short drama app, DailyShort, has been launched, contributing to overseas revenue of 88.1 million yuan, a year-on-year increase of 28.48% [3]

Group 1 - The film industry sector saw significant gains, with Wento Holdings hitting the daily limit up and Happiness Blue Sea rising over 6% [1] - Other companies in the sector, including China Vision Media, Bona Film Group, and Ciweng Media, also experienced increases in their stock prices [1][2] Group 2 - According to the National Film Administration, the total box office for the summer season in 2025 reached 11.966 billion yuan, with 321 million admissions, marking year-on-year growth of 2.76% and 12.75% respectively [3] - Domestic films accounted for 76.21% of the box office, surpassing the same period last year [3] - The top five films by box office revenue included "Nanjing Photo Studio" at 2.89 billion yuan and "The Lost Legend of the Mountain" at 1.455 billion yuan [3] - As of August 31, 2025, the total box office for Chinese films (including overseas) exceeded 40 billion yuan, with the domestic market contributing 39.23 billion yuan and over 909 million admissions, both exceeding the previous year's figures [3] - The overseas box office for Chinese films has surpassed 770 million yuan this year, setting a new high in recent years [3]

Core Viewpoint - The performance of six listed companies related to drama series in the first half of 2025 shows mixed results, with over half achieving positive revenue growth, but many still struggling with net profits, indicating ongoing challenges in financial sustainability [1][2]. Revenue and Profit Summary - Huace Film & TV reported a revenue of 790 million yuan, a year-on-year increase of 114.94%, and a net profit of 118 million yuan, up 65.05% [2][5]. - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and a net profit of 503 million yuan, soaring 384.52% [2][5]. - Ciweng Media's revenue reached 190 million yuan, a significant increase of 282.20%, but it reported a net loss of 23 million yuan, down 262.10% [2][8]. - Huanrui Century's revenue was 198 million yuan, up 83.72%, but it turned to a net loss of 639,000 yuan, a decline of 139.86% [2][10]. - Baiana Qiancheng reported a revenue of 136 million yuan, a decrease of 46.43%, with a net loss of 20 million yuan, but a profit increase of 33.34% year-on-year [2][10]. - Straw Bear Entertainment's revenue fell to 446 million yuan, down 47.4%, with a net loss of 5.8 million yuan, compared to a profit of 30 million yuan in the previous year [2][11]. Business Strategies and Market Positioning - Huace Film & TV continues to focus on traditional long-form dramas while also expanding into new business areas, including short dramas and international projects, with a production capacity of 20 short dramas per month [14][16]. - Perfect World maintains a balanced approach between long and short dramas, with several projects in post-production and a successful short drama recently launched [16] - Ciweng Media has increased its presence in the market with multiple projects, although it faces challenges due to seasonal revenue recognition and accounting policy adjustments [8][10]. - Huanrui Century is investing heavily in short dramas, which has led to increased costs and a decline in profits, despite having a substantial number of IPs [10][18]. - Baiana Qiancheng and Straw Bear Entertainment are both focusing on refining their long-form drama offerings, with several projects in the pipeline [14][22]. Industry Trends and Future Outlook - The industry is experiencing a transformation, with companies adopting different strategies to navigate the changing landscape, from traditional long dramas to new formats [14][22]. - The gradual implementation of the "Broadcasting and Television 21 Articles" policy is expected to create a more relaxed environment for the industry, potentially aiding in revenue generation [22].

Market Overview - The film and theater sector experienced a decline of 3.24% on August 27, with Bona Film Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Bona Film Group's stock price fell by 6.83% to 5.73, with a trading volume of 1.77 million shares and a transaction value of 1.10 billion [2] - Other notable declines include Light Media down 5.49% to 19.80, and Golden Screen Cinemas down 4.80% to 9.53 [2] - The highest closing price in the sector was Shanghai Film at 31.04, down 3.96% [2] Capital Flow Analysis - The film and theater sector saw a net outflow of 723 million from institutional investors, while retail investors contributed a net inflow of 542 million [2][3] - The data indicates that retail investors are more active in the sector, with a net inflow of 542 million, compared to the outflow from institutional investors [2][3] Stock-Specific Capital Flow - For individual stocks, Jiecheng Co. saw a net inflow of 86.49 million from retail investors, while it experienced a net outflow of 54.72 million from institutional investors [3] - Wanda Film had a net outflow of 5.80 million from institutional investors but a net inflow of 27.57 million from retail investors [3] - The overall trend shows that while institutional investors are pulling back, retail investors are stepping in to buy [3]

Core Viewpoint - Huace Film & TV experienced a decline of 1.67% in stock price on August 26, with a trading volume of 985 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On August 26, Huace Film & TV had a financing buy-in amount of 136 million yuan and a financing repayment of 167 million yuan, resulting in a net financing outflow of 31.11 million yuan [1]. - As of August 26, the total financing and securities lending balance for Huace Film & TV was 816 million yuan, with the financing balance at 812 million yuan, accounting for 4.85% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, the company repaid 19,500 shares and sold 26,400 shares on August 26, with a selling amount of 233,100 yuan, while the remaining securities lending volume was 506,000 shares, with a balance of 4.468 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of securities lending [1]. Business Performance - As of June 30, Huace Film & TV had 71,800 shareholders, a decrease of 4.98% from the previous period, with an average of 22,612 circulating shares per person, an increase of 5.24% [2]. - For the first half of 2025, Huace Film & TV reported an operating income of 790 million yuan, a year-on-year increase of 114.94%, and a net profit attributable to shareholders of 118 million yuan, a year-on-year increase of 65.05% [2]. - The company has distributed a total of 682 million yuan in dividends since its A-share listing, with 180 million yuan distributed over the past three years [2]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder of Huace Film & TV, holding 15.1695 million shares, a decrease of 245,500 shares from the previous period [2]. - The Southern CSI 1000 ETF (512100) was the seventh-largest circulating shareholder, holding 12.3156 million shares, an increase of 234,900 shares from the previous period [2]. - Huazhong Media Internet Mixed A (001071) has exited the list of the top ten circulating shareholders [2].

Core Viewpoint - The company reported strong financial performance in H1 2025, driven by significant growth in its television drama business and favorable government policies for the industry [2][6]. Financial Performance - In H1 2025, the company achieved revenue of 790 million yuan, representing a year-over-year increase of 114.9%, and a net profit attributable to shareholders of 120 million yuan, up 65.05% year-over-year [2][3]. - The company's gross margin was 31.2%, down 16.5 percentage points year-over-year, while the net profit margin was 14.9%, a decrease of 4.5 percentage points year-over-year [2][3]. - The company had cash and cash equivalents of 2.54 billion yuan, reflecting a year-over-year increase of 16.0% [2]. Television Drama Business - The television drama segment is on track, with significant revenue growth attributed to the approval of three major series, including "Jinxiu Fanghua" [2][3]. - In H1 2025, revenue from television production and distribution reached 360 million yuan, a year-over-year increase of 1258.9%, with a gross margin of 18.1% [3]. - The company launched two new series, "Guose Fanghua" and "Jinxiu Fanghua," totaling 56 episodes, and has several projects in the pipeline for H2 2025 [3][4]. Film Business - The film segment generated revenue of 40 million yuan in H1 2025, a year-over-year increase of 76.3%, with a gross margin of 24.8% [4]. - The company has a strong film slate, including one major investment film and three controlled films set to release in H2 2025 [4]. New Business Developments - The company is rapidly developing its computing power business, which generated revenue of 56.5 million yuan in H1 2025, with a gross margin of 28.58% [5]. - An international short drama app, DailyShort, was launched, providing services in 14 languages and contributing to overseas revenue of 88.12 million yuan, a year-over-year increase of 28.48% [5]. - The company is also expanding its animation business, with two major animated films scheduled for release in 2026 [5]. Industry Outlook - The television industry is benefiting from new government policies aimed at enhancing content quality and increasing supply [2][3]. - The company is well-positioned as a leader in the domestic television industry, with a robust pipeline of projects and a diversified business strategy [6][7].