浙江华策影视股份有限公司 股东询价转让结果报告书暨持股 5%以上股东持有权益变动 触及 5%整数倍的提示性公告 股东傅梅城、杭州大策投资有限公司及其一致行动人傅斌星、银万全盈 31 号私募证券投资基金、银万全盈 32 号私募证券投资基金保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 证券代码：300133 证券简称：华策影视 公告编号：2025-076 2、出让方傅梅城为华策影视实际控制人，出让方杭州大策投资有限公司为 华策影视控股股东，为傅梅城控制的企业，为公司实际控制人的一致行动人。本 次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公司治理结构 及持续经营产生重大影响。 3、本次权益变动为非公开转让的询价转让方式，不会通过集中竞价交易方 式或大宗交易方式进行，不触及要约收购。受让方通过询价转让受让的股份，在 受让后6个月内不得转让。 4、公司总股本为1,899,585,581股，其中公司回购专用证券账户持有 26,128,600股，出让方本次询价转让股份数量为67,470,585 ...

中信证券股份有限公司 关于浙江华策影视股份有限公司 股东向特定机构投资者询价转让股份的核查报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任傅梅 城、杭州大策投资有限公司（以下合称"出让方"）以向特定机构投资者询价转让（以 下简称"询价转让"）方式减持所持有的浙江华策影视股份有限公司（以下简称"公司" 或"华策影视"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、出让方是否符合《深圳证券交易所上市 公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份（2025 年 修订）》（以下简称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程 与结果是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 9 月 26 日，出让方所持公司首发前股份的数量及占公司总股本比例情 况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 傅梅城 | 328,544, ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][36]. Core Views - The media sector experienced a decline of 3.58% this week, underperforming the CSI 300 index, but outperforming the ChiNext index. Notable gainers included Vision China and Yaowang Technology, while major losers included Guomai Culture and Hengdian Film [1][11]. - Nvidia's $2 billion investment in xAI and the issuance of guidelines for AI applications in government sectors are significant developments, indicating a push towards AI integration in governance [1][15][36]. - The gaming sector is expected to benefit from a new product cycle, while the film industry shows signs of bottoming out, presenting potential investment opportunities [3][36]. Summary by Sections Industry Performance - The media industry saw a 3.58% decline, ranking 29th among all sectors. The CSI 300 index fell by 0.51%, while the ChiNext index dropped by 3.86% [11][12]. Key Developments - Nvidia invested $2 billion in xAI, part of a larger $20 billion funding round, which includes $7.5 billion in equity and up to $12.5 billion in debt [1][15]. - The Central Cyberspace Affairs Commission and the National Development and Reform Commission issued guidelines for AI deployment in government, marking a structured approach to AI integration [1][16]. Box Office and Media Updates - The box office for the week (October 6-12) reached 652 million yuan, with top films including "The Volunteer Army: Blood and Peace" (146 million yuan, 22.4% share) and "731" (93 million yuan, 14.3% share) [2][19]. - Popular variety shows included "The Wonderful Night Season 2" and "Flowers and Youth" [24]. Investment Recommendations - The report recommends focusing on the gaming sector's new product cycle and the potential recovery in the film industry. Specific stocks to watch include Kaiying Network and Mango Excellent Media [3][36]. - The report highlights the importance of AI applications across various sectors, including marketing and education, suggesting a growing trend towards AI integration [3][36].

Core Viewpoint - The performance of the National Day film box office this year was disappointing, leading to a significant drop in related film companies' stocks immediately after the holiday [1] Industry Summary - The National Film Administration reported that the box office for the National Day film season decreased by 13% year-on-year, totaling 1.835 billion yuan [1] - On October 9, the A-share film sector fell nearly 5%, with Huace Film & Television dropping 13.56% and Light Media declining 10.5% on the same day [1] - The decline in stock prices reflects the market's immediate reaction to the underperformance of this year's National Day box office [1] Company Summary - Investors are advised to focus on long-term value rather than short-term fluctuations, given the high uncertainty in film box office performance and the inherent risks in the film industry [1] - Companies should be monitored for their content reserves, production capabilities, IP reserves, and the development of diversified business models to manage investment risks effectively [1]

Market Overview - The film and theater sector experienced a decline of 1.59% on October 10, with Hengdian Film leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Notable performers included: - Baina Qiancheng (300291) with a closing price of 6.22, up 1.30% on a trading volume of 299,500 shares and a turnover of 186 million yuan [1] - Jinyi Film (002905) closed at 10.11, up 0.70% with a trading volume of 125,900 shares and a turnover of 128 million yuan [1] - Conversely, Hengdian Film (603103) saw a significant drop of 7.26%, closing at 15.32 with a trading volume of 207,500 shares and a turnover of 322 million yuan [2] Capital Flow Analysis - The film and theater sector experienced a net outflow of 508 million yuan from institutional investors, while retail investors saw a net inflow of 456 million yuan [2] - The capital flow for individual stocks showed: - Hengdian Film had a net outflow of 30.17 million yuan from retail investors, despite a net inflow of 12.42 million yuan from institutional investors [3] - Jiecheng Co. (300182) also faced a net outflow of 27.41 million yuan from retail investors, with a net inflow of 11.89 million yuan from institutional investors [3]

Core Viewpoint - The cultural media sector in the A-share market experienced a decline following the National Day and Mid-Autumn Festival holidays, with significant drops in stock prices for several companies involved in this year's National Day film releases [2][6][7]. Group 1: Film Market Performance - The National Day film market in 2025 generated a total box office of 18.35 billion yuan, with an average ticket price of 36.64 yuan, marking the first time in five years that the average price fell below 40 yuan [6][11]. - The box office performance was notably lower than previous years, only surpassing the figures from 2016 and 2022, and significantly down from the peak of 44.7 billion yuan in 2019 [6][9]. - The top three films during the National Day period contributed only 60% of the total box office, the lowest since 2016, with the leading film, "The Volunteer Army: Blood and Peace," earning 4.5 billion yuan [7][8]. Group 2: Audience Trends - There is a noticeable shift in the audience demographic, with over 50% of ticket buyers being aged 35 and above, while the youth demographic (under 18) has dropped to 2.6% [11][12]. - The younger audience is increasingly opting for travel and experiential activities over cinema, with 95% of post-95 tourists accounting for nearly a quarter of the total during the holiday [12][11]. Group 3: Industry Transformation - The film industry is exploring new growth avenues beyond box office revenue, focusing on the integration of film and tourism, which is becoming a new trend [12][16]. - Companies like Light Media are actively developing IP-related businesses, with a reported gross margin of 80.03% in their film and related derivative businesses [17]. - The industry is also seeing a rise in the development of themed products and experiences related to films, as evidenced by the success of derivative products linked to popular IPs [17][18].

Group 1 - The ice and snow industry concept declined by 1.59%, ranking among the top declines in concept sectors, with notable declines in companies such as Huace Film & TV, *ST Xinyuan, and Caesar Travel [1][2] - Among the 15 stocks that rose, Xue Ren Group, Tianqiao Hoisting, and Ice Mountain Refrigeration had the highest increases of 7.44%, 3.61%, and 2.78% respectively [1][2] - The ice and snow industry concept saw a net outflow of 955 million yuan from main funds, with 38 stocks experiencing net outflows, and five stocks seeing outflows exceeding 50 million yuan [2][3] Group 2 - The top net outflow stocks included Vanke A with a net outflow of 212 million yuan, followed by Xiyu Tourism, Caesar Travel, and Huace Film & TV with outflows of 99.85 million yuan, 70.22 million yuan, and 67.45 million yuan respectively [2][3] - The stocks with the highest net inflows included Tianqiao Hoisting, Suzhou High-tech, and Huachao City A, with inflows of 45.02 million yuan, 25.04 million yuan, and 8.73 million yuan respectively [2][4] - The ice and snow industry concept had a significant number of stocks experiencing declines, with *ST Xinyuan dropping by 9.25% and Huace Film & TV by 13.56% [3][4]

Core Insights - The film and cinema sector experienced a significant decline of 7.12% on October 9, with Huace Film leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Huace Film (300133) saw a notable decrease of 13.56%, closing at 8.03, with a trading volume of 2.0173 million shares [2] - Other major companies in the sector also faced declines, including Light Media (300251) down 10.53% to 17.33, and Bona Film down 10.05% to 5.82 [2] - The total net outflow of funds from the film and cinema sector was 734 million yuan, while retail investors contributed a net inflow of 593 million yuan [2]

Core Viewpoint - Huace Film & TV (300133.SZ) experienced a significant decline in stock price, closing at 8.03 yuan, down 13.56% [1] Group 1 - On September 22, Huace Film & TV's stock price reached a nearly 7-month high of 9.95 yuan during intraday trading [2] - On September 28, a research report by Wang Xiaoxuan from China Post Securities maintained a "Buy" rating for Huace Film & TV, highlighting the company's rich film project reserves for the year and the importance of the National Day holiday box office performance [2]

Core Viewpoint - The film and cinema sector experienced a significant decline in stock prices following the National Day holiday, attributed to a lackluster performance during the holiday box office period [3][5]. Group 1: Market Performance - As of October 9, the film and cinema sector saw an overall drop of 4.42% [3]. - Major companies such as Huace Film & TV, Light Media, Bona Film Group, and China Film all reported substantial declines in stock prices, with Huace Film & TV down 12.70% and Light Media down 10.48% [3][4]. - The total box office for the National Day holiday was 1.835 billion yuan, which was lower than the previous two years [5][6]. Group 2: Audience Engagement - The average ticket price during the National Day holiday decreased to 36.6 yuan, and the number of moviegoers dropped by approximately 202,000 compared to the previous year [5][6]. - The lack of blockbuster films during the holiday period contributed to the subdued market performance, with no single film achieving a daily box office of over 100 million yuan [6]. Group 3: Analyst Insights - An industry analyst indicated that the decline in the film sector post-holiday is a normal adjustment following previous growth during the summer and Spring Festival periods [5]. - The market's performance was described as relatively dull due to a rich supply of new films lacking strong leading titles to drive audience interest [6].