北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2024-060 北京光线传媒股份有限公司 关于股东权益变动的提示性公告 股东杭州阿里创业投资有限公司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： 1. 本次权益变动性质为股份减少，不触及要约收购。 2. 本次权益变动不会导致公司控股股东、实际控制人发生变化。 一、本次权益变动基本情况 1. 本次权益变动的具体情况 股东名称 减持日期 减持股数 （股） 减持股数占公司 总股本的比例 交易均价 交易方式 阿里创投 2024年12月5日 3,277,645 0.111727% 9.83元/股 集中竞价 1 无特殊说明时，本公告中提及的总股本及相关比例以公司总股本 2,933,608,432 股计算；剔除回购专用证 券账户中股份数量后公司总股本为 2,923,734,644 股。 | 2 . # 线 传 媒 | | --- | 北京光线传媒股份有限公司 | 股东名称 | 减持日期 | 减持股数 | 减持股数占公司 | ...

简式权益变动报告书 | 上市公司： | 北京光线传媒股份有限公司 | | --- | --- | | 上市地点： | 深圳证券交易所 | | 股票简称： | 光线传媒 | | 股票代码： | 300251 | | 信息披露义务人： | 杭州阿里创业投资有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 注册地址： | 杭州市滨江区网商路 号 | 699 | 1 | 号楼 | 3 | 楼 | 301 | | | 室 | | | | | | | | 通讯地址： | 杭州市余杭区文一西路 | 969 | 号 | C 区 | C3 | 楼 | 12 | | | 楼 | | | | | | | | 股份权益变动性 | | | | | | | | | | 股份减少 | | | | | | | | 质： | | | | | | | | 签署日期：二〇二四年十二月十日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—— ...

Investment Rating - The report maintains an "Accumulate" rating for the company, Light Media [2]. Core Insights - The company reported a revenue of 1.442 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 53.37%. However, the third quarter saw a significant decline in revenue to 108 million yuan, down 67.85% year-on-year, with a net loss of 12 million yuan [4]. - The company's film and television content business is progressing steadily, but investment returns have negatively impacted overall performance. Despite the challenges, the core business remains profitable when excluding investment losses [4]. - The company has a rich pipeline of films and has launched its film base, with several upcoming releases scheduled for Q4 2024, including "The Heart of Qiao Yan" and "Victory in Hand" [4]. - Profit forecasts have been adjusted, with expected net profits for 2024-2026 at 543 million, 1.027 billion, and 1.181 billion yuan, respectively, corresponding to PE ratios of 48.8, 25.8, and 22.4 times based on the current stock price [4]. Financial Summary - For 2023, the company is projected to achieve a revenue of 1.546 billion yuan, with a year-on-year growth of 104.7%. The net profit attributable to shareholders is expected to be 418 million yuan, reflecting a growth of 158.6% [3]. - The gross margin is forecasted to be 39.9% in 2023, with an expected increase to 48.3% by 2025 [3]. - The return on equity (ROE) is anticipated to rise from 4.8% in 2023 to 10.1% by 2025 [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a total revenue of 1.44 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 53%. The net profit attributable to the parent company was 460 million yuan, up 25% year-on-year, while the net profit after deducting non-recurring gains and losses was 430 million yuan, an increase of 24% year-on-year. The net cash flow from operating activities reached 640 million yuan, a significant increase of 323% year-on-year [4] - In Q3 2024, the company experienced a decline in total revenue to 110 million yuan, down 68% year-on-year, with a net loss attributable to the parent company of 11.89 million yuan, a decrease of 107% year-on-year. This decline was primarily due to the release of only one film during the quarter compared to multiple films in the same period last year [5] - The company has a rich pipeline of animated films, with key projects such as "Little Qian," "Nezha's Devil Child," and "The Stars of the Three Kingdoms" awaiting release dates. Additionally, several other film and TV projects are in various stages of production [6][7] Financial Performance and Forecast - The company expects total revenue from its film business to be 1.12 billion yuan in 2024, with a year-on-year decrease of 13%, followed by a significant increase of 64.5% in 2025. The revenue from the television business is projected to be 300 million yuan in 2024, with a slight decline in subsequent years [7][10] - The overall revenue forecast for the company is 1.74 billion yuan in 2024, 2.49 billion yuan in 2025, and 2.65 billion yuan in 2026, with year-on-year growth rates of 12.8%, 42.8%, and 6.3% respectively [8][10] - The company’s net profit is expected to reach 508 million yuan in 2024, 962 million yuan in 2025, and 1.003 billion yuan in 2026, with corresponding growth rates of 21.6%, 89.4%, and 4.3% [8][13] Valuation - The company is valued using both PE and PB methods, with a projected PE range of 30-35 times for 2025, leading to a reasonable value range of 9.90-11.55 yuan per share. The PB valuation suggests a range of 9.93-11.59 yuan per share for 2025. The combined reasonable value range is estimated to be between 9.92 yuan and 11.57 yuan per share [9][12]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 revenue was 107 million yuan, a year-on-year decrease of 67.85%, with net profit attributable to the parent company turning to a loss of -12 million yuan and non-GAAP net profit attributable to the parent company turning to a loss of -28 million yuan [1] - The company's summer film releases underperformed expectations, with the main film "From the 21st Century Safe Withdrawal" achieving a cumulative box office of 112 million yuan as of November 4, 2024 [2] - The company has a rich pipeline of high-quality live-action and animated films, with expectations for performance release in 2025 [2] - TV/web series projects are gradually being launched, and artist management and content-related businesses are progressing in an orderly manner [3] - The company's 2024-2026 net profit attributable to the parent company forecast has been revised down from 1.02/1.18/1.31 billion yuan to 0.54/1.02/1.29 billion yuan, with corresponding P/E ratios of approximately 47/25/20 times for 2024-2026 [3] Financial Performance - 2024 Q3 revenue: 107 million yuan, down 67.85% YoY [1] - 2024 Q3 net profit attributable to the parent company: -12 million yuan [1] - 2024 Q3 non-GAAP net profit attributable to the parent company: -28 million yuan [1] - 2024 Q3 investment losses: approximately 24.44 million yuan [1] - Cumulative box office for "From the 21st Century Safe Withdrawal" as of November 4, 2024: 112 million yuan [2] - Cumulative box office for "Qiao Yan's Heart" as of November 4, 2024: 134 million yuan [2] Film and TV Projects - Summer 2024 film releases underperformed expectations [2] - Upcoming film releases: "Sure Win" scheduled for November 15, 2024 [2] - Rich pipeline of live-action films: "Little People", "Her Little Pear Vortex", "Transparent Lovers", "Moduo's Mystery Adventure", "Moerdaoga", "Forty-Four Astringent Persimmons" [2] - Animated films in development: "Little Nie", "Nezha: The Devil's Child", "Three Kingdoms' Starry Sky", "Go to Your Island", "Big Fish & Begonia 2", "Longing", "Shuo Feng", "Non-Human", "Zhuolu", "Journey to the West: The Great Sage's Uproar", "Jiang Ziya 2", "Tea Ah Middle School 2", "Yesterday Once More 2" [2] - TV/web series projects: "Fuyu An" aired on Tencent Video and Mango TV on July 31, 2024, "Shanhe Zhen" in post-production, "Chunri Yan" and "My Dating List" in development [3] Financial Forecasts - 2024-2026 revenue forecast: 1.81/2.55/3.06 billion yuan [1] - 2024-2026 net profit attributable to the parent company forecast: 0.54/1.02/1.29 billion yuan [3] - 2024-2026 EPS forecast: 0.18/0.35/0.44 yuan per share [1] - 2024-2026 P/E ratios: 47/25/20 times [3] Market Data - Closing price: 9.01 yuan [5] - 52-week low/high: 6.43/10.91 yuan [5] - P/B ratio: 2.97 times [5] - Market cap: 26.43 billion yuan [5] - Circulating A-share market cap: 25.11 billion yuan [5] Financial Ratios - 2024-2026 gross margin: 40.41%/51.39%/53.42% [9] - 2024-2026 net margin attributable to the parent company: 29.95%/40.03%/42.10% [9] - 2024-2026 ROE: 5.90%/10.00%/11.21% [10] - 2024-2026 ROIC: 5.57%/10.01%/11.30% [10] Balance Sheet and Cash Flow - 2024-2026 total assets: 10.59/11.91/13.45 billion yuan [9] - 2024-2026 total liabilities: 1.39/1.69/1.95 billion yuan [9] - 2024-2026 operating cash flow: 431/870/1,121 million yuan [10] - 2024-2026 net cash increase: 248/763/1,014 million yuan [10]

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 10.8 RMB [1][3] Core Views - Q3 performance was below expectations due to investment losses, with revenue of 108 million RMB (YoY -68%) and a net loss attributable to the parent company of 12 million RMB (YoY -107%) [1] - The company has a rich pipeline of upcoming films, including "Nezha 2," "Little Qian," and "The Seventeenth Article," which are expected to drive future performance [1] - AI technology is expected to enhance the efficiency of animation film production and amplify the value of the company's IP portfolio, including "Nezha," "Jiang Ziya," and "Big Fish & Begonia" [1] Financial Performance - 24Q3 revenue was 108 million RMB, a 68% YoY decrease, with a net loss attributable to the parent company of 12 million RMB (YoY -107%) [1] - The company's 2024/25/26 net profit attributable to the parent company is forecasted to be 565/1,058/1,191 million RMB, with YoY growth rates of 35%/87%/13% [1] - The current stock price corresponds to a PE ratio of 44/24/21 for 2024/25/26 [1] Product Pipeline - Q4 2024 will see the release of several films, including "Qiao Yan's Heart" (expected box office of 152 million RMB) and "Sheng Quan Zai Wo" [1] - In 2025, the company plans to release animated films such as "Nezha 2," "Little Qian," and "The Starry Sky of the Three Kingdoms," as well as live-action films like "The Seventeenth Article" and "Three-Body" [1] Valuation - The target market capitalization is 31.73 billion RMB, with a target price of 10.8 RMB, based on a 2025 PE ratio of 30x [1] - Comparable companies include Bona Film Group, Wanda Film, and China Film, with a focus on relative valuation [1] Industry Insights - AI is expected to significantly improve the efficiency of animation film production, potentially increasing the company's production capacity and enhancing the value of its IP portfolio [1]

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2024-059 北京光线传媒股份有限公司 关于控股股东部分股份质押延期购回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股东部分股份质押延期购回的基本情况 二、备查文件 中国证券登记结算有限责任公司证券质押及司法冻结明细表。 1. 本次部分股份质押延期购回的基本情况 光线控股本次办理的股份质押延期购回，不会改变其持有、质押本公司股份 的数量，为其自身资金安排需要，不涉及新增融资。 2. 股东股份累计质押情况 截至公告披露日，光线控股及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 持股 比例 累计质押 数量 合计占 其所持 股份比 例 合计占 公司总 股本比 例 已质押股份情况 未质押股份情况 已质押股份 限售和冻 结、标记合 计数量 占已质 押股份 比例 未质押股 份限售和 冻结合计 数量 占未质 押股份 比例 光线 1,097,132,788 37.40% 353,465,000 32.22% 12.05% 0 0.00% 0 0.00% 北京光线传媒 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a revenue of 1.442 billion in the first three quarters of 2024, representing a year-on-year growth of 53.37%. However, the third quarter saw a revenue decline of 67.85% to 108 million, resulting in a net loss of 12 million [3][5]. - The company's investment business has underperformed, leading to a loss of 24 million in investment income for Q3 2024, primarily due to weak performance from invested funds [3][5]. - The company has a rich pipeline of upcoming films, including two scheduled for Q4 2024, which are expected to enhance future profitability [4][5]. - The company is focusing on enhancing animation film production capabilities through AI technology, with several projects in the pipeline [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.442 billion, up 53.37% year-on-year, and a net profit of 461 million, up 25.08% [3]. - In Q3 2024, the company reported a revenue of 108 million, down 67.85% year-on-year, and a net loss of 12 million [3][5]. Upcoming Projects - The company has two films scheduled for release in Q4 2024, including "The Heart of Qiao Yan" and "Winning Hand," with the former already surpassing 100 million in box office revenue [4][5]. - The company is also developing a series of animated films and other major projects, including a sci-fi film directed by Zhang Yimou [5]. Investment Outlook - The report projects the company to achieve a net profit of 503 million and 1.086 billion for 2024 and 2025, respectively, with corresponding PE ratios of 51.16X and 23.70X [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][11] Core Views - The company has a rich reserve of films, with a focus on the release schedule of "Nezha 2" [1][5] - The company is expected to benefit from the release of its animated films and has a strong pipeline of both live-action and animated projects [6][7] Financial Performance Summary - For Q3 2024, the company reported revenue of 108 million yuan, a year-over-year decrease of 67.85% and a quarter-over-quarter decrease of 59.17% [4][5] - The net profit attributable to shareholders for Q3 2024 was -12 million yuan, down 107.18% year-over-year, with a net profit margin of -11.05% [5][6] - For the first three quarters of 2024, the company achieved revenue of 1.442 billion yuan, an increase of 53.37% year-over-year, and a net profit of 461 million yuan, up 25.08% year-over-year [5][6] Future Earnings Forecast - The company is projected to have revenues of 1.709 billion yuan in 2024, 2.520 billion yuan in 2025, and 2.912 billion yuan in 2026, with corresponding net profits of 549 million yuan, 1.026 billion yuan, and 1.214 billion yuan respectively [7][9] - The expected growth rates for revenue and net profit are 11% and 31% for 2024, and 48% and 87% for 2025 [9][11] Market Position and Strategy - The company is positioned as a leader in the film industry with a multi-brand strategy that builds a competitive moat [7][9] - The development of the "Chinese Mythology Universe" animation system and the application of AI technology in content production are expected to enhance efficiency and quality [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is impacted by investment activities, with a focus on the release schedule of "Nezha 2" [1] - The company reported a revenue of 1.442 billion in the first three quarters of 2024, representing a year-over-year increase of 53.37%, and a net profit attributable to shareholders of 461 million, up 25.08% year-over-year [1] - The third quarter revenue was 108 million, down 67.85% year-over-year, with a net profit attributable to shareholders of -11.89 million, a decrease of 107.18% year-over-year [1] - The company’s investment in certain funds was negatively affected by market fluctuations, leading to an investment income of -24.44 million in the third quarter, which impacted overall profitability [1] - The summer box office performance was below expectations, with a total box office of 11.641 billion, down 41.6% year-over-year [1] - The company has a rich content reserve, with several films and series in various stages of production, including "Nezha 2" and various animated films [1] Financial Summary - For 2024, the company is expected to achieve revenues of 1.68 billion, with a net profit of 581 million, and projections for 2025 and 2026 are 2.921 billion and 3.207 billion in revenue, and 1.068 billion and 1.103 billion in net profit respectively [2][3] - The gross profit margin is projected to be 40.1% in 2024, increasing to 47.8% by 2025 [2] - The company’s return on equity (ROE) is expected to rise from 6.3% in 2024 to 10.3% in 2025 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 58.21 in 2024 to 19.00 in 2025, indicating potential valuation improvement [2][5] Cash Flow and Balance Sheet - The operating cash flow for 2024 is projected to be -405 million, with a recovery to 695 million by 2026 [3] - The total assets are expected to grow from 9.932 billion in 2023 to 11.663 billion by 2026 [4] - The company’s total liabilities are projected to remain stable at around 199 million from 2024 to 2026 [4]