第一章 总则 第一条 北京光线传媒股份有限公司（以下称"公司"）依据《中华人民共和国公 司法》（以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、 《深圳证券交易所创业板股票上市规则》（以下称"《上市规则》"）、《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下称"《规范运 作》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》及其 他有关法律、行政法规、规范性文件和《公司章程》、《公司董事会议事规则》的规定 而制定本细则。 第二条 公司设董事会秘书 1 名。董事会秘书为公司的高级管理人员，对董事会负 责。 董事会秘书应当遵守《公司章程》，承担高级管理人员的有关法律责任，对公司负 有忠实和勤勉义务，不得利用职权为自己或他人谋取利益。 北京光线传媒股份有限公司 董事会秘书工作细则 董事会秘书是公司与深圳证券交易所之间的指定联络人。 第二章 董事会秘书的任职资格 第三条 具有下列情形之一的人士不得担任董事会秘书： 1. 根据《公司法》等法律规定及其他有关规定不得担任董事、监事、高级管理人员 的情形； 2. 被中国证券监督管理委员会（以下 ...

北京光线传媒股份有限公司 第六届董事会第五次会议决议公告 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、董事会会议召开情况 北京光线传媒股份有限公司（以下简称"公司"）第六届董事会第五次会议 通知于 2024 年 12 月 13 日以电话和电子文件方式发出，会议于 2024 年 12 月 18 日在公司会议室以现场加通讯表决方式召开。会议应到董事 8 名，实到 8 名，符 合《公司法》和《公司章程》的规定，会议程序合法、有效。会议由董事长王长 田先生主持，公司监事、高级管理人员列席了会议。 二、董事会会议审议情况 1. 审议通过《关于以自有资金对外提供财务资助的议案》 公司子公司北京光线影业有限公司拟以自有资金向公司的参股公司彼岸天 （北京）文化有限公司（以下简称"彼岸天"）提供不超过人民币 2,700 万元的 财务资助，借款年利率为 8%，彼岸天应于 2028 年 6 月 30 日前偿还全部借款本 金及利息。 证券代码：300251 证券简称：光线传媒 公告编号：2024-061 北京光线传媒股份有限公司 表决结果：同意 8 票，反对 0 票，弃权 0 ...

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—— ...

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 | ...

光线传媒：主投、发行的《哪吒之魔童闹海》将于2025年大年初一上映 财联社12月11日电，光线传媒 在互动平台表示，公司主投、发行的动画电影《小倩》已于2024年12月6日上映，目前正在热映中。 主投、发行的动画电影《哪吒之魔童闹海》将于2025年大年初一上映，敬请期待。 ...

财联社12月4日电，有投资者问公司涉及谷子经济吗？ 光线传媒在互动平台表示，公司拥有数量丰富、类型多样的IP资源，在衍生品开发方面具备优势，也在 以往部分项目中开发过潮流玩具、收藏卡牌、徽章、模型手办、生活用品、图书画册、黑胶唱片等多种 衍生产品。 目前，公司的IP衍生业务在正常推进中，流行文化也是公司开发衍生产品的重要参考因素，未来将根据 项目及合作情况适时推出更多衍生产品。 衍生业务目前对公司业绩的影响相对较小，也请广大投资者理性对待市场热点，注意投资风险。 ...

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]