Core Viewpoint - The Chinese film market in 2024 is experiencing a significant downturn, with total box office revenue and audience attendance both declining sharply compared to 2023, leading to substantial losses for major cinema companies [1][2]. Industry Summary - The total box office revenue for the Chinese film market in 2024 is 425.02 billion (including service fees), a decrease of 22.6% year-on-year. Audience attendance is 1.01 billion, down 22.3% from the previous year [1]. - The number of new films released in 2024 is 497, which is 11 fewer than in 2023. There are 72 films that grossed over 100 million, an increase of 2 films, but only 16 films grossed over 500 million, a decrease of 13 films [1]. - A total of 5 cinema companies, including Wanda Film, Hengdian Film, Jinyi Film, Happiness Blue Sea, and Shanghai Film, reported a combined revenue of 16.69 billion, a year-on-year decrease of 17.5%, with a net loss of 1.229 billion, a drastic decline of 202.74% compared to the previous year [1]. Company Performance Summary - Wanda Film leads with a revenue of 12.362 billion, contributing approximately 74.1% to the total revenue of the 5 companies, but experienced a year-on-year decline of 15.44%. Its net loss is 940 million, a reversal from a profit of 912 million the previous year, marking a 203.05% decline [3][4]. - Happiness Blue Sea shows the largest revenue drop of 40.53%, with total revenue of 654 million. It is the only company to continue reporting losses, with a net loss of 192 million, an increase of 772.98% compared to the previous year [3][4]. - Shanghai Film is the only company maintaining profitability, with a net profit of 90 million, although this represents a year-on-year decrease of 29.08% [4]. Revenue Breakdown - For Wanda Film, box office revenue is 6.687 billion, down 20.82%, accounting for 54.09% of total revenue, a decrease of 3.67 percentage points from 2023. Other companies follow with varying revenue declines [5]. - Non-ticket revenue for Wanda Film from merchandise and advertising is 1.545 billion and 1.278 billion, respectively, contributing about 23% to total revenue. The other four companies have revenue in the million range, which has a limited impact on overall performance [5][6]. Profitability Metrics - In terms of gross margin, Jinyi Film is the only company with a positive gross margin from film screening at 2.78%, while the others report negative margins, with Happiness Blue Sea at -17.62% [7]. - The overall gross margin for the five companies is positive, with Shanghai Film and Wanda Film exceeding 20%. However, Hengdian Film and Happiness Blue Sea are at the bottom with margins of 3.06% and 3.21%, respectively [8]. - Only Shanghai Film has a positive net margin, while the other four companies report negative margins, with Happiness Blue Sea at -29.61%, the lowest among them [8]. Cost and Expense Analysis - Happiness Blue Sea's asset impairment and credit impairment losses have significantly increased, contributing to its poor net margin. Its expense ratio is the highest among the five companies at 26.77%, up about 10 percentage points year-on-year [9].

证券代码：300528 证券简称：幸福蓝海 公告编号：2025-028 幸福蓝海影视文化集团股份有限公司 2024 年度股东大会决议公告 本公司及其董事会全体成员保证公告内容真实、准确、完整，公告不存在 虚假记载、误导性陈述或重大遗漏。 重要提示： 1、本次股东大会没有否决或修改议案的情况； 2.现场会议召开地点：南京市栖霞区元化路 8 号 28 幢（仙林南大科学园智 慧园 6 号 C 栋 3 楼）公司 C310 会议室。 2、本次股东大会没有新议案提交表决的情况，没有变更前次股东大会决议 的情况； 3、本次股东大会以现场和网络投票相结合的方式召开。 一、会议的召开和出席情况 3.会议召开方式：本次股东大会采取现场与网络投票相结合的方式 （一）会议召开情况 1.会议召开时间： 现场会议召开时间：2025年5月20日下午14:00开始。 网络投票时间：2025年5月20日。其中，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5月20日9:15—9:25，9:30—11:30和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5月20日9:15至15:00。 通过现场和网 ...

证券代码：300528 证券简称：幸福蓝海 公告编号：2025-030 幸福蓝海影视文化集团股份有限公司 关于选举公司副董事长及专门委员会委员的公告 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。 特此公告。 幸福蓝海影视文化集团股份有限公司董事会 2025 年 5 月 20 日 幸福蓝海影视文化集团股份有限公司（以下简称"公司"）原副董事长兼 总经理杨抒先生已离任，按照有关法律法规和《公司章程》的规定，2025年5月 20日，公司召开了第五届董事会第十二次会议，审议通过了《关于选举公司副 董事长的议案》《关于选举公司专门委员会委员的议案》，公司董事会选举张 烨镝先生为公司副董事长并担任战略委员会委员、提名委员会委员，任期自本 次董事会决议之日起至本届董事会任期届满时为止。 第五届董事会独立董事2025年第三次专门会议审阅张烨镝先生的个人履 历、工作情况、教育背景等相关资料后，一致认为：张烨镝先生符合公司副董 事长的任职资格，能够胜任公司副董事长的职责要求，其选举程序符合相关法 律、法规和《公司章程》的相关规定。公司独立董事同意选举张烨镝先生为公 司第五届董事 ...

二、 董事会会议审议情况 证券代码：300528 证券简称：幸福蓝海 公告编号：2025-029 幸福蓝海影视文化集团股份有限公司 第五届董事会第十二次会议决议公告 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 幸福蓝海影视文化集团股份有限公司（以下简称"公司"）第五届董事会第 十二次会议通知于 2025 年 5 月 10 日以邮件和电话的方式发出。会议于 2025 年 5 月 20 日下午 16:30 在南京市栖霞区元化路 8 号 28 幢（仙林南大科学园智慧园 6 号 C 栋 3 楼）公司 C310 会议室以现场会议方式召开。会议应参与表决董事 9 人，实际参与表决董事 9 人。会议由董事长任桐主持，公司监事、高级管理人员 及相关中介机构人员列席了会议。本次会议的召集、召开和表决程序符合有关法 律、法规和《公司章程》的规定，会议形成的决议合法有效。 会议选举张烨镝先生为公司第五届董事会战略委员会委员、提名委员会委员， 任期与第五届董事会任期一致。 表决结果:同意票 9 票，反对票 0 票，弃权票 0 票。 本次会议以记名方式投票表 ...

北京大成(上海)律师事务所 关于幸福蓝海影视文化集团股份有限公司 2024 年度股东大会的法律意见书 致:幸福蓝海影视文化集团股份有限公司 北京大成(上海)律师事务所(简称"本所")接受幸福蓝海影视文化集团 股份有限公司(简称"公司")委托,委派本所律师出席公司于2025年5月20 日召开的 2024 年度股东大会(简称"本次股东大会"),并根据《中华人民共 和国证券法》(简称"《证券法》")、《中华人民共和国公司法》(简称"《公 司法》")及中国证券监督管理委员会发布的《上市公司股东会规则》(简称"《股 东会规则》")等法律、行政法规及规范性文件和《幸福蓝海影视文化集团股份 有限公司章程》(简称"《公司章程》")的规定,就本次股东大会相关事项出 具本法律意见书。 为出具本法律意见书,本所律师审查了公司提供的有关本次股东大会的相关 文件。在审查有关文件的过程中,公司向本所律师保证并承诺,公司向本所提供 的文件是真实、准确、完整的,有关副本材料或复印件与原件一致,公司已向本 所律师披露一切足以影响本法律意见书出具的事实和文件,且无任何隐瞒、遗漏 之处。 在本法律意见书中,本所律师仅就本次股东大会的召集程序及召集 ...

Core Insights - The Chinese film market experienced a significant boost in Q1 2025, driven by strong performances during the Spring Festival, particularly from the film "Nezha 2" [1][3] - However, after February, the market faced a sharp decline, with poor performance in subsequent months, raising concerns about future earnings [2][5] Financial Performance - Hengdian Film's Q1 revenue increased by 39.15% to 1.172 billion yuan, with net profit up 110.35% to 325 million yuan [1] - Happiness Blue Sea reported a 40.4% revenue increase to 332 million yuan, with net profit soaring by 2817.87% to 68.44 million yuan [1] - Wanda Film's Q1 revenue grew by 23.33% to 4.709 billion yuan, with net profit increasing by 165.72% to 816 million yuan [2] Market Trends - The overall box office for the Chinese film market in Q1 2025 reached 24.39 billion yuan, a 49.1% year-on-year increase, with 520 million admissions, up 43% [3] - The market saw a significant drop in box office revenue in March and April, with declines of 31% and 46.5% respectively [3][4] Cinema Operations - The number of new cinemas opened in January 2025 was 329, but this dropped dramatically to 17 in February, indicating a slowdown in cinema construction [4] - The performance of special effect theaters improved, with their box office contribution rising significantly during Q1 2025, largely due to "Nezha 2" [6][8] Audience Engagement - IMAX theaters saw a notable increase in ticket sales, with a year-on-year growth of 218.1% and 259.4% in January and February respectively [8] - The demand for high-quality cinematic experiences remains strong, as evidenced by the popularity of IMAX screenings of "Nezha 2" [7][8] Future Outlook - The film industry anticipates an increase in blockbuster releases in 2025, with several high-profile films expected to be released, potentially revitalizing the market [9]

幸福蓝海影视文化集团股份有限公司 关于累计诉讼、仲裁案件情况的公告 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。 证券代码：300528 证券简称：幸福蓝海 公告编号：2025-027 幸福蓝海影视文化集团股份有限公司（以下简称"公司"或"幸福蓝海"） 根据《深圳证券交易所创业板股票上市规则》有关规定，对公司及全资、控股子 公司累计涉及诉讼、仲裁事项进行了统计，现将有关统计情况公告如下： 一、连续十二个月内累计诉讼、仲裁事项基本情况 根据《深圳证券交易所创业板股票上市规则》（以下简称"本规则"）有关 规定，公司发生的诉讼、仲裁事项根据连续十二个月累计计算的原则，已达到本 规则相关披露标准。截至本公告披露之日，公司及子公司连续十二个月内累计未 披露的诉讼金额合计为 7,348.18 万元（不含尚未明确的涉案金额），占公司最 近一期经审计净资产绝对值（53,248.57 万元）的 13.80%。其中，公司及全资、 控股子公司作为原告起诉或申请人提起仲裁所涉及的诉讼、仲裁案件共 13 起， 涉及金额合计为人民币 6,493.18 万元，详见附表一；公司及全资、控股 ...

证券代码：300528 证券简称：幸福蓝海 公告编号：2025-026 幸福蓝海影视文化集团股份有限公司 2025 年 5 月 9 日，公司使用自有闲置资金 1 亿元购买了华夏银行股份有限 公司南京湖南路支行（以下简称"华夏银行湖南路支行"）的"人民币单位结构 性存款 DWJCNJ25247"，现将相关事宜公告如下： 一、理财产品的基本情况 （一）购买理财产品的主要情况 | 委托 | 受托方 | 产品名称 | 产品类型 | 金额 （万 | 产品 | 产品 | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 方 | | | | | 起息日 | 到期日 | 收益率 | | | | | | 元） | | | | | | 华夏银行 | 人民币单位结构 | 保本保最 | | | | | | | | 1.00% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 湖南路支 | 性存款 | 低收益型 | 10,000 | 20 ...

证券代码：300528 证券简称：幸福蓝海 公告编号：2025-025 幸福蓝海影视文化集团股份有限公司 关于使用自有闲置资金购买短期理财产品到期赎回的公告 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。 幸福蓝海影视文化集团股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开第五届董事会第六次会议和第五届监事会第五次会议，审议通过了 《关于使用自有闲置资金购买短期理财产品的议案》，在保证日常经营运作和资 金安全的前提下，为提高公司自有闲置资金的使用效率，进一步增加公司收益， 同意公司及全资、控股子公司使用不超过人民币 2.5 亿元自有闲置资金购买商 业银行、证券公司及其他正规的金融机构发行的结构性存款、低风险理财产品 等短期理财产品。在该额度范围内，资金可以滚动使用。投资期限自获得董事 会审议通过之日起 1 年内有效。单个短期理财产品的投资期限不超过 1 年。具 体内容详见公司 2024 年 4 月 26 日刊载于中国证券监督管理委员会指定的创业 板信息披露网站巨潮资讯网（www.cninfo.com.cn）上的《关于使用自有闲置资 金购买 ...

Core Viewpoint - The 2025 May Day holiday box office has exceeded 500 million yuan, with the film "Dumpling Queen" leading the charts, indicating a strong recovery and growth in the Chinese film market [1][8]. Box Office Performance - As of May 3, 2025, the total box office for the May Day period (May 1-5) reached 500 million yuan, with a total of 12.61 million tickets sold and an average ticket price of 39.6 yuan [3][6]. - The top three films during this period are "Dumpling Queen" (12.30 million yuan, 24.6% market share), "Hunting Gold: Game" (8.53 million yuan, 17.0% market share), and "Princess Mononoke" (4.88 million yuan, 9.8% market share) [6][8]. Film Details - "Dumpling Queen," released on April 30, 2025, is a drama based on the true story of Zang Jianhe, who rises from hardship to success through her dumpling business. The film is produced by companies including China Film, Maoyan Entertainment, and Alibaba Pictures [8]. - "Hunting Gold: Game," which premiered on May 1, 2025, focuses on the dark side of investment banking and is produced by Maoyan Entertainment [8]. - "Thunder Team," also released on April 30, 2025, is an action/adventure film featuring a team of anti-heroes [9]. Industry Growth - The Chinese film market has shown robust growth, with the first quarter of 2025 achieving a box office of 2.44 billion yuan, a year-on-year increase of 49.08%, and 520 million viewers, up 43.07% [10]. - The 2025 Spring Festival box office reached 9.51 billion yuan, setting new records for both box office and viewer numbers during this period [10]. Company Performance - Several film companies reported significant growth in their first-quarter earnings due to the strong performance of films like "Nezha 2." For instance, Light Media reported a revenue of 2.98 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.02 billion yuan, up 374.79% [10].