Core Viewpoint - The animated film "The First Part of the Stars of the Three Kingdoms," produced by Guomai Culture, has suffered significant financial losses, leading to a decline in the company's stock price and prompting plans for a re-shoot and re-release of the film [1][3][5]. Financial Impact - Guomai Culture announced a loss of approximately 40 million yuan from the film investment, which represents over 10% of the company's audited net profit for 2024 [1][5][6]. - The film's total box office revenue was only 87.717 million yuan, with a first-day box office of 20.113 million yuan, resulting in a significant stock price drop of 46.74% from its historical high [3][4]. Stock Performance - Following the loss announcement, Guomai Culture's stock price fell for two consecutive trading days, closing at 39.1 yuan per share, with a total market value of 3.9 billion yuan [4][5]. Film Production Details - The film, which is the first officially announced animated film based on the Three Kingdoms theme, was co-produced with Shanghai Tingdong Film Co., Ltd. and is set for re-release after additional filming [5][7]. - The film's narrative focus has been criticized for being unclear, which may have contributed to its poor market performance [10]. Company Performance - In the first three quarters of 2025, Guomai Culture reported total revenue of 497 million yuan, a year-on-year increase of 26.51%, but a decline in net profit by 43.18% [11]. - The company aims to enhance its product strategy by focusing on quality and market value, despite facing short-term performance pressures [11].

Core Viewpoint - Guomai Culture's investment in the animated film "The Starry Sky of the Three Kingdoms" resulted in a significant loss of approximately 40 million yuan, which accounts for 97.9% of the company's audited net profit for 2024, highlighting severe mismanagement in film investment and strategy [1][8]. Group 1: Project Failure Analysis - The film's release date and target audience were misaligned, as it aimed at middle and primary school students but was scheduled for the National Day holiday, failing to meet student viewing needs [2][9]. - The promotional period was insufficient, with marketing starting only in September, leading to low pre-release interest for an original animation without prior works [2][9]. - The film's genre was poorly defined, attempting to blend historical drama with animation, which did not satisfy either history enthusiasts or general audiences, resulting in mixed reviews and poor market performance [2][9]. Group 2: Market Impact and Strategic Concerns - The loss triggered a sharp decline in Guomai Culture's stock price, dropping nearly 60% from its September peak of 97.5 yuan, leading to a market value loss of about 5 billion yuan [3][10]. - The company's core revenue still heavily relies on traditional book sales, which account for over 92%, and the failure in film investment raises concerns about its ability to diversify effectively [3][10]. - Despite being the primary producer, Guomai Culture could not recover significant returns from the film's revenue due to the distribution and production control held by its partner, Light Chaser Animation [3][10]. Group 3: Challenges in IP Development - Guomai Culture's experience reflects the broader challenges faced by traditional publishing companies transitioning into film, lacking a comprehensive IP development chain compared to competitors like Yuedong Group [4][11]. - The company has limited cash reserves of 171 million yuan, constraining its future investment capabilities in film projects [4][11]. Group 4: Future Plans and Strategic Adjustments - Guomai Culture plans to collaborate with other investors for a re-shoot and re-release of the film in 2026, hoping to leverage existing ratings (9.4 on Maoyan, 7.2 on Douban) to recover some value [5][12]. - However, market sentiment is skeptical about the potential for recovery, as re-releases typically require additional investment and must address initial reception issues [5][12]. - The company has also been investing in equity funds, indicating a possible shift in focus towards financial investments rather than film production [5][12]. Conclusion - The failure of "The Starry Sky of the Three Kingdoms" serves as a warning for content companies attempting to transition into film, emphasizing the need for improved risk management, industry collaboration, and market insight [6][13].

Core Viewpoint - Guomai Culture Media Co., Ltd. announced an investment of 40 million RMB in the film "The Stars of the Three Kingdoms," which is expected to result in a loss exceeding 10% of the company's audited net profit for 2024 [1] Group 1: Company Announcement - The company will hold its third board meeting on April 8, 2024, to review the film investment cooperation agreement [1] - The investment in the film is set at 40 million RMB, which is part of a collaboration with Shanghai Tingdong Film Co., Ltd. and other production parties [1] Group 2: Financial Impact - The preliminary financial assessment indicates a projected loss of approximately 40 million RMB from this investment [1] - This anticipated loss is expected to account for over 10% of the company's audited net profit for the year 2024, with an absolute amount exceeding 1 million RMB [1]

Core Viewpoint - Guomai Culture (301052.SZ) announced a projected loss of approximately 40 million yuan from its investment in the animated film "The Stars of the Three Kingdoms," which is expected to account for over 10% of the company's audited net profit for 2024 [1][2] Group 1: Financial Impact - The estimated loss from the film investment is around 40 million yuan, exceeding 1 million yuan in absolute terms [1] - The film's box office performance did not meet expectations, leading to the loss [1] - Guomai Culture's revenue for the first three quarters reached 497 million yuan, a year-on-year increase of 26.51%, while net profit attributable to shareholders decreased by 43.18% to 12.07 million yuan [2] Group 2: Film Details and Production - "The Stars of the Three Kingdoms" is the first officially announced animated film based on the Three Kingdoms theme, with renowned scholar Yi Zhongtian as the screenwriter and supervisor [1] - The film focuses on the controversial historical figure Cao Cao, depicting his journey from a young general to a powerful warlord [1] - Guomai Culture has full rights for production, distribution, and business development of the film, and is responsible for its promotion and release strategy [2] Group 3: Future Plans - The company plans to collaborate with other investors and distributors for reshoots and anticipates a re-release of the film next year [1] - The film was released in mainland China starting October 1, 2025, and had a total box office of 87.717 million yuan by November 30, 2025 [2] - The company identified issues such as poor scheduling, short promotional periods, and the film not being a blockbuster as contributing factors to its performance [2]

智通财经APP讯，果麦文化(301052.SZ)发布公告，公司与上海亭东影业有限公司(以下简称"亭东影业") 及其它出品方签署《电影投资合作协议》，公司投资人民币4000万元，参与制作电影《三国的星空》 (后定名为《三国的星空第一部》)。该影片已于2025年10月1日起在中国大陆地区公映。据国家电影专 资办数据显示，截至2025年11月30日24时，已结束发行放映。经公司财务部门初步测算，公司投资该影 片的亏损约为人民币4000万元(最终结算数据可能存在误差)，预计产生的亏损占公司2024年度经审计净 利润的10%以上，且绝对金额超过100万元。 ...

Core Viewpoint - Guomai Culture (301052.SZ) has signed a film investment cooperation agreement with Shanghai Tingdong Film Co., Ltd. and other production parties, investing RMB 40 million in the production of the film "The Stars of the Three Kingdoms" [1] Financial Impact - The film "The Stars of the Three Kingdoms" is scheduled to be released in mainland China starting October 1, 2025 [1] - As of November 30, 2025, the film's distribution and screening have concluded, with the company estimating a loss of approximately RMB 40 million from this investment [1] - This estimated loss is expected to account for over 10% of the company's audited net profit for the year 2024, with an absolute amount exceeding RMB 1 million [1]

果麦文化公告，公司于2024年4月8日召开第三届董事会第三次会议，审议通过《关于签署电影投资合作 协议暨关联交易的议案》，公司与上海亭东影业有限公司及其它出品方签署《电影投资合作协议》，公 司投资人民币4000万元，参与制作电影《三国的星空》。经公司财务部门初步测算，公司投资该影片的 亏损约为人民币4,000万元，预计产生的亏损占公司2024年度经审计净利润的10%以上，且绝对金额超 过100万元。 （文章来源：第一财经） ...

人民财讯12月2日电，果麦文化（301052）12月2日公告，经公司财务部门初步测算，公司投资电影《三 国的星空》(后定名为《三国的星空第一部》)的亏损约为4000万元(最终结算数据可能存在误差)，预计 产生的亏损占公司2024年度经审计净利润的10%以上，且绝对金额超过100万元。 ...

Core Viewpoint - Guomai Culture (301052.SZ) has approved an investment of 40 million RMB in the film "The Stars of the Three Kingdoms," which is expected to incur a loss exceeding 10% of the company's audited net profit for 2024 [1] Investment Details - The company will participate in the production of the film by signing a cooperation agreement with Shanghai Tingdong Film Co., Ltd. and other production parties [1] - The film is scheduled to be released in mainland China on October 1, 2025 [1] Financial Impact - Preliminary estimates indicate that the investment will result in a loss of approximately 40 million RMB, which is expected to exceed 1 million RMB in absolute terms [1] - The anticipated loss will account for over 10% of the company's audited net profit for the year 2024 [1]

经公司财务部门初步测算，公司投资该影片的亏损约为人民币4,000万元（最终结算数据可能存在误 差），预计产生的亏损占公司2024年度经审计净利润的10%以上，且绝对金额超过100万元。 格隆汇12月2日丨果麦文化(301052.SZ)公布，公司于2024年4月8日召开第三届董事会第三次会议，审议 通过《关于签署电影投资合作协议暨关联交易的议案》，公司与上海亭东影业有限公司（简称"亭东影 业"）及其它出品方签署《电影投资合作协议》，公司投资人民币4,000万元，参与制作电影《三国的星 空》（后定名为《三国的星空第一部》）。该影片已于2025年10月1日起在中国大陆地区公映。 ...