当电影片尾曲响起、彩蛋释出时，上海华特迪士尼大剧院内的中国观众们爆发了三次口哨和掌声。 《疯狂动物城2》能否成功，不管是对于迪士尼公司来说，还是对于整个院线市场来说，都有重要意义。2025年，中国电影市场年度总票房虽然已超越2024 年同期，但仍然低于2021年和2023年，更远低于疫情前四年。而且，目前为止450亿的票房里，有将近三分之一是由《哪吒之魔童闹海》这一部电影贡献 的。 阔别九年，迪士尼最高分动画电影《疯狂动物城》终于迎来第二部。在公映日期（11月26日）前一周，迪士尼公司11月18日在上海迪士尼度假区举行了《疯 狂动物城2》全球庆典。36氪作为首批受邀媒体之一，参与了《疯狂动物城2》中国首映礼，提前观看了电影。 因为口碑尚未解禁，本文作者目前仅被允许发表不涉及剧透的信息和个人感受。 我的观影体验是：虽然第一部已经珠玉在前，但第二部也毫不逊色。动物城仍然是九年前那个异彩纷呈、笑料百出的世界，迪士尼梦想工程师对这个动物的 乌托邦进行了事无巨细的设计，扩大了物种多样性和地图范围。而且，导演乔睿渤（Jared Bush）也在剧情中回应了大家对于尼克和朱迪这一对银幕 CP "感 情更进一步"的期待，设计了 ...

英文原班配音演员金妮弗·古德温（Ginnifer Goodwin，配音 兔朱迪）与新晋加入的奥斯卡®得主关继威（Ke Huy Quan，配音 蛇盖瑞）亮相红毯。中文配 音阵容同样星光熠熠，配音演员季冠霖（配音 兔朱迪）与张震（配音 狐尼克）继续倾情献声；大鹏（配音 蛇盖瑞）、费翔（配音 马飞扬）、金晨（配音 狸宝·梅普迪）与王安宇（配音 宝伯特·林雪猁）全新加盟。 在《疯狂动物城2》中，警官兔朱迪与狐尼克将再度携手，这对金牌搭档将直面迄今为止最棘手的案件，一场围绕动物城深藏秘密的全新冒险即将展开。 深受粉丝喜爱的经典角色悉数回归，影片还将引入多位新角色、拓展动物城版图、呈现更多惊喜，新版图中那些不为人知的隐秘故事，也将渐次展开。 "自华特迪士尼动画工作室在近十年前推出《疯狂动物城》以来，这部作品就在全球影迷与观众的心中留下深刻印记，在中国尤其如此。"华特迪士尼（中 国）有限公司高级副总裁及董事总经理章溟表示，"今天，我们非常自豪能在全球首个也是唯一一个'疯狂动物城'主题园区，与大家共同庆祝这段历久弥 新的情感连结。我非常期待中国观众走进影院，欣赏《疯狂动物城2》这部充满欢乐、活力十足且鼓舞人心的作品。我相信它 ...

《中国民航报》、中国民航网 记者钱擘、胡夕姮 实习生葛畅 报道：2025年11月19日，电影《疯狂动物 城2》即将上映之际，由中国东方航空与迪士尼影业焕新升级的"迪士尼•疯狂动物城号"彩绘机正式起 航，执行MU5161主题航班，从上海浦东国际机场飞赴北京首都国际机场，为151名首航旅客打造了一 场从地面到云端的"空中奇旅"。 此次主题航班以迪士尼现象级IP"疯狂动物城"为核心载体，构建了"航站楼—客舱—空中旅途"的全流程 沉浸式体验。在浦东机场T1航站楼，东航B岛值机柜台与自助设备、爱心服务区、休息座椅、客梯、登 机口等处均以"疯狂动物城"元素装点，主题布置场景成为旅客争相打卡的地标。此外，东航与上海迪士 尼度假区于2024年5月合作推出的"迪士尼•疯狂动物城号"主题彩绘机也完成了客舱内饰的焕新升级—— 新电影中动物城的街景以及朱迪、尼克等经典角色跃出银幕，出现在行李架、小桌板与头枕巾等客舱细 节中。在航班飞行途中，机上乘务员还佩戴"疯狂动物城"主题饰品，在互动环节为旅客送上多种周边礼 品。 东航在浦东 T1 的值机柜台装饰了疯狂动物城元素 据了解，由华特迪士尼动画工作室出品的《疯狂动物城2》电影将于11月2 ...

Core Insights - Disney plans to spend $24 billion on content in fiscal 2026, an increase of $1 billion from the previous year, with a balanced allocation between sports and entertainment [1] - The company anticipates that the mix of spending will remain stable, with entertainment potentially growing faster than sports, focusing on international market expansion and local content to enhance engagement and retention [2] - Disney's content spending has decreased from approximately $30 billion in previous years as the company and other media firms adjusted their strategies in response to the streaming market [3] Spending Strategy - Disney's content expenses are expected to grow, but at a slower rate compared to revenue from the Direct-to-Consumer (DTC) business, reflecting a more measured approach to content production [4] - The allocation of spending among Disney's various brands, including Pixar, Marvel, and Lucasfilm, is based on market segment evaluations and the potential for growth, emphasizing the importance of high-quality ideas over mere financial investment [4] - A significant upcoming release is "Avatar: Fire And Ash," set for December 19, which has been described as spectacular, albeit costly to produce, indicating a continued commitment to high-quality content [4]

Core Insights - Disney's theme park revenues have been among the weakest in recent years, with summer revenues hitting the lowest levels for two consecutive years despite claims of growth during this period [2][19] - The company's recent quarterly results revealed a revenue of $22.5 billion, missing analysts' expectations and reflecting ongoing declines in the linear TV business, although streaming and theme parks showed strength [3][5] - Attendance at Disney's domestic theme parks decreased by 1% in 2025, resulting in a loss of approximately 783,000 visitors, while international attendance increased by only 1% compared to a previous 9% growth [5][7] Financial Performance - The Experiences segment's revenue rose 6% to $36.2 billion in the 2025 fiscal year, achieving an all-time high operating income of $10 billion [4][5] - Despite the overall increase in the Experiences segment, domestic Parks & Experiences revenue dropped by 8.5% quarter-on-quarter, reaching the lowest level of the year [13][15] - The operating income for the Experiences segment fell by 25% from the third to the fourth quarter, with a more significant revenue drop of 3.5% in 2025 compared to 1.7% in 2024 [10][13] Attendance Trends - The decline in domestic attendance suggests challenges for Disney, particularly in light of competition from Universal's Epic Universe park, which may be drawing visitors away [14][15] - The annual report's claims of increased revenues during the fourth quarter are contradicted by actual performance data, indicating that this period has often seen the lowest revenues [16][19] - Forward bookings for Disney World are reportedly up 3% for the first quarter, indicating potential recovery in demand [20] Market Dynamics - The revenue from Disney's domestic Parks & Experiences has been significantly impacted by seasonal variations, with the summer period traditionally not yielding the expected revenue increases [9][19] - The company's CFO downplayed the impact of new competition, suggesting that demand has aligned with expectations, although the revenue drop indicates otherwise [15][19] - The overall performance of Disney's Experiences segment is influenced by various factors, including attendance fluctuations and seasonal consumer behavior, which have not aligned with the company's previous claims [17][19]

Question-and-Answer SessionThere's a lot of debates that I want to get into this morning, but I thought just to start out, we could level set things. You reported the end of fiscal '25 last week, provided additional guidance for fiscal '26, including the double-digit EPS, excluding the 53rd week and the double-digit EPS growth for fiscal '27. So let's get your high-level expectations and key initiatives for the year ahead, and then we can dive into some of those debates.Hugh JohnstonSenior Executive VP & CF ...

Summary of The Walt Disney Company FY Conference Call (November 19, 2025) Company Overview - **Company**: The Walt Disney Company (NYSE: DIS) - **Fiscal Year**: 2025 - **Key Speaker**: Hugh Johnston, Chief Financial Officer Key Points and Arguments Financial Performance - **Earnings Growth**: Full year EPS increased by 19%, with a CAGR of 19% over the last three years [4][5][6] - **Future Guidance**: Expected double-digit EPS growth for fiscal 2026 and 2027, excluding the 53rd week [3][4] Film and Content Strategy - **Strong Film Slate**: Upcoming films include Zootopia 2, Avatar, Devil Wears Prada 2, and a Moana movie [4] - **DTC Business Growth**: Aiming for double-digit growth in Direct-to-Consumer (DTC) business, with a focus on achieving double-digit margins by 2026 [5][28] Parks and Experiences - **Parks Performance**: Domestic parks saw an 8% increase in operating income, reaching $10 billion for the first time [8] - **Attendance Trends**: Domestic parks attendance declined by 1% for the year, with a 2% decline in Q4, but bookings are up by 3% [8][10][12] - **Yield-Based Approach**: Focus on generating incremental revenue through ticket prices, food, beverage, and merchandise [17] Cruise Operations - **Expansion Plans**: Two new cruise ships are set to launch, with significant investments in the parks and attractions [21][22] - **Market Share**: Currently low market share in cruises, with plans to expand capacity to 13 ships by 2031 [26] Direct-to-Consumer (DTC) Strategy - **Subscriber Growth**: Currently at 195 million global subscribers, with plans for further expansion [28] - **Content Strategy**: Focus on local content to enhance engagement and retention, while maintaining a balance between sports and entertainment content [38][39] Capital Allocation and Cash Flow - **Strong Cash Flow**: Projected cash flow of $10 billion for fiscal 2026, with a 50% increase in dividends and a doubling of share repurchase to $7 billion [6][58][60] - **Investment Priorities**: Focus on business investments, dividend increases, and potential tuck-in acquisitions [61] M&A Strategy - **No Major M&A Plans**: The company is satisfied with its current portfolio and does not see the need for significant mergers or acquisitions [64] Additional Important Insights - **Technological Integration**: Ongoing efforts to unify the app experience for consumers, enhancing engagement and retention [34][36] - **Content Spend**: Content budget for the year is $24 billion, with a focus on quality over quantity [37][39] - **NFL Deal**: The acquisition of a 10% stake in ESPN and the NFL network is expected to enhance content offerings and financial performance [53][54] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on growth, innovation, and capital management.

Group 1 - The core viewpoint of the articles highlights the high expectations and potential success of Disney's animated film "Zootopia 2," which is set to be released on November 26 in mainland China and North America, with pre-sales already exceeding 600 million yuan in China as of November 19 [1][2] - The first installment, "Zootopia," achieved a box office of 1.54 billion yuan in China, holding the record for the highest-grossing imported animated film for nine years, indicating strong brand loyalty and fan base for the franchise [1][2] - Industry experts believe "Zootopia 2" has the potential to become another blockbuster, with many predicting it could surpass the 1 billion yuan mark in box office revenue, and some even suggesting it may exceed the performance of its predecessor [1][2] Group 2 - The film's distribution in China is managed by China Film Group and Huaxia Film Distribution, which will share the box office revenue with Disney, indicating a collaborative financial model [2] - Initial screening data shows that "Zootopia 2" has a high initial release ratio of 96.8% in theaters, with major cinema chains like Wanda and China Film leading in ticket sales [2] - The film has already generated significant brand collaborations, with over 40 partnerships across various sectors, including toys, beverages, and apparel, showcasing its commercial potential even before release [3] Group 3 - Disney has leveraged the film's release to enhance its theme park offerings, with the Shanghai Disney Resort hosting a global celebration for "Zootopia 2," which includes the only "Zootopia" themed area in the world, aimed at attracting more visitors [4] - The licensing business related to "Zootopia" in the Greater China region has reportedly tripled since December 2023, with expectations to launch over 2,000 licensed products by the end of 2025, reflecting the strong market demand for related merchandise [3]

Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Value Equity Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. The US equity market continued the rally in the third quarter, with the S&P 500 returning 8.1% and the Russell 1000 Value surging 5.3%. The value equity strategy returned 6.9% (gross of fees) and 6.8% (net of fees) in the quarter, while the Russell 1000 Value and S&P 500 returned 5.3% ...

Core Viewpoint - The article highlights the upcoming release of Disney's animated film "Zootopia 2" in China on November 26, 2025, and the associated global celebration event held at the Shanghai Disney Resort, emphasizing the film's themes of love, equality, courage, and dreams [3][5]. Group 1: Film Details - "Zootopia 2" features returning characters Judy Hopps and Nick Wilde, who will face new challenges in their adventure, alongside the introduction of new characters [5][6]. - The film's original voice cast includes Ginnifer Goodwin and Oscar winner Alan Tudyk, with Chinese voice actors such as Ji Guanlin and Zhang Zhen reprising their roles [5][6]. - The first "Zootopia" film, released in 2016, achieved significant box office success, grossing over $1.026 billion globally and ranking first in the Chinese animated film box office with 1.54 billion yuan [6]. Group 2: Marketing and Promotions - To celebrate the film's release, the Shanghai Disney Resort will enhance the "Zootopia" theme park area with new character Easter eggs, refreshed scenes, and limited-time experiences [7]. - New themed merchandise and promotional activities are planned, including limited edition tickets and a nighttime projection show featuring characters from the film [7]. - Disney aims to launch over 2,000 licensed "Zootopia" themed products in China by the end of 2025, covering various categories [6].