Enlight Media(300251) 21世纪经济报道·2025-05-21 00:27Summary of Key Points Core Viewpoint - Wang Changtian, the chairman of Light Media, is reducing his stake in the company alongside family members, indicating potential concerns about the company's future performance despite previous optimism about its long-term prospects. Group 1: Shareholding Changes - Light Media's controlling shareholder, Light Holdings, and its associates plan to reduce their holdings by up to 29,237,346 shares, which is no more than 1% of the total share capital after excluding repurchased shares [1] - Wang Changtian holds 95% of Light Holdings, which in turn owns 37.4% of Light Media [1] - Wang Jian, Wang Changtian's sister, and Wang Hongtian, his brother, are also involved in the share reduction [2] Group 2: Stock Performance - Following the success of "Nezha 2," Light Media's stock price peaked at 41.68 yuan per share on February 21 [5] - However, the stock price has since declined, closing at 17.97 yuan per share on May 20, reflecting a drop of 2.28% [6] - The film market remains volatile, with the box office for the May Day holiday dropping by 51.1% year-on-year to 7.47 billion yuan, marking one of the lowest daily average box office figures in nearly a decade [6] Group 3: Financial Performance - In the first quarter, Light Media reported revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit attributable to shareholders of 2.016 billion yuan, up 374.79% [7] - The company's growth appears to be heavily reliant on the success of specific films, as indicated by the performance of "Nezha" [7] Group 4: Management Outlook - Despite the share reduction, Wang Changtian has expressed a commitment to "long-termism" regarding Light Media's future [8]