Core Viewpoint - The company reported a revenue of 4.082 billion yuan in 2024, a year-over-year decrease of 14.2%, with a significant drop in net profit by 80% to 182 million yuan, aligning with previous guidance [1][2][3] Group 1: Financial Performance - Revenue breakdown: Entertainment content service revenue was 1.960 billion yuan (down 14.8% YoY), online entertainment ticketing service revenue was 1.922 billion yuan (down 14.9% YoY), and advertising services and other revenue was 200 million yuan (up 1.2% YoY) [1] - The company announced a dividend plan for 2024, proposing a payout of 0.32 HKD per share, totaling approximately 369 million HKD, which corresponds to a dividend yield of about 4.4% [2] - Adjusted net profit for 2024 was 310 million yuan, a decrease of 70% YoY [1][3] Group 2: Business Segments - The film ticketing sector faced challenges, with a 23% YoY decline in the overall box office, impacting ticketing revenue significantly [1] - The company participated in 63 domestic films in 2024, achieving a box office of 23.2 billion yuan, marking a historical high in participation and market coverage [1] - Live performance revenue grew by 15% YoY, with concert ticketing GMV increasing by approximately 90%, indicating a strong market position [1] Group 3: Future Outlook - The film industry is expected to recover in 2025, with several films scheduled for release, including "Dumpling Queen" and "Lychee of Chang'an," which may positively impact ticketing and content investment [2] - The company aims to maintain a dividend policy of at least 20% of annual net profit for 2025-2027, indicating a commitment to shareholder returns [2] - Revenue projections for 2025-2027 are adjusted to 4.898 billion, 5.399 billion, and 5.835 billion yuan, with expected net profit growth of 121%, 13%, and 12% respectively [3]
猫眼娱乐(01896.HK)：24年业绩符合预期 首次分红 看好25年主业拐点+长期股东回报提升