《南京照相馆》带飞幸福蓝海：5交易日暴涨超110％后回落，电影业务贡献近九成营收

Core Insights - The film "Nanjing Photo Studio" has emerged as a blockbuster for the summer season, achieving over 1 billion yuan in daily box office for five consecutive days, with a projected total box office of 37.52 billion yuan [1][2][3] - The production company, Happiness Blue Sea, has seen its stock price surge, recording four limit-up days in five trading days, with a total increase of 112.95% [1][3] - However, the stock price fell by 8.29% on July 31, indicating potential volatility and market correction [1][3] Company Performance - Happiness Blue Sea, established in 2005 and listed in 2016, is a state-controlled company engaged in the full film and television production chain, with a focus on transitioning to the film market due to declining television advertising revenues [5][6] - The contribution of film and derivative businesses to Happiness Blue Sea's revenue has increased significantly, from 47.26% in 2020 to an expected 87.41% in 2024 [5][6] - The company reported a revenue of 6.54 billion yuan in 2024, a decline of 40.53% year-on-year, with a net loss of 1.92 billion yuan, indicating challenges in the film distribution and exhibition sectors [6] Market Context - The overall film market has faced challenges, with a lack of major releases following the success of "Nezha 2" during the Spring Festival, leading to a relatively subdued summer box office performance [3][6] - Happiness Blue Sea's stock price surge is attributed to the success of "Nanjing Photo Studio," which has drawn investor attention amidst a lack of competing films [3][6] - The company aims to strengthen its cinema operations, focusing on high-quality theaters in the Yangtze River Delta region to enhance competitiveness and market share [6]