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猫眼娱乐早盘跌超6% 暑期档前半程相对平淡 公司自制影片或有亏损拖累利润

Group 1 - Cat's Eye Entertainment (01896) experienced a decline of over 6%, currently trading at 7.51 HKD with a transaction volume of 110 million HKD [1] - As of August 4, the total box office for the summer season in 2025 reached 7.054 billion CNY, with a relatively quiet first half of the summer season from June 1 to July 17, accumulating less than 3.5 billion CNY [1] - The release of films such as "The Lychee of Chang'an," "The Legend of Hei 2," and "Nanjing Photo Studio" has boosted the summer box office, doubling the cumulative box office in just two weeks [1] Group 2 - CICC's report anticipates that Cat's Eye Entertainment will release its first half performance in mid to late August, projecting revenue of 2.502 billion CNY, a year-on-year increase of 15.3% [2] - The expected net profit attributable to shareholders is 165 million CNY, a year-on-year decrease of 42.4%, while the Non-IFRS net profit is projected at 219 million CNY, down 37.8%, falling below market expectations [2] - The underperformance of films in which the company invested, along with lower-than-expected gross margins, contributed to the profit decline, with notable films like "Detective Chinatown 3," "Dumpling Queen," and "The Time of Sons" performing below expectations [2]