Enlight Media(SZ:300251) Xin Lang Cai Jing·2025-08-28 02:47Core Viewpoint - The company has significantly improved its performance in the first half of 2025, driven by the strong box office performance of "Nezha: The Devil's Child" and related merchandise sales [1][2]. Financial Performance - In 25H1, the company achieved total revenue of 3.242 billion yuan, a year-on-year increase of 143.00% - The net profit attributable to shareholders reached 2.229 billion yuan, up 371.55% year-on-year - The net profit after deducting non-recurring items was 2.199 billion yuan, reflecting a year-on-year increase of 376.71% - In Q2, revenue was 267 million yuan, showing a year-on-year increase of 1.44% but a quarter-on-quarter decrease of 91.01% - The net profit attributable to shareholders in Q2 was 214 million yuan, up 343.09% year-on-year but down 89.40% quarter-on-quarter [1]. Box Office and IP Development - The total box office revenue for 25H1 reached 15.463 billion yuan, primarily driven by "Nezha 2" - The long-tail effect of "Nezha 2" is expected to continue, with its online release in mainland China and international markets planned [2]. - The company’s comprehensive gross margin for 25H1 was 78.29%, an increase of 33.88 percentage points year-on-year [2]. Upcoming Releases and Projects - Several films produced by the company were released during the summer season, with notable box office performances - Upcoming films include "The Stars of the Three Kingdoms" set to release on October 1, and various other projects in different stages of production [3]. IP Operations and Team Expansion - The company is optimizing its personnel structure to enhance IP operation capabilities, with the animation production team exceeding 170 members - Plans to expand the team to over 300 members are in place, aiming for the production of 1.5 to 2 high-quality animated films per year - The "Nezha" IP has expanded to cover over 30 categories and more than 500 products, with further IP operations underway for "Big Fish & Begonia" and others [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of 2.428 billion, 1.228 billion, and 1.363 billion yuan for 2025-2027 - The company is assigned a 35X PE valuation for 2025, with a target price of 28.96 yuan, reflecting a strong position in the animated film industry [5].