WHMC(SH:600136) Chang Jiang Shang Bao·2025-09-02 23:49Core Viewpoint - ST Mingcheng (600136.SH) has shown significant recovery in its performance after a prolonged downturn, with a substantial increase in revenue and a successful turnaround in net profit [1][2] Financial Performance - In the first half of 2025, ST Mingcheng achieved an operating income of 279 million yuan, a year-on-year increase of 596.55% [1] - The net profit attributable to shareholders reached 999,000 yuan, a turnaround from a loss of 21.64 million yuan in the same period last year [1] - Although the net profit after deducting non-recurring items remains negative, it has significantly narrowed compared to the previous year, indicating a stabilization in overall operational performance [1] Business Strategy and Structure - The company's performance surge is primarily attributed to a strategic adjustment in its business structure, forming a dual main business model of "Film and Television Media + Smart Space," with synergistic effects becoming increasingly evident [2] - The film and television segment has rebounded, with five new dramas launched in the first half of the year, covering various genres, and non-box office revenue expansion contributing to growth [2] Operational Highlights - The company’s 13 cinemas attracted over 1.13 million viewers, with 82,500 screenings conducted [2] - The smart space segment has expanded its service area to over 10.26 million square meters, winning 28 projects and earning recognition as a top 20 enterprise in school property services in China [2] - The hotel operations in Sanya achieved an occupancy rate of 86.73%, and the Wuzhishan hotel received multiple industry awards for its unique experience model [2]