WANDA FILM(SZ:002739) Guan Cha Zhe Wang·2025-09-03 03:07Core Viewpoint - The recent freezing of shares in two companies owned by capital mogul Ke Liming raises questions about the financial stability and future prospects of the "Ruyi System" companies and their connection to Wanda Film [1][3]. Group 1: Company Information - Ke Liming is the legal representative of Shanghai Ruyi Film Production Co., Ltd. and Shanghai Ruyi Investment Management Co., Ltd., holding 99% of the shares in both companies [3]. - The total amount of frozen shares is 12.87 million RMB, with a freezing period of three years, initiated by the Jinan Intermediate People's Court [1][2]. - Ruyi Film and Ruyi Investment jointly hold approximately 20.64% of Wanda Film Co., Ltd. (stock code: 002739.SZ), making them significant shareholders [3]. Group 2: Financial Performance - Wanda Film reported a revenue of 6.689 billion RMB in the first half of the year, a year-on-year increase of 7.57%, and a net profit of 536 million RMB, up 372.55% [5]. - The company has maintained its position as the box office champion for 16 consecutive years, increasing its presence in the top cinema rankings [6]. - Wanda Film's revenue fluctuated significantly from 2019 to 2023, with total revenues of 15.435 billion RMB in 2019, dropping to 6.295 billion RMB in 2020, and recovering to 14.62 billion RMB in 2023 [6]. Group 3: Strategic Developments - Wanda Film is transitioning from a cinema operator to a "super entertainment space" creator, with a new strategic framework called "1+2+5" [6]. - The company aims to expand its business into various sectors, including film production, strategic investments, and gaming, following a period of financial struggles due to the pandemic [6][7]. - The acquisition of Kuaiqian Financial by China Ruyi for 240 million RMB indicates a strategic move into the financial technology sector, although the asset's valuation has significantly decreased [10][11].