院线半年报|幸福蓝海直营院线占比最低不足两成 影院数量排名第二但平均票房垫底

Industry Overview - In the first half of 2025, the total box office in China reached 29.23 billion yuan, marking a year-on-year increase of 22.9%, ranking as the third highest in the same period in film history [1] - The number of moviegoers reached 640 million, reflecting a year-on-year growth of 16.9% [1] - Domestic films dominated the box office, accounting for 91.2% of total revenue, with nine out of the top ten films being Chinese productions [1] Company Performance - Wanda Film operated 705 cinemas with 6,121 screens, including 386 IMAX screens, achieving a box office of 4.21 billion yuan, a 19.2% increase year-on-year [3] - Wanda Film's market share reached 14.4%, with 51 cinemas in the top 100 and 246 in the top 500 nationwide [3] - Hengdian Film's cinema count stood at 528, with 449 directly operated cinemas, achieving a box office of 1.157 billion yuan, a 23.56% increase [3] - Golden Shield Film operated 404 cinemas, with a box office of 1.087 billion yuan, reflecting a 19.53% increase [4] - Happiness Blue Sea had 644 cinemas, generating a box office of 1.231 billion yuan, with a significant increase in franchise cinemas [4] Comparative Analysis - Wanda Film had the highest average box office per cinema at approximately 5.97 million yuan, followed by Golden Shield Film at about 2.69 million yuan [4] - The highest proportion of directly operated cinemas was held by Hengdian Film at 85.04%, while Wanda Film followed with a lower percentage [4][5] - Only Hengdian Film saw an increase in the number of directly operated cinemas and screens compared to the previous year [5]