Core Viewpoint - The animated film "The Stars of the Three Kingdoms," as China's first Three Kingdoms-themed animation, faced a significant box office failure during the 2025 National Day holiday, leading to a sharp decline in the stock price of its main investor, Guomai Culture, which has seen its market value nearly halved since reaching a record high last month [1][2]. Group 1: Box Office Performance - The box office for the 2025 National Day holiday dropped by 13% year-on-year to 1.835 billion yuan, marking a stark contrast to previous years where box office figures were 4.388 billion yuan in 2021, 1.497 billion yuan in 2022, 2.735 billion yuan in 2023, and 2.105 billion yuan in 2024 [1]. - The total number of moviegoers during this period was 50.079 million, a decrease of 4% year-on-year, with the average number of attendees per screening falling by 15% to 13.7 [1]. Group 2: Company Financials and Market Reaction - Guomai Culture invested 40 million yuan in "The Stars of the Three Kingdoms," but as of October 11, the film's box office revenue was only over 76 million yuan, ranking sixth among National Day films, with a projected total box office of 82 million yuan, significantly below market expectations [2]. - Following the film's release, Guomai Culture's stock price dropped over 19% in two days, resulting in a market value loss of several billion yuan. On October 10, the stock price hit a low of 49.46 yuan, representing a 46.74% decline from its historical high on September 24 [2]. Group 3: Risks and Challenges - Prior to the stock price drop, Guomai Culture had seen a year-to-date increase of 267.77%, with a price-to-earnings ratio exceeding 100. However, the company's net profit for the first half of 2025 was only 5.66 million yuan, indicating a lack of solid earnings support for its high valuation [3]. - The company's cash flow situation is concerning, with a net cash flow from operating activities of -27.06 million yuan, which has worsened by 73.22% year-on-year [3]. - Guomai Culture's revenue remains heavily reliant on traditional book planning and publishing, accounting for over 92% of its income, while new business ventures like AI have contributed minimally to revenue [3]. Group 4: Future Outlook - Plans for a sequel to "The Stars of the Three Kingdoms" are reportedly in preparation, but the poor performance of the first film casts a shadow over its prospects [4]. - The content industry will always have space for sincere, innovative, and skillfully crafted stories, suggesting that companies that prioritize content quality and understand audience needs will be better positioned to thrive in the long term [4].
《三国的星空》票房惨淡 主投方果麦文化股价连续两日跌超19% 上个月市值刚创新高现已接近“腰斩”