3 6 Ke·2026-01-07 00:49Core Viewpoint - The capital operations of the entertainment industry in 2025 can be summarized as "self-mutilation for survival," characterized by strategic expansion, tactical contraction, and overall defense. Expansion - In 2025, the capital expansion of listed companies is categorized into three types: transformation towards new hotspots, extension into other industries, and internal resource integration, all aimed at finding new narratives [1][2]. - The current "AI wave" is seen as a new narrative for the entertainment industry, with companies like Light Media and Huayi Brothers investing in AI-related technologies and partnerships [3][4]. - Companies are also extending into other industries, such as Wanda Film's investment in Guangzhou Fangtu Technology, which aligns with its strategy to increase non-ticket revenue [4][5]. Resource Integration - Resource integration is another common strategy, with companies like Shanghai Film acquiring stakes in other firms to leverage core assets and enhance operational efficiency [9]. - The entertainment industry is witnessing significant mergers and acquisitions, with companies like Baida Qiancheng acquiring digital marketing firms to explore new business avenues [5][9]. Contraction - The entertainment industry is facing significant contraction pressures, with many companies engaging in asset sales to survive, as evidenced by the reduction in shareholdings and capital [11][16]. - In 2025, 21 out of 45 listed entertainment companies experienced share reductions, indicating a growing trend of divestment in the industry [13][16]. - Companies are increasingly prioritizing cash flow management, with many opting for safer investments like large deposits and financial products instead of high-risk projects [21][22]. Cash Management - Cash flow is central to the capital operations of the entertainment industry, with companies like Baida Qiancheng and Huayi Brothers citing cash pressure as a reason for divesting assets [21][20]. - The trend of accumulating cash reserves is seen as a signal of financial safety, replacing growth narratives with a focus on stability [24][25]. - The industry is at a critical juncture, potentially shifting from a growth-driven model to one focused on maintaining cash flow for survival [25].