保利文化（03636.HK）影院重现气势，拍卖壁垒坚稳，2018年有看头！

Financial Performance - Poly Culture (03636.HK) reported a revenue increase of 6.3% year-on-year to 1.674 billion RMB for the first half of 2018, with a total profit of 230 million RMB, up 12.5% [1] - The company's gross profit rose by 8.8% to 582 million RMB, and the net profit attributable to shareholders increased by 8.6% to 99 million RMB, with earnings per share at 0.4 RMB [1] - The revenue growth was primarily driven by the expansion of the art business, development of art leasing, and the growth of theater and cinema operations [1] Business Segments - The performance of the theater and cinema management segment showed significant growth, with revenue increasing by 22.28% to 686 million RMB, while cinema investment management revenue rose by 14.52% to 418 million RMB [9] - The art business, while still a leader in the market, faced challenges with a total auction turnover of 4.6 billion RMB in the first half of 2018, maintaining its position as the largest auction house in China [14] - The cinema investment management segment saw the opening of four new cinemas, bringing the total to 66, with box office revenue reaching 416 million RMB [19] Market Position and Valuation - As of August 16, 2018, Poly Culture's price-to-earnings ratio (TTM) was 8 times, significantly lower than industry peers, indicating potential undervaluation [6][22] - The company is positioned to benefit from the growing cultural industry in China, which has seen an average annual growth of 13% over the past five years [11] Future Growth Opportunities - The company is expanding into new business areas such as art education, cultural finance, and cultural tourism, which are expected to contribute to future revenue growth [20] - The art education segment includes partnerships to establish high-end music education brands and international schools, indicating a strategic move towards diversification [20] - The cultural finance segment reported a scale of 2.1 billion RMB in art financing leasing business in the first half of 2018, with profits nearing 50 million RMB [21]