Group 1 - The core viewpoint of the report indicates that the film market in 2025 is expected to continue its differentiated characteristics, with market dynamics revolving around popular films and release schedules, leading to a focus on companies with abundant cash flow and rich film projects [1] - According to Top Data, the cumulative box office in 2025 is projected to reach 51.829 billion, representing a year-on-year growth of 21.98%, ranking fifth in film history; however, it shows a decrease of 5.61% compared to 2023 and a 19.17% decrease compared to 2019 [1] - The cumulative number of moviegoers is expected to be 1.238 billion in 2025, reflecting a year-on-year increase of 22.65%, but a decrease of 4.66% compared to 2023 and a 28.35% decrease compared to 2019 [1] Group 2 - The film market in 2025 faces challenges as old experiences become less effective, leading to significant disparities in box office performance between the first and second halves of the year, and a collapse in long-tail box office, especially during non-peak periods [2] - The overall ticket prices post-pandemic are expected to remain above 40 yuan, with a decrease in frequent moviegoers and ineffective cultivation of viewing habits among younger audiences, resulting in a conservative decision-making approach towards film selection [2] - The current market is characterized by a high concentration of box office revenue in a few top films, with diversified supply and segmented distribution strategies losing their persuasive power in this highly differentiated context [2] Group 3 - The current paradigm shift in the film industry is expected to focus more on the quality of individual films rather than on genres, with animated films in 2025 reflecting a stronger correlation with audience reception based on quality rather than mere genre classification [3] - The rise of high-quality traditional genre films is anticipated to resonate with audiences through solid narratives and production quality, indicating a shift away from the reliance on genre as a marketing tool [3] - The market is expected to return to a healthier focus on content itself, moving beyond the constraints of traditional genre categorizations [3]
广发证券:行业震荡与分化特征延续 电影行情围绕热门影片与档期演绎