WANDA FILM(SZ:002739) Jin Rong Jie·2026-01-28 04:44Core Viewpoint - Wanda Film (002739.SZ) is expected to achieve a net profit attributable to shareholders of 480 million to 550 million yuan in 2025, marking a turnaround from losses in the previous year [1]. Financial Performance - The company reported a net profit attributable to shareholders of 48 million yuan for the current reporting period, compared to a loss of 94 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be 32 million yuan, down from 39 million yuan year-on-year [3]. - Basic earnings per share are expected to be 0.2271 yuan, a decrease from 0.2602 yuan in the previous year [3]. - The total box office revenue reached 7.678 billion yuan, representing an 18.53% increase year-on-year, with total audience attendance of 163 million, up 14.76% [3]. Strategic Adjustments - 2025 is a pivotal year for Wanda Film's strategic transformation, as the company has shifted its focus from a light-asset franchise model to a fully-owned cinema operation model [4]. - The market share of Wanda Cinemas decreased from 17.49% in 2024 to 16.75% in 2025, ending an eight-year growth streak, although the number of Wanda Cinemas in the top 300 nationwide increased by 11 to 135 [4]. Business Expansion - In addition to focusing on its core cinema business, Wanda Film is expanding its non-ticket revenue streams through the upgraded "1+2+5" strategy, which includes a super entertainment space and five business segments [5]. - The company has made strategic investments in brands such as 52TOYS and has deepened collaborations with major IPs in gaming and film [5]. Industry Trends - The transformation of Wanda Film reflects broader industry trends, with a growing emphasis on integrating cinema with entertainment and social experiences, reducing reliance on ticket sales alone [6].