Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2.171 billion in the first half of 2024, a year-on-year decline of 1.2%. The net profit was 285 million, down 29.7%, while the adjusted net profit was 352 million, down 22.8%. The adjusted EBITDA was 490 million, down 16.2% [5][6]. - The offline performance market has shown strong recovery, significantly aiding the company's online entertainment ticketing business growth. The offline performance market in China saw a revenue increase of 13.24% year-on-year in the first half of 2024, with audience numbers up by 27.10%. The company managed to maintain growth in its online ticketing business, achieving a revenue of 1.046 billion, a 3.0% increase [5][6]. - The company's content selection capabilities have improved, but the weak performance of the film market has negatively impacted its entertainment content service business. The company participated in the release of 31 domestic films in the first half of 2024, with notable box office performances from several films. However, the overall film market saw a decline of 9.01%, affecting the company's entertainment content service revenue, which was 1.024 billion, down 6.9% [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.171 billion, a decline of 1.2% year-on-year. The net profit was 285 million, down 29.7%, and the adjusted net profit was 352 million, down 22.8%. The adjusted EBITDA was 490 million, down 16.2% [5][6]. Market Analysis - The offline performance market in China has shown a strong recovery, with ticket sales reaching 19.016 billion, a year-on-year increase of 13.24%. The company has expanded its services to over 3,000 concert projects, with a local performance coverage rate exceeding 95% [5][6]. Content Strategy - The company has enhanced its content selection capabilities and extended its industry chain layout. In the first half of 2024, it participated in the release of 31 domestic films, achieving significant box office results for several titles. However, the overall film market's decline has impacted its entertainment content service revenue [5][6]. Future Outlook - The company is committed to deepening its engagement in the full entertainment industry and actively building competitive barriers. It plans to leverage its strong data analysis capabilities and rich content reserves to enhance growth potential in the future [6].
猫眼娱乐：电影大盘表现疲软拖累公司业绩，坚定不移深耕全文娱行业发展