Enlight Media(SZ:300251) 证券时报·2025-04-21 15:48Core Viewpoint - The significant revenue growth of Light Media in Q1 2025 is primarily driven by the success of the animated film "Nezha 2," which has led to a substantial increase in both revenue and profit compared to the previous year [2][3]. Financial Performance - In Q1 2025, Light Media achieved an operating income of 2.975 billion yuan, representing a year-on-year increase of 177.87% [2]. - The net profit attributable to shareholders reached 2.016 billion yuan, a year-on-year increase of 374.79% [2]. - The net profit after deducting non-recurring gains and losses was 2 billion yuan, up 380.71% year-on-year [2]. - The company reported a net cash inflow from operating activities of 4.885 billion yuan, compared to a cash outflow of 85.41 million yuan in the same period last year [3]. Box Office Performance - The 2025 Spring Festival box office generated 9.51 billion yuan, with 187 million attendees, setting new records for both box office and attendance during the Spring Festival [3]. - As of March 31, 2025, "Nezha 2" had a box office close to 15.1 billion yuan, although specific revenue sharing details for the film were not disclosed [3]. Revenue Sources - The revenue for Light Media in Q1 included not only box office revenue from "Nezha 2" but also income from derivative products and related sales [4]. - The company has proactively developed various derivative products related to "Nezha 2," including toys, cards, and publications, aiming to further explore IP value and expand profit channels [4]. Comparison with Previous Year - The Q1 2025 performance of Light Media has already surpassed the total revenue for the entire year of 2024, which was 1.586 billion yuan, reflecting a year-on-year growth of 2.58% [5]. - The net profit for 2024 was nearly 300 million yuan, indicating a significant improvement in financial performance in 2025 [5]. Future Projects - Light Media has a robust pipeline of upcoming films, including "Unique" set to release on May 1, 2025, and "East Extreme Island" expected for the summer season [5]. - The company is also focusing on animated films, with several projects in production and planning stages, including "The Legend of the Three Kingdoms" and "Big Fish and Begonia 2" [6]. - The chairman of Light Media mentioned plans for a larger "Chinese Mythology Universe" project, indicating a strategic direction towards building a comprehensive animated film franchise [6].