WANDA FILM(SZ:002739) 新浪财经·2025-05-06 00:39Core Viewpoint - Wanda Film has entered a challenging phase under the new control of Ke Liming, with significant declines in revenue and profitability reported for 2024, reflecting both industry-wide struggles and transitional pains from the change in ownership [2][4][14]. Financial Performance - In 2024, Wanda Film's revenue was 12.362 billion yuan, a decrease of 15.44% from 2023's 14.618 billion yuan [4]. - The net profit attributable to shareholders turned from a profit of 912 million yuan in 2023 to a loss of 940 million yuan in 2024, indicating a drastic decline [4]. - The fourth quarter of 2024 saw particularly poor performance, with revenue dropping to 2.515 billion yuan, a year-on-year decline of 23.13% and a quarter-on-quarter decline of 30.7% [4]. Business Segments - The core viewing revenue, which constitutes over 50% of total income, fell by 20.82% to 6.687 billion yuan [5][6]. - Advertising revenue decreased by 3.46% to 1.278 billion yuan, while merchandise and food sales also dropped by 20.53% to 1.545 billion yuan [6]. - The film production and distribution segment saw an increase of 85.49%, reaching 620 million yuan, indicating a potential area of growth [6][19]. Cost and Profitability - The cost of the viewing business reached 7.278 billion yuan, resulting in a gross loss of approximately 591 million yuan, with a gross margin of -8.85% [7][8]. - Overall gross margin for 2024 was 22.54%, down 5.15% from the previous year, while the net margin was -7.6%, a decline of about 14% [7][8]. Debt and Cash Flow - Wanda Film's asset-liability ratio stood at 70%, indicating a high level of debt [9][11]. - The company reported a significant drop in net cash flow from operating activities, falling 63.82% to 1.6 billion yuan in 2024 [10]. Management Changes and Compensation - Following the change in control, the total pre-tax compensation for directors and senior management increased by 54% to 34.9575 million yuan, despite the company's financial struggles [12][14]. - New chairman Chen Xi received a salary of 10.1725 million yuan, while other executives saw reductions in their compensation [15]. Strategic Outlook - The acquisition by Ruyi Investment is viewed as strategically significant, with new management aiming to reduce reliance on traditional film revenue [19]. - The company is focusing on enhancing content production capabilities and diversifying income streams, with a long-term goal of innovating its business model to create an entertainment ecosystem [20].