Core Viewpoint - Wanda Film expects a net profit of 480 million to 550 million yuan for the year 2025, a significant recovery from a loss of 940 million yuan in the same period last year [1] Group 1: Financial Performance - The company achieved a box office revenue of 7.678 billion yuan (including service fees), representing a year-on-year growth of 18.53% [1] - The number of moviegoers reached 163 million, an increase of 14.76% compared to the previous year [1] - The market share has remained the industry leader for 17 consecutive years [1] Group 2: Operational Strengths - The company operates over 700 directly-operated cinemas and has a membership base of 80 million online members [1] - Wanda Film leverages efficient management capabilities and "five-star cinema" service quality to solidify its leading position in the industry [1]

股票代码：002739 股票简称：万达电影 公告编号：2026-004 万达电影股份有限公司 2025 年度业绩预告 万达电影股份有限公司 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 审计。但公司已就 2025 年度业绩预告有关重大事项与会计师事务所进行了预沟 通，公司与会计师事务所不存在分歧。 三、业绩变动原因说明 2025 年，公司依托超过 700 家直营影院体系和 8,000 万线上会员优势，凭借 高效的经营管理能力与"五星级影城"服务品质，进一步夯实行业领先地位。报告 期内，公司实现票房 76.78 亿元（含服务费），同比增长 18.53%，观影人次 1.63 亿，同比增长 14.76%，市场份额连续 17 年稳居行业首位。截至 2025 年 12 月 31 日，公司拥有直营影院 714 家、6,179 块银幕，年内新开业直营影院 24 家，在全 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 2 ...

Market Overview - The film and cinema sector experienced a decline of 0.24% on January 26, with Baida Qiancheng leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Bona Film Group (001330) saw a closing price of 9.76, with an increase of 4.72% and a trading volume of 1.5779 million shares, amounting to a transaction value of 1.524 billion [1] - Hengdian Film (603103) closed at 19.97, up 3.26%, with a trading volume of 121,900 shares and a transaction value of 242 million [1] - Wanda Film (002739) closed at 11.75, up 1.12%, with a trading volume of 686,100 shares and a transaction value of 806 million [1] - Baida Qiancheng (300291) led the decline with a closing price of 9.06, down 6.98%, and a trading volume of 658,000 shares, resulting in a transaction value of 604 million [2] - Shanghai Film (601595) closed at 29.19, down 3.70%, with a trading volume of 137,100 shares and a transaction value of 403 million [2] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 294 million from institutional investors, while retail investors saw a net inflow of 10.7 million [2] - Major stocks like Light Media (300251) had a net inflow of 68.36 million from institutional investors, while Bona Film Group (001330) had a net inflow of 49.62 million [3] - Conversely, stocks like Huayi Brothers (300027) and China Film (600088) experienced net outflows of 8.87 million and 7.27 million from institutional investors, respectively [3]

2026.01. 26 本文字数：2231，阅读时长大约4分钟 作者 | 第一财经 葛怡婷 作为全年容量最大、诞生票房冠军最多的电影档期，春节档历来是片方必争之地。2026年春节假期 自2月15日开始，使得春节档长达九天（2月15日至23日），为历年之最。 距离档期开启不足一月，灯塔专业版上映日历显示，目前有四部新片确定于大年初一（2月17日）上 映，分别是《惊蛰无声》《镖人：风起大漠》《飞驰人生3》及《熊出没·年年有熊》。相比往年六至 八部新片角逐的阵容，目前官宣定档影片数量偏少，可见片方在头部项目的布局上趋于谨慎。 尽管目前定档新片不多，但类型清晰，且主创阵容颇具分量，今年的春节档仍然值得期待。 传统类型创新求变 目前已定档的四部影片中，《惊蛰无声》与《镖人：风起大漠》分别从谍战与武侠这两大传统类型中 寻求突破。 由张艺谋执导的《惊蛰无声》由国家安全部指导创作，是国内首部聚焦当代国家安全题材的影片。影 片将谍战叙事从常见的年代背景移至现代都市，讲述我国最新战机信息外泄后，国安小组与潜伏间谍 之间惊心动魄的较量。此前释出的预告中，城市巷战、监控追踪、近身搏杀等场景接连出现，国安小 队不断逼近目标，就在即将缉 ...

Core Insights - The 2026 Spring Festival holiday will last nine days, from February 15 to 23, marking the longest period in history for this film release window [1] - Currently, only four new films are confirmed for release on the first day of the Lunar New Year, indicating a cautious approach from film companies compared to previous years [1] Film Analysis - **"The Silent Awakening"**: Directed by Zhang Yimou, this film focuses on contemporary national security themes, shifting the spy narrative to a modern urban setting. It features a strong cast including Yi Yangqianxi and Yang Mi, and has garnered significant industry attention with over 30 production companies involved [4][6] - **"Biao Ren: Wind Rises in the Desert"**: This film aims to revitalize the wuxia genre with a star-studded cast led by action director Yuen Woo-ping. It is based on a popular comic and incorporates elements of Western films, showcasing a blend of traditional Chinese martial arts and modern storytelling [9][7] Series Continuations - **"Fast Life 3"**: This sequel continues the successful franchise with a new storyline that incorporates AI racing technology, expanding the narrative scope. The previous films have collectively grossed over 5 billion yuan [11][13] - **"Boonie Bears: Year of the Bear"**: The latest installment in this animated series attempts to innovate by introducing a Chinese fantasy world, integrating elements of traditional culture while maintaining its family-friendly essence [14]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - The company has approved the use of idle funds for entrusted financial management in 2026, with a maximum amount of RMB 2.5 billion, to enhance fund utilization efficiency without affecting normal operations [1][4]. Group 1: Meeting Details - The seventh board meeting was held on January 23, 2026, with all six directors present, and the meeting was conducted in accordance with relevant laws and regulations [1]. - The resolutions passed included the proposal for using idle funds for entrusted financial management and the revision of the "Entrusted Financial Management System" [2]. Group 2: Financial Management Proposal - The company plans to use up to RMB 2.5 billion of idle funds for entrusted financial management, which can be rolled over within the approved limit for 12 months [4][8]. - The investment will focus on financial products issued by reputable financial institutions that are liquid and have controllable overall risks [5][9]. Group 3: Investment Strategy - The company will adhere to prudent investment principles, selecting financial products such as bank wealth management products, structured deposits, trust products, and others from credible issuers [9]. - The board has authorized the chairman or designated individuals to make investment decisions within the approved limit [9]. Group 4: Risk Management - The company acknowledges potential risks from macroeconomic factors and market volatility that could affect expected returns [6][13]. - Measures to control risks include strict evaluation of investment products, ongoing monitoring, and timely communication with issuers [14]. Group 5: Impact on Operations - The use of idle funds for entrusted financial management is expected to enhance fund efficiency without disrupting the company's normal operations or core business activities [12][14].

Group 1 - Wanda Film announced that its seventh board meeting will be held on January 23, 2026, in Beijing, combining on-site and remote voting methods [1] - The meeting will review the proposal to amend the "Entrusted Financial Management System" [1] Group 2 - Local state-owned assets have begun to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at prices around 6,000 to 7,000 yuan per unit [1] - The average listing price for second-hand houses in the same community exceeds 20,000 yuan [1]