Core Viewpoint - AMC Entertainment has projected a fourth-quarter loss that is expected to be wider than Wall Street estimates, indicating a slow recovery in theater attendance post-pandemic [1] Company Summary - The company is experiencing challenges in recovering from pandemic-era lows, as the return to theaters has been slower than anticipated [1]

Financial Performance - Total revenues for Q4 2025 are expected to be approximately $1,288.3 million, a decrease of 1.4% from $1,306.4 million in Q4 2024[5] - Net loss for Q4 2025 is projected to be approximately $(127.4) million, an improvement from a net loss of $(135.6) million in Q4 2024[5] - Adjusted EBITDA for Q4 2025 is estimated at approximately $134.1 million, down from $164.8 million in Q4 2024[5] - Full year 2025 total revenues are expected to be approximately $4,848.9 million, an increase of 4.6% from $4,637.2 million in 2024[5] - Full year 2025 net loss is projected to be approximately $(632.4) million, compared to a net loss of $(352.6) million in 2024[5] - Full year 2025 Adjusted EBITDA is estimated at approximately $387.5 million, up from $343.9 million in 2024, reflecting a growth of nearly 13%[5] Industry Insights - The North American industry box office for 2025 is approximately $8.9 billion, with European industry attendance at approximately 397 million[6] - For every $100 million increase in the North American industry box office, domestic Adjusted EBITDA is expected to increase by approximately $18 million[7] - The first quarter box office year-to-date is approximately 9% ahead of the same period last year, indicating positive momentum for 2026[9] Debt and Financial Management - AMC has reached an agreement with lenders to enhance flexibility in refinancing existing debt, aiming to reduce interest expenses and improve liquidity[2] Non-Operating Expenses and Impairments - The company recorded non-cash impairment charges of $28.0 million on 47 theatres in U.S. markets and $15.5 million on 20 theatres in International markets for the year ended December 31, 2025[22] - The company incurred merger, acquisition, and other costs of $3.6 million for the year ended December 31, 2025, which are considered non-operating[27] - Other expenses for the three months ended December 31, 2025, included net losses on debt extinguishments of $196.0 million[26] Investment and Income Tax - Investment income for the year ended December 31, 2025, included interest income of $(8.0) million and realized and unrealized losses on investments of $(34.4) million[26] - The company reported a total of $4.5 million in income tax provision for the year ended December 31, 2025, compared to $2.1 million in 2024[20] Depreciation and Fair Value Adjustments - Depreciation and amortization expenses for the year ended December 31, 2025, were $313.4 million, slightly down from $319.5 million in 2024[20] - The company experienced an increase in fair value of the bifurcated embedded derivative in the Senior Secured Exchangeable Notes due 2030 of $19.3 million for the year ended December 31, 2025[26] Equity Earnings - Equity in earnings of non-consolidated entities for the year ended December 31, 2025, was $(6.8) million, improving from $(12.4) million in 2024[24]

来源：不良资产头条 随着不良资产业务的发展，为有效隔离风险，加强对项目公司股权和底层资产的控制，AMC很多项目 都采用了特殊目的载体（SPV）的形式。如何优化项目中SPV的增信设计、有效控制项目风险，是整个 交易结构中的重点问题。本文对SPV主要增信方式进行梳理，并提出有关思考和建议。 一、差额补足 SPV结构中，当项目处于亏损状态或其盈利无法实现AMC预期收益或回报约定时，常安排增信主体对 收益差额进行弥补。实践中需要根据交易结构、法律文件的内容和方式等，综合判断差额补足的性质和 效力。 （一）差额补足的认定 关于增信文件性质的认定，应当坚持文义优先原则。通常情况下，明确的措辞足以反映表意人的内心真 意。因此，判断双方意思表示应首先从双方签订协议所使用的文字词句出发，依其表述定性。关于差额 补足义务的法律性质认定则需结合具体的意思表示予以确定。实践中，差额补足措施的性质主要分为保 证担保、债务加入和独立的合同义务等类型。 1.保证担保 《最高人民法院关于适用<中华人民共和国民法典>有关担保制度的解释》明确，差额补足内容符合一 定条件时可能被认定为保证合同：（1）有主债权，无主债权即无担保。这是判断差补是否为 ...

Company Performance - AMC Entertainment closed at $1.45, reflecting a -2.68% change from the previous day, underperforming the S&P 500's gain of 0.41% [1] - Over the past month, AMC shares have declined by 8.59%, compared to a loss of 3.34% in the Consumer Discretionary sector and a gain of 0.38% in the S&P 500 [1] Upcoming Earnings - AMC is projected to report earnings of -$0.14 per share, indicating a year-over-year growth of 22.22% [2] - Revenue is estimated at $1.31 billion, reflecting a 0.24% increase from the prior-year quarter [2] Full Year Estimates - For the full year, earnings are projected at -$1.15 per share, representing a 10.16% increase from the previous year [3] - Revenue for the full year is estimated at $4.85 billion, showing no change from the prior year [3] Analyst Forecasts - Recent revisions to analyst forecasts for AMC are crucial as they indicate changing business trends [4] - Positive revisions in estimates suggest a favorable outlook on the company's health and profitability [4] Zacks Rank and Industry Performance - The Zacks Rank system indicates a current rank of 4 (Sell) for AMC, with an 11.91% decline in the consensus EPS estimate over the past month [6] - The Leisure and Recreation Services industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 186, placing it in the bottom 25% of all industries [7]

Core Viewpoint - Opendoor Technologies experienced a significant stock rally in 2025, with a return of 264%, but its fundamentals do not align with this performance, raising concerns about the sustainability of its business model and future profitability [1][2]. Company Overview - Opendoor operates in the real estate sector, providing a direct-buying service where sellers can receive cash offers for their homes, allowing for quick transactions without the traditional uncertainties of home selling [4]. - The company has faced challenges in the current weak real estate market, with existing home sales at a five-year low and a significant imbalance between sellers and buyers [6]. Financial Performance - In the first three quarters of 2025, Opendoor sold 9,813 homes, generating $3.6 billion in revenue, but only acquired 6,535 homes, indicating a deliberate reduction in inventory due to market conditions [9]. - The company reported a net loss of $204 million on a GAAP basis during the same period, with an adjusted non-GAAP loss of $133 million, highlighting ongoing financial struggles [10]. Market Conditions - The U.S. Federal Reserve's interest rate cuts are expected to reduce mortgage costs, potentially benefiting Opendoor by stimulating the housing market [8]. - Despite the potential for interest rate cuts, the company faces structural issues that may hinder its recovery, as evidenced by the struggles of similar companies like Zillow and Redfin in the direct-buying space [5][15]. Leadership and Strategy - Opendoor's new CEO, Kaz Nejatian, aims to leverage technologies like artificial intelligence to improve sales efficiency and reduce exposure to market fluctuations, with a focus on increasing sales volume and market share [12][13]. - However, skepticism remains regarding the effectiveness of this strategy, given the historical challenges faced by high-volume players in the direct-buying market [14].

Company Performance - AMC Entertainment closed at $1.61, with a daily increase of 2.55%, outperforming the S&P 500's gain of 1.16% [1] - Over the past month, AMC shares have decreased by 6.55%, while the Consumer Discretionary sector and S&P 500 saw losses of 3.58% and 0.42%, respectively [1] Financial Projections - The upcoming EPS for AMC is projected at -$0.06, reflecting a 66.67% increase compared to the same quarter last year [2] - Revenue is estimated to be $1.39 billion, indicating a growth of 6.23% year-over-year [2] - Full-year estimates predict earnings of -$1.15 per share and revenue of $4.95 billion, with year-over-year changes of +10.16% for earnings and 0% for revenue [3] Analyst Sentiment - Changes in analyst estimates for AMC are crucial as they indicate near-term business trends, with positive revisions suggesting optimism about profitability [3] - The Zacks Rank system, which incorporates estimate changes, currently ranks AMC at 3 (Hold) [5] Industry Context - The Leisure and Recreation Services industry, part of the Consumer Discretionary sector, holds a Zacks Industry Rank of 176, placing it in the bottom 29% of over 250 industries [6] - Stronger industry groups, as indicated by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - AMC Entertainment reported that its final weekend of 2025 was one of the busiest of the year, with over 5.5 million moviegoers attending AMC Theatres and ODEON Cinemas globally from December 25 to December 28 [1] Attendance Highlights - The attendance of more than 5.5 million moviegoers marked AMC Entertainment's second-busiest Thursday-through-Sunday weekend of 2025 worldwide [1] - The attendance was spread across several new releases, indicating a strong interest in recent film offerings [1]

Core Insights - The communication services sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - AMC Entertainment Holdings Inc has an RSI value of 22.6, with a stock price decline of approximately 28% over the past month and a 52-week low of $1.61 [7] - Brera Holdings PLC has an RSI value of 26.2, with a stock price decline of around 14% over the past five days and a 52-week low of $1.80 [7] - Nomadar Corp has an RSI value of 25, with a stock price decline of about 36% over the past month and a 52-week low of $4.88 [7]

Core Viewpoint - AMC stock has experienced a significant decline of 31% in December, indicating a potential trend towards its worst monthly performance since January 2024 [1] Company Summary - AMC's stock performance in December reflects a notable downturn, with a 31% drop [1] - The current trajectory suggests that December could mark the worst month for AMC since January 2024 [1]