随着国庆中秋假期结束，电影市场交出最新成绩单。据国家电影局数据显示，10月1日至8日，我国2025年国庆档电影总票房为18.35亿元，观影人次为5007 万，国产影片票房占比为98.93%。本次国庆档票房大盘表现稳健，多元影片供给满足了不同受众的观影需求。 "这实际上是一次价值的双向赋能，"有业内人士分析称，"万达电影用自己最核心的'电影基因'——包括场景设计、叙事能力等——为游戏IP创造了线下增量 体验，已然超越了简单的合作；同时，这些独特的场景又反哺影院，吸引了原本可能不会走进电影院的年轻游戏用户，实现了客群的破圈。" 万达电影董事长兼总裁陈祉希在今年6月的战略发布会上指出，公司旨在通过"超级娱乐空间"孵化一系列超级IP、超级品牌，以自身场域为纽带，共建产业 新生态。而在落地层面，万达电影助理总裁兼万达院线总经理李劲波进一步阐释了具体路径："我们坚信场景的真正价值在于人群的聚集与共鸣，因此重点 从IP联动与内容融合出发，打造能够吸引不同圈层观众的全新超级娱乐目的地。" 02 创新商业模式跑通 当行业将目光聚焦于票房排位之时，一些更具长期价值的模式探索正在头部院线公司中悄然展开。作为行业龙头，万达电影创新打 ...

转自：推广 文丨白杨 2025年9月下旬，万达电影旗下多家影城子公司同时进行注册资本变更，引发行业关注。其中，哈尔滨 万达国际电影城有限公司（简称：哈尔滨万达影城）的注册资本从500万元大幅增至3000万元，增资 2500万元。此次增资是万达电影系列资本运作的组成部分，映射出影院行业从单一观影场所向多元化娱 乐空间转型的趋势。 万达电影作为国内影院行业的龙头企业，已建立起广泛的影院网络。数据显示，截至2025年6月30日， 万达电影在国内已开业直营影院705家，覆盖全国350个城市，共有6121块银幕。其票房份额高达14.4% 的，使万达电影票房市场份额已连续16年位列全国第一。在全国票房排名前100的影院中，万达电影占 据51席，较去年同期增加4席。在硬件设施上，万达电影保持着行业领先优势。公司拥有386块IMAX银 幕，51块CINITY银幕和18块杜比影院银幕，特效厅资源位居行业首位。 哈尔滨暑期档票房亮眼，文旅融合激活消费潜力 哈尔滨电影市场在2025年暑期档表现活跃，在重点影片《731》上映首日，哈尔滨两家万达影城——哈 西店与哈东店同时冲进全国单日票房前三，显示出当地市场的强劲消费能力。 据哈尔滨 ...

电影基因打造全方位包裹式沉浸体验 据万达电影介绍，团队充分发挥电影人的专业基因，以"拍一部电影"的匠心水准，为玩家打造了全方位包裹式沉浸体验。 即日起，玩家从生成"通告单"开始，自此开启线上沉浸式体验之旅。 10月2日，梦想渐近，玩家可在线上发起预约，准备奔赴"片场"。10月5日，玩家将在万达电影的线下影院"破次元壁"。 可以预见，玩家们踏入商场的瞬间，便仿佛置身于专属"痛楼"之中——联名视频、海报、垂幅铺满商场大屏、廊道与电梯，浓郁的氛 围感扑面而至。 在此次活动中，万达电影遍布全国200+城市的700+线下影城，将分别变为2家「光影开拍」店、100家「心动热映」店，和605家「爱意 流光」店。在后两类门店中，全国各地的玩家都能看到精美绝伦的巨幅海报作为打卡点；IP专属OST音乐与爆米花的香甜气息在空气 中弥漫开来。视觉、听觉、嗅觉被全方位占领。「光影开拍」店尤其高度还原了电影片场，配备监视器等专业级道具，一系列沉浸式 布景将玩家带入IP梦幻实景。 今日，万达电影发起重磅官宣——十一黄金周将携手现象级游戏 IP《恋与深空》推出大型联名活动。玩家将以游戏中的身份"猎人小 姐"走进影城，和男主一起沉浸式体验"一 ...

转自：大众报业·齐鲁壹点 齐鲁晚报·齐鲁壹点 记者 王颖颖 今日，万达电影发起重磅官宣——十一黄金周将携手现象级游戏 IP《恋与深空》推出大型联名活动。 玩家将以游戏中的身份"猎人小姐"走进影城，和男主一起沉浸式体验"一部电影诞生的故事"。 消息一经发布，玩家们的热情瞬间被点燃。在万达电影APP端，用户们纷纷生成专属"通告单"，开启 了"拍电影"体验的第一站。万达电影旨在通过此类活动突破单一票房模式，践行"超级娱乐空间"战略， 以多元化体验吸引大量年轻观众走进影院。 电影基因打造全方位包裹式沉浸体验 据万达电影介绍，团队充分发挥电影人的专业基因，以"拍一部电影"的匠心水准，为玩家打造了全方位 包裹式沉浸体验。 即日起，玩家从生成"通告单"开始，自此开启线上沉浸式体验之旅。 10月2日，梦想渐近，玩家可在线上发起预约，准备奔赴"片场"。10月5日，玩家将在万达电影的线下影 院"破次元壁"。 可以预见，玩家们踏入商场的瞬间，便仿佛置身于专属"痛楼"之中——联名视频、海报、垂幅铺满商场 大屏、廊道与电梯，浓郁的氛围感扑面而至。 惊喜还在继续：玩家进入影厅后，还有新发现——5大主角登上大银幕，为玩家讲述文明观影须知， ...

Core Insights - Wanda Film reported a total sales of IP derivatives reaching 106 million RMB during the summer season, marking a 94% increase compared to the same period last year [1] - The top three contributing IPs were "Light and Night of Love," "Wandering Mountain Little Monster," and "Cute Town" [1] - The company attracted a large number of young audiences through various non-viewing requirement events, such as the SELF GALA red carpet event, which drew over 400,000 players into cinemas [1] Group 1 - The non-ticket revenue has significantly contributed to attracting younger audiences, with a ticket conversion rate of 30% for participants of the "Light and Night of Love" event, and 85.5% of the audience being under 25 years old [1] - The event also saw a notable 44.3% of attendees being under 20 years old, indicating a strong appeal to the younger demographic [1] - The sales of themed popcorn buckets, which were designed as "pain buckets," exceeded 300,000 units, showcasing innovative merchandise strategies [1] Group 2 - Wanda Film's strategy emphasizes not relying solely on box office revenue but continuously driving growth in non-ticket income, as articulated by Chairman and President Chen Zhixi [2] - The company has successfully integrated 50 "Time Art Shops" with rich online and offline interactive activities, resulting in a 10 percentage point increase in merchandise gross margin [2] - The IP sales business has a strong pipeline, including popular IPs like "Zootopia," Hatsune Miku, and "My Little Pony," indicating a robust future potential for merchandise sales [2] Group 3 - The summer season's IP derivative sales exceeding 100 million RMB reflects a profound transformation in the cinema industry's value logic, as audiences seek more immersive entertainment experiences beyond just watching films [2]

Core Viewpoint - Wanda Film's strategic transformation from a "leading cinema operator" to a "super entertainment space" is showing initial success, as evidenced by its financial performance in the first half of 2023 [2][4]. Financial Performance - In the first half of 2023, Wanda Film reported revenue of 6.689 billion yuan, a year-on-year increase of 7.57%, and a net profit attributable to shareholders of 536 million yuan, reflecting a significant year-on-year growth of 372.55% [2]. - The company maintained its position as the box office champion for 16 consecutive years, with notable increases in the number of top cinemas [4]. Strategic Initiatives - The "1+2+5" strategy includes the development of a super entertainment space, targeting both domestic and international markets, and focusing on five business segments: cinema operations, film and television series, strategic investments, trendy toys, and gaming [2]. - The concept of "five-star cinemas" aims to enhance the cinema experience by providing different service levels, similar to hotels and restaurants [6]. International Expansion - Wanda Film's Australian subsidiary, HOYTS, achieved a box office revenue of 144 million AUD, a year-on-year increase of 9.9%, and successfully turned a profit [7]. - The collaboration between Wanda Film and HOYTS includes the distribution of Chinese films overseas, enhancing the visibility of Chinese cinema in international markets [8]. Business Diversification - Wanda Film is actively expanding its five business segments, focusing on innovative approaches in areas like new retail, trendy toys, and strategic investments [10]. - The company has successfully launched its self-developed brand "Three Mouths of Time," which quickly sold out its initial stock in cinemas [12]. Future Prospects - Wanda Film is preparing for the release of high-profile films and series, including "The Wandering Earth 3" and popular dramas, while also developing a digital rights platform for trendy toys [12]. - The company's non-ticket revenue growth potential includes various avenues beyond traditional cinema operations, indicating a shift towards a more comprehensive entertainment model [13].

Core Viewpoint - Wanda Film's mid-year performance report for 2025 indicates a successful strategic transformation from a "leading cinema operator" to a "super entertainment space" creator, with significant revenue and profit growth [1][3][16] Group 1: Financial Performance - The company reported a revenue of 6.689 billion yuan, a year-on-year increase of 7.57% [1] - The net profit attributable to shareholders reached 536 million yuan, marking a substantial year-on-year growth of 372.55% [1] - The overall box office for the first half of 2025 reached 29.23 billion yuan, reflecting a 22.9% increase year-on-year, with 640 million admissions, up 16.9% [5] Group 2: Strategic Transformation - Wanda Film's new strategy, termed "1+2+5," focuses on creating a super entertainment space, targeting both domestic and international markets, and expanding into five business segments: cinema, film series, strategic investments, trendy toys, and gaming [1][3] - The company has successfully increased its presence in the top cinema rankings, with 51 seats in the top 100 cinemas and 246 in the top 500, up from 47 and 216 respectively [6] Group 3: Market Trends and Content - The film market is experiencing a revival, supported by high-quality content, with notable films like "Detective Chinatown 1900" achieving a box office of 3.612 billion yuan [3][5] - The summer box office has surpassed 11 billion yuan, with Wanda Film being a key producer of major hits [5] Group 4: Non-Box Office Revenue Initiatives - The company is diversifying its revenue streams through innovative projects, including new retail experiences and collaborations with popular IPs, which have shown promising sales results [8][9] - Wanda Film's strategic investments in brands like 52TOYS and "Good Luck Coconut" have led to the establishment of numerous specialty stores, enhancing business synergy [9] Group 5: International Expansion - Wanda Film's Australian subsidiary, HOYTS, reported a box office revenue of 1.44 billion AUD, a 9.9% increase, and has achieved profitability [14] - The company is actively exploring overseas distribution of Chinese films and integrating advertising resources to enhance revenue [15] Group 6: Future Outlook - The company's ongoing initiatives in creating a "super entertainment space" are expected to redefine the cinema experience, moving from traditional ticket sales to a focus on diverse revenue generation [16]

Investment Rating - The report maintains a "Buy" rating for Wanda Film, with a target price not specified [6][17]. Core Views - Wanda Film is expected to see significant growth in net profit for the first half of 2025, projected between 500 million to 560 million yuan, representing a year-on-year increase of 340.96% to 393.87% [1]. - The company is enhancing operational efficiency and deepening its "1+2+5" strategic layout, leading to notable improvements in both efficiency and structure [1]. - The domestic cinema box office for Wanda Film reached 4.207 billion yuan in the first half of 2025, capturing a market share of 14.4% [1]. - The company has successfully turned around its Australian cinema operations and is seeing good returns from film investments and steady growth in gaming profits [1]. Summary by Sections Business Strategy - The company is implementing a "Super Entertainment Space" strategy, which includes opening 33 new stores and 105 specialized stores, as well as introducing interactive facilities [2]. - Wanda Film is incubating trendy toy brands and expanding its non-ticket revenue streams through various initiatives, including collaborations with popular IPs and events [2]. Content and Talent Development - The company adheres to a "Content + Talent" strategy, focusing on high-quality productions and nurturing new talent through initiatives like the "Leap Curtain Plan" [3]. - Several films are scheduled for release in the summer, with significant audience interest indicated by high pre-release viewership numbers [3]. Financial Projections - Revenue forecasts for Wanda Film from 2025 to 2027 are 15.121 billion, 16.342 billion, and 17.073 billion yuan, with year-on-year growth rates of 22%, 8%, and 4% respectively [3]. - The projected net profits for the same period are 1.154 billion, 1.319 billion, and 1.390 billion yuan, with corresponding PE ratios of 21, 19, and 18 times [3]. Financial Data - The company reported a significant increase in revenue in 2023, with a total of 14.62 billion yuan, and a projected EBITDA of 3.413 billion yuan [5]. - The net profit for 2023 was 912.24 million yuan, with a notable increase expected in subsequent years [5][12].

Investment Rating - The report maintains a "Buy" rating for Wanda Film [1] Core Views - Wanda Film is expected to see a significant increase in net profit for the first half of 2025, with estimates ranging from 500 to 560 million RMB, representing a year-on-year growth of 3.4 to 3.9 times [7] - The company's strategic transformation aims to reduce reliance on traditional cinema revenue by expanding into diverse business segments, including a "super entertainment space" strategy [7] - The cinema segment achieved a box office of 4.207 billion RMB in the first half of 2025, capturing a market share of 14.4% [7] - The company is enhancing its content production capabilities with a robust pipeline of films and series, including several anticipated releases for the summer season [7] - New business areas such as trendy toys and gaming are being accelerated to create new growth engines [7] - The financial forecast for Wanda Film indicates a projected net profit of 1.0 billion RMB in 2025, with corresponding P/E ratios of 24, 19, and 17 for the years 2025 to 2027 [7] Financial Summary - Total revenue for 2023 is projected at 14.62 billion RMB, with a year-on-year growth of 50.79% [1] - The net profit for 2024 is expected to be a loss of 940.05 million RMB, followed by a recovery to 1.004 billion RMB in 2025, reflecting a growth rate of 206.80% [1] - The earnings per share (EPS) is forecasted to be 0.48 RMB in 2025, with a gradual increase to 0.68 RMB by 2027 [1] - The company aims to achieve a gross margin of 27.22% in 2025, with a net profit margin of 6.36% [8]

Core Viewpoint - Wanda Film is expected to achieve a net profit of 500 million to 560 million yuan in the first half of 2025, representing a year-on-year growth of 340.96% to 393.87%, despite ongoing pressures in the film market [1] Group 1: Financial Performance - In the first half of 2025, Wanda Film's box office revenue reached 4.207 billion yuan, with 82 million viewers, while the overall box office in China grew by 22.91% year-on-year to 29.231 billion yuan [2] - The company’s gross profit margin from merchandise sales increased by 10 percentage points, while both store and sales expenses decreased year-on-year [2] Group 2: Market Position and Strategy - Wanda Film operates 705 directly managed cinemas with 6,121 screens, enhancing its market presence as the industry undergoes consolidation [3] - The company plans to open 20 to 25 new cinemas in 2025, focusing on high-tier cities and high box office areas to expand its market share [3] Group 3: Strategic Investments - Wanda Film is actively pursuing strategic investments, focusing on synergistic sectors to enhance its ecosystem and brand collaboration [4] - The company has established partnerships with brands like 52TOYS and "好运椰," which have significantly contributed to non-ticket revenue, with "好运椰" accounting for 29% of non-ticket income in some cinemas [5] - The strategic investment aims to provide brands with high exposure and low-cost platforms, sharing development benefits [5]