Group 1 - Bona Film Group's subsidiary Tianjin Bona Enterprise Management Consulting Co., Ltd. invested 999 million yuan as a limited partner in a joint venture with Guanghe (Hainan) Private Fund Management Co., Ltd. to establish the Bona Pan Cultural and Entertainment Industry Fund with a total scale of 1 billion yuan [1] - The fund will focus on equity investments in AI film production and offline cinemas, aiming to enhance the integration of cutting-edge AI technology into film creation and production processes [1] - The investment is also aimed at strengthening cinema investment layouts, allowing the company to better capture terminal consumption scenarios in the film market, especially in light of strong box office performance during the 2025 Spring Festival [1] Group 2 - Guanghe Private Fund focuses on strategic emerging industries such as artificial intelligence, new materials, and semiconductors, with a particular emphasis on AI infrastructure, AI-generated content, intelligent visual recognition, natural language processing, and industry-level AI solutions [4] - Since its establishment, Guanghe Private Fund has completed the registration of 17 private equity funds and raised over 2 billion yuan in multiple overseas QFLP funds [4] - Bona Film Group is a globally recognized film and television group with a comprehensive industry chain, covering film investment, distribution, cinema management, copyright operation, IP derivatives, advertising marketing, and artist management, having produced and released over 300 films with a total box office exceeding 60 billion yuan [4]

Core Viewpoint - The company's 2024 performance met expectations, with a revenue of 5.57 billion and a net loss of 1.29 billion, while Q1 2025 exceeded expectations with a revenue of 2.02 billion and a net profit of 0.302 billion [1] Financial Performance - 2024 revenue was 5.57 billion, with a net loss of 1.29 billion, aligning with market forecasts [1] - Q1 2025 revenue reached 2.02 billion, surpassing the expected 1.45 billion, with a net profit of 0.302 billion, exceeding both internal and market expectations [1] - The company announced a cash dividend of 0.23 yuan per share for 2024 [2] Growth Drivers - Q1 2025 revenue growth was driven by a 10% increase in gaming revenue, attributed to the performance of "Zhu Xian World" and esports titles [3] - The film and television segment saw a significant revenue increase of 1616% in Q1 2025, primarily due to the confirmation of multiple TV series revenues [3] - Future focus includes the mid-year major update for "Zhu Xian World" and the planned overseas launch of "P5X" in Japan and Europe [3] Cost Management - The company effectively controlled costs, with sales and management expenses decreasing by 27% and 44% respectively in Q1 [4] - R&D expenses remained stable year-on-year, with expectations of a slight decrease in subsequent quarters due to improved internal management and cost control [4] Profit Forecast and Valuation - The net profit forecast for 2025 has been raised by 9.5% to 640 million, while the 2026 forecast remains unchanged [5] - The current stock price corresponds to 37/16 times the P/E for 2025/26, with a target price increase of 11% to 15.2 yuan, indicating a potential upside of 24% [5]

Core Insights - BONA Film Group is adapting to a challenging Chinese film market in 2024, with a 22.7% decline in box office revenue and a 23.1% drop in audience numbers, while focusing on its core business and exploring new growth areas [1] Group 1: AI Integration and Technological Advancements - BONA Film Group has launched an "AI + Film" strategy, establishing the AIGMS (AI Generated Movie/Series) production center to integrate generative AI with the film production process, covering all stages from script development to post-production [1] - The company emphasizes a "human-machine co-creation" approach, enhancing content quality and production efficiency through AI assistance in script development, character creation, and visual design [1][3] Group 2: Successful Projects and Recognition - The company produced the first AIGC-generated sci-fi short series "Sanxingdui: Future Revelation," which garnered 160 million views on Douyin and received multiple awards, including the American Film Arts Festival's Gold Award [2] - BONA Film Group's fantasy action film "Legend" is noted as the world's first feature film starring a "digital human," utilizing Deepfake technology to recreate a 27-year-old Jackie Chan, achieving significant global sales across over 100 countries [2] Group 3: Future Developments and Industry Impact - The second season of "Sanxingdui: Future Revelation" is set to continue its narrative of "decoding history for the future," showcasing an industrial-level standard for human-AI co-created sci-fi works [3] - BONA Film Group is driving the industrial upgrade of the film sector in China, creating a new avenue for collaborative creation between humans and AI as technology evolves [3]

Core Viewpoint - Bona Film Group reported a significant decline in revenue and net profit for 2024, primarily due to a decrease in national box office revenue, indicating a challenging year for the film industry and the company [1] Financial Performance - In 2024, the company achieved operating revenue of 1.461 billion yuan and a net profit attributable to shareholders of -867 million yuan [1] - The total national box office in 2023 was 42.502 billion yuan, which is lower than the 43.81 billion yuan recorded in 2015, excluding the pandemic's impact [1] Industry Strategy - 2024 is characterized as a year for consolidating industry advantages and seeking content transformation, with a focus on the core film industry [1] - The company aims to explore diversified growth points, including short and long series, and AIGC (Artificial Intelligence Generated Content) [1] Content Production - In 2023, the company invested in and released 7 films, generating a total box office of 4.697 billion yuan, with notable successes including "Flying Life 2" and "The Volunteer Army: The Battle of Life and Death" [2] - The film "Legend," featuring a digital human lead, utilized Deepfake technology and achieved significant global sales, covering over 100 countries [2] Awards and Recognition - The film "Nameless," produced and distributed by Bona Film Group, won the Excellent Cinematography Award at the 20th China Film Huabiao Awards [2] Future Projects - Upcoming films include "Dragon Action," "Four Crossings," and others, with a focus on historical and revolutionary themes [3] - The company is implementing a "Bona New Forces" initiative to support young directors, aiming to release three films annually from emerging filmmakers [3] Market Expansion - The company is expanding its strategy to include short and long series, targeting a market space of 200 billion yuan, moving beyond traditional film revenue models [4] - The drama "Shangganling" achieved a peak viewership rating of 3.515% during its broadcast, indicating successful entry into the series market [5] Technological Integration - Bona Film Group is embracing technological changes, exemplified by the release of the AIGC-generated short series "Sanxingdui: Future Revelation," which garnered 160 million views [5] - The company is actively exploring new production and distribution models for short dramas, collaborating with platforms like Douyin [6]

Investment Rating - The report maintains a "Buy" rating for the company [8][5] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5][9] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

朝阳法院民事审判五庭庭长崔立斌介绍，近五年来，朝阳法院审结的涉影视行业知识产权民事案件整体 呈增长趋势。涉影视行业知识产权民事纠纷发生在影视作品的筹备、创作、商业使用等各个环节，涉及 合作创作合同纠纷、委托创作合同纠纷、著作权许可使用合同纠纷、著作权转让合同纠纷、侵害署名权 纠纷、侵害保护作品完整权纠纷、不正当竞争纠纷等多个案由，需要进一步加强全链条的司法保护。 据悉，《涉影视作品知识产权全链条司法保护白皮书（2020—2024年度）》中发布了七个朝阳法院审理 的涉影视作品知识产权侵权典型案例。通报会上，朝阳法院民事审判五庭法官田芬就四起案例进行现场 通报。其中，某电影的著作权人某文化公司，未经许可完整使用了张某白在旅游社交平台发布的某建筑 的照片，法院依法认定该文化公司构成著作权侵权；某公司违反合同保密约定，在进行电影《悟空传》 的音频后期制作时将部分工作外包给案外人，并通过网盘向案外人传输电影素材导致素材泄露，法院判 决该公司构成侵害商业秘密，赔偿损失330余万元。此外，典型案例还包括认定影视作品的剧照、海 报，著作权归属剧照、海报的作者，而不归属于影视剧著作权人；未经授权使用他人影视作品进行衍生 品开发 ...

龙韵股份（603729）公告，公司拟与安徽天柱山文化旅游控股集团有限公司签署《天柱山影视文化旅游 项目合作协议》，就天柱山影视文化旅游项目达成合作。项目总投资约10亿元，建设运营占地约1000亩 左右的影视拍摄基地。其中一期占地约400亩，建设以唐宋风格为主的影视拍摄基地。预计2027年3月后 正式启动运营工作，并产生实际收益。 ...

撰 文 / 周 洲 设 计 / 琚 佳 继去年的国产3A游戏《黑神话·悟空》之后，根据中国本土神话创作的春节档电影《哪吒之魔童闹 海》（简称《哪吒2》）又成为现象级的叙事范本，不论是美颜倾世的龙王敖光家族，或是打工人 深深代入共情的申公豹，年轻人各种破壁二次创作，以及在小学生中风靡的周边"裂空爪"…… 汽车圈里最和哪吒系列电影沾边的莫过于哪吒汽车。可惜这家新势力处在资金链紧绷的调整期，没 法接住这泼天的流量。 《哪吒2》和汽车界有直接关联的，是长城汽车旗下的坦克品牌。长城汽车也是其唯一汽车合作伙 伴。 春节档的其他电影，也都有车企合作与联合海报宣发。比如，阿维塔是《唐探1900》唯一汽车合作 伙伴，极狐是《封神第二部:战火西岐》的品牌合作伙伴，东风猛士科技携手博纳影业，为《蛟龙 行动》量身定制了超级战车。 结果《哪吒2》一骑绝尘。 坦克不是在蹭流量。 一位营销专家告诉汽车商业评论，通常情况下，春节档电影对车企营销来说，如果汽车和剧情非紧 密相关，电影越火，对关联品牌的关注度可能会越小。 和剧情紧密相关的汽车品牌，能让消费者印象深刻，在品牌端会获得传播度和影响力，但转化为后 端销售的作用则不一定大。 对跨界营销 ...

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这书体裁是当时最流行的架空穿越，讲一个现代灵魂穿越到一个孩子身上，练了绝世武功，参与宫廷斗 争，最后为同为穿越者的母亲报仇的故事。如果要说有啥新意，就是设计了机器人五竹和神庙这两个元 素，古代没有这样的科技，所以不是往古代穿越，而是穿到了灭世废土后的未来。 我看了很多网络小说，坦率讲《庆余年》属于挺一般的，原著从大东山那一段才开始好看起来，前面的 情节我全忘了，说明写的清汤挂面，没有味道。 全书最精彩的一段是范闲拿着狙击枪和神弓手燕小乙单挑，因为听书太投入，我当时不自觉的停止了跑 步，原地站着听了20多分钟，直到听完这一节才继续运动。 但类似水准的片段不多，大部分内容都是穿越文常见的那些套路，我看太多就无感了。有人把这书（电 视剧）归类到宫斗剧，我只能说和那些热门的女频宫斗剧水平不分伯仲吧，只不过一个是满足了女性的 幻想，一个是满足了男性的幻想。 再厉害的作者也不可能超越自己的人生经历来进行写作。你们觉得一个身价还不到8位数的青年作家可 以写出商界顶层的斗争吗，或者一个家里亲戚最大的官也没超过正处级的人去写站在权力巅峰的故事， 这不就是皇帝的黄金锄头吗？ 相比起大部分的网络小说，《庆余年》在影视化方面有巨大的 ...