证 券 研 究 报 告 影视行业重大事项点评 暑期档拉开序幕，内容储备丰富，建议积极 推荐（维持） 关注后续表现 事项： ❑ 25 年暑期档在即，暑期档影片陆续开启定档周期，其中《酱园弄》已定档 6/21,6/14 已开启规模化点映。 评论： 行业研究 影视 2025 年 06 月 12 日 邮箱：wujing6@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 18 | 0.00 | | 总市值(亿元) | 2,049.52 | 0.20 | | 流通市值(亿元) | 1,899.93 | 0.24 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 4.2% | -4.6% | 18.5% | | 相对表现 | 2.9% | -2.3% | 8.6% | -22% 4% 30% 56% 24/06 24/08 24/11 25/01 25/03 25/06 2024-06-12~2025-06-11 影视 沪深300 华创证券研究所 证券分析师：刘欣 电话 ...

拓普 TOP CENN 端午档电影 市场研究报告 2025 FILM SUMMER MARKET ATION TIME INDUSTRY REPORT 拓普数据出品 POWEREDBY 工嘴P丨2025年端午档中国电影市场研究报告 核心摘要 2025年端午档内地电影总票房4.60亿，同比增长19.94%；观影人次1176.16 万，同比增长22.15%；放映场次130.98万，同比下降4.18%；好莱坞大片陆 续上映，加之儿室节氛围为端午电影市场增添新活力。 影片表现方面，端午档上映新片11部，与去年同期相当。预售来右，大盘首日 预售偏弱，新片累计首日预售4419.8万，仅为去年的39.1%，近6年仅好于 2022年和2019年。单片来看，档期影片票房集中度呈集中趋势。《碟中谋8： 最终清算》居档期冠军，档期票房1.91亿，责献大盘票房的41.5%；《哆啦A 梦：大雄的绘画奇遇记》局档期第二，档期票房6752万，贡献大盘的14.7%； 《时问之子》居档期第三，档期票房6356万，贡献大盘票房的13.8%。 影院经营方面，高票房体里影院比例略有上升，票房20万以上影院数里占9%， 同比去年增加3个百分点。分级城 ...

拓普 TOP CENN 端午档电影 市场研究报告 2025 FILM SUMMER MARKET ATION TIME INDUSTRY REPORT 拓普数据出品 POWEREDBY 工嘴P丨2025年端午档中国电影市场研究报告 核心摘要 2025年端午档内地电影总票房4.60亿，同比增长19.94%；观影人次1176.16 万，同比增长22.15%；放映场次130.98万，同比下降4.18%；好莱坞大片陆 续上映，加之儿室节氛围为端午电影市场增添新活力。 影片表现方面，端午档上映新片11部，与去年同期相当。预售来右，大盘首日 预售偏弱，新片累计首日预售4419.8万，仅为去年的39.1%，近6年仅好于 2022年和2019年。单片来看，档期影片票房集中度呈集中趋势。《碟中谋8： 最终清算》居档期冠军，档期票房1.91亿，责献大盘票房的41.5%；《哆啦A 梦：大雄的绘画奇遇记》局档期第二，档期票房6752万，贡献大盘的14.7%； 《时问之子》居档期第三，档期票房6356万，贡献大盘票房的13.8%。 影院经营方面，高票房体里影院比例略有上升，票房20万以上影院数里占9%， 同比去年增加3个百分点。分级城 ...

接下来的暑期档依然存在悬念，一些影片依然迟迟未能定档，但6月份所谓的暑期档前战已经提前打响。 纵观历年的暑期档，6月份往往是被人所忽视的，甚至某种意义来讲，真正暑期档的概念仅有7、8月份而已。这也就意味着6月份仅仅属于一个热开场，换 言之，真正的头部大片往往不会选择放在6月份，更多会选择7、8月份。但今年暑期档情况有些特殊，显得有些着急，6月份的片单竟然还不错。 暑期档的意义早已不言而喻 不论是从国家电影局举办的暑期档片单发布会，还是从整个舆情以及行业的现状来看，暑期档又到了一个关卡。当下的市场环境，甚至比半年前的春节档 前夕更加严峻，暑期档急需回暖早已不言而喻。当然，想要回暖，片单是最为重要的，甚至是唯一的要素。 可以明显看出，不论是官方还是市场本身，救市依然还是要自身硬，必须要不遗余力地拿出真正的优质片单，一旦这个暑期档被荒废，对整个行业的打击 将是致命的，它的危害程度可不是五一档、端午档之流可以相比的。至少相对3、4、5月份来说，6月份的片单可谓是诚意满满。 | 影片 | | 猫眼想看 淘票票想看 | 上映日期 | | --- | --- | --- | --- | | 新驯龙高手 | 18.2万 | ...

Core Viewpoint - The 2025 summer film season has officially begun with the announcement of over 60 films, showcasing a diverse range of genres and themes, promising a three-month cinematic celebration for audiences [1][4]. Group 1: Film Lineup - The lineup includes highly anticipated Chinese films such as "East Extreme Island," "The Stage," "Life Conference," "Lychee of Chang'an," and the "Unnamed" series, alongside international blockbusters like "Superman," "How to Train Your Dragon," "Jurassic World: Rebirth," and "Kung Fu Dream: Fusion Path" [4]. - Animation enthusiasts can look forward to domestic titles such as "The Legend of Luo Xiaohei 2," "Son of Time," "Little Monsters of Langlang Mountain," "Pipilu and Luxixi's 309 Dark Room," and "Pleasant Goat and Big Big Wolf: Dawn of a Foreign Country" [4]. Group 2: Structural Advantages - The summer film season exhibits three structural advantages: 1. A large star cast and high production standards, with renowned directors like Chen Kexin and Guan Hu returning, and strong performances from actors like Zhang Ziyi and Ren Suxi [4]. 2. A diverse range of themes, including historical adaptations like "Lychee of Chang'an" and contemporary narratives like "Against the Wind," catering to various audience preferences [4]. 3. A powerful IP matrix, with sequels like "Unnamed" series and "The Legend of Luo Xiaohei 2" combining with new IPs to potentially create box office hits [4]. Group 3: Market Impact - The simultaneous launch of the "Light and Shadow Blooming China Tour" nationwide film week is expected to enhance the summer film season, with a focus on weekly key film releases and differentiated competition between domestic and international works [4]. - The combination of mainstream and commercial films is anticipated to lead to record-breaking box office performance in 2025, marking a significant milestone in the recovery of the Chinese film market [4].

Core Insights - The recent Dragon Boat Festival box office performance exceeded expectations, driven by the release of "Mission: Impossible 8," with total box office reaching 457 million yuan, surpassing last year's 383 million yuan [2][3] - The strong performance during the Dragon Boat Festival sets a solid foundation for the upcoming summer box office season, indicating a potential recovery in the film market [2][5] Box Office Performance - "Mission: Impossible 8" led the box office during the Dragon Boat Festival with a total of 239 million yuan, outperforming other films significantly [3] - The top five films during this period included "Doraemon: Nobita's Painting Adventure" and "Time Traveler," with respective box office earnings of 67.45 million yuan and 63.12 million yuan [3] - The overall box office for the Dragon Boat Festival was bolstered by the dual holiday of Children's Day, with June 1st achieving over 200 million yuan in box office, marking it as one of the top three in history for that date [3][4] Audience Demographics - The audience gender ratio during the Dragon Boat Festival was notably balanced, with male viewers making up nearly 60% for "Mission: Impossible 8," while animated films attracted a predominantly female audience [4][5] - Family viewing was highlighted as a significant trend, influenced by the Children's Day holiday, leading to a higher proportion of group viewings compared to previous years [5] Upcoming Summer Season - The summer box office is expected to benefit from the momentum generated by the Dragon Boat Festival, with several high-profile imported films scheduled for release [6] - Upcoming films include "Fast X," "How to Train Your Dragon," and "F1: Speeding," which are anticipated to further enhance box office performance [6] - The film "Sauce Garden" is set to release on June 21, 2025, and has already garnered significant interest, leading the "most anticipated" rankings [6] Historical Context and Future Outlook - The summer box office has historically performed well, with total earnings exceeding 150 billion yuan in several years since 2017, although 2024 saw a decline to 116.43 billion yuan due to poor supply [7][8] - Analysts predict a recovery in the film market for 2025, with expectations that the total box office will surpass that of 2024, supported by a strong lineup of films and the upcoming Shanghai Film Festival [8]

今年端午档大盘热度迎来明显回暖。 华创证券认为，端午档大盘边际好转，当前暑期档预期弱，关注暑期档催化。储备有《酱园弄》《长安 的荔枝》《东极岛》《浪浪山小妖怪》等待映；华西证券（002926）认为，假期文娱消费需求韧性较 强，叠加优质内容供给和场景化消费体验，看好消费热度延续至暑期档，文娱消费有望持续复苏。 "端午档超预期的票房表现，一定程度上带动了市场热度，也给即将到来的暑期档开启了提前预热。期 待接下来的电影市场热度一路上涨，捷报频传。"赖力表示。 值得一提的是，2025年电影暑期档已有多部头部影片确认上映，另有诸多待定影片亦有望在暑期档登陆 银幕。根据猫眼专业版的统计，截至2025年5月30日，已定档在暑期档(6月1日—8月31日)上映的核心影 片包括《碟中谍8：最终清算》《超人》《长安的荔枝》《731》等，包含前作票房优秀的引进电影续 作，以及期待值较高的国产影片。 此外，由于暑期档是全年仅次于春节档的重要档期，且是下半年票房容量最高的时期，2025年档期待定 的《酱园弄.悬案》《侏罗纪世界：重生》《刺杀小说家2》《东极岛》等亦有望在暑期档上映。 国泰海通研报认为，2017年以来多个暑期档总票房超15 ...

Box Office Performance - The 2025 Dragon Boat Festival box office exceeded 4.42 billion yuan, showing an increase compared to last year, marking a strong start for the summer season [1] - "Mission: Impossible 8: Dead Reckoning" led the box office with 1.82 billion yuan, followed by "Time Traveler" and "Doraemon: The Great Painting Adventure" [1][5] - As of June 2, the cumulative box office for "Mission: Impossible 8" surpassed 2.21 billion yuan, with projections suggesting it could exceed 4.75 billion yuan, potentially outperforming "Mission: Impossible 7" [5] Animation Film Contributions - The Dragon Boat Festival coincided with International Children's Day, leading to a significant contribution from family-friendly animated films [6] - Notable animated films included "Time Traveler," "Submarine Adventure: Adventure Island," and "Doraemon: The Great Painting Adventure," which collectively enhanced the box office performance [6] - The success of these animated films reflects the ongoing development of Chinese animation and the synergy between the two holiday events [6] Summer Film Outlook - The strong performance of the Dragon Boat Festival box office is expected to positively impact the upcoming summer film season, which has over 50 films scheduled for release [7] - Upcoming releases include new works from action stars Jackie Chan and Keanu Reeves, as well as adaptations of popular animated films and sequels to existing franchises [7][8] - The diversity in film genres, including comedy, fantasy, and animation, is anticipated to attract a wide audience during the summer [7]

今年端午档影片题材丰富、类型多样，满足电影观众多元需求。截至6月2日18时，引进片《碟中谍8： 最终清算》以2.22亿元累计票房成绩领跑端午档，《时间之子》《哆啦A梦：大雄的绘画奇遇记》分别 以7637万元、6691万元票房成绩位居端午档票房榜第二、三名。 灯塔专业版数据分析师陈晋对记者表示，经典IP为端午档保驾护航，成为档期票房支柱。其中，《碟中 谍8：最终清算》累计票房超过《我的世界大电影》登顶2025年进口片票房榜，2021年至2024年连续4年 夺得"六一"档票房冠军的《哆啦A梦》系列电影今年发挥依旧稳定。端午档热映影片还包括科幻片《星 际变种》，惊悚片《红嫁衣》《午夜电梯》，剧情片《我在等，风也在等》，悬疑片《私家侦探》等。 陈晋表示，上海市端午档票房份额上升至7.5%表现突出，主要由于《碟中谍8：最终清算》在上海市票 房表现突出，贡献上海市端午档六成以上票房。此外，一线城市、华东地区和西南地区较去年端午档票 房提升明显。 ● 本报记者杨梓岩 据灯塔专业版数据，截至6月2日18时，2025年电影端午档(5月31日至6月2日)总票房已达4.45亿元，较去 年端午档的3.83亿元显著增长。端午档第二日恰 ...

Core Insights - The 2025 Dragon Boat Festival film season (May 31 to June 2) is set to feature over ten diverse new films, including both imported blockbusters and domestic productions, indicating a potential market recovery [1][2][3] Film Lineup - The upcoming films include high-profile titles such as "Mission: Impossible 8: Dead Reckoning" and the animated film "Time's Son," with significant audience interest reflected in pre-sale ticket numbers of 108,900 and 33,000 respectively [1][2] - "Mission: Impossible 8" is noted for being the longest in the series at 169 minutes, with a pre-sale box office of 7.689 million yuan [1] - "Time's Son," featuring voice work from Wang Junkai, has achieved a pre-sale box office of 9.974 million yuan, breaking the previous three-year record for fantasy films during the Dragon Boat Festival [2] Market Dynamics - The Dragon Boat Festival coincides with Children's Day, leading to a strong presence of family-friendly animated films, including "Doraemon: The Record of Nobita's Painting Adventure" and "New Big Head Son and Little Head Dad 3: Russian Adventure," both attracting around 70,000 potential viewers [2] - The involvement of listed companies such as Maoyan Entertainment and China Film in the production and distribution of these films highlights the industry's active participation in the upcoming film season [2] Anticipated Impact on Summer Box Office - Analysts suggest that the combination of the Dragon Boat Festival and Children's Day will serve as a strong prelude to the summer box office, with expectations for significant audience engagement [3] - The "Mission: Impossible" franchise is expected to positively influence the overall box office performance due to its established popularity in China [3] - The summer film season (June 1 to August 31) is already seeing a diverse lineup of films, including adaptations of popular novels and animated features, which are anticipated to further enhance market performance [3]