Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to underperformance in film box office and a decrease in the overall Chinese film market [1][2]. Revenue Summary - The company achieved a total revenue of 4.082 billion yuan in 2024, a year-on-year decrease of 14.19% [1]. - Revenue breakdown: - Entertainment content services accounted for 48% of total revenue, generating 1.96 billion yuan, down 14.8% year-on-year [1]. - Online entertainment ticketing services contributed 47.1% with 1.922 billion yuan, a decline of 14.9% [1]. - Advertising services and others made up 4.9% with revenue of 201 million yuan, an increase of 1.2% [1]. Profit Summary - The company reported a net profit attributable to shareholders of 182 million yuan, a significant decrease of 80.02% year-on-year [1]. - Adjusted net profit was 310 million yuan, down 69.9% compared to the previous year [1]. Film Participation and Market Coverage - In 2024, the company participated in 63 domestic films, with 36 films under its direct control, achieving a total box office of 23.2 billion yuan [2]. - The company was involved in 8 out of the top 10 domestic films by box office in 2024, marking a historical high in participation and market coverage [2]. - Upcoming projects include the 3D animation "Time's Child" set to release on May 30, 2025, along with several other films in various stages of development [2]. Live Performance Market - The offline performance market saw record highs in both total attendance and GMV in 2024 [3]. - The company provided ticketing services for major domestic artists and international stars, enhancing its competitive edge [3]. - The company is expanding its ticketing services in Southeast Asia, the Middle East, and Latin America, aiming to strengthen its market position [3]. - Continuous updates to the "Maoyan Professional Version" and "Maoyan Research Institute" are being made to explore AI and film collaboration opportunities [3].

Core Viewpoint - Shandong Province is promoting the high-quality development of micro-short films through various policies and initiatives, including the establishment of a filming service alliance and financial incentives for creators [1][2]. Group 1: Policy Initiatives - The fourth Shandong Network Audio-Visual Conference will be held from May 27 to 29 in Yantai, focusing on micro-short films [1]. - Shandong has issued measures to promote the high-quality development of micro-short films, including a creative plan involving 17 provincial departments [1][2]. - The province plans to launch a series of high-quality micro-short films annually, focusing on significant themes and establishing a project database for scripts [1]. Group 2: Financial Incentives - Shandong will increase financial rewards for micro-short films, with a maximum funding of 1 million yuan per film [2]. - Local governments are encouraged to implement their own support policies for micro-short film production [2]. Group 3: Infrastructure Development - The province aims to enhance existing film base functionalities and create new filming locations for micro-short films [2]. - Nine filming bases have been officially recognized, including locations in Jinan, Qingdao, and Yantai [2]. Group 4: Technological Integration - Shandong encourages the application of artificial intelligence in all stages of micro-short film production, from planning to post-production [2]. - The province supports the establishment of innovation labs in universities and enterprises for micro-short film technology [2]. Group 5: Economic Impact - The "film + tourism" strategy has attracted major platforms like iQIYI and over 2,900 film institutions to Shandong, resulting in significant tourism revenue [3]. - Successful projects like the drama "Southbound Northbound" and micro-short film "When Starlight Falls into the Flower Sea" have generated substantial economic benefits for their filming locations [3].

Core Viewpoint - Guangdong has launched a comprehensive "policy package" aimed at promoting high-quality development in the cultural industry, specifically targeting the film and television sector, with 15 key measures to enhance the entire industry chain [1] Group 1: Policy Measures - The "15 policies" include increased support for outstanding film and television works, with funding up to 20 million yuan for production, 30 million yuan for box office rewards, and 8 million yuan for awards [2] - The measures aim to address the low concentration of the film and television industry in Guangdong by creating the Pearl River Delta film and television industry belt and offering tax incentives [2] - A mechanism for financing, trading, and distribution of film projects will be established, encouraging the construction of specialized cinema chains and supporting the internationalization of excellent film and television works [2] Group 2: Talent Development - The policies will enhance conditions for film and television talent development, including funding for youth film talent training and support for relevant academic programs in local universities [2] - The "Star Plan" will focus on nurturing young filmmakers, while also attracting talent from across the country to Guangdong [2] Group 3: Service and Collaboration - A provincial comprehensive service platform for film and television production will be established to provide better support for filming crews, including a new mini-program for service coordination [3] - The measures will promote collaboration between Guangdong, Hong Kong, and Macau, facilitating training and exchanges for film professionals and supporting joint projects [3] Group 4: Implementation and Future Outlook - The government will detail specific operational methods to ensure the effective implementation of these policies, aiming to attract domestic and international film enterprises to Guangdong [4]

Core Viewpoint - The Guangdong Provincial Committee of the Communist Party of China and the Guangdong Provincial Radio and Television Bureau have issued policies aimed at promoting the high-quality development of the film and television industry in Guangdong, aligning with national cultural strategies and local development plans [1]. Group 1: Development Strategies - Establishing the Pearl River Delta Film and Television Industry Belt by leveraging the dual-city engine of Guangzhou and Shenzhen, creating industry clusters, and utilizing tax incentives for eligible enterprises [2]. - Creating a film and television project selection database to encourage diverse creative themes and support small-budget films [3]. Group 2: Financial Support Mechanisms - Providing financial support for key projects identified by national film authorities, with funding up to 5 million yuan during the project incubation phase and up to 20 million yuan during production [4]. - Implementing a reward system for box office achievements, including 500,000 yuan for films reaching 100 million yuan in domestic box office and additional rewards for higher earnings [5]. Group 3: Industry Infrastructure - Promoting the professional development of the film and television industry belt, enhancing planning and support for industry parks, and attracting leading production companies and technology developers [7]. - Establishing mechanisms for distribution recommendations and investment matchmaking to facilitate the promotion of quality films [8]. Group 4: Technological Advancement - Offering financial support for the establishment of new filming locations and advanced technology studios, with up to 2 million yuan for new projects [9]. - Rewarding films utilizing high-tech filming techniques that achieve box office success, with incentives for those using virtual reality technologies [9]. Group 5: Talent Development - Supporting the introduction and training of film and television talents, including funding for projects led by award-winning professionals and establishing a talent pool for young filmmakers [12][13]. - Encouraging collaboration between educational institutions and the film industry to enhance talent training and practical experience [13]. Group 6: Service Improvement - Establishing a provincial-level comprehensive service platform for film production, providing free policy consultation and coordination services for film crews [14]. - Encouraging local governments to create supportive environments for filming, including incentives for projects shot in their regions [14].

Core Viewpoint - The "Guangdong Film and Television Policy 15 Articles" aims to promote high-quality development of the film and television industry in Guangdong, integrating resources and providing comprehensive support across the entire industry chain, thereby enhancing the ecological environment for film and television production in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Comprehensive Support Measures - The policy covers the entire industry chain from creation to distribution, providing substantial financial support, including up to 5 million yuan for creative projects and 2 million yuan for filming stages [2] - Financial incentives include rewards for box office achievements, such as 500,000 yuan for domestic films earning 100 million yuan and up to 800,000 yuan for national awards [2][3] - The policy emphasizes support for small and medium-budget projects, enhancing the diversity and innovation within the industry [3] Group 2: Regional Collaboration - The policy promotes the establishment of the "Pearl River Delta Film Industry Belt," leveraging the strengths of Guangzhou and Shenzhen to create a film industry cluster [4] - It encourages collaboration among Guangdong, Hong Kong, and Macao, facilitating talent, capital, and technology exchange [4][5] - The policy aims to utilize tax incentives for businesses in key cooperation platforms like Hengqin and Qianhai, enhancing the regional film industry's competitiveness [5] Group 3: Technological Advancement - The policy supports the enhancement of cinema technology and innovative distribution methods, providing up to 60,000 yuan for new cinemas and 50,000 yuan for advanced equipment upgrades [6][7] - It includes funding for the application of cutting-edge technologies in film production, such as 4K and virtual reality, with rewards for successful projects [7] - The focus on technological integration reflects Guangdong's commitment to fostering a modern film industry [7] Group 4: Talent Development and Promotion - The policy encourages the establishment of overseas distribution channels and provides financial support for international film festivals and promotional activities [9] - It emphasizes a comprehensive talent development strategy, including support for top-tier filmmakers and local talent cultivation through educational initiatives [9][10] - The initiative aims to create a nurturing environment for filmmakers, enhancing the overall quality and competitiveness of the Guangdong film industry [10] Group 5: Streamlined Services - The establishment of a comprehensive service platform aims to facilitate filming processes, providing resources and support to production teams [11] - The policy promotes a "1+21" service network to improve efficiency and reduce bureaucratic hurdles for film crews [11] - The launch of a dedicated app for filming resources enhances accessibility and coordination for filmmakers [11]

（央视财经《正点财经》）第78届戛纳国际电影节20日迎来多场中外电影对话活动，吸引来自各国的电影人参与交流。多位嘉宾表示，中国电影正 以更开放、更专业的姿态走向国际市场，赢得越来越多海外观众的关注。 "中国电影之夜"活动也在当天晚上亮相戛纳。出席活动的中国演员表示，期待用作品讲好中国故事，推动中国电影国际化。 法国影评人 路易莎·普鲁丹提诺：中国电影的力量在于能够在传统文化的基础上融入现代元素，这是中国电影的显著特点，也是独到之处，是中国电 影最具创新性的特征。 由中国电影基金会主办的"中外电影发行成功经验交流会"聚焦中外电影的"双向奔赴"，探讨外语片在中国市场走热以及《哪吒2》《封神》等国产大 片出海成功的经验。法国资深电影发行人普格尼特表示，中国电影能在全球赢得认可，关键在于兼顾了艺术性与娱乐性。 法国资深电影发行人 鲍里斯·普格尼特：中国电影制作水平已经达到了非常高的水准，无论在艺术性还是娱乐性上表现都很出色，我们希望多多发掘 中国的优秀电影，专注于中国电影在欧洲的发行工作。 法国影评人普鲁丹提诺表示，中国电影通过独特美学呈现真实且富有诗意的中国，其承载的文化内涵正被越来越多的国际观众理解。 在中国电影 ...

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2025 年 5 月 21 日 | 何利超 | | | --- | --- | | H70529@capital.com.tw | | | 目标价(港币) | HK$ 0.8 | 公司基本资讯 | 产业别 | | | 传媒 | | --- | --- | --- | --- | | H 股价(2025/05/20) | | | 0.61 | | 恒生指数(2025/05/20) | | | 23,681.5 | | 股价 12 个月高/低 | | | 0.63/0.35 | | 总发行股数(百万) | | | 29,875.86 | | H 股数(百万) | | | 29,875.86 | | H 市值(亿元) | | | 134.44 | | | | 阿里巴巴集团控 | | | 主要股东 | | | 股有限公司 | | | | | (53.85%) | | 每股净值(元) | | | 0.55 | | 股价/账面净值 | | | 1.12 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 25.77% | -3.17% | 34.07% | 近期评等 | | | | 产品组合 | | | ...

2025 年 5 月 21 日 | 何利超 | | | --- | --- | | H70529@capital.com.tw | | | 目标价(港币) | HK$ 0.8 | 公司基本资讯 | 产业别 | | | 传媒 | | --- | --- | --- | --- | | H 股价(2025/05/20) | | | 0.61 | | 恒生指数(2025/05/20) | | | 23,681.5 | | 股价 12 个月高/低 | | | 0.63/0.35 | | 总发行股数(百万) | | | 29,875.86 | | H 股数(百万) | | | 29,875.86 | | H 市值(亿元) | | | 134.44 | | | | 阿里巴巴集团控 | | | 主要股东 | | | 股有限公司 | | | | | (53.85%) | | 每股净值(元) | | | 0.55 | | 股价/账面净值 | | | 1.12 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 25.77% | -3.17% | 34.07% | 近期评等 | | | | 产品组合 | | | ...