传媒 qiaoqi@ccnew.com 021-50586985 春节档表现低迷，票房低于预期 ——传媒行业分析报告 证券研究报告-行业分析报告 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 发布日期：2026 年 02 月 25 日 -18% -9% 0% 8% 17% 26% 35% 44% 2025.02 2025.06 2025.10 2026.02 传媒 沪深300 资料来源：中原证券研究所，聚源 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 《传媒行业月报：游戏行业稳步增长，动漫电 影引领票房增长》 2025-12-30 联系人：李智 投资要点： 风险提示：影片内容质量不及预期；内容消费需求下滑 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共10页 分析师：乔琪 登记编码：S0730520090001 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][14]. Core Insights - The company reported a revenue of 138.8 billion yuan for the first half of 2025, representing a year-on-year increase of 204.4%. The adjusted net profit attributable to shareholders was 47.1 billion yuan, up 362.8% year-on-year, with a net profit margin of 33.9%, an increase of 11.6 percentage points [1]. - The company has demonstrated strong performance in its diversified IP matrix and significant growth potential in overseas markets, with overseas revenue reaching 55.9 billion yuan, a year-on-year increase of 439.6%, accounting for 40.3% of total revenue [7]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve total revenue of 32,399 million yuan in 2025, with a year-on-year growth rate of 148.5% [3]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to reach 11,133 million yuan in 2025, reflecting a year-on-year growth of 256.2% [3]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 8.29 yuan in 2025, with a price-to-earnings (P/E) ratio of 35.7 [3][9]. - **Market Capitalization**: The total market capitalization is reported at 435.65 billion yuan [4]. Market Expansion and IP Development - The company has successfully launched nearly 20 plush toy products around 10 core IPs in the first half of 2025, with several IPs generating over 1 billion yuan in revenue [7]. - The overseas market has shown remarkable growth, particularly in the Americas, where revenue increased by 1142% to 22.6 billion yuan, driven by e-commerce and retail expansion [7]. - The company has also enhanced its local operations in the Asia-Pacific region, increasing retail store numbers significantly, which contributed to a revenue increase of 258% to 28.5 billion yuan [7]. Production Capacity and Long-term Growth - The company has significantly increased its production capacity, with a monthly output of approximately 30 million plush toys, which is over ten times that of the previous year [7]. - The report suggests that ongoing investments in new materials and manufacturing processes will further optimize production efficiency and support long-term growth [7].