Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance demonstrates operational leverage, with expectations for improved content business performance in the future [8] - The company reported a revenue of 12.36 billion yuan in 2024, a year-on-year decline of 15.44%, and a net loss attributable to shareholders of 940.05 million yuan [8] - In Q1 2025, the company achieved a revenue of 4.709 billion yuan, a year-on-year increase of 23.23%, and a net profit attributable to shareholders of 830 million yuan, a year-on-year increase of 154.72% [8] - The domestic cinema business showed significant growth, maintaining industry leadership, with Q1 domestic box office revenue increasing by 49.1% to 24.39 billion yuan [8] - The company is expected to continue expanding its cinema operations and enhance its IP derivative business to drive non-ticket revenue growth [8] Financial Summary - Total revenue forecast for 2023A is 14.62 billion yuan, with a projected decline to 12.36 billion yuan in 2024A, followed by a recovery to 15.79 billion yuan in 2025E [1] - The net profit attributable to shareholders is expected to recover from a loss of 940.05 million yuan in 2024A to a profit of 1.00 billion yuan in 2025E [1] - The earnings per share (EPS) is projected to be -0.45 yuan in 2024A, improving to 0.48 yuan in 2025E [1] - The price-to-earnings (P/E) ratio is forecasted to be 23.66 for 2025E and further decrease to 16.52 by 2027E [1]