Core Viewpoint - Cowin Entertainment (01896) reported a 13.9% increase in revenue to 2.47 billion RMB for the first half of the year, with net profit attributable to shareholders reaching 178.5 million RMB, aligning with expectations [1] Group 1: Financial Performance - Revenue for the first half of the year increased by 13.9% to 2.47 billion RMB [1] - Net profit attributable to shareholders was 178.5 million RMB [1] Group 2: Management Insights - Management highlighted a continued recovery in summer box office performance [1] - The company is expanding its coverage in live performances, including esports, concerts, and sports events, while also venturing into talk shows, exhibitions, and competitions [1] Group 3: Forecast Adjustments - The annual box office forecast was slightly raised from 46 billion to 46.3 billion RMB [1] - Revenue forecast was adjusted from 4.4 billion to 4.5 billion RMB, representing a year-on-year growth of 10% [1] - The target price was increased from 8.6 HKD to 9.6 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - The report from Jefferies indicates that Maoyan Entertainment (01896) has shown a 13.9% increase in revenue for the first half of the year, reaching 2.47 billion RMB, with a net profit attributable to shareholders of 178.5 million RMB, both in line with expectations [1] Group 1: Financial Performance - Revenue for the first half of the year increased by 13.9% to 2.47 billion RMB [1] - Net profit attributable to shareholders reached 178.5 million RMB [1] Group 2: Management Insights - Management highlighted a continued recovery in summer box office performance [1] - The company is expanding its coverage in live performances, including esports, concerts, and sports events, while also venturing into talk shows, exhibitions, and competitions [1] Group 3: Forecast Adjustments - Jefferies slightly raised its full-year box office forecast from 46 billion to 46.3 billion RMB [1] - Revenue forecast was adjusted from 4.4 billion to 4.5 billion RMB, representing a year-on-year growth of 10% [1] - The rating is maintained at "Buy," with the target price increased from 8.6 HKD to 9.6 HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of 2.472 billion CNY for the first half of 2025, representing a year-over-year increase of 13.9%. However, the gross margin decreased to 37.9%, down 15.4 percentage points year-over-year. The net profit for the period was 178 million CNY, a decline of 37.3% year-over-year, while the adjusted net profit was 235 million CNY, down 33.2% year-over-year [1][4] - The offline performance remains strong, with the live performance market showing high vitality, particularly in local arts, leisure exhibitions, and stand-up comedy, where GMV growth exceeded 80% year-over-year [2] - The company has a robust promotional capability and a rich content reserve, having controlled the distribution of 24 films in the first half of 2025, with significant participation in top-grossing domestic films [3] - The company is actively exploring IP derivative businesses, having developed its own IPs and engaged in collaborative promotions with films, which is expected to continuously release IP value [3] Financial Summary - For the first half of 2025, the company's online entertainment ticketing service revenue was 1.18 billion CNY, up 12.81% year-over-year [2] - The projected adjusted net profits for 2025, 2026, and 2027 are 456 million CNY, 775 million CNY, and 964 million CNY, respectively, indicating growth rates of 47%, 70%, and 24% [3]

Core Viewpoint - Light Media reported a significant increase in revenue and net profit for the first half of 2025, driven by the success of the film "Nezha 2" [1] Financial Performance - The company achieved an operating revenue of 3.242 billion yuan, representing a year-on-year growth of 143% [1] - The net profit attributable to shareholders reached 2.229 billion yuan, marking a year-on-year increase of 371.55% [1] - Revenue from film and related derivative businesses amounted to 3.1 billion yuan, with a gross margin of 80.03%, an increase of 32.67% compared to the same period last year [1] Box Office Success - "Nezha 2" has accumulated a total box office of 15.912 billion yuan, with total audience attendance reaching 324 million [1] Stock Performance - Despite strong financial results, the company's stock price fell nearly 3% as of 1 PM, attributed to prior stock price increases driven by "Nezha 2" [1] Future Developments - The company is expanding into the gaming and card business, having formed a game company with over 50 team members, and is currently developing its first AAA game [1] - The card business is being developed with tailored operational plans based on different IP characteristics and stages [1]

里昂发表研究报告指，猫眼娱乐上半年业绩符合预期。受惠于电影市场强劲复苏，以及公司在电影发行 及宣传的领导地位扩大，期内收入上升；净利润处于盈利预告的中位，按年下降33%，原因是对电影内 容和现场演出基础设施的投资增加。该行维持猫眼娱乐今年收入46亿元的预测，但下调今明两年的经调 整整利润预测24%和3%。不过，该行将目标价由8.78港元上调至9.5港元，续予"跑赢大市"评级。 ...

里昂发布研报称，猫眼娱乐(01896)上半年业绩符合预期。受惠于电影市场强劲复苏，以及公司在电影 发行及宣传的领导地位扩大，期内收入上升;净利润处于盈利预告的中位，同比下降33%，原因是对电 影内容和现场演出基础设施的投资增加。该行维持猫眼娱乐今年收入46亿元人民币的预测，但下调今明 两年的经调整整利润预测24%和3%。不过，该行将目标价由8.78港元上调至9.5港元，续予"跑赢大 市"评级。 ...

智通财经APP获悉，里昂发布研报称，猫眼娱乐(01896)上半年业绩符合预期。受惠于电影市场强劲复 苏，以及公司在电影发行及宣传的领导地位扩大，期内收入上升;净利润处于盈利预告的中位，同比下 降33%，原因是对电影内容和现场演出基础设施的投资增加。该行维持猫眼娱乐今年收入46亿元人民币 的预测，但下调今明两年的经调整整利润预测24%和3%。不过，该行将目标价由8.78港元上调至9.5港 元，续予"跑赢大市"评级。 ...

Core Insights - Jefferies reported that Maoyan Entertainment's revenue increased by 13.9% to 2.47 billion yuan in the first half of the year, with net profit attributable to shareholders reaching 178.5 million yuan, both in line with expectations [1] - Management highlighted a continued recovery in box office performance during the summer season, and the company is expanding its coverage in live performances, including esports, concerts, and sports events, while also venturing into stand-up comedy, exhibitions, and competitions [1] - Jefferies slightly raised its full-year box office forecast from 46 billion yuan to 46.3 billion yuan, and revenue forecast from 4.4 billion yuan to 4.5 billion yuan, representing a year-on-year growth of 10% [1] - The firm maintained a "Buy" rating and increased the target price from 8.6 HKD to 9.6 HKD [1]

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.08.26 | 10.02 | 6.89 | 4088.49 | | 2025.08.25 | 10.04 | 7.34 | 10140.72 | | 2025.08.22 | 0.59 | 3.22 | -1968.25 | | 2025.08.21 | 2.85 | 4.74 | 1110.81 | | 2025.08.20 | 0.00 | 1.80 | 418.24 | | 2025.08.19 | 0.20 | 2.86 | -739.38 | | 2025.08.18 | 4.26 | 5.16 | -563.85 | | 2025.08.15 | -1.05 | 2.69 | -2205.50 | | 2025.08.14 | -2.26 | 2.27 | -67.04 | | 2025.08.13 | -1.02 | 1.63 | -462.83 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 博纳影业盘 ...

Core Viewpoint - The company is actively promoting the overseas distribution of its modern military action film "Operation Dragon," which is the first domestic film focused on nuclear submarines, and it is set to be released nationwide on August 30 [1] Group 1 - The film "Operation Dragon" is a unique and rare subject matter in the film industry, focusing on military submarine themes [1] - The company is currently conducting preview activities for the film ahead of its official release [1] - The company expresses gratitude for investor suggestions regarding the global screening of the film [1]