Core Viewpoint - NetEase Cloud Music has filed a lawsuit against Tencent Music Entertainment and its subsidiaries for abusing market dominance, with the case set to be heard on June 5 in the Zhejiang Provincial High Court [1] Company Summary - The lawsuit involves multiple parties, including Hangzhou NetEase Cloud Music Technology Co., Ltd. and Hangzhou LeDu Technology Co., Ltd. as plaintiffs, and Dongyang Huanyu Film and Television Culture Co., Ltd., Tencent Music Entertainment (Shenzhen) Co., Ltd., and Tencent Music Entertainment Technology (Shenzhen) Co., Ltd. as defendants [1] - Dongyang Huanyu Film and Television Culture Co., Ltd. was established in August 2012, with a registered capital of 30 million RMB, and is co-owned by Yu Zheng, Yang Yin Feng, and a limited partnership [1]

《安多》第二季完结，豆瓣评分达到9.0分。围绕正传主要角色制作的衍生作《游侠索罗》《欧比旺》《阿索卡》均反响平平，反而是外传性质的《曼达 洛人》《安多》撑起了当代《星球大战》的牌面。《安多》是怎么做到的？ 本文来自微信公众号：刀锋时间 （ID：hardcorereadingclub），作者：达斯·加加宾克斯，编辑：桃子酱，题图来自：《安多》 没有光剑，没有原力，没有绝地武士和西斯，没有太空舰队和星际战机，怎么讲一个《星球大战》IP的故事？ 电视剧《安多》第二季做到了。没有光剑的嗡嗡声，却获得了全世界观众雷鸣般的掌声——"烂番茄"98%的新鲜度，还有创造IMDb历史纪录的单集9.5 分。大结局播出后，《安多》第一、第二季的豆瓣评分都达到了9.0分。 （图/社交媒体meme） 《星球大战》"后传三部曲"（即第七部《原力觉醒》、第八部《最后的绝地武士》、第九部《天行者崛起》）"灾难级的"口碑崩坏之后，卢卡斯影业和迪 士尼的新策划很多，但不是个个奏效。 围绕正传主要角色制作的衍生作《游侠索罗》《欧比旺》《阿索卡》均反响平平，反而是外传性质的《曼达洛人》《安多》撑起了当代《星球大战》的牌 面。 《曼达洛人》当然极为优秀 ...

16只新模式浮动管理费基金今起发行 权益类基金发行掀起小高潮，增量资金入市可期。当前共有近80只权益类基金正在或即将发行，其中新 模式浮动管理费基金的发行更是跑出"加速度"，已有16只定档5月27日起发行。从拟任基金经理名单来 看，各家均派出精兵强将，全力以赴应对此次发行。（上海证券报） 沪深ETF规模逾4万亿元 券商买方投顾业务内涵亟待拓展 近日，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场数据。截至2025年4月 末，沪市ETF共680只，总市值为29625.45亿元；深市ETF共467只，总市值为10947.55亿元。沪深两市 ETF规模合计逾4万亿元，较上个月稳步上升。从券商经纪业务角度看，在ETF业务竞争格局中，如华 泰证券、中信证券等传统龙头券商凭借综合实力稳居第一梯队。 券商人士认为，ETF市场的快速发展 为券商财富管理业务向买方投顾转型奠定了基础。当前券商的买方投顾业务需进一步丰富服务内容，在 巩固基金投顾核心地位的同时，也应将ETF纳入证券投顾体系的重要配置范畴，这不仅有助于优化资本 市场交易结构，也可通过发挥ETF指数化投资的工具属性，推动市场形成长期价值投资良性生态。 ...

Core Viewpoint - The regulatory scrutiny on Yu Dong, the actual controller and chairman of Bona Film Group, highlights significant financial and operational challenges faced by the company, including non-operational fund occupation and continuous losses over three years [2][10][12]. Financial Issues - Bona Film Group's actual controller Yu Dong and CFO Qi Zhi received warnings from regulators due to non-operational fund occupation exceeding 4 billion yuan [2][3]. - The company reported a cumulative loss of 24.47 billion yuan from 2022 to 2024, with a loss of 9.55 billion yuan in the first quarter of 2024 alone [2][17]. - The company's asset-liability ratio reached 66% by the end of the first quarter of 2025, with interest-bearing liabilities amounting to 34.26 billion yuan [2][18]. Operational Performance - Since its return to the A-share market in 2022, Bona Film Group has experienced a decline in revenue, with annual revenues of 20.12 billion yuan, 16.08 billion yuan, and 14.61 billion yuan from 2022 to 2024, representing a year-on-year decrease of 35.60%, 20.06%, and 9.12% respectively [13]. - The company's net profit turned negative from a profit of 3.63 billion yuan in 2021 to losses of 0.72 billion yuan, 5.53 billion yuan, and 8.67 billion yuan from 2022 to 2024 [14]. Market Challenges - The Chinese film market faced a significant downturn, with total box office revenue dropping by 22.6% in 2024, leading to a decline in Bona's box office revenue by 31.9% [15]. - The company's recent film "Operation Dragon" underperformed, leading to its withdrawal from theaters after 17 days, contrasting sharply with competitors like Light Chaser Animation [16][19]. Future Outlook - The company is under pressure to undergo transformation, including ecological restructuring, content innovation, and capital reorganization to address its financial and operational challenges [20].

Group 1: Bona Film Group - Bona Film Group emphasizes the potential of the film derivative products market and plans to enhance development to meet the emotional consumption needs of younger audiences [1] - The company's 2024 total revenue is reported at 1.461 billion yuan, a year-on-year decrease of 9.12%, while the net profit attributable to shareholders shows a loss of 867 million yuan, widening by 56.87% year-on-year [1] - The decline in performance is primarily attributed to the sluggishness in the film and cinema businesses, prompting the company to explore the derivative products market as a new revenue stream [1] Group 2: CITIC Securities - CITIC Securities reports a strong upward trend in the gold market, driven by geopolitical tensions in the Middle East and a downgrade of the U.S. sovereign credit rating by Moody's, leading to increased safe-haven demand [2] - COMEX gold futures have surpassed $3,350 per ounce, with a year-to-date increase of over 27% [2] - The report discusses various factors influencing gold prices, including inflation expectations and the potential influx of funds from insurance companies investing in gold [2] Group 3: Film Market - The pre-sale box office for new films during the 2025 Dragon Boat Festival has exceeded 10 million yuan, with "Time's Son," "Mission: Impossible 8," and "Private Detective" leading the pre-sale rankings [3] - The film market has been underperforming since the Spring Festival, with hopes pinned on the Dragon Boat Festival to revive interest through major productions and IP influence [3] Group 4: International Travel to the U.S. - The Oxford Economics report indicates a projected 8.7% decline in international travelers to the U.S. in 2025, with significant drops from Canada (20.2%), Mexico (7.6%), and Western Europe (5.8%) [4] - This decline is expected to result in an $8.5 billion decrease in spending by international travelers in the U.S., a reduction of 4.7% compared to the previous year [4] - A 10.8% year-on-year decrease in flight bookings to the U.S. for international travelers is also noted for the May to July period [5] Group 5: Shanghai LEGO Land - Shanghai LEGO Land has completed its construction acceptance and is entering the countdown to opening, marking a significant addition to Shanghai's cultural tourism landscape [7] - The park, which took nearly four years to build, is positioned as a major project within the Yangtze River Delta integration initiative [7] - The opening is anticipated to attract both domestic and international tourists, potentially boosting related industries such as hotels, dining, and transportation [7]

Core Insights - Chinese dramas are achieving significant breakthroughs in international markets, showcasing the immense potential of domestic content to go global [3][4] - The success of series like "The Long Season," "The Legend of Zhen Huan," and "The Untamed" is attributed to differentiated content strategies and innovative marketing approaches [3][4] - The industry is leveraging blockchain technology to combat piracy, which incurs annual losses of over 5 billion yuan [8] Group 1: Success of Chinese Dramas - "The Long Season" has become the highest-rated domestic drama in nearly eight years, achieving an IMDb score of 8.7 and a Rotten Tomatoes freshness rating of 89% [3] - "The Legend of Zhen Huan" reached over 8 million views per episode on Netflix, with a total of over 280 million views on YouTube [4] - "The Untamed" surpassed 6.8 billion views globally, with ticket sales for fan meetings selling out in 3 minutes in Thailand [4] Group 2: Diverse Content Strategies - Early Chinese dramas primarily relied on historical themes, but recent trends show a shift towards diverse storytelling that resonates emotionally with international audiences [6][7] - The rise of realistic dramas like "Mountain and Sea Love" and "In the World" reflects a growing interest in universal human experiences, moving beyond mere cultural curiosity [7] - The industry is increasingly exploring various genres, including fantasy and contemporary themes, to attract a broader audience [6][7] Group 3: Challenges and Opportunities - The industry faces challenges such as rampant piracy, which affects over 80% of overseas works, leading to significant economic losses [8] - Cultural differences and competition from major international streaming platforms complicate the market landscape [8][9] - The potential for growth in the global market remains vast, with a need for high-quality translations and adaptations to enhance international appeal [9]

央视网消息：为期5天的第二十一届中国（深圳）国际文化产业博览交易会正在广东深圳举行。本届文博会上，仿生技术制作的机器人成为 了"网红"。在现场，甚至很多观众以为它们是真实的动物标本。他们究竟有多逼真？在电影拍摄中起到什么作用？ 它们可以跟着人类的动作，做出瞪眼睛、吐舌头等各种动作，这些都是使用影视仿生特效技术开发的互动表演机器人。面部捕捉技术将人的表 情转换成信号，来控制熊猫的表情。熊猫头部安装的40个控制电机，可以时时复制粘贴人类的眨眼、歪头、撇嘴等表情。 AI全方位融入电影制作 成为"创作合伙人" 在文博会上，人工智能已经充分融入电影工业产业链全流程，AI正在逐渐成为电影制作各个环节的"创作合伙人"。 这只像睡着了一样的仿生小狗是出演过电影《我会好好的》的一只机器人小狗，这个仿生熊猫也即将投入部分影视拍摄。它们表情自然、毛发 逼真，与真实动物一般无二。 "影谱"AI大模型，以AI辅助剧本生成、评估、修改等环节。在2025年8月将面向全行业开放，电影机构、从业者和爱好者借助AI，可以利用人 工智能迅速搜集创作素材，得到符合逻辑、适合电影叙事脚本创作的有力辅助。 导演视觉创意AI系统将导演视觉想象转化为具体可 ...

投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 23 日 (周五) 下午 15:00-18:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长、总经理 于冬 2、财务总监 何英 3、董事会秘书 顾晓江 4、证券事务代表 邹梦蕾 5、报表分析及信息化副总监 房俊秋 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、2025 年有什么电影计划，以及对于主旋律电影未来的投 资计划 尊敬的投资者您好：公司目前有多个电影项目在有序推进 中：2025 年春节档影片《蛟龙行动》在听取、吸收广大观众的意 见基础上剪辑了特别版本，计划于年内上映；四部影片在后期制 作中：《四渡》《克什米尔公主号》《蛮荒禁地》《她杀》；两 部在内容审查中：《狂奔的老爸》《少年时代》；两部在筹备或 拍摄中：《人体大战》《 ...

Core Insights - The Chinese entertainment industry has recently experienced unexpected successes with "Black Myth: Wukong" and "Nezha: The Devil's Child," both achieving record-breaking sales and box office figures, indicating a potential reevaluation of the industry's market space and content quality [2][3]. Industry Overview - Historically, the Chinese entertainment industry has been undervalued, with its GDP contribution remaining below 5% as of 2023, compared to 31% in the U.S. in 2017, suggesting significant growth potential [3]. - The success of "Black Myth: Wukong" and "Nezha 2" may prompt a reassessment of the market's capacity for high-quality content, indicating that the ceiling for premium content is far from being reached [3]. Company Analysis: Yu Wen Group - Yu Wen Group reported a revenue of 8.12 billion yuan for 2024, marking a three-year high, with a net profit of 1.14 billion yuan, highlighting its strong performance in the entertainment sector [4]. - The company has developed a comprehensive approach to IP (Intellectual Property) development, leveraging its extensive experience in content production to create a full industry chain advantage [5][12]. IP Development Strategy - Yu Wen has successfully transitioned from merely licensing IP to actively producing content, exemplified by the success of "Qing Yu Nian," which has set multiple viewership records [14]. - The company has established a systematic approach to IP development, focusing on series and multi-category expansions, which enhances the longevity and commercial viability of its IP [19][29]. Financial Performance - Yu Wen's revenue for 2024 increased by 15.8%, with its copyright operation revenue rising by 34.2% to 4 billion yuan, reflecting the effectiveness of its content strategy [8][10]. - The company's IP derivative business also saw rapid growth, with a GMV exceeding 500 million yuan, indicating a successful expansion into merchandise and related products [10][21]. Market Trends - The entertainment industry is increasingly focused on IP as a means to mitigate the uncertainty of blockbuster content, with a growing emphasis on creating reliable and repeatable success through IP management [24]. - The global derivative market is valued at 300 billion USD, presenting a significant opportunity for Yu Wen as it continues to develop its IP commercialization strategy [23]. Conclusion - The recent successes of "Black Myth: Wukong" and "Nezha 2" underscore the demand for quality content in the Chinese market, while Yu Wen Group's strategic advancements in IP development position it as a leader in the industry, suggesting a bright future for both the company and the broader entertainment sector [33][34].

Core Viewpoint - Maoyan Entertainment is expected to recover significantly in 2025, driven by improvements in the domestic film industry and the introduction of its first dividend payment, leading to increased profit forecasts for the coming years [1][2]. Group 1: Revenue Drivers - The primary revenue driver for Maoyan is the total box office in mainland China, with domestic blockbuster films accounting for about 80% of the box office [1]. - The box office for the 2025 spring festival season reached a historical high of RMB16.05 billion, indicating a strong recovery in the film industry [1]. - The online entertainment ticketing services experienced a revenue decline of 14.4% year-on-year in 2024, totaling RMB1,932 million, but is expected to recover in 2025 due to an improved movie roster and influx of foreign artists [2]. - The entertainment content services also saw a revenue decline of 15.3% year-on-year, totaling RMB1,949 million, but will benefit from the recovery of the domestic film industry [3]. Group 2: Profit Forecasts - The forecasts for the Company's shareholders' net profit for 2025-2027 have been increased to RMB751 million, RMB976 million, and RMB1,066 million, respectively [1]. - Adjusted shareholders' net profit forecasts for the same period have also been raised to RMB870 million, RMB1,095 million, and RMB1,185 million, respectively [1]. - The Company anticipates a dividend payout of approximately 35% of earnings over the next three years, with a yield of around 4-5% [1]. Group 3: Market Expansion - Maoyan achieved record revenue and GMV growth in 2024, including a 90% year-on-year increase in concerts GMV, while serving top domestic and international artists [2]. - The Company has strengthened its presence in Hong Kong, China, and Macau through its self-operated platform UUTIX and established partnerships in regions like Southeast Asia, the Middle East, and Latin America, facilitating further overseas expansion [2]. - The Company is involved in the production and distribution of several domestic blockbuster films expected to perform well at the box office in 2025, including titles like Honey Money Phony and Detective Chinatown 1900 [3].