点击注册小程序 2）大麦收入20.6亿元（yoy+236%），分部业绩（分部收入–销售及服务成本–已分配至相关分部的销售及市场 费）约12.30亿。a）大麦票务平台业务方面，保持演出票务市场的领先地位，连续两年创下GMV高速增长记 录，FY25大麦服务了张杰、周杰伦、孙燕姿、Ed Sheeran、Imagine Dragons等国内外多位艺人的大型演唱会， 交付了逾3800场大型项目。b）现场娱乐内容方面，积累了虾米音乐娱乐、Mailive、当然有戏、酷小麦等六大 内容厂牌，FY25参与了逾120个IP的投资与制作，覆盖了演唱会、音乐节、话剧、展览、脱口秀等多种品类。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司FY25实现营收67.02亿元人民币（yoy+33%），实现毛利润24.78 ...

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].

Group 1 - The article discusses the current state of the Chinese film industry, highlighting a record low daily box office of over 40 million, marking the lowest since records began in 2011 [1] - It suggests that the pandemic has led to a shift in perception, where low box office numbers are no longer seen as problematic, indicating a new norm for the industry [2] - The article emphasizes the importance of genre films as a potential solution for the challenges faced by Chinese cinema [3] Group 2 - The frequent appearances of filmmaker Jiang Wen at events like the Beijing International Film Festival are noted, indicating he has a new film coming out [6][7] - Jiang Wen's unique position in the industry is discussed, with the article suggesting that his individual value is irreplaceable, but his insights may not be as relevant for current filmmakers [9][11] - The article critiques Jiang Wen's recent public engagements, describing them as lacking substance and not providing valuable insights for the industry [13][17] Group 3 - The article reflects on Jiang Wen's creative philosophy, emphasizing talent and individual expression over technical aspects, suggesting that directors should focus on their unique voice [30][32] - It highlights the importance of scriptwriting in filmmaking, with Jiang Wen stressing the need to consider the environment and historical context of characters [35][36] - The article points out a disconnect between Jiang Wen's artistic vision and the technical execution in his recent works, suggesting that this is a broader issue within the industry [38][41] Group 4 - The article discusses the challenges faced by the Chinese film industry, particularly the need to cater to audience preferences while also pushing creative boundaries [58][63] - It suggests that the industry lacks films that are both innovative and traditional, which could appeal to a wider audience [65][67] - The article concludes with a call for filmmakers to better understand audience desires and to create content that resonates with them, rather than solely focusing on artistic expression [47][55]

（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 ...

5月2 1日，在第2 7届全国影片推介会上，万达影视推介贾玲导演新作《转念花开》， 称这是 贾玲继《你好，李焕英》《热辣滚烫》后的又一部现实主义题材作品 ，万达影视确认其仍在 制 作 中 ， 尚 未 公 布 具 体 上 映 时 间 。 此 前 路 透 显 示 拍 摄 工 作 已 进 入 中 期 ， 但 可 能 存 在 进 度 调 整。 视频：武汉广播电视台 该片聚焦反传销题材 ，讲述一名家庭主妇被警方招募协助破案，从最初的抵触到深入犯罪组 织最终协助破获大案的故事。剧情融合现实批判与人物成长，试图揭露传销组织洗脑话术及 社会底层群体的生存困境。 公 开 资 料 显 示 ， 贾 玲 ， 1 9 8 2 年 出 生 于 湖 北 省 襄 阳 市 宜 城 市 ， 中 国 内 地 喜 剧 女 演 员 、 电 影 导 演、编剧，毕业于中央戏剧学院。 近 年 来 ， 贾 玲 自 导 自 演 的 2 部 电 影 《 你 好 ， 李 焕 英 》 《 热 辣 滚 烫 》 创 下 佳 绩 ， 票 房 口 碑 双 丰 收 。 据 猫 眼 专 业 版 数 据 ， 2 0 2 4 年 年 度 票 房 冠 军 为 贾 玲 执 导 并 主 ...

Group 1 - The core point of the news is that Alibaba's entertainment division has rebranded itself as Whale Entertainment Group, which aims to enhance brand recognition and reshape its brand strategy, particularly in the offline entertainment market [1][4] - Following the announcement, Alibaba Pictures' stock price surged by 22.95% by the end of the trading day [3] - For the fiscal year 2025, Alibaba Pictures reported a revenue of RMB 6.702 billion, a year-on-year increase of 33%, with adjusted EBITA showing a profit of RMB 809 million, up 61% [3][5] Group 2 - The revenue from the newly acquired Damai segment reached RMB 2.057 billion, contributing significantly to Alibaba Pictures' profitability with a segment performance of RMB 1.230 billion, accounting for 72% of the total operating profit [3][5] - The traditional film technology and investment production segment saw a revenue of RMB 2.712 billion, but its segment performance dropped significantly to RMB 73 million, indicating challenges in the core business [6][13] - The IP derivative business also showed strong growth, with revenue reaching RMB 1.433 billion, a 73.1% increase year-on-year, making it the second most profitable segment after Damai [6][8] Group 3 - The diversification of business operations has allowed Alibaba Pictures to maintain growth despite a downturn in the film market, with the company focusing on multiple revenue streams [7][14] - The traditional film business model has been recognized as unstable, prompting companies to explore new revenue opportunities in IP derivatives and related consumer markets [13][15] - Competitors like Wanda Film and Light Media are also pivoting towards IP derivatives to enhance revenue resilience amid market challenges [15][17]

Group 1 - Alibaba Pictures is rebranding itself as part of a strategy to diversify beyond film, changing its name to Damai Entertainment and the parent company to Humpback Whale Entertainment [1] - The company aims to focus on "entertainment and AI" as its two strategic keywords, emphasizing real-life experiences that differ from digital and virtual entertainment [1] - The film market is currently weak, with a significant decline in box office revenue during the May Day holiday, which saw a 51.1% year-on-year drop to 747 million yuan [1] Group 2 - In the latest fiscal year, Alibaba Pictures merged its film-related segments into a single division, which reported revenues of 2.712 billion yuan, down 10% year-on-year, and a dramatic 91% decline in segment performance [2] - In contrast, Damai's revenue reached 2.057 billion yuan, a 236% increase year-on-year, driven by a booming live performance market [2] - Alibaba Pictures recorded an investment impairment of 428 million yuan, primarily related to its stake in Bona Film Group [3] Group 3 - The capital market reacted positively to the rebranding, with Alibaba Pictures' stock price rising by 22.95% to 0.75 HKD per share on May 21 [3] - This response reflects the market's sentiment towards the film industry and its current challenges [4]

Group 1 - The film festival atmosphere is thriving, indicating that the film industry is still alive despite the market's downturn [5][6][9] - The Chinese film market has seen a significant decline in box office performance, with no new films surpassing 5 billion yuan since the Spring Festival [2][4] - The annual box office as of May 21, 2025, is 26.829 billion yuan, with the animated film "Nezha: The Devil's Child" accounting for 57% of the total box office [1][2] Group 2 - The May Day holiday box office dropped to 747 million yuan, nearly halving from 1.528 billion yuan in 2024, indicating a significant market decline [2][9] - Major film festivals like the Cannes Film Festival and the Shanghai International Film Festival are showcasing a record number of entries, reflecting a strong interest in film despite market challenges [5][6] - Upcoming film releases during the Dragon Boat Festival and summer are seen as potential catalysts for market recovery, with a diverse lineup of films scheduled [7][8] Group 3 - The audience's preference for entertainment has shifted, with a 61% decline in those choosing movies as their primary entertainment option over three years [9][11] - The film industry must focus on quality content creation, innovative marketing strategies, and collaboration across the industry to revitalize audience interest [9]

Core Viewpoint - The re-release of the classic Japanese film "Love Letter" in 4K format on May 20, 2023, coincides with the passing of actress Miho Nakayama, enhancing the film's emotional resonance and serving as a tribute to her legacy [1][2]. Box Office Performance - "Love Letter" initially premiered in China on May 20, 2021, with a box office of 65.19 million [1]. - The re-release on the same date in 2023 achieved a cumulative box office of 75.35 million on its opening day, outperforming other new releases in the same period, only behind "Dumpling Queen" and "Gold Rush" [1]. - As of May 21, 2023, "Love Letter" ranked first in daily box office share [1]. Cultural Impact - The film has become a classic over the past 30 years, blending themes of love, youth, and mortality, resonating deeply with audiences [1][8]. - The film's re-release not only caters to nostalgic fans but also attracts a new generation of viewers, highlighting the timeless nature of its themes [8]. Director's Reflection - Director Shunji Iwai expressed deep emotions regarding Nakayama's passing and reflected on their planned pilgrimage to Otaru, which was significant for the film's legacy [2]. - Iwai emphasized Nakayama's unique ability to portray contrasting characters, making her performances memorable and impactful [4][5]. Tourism Influence - The film's popularity has significantly boosted tourism in Otaru, Japan, as fans visit to experience the locations featured in the movie [7]. - Iwai noted that the film brought new prosperity to Otaru, similar to the historical significance of its herring fishing industry [7]. Market Trends - The recent trend of re-releasing classic films in China has shown positive box office results, with "Princess Mononoke" and "Ghost in the Shell" also performing well [9]. - The re-releases require lower production costs compared to new films, focusing mainly on restoration and marketing expenses [9]. - The current film market has seen a lack of new releases exceeding 500 million in box office, making classic films a viable option for audiences [9].

Core Viewpoint - The Chinese film joint exhibition at the Cannes Film Festival aims to showcase the vitality and dynamism of Chinese cinema to the world, facilitating the integration of Chinese filmmakers with international resources [4]. Group 1: Exhibition Purpose and Goals - The joint exhibition is designed to promote international film transactions and build bridges for film exchange and cooperation, enhancing mutual understanding and cultural exchange between Chinese and foreign film industries [4]. - The exhibition features over 180 Chinese films, including titles like "Ne Zha," "Detective Chinatown 3," and "The King's Avatar," which have garnered significant attention from the industry [6]. Group 2: International Interest and Engagement - The strong performance of the Chinese film market has attracted increased interest from international counterparts, with many international buyers showing keen interest in the overseas distribution rights of the showcased films [6]. - The success of "Ne Zha" has particularly sparked international filmmakers' interest in Chinese animated films and film IPs [6]. Group 3: Exhibition Details and Activities - This year marks the fourth consecutive year that the Chinese film joint exhibition has appeared at the Cannes Film Festival, where representatives distributed brochures on the latest developments in the Chinese film market and addressed inquiries about film import and co-production policies [8]. - The exhibition is organized by over 60 Chinese film companies and institutions under the guidance of the National Film Administration, which also hosted activities like "Travel China with Movies" to attract more overseas audiences to visit and consume in China [9].