Core Viewpoint - TVB is facing significant challenges as it transitions from a period of prosperity to decline, with its traditional programming losing influence and viewership, leading to a search for new revenue streams such as group broadcasting [4][14]. Group 1: TVB's Current Situation - TVB has experienced a continuous decline in profitability since 2014, culminating in a loss of HKD 4.91 billion in 2024, marking seven consecutive years of losses [4][11]. - The company has attempted various self-rescue strategies, including partnerships with mainland Chinese platforms and the introduction of new programming formats [4][6]. - Despite some successes in collaboration with mainland platforms, the overall impact on TVB's core business remains limited, and the influence of Hong Kong dramas continues to wane [6][10]. Group 2: Group Broadcasting as a Strategy - Group broadcasting, a new form of live streaming featuring multiple hosts, is being explored by TVB as a potential revenue source, leveraging the popularity of its veteran actors [8][10]. - While group broadcasting has attracted attention and generated viewer engagement, it risks damaging the actors' reputations and does not address the fundamental issues facing TVB's traditional programming [10][12]. Group 3: Future Outlook - TVB is optimistic about the potential for recovery in 2025, projecting a significant increase in EBITDA compared to 2024, with hopes of returning to profitability [11][12]. - However, the company faces several challenges, including a weak advertising market, underperformance of its OTT streaming services, and uncertainty in the co-production market with mainland China [11][12][14]. - The success of TVB's recovery efforts will largely depend on the performance of its co-produced dramas and the ability to regain its competitive edge in content production [14].

Group 1 - The 78th Cannes Film Festival concluded with the Iranian film "Ordinary Accident" winning the prestigious Palme d'Or, while the Chinese film "Wild Times" received a special award, marking the first win for a Chinese film in the main competition since 2015 [1][3] - "Wild Times," directed by Bi Gan and starring Yi Yangqianxi and Shu Qi, is the only Chinese film in the main competition this year, featuring six chapters that explore different dream narratives, with Yi Yangqianxi portraying five distinct characters [3] - The film premiered on May 22 at Cannes, receiving positive audience reactions for its audiovisual techniques and homage to cinema, achieving an average score of 2.4 out of 4 in the "Screen" magazine [3] Group 2 - The Palme d'Or winner, "Ordinary Accident," directed by Jafar Panahi, has now achieved a "Grand Slam" of top awards at three major international film festivals, having previously won the Golden Bear at Berlin and the Golden Lion at Venice [4] - The Jury Prize was awarded to the Norwegian film "Emotional Value," while Brazilian director Kleber Mendonça won both Best Director and Best Actor for "The Spy" [4] - The festival experienced a power outage due to malicious damage to the electrical grid, affecting 160,000 residents and businesses, but the Cannes Palais maintained operations with backup power [4]

Core Insights - The film "Ne Zha" has set a new benchmark for Chinese films going international, with a total box office exceeding 15.8 billion yuan and overseas earnings of 394 million yuan, ranking fifth in global box office history [1][3] - Multiple Chinese films are now being released simultaneously in over 20 countries, creating new records for overseas box office performance [1] - The approach to international distribution has evolved from merely exporting films to a more targeted strategy that includes audience profiling and localized marketing efforts [1][4] Distribution Strategies - Social media platforms like TikTok and Xiaohongshu are being utilized to enhance international exposure and engagement, breaking down traditional promotional barriers [3][4] - Tailored marketing strategies are essential for different regions, with localized promotional materials and partnerships with local channels to attract specific audience segments [4][7] - The Southeast Asian market, with its cultural ties to China, shows a high acceptance of Chinese films, making it a key area for targeted distribution [7] Cultural Adaptation - Successful overseas releases require a deep understanding of cultural differences and audience preferences, necessitating localized content adjustments [4][11] - Films like "The Wandering Earth" have successfully balanced local artistic elements with global appeal, while others have adapted their narratives to resonate with international audiences [12] - Co-productions with international partners enhance the technical quality and marketability of Chinese films, broadening their appeal [8][9] Box Office Performance - Specific films have achieved significant box office success in international markets, such as "The Legend of the Condor Heroes" in Thailand and "All In" in Malaysia, indicating a growing trend of Chinese films performing well abroad [7][10] - The importance of localized trailers and promotional materials is highlighted, as they can significantly impact box office results in overseas markets [10][12] Globalization of Chinese Cinema - The international success of Chinese films is not only measured by box office figures but also by the broader dissemination of Chinese culture on the global stage [12] - The industry's evolution towards a more global perspective reflects the increasing cultural soft power of China [12]

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]