声明 本公司及董事会、监事会全体成员保证本员工持股计划及其摘要内容的真 实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本方案主要条款与公司 2025 年 4 月 29 日披露的《公司 2025 年员工持股计 划（草案）》及其摘要内容一致。 博纳影业集团股份有限公司 2025 年员工持股计划 风险提示 博纳影业集团股份有限公司 2025 年员工持股计划 证券简称：博纳影业 证券代码：001330 博纳影业集团股份有限公司 二〇二五年五月 博纳影业集团股份有限公司 2025 年员工持股计划 一、博纳影业集团股份有限公司（以下简称"博纳影业""公司"或"本公 司"）2025 年员工持股计划（以下简称"本员工持股计划"）的具体的资金来源、 出资金额、预计规模和具体实施方案等属初步结果，能否完成实施，存在不确定 性。 二、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员工认 购份额不足，本员工持股计划存在低于预计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 四、本员工持股 ...

Core Viewpoint - Alibaba Pictures (01060.HK) experienced a significant stock price increase of 29.79%, closing at HKD 0.61 per share, driven by the release of its FY2025 earnings report, which showed double-digit growth in both revenue and profit [1] Financial Performance - For FY2025, Alibaba Pictures reported revenue of RMB 6.702 billion, a year-on-year increase of 33% [1] - The net profit attributable to shareholders was approximately RMB 364 million, reflecting a 28% year-on-year growth [1] - Adjusted EBITA reached RMB 809 million, marking a substantial year-on-year increase of 61% [1] Revenue Breakdown - The company's revenue is primarily derived from four business segments: Film Technology and Investment Production & Distribution Platform, Damai, IP Derivative Business, and TV Series Production [1] - The Film Technology and Investment Production & Distribution Platform accounted for 40.46% of total revenue, generating RMB 2.712 billion, although this segment saw a decline of 9.59% year-on-year due to a challenging film market [1][3] - Damai's revenue surged to RMB 2.057 billion, representing 30.69% of total revenue and a remarkable year-on-year increase of 235.82% [2] - The IP Derivative Business generated RMB 1.433 billion, accounting for 21.39% of total revenue, with a year-on-year growth of 73.21% [2] Market Context - Despite a lackluster overall performance in the national film market, Alibaba Pictures has identified a second growth curve through its Damai and IP Derivative Business, demonstrating resilience in its financial performance [3] - The company's stock has historically traded below HKD 1, often labeled as a "penny stock," but the recent earnings surge has prompted market interest in whether it can shed this label [3]

Core Viewpoint - Alibaba Pictures reported a revenue of 6.702 billion yuan for the fiscal year 2024/25, marking a 33% year-on-year increase, with adjusted EBITA reaching 809 million yuan, up 61% year-on-year, showcasing strong growth and resilience in a challenging film market [1] Group 1: Film Business - The company maintains high-quality content output while enhancing its production capabilities and localizing strategies to capture box office market share [1] - Notable film releases include "Catching Dolls," "Silent Kill," and "Fengshen Part II," contributing to significant box office success, particularly for imported films like "What Kind of Person Do You Want to Be" and "Grandma's Grandson" [1] - The strategic focus includes strengthening promotional advantages and leveraging technology to accelerate industry modernization, with investments in virtual filming and AI analytics to reduce costs and enhance efficiency [3] Group 2: Performance and Technology in Live Events - Damai, Alibaba's ticketing platform, continues to lead the market with a GMV that has seen high growth for two consecutive years, supported by a user base of 316 million "want to see" users [4] - The platform has developed a comprehensive content ecosystem, investing in over 120 IPs across various entertainment sectors, enhancing its market adaptability and competitive edge [5] - Technological advancements have improved user experience and operational efficiency, enabling the platform to handle high traffic during peak demand [5] Group 3: IP Derivatives and Series - The IP derivatives business has shown rapid growth, with a significant increase in retail sales of licensed IP products, leading to a revenue increase of over 90% for Alibaba Fish [8] - The company has a rich IP matrix, including partnerships with top global IPs, indicating substantial potential for future growth in the IP derivatives market [8] - The series business is progressing steadily, with new high-quality productions being launched, further solidifying the content ecosystem [8] Group 4: Long-term Development Strategy - Alibaba Pictures' growth is attributed to a decade-long systematic approach, evolving from its initial film business in 2014 to a multi-engine development model after acquiring Damai in 2023 [9] - This strategic evolution has provided the company with stability and growth potential, positioning it for continued operational success and long-term investment appeal [9]

Core Insights - Alibaba Pictures has achieved adjusted EBITA profitability for five consecutive years since the 2020/21 fiscal year, navigating through a fluctuating film market and establishing a sustainable profit path [1] Group 1: Financial Performance - In the fiscal year 2025, Alibaba Pictures reported revenue of 6.702 billion yuan and adjusted EBITA of 809 million yuan, representing year-on-year growth of 33% and 61% respectively [2] - The company has successfully produced and distributed several high-grossing films, including "Grab the Doll" which grossed 3.33 billion yuan, becoming the summer box office champion of 2024 [2] Group 2: Business Development - Alibaba Pictures has expanded its film business by participating in the production and distribution of multiple well-received films, while also focusing on the promotion of imported films [2] - The ticketing platform Damai has significantly contributed to the company's growth, achieving record GMV growth for two consecutive years [2][3] Group 3: Technological Advancements - Damai has enhanced its ticketing services through increased investment in core technology, improving data processing capabilities and ensuring system stability during high-demand scenarios [3] - The platform's user engagement has grown, with "want to see" users increasing by 29% to 316 million [3] Group 4: Content Strategy - The company has made progress in its series production, with several high-quality series released and over 50 projects in development [4] - Alibaba Pictures has a robust pipeline of 40 films in reserve, including notable projects directed by prominent filmmakers [5][6] Group 5: Future Growth Potential - The diversified strategy has positioned Alibaba Pictures as a leading entertainment group, with expectations for continued growth in the film and IP economy sectors [5] - The company is well-prepared for future market developments, with a strong focus on both film and ticketing technology [6][7]

Core Viewpoint - The stock markets in Hong Kong and mainland China showed positive trends, with significant movements in specific stocks and indices, indicating potential investment opportunities in various sectors [1][3][9]. Group 1: Market Performance - The Hong Kong stock market experienced a mild increase, with the Hang Seng Index mostly fluctuating within a 1% range [1][10]. - The North China Stock Exchange 50 Index reached a historical high during the trading session, marking a cumulative increase of over 10% since May [3]. - The beauty care sector led the gains in the A-share market, with stocks like Reliable Holdings hitting the daily limit up [4]. Group 2: Sector Performance - The pharmaceutical, light manufacturing, and comprehensive sectors also showed strong performance, contributing to the overall market strength [5]. - The cultivated diamond sector saw significant gains, with stocks such as Huifeng Diamond and Guoji Precision Engineering leading the upward movement [6]. Group 3: Key Company Updates - Xiaomi Group's stock surged over 4% during the session, driven by the announcement of its first self-developed SoC chip and SUV model, with significant R&D investments exceeding 13.5 billion RMB [12]. - Alibaba Pictures saw its stock rise over 17% following the release of its financial results, reporting a total revenue of approximately 6.702 billion RMB, a 33% increase year-on-year [13]. - Sangfor Technologies experienced a dramatic increase, with its stock price rising over 50% after announcing a licensing agreement with Pfizer [14].

Core Insights - The short drama "Ethereum" has gained significant attention, being described as a "divine drama" that creatively narrates the concepts of Bitcoin and blockchain in an ancient setting [1] - May 17 marks a historic day for Hong Kong as it celebrates the listing of RWA (Real World Assets) in the Web3 entertainment sector, with the short drama "Ethereum" ringing the first bell [1][13] - The event attracted various industry innovators and media representatives, indicating a collaborative effort to explore the Web3 entertainment landscape [1][5] Group 1 - The premiere of "Ethereum" took place at Vpoint building in Hong Kong, featuring the main creators and actors, along with nearly a hundred guests [5] - The event included a showcase of notable works in the industry, such as the Web3 suspense short drama "Black Amber" and the award-winning film "Reincarnation Dilemma" [7] - The main actress Lin Xingtong plays the role of Bi Aixi and also serves as a co-producer for the drama [9] Group 2 - The bell-ringing ceremony for RWA's listing was attended by guests dressed in ancient costumes, marking the official launch of the Web3 entertainment sector [13] - The director of the drama, Li Er Chai Si, has a history of creating influential internet phenomena and has been involved in the blockchain space for seven years [13] - The "Ethereum" short drama adopts a co-creation model and introduces the concept of "perpetuity," attracting interest from Web3 practitioners and industry experts [13]

智通财经5月19日电，阿里影业发布截至2025年3月31日止年度全年业绩，实现总收入约人民币67.02亿 元，与过往期间的约人民币50.36亿元相比，同比增长33%；录得归属于本公司所有者净利润约人民币 3.64亿元，与过往期间的约人民币2.85亿元相比，同比增长28%；录得经调整息税及摊销前利润（"经调 整息税前利润表，"一种非香港财务报告准则计量的财务指标）约人民币8.09亿元，与过往期间的约人 民币5.04亿元相比，同比增长61%。 阿里影业：截至3月31日止财年实现净利润3.64亿元 同比增长28% ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Wanda Film [2][6]. Core Views - Wanda Film is investing in the leading Chinese IP toy brand 52TOYS through its subsidiary, enhancing its IP derivative business layout [6]. - The company aims to strengthen its non-ticket revenue by collaborating with 52TOYS in the development and sale of IP toy products, marketing, and other related areas [6]. - The report anticipates significant revenue growth for Wanda Film, projecting revenues of 143.40 billion, 161.03 billion, and 178.15 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.36 billion, 14.38 billion, and 16.05 billion RMB [6][7]. Summary by Sections Company Overview - Wanda Film's subsidiary, Beijing Ying Shiguang, plans to invest in Beijing Lezi Tianc Cultural Development Co., Ltd., acquiring a total of 7% equity [6]. - Lezi Tianc is recognized as a leading toy company in China, with its core brand being "52TOYS," which has a diverse product line and a strong presence in both domestic and international markets [6]. Financial Data - The total revenue for Wanda Film is projected to be 14,620 million RMB in 2023, decreasing to 12,362 million RMB in 2024, and then increasing to 14,340 million RMB in 2025 [7]. - The net profit is expected to recover from a loss of 940 million RMB in 2024 to a profit of 1,236 million RMB in 2025, with a significant growth rate of 232% [7][9]. Valuation Metrics - The report provides a projected PE ratio of 18.2 for 2025, decreasing to 14.1 by 2027, indicating an improving valuation as earnings recover [7][9]. - The company's asset-liability ratio is projected to decrease from 67.5% in 2023 to 56.7% in 2027, reflecting improved financial stability [9].

Investment Rating - The report maintains a "Strong Buy" investment rating for Wanda Film [2][6]. Core Views - Wanda Film is investing in the leading Chinese IP toy brand 52TOYS to strengthen its IP derivative business layout [6]. - The company aims to enhance its non-ticket revenue through strategic cooperation with 52TOYS in IP toy product development, marketing, and other related areas [6]. - The report projects significant revenue growth for Wanda Film, with expected revenues of 143.40 billion, 161.03 billion, and 178.15 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 16%, 12%, and 11% [6][7]. Financial Data Summary - Total revenue for 2023 is reported at 14,620 million RMB, with a projected decline to 12,362 million RMB in 2024, followed by a recovery to 14,340 million RMB in 2025 [7][9]. - The net profit for 2023 is 912 million RMB, with a forecasted loss of 940 million RMB in 2024, and a return to profitability with net profits of 1,236 million RMB in 2025 [7][9]. - The company's asset-liability ratio is 67.7%, indicating a relatively high level of debt [2][9]. Company Overview - Wanda Film's subsidiary, Beijing Ying Shiguang, is set to acquire a 4% stake in Beijing Lezi Tiancheng Cultural Development Co., Ltd., with a total investment of 144 million RMB [6]. - Lezi Tiancheng, the target company, is recognized as a leading toy company in China, with its core brand being "52TOYS" [6]. - The strategic partnership aims to leverage both companies' resources for mutual benefit, enhancing Wanda Film's position in the IP toy market [6].

首场演出邀请到了国内知名乐团，曲目以四大名著中的民族音乐为主。演出以《云宫迅音》开场，并先 后推出《敢问路在何方》《枉凝眉》《滚滚长江东逝水》《好汉歌》等，以及《铁血丹心》《梁祝》等 名曲，国风唢呐名作《百鸟朝凤》则压轴登场。 现场还设置了怀柔礼物、非遗体验、农产品展卖、周边文创、餐饮美食等多业态市集和露天电影放映， 丰富观众体验感。设计了机械生命体互动、即兴车库乐队、黑胶盲盒电台、摇摆快闪编年史等多种互动 体验项目。 据了解，今年怀柔区"永不落幕的音乐节"进行了全新升级，在去年分散式布局的基础上，采用了"单点 位、多场次、多主题"的形式。 "今年的活动融合古典、民族、摇滚等多元音乐类型，联动电影、非遗、美食等跨界元素，构建'演艺 +消费'生态体系。"怀柔区文旅局相关负责人介绍，全年持续性的音乐活动也将助推培育城市文化IP， 推动消费升级，打造可持续的特色文旅品牌。 今年，怀柔区还将依托博纳影业集影院、餐饮、住宿于一体的综合业态，推出14场专题演出，通过演艺 空间创新与内容迭代，形成文化体验与商业消费的协同发展，同时推出系列传统节日专场演出和"彩 蛋"演出，为区域文旅产业注入新动能。 转自：北京日报客户端 " ...