Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the recovery of the film industry, with a significant release of quality content in 2025, particularly in its IP business [5][3]. - The company's revenue for 2024 is projected at 690 million yuan, a year-on-year decrease of 13.19%, while the net profit attributable to the parent company is expected to be 90 million yuan, down 29.08% year-on-year [1]. - In Q1 2025, the company experienced substantial growth, achieving revenue of 248 million yuan, up 17.90% year-on-year, and a net profit of 65 million yuan, up 41.55% year-on-year [1]. Financial Performance Summary - For 2024, the company's revenue from various segments includes: - Film screening: 454 million yuan (YoY -17.3%) - Merchandise: 61 million yuan (YoY -13.6%) - Advertising services: 42 million yuan (YoY +9.9%) - Film distribution: 20 million yuan (YoY -38.0%) - Licensing: 66 million yuan (YoY +62.7%) [2]. - The company's direct cinema achieved a box office of 465 million yuan in 2024, a decrease of 26.4% year-on-year, while franchise cinemas generated a box office of 3.315 billion yuan, also down 26.1% year-on-year [3]. - The company has a stable number of direct cinemas (51) and an expanding number of franchise cinemas (836), with a total of 5,726 screens [3]. IP Business Development - The company is actively exploring new paths for IP content renewal and monetization, with significant collaborations with brands like Starbucks and Luckin Coffee, generating a total online engagement of 7.12 billion [4]. - The subsidiary, Shanghai Yuan, reported revenue of 93.87 million yuan and a net profit of 27.5 million yuan in 2024 [4]. - The company is also venturing into AI and IP collaborations, aiming to create a new ecosystem that integrates technology with content [4]. Profit Forecast - The company is expected to achieve net profits of 270 million yuan, 330 million yuan, and 370 million yuan for the years 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 198%, 24%, and 10% [5].

华夏时报（www.chinatimes.net.cn）记者 于玉金 北京报道 在电影市场再次走入低迷期的2024年，与其休戚相关的院线公司们也出现了亏损。 金逸影视4月14日晚间公告，其2024年实现营收10.12亿元，同比下降25.88%；归属上市公司股东的净亏损9035.42 万元，由盈转亏。当然金逸影视的亏损并不是孤例，率先一步发布财报的横店影视在2024年也亏损了，其归属上 市公司股东的净亏损9637.64万元，也是由盈转亏。 而受2025年春节档上映影片《哪吒之魔童闹海》（下称"《哪吒2》"）爆火的影响，中国内地电影市场票房大涨， 院线公司一季度快速回血已经无悬念，但进入到3月，电影市场再次再现颓势，如何在波动的中国电影市场平稳发 展，也成为摆在院线公司面前的一道考题。 再现亏损 金逸影视2024年营收下滑25.88%至10.12亿元，归属上市公司股东的净亏损为9035.42万元，在2023年刚刚盈利后 再次出现亏损。 对于亏损，金逸影视解释，"2024年，受全球经济形势、不确定因素以及观众观影习惯变化等多重因素影响，中国 电影市场面临着前所未有的挑战，公司2024年由于行业复苏不及预期及较高的固定 ...

传媒 行业研究/行业周报 《哪吒 2》总票房突破 100 亿元，杭州拟出台全球数 贸港核心区建设方案 ——传媒行业周报（2025.02.10-2025.2.14） ◼ 核心观点 本周核心观点与重点要闻回顾 ◼ 投资建议 本周我们看好广告营销、影视院线、游戏等方面。 广告营销：建议关注分众传媒、易点天下等。 影视院线：建议关注光线传媒、猫眼娱乐、博纳影业、万达电影 等。 广告营销：AppLovin 和 Meta 等公司财报显示广告市场强劲反弹，产 业链有望受益。AppLovin 和 Meta 等公司近期财报显示广告市场强劲 反弹。AppLovin 受益于人工智能驱动的广告技术，四季度业绩超出 预期，并给出了一季度强劲的业绩指引。这表明移动游戏内广告市场 表现出色。其他类型的在线广告公司也展现出增长势头。例如， Meta、Snap 和 Alphabet 都公布了高于预期的广告收入，市场普遍看 好在线广告市场，尤其是在政治周期和假日季的推动下。 影视院线：《哪吒之魔童闹海》总票房突破 100 亿元人民币，相关 板块有望受益。2 月 13 日晚，中国动画电影《哪吒之魔童闹海》 （以下简称《哪吒 2》）总票房突破 10 ...