转自：大众报业·齐鲁壹点 齐鲁晚报·齐鲁壹点 记者 王颖颖 电影市场的热度与院线运营的创新，在这个国庆档达成了完美的融合。万达电影凭借其独特的电影基 因，将游戏IP转化为可体验的沉浸式场景，为行业提供了增量密码。影院，早已不再是电影的终点站， 而是超级娱乐的起点。 随着国庆中秋假期结束，电影市场交出最新成绩单。据国家电影局数据显示，10月1日至8日，我国2025 年国庆档电影总票房为18.35亿元，观影人次为5007万，国产影片票房占比为98.93%。本次国庆档票房 大盘表现稳健，多元影片供给满足了不同受众的观影需求。当行业将目光聚焦于票房排位之时，一些更 具长期价值的模式探索正在头部院线公司中悄然展开。作为行业龙头，万达电影创新打造了备受追捧的 超级场景，为影院带来新一批年轻客群。这已经成为万达电影"超级娱乐空间"战略下一套可复用的新模 式。 行业新视角：从放电影到"造梦"现场 国庆档一直是观察消费趋势与行业风向的关键节点。今年国庆档，十余部新片集中上映，涵盖了战争历 史、奇幻动作、合家欢动画及悬疑犯罪等多种类型。丰富的供给是拉动大盘的基础，而客流是影院的生 命线。如何让更多观众走进影院、延长停留时间、提升 ...

Core Viewpoint - Dalian Wanda Group and its legal representative Wang Jianlin have been restricted from high consumption due to ongoing legal issues, with a total of over 5.2 billion yuan in execution amounts across multiple cases [1][4]. Group 1: Company Overview - Dalian Wanda Group was established in September 1992, with a registered capital of 1 billion yuan. Its business scope includes commercial real estate investment and operation, hotel construction investment and operation, chain department store investment and operation, and cultural industry investments such as cinema lines [3]. - The company is co-owned by Dalian Hexing Investment Co., Ltd. and Wang Jianlin [4]. Group 2: Legal Issues - As of September 11, the company had a new execution case with a target amount exceeding 400 million yuan, handled by the Beijing Financial Court [3]. - The company currently has 11 execution cases with a total amount exceeding 5.2 billion yuan [4]. - On September 26, Wang Jianlin and others were restricted from high consumption, with a specific execution target of 1.86 billion yuan from the Gansu Provincial Intermediate People's Court [5].

Core Insights - Wanda Film reported strong financial performance in the first half of the year, with revenue of 6.689 billion yuan, a year-on-year increase of 7.57%, and a net profit of 536 million yuan, up 372.55% [2][3] - The company is focusing on diversifying its revenue streams beyond box office income, implementing a new "1+2+5" strategic framework to enhance its entertainment offerings [6][8] Financial Performance - The box office revenue in February reached 16.09 billion yuan, accounting for 55.1% of the total box office for the first half of the year, while the second quarter saw a significant decline with only 4.82 billion yuan, a year-on-year decrease of 34.7% [3][4] - Wanda Film's domestic theaters achieved box office revenue of 4.21 billion yuan in the first half, a year-on-year increase of 19.2%, capturing a market share of 14.4% [3][4] Strategic Initiatives - The new management team, led by Chen Zhixi, is exploring non-box office revenue opportunities and has introduced the concept of "super entertainment spaces" [2][6] - The "1+2+5" strategy includes focusing on domestic and international markets, with five key business areas: cinema operations, film and television production, strategic investments, trendy toys, and gaming [6][8] Technological and Service Innovations - Wanda Film is enhancing its cinema experience through technology upgrades and innovative service models, including the introduction of "five-star cinemas" to improve service quality [4][5] - The company has expanded its IMAX offerings, increasing its market share in this segment to 58% with a year-on-year growth of 3.3 percentage points [4][5] Non-Box Office Revenue Growth - Wanda Film is actively developing non-box office revenue streams, including merchandise sales and partnerships with IP brands, which have shown promising results [7][8] - The company has successfully launched various themed events and collaborations with popular gaming IPs, attracting significant audience engagement and conversion rates [8][9]

Core Viewpoint - The "Wheelchair-Friendly Hall" initiative, launched by Wanda Cinemas in collaboration with Taopiaopiao and Alibaba Public Welfare, has achieved significant progress, expanding from a pilot in 3 cities with over 60 halls in 2024 to nearly 80 cities and over 300 halls nationwide, providing more accessible viewing options for wheelchair users [1][4]. Group 1: Project Overview - The "Wheelchair-Friendly Hall" refers to cinema halls that allow wheelchair access to central rows or other comfortable seating areas, with wide aisles and suitable viewing conditions [4]. - The project began in 2024 in Beijing, Shanghai, and Hangzhou, receiving positive feedback from disabled individuals [4]. - Wanda Cinemas, as the leading partner, has supported the project, resulting in its expansion to nearly 80 cities and over 300 halls [4][5]. Group 2: User Experience - Wheelchair users have reported improved experiences, with easy access to cinema facilities, such as direct access from subway stations to the cinema lobby [5]. - Staff at Wanda Cinemas are trained to assist wheelchair users, including helping with wheelchair storage and guiding them to their seats [5]. - Users have expressed appreciation for the practical information provided by the "Wheelchair-Friendly Hall" feature, enhancing their confidence in attending cinemas [7][8]. Group 3: Future Plans - Wanda Cinemas aims to continue expanding the "Wheelchair-Friendly Hall" initiative and enhance its accessibility services, aligning with the "Five-Star Cinema" standard to create a more inclusive environment for all audiences [9].

Core Viewpoint - Orange Sky Golden Harvest (01132.HK) reported a slight decrease in revenue for the first half of 2025, attributed to a lack of blockbuster films leading to reduced attendance, but achieved a significant profit turnaround compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 was HKD 363 million, a decrease of 1.78% year-on-year [1] - Shareholders' profit for the period was HKD 137 million, compared to a loss of HKD 81.048 million in the same period last year [1] - Basic earnings per share were HKD 0.0488 [1] Key Factors for Performance - The increase in profit was primarily due to: - Termination of several cinema leases leading to a reversal of cost provisions, generating non-recurring income of HKD 19.1 million and HKD 85.8 million respectively [1] - Sale of a property in Singapore resulting in a deferred tax liability reversal, yielding a tax credit of HKD 32.6 million [1] - No impairment losses recorded for non-financial assets in the first half of 2025, compared to HKD 313.3 million in the same period of 2024 [1] - No non-recurring income from the sale of an equity stake in a joint venture in the first half of 2025, while HKD 294.3 million was recorded in the same period of 2024 [1] - Reduction in operating expenses due to cost-cutting measures and short-term rental support [1]

Core Viewpoint - Orange Sky Golden Harvest (01132) reported a decrease in revenue for the first half of 2025, attributed to a lack of blockbuster films leading to reduced attendance, but achieved profitability due to several non-recurring income sources [1] Financial Performance - Revenue from continuing operations was approximately HKD 363 million, a year-on-year decrease of 2% [1] - Profit attributable to equity holders was HKD 137 million, marking a turnaround from a loss [1] - Earnings per share stood at HKD 0.0488 [1] Factors Contributing to Profitability - The company benefited from the termination of several cinema leases, resulting in a non-recurring income of HKD 19.1 million and HKD 85.8 million from lease modifications [1] - A tax credit of HKD 32.6 million was generated from the sale of a property in Singapore, which allowed for the reversal of deferred tax liabilities [1] - There were no impairment losses on non-financial assets in the first half of 2025, contrasting with a loss of HKD 313.3 million in the same period of 2024 [1] - The company did not record the non-recurring income of HKD 294.3 million from the sale of an associate in the first half of 2025, which was present in the previous year [1] - Operating expenses were reduced due to cost-cutting measures and short-term rental support [1]

Group 1 - A recent incident in a Guangdong cinema involving a woman discovering white insect eggs on a leather seat has raised concerns about hygiene in cinemas, leading to widespread discussion on social media [1][2] - The incident has prompted a response from several cinemas in Beijing, with representatives assuring that regular cleaning and disinfection protocols are in place, including daily cleaning and monthly deep sanitation [1][2] - The event highlights the shortcomings in hygiene management in enclosed public spaces, suggesting that cinemas should prioritize hygiene as a core aspect of user experience and view regular sanitation as a health investment rather than a cost-cutting measure [2] Group 2 - Cinemas are encouraged to implement regular preventive disinfection and to enhance their cleaning protocols to ensure audience safety and comfort [2] - The incident serves as a wake-up call for the entire cinema industry to reflect on and improve hygiene standards, making "safe seating" a new standard for cinemas [2] - Audiences are advised to take personal responsibility for their hygiene by checking seat cleanliness and using disinfectant wipes before sitting down [2]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The box office for the Dragon Boat Festival in 2025 reached 136 million yuan, a year-on-year increase of 30%, with attendance increasing by 33% to 3.9 million people, indicating strong demand resilience driven by quality content supply [4][5] - The opening of the first immersive children's intellectual park in Shanghai, themed around classic animation IPs, is expected to enhance brand recognition and channel value [5] - Wanda Film's investment in 52TOYS aims to leverage IP and channel advantages, enhancing non-ticket revenue and capital appreciation through a "content + consumption + technology" business model [6][8] Summary by Sections Box Office Performance - The 2025 Dragon Boat Festival box office saw a significant increase, with the film "Mission: Impossible 8" contributing 46% of the total box office, showcasing the impact of quality content on audience turnout [4] New Business Opportunities - The launch of the popome children's park in Shanghai represents a new business avenue for cinemas, combining classic animation IPs with immersive experiences to attract families [5] - Wanda Film's strategic investment in 52TOYS is expected to enhance its non-ticket revenue and strengthen its market position in the IP toy sector [6][8] Market Trends - The demand for family-oriented experiences, as evidenced by the success of various IP-themed parks, highlights the resilience of the market amid evolving consumer preferences [9] - The integration of AI and innovative media is anticipated to amplify the commercial value of upstream IP and downstream channel enterprises [9]

Financial Performance - Lai Sun Development (LSD) reported revenue of HK$2,597 million and an operating profit of HK$403 million, but a net loss of HK$123 million [5] - eSun Holdings Limited reported revenue of HK$2,548 million and an operating profit of HK$463 million, but a net loss of HK$118 million [5] - Lai Fung Holdings Limited (LFH) reported revenue of HK$648 million and an operating profit of HK$185 million, but a net loss of HK$164 million [5] - eSun's resilient rental portfolio saw revenue decrease by 16% to HK$2,548 million, with net loss after tax (NLAT) reduced to HK$118 million [9] - LSD Group's revenue decreased by 54% to HK$648 million, with NLAT reduced by 6% to HK$164 million [9] Financial Position - Total capital resources were HK$5.5 billion, while total borrowings repayable within one year were HK$4.0 billion [11] - The average funding cost is 6.0% [13] - The company has successfully refinanced and upsized other facilities of over HK$4 billion [14] Operational Highlights - Bal Residence in Hong Kong sold 108 out of 156 residential units, generating proceeds of HK$557.9 million [21] - The Parkland in Hong Kong sold 107 out of 112 residential units, generating proceeds of HK$322.7 million [21] - Hengqin Novotown Phase I occupancy reached 83.5% with rental income of HK$9.2 million [42] - Hengqin Novotown Phase I office occupancy reached over 80% and is expected to exceed 90% shortly [21] Investment Portfolio - Rental income from Hong Kong properties totaled HK$222.3 million, a decrease of 7.2% [25] - Rental income from Shanghai properties totaled HK$184.7 million, an increase of 4.2% [25] - Rental income from Guangzhou properties totaled HK$150.6 million, an increase of 4% [25] - Rental income from Zhongshan Palm Spring Rainbow Mall was HK$2.6 million, a decrease of 16.1% [25]

Group 1 - Wanda Film announced a joint investment of 144 million RMB with Ru Yi Xing Chen to acquire shares in Beijing Le Zi Tian Cheng Cultural Development Co., Ltd. (52TOYS) and will collaborate on IP toy product development and marketing [1] - The trend of focusing on IP is prevalent across various sectors, including toys, cinema, and cultural tourism, with many leading companies emphasizing the importance of IP [1] - The overall performance of listed cinema companies in China is poor, with no revenue growth reported for nine major companies in 2024, and significant losses across the board [2][3] Group 2 - Wanda Film is focusing on creating a "content + channel" closed loop by launching numerous IP-related products and collaborating with popular IPs like Genshin Impact [4][6] - Shanghai Film has established a strategy that includes film promotion, cinema operation, and IP management, with a focus on hosting various events to enhance audience engagement [9][11] - Hengdian Film is developing a composite ecosystem of "viewing + social + consumption" to adapt to the sluggish market, including various entertainment activities and product offerings [16][19] Group 3 - Golden Screen Cinemas reported a significant increase in derivative product sales by 78%, despite a decline in box office revenue [23][24] - Other cinema companies like Bona and Happiness Blue Sea are also exploring innovative business models and IP collaborations to mitigate financial pressures [27][30] - The overall cinema industry is facing challenges, with many companies reporting negative profit margins and exploring new revenue streams through IP and cultural tourism [30]