业绩增加主要由于(i)集团终止若干电影院租约而恢复成本拨备之拨回及租赁修改分别产生非经常性收益 净额1,910万港元及8,580万港元；(ii)出售新加坡一项物业而拨回递延税项负债所产生所得税的抵免3,260 万港元；(iii)截至2024年6月30日止六个月内的非金融资产减值亏损3.133亿港元，而截至2025年6月30日 止六个月则并无录得有关减值；(iv)截至2024年6月30日止六个月，集团因出售一间合营企业的权益而录 得非经常性收益净额2.943亿港元，而截至2025年6月30日止六个月则并无录得该收益；及(v)截至2025年 6月30日止六个月，集团的营运费用因削减成本及短期租金支持而减少。 格隆汇8月27日丨橙天嘉禾(01132.HK)公布中期业绩，2025年上半年，公司收益为3.63亿港元，同比减 少1.78%，减少乃由于期内缺乏卖座电影上映，导致入场人数减少；公司股东应占期内盈利为1.37亿港 元，上年同期亏损8104.8万港元，基本每股盈利为4.88港仙。 ...

扭亏为盈主要由于(i)集团终止若干电影院租约而恢复成本拨备的拨回及租赁修改分别产生非经常性收益 净额1,910万港元及8,580万港元;(ii)出售新加坡一项物业而拨回递延税项负债所产生所得税的抵免3,260 万港元;(iii)截至2024年6月30日止六个月内的非金融资产减值亏损3.133亿港元，而2025年上半年则并无 取得有关减值;(iv)2024年上半年集团因出售一间合营企业的权益而取得非经常性收益净额2.943亿港元， 而2025年上半年则并无取得该收益;及(v)2025年上半年集团的营运费用因削减成本及短期租金支持而减 少。 公告称，收益减少乃由于期内缺乏卖座电影上映，导致入场人数减少。 橙天嘉禾(01132)公布2025年中期业绩，持续经营业务收益约3.63亿港元，同比减少2%;股权持有人应占 溢利1.37亿港元，同比扭亏为盈;每股盈利4.88港仙。 ...

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]

L A I S U N G R O U P 麗新集團 Lai Sun Group © All rights reserved 3 2025 Interim Results Presentation Mar 2025 2025 Interim Results Overview L A I S U N G R O U P 麗新集團 Lai Sun Group © All rights reserved Results summary – stability amid uncertain environment Lai Sun Development Company Limited ("LSD") Stock Code: 488 47.23% 55.60% 63.40% The Lam Family Lai Sun Garment (International) Limited ("LSG") Stock Code: 191 eSun Holdings Limited ("eSun") Stock Code: 571 Lai Fung Holdings Limited ("LFH") Stock Code: 112 ...

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]

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]