机构：中金公司 研究员：张雪晴/焦杉 发展趋势 1H25 业绩符合市场预期 坚持精品剧开发、逐步落地产能提升，短剧业务收入超5,000 万元。长剧： 公司公布1H25 业绩：营业收入4.01 亿元，同比增长108%；Non-IFRS 净利润1,444 万元，同比扭亏为 盈，落入业绩预告1,300~1,500 万元区间，符合市场预期。 公司1H25 播出剧集《书卷一梦》，开机并杀青2 个项目。我们判断，公司长剧生产节奏稳健推进。展 望后续，我们认为平台侧对精品剧集仍有较强需求，头部剧集单价有望维持平稳趋势。短剧：2025 年 上半年，公司短剧产能快速增长，累计上线短剧超3,400 分钟，同比增长70%，当前规模达16 部/月，且 多部作品表现突出，1H25 公司短剧业务收入超5,000 万元。我们认为，公司当前阶段，短剧业务在看重 ROI基础上稳步推进。 海外业务重视长剧发行，积极落实降本增效。海外：1H25，公司海外业务收入超3,300 万元，约为1H24 的2.5 倍。1H25，公司版权剧《书卷一梦》在爱奇艺国际版、WeTV、Viu、YouTube等多家海外平台上 线；同时，公司调整片库剧的发行策略，拓展其 ...

来源：新浪港股 中金发布研报称，因短剧等新业务投入，下调柠萌影视（09857）25年Non-IFRS净利润60.6%至4，293 万元；考虑26年长剧产能有望释放，上调26年Non-IFRS净利润48.7%至1.73亿元。现价对应26年9.5倍 Non-IFRSP/E。切换至对应26年Non-IFRSP/E估值10倍，上调目标价60.6%至5.3港元，较现价5.6%上行 空间。公司公布1H25业绩，营业收入4.01亿元，同比增长108%；Non-IFRS净利润1，444万元，同比扭 亏为盈，落入业绩预告1，300~1，500万元区间，符合市场预期。 海外：1H25，公司海外业务收入超3，300万元，约为1H24的2.5倍。1H25，公司版权剧《书卷一梦》在 爱奇艺国际版、WeTV、Viu、YouTube等多家海外平台上线；同时，公司调整片库剧的发行策略，拓展 其在越南、马来西亚和俄罗斯的发行。长剧《三十而已·曼谷篇》已于8月28日播出。 盈利：公司1H25毛利率为25.2%，同比改善。因推进降本增效，公司销售和管理费用均有同比下滑。该 行预计展望全年管理费用趋势，有望保持节制。 2026年产能有望逐步释放，关 ...

中金主要观点如下： 海外：1H25，公司海外业务收入超3,300万元，约为1H24的2.5倍。1H25，公司版权剧《书卷一梦》在 爱奇艺国际版、WeTV、Viu、YouTube等多家海外平台上线;同时，公司调整片库剧的发行策略，拓展其 在越南、马来西亚和俄罗斯的发行。长剧《三十而已·曼谷篇》已于8月28日播出。 盈利：公司1H25毛利率为25.2%，同比改善。因推进降本增效，公司销售和管理费用均有同比下滑。该 行预计展望全年管理费用趋势，有望保持节制。 智通财经APP获悉，中金发布研报称，因短剧等新业务投入，下调柠萌影视(09857)25年Non-IFRS净利 润60.6%至4,293万元;考虑26年长剧产能有望释放，上调26年Non-IFRS净利润48.7%至1.73亿元。现价对 应26年9.5倍Non-IFRS P/E。切换至对应26年Non-IFRS P/E估值10倍，上调目标价60.6%至5.3港元，较现 价5.6%上行空间。公司公布1H25业绩，营业收入4.01亿元，同比增长108%;Non-IFRS净利润1,444万 元，同比扭亏为盈，落入业绩预告1,300~1,500万元区间，符合市场预期。 坚 ...

Core Viewpoint - The company, Lingmeng Film and Television, reported significant growth in its mid-year performance for the fiscal year 2025, with a revenue of 401 million RMB, marking a year-on-year increase of 108.5%, and an adjusted net profit of 14 million RMB, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 401 million RMB, which is a 108.5% increase compared to the previous year [1] - The adjusted net profit for the same period was 14 million RMB, showing a successful turnaround from losses [1] - The company is entering a profit conversion cycle in 2025 after a period of adjustment and preparation in 2024 [1] Group 2: Content Development and Production - Lingmeng Film and Television is focusing on high-quality content development, particularly in long and short drama series, which has driven revenue growth [1] - The long drama "Shu Juan Yi Meng" performed exceptionally well, achieving high ratings and significant viewership across platforms [2] - The company has multiple projects in various stages of production, including "Zi Ye Gui" currently airing and others in post-production or preparation phases [2] Group 3: Short Drama Business - The short drama segment is emerging as a key growth driver, with over 3,400 minutes of content launched, representing a year-on-year increase of over 70% [3] - The company’s short dramas have achieved significant viewership and engagement, with several titles ranking highly on various platforms [3] - Revenue from the short drama segment exceeded 50 million RMB, showing substantial growth compared to the previous year [3] Group 4: International Expansion - The company’s overseas business saw a significant increase, with revenue surpassing 33 million RMB, approximately 2.5 times that of the previous year [4] - The drama "Shu Juan Yi Meng" was successfully launched on multiple international platforms, achieving top rankings in several countries [4] - The company is exploring localized productions and small language micro-dramas, expanding its international reach [4] Group 5: Strategic Vision - The year 2025 is positioned as a "production year" for the company, leveraging policy benefits to enhance content production and commercial capabilities [5] - The company aims to build a diversified content matrix to achieve stable and robust growth in performance [5]