从目前披露的片单来看，博纳影业2026年将迎来产品大年。随着多部重量级影片的陆续定档与上映，公 司核心主业的盈利能力和可持续性有望得到进一步验证。 1月30日，博纳影业（001330.SZ）发布2025年度业绩预告。公告显示，2025年公司出品的电影、剧集上 映数量不足，多部电影、剧集尚处于不同的制作阶段，暂未产生直接经济收益。公司将全面推进电影、 剧集的高品质内容生产。 除春节档外，博纳影业2026年储备了多部电影和剧集项目，涵盖喜剧、历史、动作等丰富题材。电影方 面，主旋律大片《四渡》《克什米尔公主号》等大制作电影均有望年内上映，《她杀》《村超》《蛮荒 禁地》等多元类型电影同样备受期待。此外，多部剧集处于不同开发阶段，古装历史大剧《钦差大臣林 则徐》在剧本创作中，抗战史诗剧《东江纵队》正在筹备中。除传统影视项目以外，AI原生电影《三 星堆：未来往事》同样在国家电影局立项公示，目前处于审核阶段。 ...

华鑫证券研报指出，博纳影业2025年主业差强人意业绩承压落地，看2026年内容新产品与AI新驱动。 2026年春节档公司参与影片《飞驰人生3》有望为一季度业绩带来新增量，后续可关注内容作品革命历 史题材的《四渡》、谍战大片《克什米尔公主号》、以及《蛮荒禁地》《她杀》等影片定档进展。公司 推出过"山河海三部曲"系列、"中国骄傲三部曲"系列、"中国胜利三部曲"系列均奠定了行业地位，同时 后续拟将加大自有优质IP开发力度，同时通过参与投资等方式加强IP资源整合，2026年静待内容作品再 续新篇章。公司积极推进"AI+影视"战略，构建影视创作全链路的智能闭环，助力影视产业步入"人机共 创"新纪元，释放AIGC的价值。作为影视行业民企，持续专注打造内容产品并进行全产业链布局，基于 行业深耕多年也构筑了优质内容护城河，AI时代公司积极拥抱，已推出AIGC短剧《三星堆：未来启示 录》，基于2026年公司电影产品与AI电影新供给有望助力主业回暖，进而维持"买入"投资评级。 ...

本报讯 （记者殷高峰）1月30日晚间，博纳影业集团股份有限公司（以下简称"博纳影业"）发布2025年 度业绩预告。公告显示，公司预计2025年归属于上市公司股东的净亏损为12.61亿元至14.77亿元。 对于去年业绩的亏损，博纳影业在公告中表示，报告期内，公司全年出品影片合计票房较上年同期有所 下降，单一影片亏损较大。2025年公司出品的电影、剧集上映数量不足，多部电影、剧集尚处于不同的 制作阶段，暂未产生直接经济收益。同时，博纳影业及下属子公司结合行业发展、目前企业经营情况及 对未来经营情况的判断，根据相关会计政策规定，对可能发生资产减值损失的相关资产计提减值准备。 除春节档外，博纳影业2026年储备了多部电影和剧集项目，涵盖喜剧、历史、动作等丰富题材。电影方 面，包括主旋律大片《四渡》《克什米尔公主号》等大制作电影均有望在2026年与观众见面。此外， 《她杀》《村超》《蛮荒禁地》等多元类型电影也备受期待。剧集方面，古装历史大剧《钦差大臣林则 徐》、抗战史诗剧《东江纵队》等多部剧集处于不同开发阶段。公司运用AI技术打造的《三星堆：未 来往事》已在国家电影局立项公示，目前处于审核阶段，有望成为国内首部院线AI ...

2026 年 02 月 02 日 看 2026 年内容新产品与 AI 新驱动 —博纳影业（001330.SZ）公司事件点评报告 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2026-01-30 | | --- | --- | | 当前股价（元） | 9.6 | | 总市值（亿元） | 132 | | 总股本（百万股） | 1375 | | 流通股本（百万股） | 1375 | | 52 周价格范围（元） | 4.04-13.35 | | 日均成交额（百万元） | 436.19 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 博纳影业 沪深300 博纳影业发布 2025 年业绩预告公告：2025 年公司归母净利 润亏损 12.61~14.77 亿元，扣非净利润亏损 12.82~14.999 亿 元；业绩亏损主要由于影片票房同比下降、资产减值损失。 投资要点 ▌ 2025 年主业差强人意 业绩承压落地 公司主营业务为电影业务、电影院业务、剧集业务等，2025 年公司主投并发行电影《蛟龙行动》票房不 ...

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 报告摘要 公司披露 2025 年年度业绩预告。公司预计 2025 年归属于上市公司股东的净利润为负 值，经营业绩将出现亏损。公司 2025Q1~Q3 实现营收 9.72 亿元，同比增长 1.29%， 归母净利润-11.1 亿元，同比下滑 213.11%。 请务必阅读正文之后的重要声明部分 股价与行业-市场走势对比 公司持续深化电影主业，推进院线布局与剧集市场稳步发展。根据拓普数据，2025 年全年全国电影市场总票房 518.32 亿元（yoy+21.95%），观 ...

Core Viewpoint - Bona Film Group's market value plummeted by nearly 8 billion yuan within 15 trading days due to disappointing box office performance of "Avatar 3," highlighting the fragility of the high-investment, high-volatility model in the film industry [1][8]. Group 1: Stock Price Volatility - In early December 2025, Bona Film's stock surged by 87.76% in 9 days, reaching a market value of over 18.3 billion yuan due to expectations surrounding "Avatar 3." However, after the film's release, its box office fell to less than 1.2 billion yuan, significantly lower than the previous installment's 1.7 billion yuan [2][9]. - The market's loss of confidence led to consecutive trading halts, resulting in a 43% decrease in market value by January 6, 2026. Despite Bona's attempts to reassure investors about its limited exposure to "Avatar 3," the stark contrast between expectations and reality revealed the speculative risks tied to blockbuster dependency [2][9]. Group 2: Capital Withdrawal Amidst Share Reduction - Amidst the stock price collapse, major shareholder CITIC Securities and its affiliates planned to reduce their stake by approximately 2%, potentially cashing out around 208 million yuan at current stock prices. This reduction is part of a broader trend, with other shareholders like Alibaba Pictures also decreasing their stakes [3][10]. - The collective exit of shareholders reflects the deteriorating fundamentals of Bona Film, which reported cumulative losses exceeding 2.6 billion yuan from 2022 to the first three quarters of 2025, with a loss of 1.11 billion yuan in the first three quarters of 2025 alone [3][10]. Group 3: Structural Challenges - Bona Film's difficulties stem from an imbalanced business model, with over 80% of its revenue in the first half of 2025 reliant on cinema operations, which had a low gross margin of 14.73%. The film investment segment's gross margin plummeted to -534.63% due to the poor performance of "Operation Dragon" [4][11]. - Cash flow pressures are severe, with cash reserves of 1.356 billion yuan against interest-bearing liabilities of 4.921 billion yuan, resulting in a funding gap exceeding 3.5 billion yuan. To alleviate this pressure, Bona has even reduced capital by 70 million yuan in a subsidiary to repay debts [4][11]. Group 4: Industry Warnings - The underperformance of "Avatar 3" signals a broader decline of Hollywood IP in the Chinese market, with its box office share dropping to 15.1% in 2024 from 38.7% in 2017. Audience fatigue with high ticket prices and lengthy runtimes has diminished the marginal returns of visual spectacle films [5][12]. - Bona Film is attempting to pivot through patriotic blockbusters and AI short dramas, but faces risks of homogenization and unproven commercial viability. Additionally, governance issues persist, with the controlling shareholder's 48.7% stake frozen and regulatory penalties for non-operational fund misuse [5][12]. Group 5: Future Outlook - In the short term, Bona Film must navigate stock price pressures from share reductions. Long-term survival hinges on moving away from reliance on blockbuster hits and developing a more balanced content portfolio and cost control system [6][13]. - The competitive landscape in the film industry is shifting from IP monopolization to content innovation and operational efficiency. As capital enthusiasm wanes, it remains to be seen if Bona can regain market trust through upcoming projects like "Fast Life 3," but the era of relying solely on "Avatar 3" for performance recovery is over [6][13].

Group 1 - Bona Film Group (博纳影业) is involved in the production and investment of the epic film "Four Crossings," which will be released in 2026 to commemorate the 90th anniversary of the Red Army's Long March [1][2] - The film "Four Crossings" focuses on the military career of Mao Zedong and the "Four Crossings of the Red River" battle, aiming to depict a historical moment of a military miracle [2] - The production team of "Four Crossings" has conducted extensive research and consulted military experts to ensure historical accuracy in the film's portrayal [2][3] Group 2 - The film "Use of Force," produced by Bona Film Group, has begun nationwide previews and is set to be released on December 31, 2023, featuring IMAX special filming [4] - "Use of Force" is based on real-life experiences of hostages and aims to present the harsh realities faced by ordinary people in war [4] - "Fast and Furious 3," another film by Bona Film Group, is scheduled for release during the Spring Festival, with optimistic box office predictions based on the success of its predecessors [4] Group 3 - The Chinese film market has seen a total box office exceeding 50 billion yuan in 2025, indicating a continuous recovery and providing ample space for quality content [5] - The Spring Festival period remains a significant box office opportunity, consistently ranking as the highest point of annual revenue [5]

Core Viewpoint - Bona Film Group has experienced significant stock price volatility, with a cumulative decline of over 20% in the last three trading days, marking the fourth announcement of abnormal trading fluctuations in December [1] Group 1: Stock Performance - The stock price surged over 87% from December 1 to December 12, followed by two consecutive trading halts, with a closing price of 9.83 yuan on December 17, down 9.15%, resulting in a total market capitalization of 13.512 billion yuan [1] - From December 15 to December 17, the trading data showed a total transaction volume of 934 million yuan, with net selling of 200 million yuan, primarily by CITIC Securities and the Shenzhen Stock Connect [1] Group 2: Company Operations - Bona Film Group has confirmed that it does not have any violations of information disclosure and that its business operations remain normal without significant changes in the internal and external environment [2] - The company is actively developing a diverse range of film and television projects, including major productions and various genres, and is participating in multiple upcoming holiday releases [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 972 million yuan, a year-on-year increase of 1.29%, but a net loss of 1.109 billion yuan, with losses widening by 213.11% compared to the previous year [3] - The company remains in a loss-making position, and future profitability is uncertain, indicating potential risks for investors [3]

Core Viewpoint - Bona Film Group (001330.SZ) announced on its investor interaction platform that two films, "Four Crossings" and "Kashmir Princess," are in post-production and will be released after completion [1] Group 1 - The company is actively working on the post-production of two films [1] - The release dates for "Four Crossings" and "Kashmir Princess" will be determined after the completion of their post-production [1]

Group 1 - Bona Film Group announced that funds will be used for film production, with projects including "She Kills," "Kashmir Princess," and "Four Crossings" [1] - The funding is backed by guarantees from Bona Film Group and its subsidiaries, indicating a commitment to support film projects [1] - Beijing Bona has been a key player in the film and series business, participating in approximately 30 films, including box office hits like "The Battle at Lake Changjin" and "Operation Red Sea" [1] Group 2 - Beijing Bona's box office performance has been declining, with a reported revenue of -204 million yuan and a net loss of -671 million yuan for the first nine months of the year [2] - The poor performance is attributed to the underwhelming box office results of the film "Dragon Action," which did not meet expectations during the Spring Festival release [2] - Industry experts suggest that the competition from other films, particularly "Nezha: Birth of the Demon Child," significantly impacted "Dragon Action's" performance [2]