证券研究报告 | 2025年09月03日 华策影视（300133.SZ） 优于大市 年报点评：营收及净利润同比向上，关注影视新品表现 上半年营收及净利润同比向上。1）上半年公司实现营业收入 7.90 亿元，归 母净利润 1.18 亿元，同比分别增长 114.94%、65.05%，对应全面摊薄 EPS 0.06 元；实现扣非归母净利润 0.72 亿元，同比增长 67.87%；；2）25 年 Q2 公司 实现营业收入2.04亿元，归母净利润0.25亿元，同比分别增长6.8%、-38.3%； 3）2024 年度公司计划每 10 股派发现金股利人民币 0.20 元（含税）；4）电 视剧制作业务大幅增长是上半年营收及净利润同比大幅改善的主要原因。 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·财报点评 传媒·影视院线 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn | | ...

电视剧业务触底向上，关注下半年影视内容表现。1）上半年公司电视剧制 作、发行业务分别实现营收 3.60、1.64 亿元，同比分别增长 1258.92%、 -9.24%；毛利率同比分别下降 23.55、5.14 个 pct 至 18.12%、61.43%；上半 年公司有 2 部新剧上映（《国色芳华》《锦绣芳华》）、3 部过审；同时开 机 6 部（《你是迟来的欢喜》《花好》《奉陪到底》《重器》《七月的一天》 《奇迹》），杀青项目 5 部（《太平年》《极限刑诉》《家业》《你是迟来 的欢喜》《成何体统》），有望为下半年年业绩奠定较好基础；2）《刺杀 小说家 2》（前作获得 10.35 亿票房）已定档 2025 年 10 月 1 日上映，有望 为电影业务贡献较大增量；3）行业来看，广电总局印发实施《进一步丰富 电视大屏内容、促进广电视听内容供给的若干举措》有望为影视内容制作行 业发展打开新空间。 短剧、动漫、算力业务崭露头角，开辟第二增长曲线。1）短剧月产能已提 升到 20 部，《以爱之名》《下一任，是幸福》《亲爱的宿敌》等精品短剧 播放均超 2 亿；2）动漫业务 IP 运营与展览双发力，，联合合孩之宝共同出 品的《小 ...

公司点评 | 猫眼娱乐 线下演出保持较高热度，积极探索 IP 衍生业务 证券研究报告 2025 年 08 月 27 日 猫眼娱乐（1896.HK）2025 年上半年业绩点评 事件：公司发布 2025 年上半年业绩报告，实现营业收入 24.72 亿元， YoY+13.9%，毛利率 37.9%，YoY-15.4pct，期内利润 1.78 亿元，YoY-37.3%， 经调整净利润 2.35 亿元，YoY-33.2%。 二季度电影大盘票房表现相对疲软，线下演出市场保持较高热度。1H25 公 司在线娱乐票务服务收入 11.80 亿元，YoY+12.81%。据国家电影局，在春 节档头部影片带动下，1H25 全国电影总票房 292.31 亿元，YoY+22.91%， 观影人次为 6.41 亿，YoY+16.89%。据猫眼专业版统计，二季度大盘票房表 现相对疲软，总票房 67.71 亿元，YoY-33.68%，而暑期档仍彰显韧性，截 至 8 月 24 日，档期累计票房超 110 亿元，接近去年整体水平。1H25 线下演 出市场整体保持较高的热度与活力，其中公司在地方曲艺、休闲展览和脱口 秀等品类 GMV 同比增长均超过 80 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the media and entertainment industry, focusing on the film, IP (Intellectual Property), gaming, online music, and AI sectors [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17]. Core Insights and Arguments Film Industry - The summer box office has shown significant improvement, with national box office revenue increasing by 74% year-on-year in the first two weeks of August, and audience numbers nearly doubling [1][4]. - Key films like "Nanjing Photo Studio" are projected to perform well, with expected box office exceeding 3 billion yuan [4]. - The logic of quality content driving box office demand remains valid, with upcoming films for the National Day holiday expected to sustain this trend [5]. IP Industry - The IP industry is accelerating its development, with companies transitioning from content creators to operators, enhancing their value through diversified revenue streams and vertical integration [1][6]. - Notable companies like Reading Group have seen their IP derivative business grow significantly, with GMV reaching 480 million yuan in the first half of 2025, nearing the total for the previous year [7][17]. Gaming Sector - The gaming sector has exceeded expectations in the first half of 2025, with companies like Xinyou, Huatuo, Perfect World, and Jibite validating the product cycles of mid-sized firms [9]. - Companies are focusing on resource strategies, with NetEase optimizing R&D resources and Xinyou launching one to two new games annually [9][10]. Online Music Industry - The online music industry shows competitive advantages and resilience in profitability, with Tencent Music's SVIP user growth strong, reaching a penetration rate of 12% [3][15][16]. - NetEase Cloud Music is in the early stages of commercialization, with significant improvements in customer acquisition ROI [16]. AI Applications - Discussions around AI applications focus on multi-modal AI, particularly in video models and advertising [11][12]. - The acceptance of AI-generated video by large B-end clients is increasing, with companies like Netflix and Disney utilizing AI tools for video production [11]. - In the AI advertising sector, companies are optimizing ad effectiveness to boost revenue, with platforms like Meta and Weibo highlighting the impact of AI on click-through rates [12]. Other Important Insights - The new policies from the National Radio and Television Administration are expected to benefit the long video and series industry by improving content supply and encouraging innovation [3][13][14]. - Long video platforms and production companies are likely to benefit from these policies, potentially improving cash flow and content quality [14]. - The IP derivative business of Reading Group is still in its early stages, with plans to expand product lines and explore new IP opportunities [17]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the media and entertainment industry.