"一部电影的成败，原本是再平常不过的事情，但是这次国庆档所有新电影输给老片，确实令人沮丧。"麦特影业老板陈励志的感慨，在公司主投项目《毕 证明的证明》征战国庆档票房失利之后。 正如他所说，电影有成功就有失败，麦特在2024年主控的《好东西》便成为冷档期的黑马，以中小成本的投资，不仅斩获了7亿+的票房，豆瓣评分还一 度高达9.0，与《我不是药神》持平。一年后的今天，该片的豆瓣评分也仍然有8.9，放眼2025年，还没有一部能与之相抗衡的片子。 | 语言: 汉语普通话 | 3星 8.5% | | --- | --- | | | 2星 1.4% | | 上映日期: 2024-11-22(中国大陆) / 2024-11-13(金鸡国产电 | 1星 0.9% | | 影展) / 2024-11-16(大规模点映) | | | 片长: 123分钟 | 好友评分 [? | | 又名: 爱情神话平行篇：好东西 / 爱情神话·平行篇 / 爱情神 | | | 话2 / Herstory / Her Story | | | IMDb: tt31807233 | 好于 98% 剧情) | | | 好干 98% 폴槽 | 但《毕证明的证 ...

中金主要观点如下： 头部影片欠缺，档期票房表现平淡 2025年国庆档前7天票房17.3亿元，较去年同期下降17.8%，低于预期；观影人次4,712万人次，较去年 同期下降9.6%；平均票价36.7元，较去年同期下降9.1%。分时间看，今年国庆档首日票房3.2亿元，同 比亦有下滑。因长假期集中出游分流影响且头部影片欠缺，档期票房不及预期。 档期影片票房较为均衡，渠道端竞争格局基本稳定 内容端：截至10月7日，由中国电影主控出品的《志愿军：浴血和平》实现票房为4.28亿元，票房占比 24.8%，《731》《刺杀小说家2》分别位列第二和第三，票房占比分别为19.2%和16.2%。今年档期单部 影片票房均未超5亿元(2024年同期有1部)，且1～3亿元影片数量居多，头部影片欠缺。渠道端：影投前 十名合计市场份额为33.1%，同比略有下降。当前影院竞争格局相对稳定。 智通财经APP获悉，中金发布研报称，根据艺恩数据，2025年国庆档(10月1日~10月7日)前7天总票房 17.3亿元(10月8日上午10时统计，含服务费，下同)，同比去年7天总票房下降17.8%，预计全档期8天票 房或低于此前预期的中性情形下的28亿元。 ...

Core Viewpoint - The company reported a revenue of 2.472 billion yuan for the first half of 2025, reflecting a year-on-year growth of 13.9%, with a notable performance in live events and a stable market share in ticketing services [1][2]. Revenue Summary - Entertainment content service revenue reached 1.209 billion yuan, up 18% year-on-year [1]. - Online entertainment ticketing service revenue was 1.18 billion yuan, showing a year-on-year increase of 12.8% [1]. - Advertising services and other revenues decreased to 83 million yuan, down 17.3% year-on-year [1]. - The overall ticket volume in the market increased by 17% year-on-year, with the company's market share remaining stable [1]. Profit Summary - The net profit for the first half of 2025 was 179 million yuan, a decline of 37% year-on-year, while the adjusted net profit was 235 million yuan, down 33% year-on-year [1][2]. - The gross profit margin was 37.9%, reflecting a decrease of 15.4 percentage points year-on-year due to increased content costs and higher investments in live performances [2]. - Sales and management expenses decreased by 12.2% and 20.2% respectively, indicating ongoing cost reduction and efficiency improvement efforts [2]. Future Outlook - The film industry is expected to enter a new product cycle in 2025, with the company positioned to benefit from industry recovery [3]. - Upcoming film releases include titles such as "Assassination Novelist 2" and "Panda Project 2," which are anticipated to enhance revenue performance [2][3]. - The live performance sector continues to grow, with the company actively capturing market share [2][3]. Investment Recommendation - The company is projected to achieve revenues of 4.598 billion yuan, 5.371 billion yuan, and 6.068 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13%, 17%, and 13% [3]. - Adjusted net profits are forecasted to be 472 million yuan, 671 million yuan, and 819 million yuan for the same years, reflecting significant growth [3]. - A target market value of 11 billion HKD is set, with a target price of 9.5 HKD based on a relative valuation method [3].