去年中期业绩大幅倒退的猫眼娱乐，想不到全年业绩迎来大翻身，公司发布盈利预喜，预计 2025 年盈利将大幅增长 ▶ 公司预计全年盈利同比最高增长逾两倍 ▶ 期内收入上升12.7%至15% Image Key takeaways: 去年初，《哪吒2》打破多项纪录，劲收154.6亿元，更成为全球有史以来最卖座的动画片。正当人们对电影业及相关公司业绩寄予厚 望时，线上电影票务平台 猫眼娱乐 （1896.HK）的中期业绩却给市场泼了冷水，盈利同比大幅下滑37%。 《哪吒2》之后，第二季度电影市场后劲不足，更有分析估计《哪吒2》透支了庞大观众的消费力，预计下半年相关企业表现并不乐 观。岂料猫眼娱乐近日发布盈喜，似乎再次令众多投资者大跌眼镜。 公司预计2025年收入介于46至47亿元水平，同比上升12.7%至15.1%。收入升幅虽仅一成多，但盈利则达到5.4亿元至5.9亿元，同比大 幅增长196.9%至224.4%。 另外，去年全国营业性演出的票房收入表现理想，达到617亿元，同比上升6.4%。市场向好，集团在现场演出业务上也因此受益， GMV创历史新高，增速远超同行。 除收入增加外，成本控制也取得成效。集团聚焦优质影片的 ...

其次，猫眼参与多部电影项目，成绩及盈利不俗，包括《唐探1900》带来36亿票房收入、《浪浪山小妖 怪》票房17亿、《长安的荔枝》带来6.91亿元票房、《鬼灭之刃：无限城篇第一章猗窝座再袭》带来 6.78亿元票房及《罗小黑战记2》带来5.33亿元票房。花旗预测，今次盈喜公布将带动该股股价表现正 面，并继续视猫眼为电影板块中内容投资的关键领导者。 智通财经APP获悉，花旗发布研报称，猫眼娱乐(01896)发盈喜，预计2025财年收入为46亿至47亿元人民 币(下同)，符合该行46.6亿元预测;纯利5.4亿至5.9亿元，同比增长197%及224%，胜花旗预测4.22亿元， 高出34%。花旗予猫眼娱乐目标价9.3港元，基于2026年调整市盈率14倍，评级"买入"。 花旗认为，猫眼去年业绩表现优异原因在于，去年是中国电影的好年份，电影《哪吒2》带来150亿元票 房贡献，而去年中国总票房为520亿元，较花旗预测的470亿高出6%，猫眼作为最大票务平台，有利其 票务收入。 ...

花旗发布研报称，猫眼娱乐(01896)发盈喜，预计2025财年收入为46亿至47亿元人民币(下同)，符合该行 46.6亿元预测;纯利5.4亿至5.9亿元，同比增长197%及224%，胜花旗预测4.22亿元，高出34%。花旗予猫 眼娱乐目标价9.3港元，基于2026年调整市盈率14倍，评级"买入"。 花旗认为，猫眼去年业绩表现优异原因在于，去年是中国电影（600977）的好年份，电影《哪吒2》带 来150亿元票房贡献，而去年中国总票房为520亿元，较花旗预测的470亿高出6%，猫眼作为最大票务平 台，有利其票务收入。 其次，猫眼参与多部电影项目，成绩及盈利不俗，包括《唐探1900》带来36亿票房收入、《浪浪山小妖 怪》票房17亿、《长安的荔枝》带来6.91亿元票房、《鬼灭之刃：无限城篇第一章猗窝座再袭》带来 6.78亿元票房及《罗小黑战记2》带来5.33亿元票房。花旗预测，今次盈喜公布将带动该股股价表现正 面，并继续视猫眼为电影板块中内容投资的关键领导者。 ...

| 序号 关键词 | | | | --- | --- | --- | | 1 | 谢娜恳请不要将镜头对准孩子 1738687 | 新 | | 2 | 鹿哈官宣得女 831669 | 新 | | 3 | 钱枫近况 682653 | 新 | | ব | 谢娜带双胞胎女儿上课 570280 | 新 | | 5 | 周杰伦演唱会 566375 | 新 | | 6 | 杨幂柳智敏撞衫 528335 | 新 | | 7 | 时代少年团 单飞 410985 | 热 | | 8 | 闵熙珍放弃255亿韩元赔偿 269949 | 新 | | 9 | 华策解散电影部门 231850 | 新 | | 10 | 吴昕自曝录制快本三四个月还是想走 213680 | 热 | 2月25日，话题"华策解散电影部门"登上热搜，引发热议。 爱企查App显示，浙江华策影视股份有限公司成立于2005年10月，法定代表人为赵依芳，注册资本约19亿元人民币，经营范围包括制作、复制、发行专 题、专栏、综艺、动画片、广播剧、电视剧等，由傅梅城、杭州大策投资有限公司、北京鼎鹿中原科技有限公司等共同持股。 对外投资信息显示，该公司直接对外投资超70家企业，分布 ...

Core Viewpoint - Recent reports suggest that Huace Film and Television has internally announced the dissolution of its film department, but the company clarified that the film division still exists and will continue to operate with a more cautious approach in project selection and increased use of AI technology in film production [1] Group 1: Company Operations - Huace Film and Television's film and cinema business is expected to account for only a single-digit percentage of total revenue in 2024 [1] - The company's main business includes television production and distribution, television copyright distribution, and talent agency services [1] Group 2: Financial Performance - In the third quarter of 2025, Huace reported an operating revenue of 251 million yuan, a year-on-year decline of 52.2% [2] - The net profit attributable to the parent company for the same period was 57.61 million yuan, down 39.4% year-on-year, while the net profit excluding non-recurring items was 12.39 million yuan, reflecting an 82.9% decrease [2] Group 3: Box Office Performance - In 2025, four major films invested by Huace did not meet market expectations, with the highest-grossing film, "Assassination of a Novelist 2," earning 388 million yuan, while others like "The Legend of Qin," "Wild Times," and "My Friend Andrew" grossed 291 million yuan, 19.1 million yuan, and 1.5784 million yuan respectively [1] - Although Huace participated in the investment of "Detective Chinatown 1900," which grossed approximately 2.354 billion yuan during the Spring Festival, the revenue contribution to the company was only about 2.29 million to 3.1 million yuan during that period [1]

花旗发表研报指，猫眼娱乐发盈喜，预计2025财年收入为46亿至47亿元，符合该行46.6亿元预测；纯利 5.4亿至5.9亿元，按年增长197%及224%，较该行预测的4.22亿元高出34%。花旗认为，猫眼去年业绩表 现优异原因在于，去年是中国电影的好年份，电影《哪吒2》带来150亿元票房贡献，而去年中国总票房 为520亿元，较花旗预测的470亿高出6%，猫眼作为最大票务平台，有利其票务收入。其次，猫眼参与 多部电影项目，成绩及盈利不俗，包括《唐探1900》带来36亿票房收入、《浪浪山小妖怪》票房17亿、 《长安的荔枝》带来6.91亿元票房、《鬼灭之刃：无限城篇第一章猗窝座再袭》带来6.78亿元票房及 《罗小黑战记2》带来5.33亿元票房。花旗预测，今次盈喜公布将带动该股股价表现正面，并继续视猫 眼为电影板块中内容投资的关键领导者。花旗予猫眼娱乐目标价9.3港元，基于2026年调整市盈率14 倍，评级"买入"。 ...

Core Viewpoint - Citigroup's report indicates that Maoyan Entertainment has issued a positive earnings forecast, expecting revenue for the fiscal year 2025 to be between 4.6 billion to 4.7 billion yuan, aligning with Citigroup's prediction of 4.66 billion yuan. The net profit is projected to be between 540 million to 590 million yuan, representing a year-on-year growth of 197% to 224%, exceeding Citigroup's forecast of 422 million yuan by 34% [1] Company Performance - Maoyan's strong performance last year is attributed to a favorable year for Chinese cinema, with the film "Nezha 2" contributing 15 billion yuan to box office revenue. The total box office in China reached 52 billion yuan, surpassing Citigroup's prediction of 47 billion yuan by 6% [1] - As the largest ticketing platform, Maoyan benefits from increased ticketing revenue [1] Film Contributions - Maoyan participated in several successful film projects, including: - "Detective Chinatown 1900" with 3.6 billion yuan in box office revenue - "Luo Xiaohei's Battle of the Black" with 533 million yuan in box office revenue - "Demon Slayer: Mugen Train" with 678 million yuan in box office revenue - "The Lychee of Chang'an" with 691 million yuan in box office revenue - "Wandering Earth" with 1.7 billion yuan in box office revenue [1] Stock Outlook - Citigroup predicts that the positive earnings announcement will have a favorable impact on Maoyan's stock price and continues to view Maoyan as a key leader in content investment within the film sector. The target price for Maoyan Entertainment is set at 9.3 HKD, based on a 14 times adjusted price-to-earnings ratio for 2026, with a "Buy" rating [1]

韩浩月/文 根据国家电影局统计，截至2月24日上午9时，2026年春节档票房为57.52亿元，观影人次为 1.20亿。其中，《飞驰人生3》以29.27亿元居首位，《惊蛰无声》获8.68亿元、《镖人：风起大漠》获 8.06亿元，分列二三位。 与去年春节档相比，今年春节档数据下滑明显：2025年春节档票房为95.10亿元，观影人次为1.87亿，位 居首位的《哪吒2》票房为48.39亿元。对比之下，今年档期总票房减少37.58亿元，跌幅39.54%；观影 人次减少6700万，跌幅35.83%；票房冠军收入缩水19.12亿元，跌幅39.51%。 多项主要数据显示，2026年春节档整体跌幅已逼近四成。去年《哪吒2》作为现象级电影为票房做出巨 大贡献，而收获22.78亿元票房的《唐探1900》，依然能与《哪吒2》构成春节档的"双引擎"。今年《飞 驰人生3》票房断崖式领先，意味着春节档票房呈现进一步两极分化的态势。再联系到今年春节档预售 期时的"低开低走"，这一档期存在的问题，已经随着数据一起水落石出。 资方不愿冒险，导演不敢创新，观众不愿埋单——这些问题，分别对应了今年春节档"IP与续拍是主 流，故事内容缺乏吸引力，观众 ...

Core Viewpoint - The article highlights the rising stars in the film industry for 2025, focusing on actors who demonstrate strong performance skills and box office appeal, showcasing their significant contributions to cinema [1] Group 1: Male Actors - Liu Haoran is recognized for his roles in "Detective Chinatown 1900" and "Nanjing Photo Studio" [1] - Jiang Wu is noted for his performances in "The Stage" and "731" [1] - Dong Chengpeng (Da Peng) is acknowledged for his work in "The Lychee of Chang'an" [1] - Xiao Zhan is highlighted for his roles in "The Legend of the Condor Heroes: The Great Hero" and "Take It Easy" [1] - Zhu Yawen is mentioned for his performances in "The Volunteer Army: Blood and Peace" and "Dumpling Queen" [1] Group 2: Female Actors - Gao Ye is recognized for her role in "Nanjing Photo Studio" [1] - Zhang Zifeng is noted for her performances in "Chasing the Wind" and "The Volunteer Army: Blood and Peace" [1] - Actress Ma Li is acknowledged for her work in "Dumpling Queen" and "You Can Do It!" [1] - Zhuang Dafei is highlighted for her roles in "The Legend of the Condor Heroes: The Great Hero" and "The Lychee of Chang'an" [1] - Yang Enyou is mentioned for her performances in "Malice," "Nanjing Photo Studio," "Paradise Travel Group," and "I Will Be Fine" [1]

Core Viewpoint - The event "Romantic Appointment: When Spring Festival Meets Winter Olympics" held in Rome symbolizes the cultural exchange between China and Italy, promoting mutual understanding and friendship through art and music [2][5][12]. Group 1: Event Overview - The music concert was organized by China Central Television and supported by the Chinese Embassy in Italy, featuring around 200 attendees from various sectors including politics, culture, and media [2]. - The event coincides with the ongoing preparations for the 2026 Milan-Cortina Winter Olympics, aiming to interpret the Olympic spirit through artistic expressions [3][11]. Group 2: Cultural Significance - The Spring Festival is highlighted as a cultural symbol of Chinese civilization, celebrated by approximately one-fifth of the global population in nearly 20 countries [5]. - The collaboration between Italy and China in cultural fields is emphasized, with recent agreements to enhance film co-productions, fostering deeper mutual understanding [6][10]. Group 3: Statements from Officials - Italian House Speaker Fontana noted the importance of the event in promoting Olympic values and cultural appreciation between nations [3]. - Chinese officials, including the Deputy Minister of the Publicity Department, emphasized the role of music and film in bridging cultural gaps and enhancing bilateral relations [5][8]. - Italian Culture Minister Giuli remarked on the historical and cultural ties between Italy and China, reinforcing the commitment to artistic collaboration [6]. Group 4: Musical Performances - The concert featured performances of notable film scores from both Chinese and Italian cinema, showcasing the artistic achievements of both nations [11][12]. - The event concluded with a performance of the official song for the 2026 Winter Olympics, creating a celebratory atmosphere [11].