证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 博纳影业（001330.SZ） AI+影视战略加速推进，关注储备内容上线节奏 事件：公司发布 2025 半年报。2025H1 公司实现营收 6.73 亿元（yoy+5.09%），主要 是由于公司影院业务春节档回暖，归母净亏损 10.56 亿元（yoy-661.93%），扣非净亏 损 10.92 亿元（yoy-637.75%），主要是由于公司部分投资与推广影片受到市场表现波 动影响。2025Q2 实现营 收 1.48 亿元（ yoy-26.39%），归母净亏损 1.00 亿元 （yoy+30.30%），扣非净亏损 1.07 亿元（yoy+19.70%）。 市占率排名保持稳定，影院持续优化运营。据公司报告，2025H1 全国电影票房 292.3 亿元（yoy+23.0%），观影人次 6.4 亿（yoy+16.9%）。公司旗下影院票房收入 4.39 亿 元（不含服务费）（yoy+12.81%），电影院业务营收 5.44 亿元（yoy+7.75%）。其中 2025Q2 受电影大盘较为低迷和影院经营固定成本刚性影响，预计影院业务处 ...

此次携手红果短剧、浙江卫视出品横屏精品短剧《天罗地网》，是博纳影业正式扩展战略版图，延伸业 务边界闯入短剧赛道的重要标志。此前，博纳影业董事长于冬曾在第十五届北京国际电影节相关活动上 表示，博纳影业作为内容制作企业，不仅要聚焦600亿元规模的电影市场，还要面对500亿元至600亿元 的短剧市场以及1000亿元规模的长剧市场。 5月13日，博纳影业携手红果短剧、浙江卫视(中国蓝新平台)联合出品的首部女性视角反网暴题材的精 品短剧《天罗地网》在山东青岛开机。据悉，《天罗地网》将于6月在红果短剧、抖音双平台同步上 线。 历经几年的迅猛发展，短剧已经成为新大众文艺的重要组成部分，是主流网络视听形态之一。据第三方 数据机构QuestMobile统计，截至2025年3月，红果月活用户超1.73亿，断层式领先短剧APP排行榜，与 老牌长视频平台优酷仅相差1200万。 博纳影业深耕影视行业多年，不断向产业链上下游延伸，是行业内少数完成电影全产业链布局的影视行 业领军企业。而入局短剧市场，博纳影业无疑拥有能够"取长补短"的影视剧制作实力，将电影级美学注 入多屏场景，进一步推动短剧向精品化升级，以多维度艺术创新持续满足观众的审美 ...

Core Insights - The film market is experiencing a significant downturn in 2024, with total box office revenue at 42.502 billion yuan, lower than 43.81 billion yuan in 2015, indicating a challenging environment for the industry [1] - Bona Film Group is focusing on solidifying its core business in the film industry while exploring new growth areas such as short and long series, and AIGC (Artificial Intelligence Generated Content) to inject new momentum into its development [1] Group 1: Film Production and Box Office Performance - In 2023, Bona Film Group invested in and released 7 films, generating a total box office of 4.697 billion yuan, with notable successes including the comedy "Fast and Furious 2" at 3.36 billion yuan and the patriotic film "Volunteer Army: Life and Death Battle" at 1.21 billion yuan [2] - The film "Legend," featuring a digital human lead, utilized Deepfake technology to recreate actor Jackie Chan at age 27, showcasing Bona's innovative approach and achieving global sales across over 100 countries [2] Group 2: Awards and Recognition - At the 20th China Film Huabiao Awards, Bona's film "Nameless" won the Excellent Cinematography Award, while "Volunteer Army: Heroic Strike" received the Excellent Feature Film honor, highlighting the company's commitment to quality filmmaking [2] Group 3: Strategic Expansion into Series and AI - Bona Film Group is expanding its strategy to include short and long series, targeting a market space of 200 billion yuan, moving beyond traditional film revenue models [4] - The drama "Shangganling" achieved a peak viewership rating of 3.515% during prime time, marking a successful entry into the series market and demonstrating Bona's ability to adapt its film production strategies to television [4] Group 4: AIGC Integration - The company released the first domestic AIGC-generated sci-fi short series "Sanxingdui: Future Revelation," which garnered 160 million views and received multiple awards, indicating a successful integration of AI technology into its content creation [5][6] - The second season of "Sanxingdui: Future Revelation" is currently in production, expected to be released in 2025, further solidifying Bona's position in the AI-driven content landscape [6] Group 5: Future Projects and Youth Development - Bona Film Group has a pipeline of over 20 film projects across various genres, including comedies, historical dramas, and action films, aiming to diversify its content offerings [3] - The company is also promoting a "Bona New Forces" initiative to support young directors, with a goal of producing three films annually to foster innovation and provide growth opportunities for emerging filmmakers [3]