Group 1 - The core viewpoint of the report indicates that the mainland movie box office experienced a year-on-year growth of approximately 23% in the first half of the year, primarily driven by the success of "Nezha 2," which accounted for half of the total box office [1] - Recent months have shown a continuous decline in box office performance, with July experiencing a double-digit percentage drop [1] - The films released and produced by Maoyan Entertainment had a lackluster performance in the first half of the year, with "Flames on the Plain" and "Traveling Through the Moon" recording box office revenues of approximately 19 million and 189 million respectively [1] Group 2 - Based on the latest trends, the company has revised its full-year box office forecast down from 50 billion to 46 billion [1] - The full-year revenue and non-International Financial Reporting Standards profit forecasts have been adjusted downwards by 8% and 15% respectively [1] - The company maintains a "Buy" rating, with the target price revised down from 9.2 HKD to 8.6 HKD [1]

Group 1 - Cat's Eye Entertainment (01896) experienced a decline of over 6%, currently trading at 7.51 HKD with a transaction volume of 110 million HKD [1] - As of August 4, the total box office for the summer season in 2025 reached 7.054 billion CNY, with a relatively quiet first half of the summer season from June 1 to July 17, accumulating less than 3.5 billion CNY [1] - The release of films such as "The Lychee of Chang'an," "The Legend of Hei 2," and "Nanjing Photo Studio" has boosted the summer box office, doubling the cumulative box office in just two weeks [1] Group 2 - CICC's report anticipates that Cat's Eye Entertainment will release its first half performance in mid to late August, projecting revenue of 2.502 billion CNY, a year-on-year increase of 15.3% [2] - The expected net profit attributable to shareholders is 165 million CNY, a year-on-year decrease of 42.4%, while the Non-IFRS net profit is projected at 219 million CNY, down 37.8%, falling below market expectations [2] - The underperformance of films in which the company invested, along with lower-than-expected gross margins, contributed to the profit decline, with notable films like "Detective Chinatown 3," "Dumpling Queen," and "The Time of Sons" performing below expectations [2]

Group 1 - Cat's Eye Entertainment's stock dropped over 6%, currently at 7.51 HKD with a trading volume of 110 million HKD [1] - As of August 4, the total box office for the summer season reached 7.054 billion CNY, with a significant increase in ticket sales following the release of several films [1] - The first half of the summer season was relatively weak, with a cumulative box office of less than 3.5 billion CNY from June 1 to July 17, but saw a doubling of ticket sales in the following two weeks [1] Group 2 - CICC forecasts that Cat's Eye Entertainment will release its first half performance report in mid to late August, expecting revenue of 2.502 billion CNY, a year-on-year increase of 15.3% [2] - The expected net profit attributable to shareholders is 165 million CNY, a year-on-year decrease of 42.4%, with Non-IFRS net profit at 219 million CNY, down 37.8%, below market expectations [2] - The underperformance in box office revenue from films the company invested in, along with lower-than-expected gross margins, contributed to the profit decline [2]