-〇- 行业均值 必当 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 中证智能财讯横店影视（603103）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润1.3亿元至1.8亿元，上年同期亏损9637.64万元；扣非净利润 预计6200万元至9000万元，上年同期亏损2.23亿元。以1月30日收盘价计算，横店影视目前市盈率（TTM）约为89.85倍-124.4倍，市净率（LF）约12.59倍， 市销率（TTM）约7.19倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 500 452.95 08100 200 100 370 0 4 23 85 59.27 54.36 -100 -176.22 -200 2020-12-37 2021-12-37 202-06-30 2021-06-30 3-06-30 2022-12-37 3-12-37 2n- -○- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市盈率(TTM)历史分位(％) 100 ହ 90 85 05 80 70 60 50 40 36.23 30 20 10 0 2 ...

格隆汇1月30日丨横店影视(603103.SH)公布，公司预计2025年年度实现归属于上市公司股东的净利润为 1.3亿元至1.8亿元。公司预计2025年年度实现归属于上市公司股东的扣除非经常性损益后的净利润为 6200万元至9000万元。 本期业绩扭亏为盈的主要原因：电影放映及相关衍生业务方面，根据国家电影局发布数据，中国电影市 场全年电影票房为518.32亿元，同比增长21.95%，城市院线观影人次为12.38亿，同比增长为22.57%。 受行业回暖、热门影片带动电影市场大盘增长，以及公司强化经营管理、深入多元化经营等因素影响， 报告期内公司电影放映及相关衍生业务收入实现同比增长。同时，公司持续贯彻精细化管理和降本增效 措施，报告期内整体经营效率有效提升。影视投资、制作及发行业务方面，电影板块，公司全资子公司 浙江横店影业有限公司出品的《熊出没·重启未来》《射雕英雄传：侠之大者》《志愿军：浴血和平》 等多部影片上映，同时，公司持续贯彻深化审慎、多元的可持续投资理念储备影片，其中，投资出品的 《熊出没·年年有熊》《飞驰人生3》《星河入梦》等影片将于 2026 年春节档上映；另外，公司全资子 公司横店影视制作有 ...

本期业绩扭亏为盈的主要原因：电影放映及相关衍生业务方面，根据国家电影局发布数据，中国电影市 场全年电影票房为518.32亿元，同比增长21.95%，城市院线观影人次为12.38亿，同比增长为22.57%。 受行业回暖、热门影片带动电影市场大盘增长，以及公司强化经营管理、深入多元化经营等因素影响， 报告期内公司电影放映及相关衍生业务收入实现同比增长。同时，公司持续贯彻精细化管理和降本增效 措施，报告期内整体经营效率有效提升。影视投资、制作及发行业务方面，电影板块，公司全资子公司 浙江横店影业有限公司出品的《熊出没·重启未来》《射雕英雄传：侠之大者》《志愿军：浴血和平》 等多部影片上映，同时，公司持续贯彻深化审慎、多元的可持续投资理念储备影片，其中，投资出品的 《熊出没·年年有熊》《飞驰人生3》《星河入梦》等影片将于 2026 年春节档上映；另外，公司全资子 公司横店影视制作有限公司成立"大横小竖"短剧品牌，加快短剧业务发展。 格隆汇1月30日丨横店影视(603103.SH)公布，公司预计2025年年度实现归属于上市公司股东的净利润为 1.3亿元至1.8亿元。公司预计2025年年度实现归属于上市公司股东的扣除非经 ...

央视网消息：记者近日从国家电影事业发展专项资金管理委员会了解到，国家电影专项资金将进一步加强对电影重要工作、重点影片和重 大项目等支持，大力促进电影事业和电影产业高质量发展，让观众看上更多好电影。 国家电影事业发展专项资金在财政部和国家电影局指导下，积极发挥政府性基金的扶持引导作用，为电影行业持续健康发展提供支持。 2025年中国电影全年票房超518亿元，全产业链产值更是超8172亿元。活力满满的中国电影市场，也让国家电影发展专项资金有更多的资金支 持电影事业和电影产业高质量发展。 2025年重点支持了《志愿军：浴血和平》《南京照相馆》《东极岛》等重大革命和历史题材影片宣传发行；并对《哪吒之魔童闹海》《长 安的荔枝》《浪浪山小妖怪》等市场反响大的影片给予奖励，所资助影片产生票房417亿余元，占同期国产影片票房的87%。同时加大对青年 导演作品的扶持力度，并对一批中小成本及文化艺术影片给予资助，推动电影在题材、类型等方面探索，促进电影人才成长。 过去的一年，国家电影专资还聚焦推动电影产业转型升级，资助电影AI、虚拟拍摄、LED放映等新兴技术试验应用，并支持中影、上影、 长影以及横店、无锡等电影制片基地升级完善设 ...

Core Insights - The Chinese film market experienced significant growth in 2025, with total box office revenue reaching 51.832 billion yuan, of which domestic films accounted for 41.293 billion yuan, representing 79.67% of the total [1][2] - Animation films had a historic breakthrough, generating over 24.5 billion yuan in box office revenue, nearly half of the total annual revenue, with key titles like "Nezha: The Devil's Child" and "The Little Monster of Langlang Mountain" leading the charge [2][3] - The audience's expectations for "good movies" have increased, with a shift towards seeking deeper, more meaningful experiences rather than mere entertainment [3][4] Film Market Dynamics - The film market's scheduling engine remains strong, with distinct periods like the Spring Festival, summer, and National Day showcasing diverse genres and styles, leading to a record audience satisfaction score of 85.4 during the National Day period [2] - High-quality and diverse content is essential for maintaining audience engagement, as evidenced by the long-tail effects of well-received films [2][3] Technological Advancements - Upgraded technology, such as CINITY LED and immersive experiences like VR and XR, enhances the viewing experience, contributing to the perception of value for ticket prices [3][4] - The integration of technology allows for expanded expression and development of film IPs, creating new opportunities in the consumer ecosystem [3][5] Cultural and Economic Integration - The film industry has evolved into a significant cultural and economic force, with movie tickets becoming gateways to a broader ecosystem encompassing tourism, retail, and emotional experiences [5][6] - Collaborative efforts across departments have fostered innovative models like "film + tourism" and "film + food," promoting deeper integration of cinema with the national economy [5][6] IP and Derivative Markets - The market for IP derivatives has shifted from merely selling merchandise to building comprehensive ecosystems, with successful titles launching numerous related products and experiences [6] - Emotional engagement has become the core driver of derivative consumption, as seen with projects like "The Little Monster of Langlang Mountain" and its extensive range of merchandise [6]

Core Insights - The Chinese film market experienced significant growth in 2025, with total box office revenue reaching 51.832 billion yuan, of which domestic films accounted for 41.293 billion yuan, representing 79.67% of the total [1] - Animation films had a historic breakout year, contributing over 24.5 billion yuan to the total box office, nearly half of the annual revenue [2] - The audience's expectations for "good movies" have increased, with a shift towards seeking deeper, more meaningful experiences rather than mere entertainment [4] Group 1: Market Performance - In 2025, the total box office reached 51.832 billion yuan, with domestic films making up 79.67% of the total [1] - Animation films generated over 24.5 billion yuan, marking a significant portion of the overall box office [2] - The audience satisfaction during the National Day holiday reached a four-year high of 85.4 points, indicating a successful engagement between diverse film types and viewers [3] Group 2: Audience Expectations - The term "value" became a key descriptor for audience evaluations of films in 2025, reflecting a shift towards seeking profound experiences [4] - High-rated films, such as "Nanjing Photo Studio" and "The Little Monster of Langlang Mountain," demonstrated strong box office performance and long-tail effects, indicating a growing market return cycle for quality films [4] - Emotional resonance and visual effects were identified as primary drivers for audience attendance, while narrative flaws were a major deterrent [5] Group 3: Industry Innovations - The film industry is increasingly integrating with tourism and retail, creating a multi-billion yuan ecosystem that enhances consumer experiences [6] - Collaborative efforts across departments have led to innovative models like "film + tourism" and "film + food," promoting deeper integration with the national economy [6] - The IP derivative market is evolving from merely selling merchandise to building comprehensive ecosystems, with projects like "The Little Monster of Langlang Mountain" launching over 800 derivative products [7]

Group 1 - The core viewpoint of the article highlights the significant achievements of the Chinese film industry in 2025, with a total box office of 51.832 billion yuan and 1.238 billion admissions, showcasing a vibrant and diverse film landscape [2][3] - Major film releases during key periods such as the Spring Festival, summer, and National Day contributed to the impressive box office performance, with a focus on patriotic and animated films leading the charge [2][4] - The year marked the 120th anniversary of Chinese cinema, reflecting a confident and dynamic portrayal of various themes and narratives that resonate with contemporary society [3][5] Group 2 - A variety of films addressing historical events and social issues were produced, including "Nanjing Photo Studio," "Volunteers: Blood and Peace," and "A Quiet Life," which emphasized the importance of cultural memory and national sentiment [4][5] - The integration of traditional culture into modern storytelling has become more pronounced, with films like "The Stars of the Three Kingdoms" and "The Lychee of Chang'an" showcasing China's rich historical and cultural heritage [5][6] - The film market has diversified, with a total of 764 films produced and 93,187 screens in operation, alongside innovative consumption experiences such as virtual reality films and film-related tourism activities [6]

Core Insights - The total box office revenue for Chinese films in 2025 reached 51.832 billion yuan, with a total of 1.238 billion admissions [1][2] - The year 2025 marked the 120th anniversary of Chinese cinema, showcasing a diverse and vibrant film landscape [5] Box Office Performance - Key film release periods such as the Spring Festival, summer, and year-end holidays performed exceptionally well, contributing to a box office exceeding 500 billion yuan [5] - A variety of films, including mainstream, animated, and diverse genres, collectively drove the box office success [5] Thematic Focus - Films released in 2025 highlighted significant historical events and themes, such as the Nanjing Massacre and the Korean War, reflecting a strong connection to contemporary societal issues [5] - The industry produced films that resonate with audiences, focusing on real-life stories and moral values, such as "The Deafening" and "Life of Strays" [5] Cultural Representation - An increasing number of Chinese films are rooted in traditional culture while incorporating contemporary values, making cultural narratives more accessible to audiences [7] - Notable films like "Nezha 2" and "The Battle of the Gods: War at Xiqi" have gained international recognition, showcasing Chinese stories on a global stage [7] Market Dynamics - The film market has become more diverse, with new releases and re-screenings competing alongside each other, catering to various audience preferences [8] - The number of films produced in 2025 reached 764, with the number of screens totaling 93,187, indicating a growing infrastructure [8] - Innovative consumption patterns emerged, such as integrating movie tickets with dining and shopping experiences, enhancing audience engagement [8]

Core Insights - The Chinese film market in 2025 has seen a remarkable performance, with total box office revenue exceeding 51.2 billion yuan and over 1.22 billion admissions, showcasing a vibrant and dynamic industry [1] - The Spring Festival box office reached a record high of 9.514 billion yuan, marking a strong start to the year [1] - The film "Nezha: The Devil's Child" has become the highest-grossing animated film globally, with a total box office of 15.446 billion yuan [1][3] - The summer season also performed well, generating a total box office of 11.966 billion yuan, with diverse films receiving both critical acclaim and commercial success [1] - The year-end holiday season has continued to drive box office growth, with current earnings surpassing 4.7 billion yuan [1] Film Highlights - "Nezha: The Devil's Child" is the second installment in the Nezha series, featuring upgraded visual effects and storytelling, achieving a global box office of 15.9 billion yuan [3] - "Nanjing Photo Studio," directed by Shen Ao, focuses on the Nanjing Massacre, earning 3.017 billion yuan and resonating with audiences both domestically and internationally [4][6][7] - "Wanglang Mountain: Little Monster" is an original animated comedy that has garnered 1.719 billion yuan, becoming the highest-grossing 2D animated film in Chinese history [10] - "Detective Chinatown 1900," a prequel in the popular series, has achieved a box office of 3.612 billion yuan, recognized for its engaging narrative and artistic style [13] - "Chasing the Wind" has earned 1.265 billion yuan, noted for its innovative approach to the crime action genre [15] - "The Volunteer Army: Blood and Peace" has reached a box office of 641 million yuan, highlighting the sacrifices of Chinese soldiers during the Korean War [19] - "731," a war film revealing the atrocities of the Japanese army, has accumulated 1.942 billion yuan, prompting reflections on historical memory [21] - "Lychee in Chang'an," a historical adventure film, has earned 691 million yuan, showcasing character growth through a humorous narrative [25] - "Boonie Bears: Rebooting the Future" has attracted family audiences, achieving a box office of 821 million yuan [27] - "The Legend of the Condor Heroes: The Great Hero" is based on Jin Yong's classic, contributing to the diverse offerings in the market [28] Market Outlook - The concentration of high-quality films in 2025 reflects a deepening of creative efforts and market resonance, indicating a mature film industry and enhanced cultural confidence in China [30] - The industry is expected to continue flourishing, with anticipation for new cinematic experiences in 2026 [31]

Core Insights - The total box office revenue for the year reached 500.03 billion yuan, with domestic films accounting for 409.52 billion yuan, representing an 81.90% market share [1] - The "ticket root economy" is emerging as a new economic model that integrates various consumption activities with ticketing, enhancing urban consumption vitality [2][3] - Guangdong province has maintained its position as the top box office region in China for 23 consecutive years, with Shenzhen contributing 15.56 billion yuan to the total box office [5] Box Office Performance - As of December 13, 2025, the total box office reached 500.03 billion yuan, with 11.94 billion admissions [1] - The top film of the year, "Ne Zha," grossed over 154 billion yuan, followed by "Detective Chinatown 3" and "Zootopia 2" [1] - Guangdong's annual box office surpassed 60.7 billion yuan, attracting over 1.45 billion viewers [5] Ticket Root Economy - The "ticket root economy" connects ticket holders with various merchants, offering cross-scenario discounts and enhancing consumer engagement [2] - Popular films like "Zootopia 2" have successfully extended their influence into the consumer market, with themed pop-up stores and promotional activities [2][3] - The "ticket root map" launched by China UnionPay and Maoyan Entertainment provides dining discounts based on cinema locations, enhancing the viewing experience [3] Consumer Engagement Strategies - The integration of ticketing with local businesses has led to innovative marketing strategies, such as discounts at nearby restaurants for ticket holders [3][5] - The success of the "ticket root economy" relies on leveraging popular IPs to drive consumer interest and engagement [7] - Various strategies are suggested to enhance the effectiveness of the "ticket root economy," including expanding the range of applicable scenarios and providing financial support [7] Industry Development - The film industry in Guangdong is not only contributing high box office revenues but also excelling in the development of film-related merchandise [5] - The "ticket root economy" is seen as a significant driver of economic growth, transforming how films are perceived and marketed within the broader economy [7]