2025 年 06 月 19 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn [Table_Title] 向超级娱乐空间全面迈进，有望重塑增长逻辑 ——万达电影（002739）公司点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/06/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万达电影 | 6.1% | -7.4% | -13.4% | | 沪深 300 | -0.4% | -3.3% | 9.3% | | 市场数据 | 2025/06/18 | | --- | --- | | 当前价格（元） | 11.33 | | 52 周价格区间（元） | 8.90-14.08 | | 总市值（百万） | 23,926.45 | | 流通市值（百万） | 23,627.42 | | 总股本（万股） | 211,177.87 | | 流通股本（万股） | 208 ...

Core Insights - Wanda Film has launched a "Super Entertainment Space" strategy, which includes a comprehensive approach to integrate various entertainment sectors, aiming to enhance user experience and engagement [1][11] - The strategy is structured as "1+2+5", where "1" represents the Super Entertainment Space, "2" refers to domestic and international markets, and "5" includes five business segments: cinema, film and television series, strategic investments, trendy toys, and games [1] Film and Television Projects - The event highlighted the film and television project "Revenge's Determination," based on the true story of Yang Niuhua, which aims to raise awareness about child trafficking [3][5] - The project features an all-female production team and aims to provide strength and encouragement to victims of abduction [5][6] - Other upcoming films include "Malice," "Liao Zhai: Lan Ruo Si," and "The Wandering Earth 3," among others, set to be released during the summer season [6] Game and IP Development - Wanda's gaming business is projected to experience significant growth, with revenue expected to increase by over 50% year-on-year, and overseas revenue up by 197% [8] - The company plans to adapt successful film and television IPs into games, including the virtual idol group Vexel and other popular franchises [8][10] - The virtual idol group Vexel is designed to create emotional connections with users through advanced AI technology [10] Strategic Vision - Wanda Film's chairman emphasized the need for continuous innovation to adapt to industry changes and expand growth opportunities [11] - The company aims to diversify its revenue streams beyond box office earnings, focusing on non-ticket income growth [11]