Group 1: Report Overview - The report is about a research meeting of Beijing Culture, with a research date of May 30, 2025, and the research industry is culture and media [1][2] Group 2: Research Basic Information - The research object is Beijing Culture, belonging to the culture and media industry, and the reception time is May 30, 2025. The listed company's reception personnel include the host, the chairman Li Li, the president Yan Xuefeng, the board secretary Yan Jing, the financial director Zhang Xue, and independent directors Wu Changbo and Liu Jie [16] Group 3: Detailed Research Institutions - Beijing Culture's 2024 annual performance briefing was conducted remotely online, targeting all investors [19] Group 4: Main Content - The company's movie projects such as "East Pole Island", "Fengshen III", "Angry Tigers", "The Year - End Party Can't Stop 2", "Mars Project", "Welcome to Long Restaurant", "The Place of Martial Arts", "Lucky Photo Studio", and TV drama projects such as "Dark Night Light", "Big Dreamer", "Winter City Hunt", "Juvenile Judge", "Smile, Life", "Ghost Gang", "Linglong", "Hunt the Heart" are in smooth progress. Specific details can be found in the company's regular report film list [23] - "Fengshen III" is currently in post - production, and the specific release date is subject to the official release information [23] - The company is actively engaging in short - drama business, striving to expand the layout of relevant industrial chains, and continuously exploring new business models to improve operating performance [23]

Core Viewpoint - The company has a substantial reserve of series projects and has signed multiple cultural tourism contracts, with several major films expected to be released during the summer season, leading to a continued rapid growth in revenue [1] Group 1: Investment Highlights - The company is building a foundation with series and cultural tourism, while films provide performance elasticity. In 2025, the company has a large number of series in reserve, with some top series already recommended by major video platforms like Mango TV. The cultural tourism business, based on three operational scenic spots, has signed multiple new projects, which are expected to bring stable revenue growth. However, the film business, which began to ramp up in 2021, has underperformed, with several films like "Lion Boy 2" failing to achieve expected box office results, negatively impacting the company's performance. As a result, the EPS forecast for 2025-2027 has been revised down to 0.15/0.19/0.22 yuan, compared to the previous forecast of 0.47/0.55 yuan for 2025/2026. The target price has been adjusted to 6.90 yuan from 7.84 yuan, while maintaining a "buy" rating [2][3][4] Group 2: Series and Film Releases - 2025 is expected to be a significant year for the company in terms of series, with nearly ten series anticipated to be aired. According to the company's 2024 annual report, series expected to be released in 2025 include "Criminal Scene" (aired on February 20, 2025), "Silent Echo," "Ordinary Heroes," "Synthesis Order," "Happy," "Mars Orphan," "City Builders," "Hunting Heart," and "Salted Fish Ascension." The company has also announced a change in funding allocation, redirecting 85.44 million yuan initially intended for the film "Space Spring Transportation" to the series "Salted Fish Ascension," indicating its importance. The revenue from confirmed series in 2024 exceeded 400 million yuan, and if the aforementioned series are released in 2025, the company’s series revenue is expected to achieve year-on-year growth [3][4] Group 3: Cultural Tourism Business - Major films are expected to be released within the year, and the cultural tourism business is progressing steadily. According to the company's 2024 annual report, the main films in reserve include "Dunhuang Heroes," "Gate of the Desert," "Bright Future," "Lying Flat Club," and "Story of X," which have completed filming and are in post-production and review stages, suggesting they are likely to be released in 2025. In addition to the three operational districts "Yongxing Fang," "Chang'an Twelve Hours," and "Xiangyang Guanjia Lane," new contracts have been signed for projects in Jiangsu Zhouzhuang, Guilin Lashan, Xiangyang Tiefo Temple, Daliang Qinghui Garden, and Anyang Kuixing Pavilion, which are expected to become important growth points for the company outside of its film and television content [4]