股票投资评级 增持|维持 个股表现 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 46% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 中文在线 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 27.06 | | --- | --- | | 总股本/流通股本（亿股）7.29 / 6.60 | | | 总市值/流通市值（亿元）197 / 179 | | | 52 周内最高/最低价 | 35.59 / 18.47 | | 资产负债率(%) | 38.5% | | 市盈率 | -81.29 | | 第一大股东 | 童之磊 | 证券研究报告：传媒 | 公司点评报告 发布时间：2025-10-10 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 中文在线(300364) Q2 业绩验证基本面向好，看好 IP+出海顺势起量 ⚫ 事件回顾 2025 年 8 月 22 日，公司发布 2025 年半年报， 2025H1，公司实 ...

商报讯（记者 徐菁菁） 昨日，为期92天的2025暑期档电影市场正式落下帷幕。根据猫眼专业版数据显 示，截至8月31日19时，2025暑期档电影市场总票房达119.49亿元，观影人次达3.2亿人次，超过去年同 档期的116.43亿元。影片《南京照相馆》《浪浪山小妖怪》《捕风捉影》则分别以28.89亿元、14.53亿 元、8.7亿元的票房成绩位列档期票房的榜单前三名，均为国产电影。 看完《浪浪山小妖怪》，入手一只小猪妖毛绒挂件；看完《罗小黑战记 2》，在桌上安排一只罗小黑手 办……如今，电影周边不再仅仅作为电影上映时锦上添花的 "配角"，正成长为拥有长效发展动能的行 业"新星"。在多部优质暑期档影片的带动下，电影IP衍生产品市场呈现出爆发式增长，尤其是年轻观众 对电影周边的热情高涨，"购买电影周边"已从过去的小众选择，变成Z世代乃至00后观众的主流消费习 惯。根据猫眼研究院数据显示，2025年暑期档衍生品收入同比增长120%，其中《浪浪山小妖怪》贡献 了近30%。 值得一提的是，今年暑期档不仅票房成绩出色，电影IP 衍生产品市场也呈现出爆发式增长。年轻观众 对电影周边的热情高涨，使得该市场收入同比大幅增长 12 ...

Core Viewpoint - The summer box office in China for 2025 reached 11.966 billion yuan, with a year-on-year increase of 2.76%, and the number of viewers reached 321 million, up 12.75% from the previous year, indicating a strong recovery and growth in the film industry [1][4]. Box Office Performance - The top five films during the summer season were: "Nanjing Photo Studio" (2.89 billion yuan), "Wang Wang Mountain Little Monster" (1.455 billion yuan), "Chasing the Wind" (879 million yuan), "Lychee of Chang'an" (678 million yuan), and "Jurassic World: Rebirth" (567 million yuan) [1][4]. - As of August 31, 2025, the total box office for Chinese films (including overseas) surpassed 40 billion yuan, with the domestic market contributing 39.23 billion yuan and over 909 million viewers, both exceeding the same period last year [4]. Genre Diversity and Audience Engagement - The summer film season featured a variety of genres including historical, suspense, action, comedy, and animation, catering to diverse audience preferences [4]. - Historical films like "Nanjing Photo Studio," "East Extreme Island," and "Mountains and Rivers as Evidence" received positive reviews, reflecting on the 80th anniversary of the victory in the Anti-Japanese War [4][6]. Notable Films and Their Impact - "Nanjing Photo Studio" became the highest-grossing historical film in summer box office history, with a total of 2.89 billion yuan, and its release was extended until September 24, 2025 [6]. - "Wang Wang Mountain Little Monster" achieved a box office of 1.455 billion yuan, becoming the highest-grossing 2D animated film in Chinese history, showcasing a unique blend of traditional Chinese aesthetics and modern animation techniques [8][11]. Merchandise and Cultural Integration - The success of summer films has led to a surge in sales of related merchandise, including toys, games, and themed activities, indicating that domestic animation has become a significant part of popular culture [11]. - "Wang Wang Mountain Little Monster" has partnered with over 30 well-known companies for IP collaborations, while "Ro Xiao Hei's Battle Record 2" has sold 140,000 pieces of merchandise since its release [11]. Government Initiatives and Economic Impact - The National Film Bureau and other organizations launched initiatives like "China Film Consumption Year" to promote film consumption, which has positively impacted domestic demand and economic recovery [15][17]. - The film industry has played a crucial role in stimulating consumer spending, contributing to a broader economic recovery [17]. Upcoming Releases - Several anticipated films are set to release in September, including "Rescue Flying Tiger," "Survival," and "The Blue Star Outside the Window," promising to continue the momentum of the film industry [19].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The summer box office has shown improvement, with total box office exceeding 7 billion yuan, driven by the release of popular films [3] - The report highlights the potential for investment opportunities in companies related to quality film content, cinema chains, online ticketing platforms, and film copyright operations [3] Summary by Sections Industry Overview - As of August 4, 2025, the total box office for the summer season reached 70.54 billion yuan, with 186 million viewers and an average ticket price of 37.9 yuan [3] - The summer box office saw a significant increase in the second half, with total box office doubling in just two weeks due to the release of films like "Nanjing Photo Studio" and "Longan's Lychee" [3] Key Companies - Shanghai Film: Stock price at 36.39 yuan, EPS for 2023A at 0.28, PE at 128.45 [2] - Wanda Film: Stock price at 11.56 yuan, EPS for 2023A at 0.42, PE at 27.62 [2] - Hengdian Film: Stock price at 16.85 yuan, EPS for 2023A at 0.26, PE at 64.44 [2] - Maoyan Entertainment: Stock price at 7.99 yuan, EPS for 2023A at 0.79, PE at 10.11 [2] - Damai Entertainment: Stock price at 1.11 yuan, EPS for 2023A at -0.01, PE at -101.83 [2] Market Trends - The report notes that the domestic short drama market is rapidly growing, while overseas short drama revenues continue to increase [3] - The report anticipates a significant year-on-year improvement in box office performance compared to the previous summer, which had a total box office of 116.41 billion yuan [3] Investment Recommendations - Companies to watch include Shanghai Film, Wanda Film, Hengdian Film, China Film, Maoyan Entertainment, Damai Entertainment, Jiecheng Co., and Zhongwen Online [3]

Investment Rating - The industry rating is "Outperform the Market" [15] Core Insights - The weekend box office exceeded 3.7 billion yuan, with significant attention on films scheduled for August [2][3] - The summer box office has reached a new high, with diverse genres including animation and anti-war films [3] - The animated film "Wang Wang Mountain Little Monster" has achieved a box office of 1.33 billion yuan within two days of release [3][4] - The anti-war film "Nanjing Photo Studio," produced by China Film, is projected to have a total box office of 4.12 billion yuan [5] Summary by Sections Industry Dynamics - The summer box office on August 2 and 3 reached 3.7 billion yuan and 3.8 billion yuan respectively, marking a record for the past 25 years [3] - The film "Nanjing Photo Studio" debuted with a box office of 3.81 billion yuan in its first week, becoming a major success [5] - The film "731," directed by Zhao Linshan, is set to be released on September 18, with high anticipation reflected in its viewership metrics [5] Investment Recommendations - Recommended companies to focus on include Shanghai Film, China Film, Happiness Blue Sea, Wanda Film, and Hengdian Film [6] - Distribution focus should be on Maoyan Entertainment, while cinema chains like Wanda Film and Happiness Blue Sea are also highlighted [6]

Market Overview - The Shanghai Composite Index closed at 3,597.94, with a year-to-date increase of 10.28% [2] - The ChiNext Index rose by 0.96% to 2,362.60, with a year-to-date increase of 14.66% [2] - The CSI 300 Index increased by 0.21% to 4,135.82, with a year-to-date increase of 8.26% [2] - The CSI 1000 Index closed at 6,729.98, up 0.35% with a year-to-date increase of 16.09% [2] - The STAR 50 Index closed at 1,055.11, with a year-to-date increase of 10.44% [2] - The North Exchange 50 Index decreased by 0.25% to 1,455.37, but has a significant year-to-date increase of 42.70% [2] Overseas/Education Research - The U.S. White House released an AI Action Plan aimed at accelerating AI development by easing regulations and expanding energy supply for data centers [8] - The plan emphasizes the need for a reliable and adjustable energy infrastructure to support AI growth, highlighting the potential role of nuclear energy [8] Media Industry - The summer film market is showing signs of recovery, with daily box office reaching 294 million yuan on July 26, 2025 [20] - Notable films include "Nanjing Photo Studio" which grossed over 100 million yuan in its first two days [21] - The animation film "The Legend of Luo Xiaohei 2" has grossed 213 million yuan in nine days [21] - The gaming sector is also expected to see growth with new game releases and updates during the summer [22] Metals and New Materials - Copper prices are expected to fluctuate, with a recent increase in prices due to a general rise in commodities [30] - Lithium carbonate prices rose by 9.38% to 73,000 yuan per ton, driven by supply disruptions [32] - Cobalt prices also increased as inventory levels are gradually consumed [33] Pharmaceutical Industry - The pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [35] - Key players in the innovative drug sector are recommended for investment, including companies like Yuyuan Pharmaceutical and Frontline Bio [35] New Consumption - Pop Mart (09992.HK) reported a projected revenue growth of no less than 200% for H1 2025, driven by increased global brand recognition and diverse product offerings [35] - The company’s overseas business is also expanding, positively impacting profit margins [35] Electronics Industry - Yangjie Technology (300373.SZ) expects a net profit of 552 to 637 million yuan for H1 2025, marking a growth of 30%-50% [35] - The company is optimizing its product matrix and expanding its market presence through acquisitions [35]

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, indicating a positive outlook for their stock performance [6][9]. Core Insights - The media industry (Shenwan) saw a weekly increase of 2.15%, ranking 18th among industries, outperforming the Shanghai Composite Index and the CSI 300 Index [12][20]. - Key companies such as Happiness Blue Ocean, Xinhua Media, and InSai Group showed strong performance, with notable weekly gains [20]. - The report highlights the approval of 134 game licenses in July, with 127 domestic and 7 imported game licenses issued, indicating a robust gaming market [30][31]. Industry Performance - The media sector's sub-segments experienced overall growth, with the gaming sector rising by 2.96%, advertising by 0.90%, and film by 2.00% [12][15]. - The top three best-selling games as of July 24 were "Dungeon & Fighter: Origin," "Honor of Kings," and "Peacekeeper Elite" [27]. Key Data and Updates - AI applications saw significant download numbers, with the top apps being Doubao and Quark, indicating a growing interest in AI technologies [24]. - The film industry reported a total box office of 9.57 billion yuan for the week of July 18-24, with "The Lychee of Chang'an" leading the box office [38][39]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [4][43]. - Specific companies to watch include Giant Network, Kae Ying Network, Yaoji Technology, and Meitu Company, among others [4][43].

Group 1: Macro Economic Overview - Domestic industrial product prices are showing strong performance, with fluctuations in supply and demand impacting the market [4][5] - Construction activity remains at a seasonal low, with recent weeks showing a decline in operational rates for asphalt and cement, although there are signs of stabilization [4] - The demand side shows weakness in construction, while automotive and home appliance demand is fluctuating [4][6] Group 2: Investment Strategy - Central Huijin has significantly increased its holdings in major ETFs, exceeding 190 billion yuan, indicating strong market resilience and risk appetite [10][11] - The market is experiencing a structural shift with long-term funds playing a crucial role in stabilizing market expectations and supporting liquidity [11][12] - The focus on core assets remains essential as the market experiences rapid sector rotation, with policy-driven support expected to continue [13] Group 3: Institutional Research Trends - There has been a decline in overall institutional research activity, but interest in sectors such as computing, media, and coal has increased [15][17] - Specific companies like Ice Wheel Environment and Dongfang Tantalum are gaining attention due to their market positioning and growth potential [21] Group 4: Chemical Industry Insights - The chemical industry is facing increased competition, necessitating a "de-involution" approach to improve profitability and market conditions [48][49] - Domestic demand is expected to stabilize, but export growth may be limited due to international trade challenges [49][50] Group 5: AI and Entertainment Sector - The gaming, music, and entertainment sectors are experiencing high growth, with companies like Heartbeat and Dreamland seeing significant revenue increases [37][38] - The rise of AI applications in music and entertainment is expected to enhance user engagement and market opportunities [40] Group 6: Robotics Industry Developments - Yushutech is leading in the robotics sector, particularly in dog robots and humanoid robots, with a valuation of 12 billion yuan following recent funding rounds [42][44] - The company is focusing on self-developed core hardware and advanced control systems to enhance product performance and market competitiveness [43][44] Group 7: Pharmaceutical Sector Growth - The siRNA drug market is rapidly developing, with significant sales growth reported by companies like Novartis, indicating strong potential for domestic pharmaceutical firms [53][54] - The expansion of siRNA applications into chronic disease areas presents a promising market opportunity for future growth [54]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The media industry continues to show high growth potential, particularly in gaming, offline entertainment, and AI applications. The report emphasizes the importance of investing in these sectors to capitalize on ongoing trends [4][5] Industry Data Overview - The game "Delta Force" ranks first on the iOS free chart in mainland China, while "Honor of Kings" holds the top position on the iOS revenue chart as of July 19, 2025 [12][14] - The film "Jurassic World: Rebirth" achieved the highest box office revenue for the week [12] Gaming Sector - The gaming sector is experiencing a new product cycle, with companies like Xindong and Youyi Time reporting positive earnings forecasts for H1 2025, driven by new game launches and improved profit margins [4] - The report recommends focusing on high-potential gaming companies such as Xindong, Giant Network, and Perfect World [4] Online Music Sector - The online music market has significant growth potential, especially among younger users. The report highlights the increasing user base and potential for higher ARPU compared to international platforms like Spotify [4] Concert and Live Events - The concert industry is expected to maintain high growth, with a reported 78% year-on-year increase in box office revenue for large concerts in 2024 [4] Domestic Animation - The domestic animation sector is thriving, with successful releases like "The Legend of Luo Xiaohei 2" and upcoming events such as ChinaJoy 2025 expected to drive consumer engagement and spending [4] AI Applications - Recent advancements in AI, including the release of new models and applications, are anticipated to accelerate commercialization in various sectors, including AI companionship, creation, and marketing [5] Company Performance - The report highlights key companies in the gaming and entertainment sectors, recommending specific stocks based on their performance and market position [4][5]

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][40]. Core Insights - The media sector experienced a decline of 1.58% this week, underperforming both the CSI 300 index (1.09%) and the ChiNext index (3.17%) [11][12]. - Key highlights include OpenAI's launch of the ChatGPT Agent, Anthropic's valuation exceeding $100 billion, and the introduction of new features in the Grok APP [14][16][40]. - The report emphasizes a positive outlook on AI applications and IP-driven products, particularly in gaming and media sectors [3][40]. Summary by Sections Industry Performance - The media industry ranked 28th in terms of weekly performance among all sectors, with notable gainers including Lansheng Co., Century Tianhong, and Focus Technology, while ST Zitian and JiBit suffered significant losses [11][13]. Key Data Tracking - The box office for the week (July 14-20) reached 719 million yuan, with top films being "The Lychee of Chang'an" (173 million yuan, 24.0% share), "Chatting with Ghosts: Lanruo Temple" (92 million yuan, 12.8% share), and "The Legend of the Little Black Cat 2" (89 million yuan, 12.3% share) [17][20]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, highlighting companies like Kaiying Network, Giant Network, and Yaoji Technology for gaming, and focusing on advertising growth from economic recovery for media companies like Focus Media and Bilibili [3][40]. - It also recommends IP-driven products, particularly in the toy sector, with companies like Pop Mart and Zhejiang Digital Culture being highlighted [3][40]. Company Earnings Forecasts - Key companies such as Kaiying Network, Focus Media, and Mango Super Media are projected to have positive earnings growth, with specific EPS estimates for 2025 and 2026 [4][42].