股东集体退场背后，是博纳影业持续恶化的基本面。2022年至2025年前三季度，公司累计亏损超26亿 元，2025年前三季度亏损达11.1亿元。高成本主投影片《蛟龙行动》（投资10亿元）票房仅3.93亿元， 直接导致前三季度毛利率跌至-64.51%。 2025年12月下旬，博纳影业因参投影片《阿凡达3》票房不及预期，在15个交易日内市值蒸发近80亿 元。与此同时，公司大股东中信证券投资有限公司及其一致行动人拟合计减持约2%股份。这场由爆款 预期落空引发的资本撤退，折射出影视行业"高投入、高波动"模式的脆弱性。 股价过山车：从狂热到幻灭 减持潮下的资本退场 股价暴跌之际，大股东减持计划加剧了市场担忧。中信证投及其一致行动人拟减持约2%股份，若当前 股价计算，套现规模约2.08亿元。此次减持并非孤例：2025年9月以来，阿里影业已减持至5%以下，西 藏和合等股东也陆续退出重要股东行列。 2025年12月初，因《阿凡达3》上映预期，博纳影业股价在9日内暴涨87.76%，市值一度突破183亿元。 然而影片上映后，其内地票房迅速滑落至不足12亿元（猫眼预测），远低于前作17亿元的成绩。市场信 心崩塌导致股价连续跌停，截至 ...

由詹姆斯·卡梅隆执导的《阿凡达3》将于明日正式登陆全国影院，但这一曾创下全球票房纪录的系列，在中国市场的号召力似乎 已大不如前。 预售不及预期，烂番茄新鲜度仅有70% | 示 次以 J 片 | | | | | --- | --- | --- | --- | | 综合票房(含预售) | 点映总票房 | 点映场均人次 | 点映总场次 | | 8325.7万 | 1383.6万 | 33.2 | 6230 | | 累计预售票房 | 首日预售票房 | 首日排片占比 | 首日排片场次 | | 6942.3万 | 2876.0万 | 50.8% | 15.0万 | | 想看数据 | 营销数据 | | 影片信息 | | 城市票房 | | 影投票房 | | | TOP1 上海391.4万 | | TOP1 万达1213.0万 | | 灯塔专业版数据显示，截至12月18日13时，该片预售票房（含点映）已突破8000万元。其中首日排片占比达50.8%，预售票房超 2800万元，成为过去五年贺岁档科幻片首日票房第二名。 然而，与前作相比，《阿凡达3》的预售成绩近乎"腰斩"。2022年12月，国内影院营业率不足七成，《阿凡达2》在距 ...

《阿凡达3》还没上映，博纳影业却已经坐上了股价的"过山车"。 作为《阿凡达3》关联公司，在影片开启预售前，博纳影业的股价在极短时间内被市场情绪迅速推高。自12月以来，公司股价一路攀升，上周更是在5个交 易日内一度收获4个涨停板。 然而，这轮上涨并未形成趋势性行情。随着预售数据与影片口碑逐步落地，资本市场的态度也迅速转向。在15日、16日连续2日跌停后，17日博纳再次收 跌9.15%，前期涨幅被大幅回吐。 易。 从涨停到跌停，几乎没有过渡期。这种剧烈波动本身已经说明，这并非一轮基于基本面改善的价值重估，而更像是一场围绕《阿凡达3》展开的情绪交 当情绪退潮，市场很快回到了更现实的问题上——这部电影，究竟能在多大程度上改变博纳影业的处境？ 博纳的"阿凡达效应" 从逻辑上看，博纳此轮股价异动的触发点并不复杂。 公司通过控股子公司与TSG Entertainment Finance LLC达成合作，获得了《阿凡达3》的投资收益权，可参与影片上映后的全球票房分账。作为全球影史最 具号召力的超级IP之一，《阿凡达》系列的任何进展，都会被资本市场高度放大。在行业整体低景气的背景下，《阿凡达3》几乎天然具备情绪催化剂的 属性。 ...

Core Viewpoint - The film sector is experiencing a rebound, driven by the upcoming release of "Avatar 3," which has already generated over 60 million in pre-sales and point screenings [1][4]. Group 1: Company Performance - Bona Film Group has faced significant challenges, reporting a net loss of 11.10 million for the first three quarters of the year, marking a 213.11% decline year-on-year [9]. - Despite a slight revenue increase of 1.29% to 97.2 million, the company has accumulated a total loss of 2.602 billion over the past four years [9][6]. - The stock price of Bona Film has seen a dramatic rise of 230% since April, despite its ongoing financial struggles [6][10]. Group 2: Market Context - The overall film market in China has been recovering, with major companies like Light Media reporting a 406.78% increase in net profit, while Wanda Film has turned a profit of 70.8 million after previous losses [6][9]. - The domestic film industry faced a downturn in 2022, with total box office revenue dropping to 42.5 billion, but is expected to approach 50 billion this year due to several blockbuster releases [19][20]. Group 3: Future Prospects - Bona Film's partnership with TSG Entertainment allows it to share in the global box office revenue of major films, including "Avatar 3," which could potentially yield significant income if the film performs well [11][17]. - The company has invested approximately 40 million in "Avatar 3," which could result in a revenue share of up to 600 million if the film reaches its predecessor's box office levels [17]. - The future of Bona Film may hinge on its ability to adapt to market changes and diversify its project portfolio, potentially incorporating AI technology to reduce production costs [40][42].

新京报贝壳财经记者 阎侠 编辑 陈莉 校对 薛京宁 可参与《阿凡达3》上映后的全球票房分账， 博纳影业股价坐上"过山车" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 电影《阿凡达3》将于12月19日在中国内地上映，同步北美。 12月以来，博纳影业股价因《阿凡达3》上映预期坐上"过山车"——12月2日至12日，公司总市值从 97.73亿元飙升至183.5亿元，累计涨幅约87.76%；然而，从12月15日至17日，股价又迅速回调超过 20%，市值蒸发近50亿元。 这场异动背后，是投资者对《阿凡达3》"数十亿票房预期"的亢奋想象与公司连续四次发布异动公告的 风险提示之间的剧烈碰撞。 与此同时，博纳影业正在经历着业绩寒冬：2022年至2024年已经持续亏损三年，2025年前三季度，归属 于上市公司股东的净利润约-11.1亿元，亏损同比增加213.11%。 近期，博纳影业股价异动频繁。 东方财富数据显示，在12月2日至12日期间，博纳影业的股价持续上涨，公司总市值从97.73亿元增长至 183.5亿元，累计增长约87.76%。其中，12月8日至10日，连续三个交易日收盘涨停。12月11日， ...

博纳影业虽通过控股子公司获得了《阿凡达3》的投资收益权，可参与全球票房分账，但公司也多次发布公告提示风险，称 该投资收益权比例较低，对公司短期业绩无重大影响，并提醒投资者理性决策。 此次股价的剧烈波动，也折射出博纳影业自身面临的经营困境。公司近年来连续亏损，2022年至2024年累计亏损约15亿元， 2025年前三季度再亏11.09亿元，近四年累计亏损已超26亿元。业绩下滑主要系2025年春节档主投影片《蛟龙行动》票房不及 预期。目前，公司仍处于亏损状态，未来盈利存在不确定性。 有分析人士指出，《阿凡达3》预售遇冷是多重因素叠加的结果。一方面，经过十余年的发展，国内观众对视效大片的审美 疲劳逐渐显现，单纯依靠技术革新已难以保证票房号召力，故事内容和情感共鸣变得愈发重要。另一方面，当前电影市场消 费更趋理性，高票价策略在缺乏足够口碑支撑的情况下，容易将大量普通观众挡在门外。 对于博纳影业而言，将业绩希望寄托于单一海外大片的投资收益并非长久之计。分析人士认为，公司应回归内容创作本源， 深耕本土市场，打造更多符合当下观众喜好的优质影片，同时优化成本控制，改善盈利结构，才能从根本上摆脱经营困境， 实现可持续发展。此次 ...

股价高昂背后，博纳影业却面临着残酷的困境：上市三年多以来，公司持续面临亏损，2022年至2024年及今年前三季度，公司累计亏损已超26亿元。 12月股价大涨近70% 12月15日，据猫眼专业版数据，电影《阿凡达3》映前4天，点映及预售总票房破3000万。 进入贺岁档，A股影视板块频频异动，前有《疯狂动物城2》拿下中国影史进口动画电影单日票房冠军，作为国内主要发行方的中国电影股价强势涨停； 后有《阿凡达3》上映在即，可参与全球票房分账的博纳影业股价一路上涨，一度收获"五天四板"。 当天，A股影视院线板块普遍股价下跌，博纳影业盘中跌停，收盘报12.02元/股，跌9.96%；幸福蓝海跌4.19%，中国电影、上海电影、金逸影视、华谊兄 弟均跌超2%。 在此之前，博纳影业因间接参投《阿凡达3》而备受市场关注，上周五个交易日内一度收获四个涨停。不过，博纳影业多次通过公告对外表示，《阿凡达 3》对短期业绩无重大影响。 拉长时间线来看，博纳影业股价自11月下旬逐渐开启上涨趋势，并在12月开启强势拉升，12月4日大涨超9%，并从12月8日起开启连板模式。12月12日， 博纳影业一度触及13.35元的阶段新高。即便今日跌停，该股 ...

Core Viewpoint - The article discusses the recent surge in the stock price of Bona Film Group despite its ongoing financial losses, highlighting the impact of upcoming Hollywood blockbusters like "Avatar 3" on investor sentiment and market dynamics [5][9][25]. Group 1: Company Performance - Bona Film Group has experienced a stock price increase of 230% since April, despite reporting a net loss of 11.10 million yuan in the first three quarters of this year, marking its fourth consecutive year of losses [8][14][15]. - In contrast, other major film companies have shown profit recovery, with Light Media reporting a net profit of 2.336 billion yuan, a 406.78% increase year-on-year [10]. - Bona's revenue for the first three quarters was 97.2 million yuan, a slight increase of 1.29% year-on-year, but the company has accumulated losses of 2.602 billion yuan to date [14][15]. Group 2: Market Dynamics - The recent stock surge for Bona is attributed to market speculation around the "short drama game" concept and its rights to global box office revenue from major films like "Avatar 3" [16][17]. - Despite the potential revenue from "Avatar 3," which could yield up to 600 million yuan if the film performs well, this amount is insufficient to cover Bona's significant losses [25][26]. - The overall film market in China has been recovering, with total box office revenue expected to approach 50 billion yuan this year, although many films outside of major hits like "Nezha 2" have underperformed [30][31][34]. Group 3: Future Outlook - Bona Film Group is at a critical juncture, needing to adapt its business model to the changing market environment, as its traditional high-investment strategy has proven vulnerable [56][49]. - The company has initiated an AI subsidiary to explore cost-effective production methods, which may help address its high-cost issues in the future [53]. - With a significant portion of its shares set to be unlocked in the coming year, there is potential for selling pressure, raising concerns about investor confidence [58].

Core Viewpoint - Bona Film Group has seen a significant stock price increase due to its participation in the upcoming film "Avatar 3," despite ongoing financial struggles and a low percentage of investment returns from this project [3][4][6]. Group 1: Stock Performance - On December 4, Bona Film Group's stock price rose by 20.25% over three consecutive trading days, leading to its appearance on the stock market's "Dragon and Tiger List" [3][4]. - The stock price has fluctuated since hitting a low of 3.68 yuan per share on April 9, with a notable increase observed from December 2 to December 4 [4]. - Despite the stock price surge, the company emphasized that its investment return from "Avatar 3" is minimal and will not significantly impact short-term performance [4][6]. Group 2: Financial Struggles - Bona Film Group has reported losses for three consecutive years from 2022 to 2024, with a net loss of 1.11 billion yuan in the first three quarters of this year [3][7]. - The company's film "Operation Dragon" underperformed during the 2025 Spring Festival, contributing to its ongoing financial difficulties [7]. - Recently, Bona Film Group has been listed as a defendant in a legal case, marking its first instance as a defendant with an execution target of 1.5 million yuan [7]. Group 3: Market Context - The film market is experiencing a revival, driven by the release of "Zootopia 2," which has positively impacted audience engagement [6]. - The previous "Avatar" films have set a strong foundation for the anticipated release of "Avatar 3," with "Avatar" grossing 21.2 billion yuan and "Avatar 2" 16.825 billion yuan globally [6]. - Analysts suggest that Bona's investment in "Avatar 3" is a rational choice rather than a gamble, reflecting a strategic approach to stable returns from established IPs [6][8]. Group 4: Strategic Initiatives - Bona Film Group is exploring the integration of AI in film production, having upgraded its AIGMS production center into an independent subsidiary [9]. - The company aims to leverage AI technology to enhance efficiency in film production processes, potentially reshaping its operational model [9]. - Despite the early stage of AI applications in the industry, Bona's extensive experience and resources position it uniquely to capitalize on this trend [9].

Core Viewpoint - Bona Film Group has recently been listed as a defendant in a legal case with an execution amount of 1.5 million RMB, marking its first instance as a defendant [1][2]. Financial Performance - For the first three quarters of the year, Bona Film Group reported a revenue of 972 million RMB, reflecting a year-on-year growth of 1.29% [2]. - The company experienced a significant decline in net profit attributable to shareholders, reporting a loss of 1.11 billion RMB, which is a 213.11% decrease year-on-year [2]. - The substantial change in net profit is primarily attributed to the underperformance of the film "Jiaolong Xingdong," which was expected to perform well during the 2025 Spring Festival [2]. Company Background - Bona Film Group was established in August 2003, with a registered capital of approximately 1.375 billion RMB. Its business scope includes film production, performance management, and organizing cultural and artistic exchange activities [2]. - The company's legal representative is Yu Dong, and its shareholders include Yu Dong, Zhejiang Dongyang Dama Entertainment Co., Ltd., and Linzhi Tencent Technology Co., Ltd. [2]. Market Performance - Recently, the film "Zootopia 2" has gained popularity, positively impacting the film industry. Bona Film Group's stock has seen a three-day consecutive rise, reaching a peak increase of 7.02% to 8.39 RMB per share, with a total market capitalization of 11.5 billion RMB, reflecting an over 36% increase year-to-date [2].