格隆汇8月29日丨欢喜传媒(01003.HK)公告，截至2025年6月30日止6个月中期业绩，集团录得收益及电 影投资收入╱(亏损)，净额港币1.8亿元，同比增长56.19%。 在充满挑战的市场环境中，集团一直密切评估市场状况，灵活调整推出电影的节奏，并维持充足的影视 内容储备，为影视行业再度蓬勃作好准备。集团于期内推出由陈可辛执导，章子怡及雷佳音主演、改编 自民国四大奇案一的剧情片《酱园弄悬案》，成为暑期档其中一部话题性极强的作品。集团于2025年7 月推出由陈佩斯编剧及执导，黄渤及陈佩斯等主演的《戏台》，亦是暑期档其中深受观众喜爱的作品之 一。 此外，集团积极筹备并已完成后期制作或取得电影公映许可证的多部电影，其中包括由陈可辛执导，胡 歌、Vincent Cassel及郝蕾等主演的《独自上场》、以及由陈大明执导，张涵予主演的《以父亲名》等。 集团相信凭藉丰富多样题材，耀眼亮丽的导演和演员阵容，影片储备吸引力十足，将会赢得观众的青 睐。 在线视频平台"欢喜首映"方面，集团继续丰富其播放内容，其中包括由著名日本演员中川雅也主演，英 日合拍的温情家庭物语《棉尾兔》(Cottontail)、从孩子视角出发的正义大 ...

Investment Rating - The industry investment rating is maintained as "Increase" [7][32]. Core Viewpoints - The media sector is expected to benefit from AI applications, IP monetization, and mergers and acquisitions, with a focus on multi-modal industry directions and companies with IP advantages [1][2]. - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, showing a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [3][21]. - The report highlights the emergence of new AI models and video generation technologies, indicating a shift towards dynamic content creation in the media industry [4][5]. Summary by Sections Market Overview - The media sector experienced a decline of 1.78% during the week of June 16-20, 2025, influenced by the overall market trend [11][12]. - The top five stocks in the media sector by growth during this period were Hualuo Baina (15.7%), Times Publishing (12.8%), Century Huachuang (11.7%), Ciweng Media (10.1%), and Giant Network (8.9%) [12][16]. Sub-sector Insights - Key focus areas include resource integration expectations with companies like Zhongshi Media and Guoxin Culture, AI applications with companies like Rongxin Culture and Aofei Entertainment, and gaming with companies like Shenzhou Taiyue and Kaixin Network [2][18]. - The report suggests monitoring state-owned enterprises in the media sector, such as Ciweng Media and Wuxin Media, due to increased capital advantages [2][18]. Key Events Review - The introduction of a new feature by WeChat allowing public accounts to link to WeChat stores enhances sales opportunities for merchants [20]. - The launch of the Kimi-Dev-72B open-source code model marks a significant advancement in AI software engineering capabilities [4]. Data Tracking - The gaming market's performance is tracked, with notable titles like "Kingshot" and "Genshin Impact" contributing to overseas sales growth [3][21]. - The box office for the week of June 14-20, 2025, reached approximately 302 million yuan, with "How to Train Your Dragon" leading the rankings [23].