7月25日，国家版权局发布第八批重点作品版权保护预警名单，两部动画电影位列其中，分别是《浪浪 山的小妖怪》以及将于8月中旬上映的《非人哉：限时玩家》。其中，《非人哉：限时玩家》主要出品 方包括大麦娱乐、光线传媒、中国电影3家上市公司，同时，该片也是动漫IP《非人哉》的衍生电影。 中国动漫集团创作策划中心主任宋磊向《证券日报》记者表示："暑期档是动画电影集中上映的大档 期，市场期待在《哪吒之魔童闹海》之后有更多具有竞争力的动画作品涌现。" "当前海内外诞生的高票房动画电影几乎都是IP续作，因此今年国内动画电影普遍围绕有粉丝基础的IP 展开制作。"一位动画制片人向《证券日报》记者表示，动画电影市场的竞争本质是IP竞争，未来，行 业或加速对有粉丝基础的动画电影的开发。 本报记者李豪悦 灯塔专业版数据显示，截至7月25日记者发稿，电影市场工作日单日票房已连续5天破亿元。其中，7月 25日当天票房有望冲击2亿元。 数据显示，目前暑期档电影总票房已达45.78亿元。《南京照相馆》《长安的荔枝》《戏台》《罗小黑 战记2》位于单日票房吸金榜前四。 值得一提的是，历史片在今年暑期档热度颇高。其中，7月25日上映的《南京照相馆》 ...

Core Viewpoint - The company, China Film Industry Group Co., Ltd., anticipates a significant loss for the first half of 2025, with projected net profits ranging from -80 million to -120 million yuan, indicating a downturn compared to the previous year [2][3]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to shareholders is projected to be between -80 million and -120 million yuan [2][3]. - The net profit after deducting non-recurring gains and losses is expected to be between -160 million and -230 million yuan [2][3]. Group 2: Previous Year Performance - In the first half of 2024, the company reported a total profit of 291.51 million yuan, with a net profit attributable to shareholders of 204.25 million yuan [5]. - The net profit after deducting non-recurring gains and losses for the same period was 161.70 million yuan [5]. - The basic earnings per share for the previous year was 0.109 yuan [6]. Group 3: Reasons for Performance Decline - The primary reason for the anticipated loss in 2025 is the underperformance of films at the box office, leading to reduced gross profits, with a net profit of -140.76 million yuan reported by the end of the first quarter [7]. - The second quarter saw a 34.73% year-on-year decline in national box office revenue, with significant drops during key holiday periods [7]. - Despite the challenges, the company is actively enhancing operations and has upcoming films that may positively impact performance, including "Nanjing Photo Studio" and "Non-Human: Limited Player" [7].

多位业内人士告诉记者，《哪吒2》推高了观众对于中国全年龄向动画电影的期待。记者梳理发现，年 内还有6部全年龄向国产动画电影等待上映，它们能否继承《哪吒2》的动画观影热潮？ 公开资料显示，等待上映的6部国产动画电影中，确定"暑期档"上映的有4部，分别为《时间之子》《浪 浪山小妖怪》《聊斋：兰若寺》以及《罗小黑战记2》。未公布档期但计划于2025年上映的两部影片为 《非人哉：限时玩家》和《三国的星空》。 截至5月9日18时，2025年国内电影总票房达264.48亿元，其中《哪吒之魔童闹海》(以下简称《哪吒2》) 国内票房达到153.8亿元，占到2025年国内电影总票房的58%。 《哪吒2》票房一飞冲天注定成为中国电影（600977）史上浓墨重彩的一笔，但离开《哪吒2》，2025年 上映的其余电影贡献票房仅有110.68亿元。《哪吒2》目前已经进行了三次密钥延期，5月30日之后是否 会进行第四次延期仍是未知数，电影市场普遍期待新的爆款作品出现。 例如，《非人哉：限时玩家》主要制作商为广州分子互动传媒有限公司(以下简称"分子互动")，该电影 IP主要来自漫画《非人哉》。分子互动此前主要集中精力制作动画剧集《非人哉》。 ...

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a significant decline in net profit, while showing strong performance in Q1 2025 driven by the success of "Nezha 2" [1][2] Financial Performance - In 2024, the company achieved revenue of 1.586 billion RMB, a year-on-year increase of 2.58%, but net profit attributable to shareholders fell by 30.11% to 292 million RMB [1] - The company plans to distribute approximately 585 million RMB in dividends for 2024, which is 200.24% of the net profit [1] - For Q1 2025, the company reported revenue of 2.975 billion RMB, a substantial year-on-year increase of 177.87%, and net profit attributable to shareholders surged by 374.79% to 2.016 billion RMB [1] Business Segments - The film business in 2024 generated revenue of 1.129 billion RMB, a decline of 12.22% due to market conditions and seasonal fluctuations [2] - "Nezha 2" has been a significant contributor, generating approximately 3 billion RMB in revenue, with a total box office close to 15.1 billion RMB [2] - The company is transitioning from a "high-end content provider" to an "IP creator and operator," focusing on expanding its animation production capacity and developing a robust IP operation team [2] Future Projects - The company has a rich pipeline of upcoming releases, including films and TV series, with titles like "Unique" and "East Extreme Island" set for release in 2025 [3] - The "Light Mythology Universe" is being developed, with projects like "Jiang Ziya 2" and "Eight Immortals Cross the Sea" in the planning stages, aiming to leverage traditional Chinese culture [3] Profit Forecast and Investment Recommendation - The company is expected to see net profits of 2.387 billion RMB, 1.076 billion RMB, and 1.296 billion RMB for 2025-2027, with corresponding PE ratios of 24.34, 53.97, and 44.81 [3]