（原标题："中国奈飞2.0"呼之欲出！海通国际首予中国儒意(00136)"跑赢大市"评级 目标价4.5港元） 作为中国最大的纯订阅制流媒体平台，南瓜电影更注重内容质量并向付费用户进行个性化内容推荐。截 至2025年6月，平台已拥有约9930万注册用户和3810万付费用户，储备影视版权近百万部。该行认为， 随着独家内容的不断扩充和AI技术的赋能，南瓜电影正处于健康增长轨道。 游戏业务已成为公司最大的收入来源，2025年上半年贡献了总营收的55%。借助腾讯(00700)的支持与多 项并购，景秀游戏业务在2022至2024年间实现了近500%的复合年增长率，为公司提供了稳定的现金 流。 总体而言，海通国际认为，凭借近20年的经验、战略投资以及腾讯的赋能，中国儒意正朝着构建类似奈 飞的高质量独家内容库迈进，该内容库同时服务于在线用户(通过南瓜电影)和线下用户(通过万达电 影)，旨在成为一个线上线下融合的影视娱乐平台。 该行预测，中国儒意2025至2027年的调整后净利润将分别达到24.2亿元、26.3亿元和27.3亿元。基于 PEG估值法，参考同业平均PEG水平0.8倍及公司30%的净利润复合年增长率，得出目标价4. ...

游戏业务已成为公司最大的收入来源，2025年上半年贡献了总营收的55%。借助腾讯(00700)的支持与多 项并购，景秀游戏业务在2022至2024年间实现了近500%的复合年增长率，为公司提供了稳定的现金 流。 海通国际发布研报，首次覆盖中国儒意(00136)，给予"跑赢大市"评级，目标价定为4.50港元。报告指 出，中国儒意作为中国影视行业全价值链的市场领导者，展现出长期发展成为"中国版奈飞2.0"的潜 力。 该行指出，中国儒意业务布局广泛，涵盖内容制作与发行(儒意影业)、在线流媒体(南瓜电影)、影院放 映(万达电影)、网络游戏(景秀游戏)及IP衍生品等多个领域。据灯塔专业版数据，公司已创作和投资超 过100部影视版权，累计票房约400亿元人民币。在2024财年及2025年上半年，公司总营收分别为37亿元 (人民币，下同)和22亿元，调整后净利润则大幅增长至12.5亿元及13亿元。 细分来看，公司以"制片人中心制"为核心模式，对内容主题、制作和质量拥有强大把控力，成功推出了 《你好，李焕英》、《热辣滚烫》和《送你一朵小红花》等多部高票房影片。此外，通过控股万达电 影，中国儒意不仅增强了影院放映能力，还获得了 ...

Group 1: Industry Overview - The film industry is a classic content form within the culture and media sector, characterized by its ability to create blockbuster hits that attract diverse entrants due to its "consumer pull" and "cross-layer" communication capabilities [1] - The film industry has a relatively small scale, with upstream activities focused on production and distribution, while downstream activities involve cinema channels, where effective cinema operation is crucial beyond just box office performance [1] - The industry faces a significant challenge in supply capacity, with AI expected to reshape the content industry in three ways: 1) AI transforming the production process; 2) AI as an advanced productivity tool greatly enhancing supply-side vitality; 3) The importance of distribution channels [1] Group 2: Company Analysis - Following the acquisition of Wanda Film by China Ruyi, the two companies exhibit clear synergistic effects, with China Ruyi excelling in original scripts and distribution, while Wanda Film has strengths in offline screening and distribution [2] - The core of Wanda Film's strategy under the "China Ruyi + Wanda Film" collaboration is focused on "offline distribution + space operation," where China Ruyi produces hits and Wanda Film manages offline distribution and cinema operations [2] - The investment outlook for Wanda Film is positive, with expected revenues of 13.678 billion, 15.136 billion, and 16.010 billion yuan for 2025-2027, and net profits of 857 million, 1.232 billion, and 1.597 billion yuan, corresponding to PE ratios of 30, 21, and 16 times [2]

Core Viewpoint - The acquisition of Wanda Film by China Ruyi has raised questions about the value of the transaction, especially as both companies have reported declining performance and losses post-acquisition. However, Ruyi's leader, Ke Liming, is positioning the company for future growth by diversifying into gaming and other sectors, suggesting that the integration of IP resources may yield positive results in the long run [1][14][19]. Company Overview - Wanda Film was a dominant player in the Chinese cinema market, having established a significant presence with 700 cinemas across 350 cities. It has been a leader in box office performance, holding 51 out of the top 100 cinemas in the country as of mid-2023 [10]. - China Ruyi, initially a newcomer in the film industry, has rapidly evolved into a major player through strategic investments and acquisitions, including the recent takeover of Wanda Film [9][10]. Historical Context - The rise of Wanda Film and Ruyi occurred during a prosperous period for the film industry in 2013, with Wanda aiming for vertical integration in film production and international expansion [3][4]. - Ruyi's significant breakthrough came with the success of films like "To Youth" and subsequent hits, establishing it as a key player in the industry [6][9]. Financial Performance - Following the acquisition, Wanda Film's revenue dropped by 15.44% to 12.362 billion yuan, resulting in a net loss of 940 million yuan in 2024. Ruyi's content production revenue also saw a decline of over 90%, leading to a total loss exceeding 200 million yuan [14][15]. - Despite a booming film market in 2025, the combined film business of Ruyi and Wanda has struggled to perform, indicating ongoing challenges in the industry [14][15]. Strategic Moves - Post-acquisition, Ruyi has continued to expand its capital operations, acquiring stakes in gaming companies and investing in the潮玩 (trendy toy) market, indicating a broader strategy beyond just film [17][18]. - Ruyi's approach to IP management is comprehensive, involving various sectors such as publishing, gaming, and film, which positions it well for future growth [20][22]. Market Dynamics - The film industry is experiencing a shift, with new players emerging and established companies facing challenges. Ruyi and Wanda's merger is part of a larger trend of consolidation in the industry, as companies seek to leverage resources and capitalize on IP [12][13]. - The competitive landscape is evolving, with new entrants and established firms adapting to market demands, highlighting the need for innovative strategies in content creation and distribution [12][13].

Core Insights - China Ruyi has received a significant boost with Sunshine Insurance and its affiliates increasing their stake by 40 million H-shares, valued at approximately HKD 113 million, indicating strong investor confidence [1] - The inclusion of China Ruyi in the FTSE China Large Cap Index is a landmark event, reflecting international capital recognition and is expected to enhance the company's value [1][2] Group 1: Index Inclusion Benefits - Inclusion in the FTSE China Large Cap Index brings substantial benefits such as increased liquidity and valuation levels, as FTSE Russell is a leader in the global index industry with around USD 20 trillion in assets benchmarked to its indices [1] - The index's focus on large-cap stocks with high liquidity and industry leaders provides a strong endorsement of China Ruyi's market position and competitive strength, which is likely to positively influence its stock price and attract quality capital [2] Group 2: Financial Performance - In the first half of the year, China Ruyi reported robust financial performance with revenue of CNY 2.206 billion, a year-on-year increase of 20%, and a net profit of CNY 1.228 billion, marking a turnaround from losses [3] - The adjusted net profit reached CNY 1.303 billion, reflecting a significant year-on-year growth of 140%, indicating a notable improvement in profitability and sustainable growth potential [3] Group 3: Business Segments and Growth Drivers - China Ruyi's core business segments are driving growth, with a focus on high-quality content production and diversified strategies in film and television, leading to strong audience engagement and revenue generation [4] - The gaming segment, particularly the "JINGXIU" brand, achieved revenue of CNY 1.21 billion, a 40% increase year-on-year, highlighting its role as a key growth engine [5] - Innovative product strategies and collaborations in the gaming sector have resulted in significant market success, with new titles achieving top rankings and substantial revenue [6] Group 4: Technological Integration - The integration of AI technology across various business lines is enhancing operational efficiency and product experience, exemplified by advancements in gaming that improve modeling efficiency by approximately 70% [7] - The overall industry environment is improving, with policy support in the film and television sectors, providing a favorable backdrop for China Ruyi's multi-engine growth strategy [7]

Core Viewpoint - The inclusion of China Ruyi in the FTSE China Large Cap Index signifies international capital recognition of its investment value, which is expected to further enhance its value release [1][2]. Group 1: Benefits of Index Inclusion - Inclusion in the FTSE China Large Cap Index brings substantial benefits such as increased liquidity and valuation levels [2]. - FTSE Russell is a leader in the global index industry, with approximately $20 trillion in assets benchmarked to its indices, making it a significant indicator for global investors [2]. - The characteristics of the FTSE China Large Cap Index, which focuses on industry leaders, provide strong endorsement of China Ruyi's market position and competitive strength [3][4]. Group 2: Underlying Logic of Inclusion - The selection for the FTSE China Index reflects the company's "value creation capability" and "growth certainty," with newly included stocks showing strong performance in 2023 [5]. - China Ruyi reported strong financial performance in the first half of the year, achieving revenue of 2.206 billion yuan, a year-on-year increase of 20%, and a net profit of 1.228 billion yuan, marking a turnaround from losses [5][6]. - The company's core segments are driving growth, showcasing its ability to open up revenue and profit growth spaces [6]. Group 3: Business Performance Highlights - In content production, China Ruyi adheres to a premium strategy, producing high-quality content while expanding its audience reach [7]. - The company maintained a leading position in the film industry, with notable box office successes from films like "The Murderer 3" and "Love You, Love You Not" [7]. - In the gaming sector, the core brand "JINGXIU" achieved revenue of 1.21 billion yuan, a 40% year-on-year increase, contributing significantly to overall performance [10]. Group 4: Innovation and Technology Integration - China Ruyi is leveraging AI technology across its operations to enhance efficiency and product experience, exemplified by advancements in gaming through computer vision and motion transfer algorithms [13][14]. - The integration of AI is becoming a core productivity driver for the company, potentially enhancing its competitive edge and accelerating profit release [14]. - The overall industry is experiencing a recovery, supported by favorable policies, which allows China Ruyi to maximize its multi-engine growth capabilities [14].

Group 1 - The core viewpoint of the article highlights that China Ruoyi (00136) has seen a stock price increase of over 3%, currently trading at 2.99 HKD, with a trading volume of 14.72 million HKD [1] - FTSE Russell recently updated its semi-annual adjustment list for the FTSE Global Equity Index Series, and China Ruoyi has been included in the FTSE China Large Cap Index, which consists of companies with large market capitalization, high liquidity, and industry leaders [1] - Tianfeng Securities predicts a steady recovery in the film industry by 2025, suggesting that leading film companies like China Ruoyi will enhance their competitive advantages and market share, supported by the orderly launch of gaming projects and the growth of streaming services [1] Group 2 - In the first half of 2025, China Ruoyi's content production revenue reached 570 million CNY, a significant year-on-year increase of 1085%, primarily driven by the strong box office performance of several key films [1] - The company ranks among the top in the industry in terms of both the number of films produced and box office results, with a robust pipeline of upcoming projects including "You Have a Cloud Like You," "We Live in Nanjing," and several collaborations with Light Chaser Animation [1] - The gradual release of these upcoming projects is expected to contribute positively to the company's content production business performance [1]

Group 1 - The core viewpoint is that China Ruyi (00136) has seen a stock price increase of over 3%, currently at 2.99 HKD, with a trading volume of 14.72 million HKD, following its inclusion in the FTSE China Large Cap Index due to its market capitalization and liquidity [1] - The FTSE Russell Index recently updated its semi-annual adjustment list for the FTSE Global Equity Index Series, which included China Ruyi as a leading enterprise in the film industry [1] - Tianfeng Securities predicts a steady recovery in the film industry by 2025, which will enhance the competitive advantage and market share of quality film leaders like China Ruyi, alongside the orderly launch of gaming projects contributing to performance elasticity [1] Group 2 - In the first half of 2025, China Ruyi's content production business revenue reached 570 million CNY, a significant increase of 1085% year-on-year, primarily driven by the excellent box office performance of several major films [1] - The company ranks among the top in the industry in terms of the number of films produced and box office results, with a strong pipeline of projects including "You Have a Cloud Like You," "We Live in Nanjing," and others [1] - The gradual release of these reserve projects is expected to contribute to the company's performance growth in the content production sector [1]

Core Viewpoint - China Ruyi (00136) is experiencing a significant stock price increase, attributed to strategic acquisitions and investments aimed at enhancing its gaming and entertainment capabilities [1] Company Summary - China Ruyi's stock rose over 6% towards the end of trading, with a current price of 2.89 HKD and a trading volume of 418 million HKD [1] - The company plans to acquire 100% of ByteDance's Youai Interactive, 30% of Tencent's Yonghang Technology, and 30% of Kuaiqian, while also investing in 52Toys, which will strengthen its self-developed and publishing capabilities in gaming [1] - The acquisitions will help China Ruyi form new growth drivers and strategically position itself in emerging sectors such as IP derivatives, cross-border payments, and digital RMB [1] Industry Summary - The film industry is expected to recover steadily by 2025, enhancing the competitive advantage and market share of quality film leaders [1] - The orderly launch of gaming projects is anticipated to contribute to performance elasticity, while the streaming service, Pumpkin Film, is expected to generate incremental revenue in the film channel [1] - AI technology is projected to reduce costs and improve efficiency in the film industry [1] - Revenue projections for China Ruyi are estimated at 4.84 billion CNY and 5.89 billion CNY for 2025 and 2026, respectively, with year-on-year growth rates of 32% and 22% [1] - Net profit forecasts for the same years are 1.64 billion CNY and 2.03 billion CNY [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of China Ruyi (00136), which rose over 6% towards the end of trading, with a current price of 2.89 HKD and a trading volume of 418 million HKD [1] - Guohai Securities reports that China Ruyi will acquire 100% of the shares of Youai Interactive Entertainment, a subsidiary of ByteDance, and 30% of shares from both Yonghang Technology, a Tencent subsidiary, and Kuaiqian, along with an investment in 52Toys, enhancing its game self-research and publishing capabilities [1] - The strategic acquisitions are expected to create new growth drivers for the company, focusing on IP derivatives, cross-border payments, and digital RMB, which are considered blue ocean markets [1] Group 2 - Tianfeng Securities indicates that the film industry is expected to recover steadily by 2025, which will enhance the competitive advantages and market share of quality film leaders [1] - The orderly launch of game projects is anticipated to contribute to performance elasticity, while the streaming service, Pumpkin Film, is expected to generate additional revenue from the film channel [1] - AI in film production is projected to reduce costs and increase efficiency, with revenue forecasts for China Ruyi at 4.84 billion and 5.89 billion CNY for 2025 and 2026 respectively, representing year-on-year growth rates of 32% and 22% [1]