Performance Overview - In the first three quarters of 2025, the company achieved revenue of 9.787 billion (yoy -0.61%) and a net profit attributable to shareholders of 708 million (yoy +319.92%), with a non-recurring net profit of 611 million (yoy +641.09%) [1] - In Q3 2025, the company reported revenue of 3.098 billion (yoy -14.63%), a net profit of 173 million (yoy +212.04%), and a non-recurring net profit of 131 million [1] Box Office Performance - The total box office in China for Q3 2025 reached 12.72 billion (yoy +17.2%), with 340 million moviegoers (yoy +29.8%) [2] - The company's domestic cinemas generated box office revenue of 1.88 billion, with 45.05 million attendees, capturing a market share of 14.8% [2] - Notable films released include "Nanjing Photo Studio" with a box office of 3.02 billion, and "The Lychee of Chang'an" with 690 million, the latter receiving six nominations at the 38th China Golden Rooster Awards [2] Strategic Initiatives - The company is advancing its "Super Entertainment Space" strategy, exploring diverse business growth through a "1+2+5" strategic framework [3] - The company launched themed marketing activities such as the "Super Entertainment Animation Market" during the summer season, integrating IP, scenes, and demographics to enhance customer loyalty [3] - IP products like "Light and Night Love," "Lanruo Temple," and "Cute Town" are aimed at increasing young user engagement and enhancing user experience, creating a supportive ecosystem for box office and non-box office revenue [3] Investment Outlook - The company has a rich content pipeline and stable release schedule, with projected revenues of 14.038 billion, 15.206 billion, and 16.292 billion for 2025E-2027E, and net profits of 976 million, 1.227 billion, and 1.454 billion respectively [4] - The investment rating is maintained at "Buy" [4]

Core Viewpoint - Wanda Film showcased its capabilities in IP incubation and licensing at the 10th China International Copyright Expo, emphasizing its commitment to digital empowerment and innovative IP development [1][4][6] Group 1: IP Aggregation and Development - Wanda Film's exhibition featured a diverse range of well-known IP resources, including the hit animated film "Ne Zha," the trendy illustration IP "Dai Meng Ting," and popular games like "Love and Deep Space" and "Light and Night of Love," demonstrating the company's extensive layout in IP licensing and derivative development [1][4] - The exhibition attracted a wide audience with various derivative products, including themed popcorn buckets, laser tickets, and practical decorative items like makeup mirrors and photo frames, showcasing the company's ability to create appealing merchandise [1][4] Group 2: Strategic IP Management - The company has a forward-looking approach to potential IPs, such as "Ne Zha" and "Wang Wang Mountain Little Monsters," facilitating rapid market introduction of popular products and creating synergistic effects with key release periods, effectively driving business growth [4] - In-depth development of IPs like "Dai Meng Ting" and "Love and Deep Space" has led to innovative product designs that blend functionality with the core essence of the IP, catering to the diverse needs of different fan groups [4] Group 3: Digital Empowerment and Innovation - Wanda Film introduced the "Big Dreamer" series, a collaboration with contemporary artist Chen Jianzhou, featuring blind box figurines and prints that reflect innovative interpretations of traditional culture, thus infusing the brand with a trendy artistic identity [4][6] - The "Big Dreamer" series prints are limited to 300 copies each, with unique numbering, and buyers can access a digital collectible certificate through the Rtime link system, which combines physical art products with digital authentication for enhanced collector experience [6] - The dual approach of "licensing + original" and digital innovation not only showcases Wanda Film's comprehensive strength in IP development and copyright value extraction but also aligns with the expo's theme of "Copyright Innovation Future, Digital Intelligence Brightens Life" [6]

Core Viewpoint - Wanda Film is enhancing its IP collaboration strategy through partnerships with leading IPs to diversify revenue streams and reduce reliance on box office performance [1] Group 1: IP Collaboration - Wanda Film's subsidiary, Time Network, is focusing on full-chain IP operations and industry integration [1] - Collaborations include popular IPs such as "Genshin Impact," "Identity V," and Pop Mart's "Baby Molly," among others [1] - The company has developed over a hundred related SKUs to engage younger consumer demographics [1] Group 2: Revenue Diversification - The strategy aims to activate consumer demand beyond ticket sales, thereby increasing non-ticket revenue [1] - Future plans include expanding the IP copyright pool and venturing into various fields such as trendy toys, art products, and virtual ecosystems [1] - This approach is expected to enhance the company's intrinsic investment value [1]