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！ 来源：棱镜 //// 徐文荣拒绝登上任何富豪榜，强调横店集团的财富属于集体。而横店集团的控股股东属于社团法人，徐 氏家族的财富也难以为外界估量。 "看这座城楼，就是成毅《莲花楼》的取景地。" "时代少年团来横店拍戏也住这家酒店，偶遇明星的概率很高。"在社交媒体上，到横店蹲守喜爱的明 星、打卡影视剧同款取景地在年轻人中爆火。 作者：肖望 有着"东方好莱坞"之称的横店，已成为全球最大的影视拍摄基地。作为浙江省金华市东阳市下辖的小 镇，"浙江金华，中国横店"令横店人引以为傲。 通过建设影视实景拍摄基地筑巢引凤，横店发展出完善的影视产业集群并带动文旅产业，年产值超350 亿元。而这都得益于横店集团20年前的筹谋规划。 影视文旅产业令横店蜚声海内外，但在横店集团的营收贡献占比还不到10%。贡献了近半营收的电子电 气产业和两成营收的医药化工才是横店集团的里子。 在50年间，横店集团从一家乡镇缫丝厂发展成为横跨影视文旅、电气电子、医药健康和现代服务的超大 型综合集团，总资产超千亿元，手握6家上市公司。 横店集团创始人徐文荣及其长子、横店集团现任董事长 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，曾出品《汉武大帝》《你好，李焕英》的影视巨头百纳千成（300291.SZ）发布公告称，拟通过发行股份及支付现金相结合的方式，收购众联 世纪100%股权，同时募集配套资金。 根据最新披露的业绩数据，截至2025年9月30日，公司营收净利出现同步下滑。其中，实现营业收入1.78亿元，同比下滑73.43%；归母净利润为-0.68亿 元，同比下滑24.89%。 分析公司业绩下滑背后，传统影视业务严重萎缩是核心原因。 值得一提的是，12月初，百纳千成刚刚完成高管更迭，原董事长兼总经理方刚因个人原因，申请辞去公司董事、董事长、总经理职务；同时新选举朱有毅 为公司第五届董事会董事长，李倩为公司总经理。 张力制图 连续亏损 据悉，百纳千成原名华录百纳，成立于2002年，2012年登陆创业板，曾是影视行业的标杆企业，其代表作包括《汉武大帝》、《媳妇的美好时代》。 2020年至2024年，公司实现营业收入分别为2.84亿元、8.03亿元、4.69亿元、4.32亿元、7.39亿元，其中，由于在2021年底控股了北京精彩时间文化传媒有 限公司，直接分享了现象级爆款剧《你好，李焕英》的 ...

影视行业龙头公司百纳千成将通过并购"触电"AI。 12月15日晚，百纳千成发布公告，公司正在筹划发行股份及支付现金购买厦门众联世纪股份有限公司（以下简称"众联世纪"）100%股权，同时拟募集配 套资金。经公司申请，公司股票自2025年12月16日开市时起开始停牌。 本次交易事项尚处于筹划阶段，公司目前正与标的公司各股东接洽。百纳千成表示，公司与本次交易的部分主要交易对方已签署了《股权收购意向协 议》，初步达成购买资产的意向。最终股份转让数量、比例、交易价格、支付方式、股份锁定安排、违约条款等由交易各方另行签署正式股份收购协议确 定。 众联世纪官网资料显示，公司成立于2013年，是一家以AI+大数据驱动的数智科技企业。公司依托自主研发的核心AI算法及全栈解决方案，构建了"一站 式数智营销行业解决方案、AI应用场景解决方案、数字化渠道建设"三大核心业务体系，已为通信、金融、电商等超3000家行业客户提供数智化综合服 务。公司拥有国家合法备案的多模态图像生成与个性化推荐等AI大模型算法认证。 众联世纪的客户目前包括众多行业头部企业，包括腾讯广告、快手、TikTok等。尤其是数字化渠道建设方面，公司与巨量引擎、腾讯广 ...

Core Viewpoint - The seventh Hainan Island International Film Festival features an outdoor screening section called "Hi-Fun Outdoor Screening," which integrates film art with the natural beauty of Sanya, enhancing the cultural experience for both residents and tourists [2][5]. Group 1: Event Overview - The outdoor screening section runs from December 3 to 8, showcasing films in five unique locations, including beaches and parks, allowing the audience to enjoy movies against the backdrop of the island's sunset and starry nights [2][3]. - The event has expanded its screening venues to include diverse spaces such as beaches, mountain tops, and urban squares, creating a unique viewing experience that connects films with the natural environment [3][4]. Group 2: Film Selection and Themes - Films focusing on themes of "growth and choice" are featured, such as "Hot and Spicy" and "The Decision to Leave," which resonate with the scenic beauty of the surroundings [3]. - A special Thai film section showcases multiple works, providing audiences with an opportunity to appreciate the unique charm of Thai cinema [4]. Group 3: Cultural Integration - The festival emphasizes the integration of film and tourism, transforming public spaces into immersive cultural experiences, such as the "Park Movie Music Concert" that combines live music with film screenings [5][6]. - The "Sanya Everywhere is Wonderful" city theme activity turns the entire city into an interactive film set, encouraging participation and engagement from the audience [6]. Group 4: Community Impact - Outdoor screenings have become a part of the cultural life for local residents, enhancing community engagement and providing accessible entertainment options [6]. - The festival aims to explore a sustainable "film + tourism" development path tailored to Hainan, with plans to further integrate outdoor screenings with public spaces and tourist attractions [6].

Core Points - The "2025 China Image Week and China-Myanmar 75th Anniversary Film Festival" was inaugurated in Yangon, Myanmar, with approximately 450 attendees from various sectors of Myanmar society [1][3] - The event aims to enhance mutual understanding between China and Myanmar through film, showcasing a more comprehensive and vivid image of China to the Myanmar public [3][4] - The festival will feature a total of eight films over four days, including titles such as "The King's Avatar," "Hi, Mom," and "The Eight Hundred" [6] Group 1 - The film festival is co-hosted by the Chinese Embassy in Myanmar, China Central Radio and Television, and the National Film Administration of China [1] - Chinese Ambassador to Myanmar, Ma Jia, emphasized the role of film in bridging cultural gaps and fostering a community of shared destiny between China and Myanmar [3][5] - Myanmar's Minister of Information, Maung Maung Ohn, expressed gratitude for China's assistance in digitally restoring classic Myanmar films, highlighting the popularity of Chinese films among the Myanmar populace [4][7] Group 2 - The opening ceremony included a screening of the film "The King's Avatar" [6] - The festival aims to deepen the friendship between the people of China and Myanmar through cinematic experiences [4][6] - The event is part of broader cultural exchanges celebrating the 75th anniversary of diplomatic relations between China and Myanmar [1][3]

Core Points - The "Open-Air Cinema - Excellent Chinese-Laotian Film Tour" premiered on October 29 in Vientiane, Laos, marking the start of a series of public screenings across four provinces in Laos in November [1][2] - The event aims to enhance cultural exchange between China and Laos, showcasing films like "Hi, Mom" and "The Wandering Earth" to promote friendship and understanding between the two nations [1][2] Group 1 - The event is co-hosted by the China Central Radio and Television Station, the Laos Ministry of Culture and Tourism, and the China Southern Power Grid Company [1] - Nearly 1,000 attendees, including representatives from the Laotian government, Chinese enterprises, and the local Chinese community, participated in the premiere [1] - The premiere featured a Lao-dubbed version of "Hi, Mom" and included a specially produced Lao theme song to enhance the cultural experience [1][2] Group 2 - The Deputy Minister of Culture and Tourism of Laos praised the initiative for its role in fostering cultural exchanges, highlighting its significance as a symbol of the deep cultural ties between the two countries [2] - Since its launch in 2017, the "Open-Air Cinema" initiative has screened over 20 Chinese films in more than 100 public showings across Laos, becoming an important brand for cultural exchange [2] - The China Southern Power Grid Company is committed to supporting cultural initiatives as part of its corporate social responsibility, aiming to deepen the friendship between China and Laos through cultural dissemination [2]

Group 1 - The report by Haitong International initiates coverage on China Ruyi (00136) with an "Outperform" rating and a target price of HKD 4.50, highlighting its potential to become "China's Netflix 2.0" [1] - China Ruyi operates across a wide range of sectors including content production and distribution, online streaming (Pumpkin Movies), cinema exhibition (Wanda Films), online gaming (Jingxiu Games), and IP derivatives, showcasing its comprehensive business layout [1] - The company has created and invested in over 100 film copyrights, achieving a cumulative box office of approximately RMB 40 billion, with projected total revenues of RMB 3.7 billion and RMB 2.2 billion for FY2024 and the first half of FY2025, respectively [1] Group 2 - Pumpkin Movies, as China's largest pure subscription-based streaming platform, focuses on content quality and personalized recommendations for paid users, boasting around 99.3 million registered users and 38.1 million paying users by June 2025 [2] - The gaming segment has become the largest revenue source for the company, contributing 55% of total revenue in the first half of 2025, with a nearly 500% compound annual growth rate from 2022 to 2024, supported by Tencent and various acquisitions [2] - Haitong International predicts adjusted net profits for China Ruyi to reach RMB 2.42 billion, RMB 2.63 billion, and RMB 2.73 billion from 2025 to 2027, based on a PEG valuation method referencing an industry average PEG of 0.8 and a 30% compound annual growth rate in net profit [2]

Group 1 - The core viewpoint of the report is that China Ruyi (00136) is positioned as a market leader in the Chinese film and television industry, with the potential to develop into a "Chinese version of Netflix 2.0" [1] - The company has a broad business layout covering content production and distribution, online streaming (Pumpkin Movies), cinema operations (Wanda Films), online gaming (Jingxiu Games), and IP derivatives [1] - China Ruyi has created and invested in over 100 film copyrights, with a cumulative box office of approximately 40 billion RMB [1] Group 2 - For the fiscal years 2024 and the first half of 2025, the company's total revenue is projected to be 3.7 billion RMB and 2.2 billion RMB, respectively, with adjusted net profits expected to grow significantly to 1.25 billion RMB and 1.3 billion RMB [1] - The company employs a "producer-centered system" that allows for strong control over content themes, production, and quality, successfully launching several high-grossing films [1] - Through its stake in Wanda Films, China Ruyi has enhanced its cinema operation capabilities and secured valuable pre-release investment windows for films, further solidifying its advantages in content investment and distribution [1] Group 3 - As the largest pure subscription-based streaming platform in China, Pumpkin Movies focuses on content quality and personalized recommendations for paying users, boasting approximately 99.3 million registered users and 38.1 million paying users by June 2025 [2] - The gaming business has become the largest revenue source for the company, contributing 55% of total revenue in the first half of 2025, with a nearly 500% compound annual growth rate from 2022 to 2024 [2] - The company is on a path to build a high-quality exclusive content library similar to Netflix, serving both online users through Pumpkin Movies and offline users through Wanda Films [2] Group 4 - The adjusted net profits for China Ruyi are forecasted to reach 2.42 billion RMB, 2.63 billion RMB, and 2.73 billion RMB for the years 2025 to 2027 [2] - The target price of 4.50 HKD is derived using the PEG valuation method, referencing the industry average PEG level of 0.8 times and the company's 30% compound annual growth rate in net profit [2]

Core Viewpoint - The article highlights the recent freezing of shares owned by Ke Liming, a key figure in the film industry and the actual controller of Wanda Film, which has raised concerns about the company's stability and future prospects [3][5][9]. Group 1: Share Freezing Incident - Ke Liming's shares in Shanghai Ruyi Film Production Co., Ltd. and Shanghai Ruyi Investment Management Co., Ltd. have been frozen, totaling 12.87 million RMB, with a freeze period of three years [5][7]. - Both companies are controlled by Ke Liming, who holds 99% of the shares, and they own 49% and 51% of Wanda Investment, the controlling shareholder of Wanda Film [8][10]. - Following the news of the share freeze, Wanda Film's stock price dropped by 0.68%, 3.01%, and 1.06% over three consecutive days, with a market capitalization of 23.589 billion RMB as of September 3 [9]. Group 2: Ke Liming's Background and Business Moves - Ke Liming, born in 1982, has a background in finance and has been involved in the film industry since 2012, gaining recognition for investing in successful films [17][21]. - He became the actual controller of Wanda Film in December 2023 after a series of share transfers from Wanda Cultural Group and Wang Jianlin, aimed at alleviating Wanda's debt pressure [11][12][20]. - Ke Liming's wealth has increased significantly, ranking 329th on the 2025 New Fortune 500 list with a net worth of 10.39 billion RMB, reflecting a growth of 1.75 billion RMB from the previous year [5][23]. Group 3: Wanda Film's Financial Performance - Wanda Film reported a revenue of 6.689 billion RMB in the first half of 2025, a year-on-year increase of 7.57%, and a net profit of 536 million RMB, up 372.55% [13]. - The company maintained its leading position in the domestic market, achieving a box office of 4.21 billion RMB and a market share of 14.4% in the first half of the year [14][15]. - Membership numbers grew by approximately 40%, reaching around 80 million, with member ticket sales accounting for 37.6% of total box office revenue [15].

Core Viewpoint - The article highlights the recent stock freeze of Ke Liming, a prominent figure in the film industry and the actual controller of Wanda Film, which has drawn public attention due to its implications for Wanda's financial situation and the film industry as a whole [5][11]. Group 1: Stock Freeze and Financial Implications - Ke Liming's shares in Shanghai Ruyi Film Production Co., Ltd. and Shanghai Ruyi Investment Management Co., Ltd. have been frozen, totaling 12.87 million RMB, with a freeze period of three years [5][9]. - The stock freeze has led to a decline in Wanda Film's stock price, with drops of 0.68%, 3.01%, and 1.06% over three consecutive days following the news [11]. - As of September 3, Wanda Film's market capitalization stood at 23.589 billion RMB [11]. Group 2: Ke Liming's Control and Business Ventures - Ke Liming became the actual controller of Wanda Film through a series of stock transfers from Wanda Culture Group to Shanghai Ruyi, culminating in a 51% stake in Wanda Investment, which controls Wanda Film [10][13]. - Ke Liming's wealth is reported at 10.39 billion RMB, ranking him 329th on the 2025 New Fortune 500 list, reflecting a significant increase in his financial standing [7][33]. - His business interests extend beyond Wanda Film, as he also leads the Hong Kong-listed company China Ruyi, which is involved in various sectors including film production, streaming, and gaming [6][10]. Group 3: Wanda Film's Performance and Market Position - Wanda Film reported a revenue of 6.689 billion RMB in the first half of 2025, marking a year-on-year increase of 7.57%, with a net profit of 536 million RMB, a substantial rise of 372.55% [17]. - The company maintains its leading position in the domestic market, with box office earnings of 4.21 billion RMB and a market share of 14.4% in the first half of the year [19]. - Membership numbers have grown by approximately 40%, reaching around 80 million, with member ticket sales accounting for 37.6% of total box office revenue [20]. Group 4: Ke Liming's Background and Career - Ke Liming, born in 1982, has a background in finance and has transitioned into the film industry, gaining recognition for his investments in successful films [22][25]. - His company, Ruyi, has produced numerous successful projects, including popular films and television series, and has recently expanded into the gaming sector [32][33]. - The strategic acquisitions and partnerships in the gaming industry, including a significant purchase of a stake in a leading gaming company, indicate Ke Liming's ambition to diversify and strengthen his business portfolio [33].