斑马消费 陈碧婷 2025年中国内地电影市场交出亮眼数据：总票房518.32亿元、观影人次12.38亿，同比双双增长超20%，直观呈现市场回暖态势。 但这份增长背后"虚火"暗燃，行业结构性矛盾凸显：票房向极少数头部影片极致集中，档期冷热两极分化显著，腰部内容严重缺失。 随之而来的，是产业链各端业绩的"冰火两重天"。"爆款定生死"的法则，从未如此残酷。 面对增长的不确定性，行业共识悄然转向：从押注下一个未知爆款，转向深耕已被验证的成熟IP衍生品，以寻求确定性增长。 票房虚火？ 2025年中国内地电影市场交出518.32亿元总票房，同比增长21.95%；观影人次12.38亿，同比增长22.57%。 表面看，是行业强劲复苏的信号。但横向拆解，市场最突出的症结，是空前的"冷热不均"与结构失衡。 票房集中度，已达临界点。10亿元以上超高体量影片占比高达62.3%，再创新高。仅《哪吒之魔童闹海》《疯狂动物城2》两部头部作品，就联手贡献近200 亿元票房，占比高达38.6%。 更明显的是，腰部供给集体失守。 在如此极致的分化之下，即便全年票房数字再度突破500亿大关，弥漫在大部分从业者周围的，仍是更为凛冽的寒风。 业绩持续 ...

题图 / 哪吒之魔童闹海 影视人喜欢看票房，票房就是成绩，票房越高自然成绩越好。动画人也想看，但是大多时候是不敢看的。以往，即便是他们再如何努力，"动画"这二字就 只能匹配"小朋友"这三个字，就算是大人走进影院，往往都是坐在小朋友旁边呼呼大睡。那些睡着的人，很难想象银幕背后的人都做过什么样的努力，他 们只认为动画就是给小孩看的。直至近日，动画人终于交出了一份优秀的答卷。 影片不仅创下全球单一市场最高票房纪录，其全球票房更是突破156亿元，跻身全球影史第五位，成为首部登顶全球动画电影票房榜的华语作品。 具体数据如下： 《哪吒之魔童闹海》：154.46亿 | 4 | 《熊出没·重启未来》 | 票房: 8.21亿 | | --- | --- | --- | | 5 | 《鬼灭之刃:无限城篇 第一章 猜窝座再袭》 | 票房: 6.78亿 | | 6 | 《罗小黑战记2》 | 票房: 5.33亿 | | 7 | 《名侦探柯南:独眼的残像》 | 票房: 3.98亿 | | 8 | 《柳斋:兰若寺》 | 票房: 2.43亿 | | ಿ | 《坏蛋联盟2》 | 票房:2.27亿 | | 10 | 《时间之子》 | 票房: 1 ...

突破250亿！2025年成为中国影史动画电影票房最高一年 据网络平台数据，2025年全年动画电影票房突破250亿，成为中国影史动画电影票房最高一年。《哪吒 之魔童闹海》《疯狂动物城2》《浪浪山小妖怪》分列2025年动画电影票房榜前三位。 影史动画电影票房最高 2025动画电影票房TOP10 票房: 2.43亿 票房: 2.27亿 票房: 1.89亿 数据统计时间: 2025年12月21日 ប់ 《疯狂动物城2》 票房: 37.76亿 《熊出没·重启未来》 票房: 8.21亿 《鬼灭之刃：无限城篇 第一章 琦窝座再袭》 5 票房: 6.78亿 票房: 5.33亿 票房: 3.98亿 《哪吒之魔童闹海》 票房: 154.46亿 8月2日 《浪浪山小妖怪》 票房: 17.19亿 《罗小黑战记2》 6 7 《名侦探柯南:独眼的残像》 《聊斋:兰若寺》 8 9 《坏蛋联盟2》 《时间之子》 10 来源：央视新闻客户端 （文章来源：上海证券报） ...

Group 1 - The total box office for 2025 has surpassed 50 billion yuan, marking a 22% increase compared to the same period last year, and this is the fifth time the annual box office has crossed this threshold since 2017, 2018, 2019, and 2023 [1] - The New Year’s Eve box office has reached 3.761 billion yuan, with nearly 1.2 billion moviegoers and 137 million screenings, while the average ticket price has decreased to 41.9 yuan [1] - The market is characterized by a "one strong, many strong" pattern, with the Spring Festival film "Nezha: Birth of the Demon Child" achieving over 15.4 billion yuan in box office, setting a global record for animated films [1] Group 2 - The performance of animated films has been a significant highlight in the 2025 film market, with total animated film box office exceeding 24.5 billion yuan, close to half of the total annual box office [2] - Several animated films, including "Nezha: Birth of the Demon Child" and "Zootopia 2," have successfully engaged audiences, showcasing the commercial value of animated films [2] - Companies like Light Media and Maoyan Entertainment are accelerating their investments in the animation market, with Light Media expanding its animation team and Maoyan launching an animation brand [3] Group 3 - The significance of animated films extends beyond box office revenue, as they serve as a source of IP that drives growth in the derivative market and showcases long-term IP value potential [3] - The upcoming release of the sci-fi action film "Avatar 3" on December 19 is expected to boost the box office performance of the New Year’s Eve season [2] - The year-end peak for the New Year’s Eve box office and the upcoming New Year’s Eve season are anticipated to deliver impressive results for the overall film market [3]

Core Insights - The domestic animation film industry is entering a period of accelerated IP derivative development, exemplified by the success of "Wang Wang Mountain Little Monsters" and its extensive cross-industry collaborations [2][3] Group 1: Industry Trends - The trend of leveraging IP for emotional engagement is becoming crucial for consumer decision-making, shifting from traditional film ticket sales to a value co-creation ecosystem centered around IP [3] - The film "Wang Wang Mountain Little Monsters" achieved a box office of 1.7 billion yuan and created over 800 derivative SKUs, with projected GMV for related businesses reaching 2.5 billion yuan by year-end [3] Group 2: Company Strategy - Shanghai Film Group is strategically focusing on IP value extraction as a long-term initiative, with its intellectual property licensing business showing significant growth, achieving revenue of 66.18 million yuan in 2024, a 62.74% increase year-on-year [4][5] - The gross profit margin for the IP licensing business is 90.87%, highlighting its strong profitability compared to traditional film operations [5] Group 3: Future Outlook - The integration of AI technology is transforming the classic IP resource library into a dynamic asset, enabling continuous value generation and innovation [5] - The company aims to utilize AI for digital remastering of classic characters and content re-creation, enhancing emotional resonance and commercial value over time [5]

12月2日，语文刊物《咬文嚼字》发布本年度十大流行语，"活人感"一词赫然在列。这个直白朴素的词 语，在过去一年间迅速风靡开来：在综艺弹幕上，观众用它盛赞嘉宾表现；在影视评论区，网友用它肯 定作品贴近生活、打动人心；在社交媒体的互动中，"活人感"也成为赢得人气与流量的秘诀。继"松弛 感"入选2024年十大流行语之后，"活人感"更进一步，反映出人们对真实与真情的渴望。 与此同时，"活人感"逐渐成为商业营销的法宝。2025年，从影视、综艺到穿搭、妆护、运动等各领域品 牌，都在努力标榜"活人感"。当"活人感"有了套路与模板，可以被轻易复制和打造，就不能不让人怀 疑：这究竟是发自内心的真实，还是精心计算与包装后的"伪活人感"？此外，"活人感"也容易与"欠缺 专业度""粗糙化"混淆起来，成为放弃精品追求的借口，这同样需要引起注意。 "活人感"的走红，以语言的力量提醒我们去关注生活的毛边与未被磨平的棱角。当AI试图用算法复刻人 类情感，当社交媒体几乎垄断人类的连接方式，"活人感"或许能够化身为一根细细的红线，连接起人与 人之间最朴实的需求。只要我们还会为真实的表达动容，为鲜活的瞬间驻足，那么"活人感"就不会失去 它的重量， ...

在整体电影市场仍显乏力的背景下，从全球视角出发，一种趋势逐渐显著：2025年，动画电影是否正独自撑起全球票房的大盘？ 数据或许能给出部分答案。综合猫眼专业版与Box Office Mojo数据，雷报统计得知：截至发稿日15时，2025年全球电影票房TOP30作品累计斩获152.30亿 美元（约合人民币1076亿元），其中，动画电影IP贡献了72.64亿美元（约合人民币513亿元），占比高达48%。 | | | | 2025年「全球」电影票房TOP30 | | | | --- | --- | --- | --- | --- | --- | | | | | 整理:雷报 截至:2025/12/4 数据来源:猫眼专业版/BoxOfficeMojo | | | | 序号 | 上映日期 | 区域 | 影片 | 当年票房 (美元) | 最终票房(美元) | | 1 | 2025-01-29 | 中国 | 哪吒之魔童闹海 | 21.99亿 | 21.99亿 | | 2 | 2025-04-04 | 美國 | 我的世界大电影 | 10.44亿 | 10.44亿 | | 3 | 2025-05-23 | 美國 | 星际宝贝史迪奇 ...

Core Insights - The animation film market is experiencing a significant boom, with three major films, "Nezha 2," "Little Monster," and "Zootopia 2," achieving remarkable box office success in 2025 [1][5] Group 1: Box Office Performance - "Nezha 2" achieved a box office of 15.446 billion yuan, becoming the highest-grossing film in Chinese history and globally for animated films, ranking fifth in the global box office for 2025 [1] - "Little Monster" grossed 1.719 billion yuan, becoming the highest-grossing 2D animated film in China [1] - "Zootopia 2" surpassed 2 billion yuan in box office within six days of release, becoming the highest-grossing imported animated film in China, with projections suggesting it could exceed 4 billion yuan [1][3] Group 2: Company Financial Impact - Beijing Enlight Media, the main producer of "Nezha 2," reported Q1 2025 revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.016 billion yuan, up 374.79% [2] - Shanghai Film Group, the main producer of "Little Monster," saw Q3 2025 revenue of 361 million yuan, a 101.60% increase, and a net profit of 86 million yuan, up 123.51% [3] - China Film Group, the exclusive distributor of "Zootopia 2," is expected to receive 15% to 20% of the film's box office revenue, contributing to its stock price surge [3] Group 3: IP and Merchandise Development - "Nezha 2" has over 1,000 billion yuan in projected merchandise sales, with multiple brand collaborations [2] - "Little Monster" has over 40 authorized partners and more than 800 merchandise SKUs, along with innovative projects like themed cinemas and children's parks [3] - "Zootopia 2" has over 70 co-branded products in China, with several merchandise items becoming bestsellers on e-commerce platforms [4] Group 4: Market Trends and Future Outlook - The animation film sector is crucial, holding about 10% to 15% of the Chinese market share, with a growing trend of high-quality animated films based on established IPs [5][6] - The industry is supported by government policies aimed at promoting high-quality cultural development, with a focus on IP incubation and technological investment [6]

Investment Rating - The investment rating for Shanghai Film is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in Q3 performance, driven by the success of the film "Wang Wang Mountain Little Monster" and the company's focus on IP commercialization and AI technology, which are expected to drive long-term growth [4][5][6] - Revenue for Q1-Q3 reached 720 million yuan, a year-on-year increase of 29.1%, with net profit attributable to shareholders at 140 million yuan, up 29.8% year-on-year. Q3 alone saw revenue of 360 million yuan, a remarkable 101.6% increase year-on-year [4][5] - The report anticipates revenue projections for 2025-2027 to be 1.04 billion, 1.26 billion, and 1.47 billion yuan respectively, with net profits of 220 million, 270 million, and 320 million yuan [4][5] Financial Summary - The total market capitalization of Shanghai Film is 13.468 billion yuan, with a current stock price of 30.05 yuan. The stock has seen a 170.97% turnover rate over the past three months [1] - The gross profit margin for Q3 was 48.16%, reflecting a 29.06 percentage point increase year-on-year, while the sales expense ratio decreased by 1.78 percentage points to 3.34% [4] - The report provides a detailed financial forecast, indicating a projected EPS of 0.50, 0.60, and 0.71 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 57.2, 47.2, and 40.0 [4][9]

Core Insights - Shanghai Film reported a significant increase in financial performance for Q3 2025, with a net profit growth of approximately 10,679.37% year-on-year, attributed mainly to the success of the animated film "Wang Wang Mountain's Little Monsters" [1][2] Financial Performance - Revenue for Q3 2025 reached approximately 360 million yuan, representing a year-on-year increase of 101.6% [1] - Total profit for the same period was around 154 million yuan, showing a year-on-year growth of 163.69% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was about 79.87 million yuan, marking a substantial increase of 10,679.37% year-on-year [1] Film Performance - "Wang Wang Mountain's Little Monsters" was released on August 2, 2025, and has grossed 1.707 billion yuan at the box office, ranking fifth in the annual box office chart for 2025 in mainland China [2] - The film is also the fifth highest-grossing animated film in Chinese history, following titles such as "Nezha: Birth of the Demon Child" and "Boonie Bears: The Wild Life" [2]