为了看一场电影，有人花200住酒店 15日中午，当我来到影院时，正好赶上一场电影即将开场。这场电影会为观众赠送购票特典(商品的特 殊赠品)，电影海报、纪念票根、小卡摆满一桌，等待领取特典的人群将柜台围了个水泄不通，柜台后 的影城负责人陈天择和另一名工作人员应接不暇。 电影院里除了看电影，还能干什么？ 今年以来，电影衍生品、集市摆摊、主题装饰等各种各样的产品和活动频繁登陆院线。除了卖爆米花， 影院运营玩出了更多花样。近日，中新经纬走进保利国际影城凯德北京大峡谷店，以影城负责人"助 理"的身份，实地体验当前影院运营的"新思路"。 以下为小编自述： 电影院里等待领取特典的观众中新经纬摄 人群直到电影正式开场才散去。陈天择告诉我，电影一般会在放映前10分钟开始检票，观众往往习惯在 检票前"踩点"赶到，因此这会儿也是他们最忙的时候。周末是主要观影时间段，一大早他们就把今天预 备的特典摆了出来，经过刚刚这一波人潮，海报等部分特典已经全部发完了。 "特典的数量是根据我们预计的观众数量准备的，但遇到热门影片，难免会出现供不应求的情况。现在 我已经不知道究竟发了多少，观众太多了，数不清楚。接下来还有放映，只能把明天预备的量也掏 ...

电影院里除了看电影，还能干什么？ 今年以来，电影衍生品、集市摆摊、主题装饰等各种各样的产品和活动频繁登陆院线。除了卖爆米花，影院运营玩出了更多花样。近日，中新经纬走进保 利国际影城凯德北京大峡谷店，以影城负责人"助理"的身份，实地体验当前影院运营的"新思路"。 以下为小编自述： 为了看一场电影，有人花200住酒店 15日中午，当我来到影院时，正好赶上一场电影即将开场。这场电影会为观众赠送购票特典（商品的特殊赠品），电影海报、纪念票根、小卡摆满一桌， 等待领取特典的人群将柜台围了个水泄不通，柜台后的影城负责人陈天择和另一名工作人员应接不暇。 电影院里等待领取特典的观众 中新经纬摄 人群直到电影正式开场才散去。陈天择告诉我，电影一般会在放映前10分钟开始检票，观众往往习惯在检票前"踩点"赶到，因此这会儿也是他们最忙的时 候。周末是主要观影时间段，一大早他们就把今天预备的特典摆了出来，经过刚刚这一波人潮，海报等部分特典已经全部发完了。 "特典的数量是根据我们预计的观众数量准备的，但遇到热门影片，难免会出现供不应求的情况。现在我已经不知道究竟发了多少，观众太多了，数不清 楚。接下来还有放映，只能把明天预备的量也掏出来 ...

Group 1 - The Consumer Price Index (CPI) in Wuhan increased by 0.3% year-on-year in August, with the core CPI, excluding food and energy, rising by 1.5% [1] - The sales of mid-to-high-end home appliances grew by 25% year-on-year, driven by the popularity of smart products and the "old-for-new" policy [1] - The price of large household appliances rose by 7.7%, while small kitchen and bathroom appliances saw a 1.5% increase, reflecting a trend of upgrading consumption [1] Group 2 - Cultural consumption is on the rise, with movie merchandise sales accounting for over 10% of total cinema revenue [1] - The service sector also showed vitality, with service prices in Wuhan increasing by 0.8% in August, and cultural and entertainment service prices rising by 2.7% [1] - The dining and night economy remain strong, with sports events driving consumer traffic to restaurants, leading to a 10% increase in customer flow at certain establishments [2]

Core Insights - The total box office revenue for Chinese films in 2025 has surpassed 40 billion yuan, with domestic market revenue reaching 39.23 billion yuan and over 909 million admissions, both exceeding last year's figures [1] - The overseas box office for Chinese films has exceeded 770 million yuan, marking a new high in recent years, driven by films like "Ne Zha" and "Nanjing Photo Studio" [1] - In the first half of 2025, the box office reached 29.231 billion yuan with 641 million admissions, reflecting year-on-year growth of 22.91% and 16.89% respectively, with domestic films accounting for 91.2% of the total box office [1] - The "Film + Retail" model is emerging as a new growth point for the film industry, with significant sales from merchandise related to films like "Wang Wang Mountain Little Monster," which generated over 7 million yuan in its opening day and sold over 3 million blind box products [1] - Revenue from film-related merchandise during the summer season has increased by 120% year-on-year [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.75 CNY over the next six months [2]. Core Views - The company reported a revenue of 6.689 billion CNY, a net profit attributable to shareholders of 536 million CNY, and a net profit excluding non-recurring items of 480 million CNY, representing year-on-year growth of 7.57%, 372.55%, and 455.35% respectively [1]. - The revenue breakdown includes 62.45% from box office, 12.9% from food and beverage, 7.52% from advertising, 4.82% from film and television, and 2.77% from gaming, with box office and food and beverage showing year-on-year growth of 14.78% and 6.07% respectively [1]. - The company is focusing on offline distribution and IP operation to drive growth, with a significant increase in domestic box office revenue and market share [5][6]. Financial Performance - The company achieved a domestic box office of 4.21 billion CNY, a year-on-year increase of 19.2%, with a total audience of 82.39 million, up 9.6% [5]. - The overseas revenue accounted for 23.74% of total revenue, slightly down by 2.55 percentage points from the previous year, with an overseas gross margin of 34.36% compared to 26.39% domestically [1]. - The company expects to achieve revenues of 13.423 billion CNY, 15.326 billion CNY, and 18.233 billion CNY for the years 2025 to 2027, with net profits of 1.281 billion CNY, 1.663 billion CNY, and 2.029 billion CNY respectively [6][10]. Strategic Initiatives - The company is enhancing its operational capabilities by increasing its membership base, which has grown by approximately 40% year-on-year, reaching around 80 million members [5]. - The company is also diversifying its offerings by introducing cross-industry content such as sports events, dramas, and concerts to attract more audiences [5]. - Strategic investments include the health coconut water brand "Good Luck Coconut" and the IP toy brand "52TOYS," with plans to open 300 stores and already having 175 stores operational [9].

Box Office Performance - The total box office for the summer season of 2025 (June to August) has exceeded 11 billion yuan as of August 24 [1] - Over 150 films were released during this summer season, with several domestic films performing exceptionally well [1] Notable Films - The anti-war films "Nanjing Photo Studio," "Dongji Island," and "Mountains and Rivers as Evidence" showcase the resilient spirit of the Chinese people during the 14-year war [3] - "Nanjing Photo Studio" has set a record for the highest box office for historical films in China's summer season and has been released in countries like Australia, New Zealand, the USA, and Canada, resonating strongly with local audiences [3] Audience Reception - Audience feedback highlights the film's powerful impact and the relevance of its historical themes today [5] - A cinema manager in Vancouver reported that most screenings of "Nanjing Photo Studio" were sold out, with approximately 150 to 170 viewers per show [7] Animation Films - The animated films "Wang Wang Mountain Little Monster" and "The Legend of Luo Xiaohei 2" achieved both critical and commercial success, appealing to audiences of all ages [9] - "Wang Wang Mountain Little Monster" has set a record for the highest box office for 2D animated films in China and currently ranks second in the box office for the season [9] Merchandise Revenue - The revenue from film-related merchandise has increased by 120% year-on-year, with "Wang Wang Mountain Little Monster" contributing nearly 30% of this growth [11] - The film has launched 207 self-developed merchandise items and collaborated with over 30 brands to produce more than 400 licensed products, transforming from "viewing add-ons" to "popular cultural products" [11] Integrated Consumption Activities - Various regions have introduced activities such as "Travel with Movies" and "Taste Food with Movies," allowing participants to enjoy discounts by presenting movie tickets or receipts from scenic spots and dining [13] - These initiatives create a comprehensive consumption ecosystem that integrates film, tourism, and dining [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The future growth of the film market's non-ticket revenue is expected to accelerate, with film derivatives being a significant component of this revenue [1] - Leading companies like Light Media are projected to have optimistic sales outlooks for film and other entertainment derivatives, with the "Nezha" series expected to generate substantial sales [1][2] - The potential market capitalization increase from film derivative sales is estimated to be between 75 billion to 200 billion yuan, based on various assumptions regarding sales and profit-sharing [2][3] Summary by Sections Industry Overview - The report highlights the increasing importance of non-ticket revenue in the film market, particularly focusing on film derivatives as a key growth area [1] Company Analysis - Light Media's chairman revealed that the overseas box office for "Nezha" is expected to exceed 100 million USD, marking a significant achievement for Chinese films [1] - The "Nezha" series has already achieved hundreds of billions in sales from derivatives, with projections suggesting it could reach over a trillion yuan [1] Financial Projections - The report estimates that a sales figure of 100 billion yuan in film derivatives could correspond to a revenue of 50 billion yuan for related companies, with an assumed profit-sharing ratio of 5%-10% [2] - Valuation estimates for film derivative sales suggest a market capitalization increase of 75 billion to 200 billion yuan, with a neutral assumption placing it at approximately 131.3 billion yuan [3] Investment Recommendations - The report recommends focusing on leading film derivative companies such as Light Media, while also suggesting attention to other key players in the film and animation sectors, including Guomai Culture, Shanghai Film, and Wanda Film [3]