公司依托线下分发、IP 运营持续发力： 公司快报 证券研究报告 | | 影视 | | | --- | --- | --- | | 投资评级 | 买入-A | | | | 维持评级 | | | 6 个月目标价 | 14.75 | 元 | | 股价 (2025-08-28) | 11.80 | 元 | | 交易数据 | | | | 总市值(百万元) | 24,918.99 | | | 流通市值(百万元) | 24,608.36 | | 2025 年 08 月 29 日 万达电影(002739.SZ) 依托线下分发与 IP 运营，重拾增长逻 辑 事件： 公司公告 2025 年中报：实现收入、归母净利润、扣非归母净利润 分别为 66.89 亿元、5.36 亿元、4.8 亿元，分别同比增长 7.57%、 372.55%、455.35%。 收入占比分别为 62.45%、12.9%、7.52%、4.82%、2.77%的观影、 商品餐饮、广告、影视剧、游戏业务，分别同比增长 14.78%、6.07%、 -14.41%、44.84%、-44.05%；观影、商品餐饮的毛利率分别提升 2.45、12.46 个百分点至 4.91%、 ...

Core Viewpoint - Wanda Film has successfully completed its month-long "Spring Standard. Summer New" national quality improvement initiative, focusing on enhancing service quality across its cinemas in preparation for the upcoming summer peak viewing season [1][4]. Group 1: Quality Improvement Actions - The initiative is centered around the "Five-Star Cinema" service standard, involving 14 detailed inspections and a three-tiered inspection model to systematically optimize service quality [1][4]. - A total of 710 Wanda cinemas have completed an average of 30 self-inspection rectifications, achieving a 100% closure rate on key issues such as auditorium cleanliness and equipment maintenance [4][5]. - As of May 1, 84.2% of cinemas have completed deep cleaning and cooling tests of their air conditioning systems, with the remaining cinemas set to finish shortly [4]. Group 2: Customer Experience Enhancements - Feedback from visitors during the May Day holiday indicates that despite high foot traffic, service quality remained consistently high, with positive remarks on the unique viewing experience and snack offerings [2][4]. - The company has increased the frequency of deep cleaning in areas such as seating and restrooms to ensure a comfortable viewing environment during the summer [5]. Group 3: Ongoing Quality Assurance - Wanda Film has implemented unannounced inspections by three parties, including headquarters and regional teams, to ensure compliance with service standards, with each inspection lasting at least four hours and covering at least 76 checkpoints [4][5]. - The "Spring Standard" initiative has become a regular quality inspection action, occurring quarterly to maintain high service standards and address special demands during major film release periods [5]. Group 4: Social Responsibility and Community Engagement - Wanda Film has completed multiple rounds of inspections and upgrades for accessibility facilities, enhancing viewing conditions for disabled individuals [8]. - The company has launched the "Dream Cinema" public welfare project in collaboration with the China Film Foundation, aiming to provide 100 "light and shadow journeys" for youth within the year [8].