总台记者刘骁骞：事实证明，那些能够契合中国文化偏好、并与中国演员、取景地或制作方合作的影 片，通常会获得更好的发行机会与市场支持。好莱坞编剧和制片方如今甚至会在剧本和选角阶段就考虑 中国市场的反馈，这本身就说明了中国影响力之大。 总台记者刘骁骞：其次，中国的影院观影习惯在一定程度上弥补了美国国内影院观众的流失。随着流媒 体兴起，美国观众去影院的频率持续下降。而中国观众则更倾向于走进影院，尤其偏好视觉震撼的大制 作影片。好莱坞最擅长的类型，例如动作片、科幻片和系列电影往往在中国获得极大成功。 总台记者刘骁骞：美国著名影视媒体《好莱坞报道》指出，"中国不仅仅是票房助力，它甚至能决定一 部大片是盈利还是亏损。"美国高级媒体分析师保罗·德加拉贝迪安也表示："中国已经成为全球票房系 统中不可或缺的一环。它不再是一个可选项，而是一个必选项。" 中国电影市场有巨大消费潜力和市场活力 总台记者刘骁骞：美国电影公司长期主导全球票房，现在也意识到，未来的扩张必须深耕中国市场。除 了票房收益外，电影衍生品、品牌合作和主题公园等相关产业也高度依赖中国消费者的兴趣。环球影业 和迪士尼都在中国进行了大量基础设施投资，意在将中国观众转化为 ...

一位影评人向《证券日报》记者表示，好莱坞电影近些年受当地罢工影响，产量不足。除此之外，中国 观众对美式叙事出现审美疲劳。"如迪士尼公司著名大IP《白雪公主》《小美人鱼》真人电影连续在全 球口碑出现滑铁卢。其中，今年上映的《白雪公主》在中国票房都未能突破千万元，只有925.3万元。" 记者梳理发现，除了2022年有两部好莱坞电影——《阿凡达.水之道》《侏罗纪世界3》票房在中国突破 10亿元外，2023年至今都没有好莱坞电影在中国票房突破10亿元。 从过亿元票房电影数量占比看，国产电影的占比正在提升。国家电影局数据显示，2023年全年票房过亿 元影片共73部，其中国产影片50部，占比68%；2024年，票房过亿元影片共79部，其中国产影片55部， 占比70%。 4月10日晚，国家电影局发言人表示，中国是全球第二大电影市场，我们始终坚持高水平对外开放，将 引进世界更多国家优秀影片，满足市场需求。 对此，多位业内人士向《证券日报》记者表示，此举有利于推动国内电影市场的多元化。 观众对美式叙事审美疲劳 4月11日，三部好莱坞电影《速度与激情7》(重映)《此心安处》《谍网追凶》如期上映。 灯塔专业版数据显示，《速度与激情 ...

Core Viewpoint - The animated film "Ne Zha 2" is set to release in India on April 25, 2023, with expectations to break the previous box office record held by "Wolf Warrior 2" [1][4]. Group 1: Film Success and Anticipation - "Ne Zha 2" has achieved remarkable success in Southeast Asia, breaking all box office records [3]. - The film has grossed over $2 billion globally, making it the highest-grossing animated film of all time [4]. - The film's release in India is anticipated to attract significant attention due to its cultural significance and potential connections to Indian mythology [4]. Group 2: Distribution and Audience Engagement - The film will be released in Mandarin with English subtitles, and there are plans for a Hindi dubbed version to cater to Indian audiences [3]. - The collaboration between Encore Films and Warner Bros. Discovery aims to bring more engaging content to Indian viewers in the future [3].

2025年春节档票房95.10亿元，观影人次为1.87亿，刷新中国影史纪录。截至2025年3月18日，今年中国 电影总票房突破240亿大关，同比增长60%，观影人次突破5亿，占到全球票房的45%！近日印发的《提 振消费专项行动方案》为电影全产业链注入强劲动能。2025年，中国电影市场正迎来一场"风火轮"式的 加速奔跑！ 传统文化IP唤醒消费新动能 《哪吒之魔童闹海》连续创造多项纪录，流量持续"溢出"；《射雕英雄传：侠之大者》和《封神二》系 列电影等IP火爆出圈——中华文明五千年的精神富矿正通过"传统美学+科技赋能"的化学反应，孵化出 全球瞩目的中国IP矩阵！ 文旅联动 打造"电影+"消费新生态 从影院到景点，从热映到热游，春节档电影的爆火为文旅市场带来了新思路。各地搭乘国产电影快车， 将电影"流量"转化为旅游"留量"。从跟着电影去旅游，到相关衍生品卖断货，电影IP让文旅市场也踩上 了"风火轮"，掀起阵阵热潮。 从仰韶彩陶的纹样到赛博世界的光影，从梨园戏台的锣鼓到杜比全景声的震撼——中国电影以文化为 锚，以创新为帆，在提振消费的浪潮中破浪前行！国产电影市场，值得期待！ 监制｜刘鑫 温露 制片人｜王率 顾小慈 陈 ...

Group 1 - The popularity of Chinese films overseas is boosting tourism to China, particularly attracting visitors from Russia and CIS countries [1] - Russian cultural experts are exploring various cities in Jiangsu province, such as Suzhou, Nanjing, Wuxi, and Changzhou, to experience traditional Chinese culture and landscapes [1] - The connection between films and real-life experiences allows tourists to appreciate China's natural beauty and cultural stories more deeply [1] Group 2 - Interest in Chinese culture is growing among Russians, with many eager to learn more about traditional customs and etiquette showcased in historical-themed dramas [2] - The upcoming "Asian Film Festival" in Moscow will feature a full day dedicated to Chinese cinema, highlighting the increasing fascination with Chinese film and its artistic presentation [2]

Group 1 - The core viewpoint is that the popularity of Chinese films overseas is boosting tourism to China, particularly attracting visitors from Russia and CIS countries to experience traditional culture and scenic beauty [1] - Russian cultural experts are actively engaging with Chinese culture, highlighting their experiences in Jiangsu province, which includes cities like Suzhou, Nanjing, Wuxi, and Changzhou [1] - The connection between films and real-life experiences is emphasized, as visitors are able to experience the landscapes and cultural elements depicted in movies, enhancing their understanding of Chinese culture [1] Group 2 - The interest in Chinese culture is further reflected in the enthusiasm of Russian artists and the upcoming "Asian Film Festival" in Moscow, which will focus on Chinese cinema [2] - Historical-themed television dramas are playing a significant role in educating audiences about traditional Chinese customs and social interactions, which were previously unknown to many [2] - There is a growing fascination among Russians for Chinese films and the art of film projection, indicating a cultural exchange and interest in Chinese cinematic narratives [2]

Core Viewpoint - The government work report emphasizes the shift in economic policy focus towards enhancing people's livelihoods and promoting consumption, which is seen as crucial for both short-term growth and long-term high-quality development [1] Group 1: Economic Policy - The report highlights that economic policies will increasingly target improving people's livelihoods and stimulating consumption [1] - Consumption is identified as a key driver for revitalizing economic circulation and leading industrial upgrades [1] Group 2: Film Industry - The film industry is recognized as a significant cultural product that meets the spiritual and cultural needs of the public, while also serving as a vital point for upgrading consumption structures [1] - The industry aims to implement structural reforms on the supply side, focusing on enhancing the quality and diversity of film offerings [1] - The commitment to promoting healthy, prosperous, and high-quality development in the Chinese film sector is reinforced through efforts in creation, market engagement, and technology [1]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][17]. Core Insights - The company has approved the use of up to 4 billion yuan of temporarily idle funds for cash management, which is expected to enhance the efficiency of capital utilization and support project reserves that may contribute to performance flexibility [1][4]. - The company has a rich pipeline of film projects, with 34 films released in the first three quarters of 2024, generating a total box office of 19.501 billion yuan, accounting for 73% of the total domestic box office during the same period [2][3]. - The company is expected to benefit from the recovery of the film market, with projected revenues for 2024-2026 being adjusted to 4.374 billion yuan, 5.686 billion yuan, and 6.539 billion yuan, respectively, reflecting a year-on-year change of -18%, +30%, and +15% [4][5]. Summary by Sections Financial Performance - In 2022, the company reported a revenue of 2.919 billion yuan, which increased to 5.334 billion yuan in 2023, but is expected to decrease to 4.374 billion yuan in 2024, followed by a recovery to 5.686 billion yuan in 2025 and 6.539 billion yuan in 2026 [5][11]. - The net profit attributable to the parent company is projected to be 336.88 million yuan in 2024, 625.86 million yuan in 2025, and 771.79 million yuan in 2026, with growth rates of 28.10%, 85.78%, and 23.32% respectively [5][11]. Business Segments - The company has five main business segments: creation, distribution, exhibition, technology, and services, with significant contributions from each segment to the overall performance [2]. - The distribution segment has been particularly strong, with 425 domestic films released in the first three quarters of 2024, generating a box office of 22.183 billion yuan, representing 91.37% of the total domestic film box office [2]. Market Position - The company holds a market share of 29.85% in the cinema sector, with 128 operating cinemas and 965 screens as of September 2024, achieving a box office of 9.113 billion yuan and 217 million admissions [2][3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to benefit from the recovery in the film industry, with a projected revenue of 43.74 billion, 56.86 billion, and 65.39 billion for 2024E, 2025E, and 2026E respectively, reflecting a year-on-year change of -18%, +30%, and +15% [4][5]. - The company has a rich pipeline of film projects, with over 34 films released in the first three quarters of 2024, achieving a total box office of 195.01 billion, which accounts for 73% of the total domestic box office during the same period [2][3]. - The company has approved the use of up to 40 billion yuan of temporarily idle funds for cash management, enhancing financial flexibility while ensuring operational needs are met [4][5]. Summary by Sections Business Performance - In the first three quarters of 2024, the company participated in the production of 34 films, contributing to a box office of 195.01 billion yuan, representing 73% of the domestic box office [2]. - The company was involved in the distribution of 425 domestic films and 80 imported films, achieving box office revenues of 221.83 billion and 55.26 billion yuan respectively, capturing 91.37% and 78.01% of the total box office for domestic and imported films [2]. - The company operates 128 cinemas with 965 screens, holding a market share of 29.85% and generating a box office of 91.13 billion yuan with 217 million admissions [2]. Financial Forecast - The company's projected revenue for 2024E is 43.74 billion yuan, with a net profit of 3.37 billion yuan, expected to grow to 6.26 billion yuan in 2025E and 7.72 billion yuan in 2026E [4][5]. - The company reported a significant increase in EBITDA from 205.45 million yuan in 2022 to an estimated 628.85 million yuan in 2024E [5]. - The projected P/E ratios for 2024E, 2025E, and 2026E are 60.24, 32.43, and 26.30 respectively, indicating a potential for improved valuation as earnings recover [4][5]. Cash Management - The company has initiated a cash management plan allowing for the use of up to 40 billion yuan of idle funds, which can be rolled over within the authorized period, enhancing liquidity and operational efficiency [4][5]. - A cash dividend of 0.035 yuan per share was distributed, totaling 0.65 billion yuan, reflecting the company's confidence in its long-term development [4].

证券代码：600977 证券简称：中国电影 公告编号：2025-003 中国电影股份有限公司 关于使用暂时闲置自有资金进行现金管理的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 3 月，中国电影股份有限公司（以下简称"公司"）第三届董事会第 八次会议批准公司使用部分暂时闲置自有资金进行现金管理，授权期一年。鉴于 上述授权期限即将到期，公司近日召开第三届董事会第十七次会议，对使用暂时 闲置自有资金进行现金管理事项予以新的一年期授权。 现金管理产品：风险可控、安全性较高、流动性较好的定期存款、结构 性存款和理财产品。 现金管理额度：不超过 40 亿元，在该额度内可滚动使用。 一、现金管理概况 （一）理财目的：在满足日常经营资金需求并有效保障资金安全的前提下， 为充分利用暂时闲置自有资金，提高资金使用效率，增加资金的投资收益，公司 拟适度开展现金管理。 （二）授权额度：不超过 40 亿元，在额度内可滚动使用。 （三）资金来源：暂时闲置自有资金。 （四）产品类型：风险可控、安全性较高、流动性较好的金 ...