证券代码：601595 证券简称：上海电影 公告编号：2025-011 上海电影股份有限公司 第五届董事会第六次会议决议公告 本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。 一、董事会会议召开情况 上海电影股份有限公司（以下简称公司）于 2025 年 4 月 29 日以通讯表决的 方式召开了第五届董事会第六次会议（以下简称本次会议）。本次会议通知及会 议材料已于 2025 年 4 月 24 日通过电子邮件方式送达全体董事，本次会议应出席 董事 8 名，实际出席董事 8 名，出席董事占应出席人数的 100%，会议由董事长 王隽女士主持。本次会议的召集、召开程序符合《中华人民共和国公司法》等相 关法律、法规及《上海电影股份有限公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 1．审议通过《关于变更公司财务总监的议案》 表决结果：8 票赞成；0 票弃权；0 票反对。 本议案已经审计委员会、提名委员会审议通过，无需提交公司股东大会审议。 具体内容请详见同日披露的《关于变更公司财务总监的公告》（公告编号： 2025-012 ...

上海电影(601595)公司点评报告 2025 年 04 月 25 日 [Table_Title] 一季度业绩高增，以 IP 带动新业务成长 ——上海电影(601595) 2024 年年报及 2025 年一季报点评 [Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 [Table_Summary] 事件： 公司发布 2024 年年报及 2025 年一季报。 点评： 24 年表现平淡，25Q1 业绩高增 2024 年，公司实现营业收入 6.90 亿元，同比-13.19%；实现归母净利润 9004.71 万元，同比-29.08%，实现扣非后归母净利润 1736.07 万元，同比 -72.32%。2024 年，公司毛利率为 23.39%，同比+0.56%。2025Q1，公司 实现营业收入 2.48 亿元，同比+17.90%；实现归母净利润 6527.19 万元， 同比+41.55%；实现扣非后归母净利润 5059.62 万元，同比+77.34%。 核心业务齐头并进，持续探索 IP 多元化发展路径 分业务看，公司电影放映业务实现收入 4.54 亿元，同比-17.33%；广告业 务实现收入 0.42 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a significant increase in performance in Q1 2025, driven by IP-related business growth, despite a lackluster performance in 2024 [2][3] - The company reported a revenue of 690 million yuan in 2024, a decrease of 13.19% year-on-year, and a net profit of 90.05 million yuan, down 29.08% year-on-year. In Q1 2025, revenue reached 248 million yuan, an increase of 17.90% year-on-year, with a net profit of 65.27 million yuan, up 41.55% year-on-year [2] Business Performance Summary - The film screening business generated 454 million yuan in revenue, down 17.33% year-on-year, while the advertising business saw a revenue increase of 9.87% to 42 million yuan. The company has 836 franchise cinemas, holding a market share of 7.8% [3] - The IP business, focusing on the entire IP value chain, achieved a revenue of 66 million yuan, up 62.74% year-on-year, with a gross margin of 90.87% [3] - The company is actively exploring diverse development paths for its IP, including collaborations with various brands and the launch of new IP-related products [3] Financial Forecast - The company forecasts net profits of 238 million yuan, 325 million yuan, and 422 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53, 0.73, and 0.94 yuan per share [4][6]

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The film market is recovering, with significant growth expected in 2025, driven by strong content reserves such as the scheduled release of "Little Monsters' Summer" in the summer of 2025 [8] - The company's revenue for 2024 is projected at 690.37 million RMB, a decrease of 13.19% year-on-year, while the net profit attributable to shareholders is expected to be 90.05 million RMB, down 29.08% year-on-year [8] - The first quarter of 2025 shows promising growth with a revenue of 248 million RMB, up 17.90% year-on-year, and a net profit of 65 million RMB, an increase of 41.55% year-on-year [8] Financial Projections - Total revenue is forecasted to grow to 992.34 million RMB in 2025, 1,227.03 million RMB in 2026, and 1,469.90 million RMB in 2027, reflecting growth rates of 43.74%, 23.65%, and 19.79% respectively [1][9] - The net profit attributable to shareholders is expected to reach 249.13 million RMB in 2025, 369.45 million RMB in 2026, and 437.67 million RMB in 2027, with growth rates of 176.67%, 48.29%, and 18.47% respectively [1][9] - The report indicates that the current stock price corresponds to a P/E ratio of 52.14 for 2025, 35.16 for 2026, and 29.68 for 2027 [1][9] Business Performance - The company's film exhibition revenue for 2024 is projected at 454 million RMB, down 17.33% year-on-year, while advertising revenue is expected to increase by 9.87% to 42 million RMB [8] - The IP licensing business has shown significant growth, with revenue expected to reach 66 million RMB in 2024, up 62.74% year-on-year [8] - The company has engaged in various cross-industry collaborations with well-known brands, enhancing its IP exposure and market presence [8]

Investment Rating - The report maintains a "Buy" rating for Shanghai Film [1] Core Views - The film market is recovering, and the release of "Little Monster's Summer" is scheduled for the summer of 2025, which is expected to contribute positively to revenue [8] - The company's film business faced significant challenges in 2024 due to market conditions, but there are signs of improvement in Q1 2025, driven by strong performance during the Spring Festival [8] - The company has diversified its IP business, achieving notable revenue growth in licensing and collaborations with various brands [8] Financial Summary - Total revenue for 2023 was 795.23 million RMB, with a projected decline to 690.37 million RMB in 2024, followed by a recovery to 992.34 million RMB in 2025, representing a year-on-year growth of 43.74% [1][9] - The net profit attributable to shareholders is expected to decrease from 126.98 million RMB in 2023 to 90.05 million RMB in 2024, but is projected to rebound to 249.13 million RMB in 2025, reflecting a significant year-on-year increase of 176.67% [1][9] - The earnings per share (EPS) is forecasted to rise from 0.20 RMB in 2024 to 0.56 RMB in 2025, indicating a positive trend in profitability [1][9] Market Data - The closing price of the stock is 28.98 RMB, with a market capitalization of approximately 12,988.84 million RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 144.24 in 2024 to 52.14 in 2025, and further to 35.16 in 2026, suggesting improving valuation metrics as earnings recover [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14]. Core Views - The company's IP business is experiencing rapid growth, and it is deepening its cooperation in multiple AI fields [2][10]. - The company reported a significant increase in Q1 2025 performance, driven by record box office revenues during the Spring Festival and effective cost control [8]. - The company is exploring new cinema business models to promote non-ticket revenue growth [9]. Financial Performance Summary - In 2024, the company achieved a revenue of 690 million yuan, a year-over-year decrease of 13.19%, and a net profit of 90 million yuan, down 29.08% [7][11]. - For Q1 2025, the company reported a revenue of 248 million yuan, an increase of 17.90% year-over-year, and a net profit of 65 million yuan, up 41.55% [7][11]. - The gross margin for 2024 was 23.4%, while the net margin was 17.5%. In Q1 2025, the gross margin improved to 32.95%, and the net margin increased to 28.77% [11]. Business Development Insights - The company is focusing on enriching its film slate and has a strong pipeline of upcoming films, including "The Good Stuff" and others scheduled for release in 2025 [11][12]. - The IP business generated revenue of 70 million yuan in 2024, reflecting a year-over-year growth of 62.74% with a gross margin of 90.9% [12]. - The company is actively pursuing AI collaborations, including a global AI film marathon and partnerships with ByteDance for content creation and IP renewal [12]. Forecast and Valuation - The company is expected to achieve revenues of 990 million yuan in 2025, with a projected net profit of 232 million yuan, corresponding to a P/E ratio of 54 [13][14]. - The forecast for 2026 and 2027 indicates continued growth, with revenues of 1.115 billion yuan and 1.192 billion yuan, respectively, and net profits of 293 million yuan and 336 million yuan [13][14].

Investment Rating - The report assigns a "Buy" investment rating for Shanghai Film [2][8] Core Insights - The company is expected to benefit from new operational spaces in cinema, with plans to enhance viewing experiences through advanced technologies like MLED screens and 3D optical solutions [4] - Shanghai Film has expanded into IP development with the acquisition of a 51% stake in Shangyingyuan, leading to significant revenue growth from IP licensing [5] - The company is actively integrating AI technologies into its operations, launching initiatives like the "Global AI Film Marathon" to explore AI applications in entertainment [6] - Revenue forecasts for 2025-2027 are projected at 8.91 billion, 10.96 billion, and 13.18 billion yuan respectively, with net profits expected to reach 2.34 billion, 3.35 billion, and 4.75 billion yuan [7][10] Summary by Sections Market Performance - The current stock price is 28.08 yuan, with a total market capitalization of 12.6 billion yuan and a 52-week price range of 16.43 to 31.86 yuan [2] Business Operations - The company operates 51 SFC cinemas with 372 screens, holding a market share of 1.09% [4] - The "3+1+X" industry matrix strategy focuses on film distribution, cinema operations, and IP management, supported by state-owned enterprise backing [7][8] Financial Projections - The projected revenue growth rates are 29.1% for 2025, 23.0% for 2026, and 20.3% for 2027, with net profit growth rates of 159.4%, 43.2%, and 41.8% respectively [10]

Investment Rating - The investment rating for Shanghai Film is "Buy" (maintained) [1] Core Views - The report highlights a recovery in the film business and the potential for AI to enhance IP development, opening up long-term growth opportunities [1][4] - The company experienced a decline in revenue and net profit in 2024 due to a weak film market, but Q1 2025 showed a positive turnaround with significant growth in both revenue and net profit [4][5] - The report maintains a positive outlook on the company's film and IP business driving growth, with projected net profits for 2025-2027 showing substantial increases [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 690 million yuan (down 13.19% YoY) and a net profit of 90 million yuan (down 29.08% YoY) [4] - Q1 2025 saw revenue of 248 million yuan (up 17.90% YoY) and a net profit of 65.27 million yuan (up 41.55% YoY) [4] - The projected net profits for 2025, 2026, and 2027 are 273 million yuan, 376 million yuan, and 416 million yuan respectively, with corresponding EPS of 0.61, 0.84, and 0.93 yuan [4][7] IP Development and Commercialization - The company reported a revenue of 93.87 million yuan from its IP business in 2024, a 53% increase YoY, with a net profit of 27.5 million yuan, up 113% YoY [5] - Collaborations with various brands have generated significant online engagement, with a total voice volume of 7.12 billion for annual projects [5] - Upcoming key IP content releases are expected to drive further monetization through licensing, games, and merchandise [5] AI Technology and Innovation - The company is actively integrating AI technology into its operations, launching the "iNEW" strategy to explore AI applications in animation, content generation, and IP commercialization [6] - Collaborations with AI firms and educational institutions aim to enhance content production efficiency and reduce costs [6] - The establishment of the Shanghai Film New Vision Fund is set to explore new business avenues in AI-related sectors [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the recovery of the film industry, with a significant release of quality content in 2025, particularly in its IP business [5][3]. - The company's revenue for 2024 is projected at 690 million yuan, a year-on-year decrease of 13.19%, while the net profit attributable to the parent company is expected to be 90 million yuan, down 29.08% year-on-year [1]. - In Q1 2025, the company experienced substantial growth, achieving revenue of 248 million yuan, up 17.90% year-on-year, and a net profit of 65 million yuan, up 41.55% year-on-year [1]. Financial Performance Summary - For 2024, the company's revenue from various segments includes: - Film screening: 454 million yuan (YoY -17.3%) - Merchandise: 61 million yuan (YoY -13.6%) - Advertising services: 42 million yuan (YoY +9.9%) - Film distribution: 20 million yuan (YoY -38.0%) - Licensing: 66 million yuan (YoY +62.7%) [2]. - The company's direct cinema achieved a box office of 465 million yuan in 2024, a decrease of 26.4% year-on-year, while franchise cinemas generated a box office of 3.315 billion yuan, also down 26.1% year-on-year [3]. - The company has a stable number of direct cinemas (51) and an expanding number of franchise cinemas (836), with a total of 5,726 screens [3]. IP Business Development - The company is actively exploring new paths for IP content renewal and monetization, with significant collaborations with brands like Starbucks and Luckin Coffee, generating a total online engagement of 7.12 billion [4]. - The subsidiary, Shanghai Yuan, reported revenue of 93.87 million yuan and a net profit of 27.5 million yuan in 2024 [4]. - The company is also venturing into AI and IP collaborations, aiming to create a new ecosystem that integrates technology with content [4]. Profit Forecast - The company is expected to achieve net profits of 270 million yuan, 330 million yuan, and 370 million yuan for the years 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 198%, 24%, and 10% [5].