在国家政策推动下，"影视+文旅"的融合模式正成为各地探索消费新场景的重要方向。今年1月，中宣部电影局与文化和旅游部资源开 发司启动2025年"跟着电影去旅游"活动，并与商务部联合印发《关于开展"跟着电影品美食"活动的通知》，鼓励电影与文旅、餐饮业态 深度联动，以文化IP赋能实体经济。万达电影积极响应，依托自身"超级娱乐空间"战略推出"影游中国"项目，并将于五一假期在万达影 城举办2025年首个市集活动"寻味食光里"，全力打造"电影+文旅+美食"的沉浸式消费新体验。 从银幕到山河，"影游中国"打造观影文旅新范式 "影游中国"是万达影城携手IMAX依托于全国百余家特色影城资源打造的首个"电影+文旅"的深度体验新范式。 据悉，"影游中国"将联动五一档上映的喜剧《人生开门红》，在沈阳、泉州、成都、宁夏四城率先开启"跟着电影去旅游"。作为行业首 创的文旅联动项目，"影游中国"旨在通过万达影城IMAX观影地标与地方文旅、民俗特色深度结合，为观众打造"一个影院，一座城"的 立体化娱乐体验。本项目将持续至12月底，现已同步推出"影游中国体验官"招募计划，邀请影迷跨越银幕、奔赴山河，前往包括配有 全国最大IMAX银幕的辽宁省科 ...

Investment Rating - The report maintains a "Buy" investment rating for Wanda Film [2][8] Core Views - In Q1 2025, Wanda Film reported total revenue of 4.7 billion yuan, a year-on-year increase of 23.23%, with net profit attributable to shareholders reaching 830 million yuan, up 154.7% [4][8] - The company is focusing on solidifying its core content business and implementing an "entertainment space" strategy, with cinema box office revenue accounting for 54% of its main business in 2024 [4] - Wanda Film is actively exploring the commercial value of its IP and has begun to develop derivative products, with a notable success in selling 210,000 units of the "Four Happiness Gods" cultural products during the 2025 Spring Festival [5] - The company is leveraging AI technology to enhance film production and derivative product development, aiming to improve efficiency and quality [6] Financial Forecast - Revenue projections for Wanda Film are 14.4 billion yuan in 2025, 15.8 billion yuan in 2026, and 17.3 billion yuan in 2027, with net profits expected to be 1.33 billion yuan, 1.79 billion yuan, and 2.23 billion yuan respectively [8][10] - The report anticipates a recovery in both revenue and profit margins due to a low base effect in 2024 and increased content supply in 2025 [8][10]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 6-month target price of 15.17 CNY, reflecting a 25x PE valuation for 2025 [4][3]. Core Insights - The company reported a revenue of 12.362 billion CNY and a net loss of 0.940 billion CNY for 2024, marking a year-on-year decrease of 15.44% and a significant decline of 203.05% respectively. In Q1 2025, the company achieved a revenue of 4.709 billion CNY and a net profit of 0.083 billion CNY [1][3]. - The film industry is undergoing profound changes, with the rise of short-form content challenging traditional long-form productions. This shift is likened to the transition from PC games to mobile games in the gaming industry, posing a fundamental challenge for film companies [1][2]. Summary by Sections Company Overview - Wanda Film holds a leading position in the industry with a market share of 15.2%, maintaining its top rank for 16 consecutive years. The company’s single-screen output is nearly double the national average, and its overseas operations in Australia are stable [2]. Business Strategy - The company plans to restructure its business logic starting in 2025, focusing on head content and IP as the core, which will enhance distribution and derivative business performance. This shift aims to optimize operational efficiency and leverage the backend influence of successful IPs [2][3]. Financial Projections - Revenue projections for 2025-2027 are 13.423 billion CNY, 15.326 billion CNY, and 18.233 billion CNY respectively. Net profits are expected to be 1.281 billion CNY, 1.663 billion CNY, and 2.029 billion CNY for the same period [3][8].

Investment Rating - The report maintains a "Buy" investment rating for Wanda Film [2][8] Core Insights - In Q1 2025, Wanda Film reported total revenue of 4.7 billion yuan, a year-on-year increase of 23.23%, with net profit attributable to shareholders reaching 830 million yuan, up 154.7% [4][8] - The company is focusing on solidifying its core content business and implementing an "entertainment space" strategy, with cinema box office revenue contributing 54% to its main business in 2024 [4][5] - Wanda Film is actively exploring the commercial value of its IP and has begun to develop derivative products, achieving a significant increase in non-ticket revenue margins [5][6] - The company is leveraging AI technology to enhance film production and derivative product development, aiming to improve efficiency and quality [6] Financial Performance - Revenue projections for Wanda Film are 14.4 billion yuan in 2025, 15.8 billion yuan in 2026, and 17.3 billion yuan in 2027, with net profits expected to be 1.33 billion yuan, 1.79 billion yuan, and 2.23 billion yuan respectively [7][10] - The earnings per share (EPS) are forecasted to be 0.63 yuan in 2025, 0.85 yuan in 2026, and 1.06 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17.8, 13.2, and 10.6 [8][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 13.16 [7][8]. Core Views - The company's performance in 2024 met expectations, with a revenue of RMB 12.362 billion, down 15.44% year-on-year, and a net loss attributable to shareholders of RMB 940 million, a significant decline of 203.05% year-on-year. However, the first quarter of 2025 showed a recovery with a revenue of RMB 4.71 billion, up 23.23% year-on-year, and a net profit of RMB 830 million, an increase of 154.72% year-on-year [1][2]. - The company is a leader in the film industry with a market share of 15.2%, maintaining its top position for sixteen consecutive years. It has a strong content reserve and is actively developing derivative products in collaboration with popular IPs [3][4]. Summary by Sections Financial Performance - In 2024, the company's domestic cinema box office revenue was RMB 6.47 billion, a decrease of 25%. The overall gross margin was 22.54%, down 5.15 percentage points due to the impact of screening and film production businesses. The company recorded asset and credit impairment losses of RMB 795 million [2][6]. - For 2025, the company expects a net profit of RMB 999.72 million, with a year-on-year growth of 206.35% [6][18]. Business Strategy - The company is focusing on enhancing operational efficiency and exploring new business growth points. It has collaborated with leading IPs to launch over a hundred derivative products and is developing new categories while enhancing its IP self-research and incubation capabilities [3][4]. Valuation and Forecast - The report adjusts the revenue forecasts for the company's screening and merchandise sales for 2025-2026, with a projected net profit of RMB 10 million for 2025. The target price is based on a PE ratio of 28X, reflecting the company's leading position and operational efficiency [4][6].

Core Insights - Wanda Film reported a significant increase in revenue and net profit for Q1 2025, with operating income reaching 4.709 billion yuan, a year-on-year growth of 23.23%, and net profit attributable to shareholders at 830 million yuan, reflecting a remarkable increase of 154.72% [1] - The company is focusing on its "super entertainment space" strategy, enhancing IP incubation and operations, and creating a diversified business system centered around high-quality IP [1] - The sales of derivative products have surged, and non-ticket revenue has significantly increased, injecting new momentum into the optimization of the business structure and profitability [1] Business Strategy - Wanda Film is deepening its operations around IP value, continuously expanding its derivative product system, and building an integrated online and offline consumption ecosystem, which has led to steady growth in non-ticket business scale and gross margin [1] - In 2024, Wanda Film collaborated with top IPs such as "Genshin Impact" and "Pop Mart" to launch over a hundred derivative product SKUs, with the "Four Happiness God of Wealth" derivative product selling out 210,000 units within seven days during the 2025 Spring Festival [1] - The company plans to launch collaborative IP products with top brands like "Sanrio" and "Identity V," and develop self-researched trendy art IP products such as AI dolls and scented products [2] Market Expansion - Wanda Film is leveraging its cinema advantages to integrate IP operations into the cinema experience through themed screening rooms, limited-time events, and cross-industry collaborations to activate offline traffic [2] - The company is accelerating the incubation of its own IP resources through initiatives like the "Time Family" original character collection plan, strengthening its cultural and creative industry chain layout [2] - In terms of sales channels, Wanda Film is expanding its presence on new media platforms like Douyin and Xiaohongshu, and has opened 30 "Time Art" stores nationwide, offering products that encompass film culture, art collections, and quality living, successfully bridging IP content with physical consumption scenarios [2]

Core Insights - Wanda Film reported a revenue of 1.236 billion yuan for 2024 and 4.709 billion yuan for Q1 2025, with a year-on-year growth of 23.23% and a net profit of 830 million yuan, reflecting a significant increase of 154.72% [1] - The company is focusing on a "super entertainment space" strategy, aiming to enhance its operational efficiency and expand into multiple business sectors, including investment, gaming, and IP operations [1][7] Financial Performance - In Q1 2025, Wanda Film's domestic cinema box office reached 3.42 billion yuan, marking a 44.9% increase, with attendance growing by 32.7% to 63.979 million [1] - The company's sales expenses decreased by 35.4% in the same quarter, indicating improved cost management [1] Business Strategy - Wanda Film has streamlined its management structure, reducing operational centers from 30 to 10 and establishing vertical management systems for various business units [1] - The company plans to invest heavily in quality content, with several films scheduled for release in 2025, including "Life Opens the Door" and "Don't Open That Door" [5] Market Position - Despite challenges in the overall box office market, Wanda Film maintained a 15.2% market share in 2024, ranking first in the industry for 16 consecutive years [5] - The company holds 81 seats in the top 200 cinemas nationwide, with single-screen output nearly double the national average [5] Innovation and Expansion - Wanda Film is actively developing its gaming business, with a revenue increase of over 50% and a focus on international markets, where overseas revenue now accounts for 62% [9] - The company is also launching its own snack brand, with products like "Three Mouths of Time" and "H2OTalks," aiming to expand beyond cinema settings [11][12] Collaborative Ventures - Strategic partnerships are being formed, such as with the coconut water brand "Good Luck Coconut," to enhance non-ticket revenue and share in brand expansion benefits [12] - Wanda Film is exploring investments in various consumer brands, including toys and food, to strengthen market competitiveness and achieve stable financial returns [14]

股票代码：002739 股票简称：万达电影 公告编号：2025-030 万达电影股份有限公司 关于召开 2024 年年度股东大会的通知 万达电影股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开的基本情况 万达电影股份有限公司（以下简称"公司"、"万达电影"）第七届董事会第 四次会议决定召开公司 2024 年年度股东大会，具体内容如下： 1、股东大会届次：2024 年年度股东大会 2、股东大会的召集人：公司第七届董事会 3、会议召集、召开的合法性、合规性：本次股东大会会议召集、召开符合 有关法律、行政法规、部门规章、规范性文件以及公司章程的规定。 4、会议召开的日期、时间： 现场会议时间：2025 年 5 月 28 日（星期三）14:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 5 月 28 日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为2025年5月28日9:15－15:00的任意时间。 5、会议的召开方式：本次股东大会 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2025-018 万达电影股份有限公司 第七届董事会第四次会议决议公告 万达电影股份有限公司（以下简称"公司"）第七届董事会第四次会议于 2025 年 4 月 25 日在北京市朝阳区八里庄东里 1 号莱锦文化创意产业园 CN02 楼会议 室以现场方式召开，会议通知于 2025 年 4 月 15 日以电话、电子邮件及书面形式 发出。会议由公司董事长陈曦女士主持，应出席董事 6 人，实际出席董事 6 人， 会议的召集、召开符合《公司法》《公司章程》的相关规定，会议合法有效。本 次会议采用记名投票方式进行表决，与会董事经认真审议，形成以下决议： 一、审议通过了《关于公司 2024 年度董事会工作报告的议案》 经审议，董事会同意《公司 2024 年度董事会工作报告》，具体内容详见公司 《2024 年年度报告》。 第七届董事会独立董事王磊先生、叶慧女士和第六届董事会独立董事祁怀锦 先生、汤欣先生向董事会提交了《公司独立董事 2024 年度述职报告》 ...