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CICC: Performance of film content companies was varied in the first quarter, and the box office performance during the May Day holiday may be relatively flat.
In Q1 2025, due to the year-on-year growth of the Large Cap box office, revenue and profits of film investment companies increased year-on-year, while content companies experienced performance differentiation due to varying box office results of their projects.
【Brokerage Focus】China Securities Co.,Ltd.: Focus on the progress of movie releases during the May Day and summer holidays. The industry's attention is expected to increase.
Jingu Financial News | China Securities Co.,Ltd. issued a Research Report indicating that the box office is expected to grow significantly in the first quarter of 2025, with attention on the subsequent progress of May Day and summer scheduling. In the first quarter, the national comprehensive box office reached 24.4 billion yuan, a year-on-year increase of 48%, and cinema companies are expected to benefit from an exceptional box office performance. In the short term, the release of major films is decreasing, entering the industry's off-peak season, with a focus on the scheduling progress of films for May Day and summer. Eight films have already been scheduled for May Day, and the summer will soon enter a hot stage of scheduling and Publicity, which is expected to increase industry attention.
Hong Kong stock Concept Tracking | 13 films scheduled for the May Day holiday, Institutions are Bullish on the movie market, which is expected to welcome a resurgence of prosperity (including Concept stocks).
Institutions: The film market is expected to regain prosperity by 2025.
MAOYAN ENT: Annual Report 2024
The National Film Administration has stated that it will moderately reduce the import quantity of USA films, causing related US stocks to plummet.
① The National Film Bureau responded today to the USA's increased tariffs on China, stating that it will moderately reduce the number of American films imported. ② According to reporters from Caixin, cinema sources have indicated that there has been no notification of Hollywood films such as 'Thunder Force' being withdrawn from release. ③ Over the past three years, domestic films have dominated the annual box office.
[Brokerage Focus] Tianfeng maintains a "Buy" rating on MAOYAN ENT (01896), stating that the company's involvement in top films is stable and is expected to drive an increase in profitability.
Jinwu Finance | Tianfeng issued a Research Report indicating that MAOYAN ENT (01896) is expected to achieve annual revenue of 4.082 billion yuan in 2024, a year-on-year decrease of 14.2%; the Net income attributable to the parent company is expected to be 0.182 billion yuan, a year-on-year decline of 80.0%; adjusted Net income is estimated at 0.31 billion yuan, a year-on-year decrease of 69.9%. The decline in performance is mainly due to the overall weakness of the film Industry, with national box office revenue decreasing by 22.6% year-on-year to 42.5 billion yuan, resulting in a 14.8% and 14.9% reduction in income from the two core Businesses, entertainment content services and online ticketing, respectively. The gross margin decreased from 50.1% in 2023 to 2024.
Should Weakness in Maoyan Entertainment's (HKG:1896) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
