萬達電影：“超級娛樂空間”戰略深化，業務協同賦能非票收入

事件：6月16日，萬達電影在上海舉辦2025「超級娛樂空間」戰略發佈會。 董事長陳祉希正式提出並深化「1+2+5」全新戰略版圖，即以「超級娛樂空間」為核心，聚焦國內國際兩大市場，發力院線、影視劇集、戰略投資、潮玩、遊戲五大業務板塊。

院線放映業務：以影院為物理載體，打造超級娛樂空間。 為提升觀影體驗，萬達院線將繼續升級放映設備，並計劃在2026年底，完成五星級影城的全激光影廳部署。 在保障優質影片的排映的基礎上，公司將拓展多元的內容供給，引入體育遊戲賽事、演唱會等跨界內容。 並以影院為物理載體，融入市集、策展、快閃、超級IP主題活動，進一步激活影城活力。 2024年在院線、潮玩業務「影時光」等板塊的協同下，非票業務成效初顯，《原神》聯名活動拉動超6400萬的GMV、千萬級票房轉化，其中40%的參與者都是25歲以下的年輕使用者。 

潮玩業務：全球IP矩陣+技術賦能，有望成增長新引擎。2015年，影時光進入潮玩行業，截至目前，品牌累計銷售商品近2億件，與包括迪士尼、漫威、DC、環球影業、傳奇影業在內的全球頂級版權方，以及12家核心供應鏈廠商建立了深度戰略合作。 影時光已構建四大競爭壁壘：1）IP資源庫多元化：涵蓋萬達電影自有影視動漫遊戲及藝人IP、全球頭部授權IP（如《原神》、《第五人格》、《光與夜之戀》、Sanrio、呆萌町、Emoji等），以及自研原創IP（如四喜財神、Momo&Friends）。 2）技術驅動體驗升級：自主研發的數位確權平臺「Rtime Link」將於7月上線，為實體潮玩綁定「電子身份證」; AI晶片植入玩偶（萌心物語）實現情感交互; 虛擬男團Vexel定製AI模型打造“共感”體驗。 3）渠道全域覆蓋：「影時光」構建了線上線下融合的全域消費場景。 核心自營場景「時光里」商店，為消費者提供沉浸式IP體驗（涵蓋潮玩、零售、限定餐飲、IP主題策展），預計年底全球門店將達130家。 同時，品牌積極拓展外部渠道，進駐X11等潮玩集合店、大型商超及線上電商平臺。 4）原創孵化加速：「毛絨色界（穿戴潮玩）」、「萌心物語（AI養成系毛絨）」、「棲境（收藏級家居潮玩）」三大品牌現聯合藝術家開發差異化產品; 兩大原創IP中，Momo&Friends將參演影視作品，Vexel以AI共感設定拓展IP影響力。近期，公司影時光將與關聯方儒意星辰共同投資52TOYS（合計持股7%）進一步強化IP開發與渠道協同，有望提升非票收入佔比。 投資建議：考慮到25年整體電影大盤情況，以及儒意內容業務注入，疊加潮玩佈局，有望實現營收利潤雙增長，我們預測公司2025-2027年營業收入分別為150.81/ 162.88/ 171.02億元，同比增速分別為22%/ 8%/ 5%，歸母凈利潤分別為11.23/ 13.48/ 14.41億元， 25-27年PE分別為21/ 18/ 17倍，維持“買入”評級。 風險提示：電影市場恢復進度不達預期，電影專案票房不達預期，影視項目推進延期，新業務擴張不及預期風險，經營業績波動下現金流風險。

Wanda’s vision of mega entertainment spaces embraces cross-media content like sports events, gaming tournaments and concerts into its cinema spaces. It wants to amp up viewer engagement with exhibitions, pop-ups and IP promos. We anticipate 2025E growth and maintain BUY.

The gist: BUY

· Cinemas: transformation into super entertainment physical spaces

· Trendy toys: global IP portfolio; AI-driven products add new growth drivers

· 2025E outlook: We expect Wanda will achieve both revenue and profit growth

Wanda Film hosted a Super Entertainment Space 2025 conference in Shanghai on 16 June, where Chairman Chen Zhixi detailed the company’s strategic “1+2+5” framework. At its core, it describes one super entertainment space that comprises two geographical market categories of China and international, and covers five major product sectors: cinemas and theaters, film and dramas, strategic investments, trendy toys and gaming.

Cinemas: multiple genres that transform into super entertainment physical spaces

Wanda aims to transform its cinemas into “super entertainment spaces” by enhancing the viewing experience and diversifying content. By the end of 2026E, all five-star cinemas will feature upgraded all-laser projection equipment. In addition to screening quality films, the line-up will expand to include cross-media content such as sport events, gaming tournaments, and concerts. To increase engagement, Wanda will integrate physical experiences like markets, exhibitions, pop-up events and IP-themed activities into its cinemas. Since 2024, the group has harnessed the synergies of cinema operations with trendy toys, which has brought initial growth in non-ticketing revenues. We highlight the Genshin Impact collaboration, which generated over RMB64m in gross merchandise value (GMV) as well as box-office revenue conversions in the tens of millions RMB; notably, 40% of the participants were aged under 25.

Trendy toys: global IP portfolio and AI-driven products add new growth drivers

The group’s trendy toy business, branded as Film Time Network Technology, entered the industry in 2015. Since then, it has sold nearly 200m products and established strategic partnerships with global IP owners like Disney, Marvel, DC, Universal Pictures and Legendary Pictures, as well as 12 main supply chain manufacturers.

We see four key competitive strengths:

1) Diverse IP portfolio: The IPs from Wanda’s films, animations, games and celebrities include licensed major global IPs like Genshin Impact, Identity V, Light and Night, Sanrio, Dinotaeng and Emoji, and its own proprietary IPs like Money God and Momo & Friends.

2) Tech-driven experience upgrade: In July, Film Time is set to launch Rtime Link, a digital rights management platform it has developed independently. It gives digital IDs to physical trendy toy collectibles, where toys with embedded AI chips (such as those from Moppet Tale) are able to provide emotional interaction. Meanwhile, a customized AI model for virtual boy group Vexel fosters an empathetic user experience.

3) Comprehensive distribution channels: Film Time integrates online and offline consumption scenarios. Its directly run Rtime Verse store delivers an immersive IP experience with trendy toys, retail, limited F&B and IP-themed selections. The company expects to have 130 stores worldwide by the year end. It is also entering external channels like X11 trendy toy collectible stores, supermarkets and ecommerce platforms.

4) Proprietary IP development:

· The three major brands, Chroma Surge (wearable trendy toys), Moppet Tale (AI-powered plush toys) and Nestque (collectible home decor) are working with artists to create unique products.

· As for the company’s two proprietary IPs, Momo & Friends will feature in films and TV dramas, and Vexel’s expansion would be driven by IP products that encourage engagement through AI-driven empathy.

· Film Time said it will partner with affiliate Ruyi Xingchen to invest in a combined 7% stake in 52TOYS, which would strengthen IP development and channel collaborations. This would likely increase the proportion of non-ticketing revenues.