貓眼娛樂：25H1業績點評：線下演出票務成新引擎，積極探索和佈局IP衍生業務

事件：

貓眼娛樂2025年上半年實現營收24.72億元，同比提升13.9%，主要系娛樂內容服務所得收益增加。 公司歸母凈利潤實現1.78億元，同比下降37.3%; 經調整凈利潤實現2.35億元，同比下降33.2%。 利潤短期承壓主要系春節檔之後大盤遇冷，參與的部分電影專案票房不及預期，以及演出、IP等業務加大投入。 毛利率由2024年上半年的53.3%降至2025年上半年的37.9%，主要系收益成本較2024年上半年增加5.21億元。

娛樂內容服務：主控發行影片數量創新高

根據國家電影局數據，2025年上半年全國電影總票房實現292.31億元，同比增長22.91%，主要系春節檔頭部影片的帶動。 2025年上半年，公司娛樂內容服務板塊業務實現收入12.09億元，同比提升18.0%，主要系公司主控發行影片數量創新高。 2025年上半年，公司參與宣發/出品的國產影片共29部，進口影片9部; 其中，公司主控發行的影片共計24部，開發的影片共有4部，數量均達歷史同期新高水準。 頭部影片的參與數量和深度維持高位，上半年票房前5部的國產影片，公司參與了其中4部影片的發行/出品。 隨著電影大盤在7月中逐漸回暖，（自7月18日起，全國單日票房已連續30多天保持在1億元以上），公司主控發行/出品的多部暑期檔影片，包括《長安的荔枝》《羅小黑戰記2》《戲台》《浪浪山小妖怪》《奇遇》等陸續上映，多部影片票房表現優異，預計將對下半年的利潤產生貢獻和積極影響。 後續儲備專案包括預計定檔國慶的《刺殺小說家2》《熊貓計劃2》、預計定檔跨年檔的《浪浪人生》（韓寒監製，黃渤主演）、《匿殺》，以及《志願軍3》《即興謀殺》等，有望於2025年後續陸續定檔。

在線娛樂票務：電影票務業務龍頭地位鞏固，線下演出票務成新引擎

2025年上半年，公司在線娛樂票務業務實現收入11.80億元，同比提升12.8%，線下演出GMV高增驅動彈性。 1）在線電影票務：據國家電影局統計，2025年上半年電影票房為292.31億元，觀影人次為6.41億，同比分別增長22.91%和16.89%，國產影片票房佔比為91.2%。 我們認為，2025年3月至6月電影市場頭部影片相應缺失導致大盤票房短期承壓，在後續影片供給及觀影總人次的驅動下，2025年中國電影票房表現仍有較大的提升空間。 2）線下演出票務：根據中國演出行業協會數據，2025年上半年專業劇場、小劇場新空間等劇場類演出16.05萬場，票房收入54.02億元，觀眾人數2055.01萬人次。 我們認為，隨著公司加大投入拓展業務類型，有望進一步增強演出票務業務競爭力。 本地演出方面，2025年上半年公司GMV和覆蓋率持續提升，地方曲藝、休閒展覽及脫口秀等品類GMV同比增長均超80%，併為包括張學友、周杰倫、陳奕迅、林俊傑等多位國內頭部藝人的演出專案提供票務。 境外市場方面，公司服務的演出專案GMV同比增長超過300%，與港澳多家頭部場館達成深度合作， 持續豐富港澳自營平台uutix，並進一步擴展服務至東南亞地區，國際化佈局初顯成效。 我們認為，在線電影票務業務或受大盤影響短期承壓，在線下演出市場供需強勁、活躍度提升的大趨勢下，貓眼娛樂在線下演出票務方面的擴展有望帶來業績彈性。

IP衍生業務：積極探索和佈局IP衍生業務，憑藉宣發能力打通線上線下渠道

截至2025年上半年底，公司已經打造《熊貓計劃》系列、《時間之子》等自有IP，並與《羅小黑戰記2》等影片展開電影宣發+IP衍生品的聯動合作。 我們認為，隨著公司深度參與頭部遊戲IP大電影、國漫IP大電影等專案，IP與電影深度融合，有望持續釋放IP價值。

Maoyan’s heavy blockbuster involvement bore fruit as it distributed or produced 4 of the top 5 Chinese films at the box office in H1. We see live performances emerging as a growth driver, while the company builds up an IP merchandise business with O2O integration. We maintain our BUY call.

The gist: BUY

• 25H1E results: revenue up 14% yoy on content boost; net profit fell 37%

• Content: Maoyan the main distributor for a record number of films in H1

• Ticketing: movies segment firmed its lead; live shows gained traction

25H1E results: content business spurred 14% yoy revenue rise; net profit fell 37%

Maoyan Entertainment recently released unaudited 25H1E results:

• Top and bottom lines: Revenue arrived at RMB2.47bn in H1E, up 13.9% yoy, mainly driven by entertainment content services; and net profit came to RMB178m, down 37.3% yoy, with adjusted net profit at RMB235m, down 33.2% yoy. Maoyan was under short-term profit pressure due to the post-Chinese New Year downturn, lower-than-expected box-office receipts from some film projects, and heavier investments into the live performance and IP businesses.

• Margins: Gross margin declined to 37.9% in 25H1 from 53.3% in 24H1, mainly because of a RMB521m yoy increase in cost of revenue.

Entertainment content: Maoyan the main distributor for a record number of films

25H1: distributed or produced 4 of top 5 movies: Total Chinese box-office revenue amounted to RMB29.23bn in 25H1, up 22.91% yoy, based on data by China Film Administration (CFA), driven mainly by major film releases during the Chinese New Year holiday. Maoyan’s entertainment content services generated RMB1.21bn revenue in 25H1, up 18.0% yoy, as it distributed the most films in its history. The company either promoted or produced 29 Chinese films and 9 imported films in the half-year; being the main distributor for 24 films and the developer as well for 4 films, both numbers setting new records. Its deep involvement in blockbusters bore fruit as Maoyan distributed or produced four of the top five Chinese films at the box office in H1.

25H2E outlook: The Chinese film market began to recover in mid-July as box-office receipts climbed past RMB100m daily over 30 days straight since 18 July. Maoyan was main distributor and producer for many summer releases, including The Lychee Road, The Legend of Hei 2, The Stage, Nobody, and The Adventure. Several did well at the box office and would likely have a healthy impact on H2E profits. Projects in the pipeline include Assassin in Red 2 and Panda Plan 2, which are slated for release during China’s National Day holiday; and Row to Win (produced by Han Han and starring Huang Bo) and The Fire Raven, which are scheduled for New Year’s Eve. The Volunteers: Peace at Last and Her Turn are set to be released in 2025E.

Online ticket sales: movies consolidated segment lead; live shows gained traction

Maoyan’s online entertainment ticketing business generated RMB1.18bn revenue in 25H1, up 12.8% yoy, driven by high growth in live performance GMV:

Movies: Box-office revenue climbed 22.91% yoy to RMB29.23bn in 25H1, according to CFA data, while the number of moviegoers rose 16.89% yoy to 641m. Chinese films accounted for 91.2% of box-office revenue. We believe the lack of blockbusters during March to June 2025 exerted short-term pressure on the Chinese box office. The Chinese box office has ample growth headroom for 2025E, driven by H2 film releases and cinema attendance.

Live performances: China hosted 160,500 theatrical performances in major theaters, small theaters and new performance venues in H1, as ticketing revenue amounted to RMB5.40bn from 20.55m theater-goers, according to China Association of Performing Arts data. As Maoyan invests more to widen its business categories, we expect its competitiveness will increase in live performance ticketing. We look at its market regions:

• Mainland of China: As Maoyan expanded coverage of performance arts categories in 25H1, GMV shot up by more than 80% yoy in local folk arts, leisure exhibitions and talk shows. The company also handled concert ticketing for many top Chinese artistes like Jacky Cheung, Jay Chou, and Eason Chan, as well as Taiwan-based Singaporean JJ Lin.

• Non-mainland: Maoyan’s international buildout is starting to show results. GMV from live performance shows handled by the company increased more than 300% yoy. It tightened partnerships with many leading venue operators in Hong Kong and Macau, where it beefed up its direct-operation platform UUTix, and also expanded its services to Southeast Asia markets.

Upshot: We reckon Maoyan’s online movie ticket sales underwent short-term pressure amid macro market weakness. Given generally strong supply and demand trends, alongside increasing activity in the live performance market, Maoyan’s live performance ticketing business expansion would increase its total profit elasticity.

IP merchandise business buildup: promotion knowhow drove O2O synergies

By the end of 25H1, Maoyan had developed proprietary IPs such as the Panda Plan series and Endless Journey of Love, even while it collaborated on integrated film promotion and IP merchandise initiatives in projects like The Legend of Hei 2. Through deep involvement in major film adaptations of top-tier game IPs and Chinese animation IPs, we expect IP integration with film productions will unlock more IP value.

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