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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cinema sources have indicated that there has been no notification of Hollywood films such as 'Thunder Force' being withdrawn from release.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.
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