BEIJING, Aug. 25, 2025 /PRNewswire/ -- Maoyan Entertainment ("Maoyan" or the "Company", 1896.HK), a leading platform providing innovative Internet empowered entertainment services in China, today announced its audited consolidated results for the six months ended June 30, 2025.
First Half 2025 Financial Highlights
-- Revenue was RMB2,472.2 million, representing a year-over-year increase of
13.9%, compared with RMB2,170.9 million in the first half year of 2024.
-- Gross profit was RMB936.5 million, representing a year-over-year decrease
of 19.0%, compared with RMB1,156.2 million in the first half year of
2024.
-- Profit was RMB178.5 million, representing a year-over-year decrease of
37.3%, compared with RMB284.8 million in the first half year of 2024.
-- Adjusted net profit[1] was RMB235.0 million, representing a
year-over-year decrease of 33.2%, compared with RMB351.8 million in the
first half year of 2024.
([1]) We defined adjusted net profit as net profit for the year adjusted by
adding back share-based compensation and amortization of intangible assets
resulting from business combinations.
BUSINESS REVIEW
In the first half of 2025, driven by top-tier films during the Spring Festival, the total box office nationwide was RMB29.231 billion, and the number of moviegoers was 641 million, up 22.91% and 16.89% year-on-year respectively (according to the data released by the China Film Administration ( )). However, the film market experienced a significant downturn from March to June 2025, with a relatively lower supply of top-tier films, and the total box office during such period was only RMB6.771 billion, a year-on-year decrease of 33.68% (according to data from Maoyan Pro ( )). In contrast, the offline performance market maintained its high popularity and vitality during the Reporting Period.
Under this circumstance, the number of released films that the Company participated and its box office performance remained at the forefront of the industry. The Company also continuously maintained its leading edge in terms of its promotion and distribution service capacities and market coverage and maintained abundant project reserves. Furthermore, the Company continued to enhance its offline performance business's market competitiveness. However, due to the downturn of the overall market after the Spring Festival, the box office performance of some film projects in which the Company participated was lower than expected. This, along with the Company's increased investment in its live performance and IP businesses, affected profitability to a certain extent during the Reporting Period.
Entertainment Content Services
As a leading film promoter and distributor in China, we actively participate in the promotion and distribution/production of domestic movies, providing a wide range of services for an increasing number of movies and maintaining our market-leading distribution and promotion advantages. During the Reporting Period, we participated in the promotion and distribution/production of 29 domestic films and 9 imported films, among which we acted as a lead distributor for 24 movies and as a self-producer for 4 movies, setting historical records in terms of quantity for the same period in our history. For instance, we participated in the distribution/production of 4 films among the top 5 domestic films at the box office in the first half of the year.
During the Reporting Period, we actively leveraged our promotion and distribution capabilities and advantages and constantly adjusted our strategies to respond to market changes and support and serve the films we promoted. A number of movies that we lead-distributed/produced delivered topnotch box office performance during their respective release period. For instance, during the Spring Festival season, we accurately grasped market trends and flexibly adjusted our film promotion and marketing strategies based on real-time feedback. DETECTIVE CHINATOWN 1900 ( 1900) achieved great success in both reputation and box office, securing the No. 2 spot in the Spring Festival box office with a box office of RMB3.612 billion. This marks the fifth consecutive year that films under our lead distribution have ranked in the top two during the Spring Festival season. Similarly, after the holiday season, when the overall market cooled and audience enthusiasm declined, we acted bold and broke through traditional audience boundaries to attract a more diverse viewership. The Dumpling Queen ( ), a non-genre film, drew over 10 million moviegoers and became the May Day holiday's box office champion, serving as a breakthrough case for the industry during a "content cooling" period. Although the box office performance of some films we participated in during the Reporting Period fell short of expectations due to factors such as the overall market downturn, we maintained our promotion and distribution capabilities and advantages. We will continue to adjust our strategies to actively respond to market changes and enhance our promotion and distribution services for films and the market.
As the film market gradually recovered in mid-July (since July 18, 2025, the national single-day box office has remained above RMB100 million for more than 30 consecutive days), many summer films that we lead-distributed/produced such as The Litchi Road ( ), The Legend of Hei 2 ( 2), The Stage ( ), Nobody ( ) and The Adventure ( ) have been released in quick succession. Several of these films have performed well at the box office and are expected to positively impact profits in the second half of the year. Looking ahead, we have a rich pipeline of lead-distributed/produced films scheduled for successive release, including:
Works Release date (estimated) Ways of cooperation
----------------------- ------------------------ ---------------------------
A Writer's Odyssey 2 October 1, 2025 Lead distributor and
( 2) producer
----------------------- ------------------------ ---------------------------
Panda Plan 2 October 1, 2025 Self-producer and producer
( 2)
----------------------- ------------------------ ---------------------------
Row to Win December 31, 2025 Lead distributor and
( ) producer
----------------------- ------------------------ ---------------------------
The Fire Raven December 31, 2025 Self-producer and producer
( )
----------------------- ------------------------ ---------------------------
RUNNING IN THE RAIN May 1, 2026 Lead distributor and
( ) producer
----------------------- ------------------------ ---------------------------
Pegasus 3 To be determined Lead distributor and
( 3) producer
----------------------- ------------------------ ---------------------------
The Volunteers 3 Year 2025 Lead distributor and
( 3) producer
----------------------- ------------------------ ---------------------------
De Xian Jin Zhi To be determined Lead distributor and
( ) producer
----------------------- ------------------------ ---------------------------
BLACK LAND'S DREAMER To be determined Lead distributor and
( ) producer
----------------------- ------------------------ ---------------------------
Intercross To be determined Lead distributor and
( -- ) producer
----------------------- ------------------------ ---------------------------
The Wild Forbidden Land To be determined Co-distributor and producer
( )
----------------------- ------------------------ ---------------------------
Casual Revenge Year 2025 Self-producer and producer
( )
----------------------- ------------------------ ---------------------------
Honey Money Phony 2 To be determined Self-producer and producer
( 2)
----------------------- ------------------------ ---------------------------
RAGING HAVOC To be determined Lead distributor and
( ) producer
----------------------- ------------------------ ---------------------------
Online Entertainment Ticketing Services
Since the beginning of 2025, the offline performance market has maintained a rich supply and strong demand. We continue to invest in and develop our offline performance ticketing business, further strengthening basic service capabilities such as ticketing infrastructure and on-site operations and building a stability assurance system that exceeds industry standards, reinforcing the Company's core competitiveness.
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