金吾财讯 | 华泰证券表示，25年以来电影行业呈总体复苏态势，但季度表现较为冷热不均。25H1电影票房累计达292.33亿元，同比增长22.92%，主要票房贡献来自于春节档《哪咤之魔童闹海》。但3-6月行业表现偏弱。板块业绩上，25H1板块实现营收112.3亿元，同比增加32.4%；实现扣非归母净利润10.3亿元，同比增长32.4%；25Q2实现营收39.5亿元，同比下降5.5%；实现扣非归母净利0.11亿元，同比降低94.9%。6-8月暑期档票房119.66亿元，同比增长2.8%，行业有所恢复。暑期档10亿+影片2部与去年持平，分别为《南京电影院》和《浪浪山小妖怪》，但较往年仍数量较少，反映电影市场仍处于恢复进程中。
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