Company Announcements

BEIJING , March 27, 2026 /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 year ended December 31, 2025.

Full Year 2025 Financial Highlights

• Revenue was RMB4,631.5 million, representing a year-over-year increase of 13.5%, compared with RMB4,082.2 million in 2024.
• Gross profit was RMB2,004.1 million, representing a year-over-year increase of 23.3%, compared with RMB1,625.0 million in 2024.
• Operating Profit was RMB724.4 million, representing a year-over-year increase of 269.8%, compared with RMB195.9 million in 2024.
• Profit was RMB563.1 million, representing a year-over-year increase of 209.6%, compared with RMB181.9 million in 2024.
• Adjusted EBITDA ^[1] was RMB860.8 million, representing a year-over-year increase of 138.1%, compared with RMB361.6 million in 2024.
• Adjusted net profit ^[2] was RMB677.1 million, representing a year-over-year increase of 118.7%, compared with RMB309.6 million in 2024.

BUSINESS REVIEW 

According to the data released by the China Film Administration (國家電影局), the total box office nationwide in 2025 reached RMB51.832 billion, representing a year-on-year increase of 21.95%, and the number of moviegoers in urban cinemas was 1.238 billion, representing a year-on-year increase of 22.57%. The offline performance market continued to maintain its vigorous upward development trend. According to the National Performance Market Development Briefing for 2025 (《2025全國演出市場簡報》) released by the China Association of Performing Arts (中國演出行業協會), the commercial performance box office revenue nationwide in 2025 was RMB61.655 billion, representing a year-on-year increase of 6.39%.

During the Reporting Period, the number of released movies in which the Company was involved and their box office performance continued to rank at the top among industry leaders. The number of movies for which we acted as a lead distributor continued to increase, and the core advantages of our promotion and distribution services were further enhanced. Our live entertainment business continued to outperform the overall market in GMV growth, and our market competitiveness continued to increase. With the profitability improving steadily, the Company continued with the arrangements for the shareholder return.

Entertainment Content Services

As a leading film promoter and distributor, we continued to actively participate in the promotion and distribution/production of movies, providing a wide range of services for an increasing number of domestic and imported movies, and further enhancing our promotion and distribution advantages. During the Reporting Period, we participated in the promotion and distribution/production of 73 films, including 55 domestic films and 18 imported films, with both the quantity and box office coverage reaching historic highs for the same period.

During the Reporting Period, we continued to leverage our promotion and distribution capabilities and advantages, and completed systematic iterations in three dimensions: strategic precision, rhythm compatibility, and infrastructure standardization. By combining the film types and their own characteristics, and based on our advantages such as data analysis and industry experience, we continued to optimize and iterate promotion and distribution strategies, crafting out highlight strategies such as emotional marketing and content co-creation promotion and distribution. This helped films achieve excellent box office results. For instance, in the promotion and distribution of Nobody (浪浪山小妖怪), we focused on details of life and the workplace, accurately capturing the emotional needs of the audience from "being watched" to "being empathized with". For The Legend of Hei 2 (羅小黑戰記2), we collaborated with over a thousand pop-up themed cinemas and hosted hundreds of innovative interactive ceremony sessions. By creating immersive consumption scenario experiences and stimulating the emotional resonance of moviegoers, we successfully boosted the box office. Similarly, Disney's ZOOTOPIA 2 (瘋狂動物城2), for which we played a key role in the promotion and distribution, grossed RMB4.593 billion, contributing to Hollywood reassessing the potential of the Chinese film market.

Leveraging our experience and advantages in promotion and distribution, as well as our evergrowing movie selection capabilities and data accumulation, we participated in the promotion and distribution of 68 movies during the Reporting Period, among which we acted as a lead distributor for 48 movies, setting a new record in terms of the number of movies. Furthermore, a number of the movies we distributed/produced delivered outstanding box office performance during several important release periods. For instance:

• During the Spring Festival season, DETECTIVE CHINATOWN 1900 (唐探1900), for which we acted as a lead distributor/producer, became the runner-up of the season with a box office of RMB3.612 billion. Based on this, for five consecutive years during the Spring Festival season, movies for which we acted as a lead distributor have maintained the outstanding performance of ranking in the top two of the season;
• During the May Day holiday, The Dumpling Queen (水餃皇后) and A Gilded Game (獵金•遊戲), for which we acted as a lead distributor/producer, ranked first and second in box office for the release period, respectively;
• During the Qingming Festival, Doraemon The Movie: Nobita's Art World Tales (哆啦A夢：大雄的繪畫奇遇記), for which we acted as a lead distributor/producer, and ENDLESS JOURNEY OF LOVE (時間之子), which we developed, ranked second and third in box office for the release period, respectively;
• During the summer movie season, Nobody (浪浪山小妖怪) and The Lychee Road (長安的荔枝), for which we  acted as a lead distributor/producer, ranked second and fourth in box office for the release period, respectively;
• During the National Day season, The Volunteers: Peace at Last (志願軍：浴血和平) and A Writer's Odyssey II (刺殺小說家2), for which we acted as a lead distributor/producer, ranked first and third in box office for the release period, respectively;
• During the Chinese New Year's release period, ZOOTOPIA 2 (瘋狂動物城2), Avatar: Fire and Ash (阿凡達3),  and Gezhi Town (得閒謹制), for which we acted as a promoter/distributor/producer, ranked among the top three of the season.

Moreover, several of the aforementioned movies won or were nominated for awards at the China Golden Rooster Awards (中國電影金雞獎), the Shanghai International Film Festival (上海國際電影節), the Macau International Movie Festival (澳門國際電影節), and the Golden Singa Awards (新加坡國際華語電影金獅大賞).

In addition, our promotion and distribution services for imported films achieved phased results. In 2025, we participated in the promotion/distribution/production of 18 imported films, setting a historic high for the same period in terms of service quantity. Notably, we provided promotion/distribution services for all of the top five imported films in terms of annual box office, achieving effective coverage of the core box office of imported films. Moving forward, we will continue to enhance our promotion and distribution service capabilities for top-tier imported movies.

Currently, a series of movies for which we acted as a distributor/producer are already scheduled, and we have a diverse pipeline of high-quality movie content covering varied themes, which are steadily progressing and will be released as opportunities arise, such as:

Online Entertainment Ticketing Services

The performance market has continued to remain robust since the beginning of 2025. We continued to strengthen investment in all aspects of the performance business, including establishing cooperation across the industry chain, and enhancing fundamental service capabilities including infrastructure construction and on-site team building, thereby consistently reinforcing the Company's core competitiveness. During the Reporting Period, our total performance GMV growth rate far exceeded the industry performance. In particular, the GMV and coverage of local performance projects continued to increase, with local Quyi shows, talk shows, and e-sports and other categories delivering outstanding results. For example, the GMV of local Quyi shows and talk shows increased by 90% and 70% year-on-year, respectively. During the Reporting Period, we provided high-quality service and on-site ticketing support as a general ticketing agent for thousands of large-scale performance projects, representing a year-on-year increase of over 30% in terms of the number of projects, providing services to artists including but not limited to Jacky Cheung (張學友), Jay Chou (周杰倫), Eason Chan (陳奕迅), Leehom Wang (王力宏), Han Geng (韓庚) and David Tao (陶喆). We also actively explored upstream content production for performance projects, by utilizing the business connection and synergy advantages of film + performance to form effective coordination between film and television artists/creators and the performance business. Such exploration has expanded the possibility of content reserve and stimulated new market demands.

It is noteworthy that in overseas regions, especially Hong Kong and Macau, the performance categories we serve have become increasingly diversified, with the sales scale achieving breakthrough high-speed growth. During the Reporting Period, we continued to maintain stable and good cooperation with multiple venues including AsiaWorld-Expo, Galaxy Macau, and Sands Macao. In addition, we maintained active cooperation with various organizers, with scope of cooperation covering multiple categories such as concerts, theater performances, and sports events, such as well-known sports events like WTT Champions Macao 2025 (WTT澳門冠軍賽2025), WTT Finals Hong Kong 2025 (WTT香港總決賽2025), and the RED on RED: Gerrard 11 vs Rio 11(雙紅會：謝拉特、費南迪邀請賽). In addition, we maintained stable cooperation with performance partners in a number of Southeast Asian countries and regions.

We continued to plough resources into the online movie ticketing business, thereby maintaining our leading position and consistently committing to actively providing professional full-chain services for the film industry. During the Reporting Period, we actively innovated commercial scenarios for movie ticketing, assisting theaters in refined operations and commercial marketing capabilities. Meanwhile, we helped to create an innovative mutual entertainment marketing model for the theater industry, using theaters as the core scenario to help realize a new ecosystem for local entertainment consumption. On the other hand, we further strengthened the synergy capabilities between our platform services and ticketing system partners, with services covering more than 4,000 cinemas nationwide, and continued to provide high-quality system services for more cinemas. Furthermore, we continued to enhance our service capabilities for film festivals and government-sponsored cultural activities. In addition to serving as the official ticketing platform for the Beijing International Film Festival for five consecutive years, we also provided full-process assurance such as ticketing and thematic promotional campaign for multiple film festivals including the 49th Hong Kong International Film Festival and the 12th Silk Road International Film Festival. During the Reporting Period, we also collaborated with government departments across multiple provinces, cities, and districts to implement a series of cultural benefit activities, helping to boost the vitality of the cultural consumption market.

Advertising Services and Others

We continued to explore the IP derivative business. Currently, we have established the fulllink capabilities spanning from IP copyright to development, production, and sales. During the Reporting Period, we participated in cooperation for 14 animated films, covering classic imported animation and Chinese original animation, while balancing mature IPs with new project exploration into rich project types and diverse styles. Through the gradual advancement of multiple projects, we have achieved verifiable results. On one hand, we are rooted in the upstream of the film and television industry chain, taking high-quality film content as a launchpad to explore diverse directions for film IP and derivative businesses. In 2025, we carried out joint cooperation in the "film promotion and distribution + IP derivatives" with films such as The Legend of Hei 2 (羅小黑戰記2) and Demon Slayer: Kimetsu no Yaiba Infinity Castle (鬼滅之刃：無限城篇). For example, created in collaboration with Chaoyang Culture & Tourism's Chaoyang Park, the "Meeting Hei" summer themed park achieved significant breakthrough effects and derivative revenue growth. In addition, we once again collaborated with Chaoyang Culture & Tourism to hold the Demon Slayer IP city-walk check-in event, with the gameplay spreading from a single point to regional radiation, achieving a larger scale of IP exposure and an immersive experience event focused on exhibition and sales. Meanwhile, we also continue to explore the IP path for original films. Based on the image of "Huhu", the panda IP image from the first Chinese pandathemed film series PANDA PLAN (熊貓計劃) developed by us, we developed and operated various derivatives that are extensively connected to the characteristics of Yunnan culture and tourism, thereby realizing the extension and synergy of "content-consumption-tourism" strategy. On the other hand, we are strategically developing our image-based IP portfolio, such as Xing You Ye and Potato Dog. This year, we will also cooperate with multiple domestic and foreign film projects on IP derivative rights, including Demon Agent (大唐妖探), All Wishes Come True! (八仙), Peppa Pig's Perfect Holiday (小豬佩奇•完美假期), Minions & Monsters (小黃人大眼萌3), and Toy Story 5 (玩具總動員5). We have also established deep strategic partnerships with companies such as Universal and Disney in areas including cinema distribution channels and Maoyan's proprietary IP channels. As for offline business operation, we will launch the new retail brand "MmmGoods吃穀子", which starts from film IPs and extends to diverse entertainment scenarios, covering all categories of IP merchandise. Our first IP-themed new retail flagship store is expected to officially commence operation in Beijing in the first half of this year.

We also continued to increase our investment and application in AI and big data infrastructure. In addition to utilizing big data algorithms to provide timely and accurate movie box office decision-making basis for the entire industry, we also strengthened the construction and reserve of box office forecast capabilities for performance projects, assisting the Company's participation and promotion and distribution decisions for performance business, and accumulating multiple successful cases and business logic for rapid replication and adaptation of crossover performance projects. In terms of movies, in addition to continuing to efficiently generate various promotion and distribution materials such as images and videos through AI technology, we established multi-level business and technology collaborations with various AI companies in the industry. For example, we carried out cross-border collaboration with Unitree Robotics to transform the virtual character "Huhu" from the movie into a touchable and interactive physical panda through robotic technology.

As a senior industry insider, Maoyan Research Institute (貓眼研究院) has always maintained its market acumen by continuing to release data insights for key seasons such as the Spring Festival, summer, and National Day, accurately conveying user feedback and empowering upstream creation with data. While simultaneously consolidating core services such as test screenings and promotion and distribution monitoring, it actively expanded research boundaries by introducing IP public opinion analysis and project target audience research based on big data. This helps projects accurately lock in audiences and effectively avoids risks during the development period.

OUTLOOK

As of March 24, 2026, the total box office nationwide in 2026 has exceeded RMB11.6 billion. Notably, during the Spring Festival season this year, PEGASUS 3 (飛馳人生3), for which we acted as a lead distributor/producer, became the box office champion of the season with a box office of RMB4.314 billion. This also marks the sixth consecutive year that films under our lead distribution have maintained the outstanding performance of ranking in the top two during the Spring Festival season.

As a key participant in China's film industry, we have witnessed and felt privileged to experience a year where Chinese cinema forged ahead on the path of high-quality development with fruitful results. In a complex and volatile market environment, we will adhere to the core development strategy of "Technology + Pan-Entertainment" to deepen our presence in the pan-entertainment industry, by consistently improving our core competitiveness and profitability, and upholding our original aspiration of serving as the "service provider" for the entire industry to better serve high-quality film content across the industry.

• We will continue to maintain and consolidate the market competitiveness of the entertainment content business, further leveraging our leading advantages and capabilities in movie promotion and distribution, continuing to focus on high-quality content, deepening the breadth and depth of our participation in the lead promotion and distribution and production of blockbusters, creating more high-quality and high-impact premium content to enhance brand competitiveness, as well as continuing to explore content creation and technological capability iteration;
• By tapping into the advantageous capabilities and resource spillover in the entertainment content, we will continue to focus on the IP derivative business, deepen the IP value and build a comprehensive IP ecosystem, building a new moat around our IP assets as the new business segment and creating a second growth curve for the next stage. In addition, we will continue to explore the application of AI across the entire film production, promotion and distribution chain, develop new scenarios and models in collaboration with partners such as cinemas, and further drive business exploration and innovation;
• We will continue to increase our long-term investment in the performance business, strengthen in-depth cooperation across the entire industry chain, and enhance infrastructure construction and service capabilities to further consolidate and enhance the Company's market competitiveness. At the same time, capitalizing on the existing platforms and business growth opportunities in Hong Kong and Macau, we will continue to expand our commercial cooperation scenarios in these regions and beyond, actively exploring new growth space and development potential.

Last but not least, we would like to express our sincere gratitude to all of our colleagues, shareholders, and industry partners for their trust and support. Let us forge ahead together and propel the high-quality development of the film industry, advancing China's transformation into a cinematic powerhouse.

About Maoyan Entertainment

Maoyan Entertainment (1896.HK) is a leading technology-driven entertainment company providing diversified services and valuable industry insights in China's pan-entertainment industry. The Company's mission is to make it easy to create, deliver, and enjoy great entertainment. Based on its core development strategy of "Technology + Pan-Entertainment", the Company has grown from an online movie ticketing service provider into an innovative one-stop platform with comprehensive entertainment services. For more information, please visit https://ir.maoyan.com/.

Non-IFRS Financial Measures

To supplement the consolidated results of the Company prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of, operating profit, operating margin, profit for the period, net margin, profit attributable to equity holders of the Company, basic EPS and diluted EPS), have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company's management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Company's core operations by excluding certain noncash items and certain impact of M&A transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Company's material associates based on available published financials of the relevant material associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

 

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SOURCE Maoyan Entertainment