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.

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 (國家電影局)). 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 (貓眼專業版)). 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 (唐探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 (水餃皇后), 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 (長安的荔枝), The Legend of Hei 2 (羅小黑戰記2), The Stage (戲台), Nobody (浪浪山小妖怪) and The Adventure (奇遇) 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:

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.

During the Report Period, we ensured the smooth operation of thousands of large-scale performances and events. Specifically, in addition to committed ticketing services for top domestic artists' multi-stop tours, including Jacky Cheung, Jay Chou, Eason Chan and JJ Lin, we also provided high-quality ticketing and on-site services for the domestic concerts of many foreign artists including Travis Scott and Imagine Dragons. In the second half of the year, the Group will also provide ticketing agency services for major concerts staged by artists such as Mayday (五月天), Lay Zhang (張藝興), Charlie Zhou (周深), David Zee Tao (陶喆) and Leehom Wang (王力宏), as well as major events such as WTT Champions Macao 2025 (WTT澳門冠軍賽2025) and King Pro League (KPL王者榮耀職業聯賽). For local performance events, our GMV and coverage continued to increase. For example, the GMV of categories such as local Quyi shows, leisure exhibitions and talk shows all increased by more than 80% year-on-year. At the same time, we actively explored performance content production. During the Reporting Period, we participated intensively in the first Beijing Weibo ACG WORLD (北京微博遊戲動漫展), which attracted tens of thousands of participants over three days.

In addition, in overseas regions, our performance-related GMV increased by more than 300% year-on-year. We also achieved in-depth cooperation with many premium stadiums in Hong Kong and Macau, and continued to enrich the performance projects of our self-operated ticketing platform, uutix, serving various performance projects in Hong Kong and Macau, including large-scale concerts, film festivals, theatrical events, and talk shows. Meanwhile, we further expanded our services to Southeast Asia. During the Reporting Period, we provided ticketing services for various performance projects in cities across multiple countries, including Ayumi Hamasaki'sSingapore tour, G-Dragon's Philippines tour, Superpop 2025 Korea, and the 2025 Siam Songkran Music Festival.

In terms of online movie ticketing services, while maintaining our market leadership and competitive edge, we have been actively providing high-quality movie ticketing services to the industry, consistently innovating categories and business scenarios to help theaters and markets achieve multi-scenario, multi-functional and multi-service commercialization capabilities and a more convenient service experience. During the Reporting Period, we further enhanced our platform's service and collaboration capabilities, and continued to optimize core system capabilities such as real-time scheduling synchronization, seating reservations, and refund and exchange rule engines. Furthermore, we continued our long-standing role as ticketing service provider for the Beijing International Film Festival, marking our fifth consecutive year of partnership. We provided practical service support in ticketing, thematic campaign, and delivered integrated "culture, commerce, tourism and sports" public welfare services for the Festival. Beyond this, we have provided service support for cultural benefit initiatives by governments in many provinces and cities, including Beijing, Shanghai, Jiangsu, Jiangxi, Sichuan and Hainan, fulfilling our corporate social responsibility and further helping to boost the vitality of the cultural consumption market. Moreover, through deepened collaboration with ticketing system partners, our services now cover more than 3,000 cinemas across the country, providing more cinemas with enhanced system service capabilities.

Advertising Services and Others

We are actively exploring and expanding into IP derivative businesses, making progress across IP reserves, operations, and channel development, with plans for continued investment. In the upstream, we have connected with outstanding creators and content, leveraging our promotion and distribution capabilities to open up online and offline channels. Taking film IP as our starting point, we are developing IP derivative businesses and expanding into other IP categories with our distinctive channel and marketing advantages. At present, we have created several proprietary IPs, such as the Panda Plan (熊貓計劃) series and Endless Journey of Love (時間之子), and have carried out joint cooperation in film promotion and distribution + IP derivatives with films such as The Legend of Hei 2 (羅小黑戰記2). Notably, we recently undertook full-scenario IP operations while acting as lead distributor for The Legend of Hei, our first time attempting this dual role. We held pop-up themed premieres, opened pop-up stores simultaneously in thousands of cinemas across the country, and executed online merchandise sales, effectively boosting the IP's commercial value and driving online and offline sales. Our self-produced Panda Plan (熊貓計劃) series, centered on our original character Panda Huhu, is another particularly good example. Using film as a medium, the Panda Plan (熊貓計劃) series, has turned "panda" and"kung fu" into a "universal language", showing Chinese stories and Chinese images on screens in dozens of countries and regions overseas, and simultaneously enhancing IP and brand value. Looking ahead, we will also actively participate in related projects such as top-tier game IP movies, top-tier Chinese comic IP movies, etc., to deeply integrate IP and movies and connect with more partners in the entertainment industry.

Meanwhile, we continue to increase our investment in AI and big data infrastructure. Our Maoyan Pro leverages exclusive big data algorithms and industry chain cooperation to provide the entire industry with timely, accurate global box office insights for decision-making guidance. For example, during this year's Spring Festival season, our Maoyan Pro served more than 120 million users in total, and its global box office list became the industry standard. In addition, we established multi-level business and technology collaborations with various AI companies, to jointly explore the application and iteration of AI technology in animation production, visual storytelling and other fields.

During the Reporting Period, our Maoyan Research Institute (貓眼研究院) released several industry reports on key film seasons, analyzing the changes in the film market from demand to audience demographics. These insights will support more refined and segmented approaches to future film marketing from a marketing channel perspective. At the same time, our Maoyan Research Institute continued to provide audience data-based support for the early development and promotion of films, helping industry partners conduct business more efficiently.

OUTLOOK

As various types of movies with diverse themes are being released successively, as of August 24, 2025, the summer movie box office has exceeded RMB11 billion, and the annual cumulative movie box office has reached about 38.3 billion. In a volatile market environment, we will remain committed to our core development strategy of "Technology + Pan-Entertainment", increase our investment in performance business, and further enhance participation and competitiveness in the offline performance market. Meanwhile, we will continue to actively develop the content IP derivative business, enhance our IP evaluation capabilities, continue to incubate our own IPs and explore IPs with commercial value. We will also further explore the application of AI technology in the film and television industry. Finally, we will maintain and further strengthen our leading position in the film sector, providing high-quality content and ticketing services to partners across the industry.

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, positioning China as a major global cinematic player.

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/.

Investor Relations Contact

Maoyan Entertainment
Email: ir@maoyan.com

Piacente Financial Communications
Helen Wu
Email: maoyan@tpg-ir.com
Tel: +86-10-6508-0677

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