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.
[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.[2] We defined EBITDA as operating profit for the year adjusted for depreciation and amortisation expenses. We add back share-based compensation to EBITDA to derive adjusted EBITDA.
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:
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THE CACED BUTTERFLY
