Maoyan Entertainment (1896) H2 2025 earnings summary

Executive summary

• Revenue rose 13.5% year-over-year to RMB 4,631.5 million in FY2025, reflecting sustainable growth and a leading market position in online movie ticketing and entertainment content services.

• Adjusted net profit reached RMB 677.1 million, with steady improvement in profitability and prudent cost control.

• Gross profit increased 23.3% to RMB 2,004.1 million, with gross margin improving to 43.3%.

• Profit for the year surged 209.6% to RMB 563.1 million.

• Final dividend of HK$0.22 per share proposed, exceeding the 20% profit payout target.

Financial highlights

• Revenue increased to RMB 4,631.5 million in FY2025, up from RMB 4,082 million in FY2024.

• Adjusted net profit was RMB 677.1 million; net profit margin improved to 12.2% from 4.5% in FY2024.

• Adjusted EBITDA rose 138.1% year-over-year to RMB 860.8 million.

• S&M expenses as a percentage of revenue decreased to 19.9% from 23.0% year-over-year.

• Entertainment content services contributed 45.9% of revenue, while online entertainment ticketing services contributed 49.5%.

Outlook and guidance

• Multiple lead distribution and self-production movies are strategically scheduled for release in 2026, indicating a strong content pipeline.

• Continued investment in AI and big data infrastructure to enhance operational efficiency and support new business initiatives.

• Strong start to 2026 with over RMB 11.6 billion national box office as of March 24, 2026.

• Focus on high-quality content, IP derivatives, AI integration, and expansion in Hong Kong, Macau, and Southeast Asia.