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On October 29, Caixin learned (Reporter Cui Ming) that affected by the weak performance of the film large cap this year, Shanghai Film (601595.SH) saw a year-on-year decline in performance in the first three quarters. Considering that the company's large IP business is progressing smoothly, institutions predict that the company is expected to have a good year for products next year.

Tonight, Shanghai Film released the financial report for the third quarter of 2024. In the third quarter, the company achieved revenue of 0.179 billion yuan, a 30.52% year-on-year decrease; achieved a net profit attributable to the parent company of 38.33 million yuan, a 34.68% year-on-year decrease. In the first three quarters, the company achieved revenue of 0.56 billion yuan, a year-on-year decrease of 11.07%; achieved a net profit attributable to the parent company of 0.107 billion yuan, a year-on-year decrease of 13.74%.

Shanghai Film stated that the decline in performance in the third quarter was mainly due to the year-on-year decline in the film market large cap and the decrease in box office revenues. According to Maoyan Professional Edition data, the total box office in the domestic film market from July to September this year was 10.864 billion yuan, a decrease of 43.75% compared to the same period last year.

Due to the insufficient supply of new films in the film market this year and the decrease in audience willingness to watch movies, there has been a negative impact on Shanghai Film's core screening business to a certain extent. Data from Beacon Professional Edition shows that from January to September this year, the total number of moviegoers nationwide reached 0.816 billion, a 23.8% decrease compared to the same period last year.

It is worth mentioning that in the first half of this year, Shanghai Film's subsidiary, Shanghai Film Fund Big IP Development business, achieved a double-digit increase in revenue and profit of over 100%, becoming one of the focal points of investors and institutions. Shanghai Film did not disclose the operating data of Shanghai Film Fund in the third quarter report, but the company previously revealed that two animated works, "Summer of Little Monsters" and "Chinese Tales 2," are currently in production and planned to meet audiences in 2025. Among them, "Summer of Little Monsters" is scheduled for release in the summer of 2025.

Additionally, Shanghai Film recently held a fourth-quarter 2024 work meeting, stating that the company's operations in the fourth quarter of this year will focus on five aspects: further reducing costs and increasing efficiency in the film and television sector, carrying out key publicity and construction projects, implementing and expanding IP project execution, increasing business integration in the production and finance sector, and cooperating to implement activities for the 75th anniversary.