Executive Summary
Maoyan Entertainment reported a pronounced sequential improvement in QQ1 2025, marked by a substantial revenue rebound and a sharp expansion in operating profitability. Revenue reached 1,236.09 million CNY, up 29.35% QoQ and 13.88% YoY, aided by a stronger monetization mix across ticketing, content, and advertising. Gross margin expanded to 37.88% from 24.53% in the prior quarter, lifting EBITDA to 205.53 million CNY (EBITDA margin 16.63%) and driving a positive pre-tax income of 145.28 million CNY. Net income totaled 89.23 million CNY, translating to a net margin of 7.22% and EPS of 0.078 CNY, signaling a meaningful turnaround from the Q4 2024 cyclically weak result which showed a net loss of 51.46 million CNY.
The quarterly swing underscores improved pricing, mix gravity toward higher-margin monetization segments, and tighter cost discipline. However, given the absence of disclosed balance sheet metrics and cash flow specifics in the data provided, the durability of these gains will hinge on continued demand for cinema-related services, ongoing monetization of content and ads, and the ability to manage seasonality and working capital. Investors should monitor box office trends, ad revenue growth, and any changes in licensing costs or content mix as the company scales its platform economics.
Key Performance Indicators
QoQ: 99.75% | YoY:-19.00%
QoQ: 223.75% | YoY:-35.82%
QoQ: 273.40% | YoY:-37.34%
QoQ: 273.33% | YoY:-35.00%
Key Insights
Revenue: 1,236,085,000 CNY; YoY: +13.88%; QoQ: +29.35%
Gross Profit: 468,244,500 CNY; Gross Margin: 37.88%; YoY Gross Profit: -19.00%; QoQ Gross Profit: +99.75%
EBITDA: 205,528,000 CNY; EBITDA Margin: 16.63%
Operating Income: 130,574,500 CNY; Operating Margin: 10.56%
Total Other Income/Expenses: 14,706,000 CNY
Income Before Tax: 145,280,500 CNY; Pretax Margin: 11.75%
Income Tax Expense: 56,049,500 CNY
Net Income: 89,231,000 CNY; Net Margin: 7.22%
EPS (Diluted): 0.078 CNY; Weighted Avg Shares: 1,...
Financial Highlights
Revenue: 1,236,085,000 CNY; YoY: +13.88%; QoQ: +29.35%
Gross Profit: 468,244,500 CNY; Gross Margin: 37.88%; YoY Gross Profit: -19.00%; QoQ Gross Profit: +99.75%
EBITDA: 205,528,000 CNY; EBITDA Margin: 16.63%
Operating Income: 130,574,500 CNY; Operating Margin: 10.56%
Total Other Income/Expenses: 14,706,000 CNY
Income Before Tax: 145,280,500 CNY; Pretax Margin: 11.75%
Income Tax Expense: 56,049,500 CNY
Net Income: 89,231,000 CNY; Net Margin: 7.22%
EPS (Diluted): 0.078 CNY; Weighted Avg Shares: 1,143,620,634 (undiluted) / 1,147,725,000 (diluted)
Notes: Interest expense is not reported; no disclosed debt level in the provided data; substantial QoQ rebound suggests improved monetization and operating leverage.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.24B |
13.88% |
29.35% |
| Gross Profit |
468.24M |
-19.00% |
99.75% |
| Operating Income |
130.57M |
-35.82% |
223.75% |
| Net Income |
89.23M |
-37.34% |
273.40% |
| EPS |
0.08 |
-35.00% |
273.33% |
Management Commentary
No earnings call transcript data were provided in the dataset. As a result, management themes, strategic commentary, and direct quotes could not be extracted. If a transcript becomes available, we will categorize insights by themes (strategy, operations, market conditions) and quantify the impact on KPIs such as ad spend efficiency, content licensing costs, and user monetization.
Forward Guidance
The release contains no explicit forward guidance. Given the QQ1 2025 momentum, the near-term outlook will depend on: (1) sustained box office recovery and ticketing volumes, (2) continued monetization of content and advertising on the Maoyan platform, and (3) cost discipline driving operating leverage. Our assessment: the trajectory is positive if the company can translate quarterly gains into sustainable revenue growth and margin stability. Key factors to monitor include seasonality in leisure spending, box office trends, advertising spend in the entertainment sector, licensing costs, and any regulatory changes affecting online ticketing and content distribution.