Maoyan Entertainment (1896.HK) FY1H26 Profit Warning: Rev & Bottom Line Missed

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Maoyan Entertainment (1896.HK) FY1H26 Profit Warning: Rev & Bottom Line Missed

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27 Jul 2026 02:24:19 ET │ 10 pages

Maoyan Entertainment (1896.HK)

FY1H26 Profit Warning: Rev & Bottom Line Missed

CITI'S TAKE

Buy Maoyan announced (see link) for 1H26 revenue to decline 25.2%–29.2%

yoy to RMB1,750.0–1,850.0mn (missed Citi's RMB1.96bn) and a net loss of Price (24 Jul 26 16:10) HK$4.72

RMB5.0–55.0mn (missed Citi's RMB+154mn), driven by a 40.6% collapse Target price HK$8.00

in China's box office, underperforming film investments, higher live- Expected share price return 69.5%

performance costs, and impairment provisions of up to RMB100.0mn on Expected dividend yield 4.7%

partner receivables. While the disappointing FY1H26 China box office was Expected total return 74.2%

known, the bottom line miss came in softer than our expectation, and per

Market Cap HK$5,486M Citi analysis, the loss making was likely driven by several loss-making

US$699M movie projects in 1H26 (e.g. Enjoy Your Journey (box office of RMB5mn),

Give You A Candy (RMB22mn), It's My Time (RMB16mn)), offset by few

movies project reaching outstanding box office (e.g. Pegasus 3 with

RMB4.4bn). Maoyan's results demonstrated the challenges in a shrinking Vicky Wei, CFAAC

movie market where movies are more difficult to make profitable, while +852-2501-2742

selective outstanding projects would capture most of the profit as vicky.wei@citi.com

audiences become more selective.

Alicia Yap, CFA

+852-2501-2773

Movie pipeline - Apart from the strong performance of movie Kung Fu Soccer (功夫 alicia.yap@citi.com

女足), which has surpassed RMB1.7 billion at the box office with Maoyan Pro est box

Brian Gongoffice of RMB2.7bn, and All Wishes Come True! (八仙), which has crossed RMB460

+852-2501-2747