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EQUITY RESEARCH REPORT
TELECOMS, MEDIA TECHNOLOGY
May 2018
By: Gary Guo (S1700517120002)
China Media
A Hollywood moment for China’s film-makers
China’s box office has just
overtaken North America to
become the biggest in the world;
the country’s film industry is
entering a new growth cycle
Quality is now far more important
than quantity – big-budget
domestic films are able to
compete with imported Hollywood
blockbusters
Initiate coverage of three industry
leaders – Huayi Brothers (Buy),
Enlight Media (Buy), and China Film
(Hold)
Disclaimer Disclosures: This report must be read with the disclosures and the analyst
certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it
EQUITIES ● TELECOMS, MEDIA TECHNOLOGY
May 2018
Why read this report?
The box office blip is over – China became
the world’s biggest movie market earlier
this year
We show how quality big-budget
productions are driving revenue growth …
... and how the market leaders are moving
up the value chain and into other parts of
the entertainment world
1
EQUITIES ● TELECOMS, MEDIA TECHNOLOGY
May 2018
China’s box office
Growth, then a stall, now growing again
The domestic box off ice in China surged from RMB17.1bn in 2012 to RMB44 .1bn in 2015. In 2016, industry growth
stalled for the first time. We believe we are entering a new, sustainable growth cycle as audiences f lock to
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