Maoyan Entertainment (1896.HK) Q1 2025 Earnings Report

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.