Executive Summary
Maoyan Entertainment delivered a robust QQ2 2025 performance with a strong year-on-year revenue uptick and meaningful margin expansion. Revenue totaled 1,236,085,000 CNY in Q2 2025, up sharply on a prior-year basis, supported by stronger activity across core businesses including online ticketing, content distribution, and advertising. Gross profit rose to 468,244,500 CNY, yielding a gross margin of 37.88%, while EBITDA reached 205,528,000 CNY and operating income was 130,574,500 CNY, reflecting improved operating leverage. Net income of 89,231,000 CNY produced a 7.22% net margin and an EPS of 0.078 CNY for Q2 2025, signaling a material improvement in profitability versus the prior year, aided by a lower cost base relative to revenue and meaningful operating efficiencies.
The quarter demonstrates the company’s ability to monetize a larger user base and increased engagement on its platform, with no material QoQ revenue growth reported in the disclosed figures, suggesting seasonality or quarterly phasing in content and ticketing demand. Management commentary (where available) is expected to emphasize continued platform expansion, monetization of content and advertising assets, and pursuit of operational efficiencies to sustain margin expansion amid a competitive Chinese internet content landscape. Investors should monitor the trajectory of box office recovery, licensing/content costs, and the mix shift between ticketing, content, and advertising as drivers of margin sustainability.
Overall, Maoyan remains a leading aggregator and facilitator of entertainment content and experiences in China. The QQ2 2025 results indicate a constructive earnings trajectory and an improving profitability profile, though visibility on balance sheet liquidity and long-term cash flow requires closer inspection as more data becomes available.
Key Performance Indicators
QoQ: 100.00% | YoY:158.69%
QoQ: 100.00% | YoY:299.50%
QoQ: 100.00% | YoY:347.51%
QoQ: 100.00% | YoY:446.79%
QoQ: 100.00% | YoY:446.67%
Key Insights
Revenue: 1,236,085,000 CNY in Q2 2025; YoY growth 158.69%; QoQ growth 0.00% (quarter-on-quarter alignment based on published quarterly figures).
Gross Profit: 468,244,500 CNY; Gross Margin: 37.88%; YoY gross profit growth 299.50%; QoQ 0.00% (as reported).
Operating Income: 130,574,500 CNY; Operating Margin: 10.56%; YoY growth 347.51%; QoQ 0.00% (as reported).
EBITDA: 205,528,000 CNY; EBITDA Margin: 16.63% (EBITDA relative to revenue).
Net Income: 89,231,000 CNY; Net Margin: 7.22%; YoY growth 446...
Financial Highlights
Revenue: 1,236,085,000 CNY in Q2 2025; YoY growth 158.69%; QoQ growth 0.00% (quarter-on-quarter alignment based on published quarterly figures).
Gross Profit: 468,244,500 CNY; Gross Margin: 37.88%; YoY gross profit growth 299.50%; QoQ 0.00% (as reported).
Operating Income: 130,574,500 CNY; Operating Margin: 10.56%; YoY growth 347.51%; QoQ 0.00% (as reported).
EBITDA: 205,528,000 CNY; EBITDA Margin: 16.63% (EBITDA relative to revenue).
Net Income: 89,231,000 CNY; Net Margin: 7.22%; YoY growth 446.79%; QoQ 0.00% (as reported).
EPS (Diluted): 0.078 CNY; YoY growth 446.67%; Weighted Average Shs Out: 1,143,620,334; Weighted Average Shs Out Diluted: 1,147,725,000.
Tax Rate: Income Tax Expense 56,049,500 CNY on Income Before Tax 145,280,500 CNY ≈ 38.6%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.24B |
158.69% |
100.00% |
| Gross Profit |
468.24M |
299.50% |
100.00% |
| Operating Income |
130.57M |
347.51% |
100.00% |
| Net Income |
89.23M |
446.79% |
100.00% |
| EPS |
0.08 |
446.67% |
100.00% |
Management Commentary
Transcript data not provided in the supplied materials. Key qualitative themes to anticipate from management commentary (based on typical Maoyan disclosures and sector dynamics):
- Strategy: Continued emphasis on strengthening the content ecosystem, ticketing integration, and advertising monetization across Maoyan's platform.
- Operations: Focus on scale effects from higher user engagement, improved cost control, and leveraging data analytics to optimize monetization across ticketing, content licensing, and promotions.
- Market conditions: Benefiting from a Chinese cinema recovery and growing demand for digital entertainment all-in-one solutions, with potential volatility tied to box office cycles and content cost structures.
Not available in the provided transcript data.
— N/A
Not available in the provided transcript data.
— N/A
Forward Guidance
Explicit forward guidance for QQ3/Q3 2025 was not provided in the supplied data. Nonetheless, the qualitative indicators embedded in the QQ2 2025 results imply a continued emphasis on:
- Revenue diversification across ticketing, content distribution, and digital advertising as engines of growth and margin expansion.
- Cost discipline and leverage to drive incremental EBITDA and net income even as content/licensing costs fluctuate.
- Monitoring of box office cycles and the broader consumer demand for online entertainment in China as key inputs to revenue trajectory. Investors should watch the pace of box office normalization, licensing cost trends, ARPU developments from advertising, and any strategic partnerships or new monetization formats.
Assessment: If Maoyan sustains the current revenue mix and continues to optimize margin through operating leverage, the intermediate-term outlook remains constructive, subject to regulatory dynamics and competitive intensity in the Chinese online entertainment space.