Maoyan Entertainment(1896 HK) The total movie box office during 2021 Chinese New Year hits a record high, the Chinese film industry recovers in an orderly mann March 5, 2021 461

PSR Recommendation: BUY Status: Upgraded
Target Price: HKDHKD19.16

Investment Summary
The movie box office for 2020 was RMB 20.3 billion, which is in line with our previous
Affected by the epidemic, all of the cinemas in China wastemporarily suspended from January
24, 2020 to July 19, 2020, and only started gradually reopened on the 20th of July. According
to the data from Maoyan Professional Edition, the total movie box office of China in 2020 was
RMB 20.3 billion, down 68% yoy, which is in line with our previous expectations.

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