Beijing Enlight Media (300251) investor relations material

Executive summary

• 9M 2026 attributable net income was RMB50.1m; excluding the adverse impact of associate and JV investment results, it was RMB142m.

• 9M box office from films invested in or distributed reached ~RMB8.155bn by period-end; reported revenue and earnings fell sharply YoY.

Financial highlights

• Q3 revenue was RMB334.1m, down 10.70% YoY; attributable net income was RMB17.1m, down 83.90%, and adjusted net income was RMB6.1m, down 93.29%.

• 9M revenue was RMB658.4m, down 81.79% YoY; attributable net income was RMB50.1m, down 97.85%, and adjusted net income was RMB10.7m, down 99.53%.

• 9M operating cash flow was negative RMB155.8m, versus positive RMB3.05bn in the prior-year period.

• 9M operating costs fell 52.74% YoY; selling expenses rose 170.16% on business expansion, while investment income declined 179.96% as associate results changed.

Outlook and guidance

• Film projects in the pipeline include completed or in-production titles such as “The 17th Article,” “Three Hearts, Two Minds,” and “Confession of a Murderer.”

• Further animation projects are in production or progressing in stages; artist-led live events, brand partnerships, and merchandise are expanding monetization channels.