�???????�????,??!??�??????????�???-????-(??)

�???????�????,??!??�??????????�???

??: ????

??(?? ?????????? ????? ?)?,?1???????31????13??????????15????????,2025??????????(??)???60???????,?????

�?��??????1900��?????????????????:???????�??2025??????�???????????????:????????????????��???????��??????1900��???????��????????????????????��?:??�????????

??,??????????????????????????????????????,????????????????????????????????????????????IP,???????????,???

????

???????,???????????,???????????????????????????????????????????????????�???1900�???????????300?,????????????????1900????????????�????????????�1:1??120????????????????????11????????????????????????????????????16???????????�????�,??????????????�????????????????�???�??????:???????�?????????,???????????900??????????50?????????????????????2000???,???????

????????????????????6???,??5???????????????????IMAX?CINITY????????,??????????�????�??????????????,???�???????????????�????,????????????????????

????????:??,IMAX?4540????????????????,????�?????????:??????????????????�IMAX???????????,????40%?????????1??29??19?????????,?IMAX??7000????????????,?3808???????????????,????2.8%????????????????4.1%,??????????????

???????,?????,????????�??:???????�??,????????????;�?????�????,???????????????;�????????????????�???????????????????,??????????????????�????�??,????????????????,??????????????,????,?????????????,??????????

????IP???????

??????????IP(Intellectual Property)?

???????�?????????????�??????2015??,???????????????????2018????????????????2021??,?????????????,????�???????�???IP?????????????????????

2019???�????�????????50.7??????????,??????,???�????�??,?????

2023??�??�????????,???????????????????25??,?�?????:????�??�??�??,??

???????????,?,??????IP,????,??????,???????007????????????IP?

??????:????,????IP???????,?????????????????????????,??�??????????:???�????,??IP?????

???????

2025????????,?????

??????????3300????????????,?????1??????29????(???????????)????2?16??(?)?,?????????????,?,??300?????,????250?????

?3800???,??????????????????,??????????20??????????2500??????????,?4000?????????????,????????????????????????????????????????????????????????,???,????,?????

???�???????????????�????????????????

?????,2024????????425.02??,???2024????????(2?10????-2?17?)????????80.16?????????????????,???????????,???????,??2022-2024?????,2024????????,??????????????????????????????????,?????,?????2018???????10%??2024??19%,?????????????,6?????,???

????????????,?,2025???????,????2025????85.4?????????,????6.7%,???????????????,????2025??;??,???84???,???????????????????????????,?????????????????????????????????????????????????????????

?????????????????,???????????????:

�??�???????????????????,???????????!???�???????????????�????

?????????,???????????????,????,?????

????,?,???????,??????????,??????????????????,???????,???????????????????????,???????????????????????????

????�????�???????????�???????�???????,????,????�???�?????????,???????????????????????????,????�?????�?????????????????????50.35??????,??,?????24?,25??,???????�?????????????�???????????;�????????1900�??????????????,????????????????????????????,????????,?????2025?????,???????????,???9???9.2???,???????�?�,?????????????,????????,??????????�??�??????????????????,?????2024????????????????2026????49???66.1???????87.3???????,?,????(?)+??(????)+???????????(?????????????????)???,?,??,????,?????????????

2025??

1??29?????(?????????)??18.05?????????????????,?????????????3515???????,?????????????,????????2021????????2024???????80.16???,??????????????,?????????????????

??:�??�?????????????????55??,�???????1900�???�????????:????�??36????????????????????15?????

�?????????????????�??,???!??�????????�?????