?(???????????????? ???? ???? ??)???,???????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???

“?”???,?????!?????????“??”???????????????????

“?”????,???!?“??”??

“??????????????”???,?!?“?????”??????

“???”?????,???!????????????????????“?????????????????”?????????

“?????”??,??!?????????????????“????”?????????????

????????????????,??2024??80????????,????????????

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

???:?????????????? ??“??spa??????”????

?? “???”??,??!????“???????”??????????

????:1???spa??????:??????

2??????150??????

3?51?????????

4???????

5??????????

?(???????????????? ???? ???? ??)???,???????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???

“?”???,?????!?????????“??”???????????????????

“?”????,???!?“??”??

“??????????????”???,?!?“?????”??????

“???”?????,???!????????????????????“?????????????????”?????????

“?????”??,??!?????????????????“????”?????????????

????????????????,??2024??80????????,????????????

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

???:??????????????