??�??????�????

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

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

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