According to the Lighthouse Professional Edition, as of 19:21 on April 24, the total pre-sale box office (including preview) of the new films (including re-screening) in the May Day period in 2025 exceeded 10 million yuan, and the films "Dumpling Queen", "Hunting Gold Game", "A Red Start in Life", "The Vast Horizon is My Love" and "The Wind Kills" temporarily ranked in the top five. Guosen Securities believes that in the short term, the recovery of content supply is expected to promote the growth of the film market, and the medium- and long-term breakthroughs in AI technology and the combination with IP trendy toys are expected to promote the continued prosperity of the film industry. 1) The number of film filings will rebound from 2023 to 2024, and the industry will have rich content reserves. Considering the content production cycle, the domestic film content supply is expected to recover in 2025, which is expected to promote the continued recovery of the box office. At the same time, thanks to the characteristics of high operating leverage, the broadcasting channels are expected to usher in a better profit release period; 2) In the medium and long term, the content side is expected to benefit from the advancement of AI technology to reduce costs and improve efficiency; the channel side will benefit from the diversified business formats represented by trendy toys and the efficiency per square meter is expected to continue to improve.