<p><strong>马库斯</strong>（MCS -9.16%），一家经营电影院和酒店的公司，于 2025 年 8 月 1 日发布了其 2025 财年第二季度的财报。公司的每股收益（GAAP）达到了 0.23 美元，超出 GAAP 每股收益预期 16.4%。收入同比增长 17.0%，达到 2.06 亿美元（GAAP），同样超出预期（GAAP）。该季度的亮点是马库斯电影院部门收入激增 29.8%，由于大片、战略性翻新和顾客支出增加推动了增长。马库斯酒店与度假村的销售与之前持平，因翻新和成本上升导致的利润压缩而出现疲软。总体而言，尽管面临一些持续的行业成本压力和临时的酒店挑战，该季度的收入和利润均显著增长。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 财年第二季度（截至 2025 年 6 月 30 日）</th>
<th>第二季度预估</th>
<th>2024 财年第二季度（截至 2024 年 6 月 27 日）</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>$0.23</td>
<td>$0.20</td>
<td>$(0.64)</td>
<td>$0.87</td>
</tr>
<tr>
<td>收入</td>
<td>$2.06 亿</td>
<td>$2.037 亿</td>
<td>$1.76 亿</td>
<td>17.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$3230 万</td>
<td></td>
<td>$2200 万</td>
<td>46.8%</td>
</tr>
<tr>
<td>收入 – 马库斯电影院部门</td>
<td>$1.317 亿</td>
<td></td>
<td>$1.015 亿</td>
<td>29.8%</td>
</tr>
<tr>
<td>收入 – 酒店与度假村部门</td>
<td>$7430 万</td>
<td></td>
<td>$7450 万</td>
<td>(0.3%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 财年第一季度财报中提供的指导。</p>
<h2>商业概述与重点关注领域</h2>
<p>马库斯在两个关键行业中运营：通过马库斯电影院部门进行电影放映，以及通过马库斯酒店与度假村提供酒店服务。电影院运营 78 个场馆，专注于提升舒适度、优质屏幕和扩展餐饮选择，如 DreamLounger 躺椅和影院内用餐。酒店部门包括 16 个自有或管理的物业，强调奢华设施和活动承办。这种方法使马库斯能够吸引多样化的客户群，并在竞争激烈的市场中脱颖而出。</p>
<p>近年来，马库斯优先投资于客户体验、数字技术和设施升级。其战略的核心是高质量的影片排期、影院和酒店物业的翻新以及以价值为驱动的定价。通过利用替代内容、数字应用程序和强大的忠诚度计划，马库斯旨在提升影院观众人数，同时多样化其收入来源。</p>
<h2>季度亮点：财务与运营发展</h2>
<p>马库斯电影院部门的收入增长了 29.8%，反映出更强的观众出席率和不断增长的顾客支出。增长得益于繁忙的影片上映日程，包括《我的世界电影》、《罪人》和《雷霆特攻队》等热门影片，这帮助马库斯电影院创造了创纪录的阵亡将士纪念日周末。电影院的现有场馆观众人数也增长了 26.7%，平均票价上升 2.0%，每位顾客的零食收入增长了 3.1%。该部门的营业收入从去年同期的 278 万美元上升至 1570 万美元，调整后 EBITDA 同比增长 76.2%。</p>
<p>马库斯锡拉丘兹影院、特雷克斯尔镇电影酒吧和马库斯布兰农交叉影院的战略性翻新升级了大堂、零食摊位、饮料站、酒吧区域和装饰。增强的数字订购工具、移动应用程序和优质酒吧空间有助于提供更顺畅的服务和运营灵活性。</p>
<p>酒店与度假村部门报告的 GAAP 收入为 7430 万美元。尽管顶线增长持平，该部门面临着密尔沃基希尔顿酒店的翻新，这导致房间被占用和 170 万美元的折旧增加。这些因素压缩了利润率；马库斯酒店与度假村的营业收入（GAAP）降至 420 万美元，低于 2024 财年第二季度的 610 万美元。公司自有酒店的每间可用房收入（RevPAR）下降了 2.9%，主要是由于在高峰月份房间停用。然而，所有 554 间翻新的密尔沃基希尔顿酒店房间在 2025 年 6 月底前重新开放，为会议和夏季旅行的恢复奠定了基础。</p>
<p>团体和活动业务仍然是酒店的核心优势，特别是在最近翻新的物业，如大日内瓦度假村和菲斯特酒店。2026 年的团体房间预定速度比去年同期增长了 20%。公司通过强劲的活动和宴会活动抵消了一些与翻新相关的疲软，预计翻新完成将支持当前季节的入住率和房价。</p>
<h2>展望未来：管理层的展望与投资者关注点</h2>
<p>管理层对电影院和酒店的运营实力表示信心，强调强大的影片阵容和完成的酒店翻新是 2025 财年下半年的关键驱动因素。他们指出，完成的酒店翻新和强劲的会议日历使公司在夏季和秋季的表现良好，管理层特别强调预计在旅行和会议季节期间，最近翻新的酒店将继续受益于强劲的预订。</p>
<p>投资者可能希望关注即将上映的影片排期的影响，因为收入可能会根据新电影的数量和观众吸引力波动。马库斯继续面临行业逆风，如对大片驱动的内容周期和劳动力市场条件的暴露，但旨在通过多样化和以客户为中心的投资来抵消这些影响。</p>
<p><em>收入和净收入以美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

马库斯

<p>马库斯（MCS）在其 2023 财年第二季度报告中，营收同比增长 17%，达到 2.06 亿美元，每股收益为 0.23 美元，超出预期。马库斯影院部门的收入激增 29.8%，得益于热门电影的上映和翻新。然而，酒店与度假村部门面临挑战，收入持平且由于翻新导致利润率压缩。管理层对 2025 财年下半年持乐观态度，认为强劲的电影阵容和完成的酒店翻新是主要的增长动力，尽管行业仍面临持续压力</p>

<p><strong>Marcus</strong>(MCS -9.16%), an operator of movie theatres and hotels, released its fiscal second-quarter results on August 1, 2025. The company’s earnings per share (GAAP) reached $0.23, beating GAAP EPS estimates by 16.4%. Revenue climbed 17.0% year over year to $206.0 million (GAAP), also surpassing forecasts (GAAP). The quarter’s standout was a 29.8% surge in Marcus Theatres segment revenue, as blockbusters, strategic renovations, and higher customer spending drove growth. Marcus Hotels &amp; Resorts matched prior sales, with softness tied to renovations and margin compression from higher costs. Overall, the quarter showed marked gains in revenue and profit despite some ongoing industry cost pressures and temporary hotel headwinds.</p>
<div class="lb-trans"><p><strong>马库斯</strong>（MCS -9.16%），一家经营电影院和酒店的公司，于 2025 年 8 月 1 日发布了其 2025 财年第二季度的财报。公司的每股收益（GAAP）达到了 0.23 美元，超出 GAAP 每股收益预期 16.4%。收入同比增长 17.0%，达到 2.06 亿美元（GAAP），同样超出预期（GAAP）。该季度的亮点是马库斯电影院部门收入激增 29.8%，由于大片、战略性翻新和顾客支出增加推动了增长。马库斯酒店与度假村的销售与之前持平，因翻新和成本上升导致的利润压缩而出现疲软。总体而言，尽管面临一些持续的行业成本压力和临时的酒店挑战，该季度的收入和利润均显著增长。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 Fiscal 2025(Ended June 30, 2025)</th>
<th>Q2 Estimate</th>
<th>Q2 Fiscal 2024(Ended June 27, 2024)</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (GAAP)</td>
<td>$0.23</td>
<td>$0.20</td>
<td>$(0.64)</td>
<td>$0.87</td>
</tr>
<tr>
<td>Revenue</td>
<td>$206.0 million</td>
<td>$203.7 million</td>
<td>$176.0 million</td>
<td>17.0%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$32.3 million</td>
<td></td>
<td>$22.0 million</td>
<td>46.8%</td>
</tr>
<tr>
<td>Revenue – Marcus Theatres Segment</td>
<td>$131.7 million</td>
<td></td>
<td>$101.5 million</td>
<td>29.8%</td>
</tr>
<tr>
<td>Revenue – Hotels &amp; Resorts Segment</td>
<td>$74.3 million</td>
<td></td>
<td>$74.5 million</td>
<td>(0.3%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 财年第二季度（截至 2025 年 6 月 30 日）</th>
<th>第二季度预估</th>
<th>2024 财年第二季度（截至 2024 年 6 月 27 日）</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>$0.23</td>
<td>$0.20</td>
<td>$(0.64)</td>
<td>$0.87</td>
</tr>
<tr>
<td>收入</td>
<td>$2.06 亿</td>
<td>$2.037 亿</td>
<td>$1.76 亿</td>
<td>17.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$3230 万</td>
<td></td>
<td>$2200 万</td>
<td>46.8%</td>
</tr>
<tr>
<td>收入 – 马库斯电影院部门</td>
<td>$1.317 亿</td>
<td></td>
<td>$1.015 亿</td>
<td>29.8%</td>
</tr>
<tr>
<td>收入 – 酒店与度假村部门</td>
<td>$7430 万</td>
<td></td>
<td>$7450 万</td>
<td>(0.3%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 财年第一季度财报中提供的指导。</p>
</div><h2>Business Overview and Key Focus Areas</h2>
<div class="lb-trans"><h2>商业概述与重点关注领域</h2>
</div><p>Marcus operates in two key industries: movie exhibition through its Marcus Theatres segment and hospitality via Marcus Hotels &amp; Resorts. Theatres operates 78 venues, focusing on enhanced comfort, premium screens, and expanded dining choices such as DreamLounger recliners and in-theatre dining. The hotel segment includes 16 owned or managed properties, with an emphasis on luxury amenities and event hosting. This approach enables Marcus to attract a diverse customer base and differentiate itself in competitive markets.</p>
<div class="lb-trans"><p>马库斯在两个关键行业中运营：通过马库斯电影院部门进行电影放映，以及通过马库斯酒店与度假村提供酒店服务。电影院运营 78 个场馆，专注于提升舒适度、优质屏幕和扩展餐饮选择，如 DreamLounger 躺椅和影院内用餐。酒店部门包括 16 个自有或管理的物业，强调奢华设施和活动承办。这种方法使马库斯能够吸引多样化的客户群，并在竞争激烈的市场中脱颖而出。</p>
</div><p>In recent years, Marcus has prioritized investments in customer experience, digital technology, and facility upgrades. Central to its strategy are high-quality film slates, renovation of cinema and hotel properties, and value-driven pricing. By leveraging alternative content, digital apps, and robust loyalty programs, Marcus seeks to boost theatre attendance while diversifying its revenue streams.</p>
<div class="lb-trans"><p>近年来，马库斯优先投资于客户体验、数字技术和设施升级。其战略的核心是高质量的影片排期、影院和酒店物业的翻新以及以价值为驱动的定价。通过利用替代内容、数字应用程序和强大的忠诚度计划，马库斯旨在提升影院观众人数，同时多样化其收入来源。</p>
</div><h2>Quarter Highlights: Financial and Operational Developments</h2>
<div class="lb-trans"><h2>季度亮点：财务与运营发展</h2>
</div><p>The Marcus Theatres segment recorded a revenue increase of 29.8%, reflecting stronger attendance and growing customer spend. The rise was fueled by a busy release calendar, including hits like &#34;A Minecraft Movie,&#34; &#34;Sinners,&#34; and &#34;Thunderbolts,&#34; which helped deliver a record Memorial Day weekend for Marcus Theatres. Theatres also saw a 26.7% jump in attendance at existing locations, complemented by a 2.0% rise in average ticket price and per-patron concession revenue up 3.1%. Operating income in this segment advanced to $15.7 million from $2.78 million a year earlier, with adjusted EBITDA climbing 76.2% year over year.</p>
<div class="lb-trans"><p>马库斯电影院部门的收入增长了 29.8%，反映出更强的观众出席率和不断增长的顾客支出。增长得益于繁忙的影片上映日程，包括《我的世界电影》、《罪人》和《雷霆特攻队》等热门影片，这帮助马库斯电影院创造了创纪录的阵亡将士纪念日周末。电影院的现有场馆观众人数也增长了 26.7%，平均票价上升 2.0%，每位顾客的零食收入增长了 3.1%。该部门的营业收入从去年同期的 278 万美元上升至 1570 万美元，调整后 EBITDA 同比增长 76.2%。</p>
</div><p>Strategic renovations at Marcus Syracuse Cinema, Movie Tavern Trexlertown, and Marcus Brannon Crossing Cinema upgraded lobbies, concession stands, drink stations, bar areas, and décor. Enhanced digital ordering tools, mobile applications, and premium bar spaces contributed to smoother service and operational flexibility.</p>
<div class="lb-trans"><p>马库斯锡拉丘兹影院、特雷克斯尔镇电影酒吧和马库斯布兰农交叉影院的战略性翻新升级了大堂、零食摊位、饮料站、酒吧区域和装饰。增强的数字订购工具、移动应用程序和优质酒吧空间有助于提供更顺畅的服务和运营灵活性。</p>
</div><p>The Hotels &amp; Resorts segment reported GAAP revenue of $74.3 million. Despite flat top-line growth, the segment contended with renovations at the Hilton Milwaukee, which led to room displacement and a $1.7 million increase in depreciation. These factors compressed profit margins; operating income for Marcus Hotels &amp; Resorts (GAAP) fell to $4.2 million, down from $6.1 million in Q2 FY2024. Company-owned hotels saw revenue per available room (RevPAR) decline 2.9%, primarily due to rooms out of service during peak months. However, all 554 renovated Hilton Milwaukee rooms reopened by the end of June 2025, setting the stage for a seasonal lift as conventions and summer travel resumed.</p>
<div class="lb-trans"><p>酒店与度假村部门报告的 GAAP 收入为 7430 万美元。尽管顶线增长持平，该部门面临着密尔沃基希尔顿酒店的翻新，这导致房间被占用和 170 万美元的折旧增加。这些因素压缩了利润率；马库斯酒店与度假村的营业收入（GAAP）降至 420 万美元，低于 2024 财年第二季度的 610 万美元。公司自有酒店的每间可用房收入（RevPAR）下降了 2.9%，主要是由于在高峰月份房间停用。然而，所有 554 间翻新的密尔沃基希尔顿酒店房间在 2025 年 6 月底前重新开放，为会议和夏季旅行的恢复奠定了基础。</p>
</div><p>Group and event business remained a core strength for hotels, particularly at recently refreshed properties like the Grand Geneva Resort and Pfister Hotel. Group room pace for 2026 is up 20% compared to where the company was at this time last year for the following year. The company offset some renovation-related softness with robust event and banquet activity, and renovation completion is expected to support occupancy and rates in the current season.</p>
<div class="lb-trans"><p>团体和活动业务仍然是酒店的核心优势，特别是在最近翻新的物业，如大日内瓦度假村和菲斯特酒店。2026 年的团体房间预定速度比去年同期增长了 20%。公司通过强劲的活动和宴会活动抵消了一些与翻新相关的疲软，预计翻新完成将支持当前季节的入住率和房价。</p>
</div><h2>Looking Ahead: Management’s Outlook and Investor Watchpoints</h2>
<div class="lb-trans"><h2>展望未来：管理层的展望与投资者关注点</h2>
</div><p>Management expressed confidence in operating strength across both theatres and hotels, highlighting a strong film line-up and completed hotel renovations as critical drivers for the second half of fiscal 2025. They cited completed hotel renovations and a strong convention calendar as positioning the company well for the summer and fall, with management specifically highlighting expectations for continued benefit from strong bookings at recently renovated hotels during the travel and convention season.</p>
<div class="lb-trans"><p>管理层对电影院和酒店的运营实力表示信心，强调强大的影片阵容和完成的酒店翻新是 2025 财年下半年的关键驱动因素。他们指出，完成的酒店翻新和强劲的会议日历使公司在夏季和秋季的表现良好，管理层特别强调预计在旅行和会议季节期间，最近翻新的酒店将继续受益于强劲的预订。</p>
</div><p>Investors may want to monitor the impact of upcoming film release slates, as revenue can fluctuate based on the volume and audience appeal of new movies. Marcus continues to face industry headwinds such as exposure to blockbuster-driven content cycles and labor market conditions, but aims to offset these via diversification and customer-centric investments.</p>
<div class="lb-trans"><p>投资者可能希望关注即将上映的影片排期的影响，因为收入可能会根据新电影的数量和观众吸引力波动。马库斯继续面临行业逆风，如对大片驱动的内容周期和劳动力市场条件的暴露，但旨在通过多样化和以客户为中心的投资来抵消这些影响。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入以美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

马库斯（Marcus）第二财季收入增长 17%