阿里影业 20250320 摘要 Q&A 阿里影业在近期业务转型和变化方面有哪些显著进展？ 阿里影业在过去两年经历了显著的业务转型和变化。公司目前主要分为三个大 的业务模块：大麦、IP 衍生品以及电影业务。 首先，大麦是中国最大的在线 票务平台，2023 年 12 月完全并入阿里影业。在 2024 年上半财年（2024 年 4 月 1 日至 2024 年 9 月 30 日），大麦实现了约 11.7 亿人民币的收入，其中票务收 入贡献了约 9 亿人民币，其他业务贡献了约 2 亿人民币。综合品类的 GMV 同比 增长 70%，其中演唱会品类几乎翻倍增长。未来 2 到 3 年，大麦有望继续保持 • 大麦 2024 上半财年收入达 11.7 亿人民币，票务收入贡献 9 亿，综合品类 GMV 同比增长 70%，演唱会品类几乎翻倍，预计未来 2-3 年保持行业领先， 但演唱会增速或受场馆限制，整体票务市场稳定增长。 • IP 衍生品业务 2024 上半财年收入 6 亿人民币，预计全年 11-12 亿人民币。 阿里云占据 95%以上份额，是中国最大转授权平台，国际排名第 11，拥有 超 300 个全球知名 IP，超 50% ...

阿里影业 20250307 摘要 Q&A 阿里影业目前的业务结构和发展现状如何？ • 大麦 2025 财年上半年演唱会票房同比增长近 100%，预计全年增长 60%-70%， 贡献收入约二十多亿元，并通过内容厂牌如草莓音乐节和与头部场馆的战 略合作，积极拓展演出市场。 • 阿里影业是中国最大的 IP 代理商，签约 300 多个知名 IP，2025 年 IP 转授 权业务收入预计同比增长 40%-50%，2026 年预计继续增长 30%，自有潮玩 品牌"锦鲤拿趣"年收入近两亿元。 • 面对全球电影市场低迷，阿里影业采取收缩策略，减少大规模参投，转而 投资虚拟影棚和数据分析等科技项目，旨在提高自制电影的成本效益。 • 阿里影业预计 2026 财年中国票房将不超过 480 亿，但仍有《碟中谍》、 《疯狂动物城 2》等值得期待的国内外影片，公司将收缩电影业务投入和 片单数量。 • 阿里大文娱管理层近期变动主要为点对点调换，对整体策略和运营方式影 响不大，电影业务仍由总裁李杰负责。 • 阿里影业在 AI 领域专注于影视工业垂直细分领域，通过 AI 剧本、虚拟拍 摄与特效、AI 动漫制作等方向，降低成本、提高效率，并已在 ...

For example, the recovery period of 23 years is understandable. The recovery period of 24 years is also understandable. In the end, is it possible to maintain a relatively high growth? We think that in addition to the whole Danish industry, it should still maintain a relatively high level of growth. In terms of the characteristics of the whole Danish industry, it is possible to expand some business categories and further extend to their own live entertainment content investment. This is actually a big help ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures (1060.HK), reflecting an upward adjustment in valuation due to favorable market conditions and potential growth in IP licensing revenue [4]. Core Insights - Alibaba Pictures' IP licensing platform, Aliyu, is positioned to benefit from the expansion of IPs like Blokko, which recently went public and saw a significant first-day increase of over 40% [1]. - Aliyu's sales surged to $2.75 billion in 2023, a remarkable increase from $430 million in 2022, marking a 540% growth and elevating its ranking among global licensing agents to 11th place [2]. - The Chinese brand licensing market is growing steadily, with a retail sales figure of 140.1 billion yuan in 2023, reflecting a 0.8% year-on-year increase [2]. - Blokko, a leading player in the building block toy market, is expected to see a compound annual growth rate (CAGR) of 41% from 2023 to 2028, indicating strong market potential [3]. - The report highlights that Blokko's revenue is heavily reliant on a few key IPs, with Ultraman contributing 57.4% of its revenue in the first half of 2024, prompting the company to diversify its product offerings [3]. Financial Summary - For FY2023, Alibaba Pictures reported a revenue of 3,501 million yuan, with projections of 5,036 million yuan for FY2024 and 5,953 million yuan for FY2025, indicating a growth rate of 43.9% and 18.2% respectively [4]. - The net profit is expected to turn positive in FY2024 with a forecast of 285 million yuan, increasing to 531 million yuan by FY2025 [4]. - The earnings per share (EPS) is projected to rise from -0.01 yuan in FY2023 to 0.02 yuan in FY2025, reflecting a positive trend in profitability [4].

Financial Performance - As of September 30, 2024, the total box office in the Chinese film market was RMB 18.3 billion, a decrease of RMB 11.5 billion compared to the same period last year[6]. - The group's content segment recorded revenue of RMB 1.22 billion, with a performance of RMB 30 million, reflecting a decrease of RMB 260 million and RMB 350 million respectively compared to the previous period[25]. - The group recorded a net financial income of approximately RMB 81 million, which included bank interest income and foreign exchange losses due to the appreciation of RMB against USD during the reporting period[62]. - The company reported a total revenue of approximately RMB 3.05 billion for the reporting period, representing a year-on-year increase of about RMB 440 million, or 16.8%[107]. - The company reported a total of 12,375,000 share options outstanding as of September 30, 2024, with a weighted average exercise price of HKD 1.067[157]. - The profit attributable to the owners of the company for the six months ended September 30, 2024, was RMB 336,598,000, a decrease from RMB 463,788,000 in the same period of 2023, representing a decline of approximately 27.4%[164]. - The company's equity-accounted investments decreased to RMB 1,456,432,000 as of September 30, 2024, from RMB 1,710,656,000 as of September 30, 2023, reflecting a decline of approximately 15%[166]. Audience Engagement - The number of moviegoers was 450 million, down by 290 million from the previous period, indicating a significant decline in audience attendance[6]. - The number of high-frequency consumption members in the Tao Mai system showed a decline much lower than the overall decrease in audience numbers, reflecting the loyalty and resilience of core high-value consumer groups[26]. - User data indicates a significant growth in user engagement, with 5,000,000 users projected for the period ending January 4, 2028, compared to 2,000,000 in the previous period[177]. - The company reported a user base of 72,301,047, with a notable increase in engagement metrics[181]. Investment and Acquisitions - The group completed the acquisition of Damai, which has become a wholly-owned subsidiary, enhancing its operational capabilities[13]. - The group completed the acquisition of 70% equity in Zhejiang Dongyang Meila Media Co., Ltd. for a total consideration of RMB 350 million[139]. - The three largest investments of the group were in Bona Film Group, Lehua Entertainment Group, and Shanghai Tingdong Film Co., all involved in film production and distribution, artist management, and other entertainment businesses[63]. Strategic Initiatives - The group plans to invest in innovation and digital business, including AI technologies, to drive business upgrades and enhance customer value[15]. - The group is focusing on producing high-quality films to attract audiences back to theaters, addressing the current challenges in the film industry[6]. - The group is actively expanding its overseas business, with the international ticketing system officially delivered for use at the Galaxy Macau, handling nearly one million users online during ticket sales[27]. - The company has initiated a producer studio collaboration plan to enhance film content production capabilities, with multiple projects already in development[111]. - The company has set a future revenue guidance of 10,800,000 for the period ending January 4, 2028, reflecting a strategic focus on market expansion[177]. Financial Health - The group maintains a net cash position with a capital debt ratio of zero as of September 30, 2024[137]. - As of September 30, 2024, the group had no outstanding debts secured by assets[66]. - The company has a credit period generally within one year for debtors, with regular assessments of credit quality and limits for potential new debtors[174]. - The company reported a capital commitment of RMB 40,530,000 as of September 30, 2024, compared to no capital commitments as of March 31, 2024, suggesting future expansion plans[170]. Corporate Governance - The board believes that having the same individual serve as both chairman and CEO aids in strategy formulation and execution[191]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[190]. - The board of directors has confirmed compliance with the standard code of conduct regarding securities trading during the reporting period[192]. Future Outlook - The group aims to enhance its brand influence by reserving key projects and actively expanding its production capabilities in the film sector[124]. - The company anticipates a steady growth trajectory, projecting revenues of 1,750,000 for the next fiscal period[177]. - Future outlook includes a focus on technology advancements, with a budget of 2,500,000 allocated for new technology initiatives[177].

Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures (1060.HK) with a target price of HKD 0.54, compared to the current price of HKD 0.41 [2]. Core Insights - Alibaba Pictures reported FY25H1 revenue of RMB 3.05 billion, a year-on-year increase of 17%, with a gross profit of RMB 1.32 billion, reflecting an 18% growth. The adjusted EBITDA was RMB 640 million, up 39% year-on-year, while the net profit attributable to shareholders decreased by 27% to RMB 337 million due to investment impairments [2][5]. - The growth in revenue is primarily driven by the performance of the live entertainment market and the consolidation of the Damai platform. The company aims to increase the share of live entertainment revenue to 20%-30% of total revenue [2][5]. Summary by Sections Revenue Performance - The revenue breakdown shows that content business revenue was RMB 1.22 billion, down 17.3% year-on-year, attributed to a sluggish film market. The company has around 70 films in its pipeline, with 35 awaiting release, including key titles like "Feng Shen Part II" and "The Murder Case 3" [2]. - Ticketing and technology platform revenue reached RMB 1.23 billion, a significant increase of 138.6% year-on-year, driven by the rapid growth of Damai's ticketing business [2]. - The IP derivatives business generated RMB 600 million, a decline of 3.4% year-on-year, mainly due to last year's inclusion of Damai's agency revenue [2]. AI Investments and Innovations - The company is enhancing its AI capabilities across various business forms, including virtual filming and digital avatars. Two virtual filming studios are operational, and three more are under construction, aimed at reducing production costs and improving user experience [2]. - The introduction of digital personas has led to successful commercial collaborations, and AI is expected to participate in 70% of material production in the future [2]. Profit Forecast and Valuation - The profit forecast for FY25-FY27 has been revised down to RMB 531 million, RMB 849 million, and RMB 1.026 billion, respectively, reflecting a decrease of 35%, 10%, and 1% from previous estimates [2]. - The valuation has been adjusted to an 18x PE ratio based on FY26 earnings, maintaining the target price of HKD 0.54 [2].

Company Rating - The report assigns a "Buy" rating to Alibaba Pictures (01060 HK) with a current price of 0 41 HKD and a fair value of 0 65 HKD [1][2][3] Core Views - Alibaba Pictures reported FY25H1 revenue of 3 051 billion RMB, up 16 64% YoY, with adjusted EBITA of 642 million RMB, up 39 23% YoY, driven by the consolidation of Damai since November 30, 2023 [6] - FY25H1 content business revenue declined 17 30% YoY to 1 224 billion RMB due to a weak film market, with domestic box office down 38% YoY [6] - Ticketing and tech platform revenue surged 138 60% YoY to 1 227 billion RMB, with Damai maintaining a dominant position in the live entertainment ticketing market [6] - IP derivatives and other business revenue decreased 3 42% YoY to 599 million RMB, but segment profit grew 5 83% YoY to 176 million RMB [6] Financial Forecasts - Revenue is projected to grow to 6 004 billion RMB in FY25, 7 454 billion RMB in FY26, and 8 428 billion RMB in FY27 [10] - Net profit attributable to shareholders is expected to reach 527 million RMB in FY25, 886 million RMB in FY26, and 1 058 billion RMB in FY27 [10] - The report values Alibaba Pictures at 20x FY26 PE, implying a fair value of 0 65 HKD per share [6] Business Segments - Content business: Revenue is forecasted at 2 484 billion RMB in FY25, 3 392 billion RMB in FY26, and 3 905 billion RMB in FY27, with segment profit margins recovering to 14% in FY26 and FY27 [13][14] - Ticketing and tech platform: Revenue is expected to reach 2 477 billion RMB in FY25, 2 811 billion RMB in FY26, and 3 084 billion RMB in FY27, with segment profit margins stable at 60% [13][15] - IP derivatives and other: Revenue is projected at 1 042 billion RMB in FY25, 1 251 billion RMB in FY26, and 1 439 billion RMB in FY27, with segment profit margins steady at 27% [13][16] Market Outlook - The domestic film market is expected to recover in FY26, with total box office (including service fees) forecasted at 45 billion RMB in FY25, 55 billion RMB in FY26, and 60 billion RMB in FY27 [20] - Alibaba Pictures has a strong pipeline of 35 films in production and 35 films in development, including major titles scheduled for release during the 2025 Spring Festival [14]

Core Viewpoint - Alibaba Pictures has reported a resilient performance for the first half of the 2024/25 fiscal year, driven by its "Content + Technology" strategy and a diversified business structure, achieving a revenue of approximately RMB 30.51 billion, a year-on-year increase of 17% [1] Financial Performance - Revenue for the first half of fiscal year 2025 reached RMB 30.51 billion, up 17% year-on-year - Adjusted EBITA profit was approximately RMB 6.42 billion, reflecting a 39% increase - Net profit stood at RMB 3.37 billion, indicating resilient growth [1] Content Strategy - The company has deepened its investment in a full range of entertainment content, producing and distributing 47 films during the reporting period, which accounted for nearly 60% of total box office revenue [2] - Notable films include "You Want to Live How" and "Lisbon Shipwreck," which achieved significant box office success in the Chinese market [3] Film Production and IP Development - Alibaba Pictures has a pipeline of 70 films, with 35 projects awaiting release and 35 in development [4] - The company has initiated a producer studio collaboration plan to enhance its content production capabilities and has launched a scholarship program to support young directors [4] Live Entertainment and Ticketing - The company has established five major content brands under its live entertainment segment, covering concerts, music festivals, and theatrical productions [5] - Ticketing platform DaMai has maintained a leading position in the market, achieving over 50% growth in total transaction volume [6] Technology and Innovation - Alibaba Pictures is investing in AI, digital humans, and virtual filming technologies to enhance production efficiency and quality [7] - The company has developed a virtual ticketing system that has been successfully implemented in Macau, showcasing its commitment to technological advancement [7] IP and Merchandise - The retail revenue from licensed IP products has seen a significant increase, with a year-on-year growth of over 40% [8] - The company is actively exploring offline IP interaction activities and has secured exclusive rights for several popular IPs in mainland China [8] Market Position and Future Outlook - Analysts suggest that Alibaba Pictures' diversified business structure across film, live entertainment, and series production positions it well for sustainable growth [8] - The ongoing implementation of the "Content + Technology" strategy is expected to enhance the company's competitive advantage in the entertainment industry [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1060） 截至二零二四年九月三十日止六個月之未經審核中期業績公告 阿 里 巴 巴 影 業 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 集 團 截 至 二 零 二 四 年 九 月 三 十 日 止 六 個 月（「報告期」）之 未 經 審 核 中 期 業 績，連 同 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月（「過往期間」）之 未 經 審 核 可 比 數 字。 | --- | --- | --- | --- | |------------------------|------------------------|--------------|-------| | | | | | | 財務摘要 | | | | | | 截至九月三十日止六個月 | | | | ...

11月15日晚，由金鸡创投联合通义、阿里影业共同发起的"AI创造者计划"揭晓评选结果。经三方共同评 审，《三岔口》入选荣誉项目，将得到通义和阿里影业从创作辅助、后期制作到宣发落地的全面支持。 据悉，这是行业内首个AI与影视深度融合的全链路探索，标志着AI技术在中国电影产业中的应用又迈 出了坚实一步。 作为优质华语电影项目的孵化池，金鸡创投大会致力于通过集结新质电影创作力量，强力链接电影产业 与企业，在看见"新光"的同时，为新人新作走向银幕、走向市场提供切实支撑。2024年，金鸡创投大会 推出多个助力计划，其联合通义、阿里影业共同发起的"AI创造者计划"便是其中之一。 与其他影视创投不同，"AI创造者计划"不仅能够通过通义先进的AI大模型技术，极大提升影视创作者的 工作效率，同时还引入了来自阿里云智能设计中心设计专家团队的专业美术指导。加之阿里影业在 AIGC物料生成、数智化宣发和电影营销服务等方面的能力，这一计划兼具创新性、艺术性及商业力等 多重优势。 短片《三岔口》片段 据介绍，本次"AI创造者计划"共有《天线》（编剧：粟畅）、《刀》（编剧：贺馨）、《三岔口》（导 演：李晨希）、《同乡异客》（导演：钟晓婷， ...