Core Viewpoint - The "First Media Industry Sustainable Development Index" has been officially released, with Damai Entertainment Holdings Limited ranking first among the "TOP 20 Listed Companies" [1]. Group 1: Index Overview - The index is based on the "Media Industry Sustainable Development VPI Rating Model," providing a data-driven and scientific analysis of the ESG performance of publicly listed media companies in mainland China [2]. - A total of 85 listed media companies that published their 2024 ESG reports, social responsibility reports, and sustainable development reports for 2025 were included in the index, covering six categories: advertising and marketing, digital media, gaming, film and television, publishing, and television broadcasting [2]. Group 2: Company Performance - Damai Entertainment achieved the highest score and was rated as a "Practitioner," indicating its leading position in sustainable development within the media industry [2]. - The company integrates sustainable development principles deeply into its corporate strategy and management, focusing on creating meaningful content, developing film and television AI technology, and building a green industry chain [3]. Group 3: ESG Rating - Damai Entertainment's MSCI ESG rating rose to AA in 2025, marking it as the highest in the domestic media and entertainment industry [4].

Summary of Damai Entertainment Holdings (1060.HK) Conference Call Company Overview - **Company**: Damai Entertainment Holdings (1060.HK) - **Market Cap**: HK$27.6 billion / $3.6 billion - **Enterprise Value**: HK$23.8 billion / $3.1 billion - **Current Price**: HK$0.93 - **12-Month Price Target**: HK$1.30 - **Upside Potential**: 39.8% [1][21] Key Industry Insights IP Business Growth Potential - **IP Segment Growth**: Expected to sustain high growth with a projected GMV doubling for 1HFY26, translating to a 44% CAGR from FY2025-28E [2][24] - **Drivers of Growth**: - Strong momentum from the Sanrio family [24] - Incremental contributions from Chiikawa, with enhanced IP rights [24][26] - Potential collaborations with new IPs [24] - Strengthened monetization of existing IPs [24] - **Market Position**: AliFish is the largest IP sub-licensing agent in China with a market share of over 30% expected in 2025E [2][27] Damai Ticketing Segment - **Revenue Growth**: Expected to slow to +7% YoY in FY26E due to moderated live music ticketing business and increasing competition [3][38] - **Future Outlook**: Anticipated return to double-digit growth from FY27E, supported by strong connections with venues and artists [19][38] - **Market Dynamics**: Competition has intensified, with peers offering lower take rates to gain market share [39][40] Financial Performance Revenue and Profitability Forecasts - **Total Revenue**: Projected to reach RMB 7,620.5 million in FY26E, up from RMB 6,702.3 million in FY25 [6][22] - **Adjusted EBITDA**: Expected to be RMB 981.8 million in FY26E, reflecting a growth of 29.8% [6][22] - **Net Profit**: Forecasted at RMB 468 million for 1HFY26, representing a 39% YoY increase [20] Margin Outlook - **EBITDA Margin**: Expected to improve from 11.3% in FY25 to 17.9% in FY28E [18] - **Net Income Margin**: Projected to increase from 5.4% in FY25 to 14.2% in FY28E [18] Investment Considerations - **Valuation**: The stock is currently trading at 21X CY26 PE, with a target price of HK$1.30, indicating a buy recommendation [1][21] - **Risks**: Concerns over profitability and competition in the ticketing segment may impact stock performance [1][21] Additional Insights - **Competitive Moat**: Damai's competitive advantages include strong venue connections, extensive operational experience, and significant user mindshare with a monthly active user base of 45 million [41][49] - **Future Growth Areas**: Non-concert events such as stand-up comedy and sports are expected to contribute to revenue growth [39][51] This summary encapsulates the key points from the conference call regarding Damai Entertainment Holdings, focusing on its growth potential, financial forecasts, and competitive landscape.

Core Viewpoint - Alibaba's subsidiary, Aliyu, is expected to benefit from the collaboration between Labubu and the renowned American card brand Topps, with the launch of Labubu collectible cards on its Tmall flagship store [1][5]. Group 1: Collaboration and Product Launch - The pre-sale for the Topps X The Monsters/Labubu collectible card series will begin on October 20 at 20:00, as announced by Aliyu [2]. - This collaboration marks a special 10th anniversary edition for Labubu fans, featuring cards designed by the original artist, Long Jiasheng [2]. - The collectible cards will include rare types such as refractor versions and artist-signed replicas, with only 22 signed cards available [2]. Group 2: Market Potential and Growth - Topps, a well-known card publisher, has established partnerships with major sports leagues like MLB, NFL, and UFC, and has a history of successful collaborations with entertainment IPs like Star Wars and Marvel [3]. - The collaboration is expected to enhance Topps' market presence in China, benefiting both Topps and Aliyu as they tap into the growing card industry [3][5]. - Recent successful launches, such as the Chiikawa flagship store and the second Sanrio Super Brand Day, indicate strong performance in Aliyu's IP licensing business [1][4]. Group 3: Financial Projections - The company forecasts net profits for the fiscal years 2026-2028 to be 854 million, 957 million, and 1.07 billion yuan, representing year-on-year growth rates of 134.85%, 12.08%, and 11.84% respectively [1][5]. - The price-to-earnings ratio (PE) for October 14, 2025, is projected to be 32.27, 28.79, and 25.74 for the respective years [1][5].

Core Insights - The strategic partnership between Galaxy Macau, Damai Entertainment, and Macau Tong has been renewed for three years, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][3] Group 1: Strategic Collaboration - The three parties will continue to host diverse cultural events in Macau, including concerts, stage plays, award ceremonies, immersive performances, and sports events over the next three years [3][6] - The collaboration will extend beyond Macau, exploring partnerships for projects in non-Macau venues to establish a performing arts hub in the Greater Bay Area [3][6] Group 2: Ticketing System Enhancement - Damai Entertainment will work with Galaxy Macau to upgrade the ticketing system, ensuring a smoother purchasing experience for audiences [5] - The ticketing system will be integrated with advanced security features to handle high traffic during popular events, enhancing user experience [5] Group 3: Event Hosting and Talent Acquisition - The partnership has successfully attracted top-tier performances and large-scale events from mainland China to Macau, including concerts by popular artists and various entertainment shows [6]

Core Insights - The collaboration between Galaxy Macau, Damai Entertainment, and Macau Pass is a three-year strategic partnership aimed at enhancing the cultural and entertainment industry in Macau and the Greater Bay Area [1] Group 1: Strategic Collaboration - The partnership will focus on resource integration and leveraging each party's strengths to promote a diverse and high-quality live and online performance experience [1] - The three parties will continue to host various cultural events in Macau, including movies, concerts, stage plays, award ceremonies, immersive performances, interactive dramas, Livehouse events, sports events, and exhibitions [1] Group 2: Marketing and Membership - A comprehensive collaboration on promotion, marketing, and ticketing systems will be established, along with the introduction of talent in the cultural and entertainment sector to Macau [1] - The collaboration will extend beyond Macau, exploring non-Macau venue projects to create a performance hub in the Greater Bay Area [1] - The parties will deepen their membership system cooperation, promoting cross-platform membership activities and exclusive benefits to enhance member experience [1]

Core Points - The strategic partnership between Galaxy Macau, Damai Entertainment, and Macau Tong has been renewed for three years, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][3] Group 1: Strategic Collaboration - The three parties will continue to host diverse cultural events in Macau, including concerts, stage plays, award ceremonies, immersive performances, and sports events over the next three years [3][4] - There will be a comprehensive collaboration on marketing, ticketing systems, and talent acquisition in the cultural entertainment sector [3][4] - The partnership will extend beyond Macau, exploring cooperation on projects in non-Macau venues to establish a performing arts hub in the Greater Bay Area [3][4] Group 2: Ticketing and Technology - Damai Entertainment will enhance the ticketing system in collaboration with Galaxy Macau and assist Macau Tong in upgrading its ticketing technology and hardware [3][4] - The new ticketing system, set to launch in 2024, will support high-demand ticket sales and include multiple security features to ensure a smooth purchasing experience [4] - Previous collaborations have successfully brought major performances and events from mainland China to Macau, enhancing the region's entertainment offerings [4]

Core Points - "Galaxy Macau" has renewed a three-year strategic cooperation agreement with Damai Entertainment and Macau Pass, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][2] - The collaboration will focus on hosting diverse cultural events, including concerts, stage plays, award ceremonies, and sports events, while also improving ticketing systems and member experiences [1][2] Group 1 - The partnership will continue to integrate resources and leverage each party's strengths to promote high-quality live and online performances in Macau [1] - Over the next three years, the parties will organize various cultural activities and establish comprehensive cooperation in marketing, ticketing systems, and talent acquisition [1] - The collaboration will extend beyond Macau, exploring opportunities for non-Macau venue projects to create a performing arts hub in the Greater Bay Area [1] Group 2 - Damai Entertainment's ticketing system will undergo upgrades to enhance user experience, ensuring a smoother ticket purchasing process for audiences [1][2] - The strategic partnership has already facilitated the introduction of top-tier performances and large-scale events from mainland China to Macau, including concerts and comedy shows [2] - Damai Entertainment's international ticketing system is set to launch in 2024, featuring advanced security measures to handle high traffic during popular events [2]

Group 1 - The core point of the article is the renewal of a three-year strategic cooperation agreement between Galaxy Macau™, Da Ma Entertainment, and Macau Pass, aimed at enhancing the cultural and entertainment industry in Macau [1] - This collaboration will focus on resource integration and leveraging each party's strengths to promote a more diverse and high-quality offering of live and online performances in the Guangdong-Hong Kong-Macau Greater Bay Area [1]

Core Insights - The strategic partnership between Galaxy Macau, Damai Entertainment, and Macau Tong has been renewed for three years, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][3] Group 1: Partnership Details - The collaboration will focus on hosting diverse cultural events in Macau, including concerts, stage plays, award ceremonies, immersive performances, and sports events over the next three years [3] - The partnership will extend beyond Macau, exploring cooperation on projects in non-Macau venues to establish a performing arts hub in the Greater Bay Area [3][4] Group 2: Ticketing and Technology - Damai Entertainment will continue to enhance the ticketing system in collaboration with Galaxy Macau, aiming for a smoother ticket purchasing experience for audiences [3][4] - The ticketing system will undergo technical and hardware upgrades to support high-demand events, ensuring security and user convenience [4] Group 3: Previous Collaborations - Prior collaborations between Galaxy Macau and Damai Entertainment have included deep cooperation in ticketing systems and content introduction, leading to successful events featuring top mainland performers [4]

Core Insights - The article highlights the strong performance of Cool Little Wheat, a brand under Damai Entertainment, in the children's performance market, achieving a threefold increase in the number of shows compared to the previous year, with 1,400 performances from April to September 2025, making it the leader in production scale in the domestic children's performance sector [1] - The company emphasizes the importance of high-quality content and audience experience in the evolving market, aiming to integrate platform IP resources and enhance content supply to meet family users' demands [1][6] Group 1 - Cool Little Wheat has focused on the "small space children's drama" segment, responding to family audiences' preferences for close, interactive, and immersive experiences, and has increased investment in quality productions [1] - The brand has successfully launched new interactive adventure musical plays, such as "Tina Tony: The Secret of the Stars," which received a high rating of 9.5 and has been well-received in multiple cities [3] - The collaboration with Beijing Children's Art Theatre on "The Mystery of Sanxingdui" showcases innovative storytelling by transforming cultural relics into stage characters, achieving a high rating of 9.9 and becoming a benchmark in the market [5] Group 2 - Cool Little Wheat is expanding its repertoire with diverse themes and artistic forms, producing various works that cater to different age groups, which have reached 13 provinces and 22 cities across the country [5] - The company plans to deepen collaborations with IP rights holders and professional art troupes while exploring innovative adaptations of classic IPs to provide richer cultural consumption options for families [6]