进入到电影放映环节，高能的剧情令场内欢声不断。影片结尾主创们再次登台，和全场观众一起嗨唱 《最炫民族风》，更有惊喜嘉宾赵传亮相，带来《给所有知道我名字的人》，为整场首映嗨唱会画上圆 满句点。 阿里影业的一位负责人告诉记者，这场别开生面的首映嗨唱会由大麦Mailive主办，是阿里影业联合"无 数我们电影工作室"为影片特别定制的一次跨界联动。 此外，《苍茫的天涯是我的爱》在讲述爆笑故事的同时，也为观众呈现了一幅关于祖国壮丽山河的绝美 画卷。片中赵天涯和于虹从内蒙古广袤无垠的草原启程，一路南下领略湘韵风华，全景式展现长达5000 公里的壮美山河图。为了呈现真实而震撼的自然风光，剧组辗转40余地进行实景拍摄。从暮色中的蒙古 包、热闹的草原婚礼，到安化百花寨的地道黑茶，从张家界的奇峰异石、绝壁公路，到清溪村的诗意田 园、青山环绕，影片将跨越南北的美景风光和民俗风情，一一搬上大银幕。影片通过"苍茫的天涯是我 的爱"一词，将电影、演出、文旅三者巧妙结合，力求带给观众集看电影、看演出和旅行三重价值于一 体的丰富体验。 在让观众跟随镜头"云旅游"获得视觉与心灵的双重享受同时，影片也通过一系列文旅联动，吸引观众在 线下"跟着电影 ...

Core Viewpoint - The Chinese millet economy market is expanding rapidly, projected to reach 168.9 billion yuan in 2024 with a year-on-year growth rate of 41%, and expected to surpass 200 billion yuan in 2025. The low conversion rate of domestic IP compared to the US and Japan indicates significant growth potential in the industry [1][2]. Group 1: Reasons for High Market Prosperity - Supply-side factors include an increase in specialized players such as copyright agents, trendy toy brands, contract manufacturers, millet stores, and second-hand trading platforms, which enhance authorization and sales channels [2]. - Demand-side factors involve the expansion of domestic subculture user base and a shift in consumer perception from entertainment products to emotional values like cultural belonging and social connection [2]. Group 2: IP Value and Monetization Paths - Shanghai Film holds 60 IPs authorized by Shanghai Film Group and Shanghai Animation Film Studio, focusing on revitalizing classic animation IPs through content renewal, commercial authorization, game collaboration, and cultural product development [3]. - Light Media emphasizes content development over derivatives, with the animated film "Ne Zha" grossing $2.1 billion globally, ranking fifth in box office history, and generating over 300 million yuan in merchandise sales within a month of release [3]. - Ao Fei Entertainment centers on developing trendy toys and AI toys based on anime IPs [4]. - Alibaba Pictures operates Alibaba Fish, the largest IP authorization agency in China, collaborating with top global IPs and providing comprehensive development and operation services [4]. Group 3: Investment Recommendations - Focus on content IP development with companies like Shanghai Film (revitalizing classic animation IPs), Ao Fei Entertainment (developing trendy toys and AI toys), and Yuewen Group (leading in web literature IP with impressive derivative growth) [5]. - In IP authorization operations, Alibaba Pictures is noteworthy for its extensive IP authorization platform [5]. - For IP derivative product creation and sales, attention should be given to Pop Mart (new IP launches, overseas expansion, and product diversification), Huali Technology, Tom Cat, and Fengyu Zhu [5].

Summary of Alibaba Pictures Conference Call Company Overview - **Company**: Alibaba Pictures - **Industry**: Entertainment and Media, specifically focusing on film, IP derivatives, and ticketing services Key Points and Arguments Business Transformation and Segmentation - Alibaba Pictures has undergone significant business transformation over the past two years, now operating in three main segments: Damai (ticketing), IP derivatives, and film business [3] - Damai, China's largest online ticketing platform, fully integrated into Alibaba Pictures in December 2023, generated approximately 1.17 billion RMB in revenue for the first half of FY2024, with ticketing contributing about 900 million RMB [3][5] - The overall GMV for Damai grew by 70% year-on-year, with concert ticket sales nearly doubling [3][5] IP Derivatives Business - The IP derivatives segment generated 600 million RMB in revenue for the first half of FY2024, with an expected total of 1.1 to 1.2 billion RMB for the full year [3][4] - Alibaba Cloud holds over 95% market share in the IP licensing space in China, ranking 11th globally, with more than 300 well-known IPs and over 50% exclusive agency rights [3][4][6] - The company plans to expand into the consumer market (C-end) to further tap into market potential [6] Film Business Strategy - Alibaba Pictures employs a fund management model for film investments, participating in 50 to 60 film projects annually to ensure a minimum return of 20% [3][8] - The company focuses on mid-to-late stage projects to mitigate risks and enhance overall return stability [8] Future Development Plans - The company aims to enhance the stability of film content investments and avoid high-risk independent projects [9] - Long-term investments in AI technology, particularly in virtual production and AI-generated content (AIGC), are planned to reduce costs and improve efficiency [9][12][13] C-end Market Strategy - Alibaba Pictures is optimistic about the C-end market, implementing a two-pronged strategy of "goods logic" and "channel logic" to drive growth [11][16] - The company has established flagship stores for various IPs, significantly increasing C-end revenue [14] B-end Market Potential - The B2B market for IP licensing in China shows substantial growth potential, with Alibaba Cloud positioned as the largest licensing platform [15] - The company can expand its brand partnerships without significant additional personnel, maintaining over 40% revenue growth annually [15] Overall Market Outlook - Despite potential limitations in concert growth due to venue constraints, the overall ticketing market is expected to grow steadily [4] - The film market in China is anticipated to recover in 2025, contributing positively to ticket sales [4] Financial Guidance - For FY2024, the expected revenue for the IP derivatives segment is 1.1 to 1.2 billion RMB, while Damai's revenue is projected to be around 1.9 to 2 billion RMB [20] Additional Important Insights - The collaboration with Japanese IP companies has significantly enhanced Alibaba Pictures' stock value, with growth primarily driven by North American and Asian markets [10] - The company emphasizes the importance of channel development in expanding its C-end market presence [14] - There is no apparent ceiling for the mature IP licensing model, as the market in China is still developing compared to Japan [18]

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 ...

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].

财联社12月10日讯（编辑 胡家荣） 受益于市场利好提振，部分港股电影股走强。截至发稿，阿里影业 (01060.HK)、英皇文化产业(00491.HK)、欢喜传媒(01003.HK)、猫眼娱乐(01896.HK)分别上涨5.49%、 4.55%、4.17%、3.50%。 消息方面，国家电影局于12月9日晚，在海南省三亚市启动"跨年贺岁 喜迎新春——全国电影惠民消费 季"。这一活动从2024年12月延续至2025年2月，覆盖贺岁、元旦、春节等重要电影档期，惠及全国电影 观众。 值得注意的是，在昨日召开的中共中央政治局会议上，其中提到明年要大力提振消费、提高投资效益， 全方位扩大国内需求。要以科技创新引领新质生产力发展，建设现代化产业体系。要发挥经济体制改革 牵引作用，推动标志性改革举措落地见效。要扩大高水平对外开放，稳外贸、稳外资。要有效防范化解 重点领域风险，牢牢守住不发生系统性风险底线。 机构称2025年有望迎来优质新片或陆续定档 灯塔专业版在近日发布了2024年11月电影市场报告。其中显示，今年11月全国电影总票房达到18.77亿 元人民币，同比增长11.4%。于11月，共有25部电影的票房突破千万大关， ...

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]