Summary of the Conference Call for Damai Entertainment Industry and Company Overview - **Company**: Damai Entertainment - **Industry**: Ticketing and IP Licensing - **Recent Developments**: Integration of Taopiaopiao into Damai, expanding from music ticketing to film ticketing, capturing 20% of the film market share, positioning as a comprehensive ticketing platform for all entertainment and sports [2][4] Core Insights and Arguments - **Market Position**: Damai holds a 70% market share in the music performance sector and has integrated Taopiaopiao, which has a 20% share in the film market, enhancing its competitive edge [4] - **IP Licensing**: Aliyu, under Damai, focuses on IP agency rather than self-incubation, making it the largest professional IP agency in China and sixth globally, emphasizing its market rarity [2][5] - **Future Growth Drivers**: Expected growth in music ticket sales (projected at 10% YoY), expansion into local performances, cultural tourism events, and sports events, as well as upstream development to become organizers or investors for higher revenue sharing [2][6] Key Competitive Advantages - **Digital Systems and Partnerships**: Strong relationships with venues and organizers, providing comprehensive services (promotion, ticket verification, security) to solidify market position [2][11] - **Resource Advantages**: Damai has secured ticketing rights for major sports events and continues to compete effectively for top artist resources despite competition from rivals like Maoyan [10][12] Market Potential and Challenges - **Domestic Market Potential**: The domestic offline performance market has significant growth potential, with a need to expand the audience demographic beyond young people [13] - **International Expansion**: Damai is expanding into Hong Kong and Southeast Asia, facing challenges in business models and revenue sharing compared to domestic operations [13][14] IP Business Model and Performance - **Revenue Generation**: Aliyu generates revenue through GMV sharing and minimum guarantee models, providing marketing and IP management services, and maintaining long-term partnerships with major IPs like Sanrio [16][19] - **Performance Metrics**: Aliyu's revenue grew by 55% in FY2025, with Q1 FY2026 showing a 157% YoY increase, significantly exceeding market expectations [19][20] Strategic Focus and Future Outlook - **Future Development**: Damai will continue to expand internationally, leveraging higher service fees and flexible ticketing regulations for growth, while Aliyu will enhance its core business and expand IP reserves [18][21] - **Film and TV Strategy**: Damai is strategically reducing its involvement in film and TV but maintains investments in select projects, anticipating recovery in the film sector as regulations ease [23] Conclusion - **Core Business Strengths**: Both Damai's ticketing and Aliyu's IP licensing are rare market assets with strong growth potential, supported by strategic partnerships and a focus on expanding their service offerings [24]

Investment Rating - The report assigns a rating of "Accumulate" for the company [5]. Core Insights - The company is a leader in the IP licensing and commercialization platform in China, with a strong presence in the concert ticketing service sector, continuously expanding the "Damai" brand influence [2][9]. - The IP derivative business is expected to be the primary growth driver, with significant revenue growth projected in the coming years [9]. - The company aims to accelerate its global strategic layout while leveraging its diverse IP matrix across various genres [9]. Financial Summary - Total revenue is projected to grow from 50.4 billion RMB in 2024 to 109.84 billion RMB by 2028, with a CAGR of 19.2% [3][12]. - Net profit is expected to increase from 285 million RMB in 2024 to 1.59 billion RMB in 2028, reflecting a substantial growth trajectory [3][12]. - The company anticipates an EPS of 0.03, 0.04, and 0.05 RMB for the fiscal years 2026, 2027, and 2028 respectively [9][12]. Revenue Breakdown - The IP derivative business is projected to generate 14.33 billion RMB in revenue for the fiscal year 2025, marking a 73% year-on-year increase [9][12]. - The concert ticketing segment, after the full acquisition of Damai, is expected to achieve revenues of 20.57 billion RMB in 2025, a 236% increase [9][12]. - The film segment is projected to see a decline in revenue, with a forecast of 2.71 billion RMB in 2025, down 9.6% year-on-year [12]. Valuation and Price Target - The target price for the company is set at 1.94 HKD based on an average of PE and PS valuation methods for the fiscal year 2026 [9][13]. - The report references comparable companies with an average PE of 50 times for 2025, indicating a favorable valuation outlook for the company [13][14].

值得一提的是，2025年初，国务院办公厅印发《关于推动文化高质量发展的若干经济政策》的通知，明 确强调要推动文化领域精品创作，特别包括影视、动漫等重点内容创作。华西证券（002926）表示，若 政策导向如期改善，影视板块正处于2022年底游戏版号放开的转折点阶段。随着政策边际改善，展望后 续，行业商业模式有望逐步改善，优质长剧项目有望加快推出，行业大剧供给有可能逐步恢复，从而加 速去库存，推动新业务现金周转加速。 消息面上，据网络平台数据，截至8月18日4时，2025年暑期档电影总票房(含预售)达99.56亿元，8月18 日有望突破百亿大关；观影总人次已超2.6亿，较去年同期显著增长。此外，猫眼专业版最新统计显 示，国产动画电影《浪浪山小妖怪》累计票房突破10.026亿元。中金指出，7月全国含服务费票房同降 24.3%，8月呈边际恢复趋势。该行认为，大盘票房回落主要受暑期档头部影片上映节奏偏晚的影响， 随着《南京照相馆》《浪浪山小妖怪》口碑发酵，8月大盘观影需求已有所回暖，建议关注重点影片票 房表现及IP衍生商业化开发带来的利润弹性。 影视股早盘走强，截至发稿，柠檬影视(09857)涨33.03%，报5.8港 ...

消息面上，据网络平台数据，截至8月18日4时，2025年暑期档电影总票房（含预售）达99.56亿元，8月 18日有望突破百亿大关；观影总人次已超2.6亿，较去年同期显著增长。此外，猫眼专业版最新统计显 示，国产动画电影《浪浪山小妖怪》累计票房突破10.026亿元。中金指出，7月全国含服务费票房同降 24.3%，8月呈边际恢复趋势。该行认为，大盘票房回落主要受暑期档头部影片上映节奏偏晚的影响， 随着《南京照相馆》《浪浪山小妖怪》口碑发酵，8月大盘观影需求已有所回暖，建议关注重点影片票 房表现及IP衍生商业化开发带来的利润弹性。 值得一提的是，2025年初，国务院办公厅印发《关于推动文化高质量发展的若干经济政策》的通知，明 确强调要推动文化领域精品创作，特别包括影视、动漫等重点内容创作。华西证券表示，若政策导向如 期改善，影视板块正处于2022年底游戏版号放开的转折点阶段。随着政策边际改善，展望后续，行业商 业模式有望逐步改善，优质长剧项目有望加快推出，行业大剧供给有可能逐步恢复，从而加速去库存， 推动新业务现金周转加速。 智通财经APP获悉，影视股早盘走强，截至发稿，柠檬影视(09857)涨33.03%，报5. ...

Group 1 - The Hong Kong film and television stocks experienced a general rise, with notable increases in several companies' stock prices [1] - Fengde Li Holdings saw a rise of over 12%, while Ningmeng Film and Television increased by over 10% [1] - New Stone Culture, Damai Entertainment, and Yaoxing Technology Group also reported gains of 5.49%, 4.07%, and nearly 4% respectively [1] Group 2 - Fengde Li Holdings' latest price is 0.064 with a market capitalization of 112 million and a year-to-date increase of 20.75% [2] - Ningmeng Film and Television's stock price is 4.820, with a market cap of 1.743 billion and a year-to-date increase of 72.14% [2] - Damai Entertainment has a stock price of 1.280, a market cap of 38.241 billion, and a significant year-to-date increase of 169.47% [2]

每经AI快讯，8月18日，截至发稿，柠檬影视(09857.HK)涨11.70%、大麦娱乐(01060.HK)涨6.50%、猫眼 娱乐(01896.HK)涨4.50%。 （文章来源：每日经济新闻） ...

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 或任何部份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。 茲提述(i)大 麥 娛 樂 控 股 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 七 月 二 十 三 日 的 股 東 週 年 大 會（「股東週年大會」）通 告（「該通告」）；(ii)本公司日期為二零二五年 七 月 二 十 三 日 的 通 函（「該通函」）；及(iii)本公司日期為二零二五年八月十二日有 關 股 東 週 年 大 會 之 惡 劣 天 氣 安 排 的 公 告。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與該通函所界定者具有相同涵義。 經延期股東週年大會的投票表決結果 董 事 會 欣 然 宣 佈，於 二 零 二 五 年 八 月 十 五 日（星 期 五）舉 行 的 經 延 期 股 東 週 年 大 會上，該通告所載的所有決議案（「決議案」）均已以投票表決方式獲股東正式通過。 有關於經延期股東週年大會上提呈的決議案的 ...

Core Viewpoint - The company is optimistic about the strong performance of its IP licensing business, highlighted by the successful collaboration between Alibaba Fish and Sanrio, with steady progress in online and offline activities [1] Group 1: Financial Performance - Sanrio's Q1 FY2026 (April to June 2025) report shows that the China region achieved revenue of 376 million RMB, a year-on-year increase of 120%, with licensing revenue reaching 251 million RMB, up 158% [1] Group 2: Future Projections - The company expects net profit attributable to shareholders for FY2026-2028 to be 964 million, 1.178 billion, and 1.409 billion RMB, representing year-on-year growth of 165.21%, 22.12%, and 19.62% respectively [1] - The closing price on August 11, 2025, corresponds to a PE ratio of 32.98, 27.00, and 22.58 for the respective years [1] Group 3: Strategic Partnerships - The strong performance of Sanrio in China and its emphasis on the significant contribution of China to its growth indicate a solid and positive partnership, which is expected to be based on long-term operations and steady development [1] - Marketing activities planned by Alibaba Fish for Sanrio are anticipated to provide experience for the development and operation of other collaborative IPs in China, potentially leading to more new IP signings [1]

Summary of Damai Entertainment Holdings (1060.HK) Conference Call Company and Industry - **Company**: Damai Entertainment Holdings (1060.HK) - **Industry**: Licensing and Entertainment, specifically focusing on IP (Intellectual Property) merchandising and ticketing Key Points and Arguments 1. **Positive Read-through from Sanrio**: Sanrio's strong performance in the China licensing business has positive implications for Damai, with a reported 96% year-over-year growth in royalties revenue from April 2024 to March 2025, driven by enhanced cooperation with Alifish and an increase in licensees [1][11] 2. **Growth Projections for Damai**: For FY2026E, a 50% year-over-year growth in sub-licensing revenue is assumed, with some investors projecting up to 70% growth. This optimism is supported by strong existing IP momentum and contributions from new characters like Chiikawa [1][11] 3. **Sanrio's China Segment Performance**: Sanrio reported a 120% year-over-year increase in China revenue to RMB376 million, with royalties revenue up 158% to RMB251 million, significantly exceeding consensus estimates [2][11] 4. **Character Popularity**: The continued popularity of characters such as Hello Kitty and Kuromi is driving growth in the licensing business, with a broader character lineup contributing to brand visibility and sales [3][11] 5. **Revenue Breakdown**: While specific breakdowns of IP revenue were not disclosed, it is noted that sub-licensing revenue contributed over 60% of total IP revenue, with Alifish's sub-licensing revenue growing over 90% year-over-year in FY2025 [11][12] 6. **Valuation and Target Price**: The target price for Damai is set at HK$1.4, based on a sum of the parts valuation, assuming a 40% net margin and a 20x FY26E P/E ratio, reflecting Damai's market leadership [12][11] 7. **Risks Identified**: Potential risks include market share pressure in movie ticketing, softer-than-expected movie content performance, intensified competition in offline entertainment ticketing, macroeconomic softness affecting entertainment consumption, and content censorship impacting launches [15][11] Other Important but Possibly Overlooked Content - **Market Capitalization**: Damai's market cap is reported at HK$35,254 million (approximately US$4,491 million) [5][11] - **Expected Returns**: The expected share price return is 18.6%, with no expected dividend yield [5][11] - **Analyst Contact Information**: Analysts Vicky Wei and Alicia Yap are available for further inquiries, indicating a structured approach to investor relations [6][11]

香港股市创下自五月初以来的最佳单日表现。 主要推动因素包括：1. 延续昨日的利息补贴政策利好；2. 地缘政治局势逐步改善（关税休战虽已提前敲 定但基本符合预期）；3. 科技巨头财报季前的风险偏好升温。 南下资金净卖出 10 亿美元，而恒生指数大幅上涨，印证了本地市场风险情绪正在积聚动能。 港股成交额环比暴增 32%，南下交易占比从本周稍早的 30% 回落至 27%，再次表明外资买入是主要推 手。做空比例最高的股票仅上涨 2.7%，未呈现显著超额收益，说明即便存在轧空规模有限。 资金流向上 —— 高盛的交易平台买入呈现 1.2 倍净卖出状态。消费和科技板块是平台最活跃的主题 （双向交易并存，但消费股更适合卖出而科技股更宜买入）。消费板块呈现双向流动，餐饮类股遭遇部 分抛售，而普拉达等零售股则买卖交投活跃。科技板块中，持续在硬科技领域获得买单，但对腾讯音乐 等冲高个股转为卖出。网易也获得较大力度买入。医疗保健 / 制药板块更受青睐 —— 翰森制药虽呈双 向交易但买方更占优势。 从行业板块来看，医疗保健、科技和消费板块领涨 —— 在中国政府宣布对符合条件的个人消费贷款实 施贴息计划后，国内零售商与消费医疗企业的股价 ...