Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures, indicating a positive outlook for the company's future performance [2][86]. Core Insights - Alibaba Pictures has established a comprehensive layout across the film and entertainment industry, enhancing its revenue through the acquisition of Damai, a leading ticketing platform [2][10]. - The company reported a significant revenue increase of 44% in FY24, reaching 5.036 billion yuan, driven by the recovery of the entertainment market and the contribution from the newly acquired Damai [2][22]. - The film and television content segment remains the primary revenue source, contributing 53% of total revenue, while the performance business is emerging as a new growth point [2][22]. Summary by Sections Company Overview - Alibaba Pictures is one of the largest internet film companies in China, covering content production, distribution, ticketing services, and IP licensing [14][15]. - The company has undergone significant restructuring and expansion since its acquisition by Alibaba Group in 2014, focusing on integrating resources within the Alibaba ecosystem [15][17]. Financial Performance - FY24 revenue reached 5.036 billion yuan, a 44% increase from the previous year, with a net profit of 285 million yuan, marking a turnaround from losses in FY23 [3][29]. - The company expects revenue growth to continue, projecting FY25 revenue of 6.309 billion yuan, with a compound annual growth rate of 25% from FY24 to FY25 [10][87]. Market Position and Strategy - Alibaba Pictures holds a leading position in the film industry, with a market share of over 30% in ticket sales through its platform, Taopiaopiao [2][45]. - The acquisition of Damai is expected to significantly enhance the company's profitability and market presence in the live entertainment sector [2][53]. Business Segments - The company operates across five main business segments: film production and distribution, television production, ticketing and technology platforms, live performance through Damai, and IP derivatives and innovation [19][22]. - The film production and distribution segment is projected to generate 1.908 billion yuan in FY25, while the live performance segment is expected to contribute significantly following the integration of Damai [68][74]. Future Outlook - The report anticipates continued growth in the film and live performance markets, supported by a robust pipeline of upcoming films and performances [2][10]. - The overall film market is expected to recover, with projections indicating a return to growth in FY26 and FY27 as new films are released [30][70].

[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_T广itle] 发 传 媒 & 海 外 】 阿 里 影 业 [公Tab司le_I评nves级t] 买入 当前价格 0.44港元 （01060.HK） 合理价值 0.68港元 前次评级 买入 大麦并表，公司利润及成长潜力增厚 报告日期 2024-06-10 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  阿里影业发布24财年业绩公告：（1）2024财年（2023.4.1-2024.3.31）， 50% 36% 公司实现营收50.36亿元，同比增长43%；归母净利润（持续经营业 21% 务）3.35亿元，同比扭亏为盈。（2）24财年H2，公司实现营收24.20 7% 亿元，同比增长43%；归母净利润（持续经营业务）-1.29亿元。 -8%06/23 08/23 10/23 12/23 02/24 04/24 06/24  电影票务及投资宣发的势能加强。（1）24财年电影票务及科技平台实 -22% 阿里影业 恒生指数 现收入9.20亿元，同比增长76.26%；实现分部业绩3.46亿元， ...

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。 （於百慕達註冊成立之有限公司） （股份代號：1060） 截至二零二四年三月三十一日止年度之全年業績公告 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 三 月 三 十 一 日 止 年 度（「報告期」）之 全 年 業 績，連 同 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度（「過 往 期 間」）之 可 比 數 字。 | --- | --- | --- | --- | |--------------------------------------------|------------------------|------------|--------| | | | | | | 財務摘要 | | | | | | 截至三月三十一日止年度 | | | ...

阿里巴巴 影业集团 Allbaba Pictures Alibaba Pictures Group Limited 阿里巴巴影業集團有限公司 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|----------------|-----------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 中\|期\|報\|告 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

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） 截至二零二三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 三 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 二 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 ...

Financial Performance - For the fiscal year ending March 31, 2023, Alibaba Pictures reported revenue of approximately RMB 3.52 billion, remaining flat compared to the previous period[9]. - The company recorded a loss of approximately RMB 291 million due to losses from listed equity investments, but adjusted EBITA maintained profitability at around RMB 295 million, a significant increase of approximately RMB 152 million year-on-year[9]. - The group recorded revenue of approximately RMB 3.52 billion for the reporting period, compared to RMB 3.65 billion in the previous period, indicating stability in revenue despite a complex market environment[14]. - Adjusted EBITA for the reporting period was approximately RMB 295 million, a significant increase of about RMB 152 million compared to RMB 143 million in the previous period[14]. - The total revenue for the group was approximately RMB 3.52 billion, a decrease of about RMB 132 million compared to the previous period[17]. - The content segment generated revenue of approximately RMB 1.71 billion, down approximately RMB 239 million from RMB 1.95 billion in the previous period, reflecting a decline of about 12%[20]. - The technology segment's revenue remained stable at approximately RMB 1.27 billion, compared to RMB 1.26 billion in the previous period[17]. - The IP derivatives and commercialization segment reported revenue of approximately RMB 543 million, an increase of about RMB 103 million from RMB 440 million in the previous period[17]. - The total box office revenue in China was RMB 31.8 billion, a decrease of approximately RMB 11.1 billion, representing a decline of 26% year-on-year[18]. - The group achieved a segment performance of approximately RMB 28.2 million in the content division, down from approximately RMB 31.7 million in the previous period, reflecting a decline of about 11%[20]. - The group recorded financial net income of approximately RMB 109 million, primarily due to bank interest income and foreign exchange gains[30]. - The group achieved a net loss of approximately RMB 291 million, compared to a profit in the previous period, primarily due to losses from listed equity investments[28]. Film Production and Distribution - Alibaba Pictures participated in the production and distribution of 26 films during the reporting period, contributing over RMB 16.3 billion in box office revenue, maintaining a high-quality content hit rate[9]. - Twelve films entered the top 20 domestic box office during the same period, including "The Wandering Earth 2" and "The Moonfall"[9]. - The group participated in the production and distribution of 26 films during the reporting period, maintaining high-quality content despite industry challenges[18]. - The group plans to continue expanding its content offerings with several upcoming films and series that align with market trends[19]. - The group is committed to exploring various monetization models centered around content over the past three years[8]. Technology and Innovation - The company is leveraging AIGC (Artificial Intelligence Generated Content) technology to enhance production efficiency and reduce costs, aiming to drive industry transformation[8]. - Alibaba Pictures is focusing on a dual strategy of "content + technology" to optimize operational management and achieve stable business development[8]. - The group continues to explore intelligent digital technology businesses, focusing on innovative applications in film and television content creation[10]. - The company aims to further enhance industry efficiency and lower costs through rapid advancements in artificial intelligence[8]. - The group launched the digital human "Lili," the first hyper-realistic virtual idol under Alibaba Pictures, to explore new marketing models[21]. - The Cloud Production service covered over 300 entertainment projects, enhancing operational efficiency and reducing project costs[23]. Membership and Consumer Engagement - The "Taomai VIP" membership program surpassed 15 million members, enhancing consumer experience through improved services[10]. - The "Taopiaotiao VIP membership program surpassed 15 million members as of March 31, 2023, enhancing consumer experience with various benefits[21]. - The group integrated multiple digital platforms to create a closed-loop content marketing system, providing exclusive planning and marketing services for various projects[22]. - The company has successfully launched the virtual idol "Lili Leah," enhancing brand engagement and production efficiency through AIGC technology[8]. Strategic Focus and Business Development - The group aims to diversify its business segments while creating greater value for shareholders[12]. - The "Content + Technology" dual-driven strategy has proven resilient in navigating the challenges posed by the pandemic[14]. - The group is committed to enhancing operational management strategies to ensure stable business development[14]. - The group plans to leverage its unique advantages in content and technology to drive cultural industry development and market participation[12]. - The group is actively expanding the live entertainment business in Hong Kong and Macau, laying the groundwork for further market development[22]. Governance and Management - The company has a strong governance structure, with independent directors and a dedicated audit committee[49]. - The board of directors has undergone changes, with new appointments and resignations noted[48]. - The company continues to comply with the Securities and Futures Ordinance regarding the disclosure of directors' interests[55]. - The company faced significant risks and uncertainties, detailed in the report's sections on risk management and internal controls[52]. - The management discussion and analysis section provides insights into the company's business review as of March 31, 2023[52]. Related Party Transactions - The company has established multiple transactions with related parties, including AGH, which indirectly holds approximately 50.0007% of the company's issued share capital[106]. - The company has ongoing related party transactions as disclosed under the Listing Rules, which include various service agreements with AGH[109]. - Independent non-executive directors confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[151]. Environmental and Social Responsibility - The company emphasizes reducing material waste and energy consumption, which is expected to bring economic benefits and help protect the environment[104]. - The company has a commitment to environmentally friendly business practices and increasing awareness of natural resource conservation[104]. - The environmental, social, and governance report will be published simultaneously with the annual report on the company's website and the Hong Kong Stock Exchange[104]. Stock Options and Incentive Plans - The 2021 Share Option Plan was approved by shareholders on August 31, 2021, and will terminate the 2012 Share Option Plan[63]. - The purpose of the 2021 Share Option Plan is to incentivize selected participants for their contributions to the company and its subsidiaries[64]. - The company continues to implement its stock incentive plan to align employee interests with shareholder value[81]. - The share incentive plan aims to reward and motivate employees contributing to the group's operations and development[84]. - The maximum number of shares that can be issued under the 2021 Share Option Scheme shall not exceed 30% of the total issued shares at any time[72]. Corporate Structure and Compliance - The group operates in film production and distribution, broadcasting, and online ticketing services, with contractual arrangements in place to maintain effective control over restricted businesses[152]. - The VIE restructuring involved the transfer of 50% equity stakes in three subsidiaries to Beijing Baoxuan, ensuring continued control and economic benefits for the group[153]. - The company has taken measures to ensure effective internal controls and compliance with contractual arrangements, including annual reviews by the board of directors[181]. - The company confirmed that no significant issues were found by auditors regarding related party transactions during the reporting period[183].

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。 （於百慕達註冊成立之有限公司） （股份代號：1060） 截至二零二三年三月三十一日止年度之全年業績公告 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 三 年 三 月 三 十 一 日 止 年 度（「報告期」）之 全 年 業 績，連 同 截 至 二 零 二 二 年 三 月 三 十 一 日 止 年 度（「過 往 期 間」）之 可 比 數 字。 | --- | --- | --- | --- | |-------------------------------------------|------------------------|------------|-------| | | | | | | 財務摘要 | | | | | | 截至三月三十一日止年度 | | | | ...