Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Group 1 - The stock price of Emperor Culture Industry (00491.HK) increased by 8.82% [1] - The stock price of DaMai Entertainment (01060.HK) rose by 4.65% [1] - The stock price of Huanxi Media (01003.HK) saw an increase of 1.59% [1]

（文章来源：每日经济新闻） 每经AI快讯，大麦娱乐(01060.HK)涨近5%，截至发稿涨4.65%，报0.9港元，成交额4513.51万港元。 ...

Core Viewpoint - Damai Entertainment (01060) has seen a nearly 5% increase in stock price, currently at 0.9 HKD, with a trading volume of 45.1351 million HKD. The 2025 New Year holiday box office has reached 5.245 billion RMB, marking the second time in Chinese film history that the holiday box office has surpassed 5 billion RMB since 2017, achieving the highest box office for the same period in nearly eight years [1]. Group 1 - The 2025 New Year holiday box office (November 28 - December 31) has reached 5.245 billion RMB, indicating a significant recovery in the film industry [1]. - This box office performance is the second highest in history for the New Year holiday period, following the 2017 record [1]. - The report from Western Securities (002673) highlights that Damai Entertainment is well-positioned in the high-growth sectors of live performances and IP derivatives, indicating a positive outlook for the live entertainment market [1]. Group 2 - The demand for live entertainment is expected to continue growing, driven by both personal enjoyment and social needs, with an increase in the frequency of attendance [1]. - The ticketing business is providing a stable revenue base, and the partnership with Alibaba Fish is anticipated to enhance performance, benefiting from the ongoing recovery and structural upgrades in offline entertainment consumption [1]. - Western Securities projects Damai Entertainment's adjusted net profits for the fiscal years 2026 to 2028 to be 1.06 billion, 1.354 billion, and 1.577 billion RMB respectively, initiating a "buy" rating for the company [1].

Core Viewpoint - The stock of Damai Entertainment (01060) has seen an increase of nearly 5%, currently trading at 0.9 HKD, with a transaction volume of 45.1351 million HKD. The 2025 New Year’s box office has reached 5.245 billion RMB, marking the second time in Chinese film history that the New Year’s box office has surpassed 5 billion RMB since 2017, achieving the highest box office for the same period in nearly eight years [1][1][1]. Group 1: Company Performance - Damai Entertainment's positioning in the high-demand sectors of live performances and IP derivatives is viewed positively, indicating sustained high demand in the live entertainment market [1]. - The ticketing business is expected to provide a stable revenue base, while Aliyu is anticipated to offer performance flexibility, benefiting from the ongoing recovery and structural upgrades in offline entertainment consumption [1]. Group 2: Financial Projections - Western Securities forecasts that Damai Entertainment's adjusted net profits for the fiscal years 2026, 2027, and 2028 will be 1.06 billion, 1.354 billion, and 1.577 billion RMB, respectively, and has initiated a "buy" rating for the company [1].

Group 1 - The core viewpoint of the article is that West Securities is optimistic about the sustained high demand in the live entertainment sector, particularly for Damai Entertainment, which is positioned well in both performance and IP derivative markets [1] - The report highlights that the demand side is resonating with both personal enjoyment and social needs, leading to an increase in the frequency of attendance at events [1] - The ticketing business is expected to provide a stable revenue base, while Alibaba's influence is anticipated to offer performance flexibility, benefiting from the ongoing recovery and structural upgrade in offline entertainment consumption [1] Group 2 - West Securities projects that Damai Entertainment's adjusted net profits for the fiscal years 2026 to 2028 will be RMB 1.06 billion, RMB 1.354 billion, and RMB 1.577 billion respectively [1] - The company has initiated a "buy" rating for Damai Entertainment, indicating a positive outlook on its future performance [1]

机构：西部证券 研究员：冯海星 投资建议：公司卡位演出与IP衍生双高景气赛道，票务业务贡献稳健基本盘，阿里鱼有望提供业绩弹 性，充分受益于线下娱乐消费的持续复苏与结构升级，我们预计公司FY26-28经调整归母净利润分别为 10.60/13.54/15.77亿元，首次覆盖，给予"买入"评级。 核心结论 风险提示：IP授权风险：行业竞争加剧：票房表现不及预期：投资亏损风险 演出：高景气赛道稳居龙头地位，内容+出海+品类驱动增长。现场演出市场呈现"量价齐升"高景气 度，据中国演出行业协会，2024年大型演唱会票房超260亿元，同比增长78.1%。我们看好现场娱乐高 景气度的持续性，需求端，悦己与社交需求共振，多次观演比例提升：供给端，中低线城市与品类多元 化持续扩容。大麦稳居演出票务第一梯队，先发优势强，壁垒深厚，高市占率的背后，是近20年的行业 深耕，对上下游的深度整合，以及用户消费习惯的培养与心智的养成。往后看，一方面，大麦受益于国 内演出市场的高景气度，另一方面，内容+出海+品类拓展亦打开向上空间。 IP：阿里鱼领跑授权蓝海，深化头部IP合作贡献业绩弹性。阿里鱼，全球第六、中国第一大授权代理 商，据Licen ...

Investment Rating - The report assigns a "Buy" rating to the company, Dama Entertainment (1060.HK), marking its first coverage [4]. Core Insights - Dama Entertainment is positioned as a leading platform in the live entertainment sector, driven by ticket sales and IP derivatives. The live performance market is experiencing a "volume and price increase" with a projected box office revenue of over 26 billion yuan for large concerts in 2024, reflecting a year-on-year growth of 78.1%. The company benefits from the high demand in the domestic performance market and is expanding its content, international reach, and product categories [1][3][4]. Summary by Sections 1. Company Overview - Dama Entertainment, formerly known as Cultural China, has evolved into a comprehensive entertainment platform focusing on live performances and IP derivatives. The company has undergone significant restructuring and acquisitions since its establishment in 2014, becoming a subsidiary of Alibaba Group in 2019 [17][20]. 2. Live Performance Sector - The live performance market is characterized by high growth, with Dama Entertainment maintaining a leading position. The company reported a revenue of 20.57 billion yuan from live performances in FY25, a year-on-year increase of 236%, contributing to 30.69% of total revenue [26][36]. The demand for live events is driven by social and self-pleasure needs, with an increasing frequency of attendance among younger audiences [43][49]. 3. IP Derivatives - Dama's IP business, led by Alibaba's IP platform, Alifish, is experiencing significant growth. In FY25, the IP derivatives revenue reached 14.33 billion yuan, up 73.21% year-on-year. Alifish is recognized as the largest IP licensing agent in China, with a strong network effect and a diverse portfolio of IPs [2][63][67]. 4. Film Sector - The film industry is still in a recovery phase, with a focus on stable content investment. The company plans to concentrate on key film projects, with a projected revenue of 27.12 billion yuan from its film technology and investment platform in FY25, despite a slight decline from the previous year [2][3][21]. 5. Financial Projections - The report forecasts adjusted net profits for Dama Entertainment to be 10.60 billion yuan, 13.54 billion yuan, and 15.77 billion yuan for FY26, FY27, and FY28, respectively, indicating a robust growth trajectory [3][13]. The company is expected to maintain a strong market position while benefiting from the ongoing recovery in offline entertainment consumption [3][10].

Damai Entertainment Holdings Limited 大麥娛樂控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：1060) Notification Letter 通知信函 December 23, 2025 Dear Non-registered Holders (Note 1) , Damai Entertainment Holdings Limited (the "Company") – Notification of Publication of 2025/26 Interim Report (the "Current Corporate Communication(s)") The English and Chinese versions of the Current Corporate Communication(s) of the Company are available on the Company's website at www.damaih ...

Notification Letter 通知信函 December 23, 2025 Dear Shareholders, Damai Entertainment Holdings Limited (the "Company") – Notification of Publication of 2025/26 Interim Report (the "Current Corporate Communication(s)") Damai Entertainment Holdings Limited 大麥娛樂控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：1060) 各位股東： 大 麥 娛 樂 控 股 有 限 公 司（「本公司」） – 2025/26中 期 報 告（「本次公司通訊」）的 發 佈 通 知 The English and Chinese versions of the Current Corporate Communication(s) of the Company are ...