Financial Performance - Total revenue for the fiscal year ending March 31, 2025, reached RMB 6,702.33 million, a 33% increase from RMB 5,035.71 million in the previous year[4] - Net profit attributable to the company's owners was RMB 363.58 million, reflecting a 28% growth compared to RMB 284.79 million in the prior year[4] - Adjusted EBITA for the reporting period was RMB 809.30 million, up 61% from RMB 503.58 million in the previous year[4] - The company achieved resilient growth despite market uncertainties, with rapid revenue growth in IP derivative business and ticketing platforms[9] - Adjusted EBITA for the fiscal year ending March 31, 2025, was RMB 809,302,000, a 60.5% increase from RMB 503,576,000 in 2024[13] - Total revenue for the fiscal year ending March 31, 2025, reached RMB 6,702,326,000, up 33.2% from RMB 5,035,713,000 in 2024[14] - The operating profit for the fiscal year was RMB 648.74 million, significantly higher than RMB 309.68 million in the previous year, marking an increase of approximately 109.5%[50] - The profit attributable to the owners of the company was RMB 363.58 million, compared to RMB 284.79 million in the previous year, representing a growth of about 27.6%[50] - The company reported earnings per share of RMB 1.23 for both basic and diluted shares, an increase from RMB 1.03 in the previous year[50] - The annual profit for the year ending March 31, 2025, was RMB 386,392,000, an increase from RMB 297,469,000 in 2024, representing a growth of approximately 29.9%[51] - Total comprehensive income for the year ending March 31, 2025, was RMB 432,552,000, compared to RMB 415,743,000 in 2024, reflecting a slight increase of about 4.1%[51] Market Trends - The Chinese film market recorded approximately RMB 50.5 billion in total box office revenue, a decline of about RMB 5.1 billion compared to RMB 55.6 billion in the previous period[5] - The live performance market saw ticket sales revenue of approximately RMB 57.95 billion, a year-on-year increase of 15.37%[6] - The IP licensing market in China generated retail sales of approximately RMB 155.09 billion, with licensing revenue reaching RMB 5.99 billion, maintaining a steady growth trend over seven years[7] - The two-dimensional industry in China grew from approximately RMB 18.9 billion in 2016 to about RMB 221.9 billion in 2023, indicating significant market expansion[8] Business Strategy - The company continues to implement a "content + technology" dual-drive strategy, focusing on diversifying business models and enhancing operational management[9] - The restructuring of business segments aims to better reflect the company's market positioning and business direction[10] - The company plans to utilize virtual filming and visual effects technology to reduce costs and ensure higher-than-industry baseline returns on film projects[18] - The company aims to enhance content production capabilities through collaborations with producers, directors, and writers, focusing on project reserves for future releases[15] - The group plans to continue building virtual filming studios globally to enhance the application of virtual filming technology in the film industry[22] - The group aims to expand its ticketing services to cover more overseas projects, enhancing the brand influence of "Buy Tickets on Damai" and creating a leading comprehensive ticketing service platform[28] Acquisitions and Investments - The company completed the acquisition of a 70% stake in Dongyang Meila for RMB 350 million on November 2024, aimed at offsetting loans owed by Huayi Brothers[47] - The acquisition of 51% equity in Tianhao Shengshi Entertainment Cultural Co., Ltd. for RMB 200,000,000 is expected to be completed by January 2025[99] - The fair value of identifiable net assets acquired includes cash and cash equivalents of RMB 79,653,000 and film and television copyrights valued at RMB 166,528,000[99] - The total identifiable net assets acquired amount to RMB 82,206,000 after accounting for liabilities[99] Employee and Operational Metrics - The company employed 1,733 employees as of March 31, 2025, compared to 1,455 employees a year earlier, reflecting a workforce increase of approximately 19.1%[48] - The total employee benefits expenditure was approximately RMB 885 million, slightly up from RMB 880 million in the previous year[48] - The group has initiated a plan to cultivate young directors, with 58 young directors already recruited and entering practical training in film projects[21] Financial Position - The company's total assets as of March 31, 2025, amounted to RMB 23,499,383,000, up from RMB 21,459,900,000 in 2024, indicating a growth of approximately 9.5%[52] - The total liabilities increased to RMB 7,034,083,000 in 2025 from RMB 5,639,020,000 in 2024, which is an increase of about 24.7%[53] - The equity attributable to the owners of the company rose to RMB 16,227,560,000 in 2025 from RMB 15,722,396,000 in 2024, marking an increase of approximately 3.2%[53] - The company maintained a net cash position with a capital debt ratio of zero as of March 31, 2025, consistent with the previous year[43] Segment Performance - The film technology and investment production platform generated revenue of RMB 2,711,809,000 in 2025, down from RMB 2,999,459,000 in 2024, reflecting industry challenges[14] - The revenue from the Damai segment for the fiscal year 2025 was RMB 2,057,205,000, significantly up from RMB 612,585,000 in 2024, indicating strong growth post-acquisition[14] - The adjusted EBITA for the film technology and investment production platform was RMB 73,209,000 in 2025, a decrease from RMB 811,901,000 in 2024, highlighting profitability pressures[14] - The group's revenue from the film technology and investment production platform was approximately RMB 2.712 billion, a decrease of 10% compared to approximately RMB 2.999 billion in the previous period[24] Governance and Compliance - The company has maintained high standards of corporate governance to enhance shareholder value[101] - The company's external auditor has reviewed the consolidated financial statements for the year ending March 31, 2025[103] - The annual results announcement will be published on the Hong Kong Stock Exchange's website and the company's website[105]

行业首个"演唱会式首映礼"，影演联动解锁新玩法 据悉，电影《苍茫的天涯是我的爱》由阿里影业主宣发，由无数我们电影工作室自制与全案营销。而这场别开生面的首映嗨唱会则由大麦Mailive主办，是 阿里影业联合无数我们为影片特别定制的一次跨界联动。其成功落地，不仅打破了银幕与舞台的边界，给观众们带来了前所未有的惊喜体验，也打开了影演 联动宣发的新思路。 "看嗨了！唱嗨了！第一次参加这种形式的电影首映！"4月28日，电影《苍茫的天涯是我的爱》在北京展览馆剧场举办「奔赴天涯」首映嗨唱会，曾毅、周 奇、孙艺洲、柳岩、王玉雯、王迅、张智超、许吴彬、庞博、肖央、王太利等一众电影主创惊喜亮相，以"演唱会+电影首映"的新奇方式，率先唱响了"五一 快乐假期"的前奏。 "没有一个人能顺利地念出这个片名！"即将于5月1日全国公映的公路喜剧电影《苍茫的天涯是我的爱》，片名来自于凤凰传奇国民金曲《最炫民族风》中的 一句歌词。而此次将"最炫民族风"带进电影院的，正是凤凰传奇组合的男主唱曾毅。 4月28日当天，不仅影片主创逐一亮相红毯，更有综艺《喜欢你我也是》嘉宾、郭子凡、夏日入侵企画、张百乔、阿宝、无畏、鹤男、王子璇、刘思维、何 运晨、王鹤 ...

阿里影业 20250320 摘要 Q&A 阿里影业在近期业务转型和变化方面有哪些显著进展？ 阿里影业在过去两年经历了显著的业务转型和变化。公司目前主要分为三个大 的业务模块：大麦、IP 衍生品以及电影业务。 首先，大麦是中国最大的在线 票务平台，2023 年 12 月完全并入阿里影业。在 2024 年上半财年（2024 年 4 月 1 日至 2024 年 9 月 30 日），大麦实现了约 11.7 亿人民币的收入，其中票务收 入贡献了约 9 亿人民币，其他业务贡献了约 2 亿人民币。综合品类的 GMV 同比 增长 70%，其中演唱会品类几乎翻倍增长。未来 2 到 3 年，大麦有望继续保持 • 大麦 2024 上半财年收入达 11.7 亿人民币，票务收入贡献 9 亿，综合品类 GMV 同比增长 70%，演唱会品类几乎翻倍，预计未来 2-3 年保持行业领先， 但演唱会增速或受场馆限制，整体票务市场稳定增长。 • IP 衍生品业务 2024 上半财年收入 6 亿人民币，预计全年 11-12 亿人民币。 阿里云占据 95%以上份额，是中国最大转授权平台，国际排名第 11，拥有 超 300 个全球知名 IP，超 50% ...

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]