Core Insights - The stock of Damai Entertainment (01060) has increased by over 6%, currently up 7.08% at HKD 1.21, with a trading volume of HKD 232 million [1] Group 1: Financial Performance - Sanrio reported a revenue of RMB 376 million for Q1 of FY2026 in China, representing a year-on-year growth of 120% [1] - The licensing business revenue for Sanrio in China reached RMB 251 million, showing a year-on-year increase of 158% [1] Group 2: Strategic Partnerships - CITIC Securities noted that the collaboration between Alibaba's YU and Sanrio has positively impacted the performance of both parties [1] - The partnership is expected to lead to explosive growth in licensing revenue for both Sanrio and Damai Entertainment in FY2025, with projections indicating that over 50% of YU's revenue will come from Sanrio [1] Group 3: Marketing and Events - The collaboration has seen steady progress in online and offline activities, with successful events like "Hi Fan Festival" and "Super Product Day" being held for the second time [1] - Sanrio's strong performance in China, highlighted in their financial report, indicates a solid and positive partnership, with future collaborations focusing on long-term operations and steady development [1] Group 4: Future Prospects - Marketing activities planned by YU for Sanrio are expected to provide valuable experience for the development and operation of other collaborative IPs such as Chiikawa, Crayon Shin-chan, and Universal Studios in China [1] - This experience is anticipated to serve as a strong foundation for the growth of the company's licensing business and may lead to signing more new IPs in the future [1]

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。 Damai Entertainment Holdings Limited 茲 提 述 大 麥 娛 樂 控 股 有 限 公 司（「本公司」）日 期 均 為 二 零 二 五 年 七 月 二 十 三 日 之 股 東 週 年 大 會（「股東週年大會」）通 函（「該通函」）及 通 告（「該通告」）。除 文 義 另 有 所指外，本公告所用詞彙與該通函及該通告所界定者具有相同涵義。 根 據 該 通 告，股 東 週 年 大 會 原 訂 於 二 零 二 五 年 八 月 十 四 日（星 期 四）上 午 十 一 時 正假座香港銅鑼灣怡和街88號富豪香港酒店低座二樓聚賢廳2召開。 由 於 熱 帶 氣 旋 臨 近，香 港 天 氣 情 況 於 股 東 週 年 大 會 原 定 舉 行 時 間 存 在 或 會 轉 壞 之風險。有鑑於此，董事會謹此宣佈，倘： – 1 – 大麥娛樂控 ...

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Damai Entertainment (01060) with a target price of HKD 1.38, highlighting the company's strong market position and strategic focus on live events and IP business as key drivers for sustainable growth [1] Company Summary - Damai Entertainment is recognized as China's largest live event ticketing platform and the largest IP licensing agent, positioning itself favorably across various verticals [1] - The company's stock has shown a strong performance year-to-date, with a 140% increase, indicating a market reassessment of its strategy towards live events and IP business rather than the more volatile film sector [1] - Despite the optimistic market sentiment, the company's robust earnings growth and focus on a more sustainable business model suggest further upside potential for its stock price [1]

Core Viewpoint - Goldman Sachs initiates a "Buy" rating for Damai Entertainment (01060) with a target price of HKD 1.38, highlighting the company's strong market position and strategic focus on live events and IP business as key drivers for sustainable growth [1] Company Performance - Damai Entertainment is recognized as China's largest live event ticketing platform and the largest IP licensing agent, positioning itself favorably across various verticals [1] - The company's stock has shown a strong performance year-to-date, with a 140% increase, indicating a market reassessment of its strategy towards live events and IP business over the more volatile film sector [1] Market Outlook - Despite the optimistic market sentiment towards the company, Goldman Sachs believes there is still room for stock price appreciation due to strong earnings growth and a focus on a more sustainable business model [1]

Summary of Damai Entertainment Holdings (1060.HK) Conference Call Company Overview - **Company**: Damai Entertainment Holdings (1060.HK) - **Market Cap**: HK$34.7 billion / $4.4 billion - **Enterprise Value**: HK$31.4 billion / $4.0 billion - **Current Price**: HK$1.17 - **12-Month Price Target**: HK$1.38, implying an upside of 17.9% [1][5][16] Core Business Segments - **Live Entertainment**: Damai is the largest live show ticketing platform in China, holding an 80% market share in event ticketing. The live concert segment has seen a 6X increase in total addressable market (TAM) over the past five years, driven by younger demographics' demand for experiential consumption [2][22]. - **IP Licensing**: AliFish, the licensing agent under Damai, is the largest IP agent in China, with a strong portfolio including brands like Sanrio. The IP merchandising market in China is significantly under-penetrated compared to Japan and the US, indicating substantial growth potential [3][22]. Financial Performance and Projections - **Revenue Growth**: Expected revenue growth of 18% and net profit growth of 58% over the next two years, primarily driven by the growth of Damai and AliFish [4][28]. - **Financial Metrics**: - Revenue (FY25): Rmb 6,702.3 million - EBITDA (FY25): Rmb 756.2 million - EPS (FY25): Rmb 0.02 - Projected EBITDA growth of 108% in FY26 [4][14]. - **Valuation**: The company is valued at a forward P/E of 23X for FY27E, with a target price implying a P/E of 27X [16][28]. Growth Drivers - **Live Events**: Anticipated mid-teen CAGR in the live shows industry, with Damai expected to outpace this growth through expansion into non-concert events and overseas markets [25][41]. - **IP Business**: AliFish projected to achieve over 35% sales and EBITDA CAGR, driven by an expanding IP portfolio and better monetization strategies [26][28]. - **Margin Expansion**: Overall EBITA margin expected to increase from 12% in FY25 to 18% in FY28 due to a favorable revenue mix and reduced losses from the movie segment [27][28]. Competitive Advantages - **Market Position**: Damai's established network effect and strong relationships with top celebrities and agencies provide a competitive moat in the live entertainment sector [23][60]. - **Membership Program**: The TaoMai VIP program has over 20 million users, enhancing customer loyalty and engagement [61]. Risks and Challenges - **Supply Constraints**: Potential limitations in the supply of quality venues for live events could impact growth [31]. - **IP Contract Adjustments**: Risks associated with the renewal of IP licensing contracts, which typically last five years [31]. - **Volatility in Movie Business**: The company's movie segment has historically been volatile, posing risks for future earnings [31]. Conclusion Damai Entertainment Holdings is well-positioned in the rapidly growing live entertainment and IP licensing markets in China. With strong projected growth rates and a solid market share, the company presents a compelling investment opportunity despite certain risks associated with supply constraints and market volatility.

Core Viewpoint - Goldman Sachs has initiated a "Buy" rating for Damai Entertainment with a target price of HKD 1.38, highlighting the company's strong market position and strategic focus on live events and IP business as key drivers for sustainable growth [1] Group 1: Company Performance - Damai Entertainment is recognized as China's largest live ticketing platform and the biggest IP licensing agent, positioning it favorably across various verticals [1] - The company's stock has shown a strong performance year-to-date, with a 140% increase, indicating a market reassessment of its strategy towards live events and IP business over the more volatile film sector [1] Group 2: Market Strategy - The report emphasizes that Damai's strategic shift towards live events and IP business allows it to mitigate the instability associated with film production, effectively catering to the rising demand from younger audiences [1] - Despite the optimistic market sentiment, the company's robust earnings growth and focus on a more sustainable business model suggest further upside potential for its stock price [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大麥娛樂控股有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01060 | 說明 | - | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 38,000,000,000 | HKD | | 0.25 | HKD | | 9,500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 38,000,000,000 | HKD | | 0.25 | HKD | | 9,500,000,000 | ...

Core Insights - The summer box office for 2025 is projected to reach 70.54 billion yuan with 186 million attendees and an average ticket price of 37.9 yuan, indicating a strong performance compared to previous years [1][2] - The release of several films such as "Nanjing Photo Studio" and "Longan's Lychee" has significantly boosted box office numbers, with the latter achieving over 15.49 billion yuan in total box office [2][3] - The animation film "The Little Black Warrior 2" has also performed well, grossing 3.52 billion yuan and collaborating with various brands for merchandise and promotions [3] Industry Performance - The first half of the summer box office was relatively slow, with total earnings below 35 billion yuan from June 1 to July 17, but recent releases have doubled the cumulative box office in just two weeks [2] - The summer box office for 2024 was 116.41 billion yuan, and this year is expected to show significant year-on-year improvement [1][3] Investment Opportunities - Companies involved in film content production, cinema chains, online ticketing platforms, and film rights management are seen as potential investment opportunities due to the rich supply of quality films this summer [1][3] - Specific companies to watch include Shanghai Film, Wanda Film, Hengdian Film, China Film, Maoyan Entertainment, Damai Entertainment, Jiechengtong, and Zhongwen Online [1][3]

Core Insights - The rapid development of the IP industry reflects structural changes in demand and the maturity of the supply chain, with young consumers seeking emotional expression and instant gratification, leading to the evolution of the "Guzi Economy" [2][3] - The domestic derivative market is projected to exceed 1,000 billion yuan by 2024, driven by the popularity of leading IPs like "Nezha," which exhibit significant elasticity in influence [2][3] - The financial health of IP companies has improved, providing a foundation for external investments, while the supply chain's maturity allows for capacity release in the industry [1][2] Industry Trends - Long-term evolution paths for IP companies include transitioning from single head content to IP matrix platforms and deep operational management, with a focus on diversifying income and extending IP value [3] - Companies are enhancing their awareness of multi-form development and are making strategic changes to evolve from content creators to operators through extensive licensing, self-operation, and strategic partnerships [3] - The future of IP companies is expected to see accelerated industrial production capabilities, with a dual leap in content scale and quality through capacity upgrades and technological innovation [4] Strategic Focus - Companies are advised to build a networked value structure through "multiple income pillars + multiple regional markets," emphasizing resource integration and product iteration [4] - The cultivation of IP as a core asset capable of transcending economic cycles is anticipated, highlighting the importance of strategic positioning within the industry [4]

单一头部内容——IP矩阵化平台——IP深度运营商。IP方可划分为IP内容创造者和IP运营商，前者具备 创作头部内容能力，进而实现IP矩阵化开发成为IP平台;而后者基于IP商业化的参与深度和产业链布局， 收入多元化，延展IP价值空间。近年来，IP方对于多形态开发意识明显增强，在战略架构上已做出改 变，而IP方实现从IP内容创造者到IP运营商发展，大多通过广泛授权或自营、股权投资与战略合作的路 径。对于自有IP建设而言，公司通过可视化曝光，自营和授权并重的方式，撬动产业链产能，如阅文集 团、上海电影和光线传媒;而对于代理IP而言，公司通过授权推广做本地化或者新品类渗透，如大麦娱 乐等。 智通财经APP获悉，中金发布研报称，2025 年初至今，结合战略变化和业务布局，传媒行业IP方在产业 链纵向延展有明显提速。国内IP衍生品市场规模在2024年已突破1000亿元，年轻消费者对情感投射和即 时满足的需求推动"谷子经济"持续演化。头部IP如"哪吒"展现较强影响力弹性，叠加IP方资产负债表改 善及供应链成熟，行业正迎来产能释放期。该行维持相关覆盖公司盈利预测、评级和目标价不变，重点 关注大麦娱乐(01060)、阅文集团( ...