Core Viewpoint - Damai Entertainment (01060) has seen a stock price increase of over 4% in late trading, currently up 3.45% at HKD 0.9, with a trading volume of HKD 80.6355 million. The company is launching a new independent app for its global performance service platform, MAISEAT, aimed at enhancing cross-border viewing experiences and expanding into Southeast Asia and Japan/Korea markets [1]. Group 1 - Damai International's business head, Zheng Xiaobo, stated that the company will continue to improve product features and plans to integrate more performance categories and value-added services [1]. - The company aims to become the preferred platform for global audiences seeking cross-border viewing experiences through a dual-engine strategy of "full-platform layout + top-tier IP landing" [1]. - CITIC Securities has highlighted the importance of monitoring the company's progress in signing new global IPs and hosting projects for overseas top artists' tours [1]. Group 2 - By 2025, it is expected that overseas artist concert performances will account for approximately 19% of domestic concert events and 25% of ticket sales, with a significant portion of high-capacity and high-attendance performances being from Western artists [1]. - The upcoming New Year and year-end performances are anticipated to create strong supply and demand, supporting the domestic concert market during the off-peak season [1]. - The cancellation of performances by Japanese artists is expected to have a limited impact on Damai's ticketing business [1].

Core Viewpoint - The launch of the independent app by MAISEAT is expected to enhance the global cross-border performance service experience, focusing on the Southeast Asian and Japanese markets [1] Company Summary - MAISEAT's stock rose over 4% and is currently trading at 0.9 HKD with a transaction volume of 80.64 million HKD [1] - The company aims to improve product functionality and plans to integrate more performance categories and value-added services [1] Industry Summary - CITIC Securities highlights the importance of monitoring the progress of new global IP contracts and the implementation of overseas headliner artist tours [1] - By 2025, it is projected that overseas artist concert performances will account for approximately 19% of domestic events and 25% of ticket sales, with a significant portion of high-capacity and high-attendance shows being led by Western artists [1] - The upcoming New Year and year-end performances are expected to bolster the domestic concert market during the off-peak season, while the cancellation of Japanese artist performances is anticipated to have a limited impact on MAISEAT's ticketing business [1]

Core Insights - Shandong province has successfully optimized the production environment for audiovisual works during the "14th Five-Year Plan" period, leading to improved efficiency in film and television production [2][3] Group 1: Production Environment Optimization - The filming of the TV series "Our River and Mountains" was completed ahead of schedule in Shandong, showcasing the province's efficient production capabilities [2] - The provincial broadcasting and television bureau has established service teams to assist film crews, which contributed to the early completion of the project by one week [2] - Shandong has a total of 153 broadcasting institutions and over 3,100 film production companies, attracting major platforms like iQIYI and Alibaba Pictures to set up operations in the province [2] Group 2: Economic Growth in the Audiovisual Sector - The total revenue of the broadcasting and online audiovisual industry in Shandong is projected to reach 138.528 billion yuan during the "14th Five-Year Plan," an increase of 54.8 billion yuan or 65% compared to the "13th Five-Year Plan" [2] - In the past five years, Shandong has produced 34 TV dramas and reviewed 226 online films, with an average annual production of over 60 documentaries and 15 animated films [2] Group 3: Policy Support and Development Initiatives - Shandong has implemented a series of favorable policies covering the entire process of audiovisual production, including funding support for significant projects, with provincial support reaching up to 15 million yuan per project [3] - The province has streamlined the review process for film projects, reducing review times by 50%, while enhancing service offerings through resources like the "Qilu Hi-Shot" online service [3] - Recent promotional activities in major cities have successfully attracted numerous film projects to Shandong, exemplified by the ongoing filming of the period drama "A Happy Family" in Qingdao [3] Group 4: Advancements in Broadcasting Technology - Shandong has made significant strides in ultra-high-definition (UHD) broadcasting, with the establishment of a 4K UHD channel and over 14.5 million UHD users in the province [4] - The province has committed to producing all new long-form dramas and key documentaries in 4K UHD, successfully creating and preserving multiple high-quality UHD documentaries [4] - The emergency broadcasting system in Shandong has been enhanced, with the establishment of various platforms and the deployment of over 260,000 emergency broadcast terminals, ensuring effective communication during emergencies [4]

Core Insights - The "Haina International Young Director Development Plan" and "Chunmiao Screenwriter Plan" are launched by Tiger Whale Entertainment Group to support young Chinese filmmakers returning from abroad [1][4] - The initiative aims to create a systematic support framework for overseas Chinese creators, encouraging them to develop their careers in China [1][4] Group 1: Talent Development - The "Haina Plan" has attracted 70 overseas Chinese young directors since its inception, establishing a comprehensive growth path from learning to practical creation [1][4] - The program emphasizes the importance of integrating overseas directors into the local cultural context, suggesting that their first works should leverage established narratives to resonate with domestic audiences [3][4] Group 2: Industry Collaboration - The collaboration between Tiger Whale Entertainment and Hainan Smart Lingfa Industrial Development Co., Ltd. aims to establish the Haina Chunmiao Creation Base, providing full-cycle support for young creators [4][5] - The base will offer a one-stop service space for the entire film production process, enhancing the local film industry's infrastructure [5][8] Group 3: Market Outlook - The Chinese film market is projected to see steady growth, with annual box office and audience numbers expected to surpass previous years by 2025 [4] - The shift from attention economy to emotional resonance economy highlights the need for innovative and talented creators to drive the industry forward [4][5] Group 4: Cultural Exchange - The program focuses on the unique challenges and opportunities faced by overseas filmmakers, emphasizing the need for cultural integration and collaboration in cross-border projects [3][4] - The initiative aims to foster a creative environment where diverse stories can emerge, benefiting both creators and audiences [3][4]

Summary of Damai Entertainment Holdings Ltd Conference Call Company Overview - **Company**: Damai Entertainment Holdings Ltd - **Industry**: Greater China Media - **Stock Rating**: Overweight - **Price Target**: HK$1.20 - **Market Capitalization**: US$3.435 billion - **Current Share Price**: HK$0.90 Key Financial Highlights - **F1H26 Total Revenue**: Rmb4.0 billion, up 33% year-over-year (YoY) and 11% half-over-half (HoH) [2][10] - **GAAP Net Profit**: Rmb520 million, exceeding profit alert of >Rmb500 million [2] - **IP Revenue Growth**: +105% YoY, surpassing forecasts by 2% and 6% [2] - **Live Content Business Revenue Growth**: +13%, beating forecasts by 1% and consensus by 10% [2] Core Insights - **IP Expansion**: Damai is positioned as a key gateway for global IPs entering the Chinese market, with a solid multiyear growth outlook [2][4] - **Sanrio's Performance**: Sanrio's brand demand remains strong in China, ranking second only to Disney, with a purchase interest of 35% and a repurchase rate of 61% [9][14] - **Alifish's Diversification**: Alifish's reliance on Sanrio is decreasing, with Sanrio expected to contribute about 30% of FY26 IP revenue [9][17] - **China's Sub-Licensing Market**: The market is under-penetrated but projected to double to Rmb280 billion by 2030, with licensing spending currently at only 0.1% of consumer spending [9][24] Financial Projections - **Revenue Forecasts**: F2026-27 IP revenue forecasts increased by 5% due to strong growth momentum, while film-related revenue forecasts decreased by 2% [36] - **Normalized Net Profit Forecasts**: Expected to fall by 11-13% for F2026-28 [37] Valuation Metrics - **SOTP Valuation**: 15x EV/EBITDA for Damai business and 30x EV/EBITDA for Alifish business [4][40] - **Implied P/E**: 25x for F2027e, with a PEG ratio of 0.8 [4][40] Market Trends - **Consumer Behavior**: 83% of consumers plan to expand purchases across various categories, indicating sustained demand for IP products [30] - **Growth Drivers**: The growth of China's IP derivative market is supported by young consumers seeking uniqueness rather than brand premiums [26] Risks and Considerations - **Concentration Risks**: While Alifish's revenue concentration on Sanrio is manageable, the company is diversifying its IP portfolio to mitigate risks [19][21] - **Market Penetration**: The potential for growth in the sub-licensing market is significant, but current spending levels are low compared to global averages [24][34] Conclusion Damai Entertainment Holdings Ltd is well-positioned for growth in the expanding Chinese IP market, supported by strong financial performance and a diversified IP portfolio. The company’s strategic partnerships and market positioning as a gateway for global IPs enhance its investment appeal.

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11月30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12月2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 | 本月底法定/註冊股本總額： HK ...

Core Insights - "Zootopia 2" has achieved a remarkable box office of 1.255 billion yuan in its opening weekend, significantly boosting the film market in China [1] - The film has set multiple records, including the highest single-day box office for an imported film in China and the highest single-day audience count for an animated film [1][3] - The film's box office predictions have been revised upwards by major data platforms, indicating strong market performance and potential for further growth [2][4] Box Office Performance - As of December 1, "Zootopia 2" has accumulated a total box office of 1.978 billion yuan, ranking sixth in China's all-time box office for imported films [1] - The film's box office in China has surpassed 277 million USD, making it the largest market for the film, outpacing North America's 156 million USD [2] - Daily box office shares and attendance rates have consistently exceeded market averages, indicating strong audience engagement [2] Audience Reception - The film has received high ratings from audiences, with scores of 9.7 on Taopiaotao and 8.7 on Douban, reflecting its positive reception among viewers [3] - A significant portion of the audience consists of younger viewers, with 20.6% of attendees being 24 years old or younger, which is above the market average [6] Industry Impact - The success of "Zootopia 2" is expected to benefit downstream industries, including ticketing platforms and cinema chains, with notable stock price increases for companies involved in the film's distribution and exhibition [4] - The film's performance is contributing to a strong year for the Chinese film market, with total box office revenue reaching 48.276 billion yuan by the end of November, approaching the annual target of 50 billion yuan [6]

Group 1 - The core point of the article highlights that "Zootopia 2" achieved a single-day box office of over 700 million, surpassing "Avengers: Endgame" to become the highest single-day box office for an imported film in China's history [1] - Following this news, shares of companies such as Maoyan Entertainment (01896.HK), Damai Entertainment (01060.HK), and Huanxi Media (01030.HK) saw increases of 4.49%, 3.37%, and 1.56% respectively [1]

Summary of the Conference Call Transcript Company Overview - **Company**: Damai Entertainment (大麦娱乐) - **Industry**: Entertainment and Ticketing Key Points and Arguments Financial Performance - **Strong Revenue Growth**: For the first half of FY2026, the company reported a revenue increase of 33% year-over-year, reaching 4,047 million RMB, and an adjusted net profit increase of 29% to 548 million RMB [1][18] - **IP Business Growth**: The IP commercialization segment saw a significant revenue increase of 105% year-over-year, amounting to 1,160 million RMB [3][18] - **Film Business Decline**: The film segment experienced a revenue decline of 15% to 1,064 million RMB due to a weak overall film market and a strategic shift towards selective content investment [3][18] Strategic Direction - **Diversification Strategy**: The company is transitioning from a film-centric model to a diversified entertainment platform, focusing on deepening its IP ecosystem and expanding international operations [1][2] - **Geopolitical Resilience**: Management indicated that current geopolitical tensions between China and Japan have not adversely affected operational performance or strategic direction, despite Japan IP accounting for approximately 50% of IP revenue [2][21] Market Position and Competitive Landscape - **Ticketing Services**: The company maintains a leading position in the domestic ticketing market through its platform, Tao Piao Piao, which held over 2,500 large-scale events without safety incidents during the reporting period [3][8] - **International Expansion**: Plans for international growth include entering new content categories such as sports events and tourism performances, leveraging ticketing expertise and synergies within the Alibaba ecosystem [8][21] Financial Forecasts and Valuation - **Earnings Adjustments**: Adjusted net profit forecasts for FY2026 and FY2027 were increased by 8% and decreased by 3%, respectively, reflecting strong IP business performance and challenges in traditional film operations [8][19] - **Target Price**: The target price remains at 1.20 HKD, based on a valuation framework that corresponds to 4x FY2026 expected sales and 28x FY2026 expected earnings [21][22] Risks and Considerations - **Market Recovery Risks**: Potential risks include slower-than-expected recovery in the market, which could negatively impact revenue and market sentiment [21] - **Competitive Threats**: Increased competition from Cat Eye Entertainment could affect Damai's revenue and profitability, although no signs of intensified competition have been observed to date [21] Additional Important Information - **Stock Performance**: The stock price has seen a year-to-date increase of 79%, but a decline of 12.4% over the past three months [10] - **Market Capitalization**: The total market capitalization is approximately 3,263 million USD [11] - **Analyst Ratings**: The current rating for Damai Entertainment is "Overweight" with a target price of 1.20 HKD [21][22] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, strategic direction, market position, and associated risks.

Damai Entertainment Holdings Limited 大麥娛樂控股有限公司 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） 修訂持續關連交易之年度上限 修訂持續關連交易之年度上限 茲 提 述 二 零 二 四 年 公 告，內 容 有 關（其 中 包 括）委 託 製 作 合 作 框 架 協 議 項 下 擬 進行之現有持續關連交易。 根據董事現時可獲得之資料，董事會預期原年度上限將不足以滿足本集團截 至 二 零 二 六 年 三 月 三 十 一 日 止 當 前 財 政 年 度 之 業 務 需 要。因 此，於 二 零 二 五 年 十 一 月 二 十 八 日，董 事 會 擬 將 當 前 財 政 年 度 之 原 年 度 上 限 由 人 民 幣100百 萬元修訂為人民幣200百萬元。 上市規則之涵義 於 本 公 告 日，優 酷 信 息 ...