Summary of Conference Call Records Company and Industry Involved - **Companies**: Alibaba Pictures, Maoyan Entertainment - **Industries**: Concert Industry, Film Industry, Gaming Industry Key Points and Arguments Concert Industry Insights - Alibaba Pictures' stock price increase reflects market recognition of the long-term logic in the concert sector, with the industry experiencing rapid growth post-pandemic, creating additional space for online ticketing platforms [1][3] - The concert industry is undergoing consolidation similar to the movie ticketing phase in 2016-2017, with internet platforms expected to evolve into concert organizers, thus increasing their share of the revenue distribution [1][5] - Demand in the concert market is strong but not fully met, with a ticket purchase success rate of less than 20% on platforms like Damai, indicating a potential market size in the hundreds of billions [1][16] - Regional sports events, such as local basketball and soccer matches, show growth potential, providing additional revenue opportunities for ticketing companies like Damai and Maoyan [1][22] Film Industry Challenges and Opportunities - The film industry faces challenges with low box office performance, particularly in April and May, due to a significant drop in imported films, leading to overall box office revenues of only around 10 billion [6][9] - Despite low expectations, there are signs of potential recovery in the summer box office, with the Dragon Boat Festival showing a 20% increase, and a rich supply of content expected for the summer season [7][11] - The supply side is crucial for recovery, with several high-quality films expected to perform well, potentially exceeding 30 billion in box office revenue [9][10] Financial Performance and Projections - Alibaba Pictures' net profit for 2024 is projected to be primarily driven by Damai and IP businesses, with the film business impacted by losses from "Feng Shen" [1][28] - Damai is expected to maintain a growth rate of 15%-20% in the short term, with a market share of approximately 70% in the primary ticketing sector for music events [29] - The IP business, particularly through Alibaba Fish, is anticipated to see significant growth, contributing to overall revenue increases for Alibaba Pictures [30][34] Gaming Industry Trends - The gaming industry is experiencing a slowdown in competitive dynamics, with smaller products achieving higher profitability and companies focusing on their strengths [2][45] - Upcoming notable game releases include Tencent's "Valorant" mobile game and several other titles from various companies, indicating a robust pipeline of new products [46][48] Other Important Insights - The concert market's growth is primarily driven by the increase in the number of performances, with a strong demand that remains unmet [15][21] - Local governments can leverage cultural and tourism resources to support music festivals and events, collaborating with companies like Damai and Alibaba Pictures to enhance their offerings [20] - The overall sentiment in the film industry remains cautious, but there are opportunities for recovery based on upcoming releases and audience engagement [6][7][9]

智通财经APP获悉，中信建投发布研报称，今年暑期档市场预期低，但优质内容多，有望带动观影需求 恢复。目前已定档影片52部，且潜在定档空间大，预计在6月即将到来的上海电影节期间，还有其他影 片将宣布定档。端午档小幅回暖，优质供给带动票房回暖的行业属性持续得到验证。该行重点推荐猫眼 娱乐(01896)、阿里影业(01060)、上海电影(601595.SH)。 中信建投主要观点如下： 阿里影业：演唱会业务和IP业务保持高速增长，电影业务有望受益于行业回暖。目前储备影片包括《无 名之辈2/3》《东极岛》 端午档小幅回暖，优质供给带动票房回暖的行业属性持续得到验证 一季度实现票房244亿元，同比大幅增长49%，已达到24年全年票房425亿元的57%，主要是《哪吒2》 超预期。端午档票房同比增长20%，成为春节档后年内第二个实现票房正增长的档期，票房前三均为新 上影片。 投资建议 1)重点推荐 猫眼娱乐：已定档影片数量最多，暑期档预期最高的《酱园弄》《长安的荔枝》均由公司主发行和参 投;有望受益票房回暖 今年暑期档市场预期低，但优质内容多，有望带动观影需求恢复 23年暑期档前市场预期同样较低，但《孤注一掷》《消失的她》等 ...

港股影视股盘中震荡上升，阿里影业(01060.HK)涨近15%，橙天嘉禾(01132.HK)涨近5%，猫眼娱乐 (01896.HK)涨4.5%。 ...

Group 1 - The total box office for the 2025 Dragon Boat Festival period reached 445 million yuan, showing a significant increase from 383 million yuan in the previous year [1][2] - The top three films during the Dragon Boat Festival were "Mission: Impossible 8: Final Reckoning" with 222 million yuan, "Time Traveler" with 76.37 million yuan, and "Doraemon: Nobita's Painting Adventure" with 66.91 million yuan [2][3] - The Dragon Boat Festival coincided with the "June 1" Children's Day, leading to a high proportion of family audiences, marking the highest multi-viewing ratio since 2016 [3] Group 2 - The 2025 summer film season has officially started, with 55 films scheduled for release, featuring a rich variety of domestic films primarily in comedy, fantasy, and animation genres [4] - Anticipated films include the war historical film "731," the adaptation of Ma Boyong's novel "Lychee of Chang'an," and the animated series derivative "Little Monsters of Langlang Mountain" [4] - Companies involved in the production of these films include Maoyan Entertainment and Wanda Pictures, indicating strong industry participation in the upcoming summer season [4]

Group 1 - Hong Kong and Maldives signed a comprehensive double taxation avoidance agreement, allowing Hong Kong companies to offset taxes paid in Maldives against their Hong Kong tax liabilities, promoting cross-border economic activities [1] - The agreement clarifies the taxation rights of both regions, aiding investors in assessing potential tax burdens and enhancing economic ties between Hong Kong and Maldives [1] Group 2 - The 2025 World Drone Conference concluded with an intended transaction volume of 20 billion yuan, significantly surpassing the previous year's figures [2] - The event featured 825 exhibitors and attracted 131,500 professional visitors, highlighting the growing importance of drones in driving the low-altitude economy [2] - The development of the low-altitude economy is seen as essential for expanding market space and promoting high-quality economic growth in China [2] Group 3 - Maoyan Entertainment established its performance headquarters in Guangzhou through a strategic cooperation agreement, aiming to cultivate the performing arts industry ecosystem [3] - The initiative includes policy support and resource integration to stimulate local cultural and tourism consumption [3] - Guangzhou's goal is to become an international performing arts center, encouraging global premieres and fostering local market consumption [3] Group 4 - The 15th Guangdong-Hong Kong-Macao Games will have its opening ceremony on November 9 at the Guangdong Provincial Olympic Sports Center in Guangzhou and the closing ceremony on November 21 at the Baoan District Happy Theater in Shenzhen [4] - The event symbolizes the interconnectedness and collaborative development of the Greater Bay Area [4] Group 5 - The Shenzhen Component Index closed at 10,091.16 points, down 0.41% on May 26 [5] Group 6 - The top gainers in the Shenzhen market included Woliannian Shen at 22.91 yuan with a rise of 20.01%, Haqing Zhangyun at 32.99 yuan also up 20.01%, and Zhicaitech at 12.90 yuan with a 20% increase [6] - The biggest losers were United Chemical at 109.18 yuan down 12.06%, Nanjing Port at 11.45 yuan down 9.98%, and Shan Natural Gas at 8.22 yuan down 9.87% [6]

Group 1 - The Hong Kong film and television stocks are performing strongly, with Alibaba Pictures (01060.HK) rising over 5% [1] - Bigo Group (08220.HK) has increased by more than 2% [1] - Other companies such as Maoyan Entertainment (01896.HK) and Ningmeng Pictures (09857.HK) also saw gains [1]

Group 1 - Several film stocks continue to rise, with Alibaba Pictures increasing by 3.90% [1] - Bigo Group saw a rise of 2.20% [1] - Maoyan Entertainment experienced a growth of 1.25% [1]

Group 1 - The strategic cooperation between Maoyan Entertainment and the Guangzhou Development Zone and Huangpu District aims to establish the headquarters of Maoyan's performing arts sector in Guangzhou, contributing to the high-quality development of the cultural tourism economy in the Greater Bay Area [2][3] - Guangzhou and Shenzhen, as core cities in the Guangdong-Hong Kong-Macao Greater Bay Area, have a significant population and consumption power, making them key markets for the Chinese performance industry, with Guangdong's large concert ticket sales projected to reach tens of billions in 2024 [2][3] - The collaboration will leverage the abundant resources of the Guangzhou Development Zone and Huangpu District, including international venues, to stimulate regional cultural tourism consumption and meet diverse consumer demands [3][4] Group 2 - The partnership between Maoyan and Zhujiang Sports aims to create a dual-core driven ecosystem by integrating online ticketing and offline venue operations, enhancing collaboration in concert production and artist IP development [3][4] - The cooperation is part of Guangzhou's initiative to build itself as a "City of Performing Arts," which will enhance the region's cultural and economic synergy and boost the overall competitiveness of the cultural tourism industry [4][5] - In recent years, Guangzhou has become the leading city for concerts in China, with the highest number of large-scale performances and artists, indicating a robust growth in the local performance market [4][5]

Core Viewpoint - Cat's Eye Entertainment (01896.HK) reported strong performance in film distribution and live entertainment services, achieving a revenue of RMB 4.082 billion for the fiscal year ending December 31, 2024, and proposed a final dividend of HKD 0.32 per share [1] Film Distribution - The company participated in the release of 63 domestic films in 2024, generating a total box office of approximately RMB 23.2 billion, marking a historical high in both the number of films and market coverage [2] - Cat's Eye was involved in 8 out of the top 10 domestic films by box office in 2024, including 6 films for which it was the main distributor [2] Live Entertainment Services - The offline performance market continued to thrive in 2024, with the company achieving record highs in total revenue and GMV from live performances [3] - GMV for concerts where Cat's Eye provided ticketing services increased by approximately 90% year-on-year [3] - The company expanded its ticketing services to include international artists and strengthened its presence in local performances, with significant growth in traditional local arts [3] Advertising and Other Services - The company enhanced its marketing capabilities by integrating resources and collaborating with various internet platforms, generating over ten million in commercial revenue through upgraded live marketing services [4] - Cat's Eye developed AI film creation software to improve script writing and communication efficiency, and engaged in multi-faceted collaborations with AI companies to explore applications in animation and visual storytelling [4]

Core Viewpoint - Maoyan Entertainment is expected to recover significantly in 2025, driven by improvements in the domestic film industry and the introduction of its first dividend payment, leading to increased profit forecasts for the coming years [1][2]. Group 1: Revenue Drivers - The primary revenue driver for Maoyan is the total box office in mainland China, with domestic blockbuster films accounting for about 80% of the box office [1]. - The box office for the 2025 spring festival season reached a historical high of RMB16.05 billion, indicating a strong recovery in the film industry [1]. - The online entertainment ticketing services experienced a revenue decline of 14.4% year-on-year in 2024, totaling RMB1,932 million, but is expected to recover in 2025 due to an improved movie roster and influx of foreign artists [2]. - The entertainment content services also saw a revenue decline of 15.3% year-on-year, totaling RMB1,949 million, but will benefit from the recovery of the domestic film industry [3]. Group 2: Profit Forecasts - The forecasts for the Company's shareholders' net profit for 2025-2027 have been increased to RMB751 million, RMB976 million, and RMB1,066 million, respectively [1]. - Adjusted shareholders' net profit forecasts for the same period have also been raised to RMB870 million, RMB1,095 million, and RMB1,185 million, respectively [1]. - The Company anticipates a dividend payout of approximately 35% of earnings over the next three years, with a yield of around 4-5% [1]. Group 3: Market Expansion - Maoyan achieved record revenue and GMV growth in 2024, including a 90% year-on-year increase in concerts GMV, while serving top domestic and international artists [2]. - The Company has strengthened its presence in Hong Kong, China, and Macau through its self-operated platform UUTIX and established partnerships in regions like Southeast Asia, the Middle East, and Latin America, facilitating further overseas expansion [2]. - The Company is involved in the production and distribution of several domestic blockbuster films expected to perform well at the box office in 2025, including titles like Honey Money Phony and Detective Chinatown 1900 [3].