Core Insights - Alibaba Pictures has achieved adjusted EBITA profitability for five consecutive years since the 2020/21 fiscal year, navigating through a fluctuating film market and establishing a sustainable profit path [1] Group 1: Financial Performance - In the fiscal year 2025, Alibaba Pictures reported revenue of 6.702 billion yuan and adjusted EBITA of 809 million yuan, representing year-on-year growth of 33% and 61% respectively [2] - The company has successfully produced and distributed several high-grossing films, including "Grab the Doll" which grossed 3.33 billion yuan, becoming the summer box office champion of 2024 [2] Group 2: Business Development - Alibaba Pictures has expanded its film business by participating in the production and distribution of multiple well-received films, while also focusing on the promotion of imported films [2] - The ticketing platform Damai has significantly contributed to the company's growth, achieving record GMV growth for two consecutive years [2][3] Group 3: Technological Advancements - Damai has enhanced its ticketing services through increased investment in core technology, improving data processing capabilities and ensuring system stability during high-demand scenarios [3] - The platform's user engagement has grown, with "want to see" users increasing by 29% to 316 million [3] Group 4: Content Strategy - The company has made progress in its series production, with several high-quality series released and over 50 projects in development [4] - Alibaba Pictures has a robust pipeline of 40 films in reserve, including notable projects directed by prominent filmmakers [5][6] Group 5: Future Growth Potential - The diversified strategy has positioned Alibaba Pictures as a leading entertainment group, with expectations for continued growth in the film and IP economy sectors [5] - The company is well-prepared for future market developments, with a strong focus on both film and ticketing technology [6][7]
解析阿里影业（01060）可持续盈利背后：基本盘稳固 多元化布局带来新增量