Core Viewpoint - The company demonstrated strong performance in the first half of the fiscal year, particularly with robust growth in the Aliyu segment, driving rapid revenue growth in the IP business [1][2] Financial Performance - In the first half of the 2026 fiscal year, the company achieved revenue of 4.047 billion yuan, a year-on-year increase of 32.7%; segment performance was 1.122 billion yuan, up 12.8%; adjusted EBITA was 550 million yuan, a 14.0% increase year-on-year; and net profit attributable to shareholders was 520 million yuan, reflecting a 54.3% growth [2][3] - The IP business revenue reached 1.16 billion yuan, with a year-on-year growth of 105.2%, and segment performance was 235 million yuan, up 44.0% [2][3] IP Business - The IP business saw significant growth, particularly the Aliyu segment, which achieved revenue growth exceeding 100%, although profits were impacted by one-time losses from the shutdown of non-core business [2][3] - New IPs such as Chiikawa and Crayon Shin-chan contributed significantly to revenue growth, while the profitability of non-core businesses remains a concern due to early-stage operational challenges [3] Performance in Live Events - The live performance segment reported revenue of 1.339 billion yuan, a year-on-year increase of 14.5%, with segment performance at 754 million yuan, up 4.7% [3][4] - The launch of the overseas ticketing platform "Damai International" is expected to enhance revenue streams, with the platform integrating over 40 categories of events and connecting with more than 12,000 cinemas and 20,000 venues [4] Film and Series Business - The film segment's losses narrowed significantly, with segment performance at 95 million yuan, a decrease of 22.4% year-on-year, while the series segment turned profitable with performance at 38 million yuan [4][5] - The company is preparing for the upcoming Spring Festival release schedule, with several high-profile films expected to be announced [5][6] Cost Management - The company effectively managed costs, with sales and marketing expenses increasing only slightly, while management expenses grew at a lower rate, leading to improved expense ratios [6] Future Outlook - The company anticipates continued growth in net profit for the fiscal years 2026-2028, projecting net profits of 1.002 billion, 1.236 billion, and 1.404 billion yuan, representing year-on-year growth rates of 175.62%, 23.32%, and 13.63% respectively [1][7]
大麦娱乐(1060.HK)：IP业务高增 大麦出海稳步推进