昨天（5月22日），李嘉诚家族旗下"长江和记实业有限公司"（一般简称"长和"）如期召开股东大会，集团联席董事总经理黎启明在会上 再次对"卖港口"（拟将43个港口资产出售给美国贝莱德财团）进行表态。 黎启明表示：交易要经多审查，长和会全力配合。在交易未获批准前，长和绝对不会实施该港口交易。 黎启明还重申了5月12日的公司声明内容，并再次表态称：不会做不合法、不合规之事。 第二天，也就是今天——5月23日，是李泽钜"遭遇10亿赎金绑架"19周年纪念日（1996年5月23日）。 当年，李嘉诚在支付10.4亿元（先支付4000万现金，后又支付了10亿现金）后轻松化解了危机。 这一次，李泽钜能应对此次交易带来的政治与经济双重压力吗？ 值得一提的是，当初"卖港口"一事正在持续发酵之际，曾欲与"长和"撇清关系（"电讯盈科"发声明表示"业务各自独立，无持股"）的李 嘉诚次子、"小超人"李泽楷也于近日搞出了大动作。 也是昨天传来的消息——据知名财经媒体金融界当天的报道显示，李泽楷旗下泛亚洲人寿保险公司"富卫集团"第三次港股IPO（此前2次 递表港交所分别在2022年、2023年），并有望成为其第6家上市公司。 #热点观察家# ...

阿里影业(01060.HK)涨近20%，公司拟更名为大麦娱乐。 ...

Core Viewpoint - The report from CMB International indicates a downward adjustment of Baidu's target price to HKD 96, while maintaining a "Buy" rating, due to the anticipated time required for AI monetization [1] Financial Performance - Baidu's Q1 performance exceeded expectations, with strong results from its cloud business [1] - The company is expected to see a decline in advertising revenue by 11% and 12% year-on-year in Q2 and Q3 respectively, with an overall decrease of 9% to RMB 66 billion for the full year of 2025 [1] Business Segments - The report highlights a projected revenue growth rate of 30% for Baidu's cloud business by 2025 [1] - The AI search content coverage is expected to rapidly advance to over 50% due to cost optimization [1] Strategic Developments - Baidu's Robotaxi initiative is anticipated to accelerate its global expansion, with the number of vehicles expected to exceed 1,000 [1]

审议现场气氛热烈，代表们踊跃发言。11位代表围绕各项报告谈体会、说感受、提建议。李火林指 出，姚高员市长所作的政府工作报告，攻坚克难有力度、工作谋划有深度、服务民生有温度，充分体现 中央和省委、省政府和市委重大决策部署，政治站位高、战略谋划深、为民情怀真、落实举措实，是一 个高举旗帜、彰显担当、务实奋进的好报告。今年是"十四五"规划收官、"十五五"规划谋划之年，是高 质量发展建设共同富裕示范区的关键之年。希望市政府统筹抓好投资、出口、消费"三驾马车"，坚持稳 中求进工作总基调，加大政策引导力度，确保经济持续健康发展；统筹提升传统产业、战略性新兴产 业、未来产业"三大产业"，加快构建形成具有更强竞争力和市场活力的现代化产业体系，更好支撑高质 量发展；统筹推进缩小城乡、地区、收入"三大差距"，研究制定更加精准有效的政策措施，扎实推进共 同富裕示范区城市范例建设，努力把全市人民对美好生活的向往变为可感可及的现实。 李火林说，去年以来，富阳区深入学习贯彻党的二十届三中全会和习近平总书记考察浙江重要讲话 精神，全面贯彻落实中央和省市委决策部署，坚定不移实施"产业强区"主战略，积极增进民生福祉，各 项工作取得新成绩。希望 ...

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].

Core Viewpoint - The company's 2024 performance is in line with expectations, with a significant decline in both revenue and net profit, but a potential recovery in ticket sales is anticipated for 2025 [1][2]. Financial Performance - The company reported a revenue of 4.08 billion yuan for 2024, a year-on-year decrease of 14.2%, falling within the forecast range of 4.05 to 4.15 billion yuan [1]. - Net profit for 2024 was 180 million yuan, down 80.0% year-on-year, also within the forecast range of 150 to 200 million yuan [1]. - Non-IFRS net profit was 310 million yuan, aligning with expectations [1]. Industry Trends - The main business is expected to decline in 2024 due to market pressures, with a focus on the recovery trend of ticket sales [1]. - The forecast for the 2025 film box office is 55 billion yuan, suggesting a potential recovery in ticket sales revenue of 25% to 30% year-on-year [1]. - The average ticket price increase and the performance of imported films may impact this recovery [1]. - The live performance ticketing sector is projected to grow by 15.4% year-on-year in 2024, with an expected industry growth rate of over 10% in 2025 [1]. Content Production - The company has a rich pipeline of films, with 63 domestic films produced in 2024, indicating a strong selection and data capability [2]. - Key films to watch include "The Lychee of Chang'an" and others scheduled for release in 2024, which may provide profit elasticity [2]. Shareholder Returns - The company announced its first dividend, proposing a final dividend of 0.32 HKD per share for the year ending December 31, 2024, with a dividend yield exceeding 4% based on the closing price [3]. - A three-year dividend plan aims to distribute at least 20% of net profit each fiscal year, reflecting a commitment to shareholder returns [3]. - The total amount for dividends and buybacks in 2024 is expected to account for 50% of retained earnings [3]. Profit Forecast and Valuation - Due to pressure on actual ticket sales and a rigid recovery in gross margins, the Non-IFRS net profit forecasts for 2025 and 2026 have been reduced by 32.9% and 31.6% to 695 million and 802 million yuan, respectively [3]. - The current price corresponds to 11.9 and 10.2 times Non-IFRS P/E for 2025 and 2026 [3]. - The target price is maintained at 10.2 HKD, suggesting a 33.0% upside potential based on the adjusted profit forecasts and improving content supply in the industry [3].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to a weak film market performance, but showed resilience in online ticketing services and content distribution capabilities [1][2]. Group 1: Financial Performance - The company achieved a revenue of 4.082 billion yuan in 2024, representing a year-over-year decline of 14.2%, with an adjusted net profit of 310 million yuan [1]. - The company announced a dividend of 0.32 HKD per share and a dividend plan for 2025-2027, targeting to distribute no less than 20% of the fiscal year's net profit [1]. Group 2: Market Performance - The overall film market in China saw a total box office of 42.502 billion yuan in 2024, down 23% year-over-year, with total audience attendance decreasing by 22% to 1.01 billion [1]. - The company's online entertainment ticketing service revenue fell by 14.9% to 1.922 billion yuan, although this decline was less severe than the overall film market, benefiting from increased market share and rapid growth in live entertainment revenue [1]. Group 3: Content and Distribution - The company participated in 63 domestic films released in 2024, achieving a cumulative box office of approximately 23.2 billion yuan, marking a historical high in both the number of films and market coverage [2]. - The company maintained strong content distribution capabilities, with six of the top ten domestic films in 2024 under its control, including the successful release of "Detective Chinatown 1900" during the Spring Festival [2]. - The company has a rich content pipeline for 2025, including films like "The Lychee of Chang'an" and "Dumpling Queen," which are expected to be released within the year [2]. Group 4: Profit Forecast - The company forecasts adjusted net profits of 652 million yuan, 860 million yuan, and 938 million yuan for 2025-2027, reflecting year-over-year growth rates of 111%, 32%, and 9% respectively, maintaining a "buy" rating [2].

Core Viewpoint - The company reported a revenue of 4.082 billion yuan in 2024, a year-over-year decrease of 14.2%, with a significant drop in net profit by 80% to 182 million yuan, aligning with previous guidance [1][2][3] Group 1: Financial Performance - Revenue breakdown: Entertainment content service revenue was 1.960 billion yuan (down 14.8% YoY), online entertainment ticketing service revenue was 1.922 billion yuan (down 14.9% YoY), and advertising services and other revenue was 200 million yuan (up 1.2% YoY) [1] - The company announced a dividend plan for 2024, proposing a payout of 0.32 HKD per share, totaling approximately 369 million HKD, which corresponds to a dividend yield of about 4.4% [2] - Adjusted net profit for 2024 was 310 million yuan, a decrease of 70% YoY [1][3] Group 2: Business Segments - The film ticketing sector faced challenges, with a 23% YoY decline in the overall box office, impacting ticketing revenue significantly [1] - The company participated in 63 domestic films in 2024, achieving a box office of 23.2 billion yuan, marking a historical high in participation and market coverage [1] - Live performance revenue grew by 15% YoY, with concert ticketing GMV increasing by approximately 90%, indicating a strong market position [1] Group 3: Future Outlook - The film industry is expected to recover in 2025, with several films scheduled for release, including "Dumpling Queen" and "Lychee of Chang'an," which may positively impact ticketing and content investment [2] - The company aims to maintain a dividend policy of at least 20% of annual net profit for 2025-2027, indicating a commitment to shareholder returns [2] - Revenue projections for 2025-2027 are adjusted to 4.898 billion, 5.399 billion, and 5.835 billion yuan, with expected net profit growth of 121%, 13%, and 12% respectively [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to underperformance in film box office and a decrease in the overall Chinese film market [1][2]. Revenue Summary - The company achieved a total revenue of 4.082 billion yuan in 2024, a year-on-year decrease of 14.19% [1]. - Revenue breakdown: - Entertainment content services accounted for 48% of total revenue, generating 1.96 billion yuan, down 14.8% year-on-year [1]. - Online entertainment ticketing services contributed 47.1% with 1.922 billion yuan, a decline of 14.9% [1]. - Advertising services and others made up 4.9% with revenue of 201 million yuan, an increase of 1.2% [1]. Profit Summary - The company reported a net profit attributable to shareholders of 182 million yuan, a significant decrease of 80.02% year-on-year [1]. - Adjusted net profit was 310 million yuan, down 69.9% compared to the previous year [1]. Film Participation and Market Coverage - In 2024, the company participated in 63 domestic films, with 36 films under its direct control, achieving a total box office of 23.2 billion yuan [2]. - The company was involved in 8 out of the top 10 domestic films by box office in 2024, marking a historical high in participation and market coverage [2]. - Upcoming projects include the 3D animation "Time's Child" set to release on May 30, 2025, along with several other films in various stages of development [2]. Live Performance Market - The offline performance market saw record highs in both total attendance and GMV in 2024 [3]. - The company provided ticketing services for major domestic artists and international stars, enhancing its competitive edge [3]. - The company is expanding its ticketing services in Southeast Asia, the Middle East, and Latin America, aiming to strengthen its market position [3]. - Continuous updates to the "Maoyan Professional Version" and "Maoyan Research Institute" are being made to explore AI and film collaboration opportunities [3].