Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures [2][4]. Core Insights - Alibaba Pictures achieved FY25 revenue of 6.702 billion RMB, a year-on-year increase of 33%, with a gross profit of 2.478 billion RMB, up 23% year-on-year, resulting in a gross margin of 37.0%, a decrease of 3.1 percentage points [1]. - The growth of the Damai business remains robust, with revenue from IP derivative products exceeding market expectations, particularly driven by the strong performance of Alibaba's IP licensing platform, Aliyu [1][2]. - The company has a cautious outlook on film investments, while the IP business is expected to maintain high growth [2]. Summary by Sections Financial Performance - FY25 revenue reached 6.702 billion RMB, with a gross profit of 2.478 billion RMB and an adjusted EBITA of 809 million RMB, reflecting a 61% year-on-year growth [1]. - The net profit attributable to shareholders for FY25 was 364 million RMB, a 28% increase year-on-year [1]. Business Segments - Revenue from film technology and investment production and distribution was 2.71 billion RMB, down 9.6% year-on-year, primarily due to underperforming box office results [1]. - Damai's revenue surged to 2.06 billion RMB, a remarkable 236% increase year-on-year, maintaining its leading position in the live ticketing market [1]. - The IP derivative business generated 1.43 billion RMB, a 73% increase year-on-year, with Aliyu expanding its IP matrix significantly [1]. - Revenue from drama production was 500 million RMB, down 16% year-on-year, with over 20 projects in development [1]. Profitability and Expenses - The company reported a gross profit of 2.478 billion RMB, with sales and marketing expenses of 790 million RMB, an 11.2% increase year-on-year [1]. - Operating profit reached 650 million RMB, reflecting a 109% year-on-year increase [1]. Future Projections - The report revises FY26 and FY27 net profit forecasts to 880 million RMB and 1.111 billion RMB, respectively, with a new FY28 forecast of 1.34 billion RMB [2][3].
阿里影业（01060）：FY25业绩点评：聚焦大麦+IP衍生品，阿里鱼增速亮眼