阿里影业 20250528 摘要 阿里影业战略重心转向现场娱乐和 IP 授权，更名"大麦娱乐"体现了对 高质量内容和现场娱乐业务的重视，与公司不断注入优质资产、优化业 务结构相一致。 大麦在现场演出行业表现突出，受益于疫情后线下演出市场的高景气度， 2023 年票房收入同比增长 29%，较 2019 年增幅达 150%，预计未来 三年内保持双位数增长。 阿里鱼作为中国第一、全球第六的 IP 授权公司，增速高达 90%，通过 ToB 转授权模式，从终端 GMV 中获得 5%至 7.5%的分成，并积极探索 ToC 业务，未来增长潜力巨大。 IP 产业链及潮玩行业高速增长，阿里鱼等领先企业受益于年轻消费群体 对 IP 产品和潮玩的需求，相关标的具有较好的投资前景。 阿里影业营收重回增长轨道，归母净利润逐步扭亏为盈，经调整后的 EBITDA 稳步上升，经营状况稳步改善，具备良好的发展前景。 演唱会和音乐节显著带动线下演出行业，2024 年演唱会场次同比增长 50%，主要由供需共振驱动，00 后成为主要受众，占比达到 40%以上。 预计 2025 年进入新一轮产品释放周期，公司票务平台将承接这一边际 好转。公司战略收缩 ...

21世纪经济报道记者 贺泓源 北京报道 电影巨头们似乎都不想搞电影了，电影概念已经从小甜甜变成了牛夫人。 近日，阿里影业就表示，其将更名为大麦娱乐。从愿景上，阿里影业要变成现实娱乐平台。这是一种更强调现场体验、互动体验和沉浸体验的娱乐方式。 这听起来几乎与电影没有关系。 今天，我们就来盘点一下，大麦为何能够"吃下"阿里影业？ 首先，从业务来看，大麦确实对阿里影业越来越重要了。在2023年末，阿里影业完成了对大麦的收购。在2025财年（2024年4月-2025年3月），大麦营收 20.57亿元，同比增长38.8%，相较并表收入同比增长235.8%；2025财年，大麦实现分部业绩 12.30 亿元，相较并表分部业绩同比增长338.5%。 作为对比，阿里影业的电影业务处于下滑态势。2025财年，该板块业务收入27.12 亿元，同比下滑10%；分部业绩为0.73亿元，同比下滑91%。 当然，也要明确，截至目前电影依旧是阿里影业最大业务板块。 第二点，从行业地位来看，大麦也要高于淘票票。 大麦在演出票务行业，独处第一梯队。比如，大麦对头部明星演唱会覆盖率接近 100%。2025财年内，大麦服务了张杰、周杰伦、孙燕姿等多 ...

除游戏应用外，苹果同步推进多项系统级创新：代号"Solarium"的跨设备统一交互界面、AI驱动的电池 管理与健康功能、实时语音翻译工具，以及针对Apple Pencil优化的虚拟书法笔等。特别值得关注的是 跨设备酒店Wi-Fi自动同步系统，和Vision Pro头显新增的眼动追踪交互功能，这些创新或将于秋季新品 发布会上集中亮相。 总的来说，上述这款游戏应用不仅是苹果完善硬件生态的关键拼图，更是其从移动游戏霸主向全平台娱 乐巨头转型的重要标志。尽管短期难以撼动专业游戏设备市场格局，但通过整合硬件性能优势与软件服 务生态，苹果正构建覆盖休闲到硬核玩家的全维度游戏版图。 此次战略升级恰逢任天堂新一代主机Switch 2发布——后者定档6月9日苹果全球开发者大会(WWDC)前 夕亮相，游戏终端市场竞争日趋白热化。尽管iPhone自2008年起便成为全球最主流游戏设备之一，当前 App Store三分之二收入源自游戏及内购项目，但苹果在专业游戏领域的品牌形象仍落后于微软 (MSFT.US)、索尼(SONY.US)等传统巨头。开发者反馈显示，Mac平台游戏性能长期被Windows设备压 制，高端玩家群体渗透率不足。 ...

腾讯音乐突然出手。 据韩国金融监督院电子公示系统5月27日消息，韩国娱乐巨头HYBE将于本月30日收盘后通过场外大宗交易方 式，向腾讯音乐娱乐集团（简称"腾讯音乐"）旗下香港法人出售其所持全部SM娱乐股份，交易金额约2433亿 韩元（约合人民币12.9亿元）。 腾讯音乐是中国在线音乐娱乐服务开拓者，提供在线音乐和以音乐为核心的社交娱乐两大服务。腾讯音乐在中 国有着广泛的用户基础，拥有目前国内市场知名的四大移动音乐产品：QQ音乐、酷狗音乐、酷我音乐和全民 K歌。 数据显示，腾讯音乐2024年总收入为284.0亿元，同比增长2.3%，调整后净利润81.4亿元，同比增长30.7%。该 公司解释，在线音乐业务表现强劲，推动收入增长，利润率进一步提升。该公司在音乐产业链上积极开拓创 新，不仅持续引领行业发展，也进一步丰富了平台生态，驱动付费用户渗透率不断提高，用户的全周期价值得 到大幅提升。 今年一季度，腾讯音乐总收入为73.6亿元，同比增长8.7%，调整后净利润为22.3亿元，同比增长22.8%。其 中，在线音乐业务持续高质量增长，推动其稳健发展。第一季度，腾讯音乐在线音乐服务收入同比增长15.9% 至58.0亿元， ...

今天分享的是：卡游招股书 报告共计：608页 该文档是卡游有限公司的招股书，主要介绍了公司的业务、行业地位、核心竞争力、财务数据、发展战略等内容，以下是核心 内容总结： 公司概况与行业地位 卡游是中国领先的泛娱乐产品公司，核心产品为基于IP开发的玩具（尤其是集换式卡牌）及文具。根据灼识咨询，按2024年商 品交易总额计，公司在中国泛娱乐产品行业、泛娱乐玩具行业、泛娱乐玩具行业集换式卡牌领域及泛娱乐文具行业中均排名第 一，市场份额分别为13.3%、21.5%、71.1%及24.3%，展现出强劲的市场竞争力。 核心竞争力与商业模式 公司依托三大核心竞争力构建一体化商业模式： - 多元化产品体验：形成集换式卡牌、人偶、其他玩具（徽章、立牌等）及文具的多元产品矩阵。例如，2024年玩具收入占比 94.9%，其中集换式卡牌收入8200百万元，占总收入81.5%；文具收入512.5百万元，占比5.1%，产品结构持续优化。 - 趣味互动运营：通过创新玩法设计（如完整故事线、稀有度系统）和TCG活动增强用户粘性。截至最后实际可行日期，在超 100个城市举办超5100场活动，有效扩大品牌影响力。 - 稳健生产能力：拥有3个在营 ...

Core Insights - TikTok entertainment guilds are leveraging technology to break cultural and commercial barriers, creating a new global entertainment economy [1] Group 1: Technological Empowerment - TikTok provides full-chain technological support, enhancing both content production and operational efficiency, with daily original video output increasing by 10 times [3] - AI technologies like ChatGPT-6 and Stable Diffusion 3.0 are utilized to optimize content, resulting in a 200% increase in video views for tailored scripts [3] - Quantum computing algorithms predict traffic peaks 48 hours in advance, leading to significant viewer engagement, with one live stream surpassing 2 million views and generating over 50,000 euros in tips [3][4] Group 2: Cultural Adaptation - TikTok guilds are innovating content through "cultural translation" and "cultural co-creation," overcoming cultural barriers in entertainment globalization [5] - In the Middle East, guilds have successfully combined Arabic and Chinese for live streams, achieving over 1 million views for culturally relevant content [5] - Latin American guilds have seen a 5-fold increase in followers by integrating local cultural elements into their content strategies [5] Group 3: Commercial Barrier Breakthrough - The monetization model of TikTok guilds is evolving from single revenue streams to diversified income sources, including membership subscriptions and brand collaborations [7] - In the U.S., a collaboration with a beauty brand led to a 40% increase in fan conversion rates [7] - E-commerce integration has become a significant revenue driver, with localized content achieving 190% higher interaction rates compared to generic content [7] Group 4: Compliance Operations - Compliance is essential for sustainable development in global operations, with guilds establishing a three-tiered system for data protection and local team oversight [8] - German guilds have implemented measures to avoid potential fines of 20 million euros by adhering to GDPR regulations [8] - Tax compliance is also critical, with guilds optimizing operations to reduce costs by 15% through VAT deductions [8] Group 5: Case Validation - Successful practices in the Latin American market provide a replicable model for global expansion, with German guilds achieving over 10 million euros in monthly GMV through localized content [9] - The combination of technology, compliance, and localized content has proven effective in engaging audiences and generating revenue [9] Group 6: Future Outlook - As TikTok expands in Europe, the Middle East, and Latin America, guilds will play a crucial role in the global strategy of Chinese content creators [10] - Future strategies will focus on a five-dimensional capability system, including precise positioning, diversified monetization, data-driven content strategies, and compliance operations [10] - TikTok entertainment guilds are positioned as cultural disseminators and commercial innovators in the globalized entertainment economy [10]

5月22日，第二十一届深圳文博会开幕。 作为全国万亿级的超级展会平台，深圳文博会今年汇聚了6280家政府组团、文化机构及企业线上线下参 展，覆盖全国、来自全球65个国家和地区的305家海外展商，110个国家和地区的专业观众共赴盛会。 深圳文博会既是文化产业的交流平台，亦是城市文化输出能力的"竞技场"。 在如此数量众多的展区中，上海展区以其核心主题、场馆设计和沉浸式的互动体验，吸引了许多专业观 众的目光。 以上海天文馆的展陈为例，该馆把上古神话与宇宙材质进行巧妙结合，从而打造出了两套极富创意 的"神器"，一套是根据《山海经》制作而成的陨石编磬，另一套则是"纯陨铁1:1金箍棒"微缩版，它们 在上海展区一经亮相，立刻引发关注。当陨石编磬奏出优美音乐时，更是吸引了许多观众纷纷闻讯赶来 打卡留念，成为上海展区极具引流效应的文化符号。 刘健：本届深圳文博会的主题是"创新引领潮流 创意点亮生活"，上海天文馆在文博会上亮相的3件展品 也充分体现了突破和创新。我们平常很少会将天文、音乐和神话三者联系在一起，因此，我们想通过陨 石、磬（古代的打击乐器）、《山海经》中的神兽、《西游记》中的金箍棒等这些互不相关的，但又看 得见、听得 ...

Core Viewpoint - The company plans to change its name from "Alibaba Pictures Group Limited" to "Damai Entertainment Holdings Limited," which is expected to enhance brand recognition and reshape brand strategy in the offline entertainment market [1] Group 1: Financial Performance - Alibaba Pictures has achieved EBITA profitability for five consecutive years, with projected revenue of 6.702 billion yuan for FY2025, representing a year-over-year increase of 33% [1] - Adjusted EBITA is expected to be 809 million yuan, up 61% year-over-year, while Non-IFRS net profit is projected at 524 million yuan, reflecting a 9.5% increase year-over-year [1] Group 2: Business Segments - The offline entertainment business, supported by Damai, is anticipated to become the company's most significant growth driver, as the offline entertainment market continues to grow rapidly [1] - Damai, as the largest ticketing platform in China, reported revenue of 2.057 billion yuan for FY2025, with a substantial year-over-year increase in segment performance [2] - The film and series production segment generated revenue of 2.712 billion yuan for FY2025, down 10% year-over-year, primarily due to market pressures [2] - The IP derivative business saw revenue of 1.433 billion yuan for FY2025, a 73% year-over-year increase, driven by significant growth in licensed IP merchandise sales [3] Group 3: Strategic Directions - The company aims to focus on content leadership, user growth, strengthening commercial derivative capabilities, and actively expanding overseas [3] - The integration of Damai and Alibaba's IP resources is expected to create new growth opportunities, enhancing the company's revenue potential [3] - The company anticipates achieving revenues of 7.39 billion yuan and 8.25 billion yuan for FY2026 and FY2027, respectively, with adjusted net profits of 1.16 billion yuan and 1.34 billion yuan [4]

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].

Investment Rating - The report maintains an "Outperform" rating for the company [5][22]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of $4.8 billion, a year-on-year increase of 30%, driven primarily by e-commerce and digital financial services [8][22]. - The e-commerce segment showed significant growth, with revenue reaching $3.5 billion, up 28% year-on-year, and a GMV increase of approximately 21% [10][22]. - Digital financial services, recently rebranded as Monee, reported a revenue of $787 million, a 58% increase year-on-year, largely due to credit services [16][22]. - The digital entertainment segment also performed well, with revenue of $496 million, an 8% increase year-on-year, and a 51% increase in transaction volume [17][22]. Revenue and Profit Forecast - Revenue projections for 2025-2027 have been adjusted to $21 billion, $25 billion, and $28.5 billion, reflecting increases of 4%, 6%, and 5% respectively, primarily due to anticipated growth in gaming revenue [22]. - Net profit forecasts have been revised to $1.7 billion, $2.6 billion, and $3.4 billion for the same period, with increases of 13% across the board, driven by improved e-commerce profit margins [22]. Financial Metrics - The company achieved a net profit margin of 8% in Q1 2025, with a notable improvement in e-commerce profitability [8][10]. - The adjusted EBITDA for the e-commerce segment was $264 million, with a profit margin of 7.5%, reflecting enhanced operational efficiency [10][22]. - The digital financial services segment reported an adjusted EBITDA of $241 million, with a profit margin of 31% [16][22]. Valuation - The company is currently valued at 57 times its earnings for 2025, indicating a strong market position and growth potential [22].