以新视角对话新观众 站在世界电影诞生130周年、中国电影诞生120周年的时空交汇点，从创作理念到技术应用，从市场拓展 到海外传播，中国电影的方方面面都向"新"而行。首先，便是创作思维的更新。 "历史题材作品常被误解为'时间的琥珀'，然而，真正优秀的作品不满足于被动映照过往，而是主动折 射历史的光芒，在当代观众的认知光谱中，点燃全新的理解与思考。"青年编剧许渌洋介绍，《南京照 相馆》从题材选择到叙事视角，从故事架构到人物塑造，都在寻求历史记忆与现实世界的呼应。 "历史题材作品不仅告诉人们'过去发生了什么'，更引导人们思考'我们从何而来''我们是谁'以及'我们将 走向何方'。"许渌洋分享道。 核心阅读 第八届中国电影新力量论坛上，近50名青年电影工作者畅谈电影创作及产业发展。透过青年电影人的观 察与思考，我们看见中国电影在创作理念、技术应用、市场拓展等方面持续探索、向"新"而行。 今年以来，从《哪吒之魔童闹海》到《南京照相馆》《浪浪山小妖怪》，一批电影佳作接力上映。众多 充满锐气的创作者，不断突破创作边界，彰显中国青年电影人的创造力与市场影响力。 8月23日，近50名青年电影工作者齐聚在吉林省长春市举办的第八届中 ...

Group 1: Emerging Technologies in Cultural Tourism - A 21-meter long, 10-meter high, and 48-ton bionic mechanical device named Kui Niu Lei Lei has been developed in Dalian, featuring over 180 joints for coordinated movement, becoming a new landmark in Huai Bei's cultural tourism scene [3] - The company recognized as a national-level technology innovation center has developed a database containing over 12,000 traditional patterns and 800 mythological characters, with ongoing efforts to equip these mechanical giants with AI capabilities [5] - The world's first electric vertical takeoff and landing flying vehicle, made from composite materials and featuring a 360-degree panoramic view, has successfully completed its maiden flight in Shenzhen [7] Group 2: Advancements in Film Production - The film industry is leveraging technology to enhance visual effects and reduce production costs, as seen in successful domestic films like "The Wandering Earth" and "Assassination of Novelists" [7] - In Chengdu, a digital creature named "Golden Mouse" was created for the film "The Wandering Earth 3," utilizing 1,331 target bodies and approximately 50 million hair strands to achieve realistic movements and expressions [8][10] - The "Big Light Ball" in Beijing's Shougang Park features hundreds of ultra-high-definition cameras and thousands of LED lights, capable of recreating all lighting effects in film shooting, allowing for the generation of lifelike digital human videos without the need for pre-modeling [11]

Summary of Alibaba Pictures Conference Call Company and Industry Overview - **Company**: Alibaba Pictures - **Industry**: Entertainment and Ticketing, specifically focusing on live performances and film production Key Points and Arguments 1. **Overall Market Performance**: The performance of the live performance market was robust, with total box office revenue reaching 58 billion yuan, a year-on-year increase of 15%. Large concerts contributed over 26 billion yuan, growing by 78% [2][3] 2. **Damai Entertainment Growth**: Damai Entertainment reported revenues of 2.057 billion yuan and operating profits of 1.23 billion yuan, both showing significant growth [2][3] 3. **IP Development**: Alibaba Fish saw revenue growth exceeding 90%, with a core IP matrix that includes brands like Sanrio and Pokémon [2][3] 4. **Technological Advancements**: Damai Entertainment demonstrated significant technological advantages, with over 100,000 concurrent ticket buyers for thousands of events, a 60% increase year-on-year [2][5] 5. **Focus on Live Events and IP**: Alibaba Pictures is concentrating on live performances and IP development while maintaining a stable film business [2][6] 6. **Cautious Film Investment Strategy**: Due to market volatility, Alibaba Pictures is adopting a conservative approach to film investments, optimizing its portfolio and focusing on AI technology to reduce production costs [2][7][9] 7. **Future Market Outlook**: The offline performance market is expected to remain strong in 2025, although concert growth may slow down. The overall industry is projected to stabilize with new categories like tourism and sports events being explored [2][10] 8. **Diverse Revenue Streams**: Damai is expanding into new areas such as tourism and sports events, and its overseas business is thriving, with a focus on Southeast Asia [2][12] 9. **Ticketing Market Dynamics**: The ticketing market is complex, with Damai holding a significant share of large concert projects, having managed over 710 large concerts in 2024 [2][13][14] 10. **Sustainable Growth Focus**: Damai is prioritizing actual revenue and profit over mere market share, ensuring sustainable growth despite competitive pressures [2][15][16] 11. **Content Production Investments**: The company is investing in content production beyond ticket sales, including theater and musical projects, which have shown promising growth [2][11][28] 12. **Risk Management in Live Events**: The risk associated with live event investments is lower compared to film, with a stable revenue model based on ticket sales [2][29] Additional Important Insights - **Integration of Services**: The merger of Damai and Taopiaopiao into a super app aims to enhance user engagement and experience [2][19][20] - **Market Competition**: The company does not view overseas firms as direct competitors but rather as potential collaborators in content production [2][24] - **Regulatory Environment**: The Chinese government has mandated that a minimum of 85% of tickets must be sold in the primary market, impacting ticket distribution strategies [2][25][26] - **Future Project Pipeline**: Damai has over 120 projects in production or preparation, indicating a strong project pipeline for future growth [2][28]

Core Viewpoint - The company demonstrated robust growth in FY25, with significant increases in revenue and adjusted EBITA, despite some challenges in specific segments [2][3][4]. Group 1: Financial Performance - The company achieved revenue of 6.702 billion RMB in FY25, representing a year-over-year increase of 33%, with a gross profit of 2.478 billion RMB, up 23%, and a gross margin of 37.0%, down 3.1 percentage points [2]. - Adjusted EBITA reached 809 million RMB, reflecting a 61% year-over-year growth, while the net profit attributable to shareholders was 364 million RMB, up 28% [2]. Group 2: Segment Performance - The film technology and investment production and distribution platform generated revenue of 2.71 billion RMB, down 9.6% year-over-year, primarily due to underperformance in film box office returns [3]. - The ticketing platform, 大麦, reported revenue of 2.06 billion RMB, a substantial increase of 236%, maintaining its leading position in the ticketing market with over 3,800 large-scale projects delivered [4]. - The IP derivatives business generated 1.43 billion RMB, up 73% year-over-year, with 阿里鱼 expanding its IP matrix significantly [5]. - The drama production segment earned 500 million RMB, down 16% year-over-year, with a focus on developing over 20 projects currently in production [5]. Group 3: Cost and Profitability - The company recorded a gross profit of 2.478 billion RMB, with sales and marketing expenses of 790 million RMB (up 11.2%) and management expenses of 1.24 billion RMB (up 26.5%) [6]. - Operating profit was 650 million RMB, reflecting a 109% year-over-year increase, while losses from equity method investments were 428 million RMB, significantly higher than the previous year's 113 million RMB [6].

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, reflecting a 23% growth, and a gross margin of 37.0%, down 3.1 percentage points year-on-year [1] - The growth in the ticketing platform, Damai, was robust, with revenue reaching 2.06 billion RMB, a staggering 236% increase year-on-year, while the IP derivatives business generated 1.43 billion RMB, up 73% year-on-year [1] - The company is focusing on its core businesses of live performances and IP derivatives, with cautious expectations for film investments [2] Summary by Sections Financial Performance - FY25 revenue was 6.702 billion RMB, with a gross profit of 2.478 billion RMB and an adjusted EBITA of 809 million RMB, marking a 61% increase year-on-year [1] - The net profit attributable to shareholders was 364 million RMB, a 28% increase year-on-year [1] Business Segments - Film technology and investment production revenue was 2.71 billion RMB, down 9.6% year-on-year due to underperforming box office results [1] - Damai's ticketing platform maintained its leading position in the market, serving over 3,800 large-scale projects [1] - The IP derivatives business saw significant growth, with Alibaba Fish, the largest IP licensing agency in China, expanding its IP matrix and achieving over 90% growth in retail sales of licensed IP products [1] Profitability and Expenses - The company reported a gross profit of 2.478 billion RMB, with sales and marketing expenses of 790 million RMB, and management expenses of 1.24 billion RMB [1] - Operating profit reached 650 million RMB, a 109% increase year-on-year [1] Future Projections - The net profit forecasts for FY26 and FY27 have been revised upwards to 880 million RMB and 1.111 billion RMB, respectively, with a new forecast for FY28 at 1.34 billion RMB [2][3]