申万宏源发布研报称，维持大麦娱乐(01060)"买入"评级，主要考虑到公司IP业务高增、演出业务稳步扩 张，看好公司在高景气现场娱乐赛道的中长期价值。 演出方面 核心国内演唱会品类稳增，启动向外出海、向上游延伸。FY26H1实现收入13.4亿同比+14.5%;分部业绩 7.5亿，同比+4.7%。利润率下降可能系国际化提前布局+演出内容投资业务的利润率偏低。(1)票务：核 心品类演唱会受制于供给(头部内容供给、场馆饱和等供给限制使得增速有所回落)，大麦平台GMV稳中 有升，需求侧仍然旺盛，抢票用户数同比+17%。现场服务构筑壁垒：为主办方提供一站式解决方案， 大麦演出FY26H1服务演出数量超2500场，场次同比+19%。(2)现场娱乐内容：收入同比+50%。参与主 办/投资多个场大型演唱会(如易烊千玺2025巡回)、音乐节、戏剧、脱口秀，向行业上游延伸。(3)出 海：海外艺人来华演出日益频繁、国内观众跨境观演需求提升，以东南亚和日韩为起点稳步推进中。同 时公司积极布局上游，中短期将邀约全球头部艺人赴亚洲演出。 影视内容业务仍在磨底 电影：FY26H1收入10.6亿，分部业绩0.95亿，半年报明确调整电影投资策 ...

Core Insights - Dama Entertainment has launched a new global performance service platform called "MAISEAT," aimed at providing ticket purchasing and viewing services for various events worldwide, including concerts, sports events, music festivals, and dramas [1][3] - The MAISEAT platform supports multiple languages and payment options, facilitating easier access for both Chinese users seeking overseas events and international users looking to attend performances in China [1][3] Business Overview - MAISEAT is designed to cater to global users and the overseas performance market, differentiating itself from Dama's focus on domestic users and the Greater China performance market [1][3] - The platform will also support the landing of overseas performance projects, providing comprehensive service guarantees for domestic and international performing teams [3] Financial Performance - For the fiscal year ending September 30, Dama Entertainment reported total revenue of approximately 4.047 billion RMB, a year-on-year increase of 33%, and a net profit of about 520 million RMB, up 54% [3][4] - The performance content and technology segment has emerged as a new growth engine, recording revenue of approximately 1.339 billion RMB, a 15% increase from the previous year's 1.169 billion RMB [4][6] Strategic Direction - Dama Entertainment aims to leverage Alibaba Group's technological and resource advantages, along with its 20 years of experience in the performance market, to expand internationally [3] - The company plans to use Southeast Asia and Japan/Korea as initial markets for its international strategy, with a focus on providing a one-stop ticketing and viewing service platform for global users [4][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.21, up from a previous target of HKD 0.75 [5][7]. Core Insights - The company reported a revenue of HKD 4.947 billion for FY26H1, representing a year-on-year increase of 33%, primarily driven by strong growth in IP derivatives, particularly from Aliyu [1]. - The net profit attributable to the parent company reached HKD 520 million, a 54% increase year-on-year, attributed to the excellent performance of Aliyu and a reduction in investment losses [1]. - Adjusted EBITA was HKD 550 million, a decrease of 14%, but when excluding a one-time financial asset impairment reversal of HKD 160 million from the previous year, the adjusted EBITA showed a 14% increase [1]. Summary by Sections IP Derivative Business - The IP derivative business generated revenue of HKD 1.16 billion, a significant year-on-year increase of 105.31%. The segment's performance was impacted by a one-time loss due to the shutdown of Jinli Naju, but the IP licensing business saw rapid growth, benefiting from collaborations with various IP brands [2]. Ticketing and Live Entertainment - Revenue from the company's performance content and technology business was HKD 1.339 billion, up 14.54% year-on-year. The growth was driven by ticket sales, although the pace was moderated by limited supply of performance content and venue resources [3]. Film and Series Production - Revenue from film-related businesses declined to HKD 1.064 billion, down 15.22% year-on-year. However, the series production business saw a remarkable increase of 693.44%, with revenue reaching HKD 484 million, driven by investments in high-quality content [4]. Profit Forecast and Valuation - The profit forecast has been revised upwards, with expected net profits for FY26-FY28 projected at HKD 915 million, HKD 1.16 billion, and HKD 1.374 billion, respectively. The target valuation for FY26 is set at 36 times PE, reflecting the ongoing high growth in the derivative business [5].

Core Insights - The company reported a total revenue of approximately RMB 4.047 billion for the fiscal year ending September 30, 2025, representing a year-on-year growth of 33% [1] - The net profit attributable to shareholders reached approximately RMB 520 million, marking a 54% increase compared to the previous year [1] - The growth is attributed to the company's diversified strategy and the deepening of its "Entertainment + AI" initiative, which has expanded business opportunities across various segments [1] Revenue Breakdown - Revenue from performance content and technology business amounted to RMB 1.339 billion, reflecting a year-on-year increase of 15% [1] - Revenue from IP derivative business reached RMB 1.160 billion, showing a significant growth of 105% [1][4] User Growth and Market Position - The platform's user base has surpassed 300 million, maintaining a leading position in the global industry [2] - The total transaction volume (GMV) on the platform has shown steady growth, with over 2,500 large-scale performances successfully serviced during the reporting period, a 19% increase year-on-year [2] Content Strategy and Performance - The company has successfully hosted high-quality events such as the "2025 Anaya Xia Mi Music Festival" and "Yi Yang Qian Xi 2025 Concert," with live entertainment content revenue growing over 50% year-on-year [3] - The company emphasizes a dual strategy of focusing on "top-tier quality" and "inclusive, affordable" content, expanding its content ecosystem through various brands [2][3] IP Derivative Business - The IP derivative business, centered around Aliyu, has shown robust growth with revenue exceeding RMB 1.160 billion, a 105% increase year-on-year [4] - Aliyu has established partnerships with hundreds of quality IPs and brands, enhancing its market presence through localized and refined operational strategies [4][5] International Expansion - The company is actively pursuing internationalization, leveraging its core capabilities in the Chinese market to expand into Southeast Asia and Japan/Korea [3] - The increasing demand for cross-border performances presents significant opportunities for the company to grow its international business [3] Technological Innovation - The company has integrated AI technology into its operations, enhancing its service offerings in the film and entertainment sectors [7] - The film technology platform has maintained a leading market share, and AI tools have been utilized for script evaluation, release diagnostics, and box office predictions [7] Content Production and Investment - The company has successfully produced and promoted films such as "Chasing the Wind," achieving significant box office success [8] - The series production segment has seen a revenue increase, with a focus on high-quality content and a robust pipeline of over 20 projects in development [8]

Core Viewpoint - The company maintains its revenue and profit forecasts for the full year, with a target price of HKD 1.32, indicating a potential upside of 40% from the current stock price [1] Group 1: Financial Performance - The company expects a net profit of no less than 500 million yuan for the first half of FY26, representing a year-on-year increase of approximately 48% [1] - The forecast for Non-IFRS EBITA for FY1H26 is 537 million yuan [1] Group 2: Business Segments - The strong performance of the Aliyu business is a key driver of the profit increase, with significant growth in revenue and profit attributed to popular IPs such as Sanrio, Chiikawa, and Crayon Shin-chan [2] - The company predicts a 55% year-on-year increase in derivative income to 930 million yuan for FY1H26, despite the negative impact from the closure of Jinli Naju [2] Group 3: Strategic Investments - The company has a solid cash reserve and plans to diversify investments in the entertainment industry, including local cultural tourism, sports events, and small to medium-sized productions [3] - A three-year strategic cooperation agreement has been renewed with Galaxy Macau, indicating a commitment to stable ticketing operations and potential growth in overseas markets [3] Group 4: Risk Management - The increase in net profit for FY1H26 is also attributed to a reduction in investment portfolio risk exposure, with a controlled risk outlook for upcoming film productions [4]

Core Viewpoint - Alibaba's subsidiary, Aliyu, is expected to benefit from the collaboration between Labubu and the renowned American card brand Topps, with the launch of Labubu collectible cards on its Tmall flagship store [1][5]. Group 1: Collaboration and Product Launch - The pre-sale for the Topps X The Monsters/Labubu collectible card series will begin on October 20 at 20:00, as announced by Aliyu [2]. - This collaboration marks a special 10th anniversary edition for Labubu fans, featuring cards designed by the original artist, Long Jiasheng [2]. - The collectible cards will include rare types such as refractor versions and artist-signed replicas, with only 22 signed cards available [2]. Group 2: Market Potential and Growth - Topps, a well-known card publisher, has established partnerships with major sports leagues like MLB, NFL, and UFC, and has a history of successful collaborations with entertainment IPs like Star Wars and Marvel [3]. - The collaboration is expected to enhance Topps' market presence in China, benefiting both Topps and Aliyu as they tap into the growing card industry [3][5]. - Recent successful launches, such as the Chiikawa flagship store and the second Sanrio Super Brand Day, indicate strong performance in Aliyu's IP licensing business [1][4]. Group 3: Financial Projections - The company forecasts net profits for the fiscal years 2026-2028 to be 854 million, 957 million, and 1.07 billion yuan, representing year-on-year growth rates of 134.85%, 12.08%, and 11.84% respectively [1][5]. - The price-to-earnings ratio (PE) for October 14, 2025, is projected to be 32.27, 28.79, and 25.74 for the respective years [1][5].

Core Viewpoint - The article discusses the challenges and controversies surrounding ticket refunds for performances, highlighting the disparity between consumer expectations for refunds and the ticketing platforms' policies that often deny refunds due to the unique nature of event tickets [1][2]. Group 1: Consumer Complaints and Trends - A significant increase in complaints related to ticket refunds has been reported, with over 90% of concert-related complaints in the first half of 2025 focusing on refund requests [1][2]. - The issue of difficulty in obtaining refunds for event tickets has been a prominent topic in consumer rights discussions, particularly in 2023 [1][2]. Group 2: Legal and Regulatory Context - The legal framework allows for a "seven-day no-reason return" policy for online purchases, but event tickets are classified as "time-sensitive" and "scarce," which justifies their exclusion from this policy [2][3]. - Current laws do not provide clear guidelines on the refundability of tickets, leading to ongoing disputes and confusion among consumers and legal experts [3][6]. Group 3: Consumer Rights and Industry Practices - Many consumers face strict refund policies, with platforms often refusing refunds even in cases of personal emergencies, citing the nature of tickets as non-refundable items [3][5]. - The ticketing industry has established a norm of "no refunds," which has been criticized as an unfair practice that limits consumer rights [7][10]. Group 4: Proposed Solutions and Regulatory Improvements - Experts suggest that a more structured refund mechanism should be implemented, similar to those in the airline and railway industries, to provide clearer guidelines for consumers [7][10]. - Recommendations include establishing a tiered refund system based on the time remaining until the event, allowing for partial refunds under certain conditions [9][10].

Core Viewpoint - The article discusses the challenges consumers face regarding ticket refunds for performances, highlighting the increasing complaints and the legal complexities surrounding the issue [1][2][3] Group 1: Consumer Complaints and Experiences - A significant rise in complaints related to ticket refunds has been reported, with over 90% of concert-related complaints focusing on refund requests [1] - Consumers often encounter rigid refund policies, as illustrated by cases where individuals were denied refunds despite valid reasons such as family emergencies [3][4] - Many consumers express confusion and frustration over the inability to return tickets, especially when the event date is far off and does not impact resale opportunities [5][6] Group 2: Legal and Regulatory Framework - The legal basis for the "no refund" policy on tickets stems from the unique characteristics of performance tickets, which are time-sensitive and scarce, unlike regular consumer goods [2][3] - Current consumer protection laws provide a "cooling-off" period for online purchases, but tickets are often classified under exceptions that do not allow for refunds [2][3] - There is a lack of clear legal guidelines specifically addressing ticket refunds, leading to inconsistent court rulings on similar cases [6][7] Group 3: Industry Practices and Recommendations - The ticketing industry is criticized for its inconsistent refund policies, with some platforms allowing refunds under certain conditions while others outright prohibit them [8][10] - Experts suggest adopting a tiered refund system similar to those in the airline and railway industries, which could provide a fairer approach to ticket refunds [10][11] - Regulatory bodies are urged to establish clearer rules and enhance oversight to protect consumer rights in the ticketing market [12]

Group 1 - The article explores the emotional and social connections behind concert spending, revealing that 75% of respondents spend over 10,000 annually on concerts, with 60% spending between 10,000 to 30,000 and 10% spending 50,000 to 100,000 [1][2] - The discussions in the comments highlight that concert attendance is not just about financial expenditure but also about shared experiences, joy, and personal growth [2][3] - The interviews conducted reveal that for many fans, their favorite artists serve as life mentors, influencing their personal development and emotional well-being [6][7][8] Group 2 - Fans express a willingness to spend significant amounts on concert tickets, often prioritizing these experiences over other personal expenses, indicating a strong emotional investment in their favorite artists [12][17] - The article notes the challenges fans face in securing tickets, including the prevalence of scalpers and the high demand for popular artists, which can lead to frustration [21][22] - The narrative emphasizes the importance of the concert experience itself, including the atmosphere, sound quality, and personal connections made during events, which contribute to the overall value perceived by attendees [9][18][24]

Group 1 - The entertainment ticket market is experiencing a surge in popularity, but this has also led to an increase in ticket fraud schemes [1][3] - Common fraud tactics include impersonating official ticketing personnel to collect personal information under false pretenses [3][5] - Fraudsters create counterfeit ticketing websites or apps, promoting them through ads and social media, leading to additional financial demands after initial payments [5][7] Group 2 - Scammers exploit social media for personal ticket transfers, often resulting in buyers being blocked after payment or receiving unverifiable electronic tickets [7][8] - Authorities advise purchasing tickets only through legitimate platforms and being cautious of prices significantly below market value [8] - Individuals are urged to protect personal information and report any suspicious activity immediately to law enforcement [8]