机构：中信建投证券 研究员：杨艾莉/蔡佳成 核心观点 持续推荐公司，近期港股名称正式由阿里影业改为大麦娱乐，同时公司还有两项业务变化，代表在核心 业务上更加清晰和聚焦： 1）大麦：成为苏超南京苏州站的官方购票渠道标志大麦进入区域型体育赛事票务市场，扩大在男性用 户中的知名度，与以女性为主的音乐演出市场形成互补。看好大麦的票务覆盖范围扩张，加强"买票上 大麦"的用户心智，提升长期增长空间。音乐演出依然高景气，同时看好平台继续提升在本地演出、文 旅演出、体育赛事等领域的市占率。 2）IP：锦鲤拿趣品牌调整不影响公司C 端衍生业务开展。且从阿里鱼近况看，三里鸥、Chiikawa 等IP 授权和营销活动增加，看好业绩增量贡献。阿里鱼的全链路IP 运营能力，有望为公司后续签约更多优 质IP 打下基础。 我们预计2026-2028 财年公司归母净利润9.46/11.41/13.4 3亿元，同比增长160.18%/20.64%/17.65%，2025 年7 月7 日收盘价对应PE 为25.89/21.46/18.24x，维持"买入"评级。 事件 2025 年6 月25 日，据36 氪，基于市场、经营等综合因素考量，大麦娱乐 ...

今日，知名歌手周杰伦正式入驻抖音平台，名称"周同学"，认证身份为歌手。该账户公开不到15分钟涨粉5万，截至9日午间粉丝数超260万，同时该账号 暂未发布作品。 平台辟谣9位数签约费 7月8日上午，网络盛传周杰伦即将入驻抖音，平台上已有私密账号，该账号主页显示ID为周同学，认证为歌手，并且头像与此前周杰伦公布的官方二次 元头像一致。还有消息人士称此次签约，抖音花费9位数。 随后抖音相关负责人表示：账号属实，但针对网传的抖音花费9位数与周杰伦签约传言为谣言。 9日上午，账号"抖音大明星"晒出周杰伦视频宣布：这次是真的@周同学来了！此外，周杰伦资讯平台Jaychou音乐站也发布了周杰伦真抖音号出现了！杰 迷们可以关注起来了！ 受此消息影响，多只与周杰伦相关的概念股大涨。据悉，由周杰伦母亲叶惠美等关联人士实控的港股巨星传奇一度大涨100%，巨星传奇的商业模式是"周 杰伦IP+新零售"，去年还曾靠《周游记2》热播，IP业务收入增长65%。 此外，锋尚文化（300860.SZ）午后涨停。据了解，锋尚文化在2024年已与周杰伦合作数实融合项目，并将深度参与2025周杰伦"嘉年华"世界巡回演唱会 的策划工作。该公司主营业务涵 ...

据道略音乐产业研究院数据，2025年，国内5月总演出场次达330场，同比增长20.9%；5月全国演唱会观众达448.4万人次，与2024年4月（364.0万人次） 相比，同比增长23.2%；5月票房总收入达33.33亿元，较2024年同期有小幅增长。全国音乐节举办数量、观众人次、演出票房，与去年相比同样有四成左 右的增幅。据此可以推断密集开演的6月，数据大概率相比5月只高不低。 "白云观保佑我成功抢票！"为了抢到时代少年团的票，95后小五现在已经用上了所有能用的法子，发动身边十几个朋友帮抢，科学的、玄学的。 85后卡门则在社交媒体记录了自己"场外跟唱"的心路历程："三开三败，麻烦了十几个朋友帮抢均无功而返。下了飞机直奔0元场外票，这起码能装一个五 棵松。……要说场外有什么优势，那就是我们可以躺平，可以喝8+1，可以讲小品，可以给旁边带着娃一起来的妈妈分酒喝，可以和旁边一人来的小哥碰 杯。孙燕姿的歌伴随了我从小学到大学的恋爱与失恋，伴随了北漂和成家，所以我打定了下雨也要来场外的决心。这一场青春，我陪了。下一场，给我一 张票吧。" 明星歌手依然是第一号召力，"秒没""进不去"已经成为热门演唱会的标配。抢不上票的乐 ...

Core Insights - The Chinese entertainment industry is experiencing a divergence, with Damai Entertainment's stock price rising by 91% year-to-date, while Maoyan Entertainment's stock price has fallen by 10% [1][5]. Company Performance - Damai Entertainment has successfully diversified its business by shifting focus from movie ticketing to IP derivatives and offline entertainment activities, projecting a revenue growth of 33% to 6.7 billion RMB for FY2025 [4][13]. - In contrast, Maoyan Entertainment is heavily reliant on the domestic film market, expecting a revenue decline of 14% to 4.1 billion RMB for 2024 due to a 23% drop in movie box office revenue [4][15]. Strategic Differences - The divergence in stock performance is attributed to the fundamental differences in strategic direction between the two companies. Damai's transformation has allowed it to capture the benefits of consumer upgrades and post-pandemic entertainment demand, while Maoyan's reliance on the film market has left it vulnerable [6][15]. - Damai's revenue from movie-related activities is expected to constitute only 37% of its total revenue by FY2026, whereas Maoyan's movie-related revenue will account for over 80% [6][15]. Market Growth and Projections - The offline performance market in China is projected to grow at a compound annual growth rate (CAGR) of 81% from 2022 to 2024, with market revenue expected to reach 80 billion RMB in 2024 [7][8]. - Damai is estimated to achieve 2.1 billion RMB in event ticketing revenue in 2024, with expectations of further growth to 2.5 billion RMB and 3 billion RMB in FY2026 and FY2027, respectively [8][10]. Financial Outlook - Damai's adjusted EBITA is projected to grow by 61% to 809 million RMB for FY2025, with revenues expected to reach 8 billion RMB in FY2026 and 9.3 billion RMB in FY2027, exceeding market consensus by 4% and 7% [13][14]. - Conversely, Maoyan's adjusted EBITA is forecasted to plummet by 70% to 328 million RMB for 2024, with revenues expected to grow only 8% and 4% in FY2025 and FY2026, respectively, falling short of market consensus by 9% and 13% [15][18]. Valuation and Market Sentiment - Morgan Stanley maintains an "overweight" rating for Damai with a target price of 1.2 HKD, while downgrading Maoyan to "neutral" with a target price of 6.8 HKD, reflecting cautious expectations for Maoyan's future performance [6][19].

全球音乐产业深度汇报 Spotify，Live Nation，腾讯音 乐及网易云音乐 20250703 摘要 在线音乐平台用户粘性高于长视频平台，通过扶持独立音乐和版权优势 保持 MAU 稳健，产品生命周期更长，社区建设侧重 UGC 和粉丝互动， 增强用户粘性。 独家版权终结后，腾讯音娱和网易云音娱深入内容制作，成立工作室孵 化自有内容，签约新人，巩固市场地位，降低版权成本，成本控制方面 优于长视频平台。 短视频对长视频平台有分流效应，但对音乐平台是推广渠道，通过短视 频平台进行流量扶持和二次创作，提升用户粘性，网易云音乐通过短视 频平台投放内容。 国内音乐付费率远低于欧美，但有望逐步贴近拉美水平，提升空间巨大。 腾讯音乐通过取消低价会员包和加大对高价会员流量支持，提升 ARPU。 网易云音乐在独立内容资源上具有优势，通过内部工作室和外部签约降 低分账比例，提高毛利率，成长性优于腾讯音乐，估值较高但可通过持 续变现消化。 Q&A 港股上市的腾讯音乐、网易音乐和大麦娱乐在过去一段时间内表现如何？ 最近一段时间，港股上市的腾讯音乐、网易音乐和大麦娱乐表现较好。这些公 司在业务层面逐步放量，支撑了其中长期增长逻辑。 ...

Core Viewpoint - The article highlights the ongoing issue of ticketing platforms failing to meet consumer expectations, particularly in the context of a recent incident where a technical error led to the cancellation of concert tickets, resulting in consumer dissatisfaction despite compensation offers from the platform [1][3]. Group 1: Consumer Experience - Consumers expressed frustration over the inadequate compensation of 200 yuan vouchers, which failed to address the emotional and financial losses incurred from missing out on tickets [1][3]. - The article emphasizes that consumers are often passive recipients of rules set by platforms, and a failure in service should not result in consumers bearing the consequences [1][3][4]. Group 2: Platform Responsibility - Platforms and merchants, having the authority to set commercial rules, are expected to shoulder greater responsibility for errors, particularly when technical issues arise [3][4]. - The article criticizes the practice of platforms transferring the risk of technical failures onto consumers, which leads to tangible dissatisfaction and loss for the latter [3][4]. Group 3: Industry Practices - The incident reflects a broader industry trend where platforms operate under a "platform decides" mentality, often neglecting consumer rights and expectations [3]. - Recommendations include the need for better separation between testing and actual transaction environments, as well as the establishment of transparent compensation standards for consumers [3].

三、演出：量价齐升空间广阔，大麦占据半壁江山。（1）行业：量价齐升逻辑顺畅，政策助力行业扩 容。①规模：2024 年全国线下演出票房达579 亿元，大型演出占比过半。②空间：大型演出人均票房驱 动"价增"，旅游演艺等观演人数驱动"量增"。 ③驱动：演出经济具备溢出效益，作为经济增长新动能潜力较大。（2）大麦：扩品类+出海，"量价"齐 升逻辑顺畅。①现状：深度整合阿里系资源，全链路布局内容、场馆、票务三大现场娱乐领域，大麦票 务市占显著领先，演唱会头部项目覆盖率近100%。②方向：大型演出向海外市场延伸，国内市场进行 旅游演艺、演唱会以外的大型演出（如体育赛事、脱口秀等）等多品类拓展。③竞争优势：票务平台分 成在大型演出收入分成中占比较小，以技术和现场服务为代表的新基建构筑大麦护城河。 投资建议：预计公司FY26-28 实现总收入78.91/95.34/116.83 亿元，同比+18%/+21%/+23%；实现经调整 EBITA 为10.12/14.98/21.33 亿元，同比+25%/+48%/+42%。公司系演出及IP 转授权领域龙头而当前估值 具备性价比，首次覆盖，给予"买入"评级。 机构：中泰证券 研究 ...

Group 1 - The 2025 Global Bank Top 1000 list was released, with Chinese banks ICBC, CCB, ABC, and BOC maintaining the top four positions for eight consecutive years [2] - The Chinese Ministry of Foreign Affairs noted that brands like Mixue Ice Cream and Bawang Tea have gained popularity among foreign consumers, reflecting a shift from replicating Western brands to establishing unique Chinese brands [2] - Starting August 1, 2025, cash transactions over 100,000 RMB for gold and precious metals will require reporting to the Anti-Money Laundering Monitoring and Analysis Center [3] Group 2 - The Shenzhen Market Supervision Administration has mandated that only 3C certified power banks can be sold in Huaqiangbei, leading to a cleanup of non-compliant inventory by vendors [4] - The company Romoss is undergoing internal restructuring following issues related to product recalls and changes in legal representation [4] - The first AI delivery vehicle in China was launched in Wuhan, featuring advanced management and operational capabilities [8] Group 3 - Baidu announced its largest search engine overhaul in a decade, introducing a smart input box that supports extensive text and multimedia capabilities [10] - Alibaba's Taobao Flash Sale announced a 500 billion RMB subsidy plan over the next 12 months to support merchants and consumers [10] - Luckin Coffee opened its first two stores in New York, with prices for drinks ranging from $3.45 to $7.95, reflecting a competitive pricing strategy against Starbucks [12]

【#氪星播报#｜7月2日晚间都有哪些#今日大事件#？】 [星星]Top3大新闻 1、央行发布新规，#8月起现金买黄金珠宝超10万需上报# 2、#一个3C认证至少3个月花费两三万#，认证趋向严格 [星星]科技财经互联网热点 1、#华强北禁售无3C认证充电宝#，目前不少商家正积极清理库存 2、#苹果最薄iPhone17Air再曝#，渲染图曝光 3、#鼠头鸭脖涉事公司将决议解散#，此前该公司因违法被罚款10万元 3、#猫眼就误放周杰伦演唱会回流票致歉#：补偿200元代金券 4、#白云机场回应寄存充电宝20一天太贵#：与行李寄存收费统一 5、#多家中介机构仍在进行私募壳交易#，#中介称60万可拿私募牌照# 6、#盗版LABUBU像卖菜一样摆摊卖#，商家称生意越发难做 7、#折叠iPhone开发进展#：已进入P1原型开发阶段 8、#Switch2被吐槽过热噪音大#的问题 [星星]还有哪些其他要闻 1、#上海交大回应学生被打躺地#：坚决保护学生人身安全 2、#南京大屠杀幸存者照片墙的灯又熄2盏#，在世的幸存者仅有26人 央行最新规定,2025年8月1日起,贵金属 和宝石单笔或者日累计金额人民币 10万元以上 (含 10 ...

影视院线 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 29,875.86 | | 流通股本(百万股) | 29,875.86 | | 市价(港元) | 0.96 | | 市值(百万港元) | 28,680.83 | | 流通市值(百万港元) | 29,875.86 | 请务必阅读正文之后的重要声明部分 "演艺+IP"双引擎，重构线下娱乐新基建 ——大麦娱乐首次覆盖 股价与行业-市场走势对比 一、大麦娱乐：国内领先的全产业链现实娱乐平台。大麦娱乐是一家主要从事内容制 作、宣传和发行、IP 衍生授权及商业运营、院线及娱乐活动票务管理，以及互联网数 据服务的投资控股公司。旗下电影业务累计参与了 300 余部电影的出品发行和推广， 旗下演出业务覆盖全品类现实娱乐票务类型。阿里巴巴集团系公司控股股东，管理层 互联网行业经验丰富且参与持股。23 年起，架构调整激活组织活力，增长进入快车道， 规模效应明显。 相关 ...