Core Viewpoint - StubHub's stock performance has been disappointing since its IPO, trading 13% below initial pricing after two days, contrasting sharply with other recent IPOs like Figma and Klarna, which have seen significant gains [2][4][7] Company Performance - StubHub's stock closed lower for both sessions following its IPO, despite record highs in major indexes, indicating a lack of investor confidence [2][3] - The company faces long-term challenges, including competition from Live Nation and Vivid Seats, which may be impacting its stock performance [3] Market Comparison - In comparison to StubHub, companies like Figma and Klarna have enjoyed strong market debuts, attributed to their positive public perception and customer satisfaction [4][5] - Figma's IPO was celebrated with a block party, highlighting its popularity among digital designers, while Klarna's "buy now pay later" model, despite some criticism, is well-received by its users [5][6] Customer Sentiment - StubHub is perceived as a necessary service rather than a beloved brand, with many customers expressing dissatisfaction, which may contribute to its stock struggles [2][6]

Core Insights - StubHub has set its IPO price at $23.50 per share, aiming to raise approximately $800 million by issuing 34.04 million shares [1] Company Overview - Founded in 2000, StubHub is a leading platform connecting fans in over 200 countries with their favorite sports events, concerts, and theatrical performances [1] - The company has recently secured a multi-year partnership with Major League Baseball (MLB), further solidifying its leadership position in the live entertainment ticketing sector [1] IPO Details - The IPO is scheduled to begin trading on the New York Stock Exchange on September 17, 2025, under the ticker symbol "STUB" [1] - J.P. Morgan and Goldman Sachs are serving as the lead joint bookrunners for this offering [1]

Summary of the Conference Call for Damai Entertainment Industry and Company Overview - **Company**: Damai Entertainment - **Core Businesses**: - Damai Live Ticketing Platform - Aliyu IP Licensing and Film-related Business - **Market Position**: Leading provider of live entertainment ticketing services in China, actively expanding into overseas markets [2][4] Key Points and Arguments Damai Live Ticketing Platform - **Revenue Growth**: Expected revenue of 21 billion in 2024 with a gross margin of 64% [2] - **User Growth**: Monthly Active Users (MAU) increased from a few million pre-pandemic to 20 million in 2024, peaking at 50 million [2][7] - **Market Expansion**: Significant growth in the large concert market, from 3-4 billion annually (2016-2019) to approximately 30 billion in 2024 [2][9] - **Service Fee**: The platform's service fee rate is around 7-8% [6] Aliyu IP Licensing and Derivative Products - **Revenue Increase**: Revenue grew from 200 million in 2019 to 1.4 billion in 2024, with a total agency amount of approximately 4 billion USD [2][10] - **Partnerships**: Collaborations with well-known IPs like Sanrio and Pokémon, which have significantly contributed to revenue [11][12] - **SKU Development**: Over 30,000 SKUs launched through partnerships with more than 200 brands [13] Market Trends and Future Outlook - **Concert Market Growth**: The concert market is projected to reach 300 billion in 2024, indicating a rapid recovery and growth post-pandemic [9] - **IP Licensing Market**: China's licensed market is expected to become the fourth largest globally by 2025, with continued rapid growth anticipated [14] Content Production and Film Ticketing - **Ticketing Market Share**: Taopiaopiao holds a stable market share of 30-40% in the film ticketing sector [15] - **Content Strategy**: Ali Pictures has adopted a "dual dragon" strategy, focusing on both ticketing and high-quality content production, with a projected revenue of 500 million from series in 2024 [15][16] Additional Important Insights - **Seasonal Demand**: MAU shows seasonal fluctuations, particularly during peak concert seasons [7] - **Diverse Event Hosting**: Damai actively hosts various events, including music festivals and theater productions, to enhance its influence in the entertainment sector [8] - **Profitability Challenges**: Despite revenue growth, the content production segment faces low gross margins due to customized production costs [16]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 2.472 billion yuan for the first half of 2025, representing a year-on-year growth of 13.9%, primarily driven by the growth in entertainment content services [3][5]. - The gross profit was 937 million yuan, a decrease of 19.0% year-on-year, with the gross margin declining by 15.4 percentage points to 37.9%, mainly due to an increase in revenue costs by 521 million yuan compared to 2024 [3][5]. - The net profit was 179 million yuan, down 37.3% year-on-year, while the adjusted net profit was 235 million yuan, a decrease of 33.2% [3][5]. Summary by Sections Revenue and Profitability - The company achieved a revenue growth of 18.0% in entertainment content services, reaching 1.209 billion yuan, which accounted for 48.9% of total revenue [8]. - The company participated in the distribution or production of 29 domestic films and 9 imported films, with the number of films reaching a historical high for the same period [8]. Business Operations - The company is actively exploring and laying out IP derivative businesses, having developed its own IPs such as "Panda Plan" and "Children of Time," and is collaborating on film promotions and IP derivative products [5]. - The online entertainment ticketing segment saw a revenue increase of 12.8% to 1.180 billion yuan, accounting for 47.7% of total revenue, with significant growth in both international and local performance ticketing [8]. Strategic Initiatives - The company is enhancing its data capabilities and investing in AI and big data infrastructure to support its "Technology + Full Entertainment" dual-driven growth model [5]. - The company has established deep partnerships with major venues in Hong Kong and Macau and is expanding into Southeast Asia with various performance projects [8].

Group 1 - StubHub Holdings Inc. has updated its IPO filing, revealing an increase in both losses and revenue, indicating a potential delay in its public offering [1] - For the quarter ending March 31, the company reported a net loss of $35.9 million and revenue of $397.6 million, compared to a loss of $29.7 million and revenue of $360.1 million in the same period of 2024, marking a 21% increase in losses and a 10% growth in revenue [1] - The total gross merchandise volume (GMV) for the first quarter reached $2.1 billion, surpassing $1.8 billion from the previous year, with over one million ticket transactions processed for events in more than 90 countries [1] Group 2 - StubHub has been seeking a valuation of over $13 billion since at least 2022, with a previous attempt to go public delayed due to unfavorable market conditions [2] - The company is led by co-founder and CEO Eric Baker, who holds 5.2% of Class A shares and has significant voting power through Class B shares, maintaining over 90% voting control prior to the IPO [2] - The IPO is being led by JPMorgan Chase and Goldman Sachs, with over ten investment banks involved, and plans to list under the ticker "STUB" on the NYSE [3] Group 3 - Ticket sales costs surged by 34% year-over-year to $28.7 million in the first quarter, primarily due to increased guarantees to sellers, which may be a critical factor for investors assessing the sustainability of the company's profit model [3]

Core Viewpoint - The company expects a revenue increase for the first half of 2025, but a significant decline in profit attributable to shareholders compared to the same period in 2024 [1][2]. Group 1: Financial Projections - The company anticipates revenue for the first half of 2025 to be approximately 2.4 billion to 2.5 billion RMB, representing a growth of about 10.6% to 15.2% compared to 2.171 billion RMB for the first half of 2024 [1]. - The expected profit attributable to shareholders for the first half of 2025 is projected to be around 160 million to 200 million RMB, which is a decrease of approximately 29.8% to 43.8% from 285 million RMB in the first half of 2024 [1]. Group 2: Market Performance and Challenges - The overall box office for the first half of 2025 is expected to be 29.231 billion RMB, a 22.91% increase from 2024, driven by major films during the Spring Festival [2]. - However, from March to June 2025, the film market faced a significant downturn, with total box office revenue dropping to 6.771 billion RMB, a year-on-year decline of 33.68% due to a lack of major films [2]. - Despite releasing a record number of 24 films during the reporting period, some films underperformed at the box office, leading to a decline in profitability for the entertainment content service business [2]. Group 3: Future Developments and Strategies - The company has a strong pipeline of quality content, with several films achieving excellent reviews and box office performance during the summer season [3]. - Upcoming films and events include major concerts and esports tournaments, indicating a strategic focus on enhancing market competitiveness and diversifying revenue streams [3]. - The company is actively exploring new business models in IP development, with early-stage investments in IP reserves, operations, and channel construction, which are expected to positively impact future operations [3].

Financial Data and Key Metrics Changes - Net revenue for Q2 2025 was $72.8 million, a decline of 14% year over year, but at the high end of the company's outlook range [18] - Adjusted EBITDA was $6.4 million, representing an adjusted EBITDA margin of 8.8%, significantly above expectations [22] - Gross margin improved to 67.5%, up 60 basis points from Q1, driven by strong performance in high-margin ads revenue [20] Business Line Data and Key Metrics Changes - Ticketing revenue declined by 10%, while Marketplace revenue significantly decreased due to the elimination of organizer fees [18] - Eventbrite ads grew by an impressive 50%, becoming a key growth driver for the company [18] - Paid ticket volume was $19.7 million, reflecting a 7% decline, but showed improvement with only a 1% decline year over year in July [18][19] Market Data and Key Metrics Changes - The recovery in paid creators and paid ticket volume showed significant improvement in July, with paid creators nearly flat year over year [6][7] - The company observed a faster return of small-scale creators compared to larger ones, impacting the average tickets sold per creator [19] Company Strategy and Development Direction - The company is focused on stabilizing its core ticketing business and advancing long-term strategies to enhance marketplace momentum [6][9] - New tools like Lineup for music organizers and enhanced Eventbrite ads are being developed to drive creator engagement and ticket sales [9][10] - The company is investing in consumer discovery tools and premium advertising to improve the overall user experience and drive growth [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, citing positive trends in July and ongoing improvements in operational efficiency [6][35] - The company anticipates achieving monthly year-over-year growth in paid ticket volume by the end of the year, despite a mix shift impacting revenue outlook [29] - The outlook for Q3 is net revenue between $70 million and $73 million, with an adjusted EBITDA margin of approximately 7% [29] Other Important Information - The company secured a new $60 million term loan to strengthen its liquidity and plans to repurchase a significant portion of its convertible notes [23][24] - Operating expenses decreased by 16% year over year, marking the sixth consecutive quarter of reductions [21] Q&A Session Summary Question: What drove the acceleration in paid creators and paid ticket growth in July? - Management noted that the recovery is supported by positive behavior from creators and consumers, with paid ticket volume showing a sharp improvement [35] Question: Are there changes in the competitive landscape affecting the mix impact from creators? - Management indicated that there hasn't been a massive shift in the landscape, and Eventbrite remains well-positioned within the mid-market [39]

Core Viewpoint - Dama Entertainment has achieved an AA ESG rating, the highest in the domestic media and entertainment industry, reflecting its commitment to sustainable development and responsible operations [4][5]. Environmental Initiatives - Dama Entertainment follows Alibaba Group's carbon neutrality commitment by setting its own carbon reduction targets, focusing on Scope 1 and Scope 2 emissions [2]. - The company has implemented green operations, with 46% of its office park powered by green electricity and the introduction of an intelligent energy management system [3]. - Initiatives include paperless offices, waste sorting, and a biowaste fermentation program that processes 1,200 tons of kitchen waste annually [3]. Social Responsibility - Dama has established a training platform with a 100% coverage rate, totaling nearly 30,000 hours of training, with an average of 17 hours per employee [3]. - The company has produced over 70 positive films, generating a cumulative box office of over 18 billion yuan and attracting over 400 million viewers [3]. - Dama's customer service improvements include a 70% increase in refund efficiency and a 100% complaint handling rate, with a net promoter score increase of 8.3% year-on-year [3]. Cultural Outreach - The "Taopiaopiao Starlight Project" has conducted over 2,300 public screenings across 24 provinces, benefiting over 230,000 people [4]. - The "Good Plays in a Row" initiative offers quality dramas for under 100 yuan, promoting art accessibility [4]. Governance and Compliance - Dama has established a "three lines of defense" risk management system, with no major management deficiencies reported during the period [4][8]. - The company has a strict anti-corruption mechanism, with 100% of suppliers signing integrity agreements and full coverage of anti-corruption training for employees [4]. Challenges and Discrepancies - Despite the positive ESG report, Dama has faced significant negative press regarding ticketing issues, including a problematic refund policy and system failures during high-demand events [5][6]. - The company has been penalized for unauthorized ticket sales, with fines exceeding 700,000 yuan [5]. - There is a discrepancy between reported customer service metrics and actual performance, with a complaint resolution rate of only 34% on the Black Cat platform, contrasting with the claimed 100% [6][8].

Summary of Conference Call Records Company Overview - **Company**: Alibaba Fish (阿里鱼) - **Industry**: IP Licensing and Entertainment Key Points and Arguments IP Resources and Licensing - Alibaba Fish operates under both exclusive and non-exclusive licensing models for well-known IPs such as Sanrio, Jikawa, Pokémon, and Crayon Shin-chan, with top IPs contributing the majority of revenue [2][3] - The company has approximately 200 IP resources categorized into tiers, with top IPs including Sanrio family, Pokémon, and Jikawa, while also signing lightweight IPs like the Japanese manga "Ranma 1/2" [3][4] - A proprietary evaluation system is used to classify IPs based on downstream sales performance (GMV), with top IPs contributing over 80% of revenue [4][5] Revenue and Business Strategy - In 2024, Alibaba Fish's total IP revenue was 1.43 billion, primarily from IP licensing (ToB business), Tmall flagship store operations, and collectible toy service fees [2][19] - The company plans to focus on C-end business in 2025, developing in-house IP merchandise brands and signing designers for new IP development [15][16] - Jikawa is expected to be a significant growth contributor in 2025, with successful offline pop-up stores and animation releases planned [12][14] Collaboration and Market Impact - The partnership with Sanrio, initiated in early 2023, has significantly boosted Sanrio's performance in the Chinese market through various marketing and promotional activities [10][11] - Alibaba Fish's marketing strategies have increased IP exposure and fan engagement, leading to a notable performance turnaround for Sanrio [11] Market Trends and Challenges - The live performance market is experiencing varied growth rates, with concert growth slowing due to venue resource limitations, while sports and theatrical events are exceeding expectations [22][28] - High-tier artists maintain high attendance rates in lower-tier cities, while mid-tier artists face challenges in these markets [25][26] International Expansion - Alibaba Fish has established an international strategy focusing on Hong Kong, Macau, and Southeast Asia, collaborating with venue ticketing systems and investing in joint ventures [29] Film Industry Strategy - The film market has been underperforming, leading the company to reduce investments in new film projects and focus on optimizing existing resources [30] Additional Important Insights - The company maintains a balanced approach to hiring, ensuring that business development and creative roles are filled without excessive expansion [19] - The competitive landscape in the ticketing industry is intense, with Alibaba Fish maintaining transparent pricing strategies amidst aggressive competition from other platforms [28]

Group 1 - Jay Chou officially joined Douyin platform under the account name "周同学" and gained over 260,000 followers within 15 minutes of opening, despite not having posted any content yet [1] - Douyin denied rumors regarding a nine-digit signing fee for Jay Chou, confirming the account's authenticity but refuting the financial claims [6] - Following the announcement, several stocks related to Jay Chou surged, with "巨星传奇" seeing a 100% increase, driven by its business model leveraging Jay Chou's IP and new retail strategies [6] Group 2 - Jay Chou previously entered a copyright partnership with Kuaishou in May 2020, allowing the platform to use his songs and music videos, and he opened his first Chinese social media account on Kuaishou [8] - Controversy arose over ticket sales for Jay Chou's 2025 "Carnival" world tour, particularly regarding the pricing of obstructed view tickets, which sold out quickly despite criticism [9][14] - The ticketing platform emphasized that obstructed view tickets only allow viewing of the big screen and do not support refunds, highlighting the demand for Jay Chou's concerts [16]