Core Points - Dama Entertainment has launched a new global ticketing service platform called "MAISEAT" to cater to international users seeking tickets for concerts, sports events, music festivals, and theater performances [1][2] - MAISEAT's website supports multiple languages including Simplified Chinese, Traditional Chinese, English, Japanese, and Korean, and integrates with Alipay's global payment network to offer various payment methods and currencies [1] - The platform aims to facilitate cross-border ticket purchasing for Chinese users and provide overseas users with easier access to events in mainland China [1][2] Company Strategy - MAISEAT will also support the execution of overseas performance projects, providing comprehensive service guarantees for domestic and international performing arts teams [2] - The platform leverages Alibaba Group's technological and resource advantages, along with Dama Entertainment's over 20 years of experience in the performance market, to enhance its global reach [2] - Future plans for MAISEAT include launching an international Alipay mini-program and a standalone app to continuously offer more features and services to global users [2]

Core Points - StubHub, one of the largest ticket sales platforms in the U.S., has decided not to provide performance guidance, indicating potential concerns about its performance and market demand [2] - The company reported a net loss of $1.3 billion in Q3, which includes approximately $1.4 billion in expenses related to stock grants to employees during its IPO [2] - StubHub's revenue for the quarter was $468 million, an 8% increase compared to the same period last year when it was still a private company [2] - The total gross merchandise value (GMV) for StubHub was $2.4 billion, reflecting an 11% year-over-year growth; excluding the impact of Taylor Swift's record-breaking "Eras Tour" ticket sales from the previous year, the growth would be 24% [2] - Analysts from JPMorgan downgraded StubHub's target stock price from $24 to $22, interpreting the lack of current quarter guidance as a sign of weak performance; however, they remain bullish on the stock due to sales growth and market share gains shown in the Q3 report [2] Stock Performance - Following the release of its first quarterly report post-IPO, StubHub's stock price dropped significantly [3] - The company did not provide a forecast for the current quarter and plans to offer guidance for 2026 in the next earnings report [3] - StubHub's stock price fell approximately 25% in recent trading, reaching around $14, marking its lowest level since the IPO in September [3] - CFO Connie James informed investors during the earnings call that the company plans to release its Q4 results along with the 2026 outlook in about three months [3]

Core Insights - Dama Entertainment has launched a new global ticketing service platform called "MAISEAT" to cater to international users seeking tickets for concerts, sports events, music festivals, and theater performances [1][8] - MAISEAT aims to provide a seamless ticket purchasing experience for Chinese users attending overseas events and for international users looking to attend performances in mainland China [1][3] Group 1 - MAISEAT's official website is now live, supporting multiple languages and integrating with Alipay's global payment network, offering various payment methods and currencies [1][8] - The platform will initially focus on the Southeast Asian and Japanese/Korean markets as part of its international strategy, leveraging Dama's extensive experience in the domestic market [8] Group 2 - MAISEAT has already listed several upcoming events, including concerts by artists such as Uesugi Masaru in Hong Kong and Mamamoo in Singapore, showcasing its diverse offerings [2][3] - The platform will also provide comprehensive support for domestic and international performing arts teams looking to stage events abroad, enhancing its service capabilities [3][8]

Core Insights - Dama Entertainment has launched a new global performance service platform, "Dama International (MAISEAT)," aimed at providing ticketing and viewing services for concerts, sports events, music festivals, and dramas to a global audience [1][3] - The platform supports multiple languages and payment options, including a global payment network through Alipay, catering to the needs of international users [1][3] Company Strategy - Dama International will initially focus on the Southeast Asian and Japanese/Korean markets as part of its international strategy, leveraging its proven ticketing service experience from the Chinese market [3][4] - The platform aims to address common pain points faced by users, such as language barriers and complex purchasing processes, which have hindered the international ticketing experience [3] Market Context - The domestic performance market in China has been thriving, leading to increased competition among ticketing platforms [3] - The international performance market is more mature, featuring high-value IPs like Taylor Swift and Coldplay, which Dama International plans to aggregate to attract valuable users and increase transaction volumes [3] Corporate Developments - The launch of Dama International aligns with Alibaba Group's broader strategy of internationalization, as the company seeks to export its ticketing system capabilities and digital technology [4] - Recent financial results from Alibaba's entertainment division indicate strong performance, with a revenue of 5.55 billion yuan in Q4, a 12% year-on-year increase, highlighting the potential for growth in the international market [4]

Core Insights - The HarmonyOS 6 was officially launched on October 22, enhancing user experience across five dimensions: aesthetics, usability, intelligence, security, and smoothness [1] - Damai Entertainment announced the launch of the first movie performance service AI, "Mai Bao," on the Harmony platform, along with the upcoming release of Damai 9.0, which will synchronize features across platforms [1][5] Group 1 - The "Mai Bao" AI integrates deeply with Xiao Yi, allowing users to interact via voice to search for nearby performances, inquire about details, and make requests for additional shows, enhancing the convenience of smart interactions [3] - The Harmony version of Damai 9.0 is set to launch later this year, aiming to align its functionalities with other platform versions while introducing more innovative experiences unique to Harmony [5] - Over a collaboration period of more than 400 days, Damai has introduced new features in the Harmony version of Damai and Taopiaopiao apps, including live windows, "bump to share," and one-click login with Huawei accounts [5] Group 2 - Damai Entertainment, characterized by its technological foundation, is committed to creating innovative scenarios in the entertainment industry, aiming to provide high-quality real-world entertainment experiences [5] - The presence of Damai at the HarmonyOS 6 launch highlights its deep recognition of the value of the Harmony ecosystem, showcasing a commitment to co-create new entertainment service scenarios through technological integration [5] - The ongoing collaboration between Damai and Harmony is expected to explore new possibilities in smart ticketing and entertainment performances, ultimately delivering a more intelligent and convenient entertainment experience for users [5]

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]