Core Viewpoint - The company plans to change its name from "Alibaba Pictures Group Limited" to "Damai Entertainment Holdings Limited," which is expected to enhance brand recognition and reshape brand strategy in the offline entertainment market [1] Group 1: Financial Performance - Alibaba Pictures has achieved EBITA profitability for five consecutive years, with projected revenue of 6.702 billion yuan for FY2025, representing a year-over-year increase of 33% [1] - Adjusted EBITA is expected to be 809 million yuan, up 61% year-over-year, while Non-IFRS net profit is projected at 524 million yuan, reflecting a 9.5% increase year-over-year [1] Group 2: Business Segments - The offline entertainment business, supported by Damai, is anticipated to become the company's most significant growth driver, as the offline entertainment market continues to grow rapidly [1] - Damai, as the largest ticketing platform in China, reported revenue of 2.057 billion yuan for FY2025, with a substantial year-over-year increase in segment performance [2] - The film and series production segment generated revenue of 2.712 billion yuan for FY2025, down 10% year-over-year, primarily due to market pressures [2] - The IP derivative business saw revenue of 1.433 billion yuan for FY2025, a 73% year-over-year increase, driven by significant growth in licensed IP merchandise sales [3] Group 3: Strategic Directions - The company aims to focus on content leadership, user growth, strengthening commercial derivative capabilities, and actively expanding overseas [3] - The integration of Damai and Alibaba's IP resources is expected to create new growth opportunities, enhancing the company's revenue potential [3] - The company anticipates achieving revenues of 7.39 billion yuan and 8.25 billion yuan for FY2026 and FY2027, respectively, with adjusted net profits of 1.16 billion yuan and 1.34 billion yuan [4]

公司研究 2025 年 5 月 23 日 风险提示：IP 业务进展不及预期，演出市场景气度下降，行业竞争加剧风险。 公司盈利预测与估值简表 | 指标 | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,036 | 6,702 | 7,461 | 8,425 | 9,118 | | 营业收入增长率 | 43.9% | 33.1% | 11.3% | 12.9% | 8.2% | | 归母净利润（百万元） | 285 | 364 | 882 | 1,111 | 1,343 | | 归母净利润增长率 | NA | 27.7% | 142.6% | 26.0% | 20.9% | | EPS（元） | 0.01 | 0.01 | 0.03 | 0.04 | 0.04 | | PE | 68 | 54 | 22 | 18 | 15 | 资料来源：公司公告，光大证券研究所预测；注：股价时间为 2025-5-22，汇率为 1 港币=0.9186 人民币。注：阿里影业 财 ...

2025 年 5 月 23 日 公司研究 聚焦大麦+IP 衍生品，阿里鱼增速亮眼 ——阿里影业（1060.HK）FY25 业绩点评 要点 事件：公司 FY25 实现营收 67.02 亿元人民币（yoy+33%），实现毛利润 24.78 亿元（yoy+23%），对应毛利率 37.0%，同比下降 3.1pct；实现经调整 EBITA 为 8.09 亿元，同比增长 61%；实现归母净利润 3.64 亿元，同比增长 28%。 FY25 大麦增长保持稳健，IP 衍生品业务收入超市场预期：1）电影科技与投资 制作宣发平台收入 27.1 亿元（yoy-9.6%），主要原因系投资部分电影票房不及 预期。a）电影票务方面，淘票票会员体系打通电影与演出消费，用户黏性高， 降幅低于行业；云智保持国内出票领先，并拓展中国香港及东南亚市场。b）电 影投资制作及宣发方面，重点储备影片数量约 40 部，其中投资待映项目数量约 20 部，自主研发与合制项目数量约 20 部。c）科技业务方面，公司加大 AI、数 字人及虚拟拍摄投入，已建成 4 个虚拟影棚，应用于多部影视项目降低成本；推 出 5 个新数字人；灯塔 AI 接入大模型，提升宣发及票 ...

Core Viewpoint - The company has a substantial reserve of series projects and has signed multiple cultural tourism contracts, with several major films expected to be released during the summer season, leading to a continued rapid growth in revenue [1] Group 1: Investment Highlights - The company is building a foundation with series and cultural tourism, while films provide performance elasticity. In 2025, the company has a large number of series in reserve, with some top series already recommended by major video platforms like Mango TV. The cultural tourism business, based on three operational scenic spots, has signed multiple new projects, which are expected to bring stable revenue growth. However, the film business, which began to ramp up in 2021, has underperformed, with several films like "Lion Boy 2" failing to achieve expected box office results, negatively impacting the company's performance. As a result, the EPS forecast for 2025-2027 has been revised down to 0.15/0.19/0.22 yuan, compared to the previous forecast of 0.47/0.55 yuan for 2025/2026. The target price has been adjusted to 6.90 yuan from 7.84 yuan, while maintaining a "buy" rating [2][3][4] Group 2: Series and Film Releases - 2025 is expected to be a significant year for the company in terms of series, with nearly ten series anticipated to be aired. According to the company's 2024 annual report, series expected to be released in 2025 include "Criminal Scene" (aired on February 20, 2025), "Silent Echo," "Ordinary Heroes," "Synthesis Order," "Happy," "Mars Orphan," "City Builders," "Hunting Heart," and "Salted Fish Ascension." The company has also announced a change in funding allocation, redirecting 85.44 million yuan initially intended for the film "Space Spring Transportation" to the series "Salted Fish Ascension," indicating its importance. The revenue from confirmed series in 2024 exceeded 400 million yuan, and if the aforementioned series are released in 2025, the company’s series revenue is expected to achieve year-on-year growth [3][4] Group 3: Cultural Tourism Business - Major films are expected to be released within the year, and the cultural tourism business is progressing steadily. According to the company's 2024 annual report, the main films in reserve include "Dunhuang Heroes," "Gate of the Desert," "Bright Future," "Lying Flat Club," and "Story of X," which have completed filming and are in post-production and review stages, suggesting they are likely to be released in 2025. In addition to the three operational districts "Yongxing Fang," "Chang'an Twelve Hours," and "Xiangyang Guanjia Lane," new contracts have been signed for projects in Jiangsu Zhouzhuang, Guilin Lashan, Xiangyang Tiefo Temple, Daliang Qinghui Garden, and Anyang Kuixing Pavilion, which are expected to become important growth points for the company outside of its film and television content [4]

比亚迪上午上涨4.22%，在其带动下，汽车产业链再度走强，汽车整车、汽车零部件、一体化压铸板块 大涨。 今天上午，一批龙头股收盘或盘中创历史新高。 这里面既有市场熟知的行业领军者或者"巨无霸"，比如比亚迪、中信银行、信立泰、新诺威、豪迈科技 等。 也有细分领域龙头股，恒鑫生活上午迎来"20CM"涨停，创历史新高。公开资料显示，恒鑫生活以原 纸、PLA粒子、传统塑料粒子等原材料研发、生产和销售纸制与塑料餐饮具。还有宜宾纸业、联合化学 等最近的市场人气股也创历史新高。 值得一提的是， 在上午A股成交额前十个股中，有7只个股都属于汽车产业链。其中，赛力斯 （601127）涨停，成交额为76.71亿元，居A股第一 。此外，比亚迪、宁德时代、江淮汽车、三花智 控、天汽模等个股也都在列。 上午收盘，上证指数上涨0.08%，深证成指上涨0.5%，创业板指上涨0.48%。 | 证指数 | | | --- | --- | | 1 | AAAA | 阿里影业大涨 今天上午，阿里影业上涨11.27%，盘中一度涨超20%。 最近医药股持续表现活跃，梳理发现，主要有以下几方面催化： 第一， 恒瑞医药今天登陆港股 ，上午涨幅为30.87 ...

Core Viewpoint - The company reported a revenue of 4.082 billion yuan in 2024, a year-over-year decrease of 14.2%, with a significant drop in net profit by 80% to 182 million yuan, aligning with previous guidance [1][2][3] Group 1: Financial Performance - Revenue breakdown: Entertainment content service revenue was 1.960 billion yuan (down 14.8% YoY), online entertainment ticketing service revenue was 1.922 billion yuan (down 14.9% YoY), and advertising services and other revenue was 200 million yuan (up 1.2% YoY) [1] - The company announced a dividend plan for 2024, proposing a payout of 0.32 HKD per share, totaling approximately 369 million HKD, which corresponds to a dividend yield of about 4.4% [2] - Adjusted net profit for 2024 was 310 million yuan, a decrease of 70% YoY [1][3] Group 2: Business Segments - The film ticketing sector faced challenges, with a 23% YoY decline in the overall box office, impacting ticketing revenue significantly [1] - The company participated in 63 domestic films in 2024, achieving a box office of 23.2 billion yuan, marking a historical high in participation and market coverage [1] - Live performance revenue grew by 15% YoY, with concert ticketing GMV increasing by approximately 90%, indicating a strong market position [1] Group 3: Future Outlook - The film industry is expected to recover in 2025, with several films scheduled for release, including "Dumpling Queen" and "Lychee of Chang'an," which may positively impact ticketing and content investment [2] - The company aims to maintain a dividend policy of at least 20% of annual net profit for 2025-2027, indicating a commitment to shareholder returns [2] - Revenue projections for 2025-2027 are adjusted to 4.898 billion, 5.399 billion, and 5.835 billion yuan, with expected net profit growth of 121%, 13%, and 12% respectively [3]

阿里影业涨近20%，消息面上，公司拟更名为大麦娱乐。 无需港股通，A股账户就能T+0买港股>> ...

港股市场今日收跌，巨星传奇大幅上涨超26%。各行业板块表现分化，科技股多数下挫，而黄金股则表 现强势。投资者关注焦点集中在巨星传奇及小鹏汽车等个股表现上。 港股市场整体情况 港股市场今日低开低走，三大指数全面收跌。恒生指数收跌1.19%，报23544.31点；恒生科技指数跌 1.7%，报5251.75点；恒生中国企业指数跌1.19%，报8557.64点。 盘面上，大型科技股表现不佳，百度集团绩后跌超4%，小米集团跌超2%，美图公司跌超6%。苹果概念 股多数走低，东江集团控股跌4%，比亚迪电子跌超3%，舜宇光学科技跌近2%。餐饮股行情低迷，特海 国际跌超10%，影视股也表现不佳，阿里影业跌超5%。 值得关注的是，金价上涨带动黄金股集体上扬，潼关黄金涨超9%，老铺黄金涨超6%。市场呈现明显的 结构性分化，部分板块逆市走强，如黄金股、航运股等，而汽车产业链则普遍承压。 巨星传奇股价大涨 巨星传奇股价表现抢眼，逆市大涨超26%，报6.3港元，最新总市值达54亿港元。股价强势上涨主要受 益于公司IP业务发展。 近期，由巨星传奇策划的《周游记3》在浙江卫视及多个网络平台同步上线，播出后迅速引发热潮。市 场分析认为，公司自 ...

阿里影业 20250522 摘要 阿里影业战略转型为虎鲸文娱，重心转向线下娱乐和演出业务，大麦网 贡献了 70%的净利润，IP 授权业务也占据重要地位，公司估值接近 20 倍水平，仍具吸引力。 2024 年阿里影业处理影视资产导致投资亏损约 5 亿港币，但若加回该 亏损，归母净利润可达 8.8 亿港币，其中大麦网贡献 6.3 亿港币，IP 授 权业务贡献 2 亿港币，合计占比 95%。 线下演出市场疫情后持续高增长，音乐类演出票房同比 2019 年翻倍， 2025 年 4 月和五一假期票房分别同比增长 42%和 70%以上，跨城观 演需求占比超过 60%。 公司认为未来三年线下演出市场预计保持 30%以上高增长，大麦购票成 功率不到 20%，意味着 80%的需求未满足，5,000 人以上大型演唱会 未满足需求空间至少有 1,500 亿元。 大麦在音乐类线下演出市场占据约 80%的市占率，作为一级代理直接与 艺人经纪团队和场馆对接，拥有更强的资源优势和合规要求。 Q&A 阿里影业在 2025 年 5 月的财报季表现如何？ 阿里影业在 2025 年 5 月的财报季表现非常亮眼。公司发布了 2025 财年的年 度财 ...

阿里动物园来了新伙伴。 5月21日，阿里大文娱宣布更名为虎鲸文娱。旗下阿里影业拟更名为大麦娱乐。当天，虎鲸文娱发布 全员信称，将继续作为阿里巴巴旗下的文化娱乐集团，以创业心态进一步聚焦核心业务，以更清晰的 形象贴近用户和行业伙伴。 不到1000字的全员信，共提到7次创业，对于虎鲸文娱的未来，可窥一二。其实，早在这个月的"510 阿里日"上，阿里CEO吴泳铭就提出"回归初心，重新创业"，呼吁阿里人以创业者的心态，开启一段 全新征程。象征着阿里创业精神的"湖畔小屋"也在总部西溪园区复刻。 5天后，阿里大文娱也交出了自己的答卷。阿里2025财年Q4财报显示，大文娱经调整EBITA盈利 3600万，实现单季度盈利，这有着里程碑式的意义——内容与科技双轮驱动，追求长期价值的"三年 战略"初见成效。品牌更名可谓恰逢其时，水到渠成。 全新的虎鲸文娱就这样开启了"重新创业"的新征程。正如全员信所说，创业是一场艰辛但充满梦想的 征途。这次品牌焕新，与阿里巴巴秉持的"回归初心，重新创业"一脉相承。 变与不变 时间回到 2023 年，在阿里巴巴"1+6+N"变革中，阿里大文娱延续了当时的业务板块名称。但随着业 务发展，大文娱也需要 ...