虎鲸文娱集团发布全员信称，此次品牌焕新，与阿里巴巴秉持的"回归初心，重新创业"一脉相承， 也是公司根据自身战略做出的关键决定。 5月21日，阿里大文娱集团宣布即日起更名为虎鲸文娱集团，旗下阿里影业拟更名为大麦娱乐。虎鲸 文娱将继续作为阿里巴巴旗下的文化娱乐集团，以优酷和大麦娱乐为核心引擎，为用户创造快乐。 ...

Group 1 - The core viewpoint of the article is that Alibaba's entertainment division is rebranding itself as Whale Entertainment Group, with its subsidiary Alibaba Pictures set to be renamed as Damai Entertainment [1] - Whale Entertainment will continue to operate as a cultural and entertainment group under Alibaba, focusing on creating joy for users through its core engines, Youku and Damai Entertainment [1]

证券研究报告 阿里影业 (1060 HK) 港股通 大麦及 IP 衍生强劲,电影业务暂承压 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 20 日│中国香港 | 文化娱乐 | IP 衍生业务 FY25 营收 14.33 亿元，同增 73%；分部业绩 3.8 亿，同增 75%。 主因 FY25 阿里鱼授权 IP 商品零售额大幅增加，收入增长超 90%。阿里鱼 IP 矩阵不断扩大，已签约三丽鸥、宝可梦、环球影业、蜡笔小新、Chiikawa 等多个全球优质头部 IP。阿里鱼将继续加大以电商为主的渠道建设，并孵 化 C 端品牌，我们认为有望打开该业务线新的增长空间。潮玩业务锦鲤拿 趣已自主研发或签约逾 10 个原创潮玩 IP，业务态势良好。 盈利预测和估值 考虑大麦和衍生品业务较景气，我们上调该部分营收预测，预计公司 FY26-28 归母净利润 8.66/10.81/12.55 亿元（FY26-27 上调 7.98%/9.86%）， 可比公司 25 年平均 PE 为 26X，综合考虑其中泡泡玛特估值、公司大麦和 衍生品业务较景气，给予公司 ...

Core Viewpoint - The company's FY2025 performance aligns with market expectations, showing significant growth in revenue and net profit, particularly in its ticketing and IP derivative businesses [1][2][3] Financial Performance - FY2025 revenue reached 6.702 billion yuan, a year-on-year increase of 33.1% - Net profit attributable to shareholders was 364 million yuan, up 27.7% - Non-IFRS EBITA stood at 809 million yuan, reflecting a 60.7% increase - Non-IFRS net profit was 524 million yuan, growing by 9.5% [1] Business Segments - The ticketing platform, 大麦, generated 2.057 billion yuan in revenue, with a substantial year-on-year increase, maintaining a leading position in the live entertainment sector [1] - The IP derivative business reported revenue of 1.433 billion yuan, a 73% increase, with 阿里鱼's revenue growing over 90% [1] - The film business saw a revenue decline to 2.712 billion yuan due to decreased box office performance and viewer numbers [2] - The drama production segment experienced a 16% revenue decline, totaling 500 million yuan [2] Strategic Directions - The company has outlined four strategic directions: content leadership, user growth, enhancing commercial derivative capabilities, and active overseas expansion [3] - The focus on the ticketing business's cash flow stability and the growth potential of 阿里鱼's IP derivative business is emphasized [3] Profit Forecast and Valuation - The FY2026 Non-IFRS net profit forecast has been raised by 13.6% to 1.189 billion yuan, with a new FY2027 forecast of 1.344 billion yuan introduced [3] - The target price has been increased by 32.1% to 0.70 HKD, reflecting an upside potential of 14.8% from the current price [3]

近日，阿里和腾讯都发布了最新一期财报，雷报据此获悉： 自然年2025年第一季度，阿里巴巴实现营收2364.54亿元，同比增长7%；归母净利润123.82亿元，同比增长279%。同期，腾讯实现营收1800.22亿元，同比 增长13%；归母净利润478.21亿元，同比增长14%。 | | | 截至3月31日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 美元 | %同比雙動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收入 | 221.874 | 236.454 | 32.584 | 7% | | 經營利潤 | 14.765 | 28.465 | 3.923 | 93%(2) | | 經營利 | 7% | 12% | | | | 經調整 EBITDA(1) | 30.807 | 41.783 | 5.758 | 36%(3) | | 經調整 EBITDA 利潤率(1) | 14% | 18% | | | | 經調整 EBITA(1) | 23.969 | 32.616 | 4. ...

【解剖大盘】 昨日穆迪调降美国主权信用，本来以为美股会有较大冲击，但美股低开之后反而翻红，今天两地市场双 双走强，恒指收盘涨超1.49%。 这次美股之所以没有像前几次那样走弱，主要原因是2011年之前美国关于资产抵押的衍生品合约、贷款 协议、投资指令中都有明确规定，必须使用有AAA信用评级的债券作为抵押品。因此标普调降美国信 用评级之后，这个冲击就非常大。但之后，出现了骚操作，2011年晚些时候，所有关于国债抵押的合约 被重新改写，对债券的评级要求调整成了"政府证券"，而不是去强调3A评级，之后，2013年当惠誉下 调美国信用评级为AA+之后，那些原本涉及惠誉评级的合约，也被重新撰写，到这次，大部分涉及穆 迪评级的合约都已经重新撰写过，因此，就没什么影响了。当然，美国财政赤字这个巨大的压力本身并 没有消除，只是什么时间引爆的问题。另外一点，估计华尔街也知道中国要开始降息，世界都是关联 的，中国看美股，美股也在看中国股市。 份。这意味着创新药出海又看到了希望。目前到手现金近百亿，加上后续里程碑付款，相对于目前的 460亿市值并不高，今天大涨超32%。 这个品种的大涨直接刺激资金追捧香港医药ETF(513700) ...

5月20日，A股三大指数延续震荡上行态势，成交量明显回暖，超3800只个股上涨，市场情绪明显回 升。 消息面上，今天降息落地，LPR下调10个BP，2年期及以下定期存款下调15个BP，3年和5年期存款利率 下调25个BP，期限越长，调降幅度越大，意在减弱存款定期化、长期化趋势，助力银行更好地控制负 债成本，维持息差水平。 2025年1季度末，银行净息差为1.43%，再创新低，向下基本已无空间。与此同时，1年期存款利率降至 0.95%，向下也基本没有空间。再降可能会引发大规模的存款搬家，影响银行负债的稳定性。 市场调整压力主要集中于周期与成长风格的交界地带，煤炭、低空经济等板块逆势收跌，PEEK材料概 念受上游产能释放影响陷入技术性回调。机构普遍认为，当前政策环境与增量资金入场为市场提供支 撑，指数中枢稳步上移趋势未改，但结构性分歧仍存。 具体看，美容护理（2.5%）、综合（2.12%）、传媒、家用电器、医药生物、轻工制造均涨超1.6%，国 防军工（-0.5%）、煤炭（-0.33%）、钢铁、房地产逆势收跌。 就市场影响来看，由于本次降息已在市场预期之内，降息对A股市场短期行情没有影响。不过，存款降 息会加速存款 ...

声明 本公司及董事会、监事会全体成员保证本员工持股计划及其摘要内容的真 实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本方案主要条款与公司 2025 年 4 月 29 日披露的《公司 2025 年员工持股计 划（草案）》及其摘要内容一致。 博纳影业集团股份有限公司 2025 年员工持股计划 风险提示 博纳影业集团股份有限公司 2025 年员工持股计划 证券简称：博纳影业 证券代码：001330 博纳影业集团股份有限公司 二〇二五年五月 博纳影业集团股份有限公司 2025 年员工持股计划 一、博纳影业集团股份有限公司（以下简称"博纳影业""公司"或"本公 司"）2025 年员工持股计划（以下简称"本员工持股计划"）的具体的资金来源、 出资金额、预计规模和具体实施方案等属初步结果，能否完成实施，存在不确定 性。 二、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员工认 购份额不足，本员工持股计划存在低于预计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 四、本员工持股 ...

Core Viewpoint - Alibaba Pictures (01060.HK) experienced a significant stock price increase of 29.79%, closing at HKD 0.61 per share, driven by the release of its FY2025 earnings report, which showed double-digit growth in both revenue and profit [1] Financial Performance - For FY2025, Alibaba Pictures reported revenue of RMB 6.702 billion, a year-on-year increase of 33% [1] - The net profit attributable to shareholders was approximately RMB 364 million, reflecting a 28% year-on-year growth [1] - Adjusted EBITA reached RMB 809 million, marking a substantial year-on-year increase of 61% [1] Revenue Breakdown - The company's revenue is primarily derived from four business segments: Film Technology and Investment Production & Distribution Platform, Damai, IP Derivative Business, and TV Series Production [1] - The Film Technology and Investment Production & Distribution Platform accounted for 40.46% of total revenue, generating RMB 2.712 billion, although this segment saw a decline of 9.59% year-on-year due to a challenging film market [1][3] - Damai's revenue surged to RMB 2.057 billion, representing 30.69% of total revenue and a remarkable year-on-year increase of 235.82% [2] - The IP Derivative Business generated RMB 1.433 billion, accounting for 21.39% of total revenue, with a year-on-year growth of 73.21% [2] Market Context - Despite a lackluster overall performance in the national film market, Alibaba Pictures has identified a second growth curve through its Damai and IP Derivative Business, demonstrating resilience in its financial performance [3] - The company's stock has historically traded below HKD 1, often labeled as a "penny stock," but the recent earnings surge has prompted market interest in whether it can shed this label [3]

Core Viewpoint - Alibaba Pictures reported a revenue of 6.702 billion yuan for the fiscal year 2024/25, marking a 33% year-on-year increase, with adjusted EBITA reaching 809 million yuan, up 61% year-on-year, showcasing strong growth and resilience in a challenging film market [1] Group 1: Film Business - The company maintains high-quality content output while enhancing its production capabilities and localizing strategies to capture box office market share [1] - Notable film releases include "Catching Dolls," "Silent Kill," and "Fengshen Part II," contributing to significant box office success, particularly for imported films like "What Kind of Person Do You Want to Be" and "Grandma's Grandson" [1] - The strategic focus includes strengthening promotional advantages and leveraging technology to accelerate industry modernization, with investments in virtual filming and AI analytics to reduce costs and enhance efficiency [3] Group 2: Performance and Technology in Live Events - Damai, Alibaba's ticketing platform, continues to lead the market with a GMV that has seen high growth for two consecutive years, supported by a user base of 316 million "want to see" users [4] - The platform has developed a comprehensive content ecosystem, investing in over 120 IPs across various entertainment sectors, enhancing its market adaptability and competitive edge [5] - Technological advancements have improved user experience and operational efficiency, enabling the platform to handle high traffic during peak demand [5] Group 3: IP Derivatives and Series - The IP derivatives business has shown rapid growth, with a significant increase in retail sales of licensed IP products, leading to a revenue increase of over 90% for Alibaba Fish [8] - The company has a rich IP matrix, including partnerships with top global IPs, indicating substantial potential for future growth in the IP derivatives market [8] - The series business is progressing steadily, with new high-quality productions being launched, further solidifying the content ecosystem [8] Group 4: Long-term Development Strategy - Alibaba Pictures' growth is attributed to a decade-long systematic approach, evolving from its initial film business in 2014 to a multi-engine development model after acquiring Damai in 2023 [9] - This strategic evolution has provided the company with stability and growth potential, positioning it for continued operational success and long-term investment appeal [9]