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]

Core Viewpoint - The company continues to recommend its stock, with a recent name change from Alibaba Pictures to Damai Entertainment, indicating a clearer focus on core business areas [1] Group 1: Damai Business Updates - Damai has become the official ticketing channel for the Jiangsu Super League, marking its entry into the regional sports event ticketing market, which is expected to enhance its visibility among male users and complement its existing music event market [1][2] - The company aims to expand its ticketing coverage beyond music events to include local performances, cultural tourism events, and sports events, thereby increasing its long-term growth potential [2] - The ticketing revenue from sports events is anticipated to provide a significant boost, as evidenced by the high attendance rates at recent matches, which can rival those of major concerts [3] Group 2: IP Business Developments - The closure of the潮玩 brand "Jinli Naju" is not expected to significantly impact the company's overall performance, as its revenue contribution was minimal [4] - The company will continue to pursue C-end IP derivative businesses, leveraging its core IP operations through Alibaba Fish, which is expected to drive future growth [4][5] - New IP signings, such as Chiikawa, are projected to contribute positively to revenue in the upcoming fiscal years, with ongoing marketing activities and collaborations enhancing brand visibility [5][6] Group 3: Competitive Advantages - Damai's technical capabilities in handling high-demand ticket sales are seen as a core advantage, providing a stable and fair purchasing experience for users compared to temporary ticketing platforms [3] - The comprehensive IP operation services offered by Alibaba Fish are expected to attract more top-tier global IP signings, enhancing the company's competitive position in the market [6]

Company Overview - Damai Entertainment is a leading full-industry chain live entertainment platform in China, engaged in content production, promotion, distribution, IP derivative licensing, commercial operations, cinema and entertainment event ticket management, and internet data services. The company has participated in the production and distribution of over 300 films and covers all categories of live entertainment ticketing. Alibaba Group is the controlling shareholder, and the management team has rich experience in the internet industry and holds shares in the company. Since 2023, organizational restructuring has activated organizational vitality, leading to significant growth and scale effects [1]. IP Industry Insights - The IP industry in China is a burgeoning market with a scale of hundreds of billions, showing rapid growth and substantial potential. The primary model for IP licensing in China is product licensing, which can leverage over 25 times the product GMV from a single licensing fee. Compared to Japan and the US, China's IP licensing market still has considerable growth potential, with per capita retail consumption of IP products being less than one-fourth of Japan's and one-fifth of the US's [2]. - Alibaba Yu is the largest IP licensing agency platform in China, having established main licensing agreements with companies like Sanrio. The strategy involves expanding the IP matrix upstream to acquire more top-tier IP licenses and enhancing downstream operations to strengthen IP management and develop B2C business. The competitive advantages include a vast customer base, big data matching, joint marketing, and automated tracking and settlement [2]. Performance in Live Events - The live event industry is experiencing a dual increase in volume and price, supported by policies that facilitate industry expansion. It is projected that the national offline box office for live events will reach 57.9 billion yuan in 2024, with large-scale events accounting for over half of this figure. The increase in per capita box office for large events drives price growth, while tourism and performance attendance boost volume growth [3]. - Damai is expanding its categories and exploring overseas markets, with a smooth logic of "volume and price" increase. The company has deeply integrated resources from the Alibaba ecosystem, establishing a comprehensive layout across content, venues, and ticketing in the live entertainment sector. Damai holds a significant market share in ticketing, with nearly 100% coverage of major concert projects. The company aims to extend large-scale events to overseas markets and diversify into other large-scale events in the domestic market, such as sports events and stand-up comedy [3]. Financial Projections - The company is expected to achieve total revenues of 7.891 billion, 9.534 billion, and 11.683 billion yuan for FY26-28, representing year-on-year growth of 18%, 21%, and 23% respectively. Adjusted EBITA is projected to be 1.012 billion, 1.498 billion, and 2.133 billion yuan for the same period, with year-on-year growth of 25%, 48%, and 42% respectively. As a leader in the live event and IP licensing sectors, the company currently presents a cost-effective valuation and is rated as a "buy" [3].

Summary of Alibaba Pictures Conference Call Company and Industry Overview - **Company**: Alibaba Pictures, recently rebranded as "Damai Entertainment" to emphasize its focus on high-quality content and live entertainment [2][6] - **Industry**: Live entertainment and IP licensing, with a strong emphasis on the growth of the IP industry and trendy toys [7][25] Key Points and Arguments Strategic Shift and Business Focus - The rebranding to "Damai Entertainment" reflects a strategic shift towards live entertainment and IP licensing, aligning with the company's efforts to inject quality assets and optimize its business structure [2][6] - The company has diversified its revenue structure into three main segments: films (40%), Damai (30%), and IP derivatives and innovative businesses (20%) [4] Financial Performance and Growth - In 2023, ticket revenue from live performances increased by 29% year-over-year, and by 150% compared to 2019, indicating a robust recovery in the post-pandemic market [2][5] - Alibaba Pictures is expected to maintain double-digit growth over the next three years, driven by strong demand for live events, particularly concerts and music festivals [10][11] - The company has returned to a growth trajectory, with net profit gradually turning positive and adjusted EBITDA steadily increasing, indicating improved operational conditions [9] IP Licensing and Market Position - Alibaba Fish, the leading IP licensing company in China and sixth globally, has seen a remarkable growth rate of 90%, benefiting from a shift towards ToC (business-to-consumer) operations [2][4][20] - The IP industry and trendy toy market are experiencing rapid growth, driven by young consumer demand, presenting favorable investment opportunities [7][8] Future Projections and Product Releases - The company is entering a new product release cycle in 2025, with several films set to launch, including sequels and new titles [3][15][16] - Revenue projections for fiscal years 2026 to 2028 are estimated at 8 billion, 9.08 billion, and 10.56 billion yuan, respectively, with net profits expected to rise correspondingly [24] Competitive Advantages and Market Strategy - Damai holds a leading position in the ticketing market, with a market share potentially reaching 57% to 70%, benefiting from its comprehensive service capabilities and strong relationships with artists and venues [12][13] - The company is actively expanding its upstream content planning and investment to enhance competitiveness, similar to successful models like Live Nation [14] Emerging Trends and Consumer Behavior - The demand for live performances is being driven by a significant increase in concert attendance, particularly among the post-2000 generation, which now represents over 40% of the audience [10] - The IP and trendy toy sectors are identified as key areas for growth, with companies like Alibaba Fish leveraging their IP resources to capture market share [22][25] Additional Important Insights - The company is focusing on both B2B and B2C strategies, with Alibaba Fish exploring online channels and product offerings to enhance revenue streams [22] - The competitive landscape in the trendy toy market is evolving, with new entrants and established companies alike capitalizing on the growing consumer interest in IP-related products [25][26]

Summary of Alibaba Pictures Conference Call Company Overview - Alibaba Pictures has rebranded to Damai Entertainment, reflecting a shift in focus from traditional film to live entertainment and IP derivatives. Damai's business now accounts for over 30% of revenue and significantly contributes to profits, becoming a core growth engine [2][4][10]. Key Industry Insights - The live entertainment market is projected to grow, with national box office for commercial performances expected to increase by 15% in 2024, and concert growth reaching as high as 78%. Damai is poised to benefit from this trend, showing significant revenue growth [2][6]. - Demand for tickets on the Damai platform is high, with only 20% of users successfully purchasing tickets, indicating a supply-demand gap. Future growth will depend on expanding performance categories and increasing event density in tier-one and tier-two cities, as well as penetrating tier-three and tier-four markets [2][7][8]. Financial Performance - For the fiscal year 2025, Alibaba Pictures' total revenue is approximately 6.7 billion yuan, with Damai contributing over 2 billion yuan. The film-related segment's performance has declined significantly, contributing only 70 million yuan to profits, while Damai's profit contribution is 1.23 billion yuan [3][5]. - The company anticipates a net profit of around 870 million yuan for the fiscal year 2026, with potential for over 1 billion yuan in organic profit growth, reflecting a year-on-year increase of over 50% [2][16]. Strategic Transformation - The strategic transformation involves moving from a film-centric model to one focused on new consumer scenarios, particularly live entertainment and IP derivatives, which now account for over half of the company's revenue and profits [2][10][12]. - The IP derivatives business, particularly through Alibaba's IP platform, is experiencing rapid growth, with a projected revenue increase of 90% for the fiscal year 2025, driven by new IP licensing agreements and a shift towards direct-to-consumer (To C) business [11][23]. Market Outlook - The live performance market is expected to continue expanding, with a strong recovery and stable growth trajectory. High ticket prices indicate a strong consumer demand for self-indulgent experiences [21][22]. - The IP licensing market in China is robust, with Alibaba's IP platform, Aliyu, ranking significantly in global licensing agent retail sales, indicating a strong competitive position [24][25]. Future Strategies - Alibaba Pictures plans to adopt a more cautious investment strategy in film production, focusing on project profitability and optimizing its smart ticketing system. The company aims to expand its presence in Southeast Asia [29][30]. - The company is also leveraging its partnership with Youku to enhance content production and amplify IP value through shared resources and marketing strategies [30]. Conclusion - Alibaba Pictures' rebranding to Damai Entertainment signifies a strategic pivot towards live entertainment and IP derivatives, with strong growth potential in these areas. The company is well-positioned to capitalize on market trends and consumer demand, with a focus on sustainable profitability and strategic partnerships [2][10][12].

（责任编辑：刘芃） 5月10日，2025世界IP经济发展大会暨全球IP授权博览会在广州·中国进出口商品交易会展馆A区正式拉 开帷幕。本次展会为期3天，以"IP赋能实体产业商业价值增长"为使命，汇聚全球300+参展商、近3万专 业观众，打造国际化IP交流交易平台，推动"IP+科技+文化+金融+制造"跨界融合，为全球IP经济注入新 动能。 转自：广州日报 本届博览会与2025世界文旅产业博览会同期举办，15大展馆联动形成超级展览矩阵，除核心IP授权展区 外，同步汇聚亚洲乐园及景点博览会、亚洲旅游景区装备博览会、世界数字显示与元宇宙生态博览会等 12大专题展，整合文旅板块，构建"IP+游乐+数字+户外"全产业链生态，为观众带来一站式产业体验。 展会现场展示出众多游乐设备，并设置了多个互动体验区，观众亲身体验文旅产品的特色。据了解，本 次展会为期3天，将以"链接全球资源，赋能产业创新"为核心，成为推动IP经济高质量发展的"加速 器"，助力中国IP走向世界，书写文化经济融合发展新篇章。（广州日报 记者：杨朝露 通讯员：陈树 钿） 作为IP经济领域年度盛会，本届博览会吸引了国内外众多知名企业与机构踊跃参与。兰博基尼、天闻 ...

Group 1 - The 2025 World IP Economic Development Conference and Global IP Licensing Expo was held in Guangzhou, attracting over 300 exhibitors and nearly 30,000 professional visitors [1] - The event focused on the theme "Cultural Diversity, Creative Boundaries - Resonating with the Global IP Economic Pulse," aiming to promote cross-industry integration of "IP + Technology + Culture + Finance + Manufacturing" [1] - The President of the Guangdong Copyright Protection Association expressed the hope to establish the Global IP Licensing Expo as a platform for copyright trade and cross-industry integration, enhancing the high-quality development of the copyright industry [1] Group 2 - The IP Industry Development Alliance was officially established during the event, releasing the "Guangzhou Initiative for IP Industry Development" [3] - The alliance aims to leverage Guangzhou's unique business environment and trade resources to create a leading national and internationally competitive IP economic industry chain [3] - The initiative focuses on standardizing the cultural IP industry, enhancing innovation capabilities, and supporting domestic IP brands in expanding internationally [3] Group 3 - The "2025 Top Ten Annual IPs" were announced at the 2025 Annual IP Honor Ceremony, covering various sectors such as literature, film, music, and cultural experiences [4] - Notable IPs included "The Most Beautiful Journey to the West," "Nezha: The Devil's Child," and the DeepSeek App, showcasing a diverse range of cultural and entertainment offerings [4]