Core Viewpoint - Maoyan Entertainment is expected to recover significantly in 2025, driven by improvements in the domestic film industry and the introduction of its first dividend payment, leading to increased profit forecasts for the coming years [1][2]. Group 1: Revenue Drivers - The primary revenue driver for Maoyan is the total box office in mainland China, with domestic blockbuster films accounting for about 80% of the box office [1]. - The box office for the 2025 spring festival season reached a historical high of RMB16.05 billion, indicating a strong recovery in the film industry [1]. - The online entertainment ticketing services experienced a revenue decline of 14.4% year-on-year in 2024, totaling RMB1,932 million, but is expected to recover in 2025 due to an improved movie roster and influx of foreign artists [2]. - The entertainment content services also saw a revenue decline of 15.3% year-on-year, totaling RMB1,949 million, but will benefit from the recovery of the domestic film industry [3]. Group 2: Profit Forecasts - The forecasts for the Company's shareholders' net profit for 2025-2027 have been increased to RMB751 million, RMB976 million, and RMB1,066 million, respectively [1]. - Adjusted shareholders' net profit forecasts for the same period have also been raised to RMB870 million, RMB1,095 million, and RMB1,185 million, respectively [1]. - The Company anticipates a dividend payout of approximately 35% of earnings over the next three years, with a yield of around 4-5% [1]. Group 3: Market Expansion - Maoyan achieved record revenue and GMV growth in 2024, including a 90% year-on-year increase in concerts GMV, while serving top domestic and international artists [2]. - The Company has strengthened its presence in Hong Kong, China, and Macau through its self-operated platform UUTIX and established partnerships in regions like Southeast Asia, the Middle East, and Latin America, facilitating further overseas expansion [2]. - The Company is involved in the production and distribution of several domestic blockbuster films expected to perform well at the box office in 2025, including titles like Honey Money Phony and Detective Chinatown 1900 [3].

Core Viewpoint - The company's 2024 performance is in line with expectations, with a significant decline in both revenue and net profit, but a potential recovery in ticket sales is anticipated for 2025 [1][2]. Financial Performance - The company reported a revenue of 4.08 billion yuan for 2024, a year-on-year decrease of 14.2%, falling within the forecast range of 4.05 to 4.15 billion yuan [1]. - Net profit for 2024 was 180 million yuan, down 80.0% year-on-year, also within the forecast range of 150 to 200 million yuan [1]. - Non-IFRS net profit was 310 million yuan, aligning with expectations [1]. Industry Trends - The main business is expected to decline in 2024 due to market pressures, with a focus on the recovery trend of ticket sales [1]. - The forecast for the 2025 film box office is 55 billion yuan, suggesting a potential recovery in ticket sales revenue of 25% to 30% year-on-year [1]. - The average ticket price increase and the performance of imported films may impact this recovery [1]. - The live performance ticketing sector is projected to grow by 15.4% year-on-year in 2024, with an expected industry growth rate of over 10% in 2025 [1]. Content Production - The company has a rich pipeline of films, with 63 domestic films produced in 2024, indicating a strong selection and data capability [2]. - Key films to watch include "The Lychee of Chang'an" and others scheduled for release in 2024, which may provide profit elasticity [2]. Shareholder Returns - The company announced its first dividend, proposing a final dividend of 0.32 HKD per share for the year ending December 31, 2024, with a dividend yield exceeding 4% based on the closing price [3]. - A three-year dividend plan aims to distribute at least 20% of net profit each fiscal year, reflecting a commitment to shareholder returns [3]. - The total amount for dividends and buybacks in 2024 is expected to account for 50% of retained earnings [3]. Profit Forecast and Valuation - Due to pressure on actual ticket sales and a rigid recovery in gross margins, the Non-IFRS net profit forecasts for 2025 and 2026 have been reduced by 32.9% and 31.6% to 695 million and 802 million yuan, respectively [3]. - The current price corresponds to 11.9 and 10.2 times Non-IFRS P/E for 2025 and 2026 [3]. - The target price is maintained at 10.2 HKD, suggesting a 33.0% upside potential based on the adjusted profit forecasts and improving content supply in the industry [3].

Group 1 - Company is a leading "technology + full entertainment" service provider in China, with a strong market position in online entertainment ticketing, entertainment content services, and advertising services [1] - Company holds a 60% market share in the film ticketing sector, making its performance highly sensitive to the film market [1] - Recent years have seen significant volatility in the film market due to the pandemic and supply cycles, impacting the company's performance [1] Group 2 - In 2024, company reported revenue of 4.082 billion yuan, a decrease of 14% year-on-year, primarily due to insufficient quality supply in the film market, with total box office down 22.6% to 42.5 billion yuan [2] - Entertainment content services revenue was 1.960 billion yuan, down 14.8% year-on-year, while online ticketing services revenue was 1.922 billion yuan, down 14.9% year-on-year [2] - Despite the decline in film ticketing, the live performance market grew, with ticket sales reaching 58 billion yuan, up 15%, and concert GMV increasing by 90% [2] Group 3 - Company achieved a net profit of 182 million yuan in 2024, a decline of 80%, attributed to increased costs from ticketing and poor performance of key films [3] - The company actively returned value to shareholders, repurchasing 50 million HKD worth of shares and maintaining a dividend of 0.32 HKD per share, yielding approximately 4.3% [3] - Future film releases are promising, with several projects in the pipeline, indicating potential for improved performance in key release periods [3] Group 4 - The film market is expected to recover in 2025, driven by the release of "Nezha 2," with an estimated total box office of 50 billion yuan [4] - Company forecasts revenue growth from 4.795 billion yuan in 2025 to 5.967 billion yuan in 2027, with corresponding net profit growth from 566 million yuan to 843 million yuan [4] - Based on comparable companies, a target price of 7.48-8.55 HKD is set, with an "outperform" rating assigned [4]

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 ...

5月21日，阿里大文娱集团宣布更名为虎鲸文娱集团，旗下阿里影业拟更名为大麦娱乐。 "阿里大文娱"这个名字，自2016年作为阿里巴巴集团旗下的文化娱乐品牌，被使用至今。在阿里巴巴集团2023年进行"1+6+N"分拆时，该业务还被列 为"6"中的独立集团之一，但该业务集团始终没有一个具体的形象代表，出现在阿里动物园中。 阿里巴巴旗下的产品多由动物形象作为吉祥物，其集合被称为阿里动物园，而阿里巴巴集团创始人马云则被视为园长。21日下午，优酷首席运营官、阿里鱼 总裁吴倩介绍，海洋动物虎鲸将代表文化娱乐业务集团，融入阿里动物园。 在更名前，阿里大文娱刚刚斩获了过去财年里的首次单季度盈利。数据显示，截至2025年3月31日止三个月里，阿里大文娱收入超55亿元，经调整EBITA为 盈利3600万元。盈利数字虽然微小，但与去年同期亏损8.84亿元相比，阿里大文娱已经有了历史性突破。 在吴倩看来，崭新的名称意味着大文娱将以归零的心态和创业者的姿态，开启一段新征程。此前的"阿里日"上，阿里巴巴集团CEO吴泳铭曾在内部发文呼 吁"重新创业"，阿里大文娱通过更名，与集团号召呼应。 吴倩强调，虎鲸文娱依然是阿里旗下以内容和科技双轮驱动 ...

Group 1 - Alibaba Pictures Group is rebranding to "Damai Entertainment Holdings Limited" and aims to enhance its brand recognition in the entertainment ecosystem, particularly in the offline entertainment market [3] - The company reported a revenue of 6.702 billion RMB for the fiscal year ending March 31, 2025, representing a 33% year-over-year increase, with a net profit of 364 million RMB, up 28% [3] - Adjusted EBITA reached 809 million RMB, marking a 61% increase and achieving profitability for five consecutive years [3] Group 2 - Damai, as a leading ticketing platform, has established a strong brand presence in the live entertainment market, offering diverse products to meet the growing demand for live experiences [4] - The company is expanding internationally with a ticketing system capable of handling nearly one million concurrent users, maintaining its leading position in the ticketing market [4] - Revenue from the Damai segment surged to approximately 2.057 billion RMB, a 236% increase compared to the previous fiscal year [4]

IPO市场曾多次"欺骗"投资者，让他们相信在经历了自2022年初以来的长期低迷之后，市场正在重新开 放。而现在，希望的迹象终于再次出现。 总部位于以色列，股票经纪平台eToro的股票周三在纳斯达克上市首日股价上涨近29%，此前其IPO发行 价高于预期区间。同一天，人工智能基础设施提供商CoreWeave发布了其上市首份财报，报告收入增长 420%，超出预期。 eToro在纽约纳斯达克市场举行IPO上敲响开市钟，市值超过54亿美元 eToro在纽约纳斯达克市场举行IPO上敲响开市钟，市值超过54亿美元 安永美洲区IPO主管Rachel Gerring向媒体表示："市场将会复苏。这只是时间问题，而不是是否会发生的 问题。" Rachel Gerring表示，乐观情绪已开始反弹。部分原因在于特朗普暂停实施其最严格的贸易政策90天，以 及在此期间大幅降低中国商品的关税。 然而，仍然存在很多不确定性，Rachel Gerring表示，这些不确定性对企业来说可能难以应对，尤其是在 他们准备进入市场的时候。她建议客户做好充分的准备，以便在合适的时机抓住市场机遇。 未来一周很重要 CoreWeave股价本周飙升约60%，自该 ...

【环球网消费综合报道】5月19日是第15个中国旅游日，作为文旅部"5·19中国旅游日"活动的唯一官方 合作演出票务平台，大麦上线了主题"乐游中国，唱响山河"的活动专题页，用户可以一站式购齐演唱会 及附近热门景区的门票。 据了解，"乐游中国，唱响山河"的活动专题页里，汇集了300多座城市近三个月的演唱会、音乐节、戏 剧演出以及旅游景点信息。用户可以在大麦App中搜索"中国旅游日"，挑选自己的旅行目的地，一键获 取该城市最新、最全的文娱活动。例如，近期去陕西的用户，可以在专题页里购买张韶涵演唱会咸阳站 门票，以及大唐芙蓉园、兵马俑等景点门票，省心又方便。 据悉，2024年4月，华晨宇火星演唱会烟台站的跨省观演比例达到88.1%，演唱会期间，养马岛景区接 待游客30.2万人次，同比增长26.8%。拉动消费1.6亿元。 在洞察到用户的新需求之后，大麦从2024年12月开始试点景点门票业务，首批在北京、上海、哈尔滨、 杭州、天津、宁波、重庆、西安8座演出场次较多，且旅游资源丰富的城市启动测试，并于2025年在全 国范围内上线。 大麦演艺旅游运营相关负责人表示，目前，六成以上的订单都是在大型演出结束之后产生的。专程到北 ...

将投中网设为"星标⭐"，第一时间收获最新推送 半年50+IPO。 作者丨蒲凡 来源丨 投中网 前不久，Pitchbook发布了一份忧心忡忡的前瞻报告。分析师们悲观地指出，风险投资的退出难题仍然会持续一段时间，至少 在2026年上半年之前都不会出现合适的IPO窗口期。 这纯属老生常谈，况且报告的背景估计你也能猜到，特朗普掀起的关税冲突，直接让全球股市大幅震荡，纳斯达克更是重灾 区，加税的第一天就直接跳水接近6%，创造了5年以来的单日最大跌幅。当然，估计分析师在写这篇报告的时候定没想到，一 个多月时间，纳斯达克已经反弹超过20%了。 不过悲观预期下，瑞典金融科技公司Klarna和美国票务平台Stubhub先后宣布暂缓IPO计划，依然是"退出难"的例证。这两家公 司，一个估值146亿美元，另一个估值165亿美元。他们上市的传闻从2023年开始就备受关注，人们都指望着这种级别的独角 兽能带动IPO市场的热度，恢复投资人们的信心。谁也没想到几年过去了，他们仍然在担心"备受困扰的投资人们，根本腾不出 精力参与他们的募资计划"。 更何况他们的直接竞品都给出了"血淋淋"的参考：Klarna的直接竞争对手Affirm，今年的股 ...

对抗庸常生活的精神仪式。 以下文章来源于慢放 ，作者慢放 慢放 . 商业与科技，保持好奇心，慢放一下。 每年五一，出行人数都在不断增长，今年也不例外。根据文化和旅游部数据中测算，今年五一假期5天全国国内出游人次达到了3.14亿，同比增长6.4%。为 了能够在有限的时间内，享受更有质量的假期，年轻人开始避开大众景区，开始到小众目的旅游。 文 ｜ 收录 编辑 ｜ 刘涵 来源｜ 慢放（ID：manfangsd） 封面来源 ｜ IC photo 在国内，尽管北京、上海、成都、杭州等大城市持续领跑国内目的地榜单，但小城热度也不可小觑。据飞猪发布《2025年"五一"假期出游快报》新疆北屯、 西藏昌都、青海果洛、云南怒江、海南屯昌等地旅游商品预订量同比去年平均增长超100%。 "与其在西湖边看人头，不如去普洱的茶山发呆"，有网友道出了自己选择这些小众目的地的理由。毕竟选择小众旅游地不仅可以避开人流，食宿更有着超高 的性价比。据尚美数智《2025年五一全国小城旅行趋势洞察报告》，五一期间，小城预定200元以下的酒店成为主流，占比达到50%，而200-300元和300- 500元的酒店预定占比分别达到24%和20%。花大城市平 ...