目前，相关服务已经在一些演出项目中得到了初步验证，接下来，灯塔AI演出口碑分析将重点聚焦剧 场项目，给予商家更多参考视角。 除将优质平台资源转化为商家核心宣发要素外，近两年，大麦在剧场品类售出和种草两个维度上也做了 诸多创新和建设。 例如，加码剧场"超前蓄水"，通过"想看""许愿"等数据化产品帮助项目提前锁定高潜用户，结合流量、 权益等玩法，加速销售转化。增设场馆阵地，聚合在售演出、项目资讯、活动福利，构建用户与场馆品 牌连接的锚点，帮助品牌把"流量"转化为"留量"，形成忠诚消费。打造档期营销、团购、周三半价等多 元营销玩法，精细权益定向触达新用户、复购用户、淘麦VIP等细分人群，促拉新，提售出。布局MCN 淘秀营销，构建了覆盖达人种草、短视频营销、矩阵运用、线下投放的全域演出营销服务体系。（勃 潺） 【环球网科技综合报道】5月30日消息，日前，大麦联合灯塔研究院正式推出演出行业首个AI口碑服务 产品——灯塔AI演出口碑分析，基于大麦端内用户评论，借助AI算法，精准分析剧目口碑，帮助剧场 商家优化作品、提效宣发。 "大麦平台每年有200万条真实用户的观后评价，这对于辅助剧场商家调整宣发及运营策略具有非常大的 ...

5月29日，记者从南京市文旅局获悉，"跟着演出（赛事）游南京 乐享'1+3'优惠活动"再扩容，在前 期发布的首轮优惠期共5项8场可以享受优惠的大型演出基础上，6月份再加2项3场，包括时下正火爆 的"苏超"比赛以及备受关注的音乐话剧《受到召唤·敦煌》相关场次。 为此，"跟着演出（赛事）游南京 乐享'1+3'优惠活动"再扩容，在前期公布的首轮优惠期为5月9日 —6月9日，可以享受优惠的大型演出共5项8场的基础上再增加2项3场：分别是6月1日，在江苏省五台 山体育中心体育场举办的江苏省城市足球联赛第三轮南京队对无锡队的比赛；6月7日、6月8日，在南 京青奥体育公园体育馆上演的音乐话剧《受到召唤·敦煌》。 观众凭观演（观赛）票根（含电子票据），在观演（观赛）当日及前、后一周内，前往参与优惠活 动的指定场景均可享受优惠。以江苏省城市足球联赛第三轮南京队对无锡队的比赛为例，从即日起至6 月8日期间，均可参与优惠活动。 为进一步推动南京文体旅商融合发展，市文旅局与市商务局、市体育局等多个部门共同发起"跟着 演出（赛事）游南京 乐享'1+3'优惠活动"，从今年5月9日起，凡购买南京市域内举办的大型演出和重大 体育赛事门票的观 ...

阿里影业 20250528 摘要 阿里影业战略重心转向现场娱乐和 IP 授权，更名"大麦娱乐"体现了对 高质量内容和现场娱乐业务的重视，与公司不断注入优质资产、优化业 务结构相一致。 大麦在现场演出行业表现突出，受益于疫情后线下演出市场的高景气度， 2023 年票房收入同比增长 29%，较 2019 年增幅达 150%，预计未来 三年内保持双位数增长。 阿里鱼作为中国第一、全球第六的 IP 授权公司，增速高达 90%，通过 ToB 转授权模式，从终端 GMV 中获得 5%至 7.5%的分成，并积极探索 ToC 业务，未来增长潜力巨大。 IP 产业链及潮玩行业高速增长，阿里鱼等领先企业受益于年轻消费群体 对 IP 产品和潮玩的需求，相关标的具有较好的投资前景。 阿里影业营收重回增长轨道，归母净利润逐步扭亏为盈，经调整后的 EBITDA 稳步上升，经营状况稳步改善，具备良好的发展前景。 演唱会和音乐节显著带动线下演出行业，2024 年演唱会场次同比增长 50%，主要由供需共振驱动，00 后成为主要受众，占比达到 40%以上。 预计 2025 年进入新一轮产品释放周期，公司票务平台将承接这一边际 好转。公司战略收缩 ...

阿里影业 20250526 摘要 演出市场整体活跃，上财年票房达 580 亿元，同比增长 15%，其中大 型演唱会票房突破 260 亿元，同比增长 78%。大麦娱乐收入 20.57 亿 元，经营业绩 12.3 亿元，均实现高幅增长。阿里鱼收入涨幅超 90%， 核心 IP 矩阵包括三丽鸥家族、宝可梦等。 大麦娱乐在技术层面优势显著，秒级并发购票用户超 10 万的项目有上 千场，同比增长 60%。交付约 3,800 场大型项目（单场座位超 5,000 人），实现安全稳定零事故，建立市场地位。 阿里影业将重心聚焦于演出和 IP 赛道，稳健发展电影业务。大麦娱乐保 持高市占率，开拓旅游演艺、体育赛事等新赛道，拓展海外市场，深耕 C 端市场，开设线上旗舰店。 鉴于电影市场波动，阿里影业在电影投资方面采取稳健策略，优化投资 组合，致力于 AI 技术发展，降低内容制作成本。持续投入衍生品和大麦 业务，提高虚拟拍摄和视效技术竞争力。 预计 2025 年线下演出市场供需火爆，演唱会增速或放缓，整体行业稳 中有升。大麦扩充品类，拓展旅游市场、体育赛事等，出海业务蓬勃发 展，内容侧投资制作业务快速增长。 Q&A 阿里影业在 202 ...

Core Insights - The performance economy is reshaping urban consumption and cultural logic, driven by a path of "crowd gathering - consumption activation - cultural breakout - brand reshaping" [1] Group 1: Market Growth and Consumer Behavior - In 2024, Sichuan province is expected to host 32,000 commercial performances, attracting 12.5 million attendees and generating nearly 3 billion yuan in ticket sales, marking a 60% increase from 2023 [2] - The national performance market is projected to reach a total revenue of 79.629 billion yuan in 2024, with a year-on-year growth of 7.61%, and ticket sales accounting for 57.954 billion yuan [2] - The audience demographic is predominantly young, with over 70% of attendees aged 18-34, and transportation and accommodation expenses making up 65% of their total spending [2] Group 2: Consumption Scenarios and Economic Impact - The multiplier effect of the performance economy is strengthening, with Qingdao hosting 58 large performances in 2024, generating 330 million yuan in ticket sales and driving 1.94 billion yuan in related consumption [2] - Chengdu's "performance + exhibition" model during the 2024 Sugar and Wine Fair is expected to increase transaction amounts by 23% and nighttime consumption to 41% [2] - In Beijing, small theater performances are projected to exceed 200,000 in 2024, increasing foot traffic to surrounding businesses by 15% [2] Group 3: Cultural Transformation and Social Media Influence - Local cultural IPs are rapidly transforming, with Sichuan's integration of traditional performances into tourism projects generating over 500 million yuan in ticket sales and 8 billion views on Douyin [3] - The introduction of AR technology in performances in Lanzhou has led to a 40% increase in night tourism revenue [3] - Social media plays a crucial role in promoting performances, with concert-related short videos garnering 22.8 billion views and over 8 million posts on Xiaohongshu in 2024 [3] Group 4: Urban Branding and Competition - Performances are becoming a new branding tool for cities, with Haikou attracting over 100 large performances and achieving an average visitor spending of over 6,000 yuan through a "duty-free + performance" model [4] - Shijiazhuang's "Rock City" brand has led to an annual average of 120 performances, with a 92% visitor satisfaction rate in 2024 [4] - Beijing and Shanghai continue to lead the market, with Shanghai's ticket sales reaching 5.17 billion yuan in 2024, while Beijing offers subsidies of up to 3 million yuan for large performances, resulting in a 171.7% year-on-year increase in ticket sales [4] Group 5: Future Development and Technological Integration - The future of the performance economy requires technological breakthroughs, policy frameworks, and cultural depth for sustainable development [5] - The integration of digital technology with urban services is essential, as seen in Lanzhou's "digital ticket" system, which has increased surrounding commercial consumption by 28% [5] - The use of immersive technologies, such as holographic projections and AR interactions, is reshaping the performance economy's reach and audience engagement [5] Group 6: Policy Framework and Cultural Ecosystem - The optimization of policy frameworks should shift from short-term competition to long-term ecological cultivation, as demonstrated by Beijing's 2025 support measures for high-quality performance development [7] - Cross-departmental collaboration is crucial, with initiatives in Lanzhou reducing performance approval times from 15 days to 3 days, and Shijiazhuang achieving a dual outcome of zero safety incidents and improved youth engagement [7] - The establishment of regional alliances, such as the "Silk Road Performance Alliance," has facilitated the sharing of 200 performance IPs and increased cross-regional touring by 45% [7] Group 7: Cultural Identity and Differentiation - Building a cultural ecosystem requires modern expressions of local heritage, with Sichuan's adaptation of traditional performances attracting a younger audience [7] - Lanzhou's integration of local heritage elements into modern performances has led to significant community engagement and high viewership on social media [7] - Cities like Chengdu and Lanzhou are focusing on unique cultural branding to avoid homogenization and achieve a transformation from "traffic frenzy" to "value accumulation" [7]

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 ...

Group 1 - China's National Bureau of Statistics reported that in April, new consumption momentum is growing, indicating a clear trend of economic improvement [1] - Despite a slowdown in industrial and consumption growth rates due to the tariff war, the overall economy shows strong resilience, supported by effective macroeconomic policies [4] - The equipment manufacturing sector's added value increased by 9.8% year-on-year in April, contributing nearly 56% to the growth of industrial added value [4] Group 2 - China's inbound tourism is experiencing robust growth, with nearly 132 million international visitors expected in 2024, a year-on-year increase of 60.8%, and total consumption reaching $94.2 billion, up 77.8% [7] - The government has implemented measures such as lowering tax refund thresholds and increasing the number of duty-free shops to further stimulate foreign tourist spending [7] Group 3 - Local governments in China are innovating consumption models by bundling popular event tickets with discounts on hotels, dining, and travel bookings, which has significantly boosted consumer enthusiasm [10] - The live performance market is thriving, with total revenue expected to exceed 79.6 billion yuan in 2024, and over 60% of audiences attending performances in different locations, driving growth in transportation and accommodation sectors [10] Group 4 - The "Z Generation" in China, born between 1995 and 2010, is becoming a significant consumer force, characterized by emotional-driven purchasing behavior [11] - This demographic is both budget-conscious for everyday items and willing to spend on hobbies and personalized products, contributing to rapid revenue growth for related companies and injecting new vitality into the Chinese economy [11]

[Table_Date] 2025 年 05 月 21 日 [Table_Title] Q1 营收持续增长，探索文化科技创新 [Table_Title2] 锋尚文化(300860) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300860 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 43.46/19.43 | | 目标价格： | | 总市值(亿) | 50.79 | | 最新收盘价： | 26.19 | 自由流通市值(亿) | 29.76 | | | | 自由流通股数(百万) | 111.90 | [Table_Summary] ►事件概述 根据锋尚文化发布的 2024 年度报告及 2025 年一季度报告，公司 2024 年实现营业收入 5.79 亿元，同比下 降 14.42%，实现归母净利润 4177.25 万元，拟每 10 股派发现金红利 2.1 元（含税），同比下降 68.94%。公司 2025 年第一季度实现营业收入 0.94 亿元，同比增加 171.12%，实现归母净利润-131.51 万元。 ► ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 21 日 [Table_Title] Q1 营收持续增长，探索文化科技创新 [Table_Title2] 锋尚文化(300860) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300860 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 43.46/19.43 | | 目标价格： | | 总市值(亿) | 50.79 | | 最新收盘价： | 26.19 | 自由流通市值(亿) | 29.76 | | | | 自由流通股数(百万) | 111.90 | [Table_Summary] ►事件概述 根据锋尚文化发布的 2024 年度报告及 2025 年一季度报告，公司 2024 年实现营业收入 5.79 亿元，同比下 降 14.42%，实现归母净利润 4177.25 万元，拟每 10 股派发现金红利 2.1 元（含税），同比下降 68.94%。公司 2025 年第一季度实现营业收入 0.94 亿元，同比增加 171.12%，实现归母净利 ...

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]