本报记者 邱伟 马婧 杨天悦 孙宏阳 张楠 从永乐大钟与居庸关长城首次隔空"钟鼓齐鸣"，到线上线下共迎"北京东极"新年的第一缕阳光；从49场"京彩新年音乐会"欢乐奏响，到52条北京旅游休闲绿 道缤纷上新；从新年首批入境游客收到"来京大礼包"，到全市各大商圈掀起仪式感消费热潮……今年元旦假期，北京通过打造多元融合的文旅新场景，营造 浓厚的跨年迎新仪式感，邀请市民游客一同感受古都的文化底蕴与时代活力，同时交出一份亮眼的成绩单：假期全市接待游客880.8万人次，实现旅游总花 费109.7亿元。 "双主场"跨年盛典焕新表达古都文化 元旦零点，永乐大钟的钟声与居庸关长城的鼓阵首次隔空对话，上演了一场"钟鼓齐鸣"的新年交响。这场席卷全城的新年倒计时活动采用"双主场""全民共 享"等创新形式，直播在线观看量超过3800万，总传播量2.35亿人次。从以往"一个主会场"到今年"全城是舞台"，北京2026跨年盛典成功"破圈"的背后，是一 场高效的"城市总动员"和"文商旅体展"的全面整合、深度融合。 "此前办了14届跨年倒计时，今年是第一次做出这么大的模式突破。"北京市文化和旅游局大型活动处处长魏戎在回顾策划过程时直言。过去14年 ...

Core Viewpoint - The company reported strong financial performance for FY26H1, with revenue of 4.05 billion, a year-on-year increase of 33%, and a net profit of 520 million, up 54% [1] Financial Performance - Revenue for FY26H1 reached 4.05 billion, reflecting a 33% year-on-year growth - Net profit attributable to shareholders was 520 million, marking a 54% increase - Adjusted EBITDA was 550 million, with a 14% year-on-year growth after excluding a 160 million financial asset impairment reversal from FY25H1 [1] Business Segments IP Derivative Business - Revenue from IP derivative business doubled year-on-year to 1.16 billion, a 105% increase - Segment performance (gross profit minus allocated sales expenses) was 230 million, up 44% - The decline in profit margin was due to a one-time impact from the closure of Jinli Naji [1] - Core business, Alibaba Fish, saw revenue growth exceeding 100% and profits nearly doubling [1] Performance and Events - Revenue from the core domestic concert segment grew 14.5% to 1.34 billion - Segment performance was 750 million, a 4.7% increase - The decline in profit margin may be attributed to early international expansion and lower margins in content investment [1] - Ticketing for concerts faced supply constraints, but demand remained strong with a 17% increase in ticket buyers [1] Film and Television Content - Film revenue for FY26H1 was 1.06 billion, down 15%, with segment performance at 95 million, a 22% decline - The company adjusted its film investment strategy to focus on lower-risk, high-quality content [1] - Revenue from series production was 480 million, with a profit of 40 million, indicating a turnaround [1] Management Efficiency - Management efficiency improved with a decrease in management expense ratio to 16.5%, down 3.1 percentage points year-on-year - Investment losses were reduced to 6.73 million from 26.86 million in FY25H1, alongside a 150 million investment impairment [2] Future Outlook - The company raised its adjusted net profit forecasts for FY26-28 to 1.043 billion, 1.392 billion, and 1.629 billion respectively, up from previous estimates [2] - The company maintains a positive outlook on the high-growth live entertainment sector and continues to hold a buy rating [2]

Core Viewpoint - The company reported strong financial performance for the first half of FY26, with total revenue of 4.047 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 520 million yuan, up 54% [1] Revenue Summary - The IP derivative business showed remarkable growth, with revenue increasing by 105% to 1.16 billion yuan. The company collaborated with various brands for multiple licensing projects and opened its first retail store in mainland China, which has performed well since its launch [1] - Revenue from performance content and technology business grew by 15% to 1.34 billion yuan, with a 17% increase in ticket sales user numbers for concerts. The overall box office growth has slowed, but the platform maintained its leading position [1] - Revenue from film content and technology business decreased by 15% to 1.06 billion yuan, with a stable market share for ticketing services. The company adjusted its strategy to focus on lower-risk, high-quality films [2] - Revenue from drama production surged by 693% to 480 million yuan, with several high-rated series released and more than 20 projects in the pipeline [2] Performance Summary - The performance content and technology segment's profit increased by 5% to 754 million yuan, but the profit margin decreased by 5 percentage points to 56% [3] - The IP derivative segment's profit rose by 44% to 235 million yuan, with a profit margin decline of 9 percentage points to 20% [3] - The film content and technology segment's profit fell by 22% to 95 million yuan, with a profit margin decrease of 1 percentage point to 9% [3] - The drama production segment turned profitable with a profit of 38 million yuan, and the profit margin increased by 26 percentage points to 8% [3] Future Outlook - The company aims to drive growth through overseas expansion and IP business development, focusing on establishing a presence in Asia and globally, enhancing platform capabilities, and increasing revenue from live entertainment content [3] - Revenue projections for FY26-28 are set at 8.005 billion, 9.234 billion, and 11.728 billion yuan, reflecting year-on-year growth of 19%, 15%, and 27% respectively [4] - Adjusted net profit forecasts for FY26-28 are 1.049 billion, 1.514 billion, and 1.965 billion yuan, indicating significant growth of 188%, 44%, and 30% respectively [4]

Core Viewpoint - The company is actively seeking localized cooperation with South Korean entertainment companies to enhance brand influence and expand international vision [1] Group 1 - The company is leveraging opportunities from cultural exchanges between China and South Korea [1] - The company maintains good communication with foreign entertainment companies such as SM Entertainment [1] - As cultural exchanges between the two countries improve, the company plans to actively expand into foreign performance and commercial projects [1]

Core Viewpoint - The company maintains its revenue and profit forecasts for the full year, with a target price of HKD 1.32, indicating a potential upside of 40% from the current stock price [1] Group 1: Financial Performance - The company expects a net profit of no less than 500 million yuan for the first half of FY26, representing a year-on-year increase of approximately 48% [1] - The forecast for Non-IFRS EBITA for FY1H26 is 537 million yuan [1] Group 2: Business Segments - The strong performance of the Aliyu business is a key driver of the profit increase, with significant growth in revenue and profit attributed to popular IPs such as Sanrio, Chiikawa, and Crayon Shin-chan [2] - The company predicts a 55% year-on-year increase in derivative income to 930 million yuan for FY1H26, despite the negative impact from the closure of Jinli Naku [2] Group 3: Strategic Initiatives - The company has a solid foundation in its ticketing business and plans to invest in diversified entertainment sectors, including local cultural tourism and sports events, to ensure long-term growth [3] - A three-year strategic cooperation agreement has been renewed with Galaxy Macau, indicating a commitment to expanding its market presence [3] Group 4: Risk Management - The increase in net profit for FY1H26 is also attributed to a reduction in investment portfolio risk exposure, with a controlled risk outlook for upcoming film productions [4]

Core Insights - The concert market in China is shifting from first-tier cities to second-tier cities, with ticket sales for large concerts in second-tier cities expected to rise from 56.2% in 2023 to 61.9% in 2024 [1][5] - The report highlights that cities with strong cultural demand and youthful consumer power are becoming focal points for the concert market [3][6] Market Trends - The 2024 concert market report indicates that the number of large concerts in second-tier cities will increase from 56% in 2023 to 62.4% in 2024, while first-tier cities will see a decline in both ticket sales and concert numbers [1][5] - Cities like Chengdu, Hangzhou, Chongqing, Nanjing, Wuhan, and Suzhou are leading the ticket sales for large concerts in 2024, with Hangzhou, Suzhou, and Taiyuan making significant gains [5][6] Factors Influencing Market Growth - Government support and policy initiatives are crucial for promoting concert economies, as seen in Changzhou's financial incentives for large events [6][7] - Strong local cultural consumption and disposable income levels are essential, with Hangzhou ranking in the top ten for per capita spending and income [6][7] - Infrastructure and location advantages, such as efficient transportation networks and modern venues, are vital for hosting high-profile events [6][7] Unique City Characteristics - Taiyuan, despite its economic disadvantages compared to major cities, is leveraging its cultural resources to attract concert-goers [6][7] - The success of events like the Dao Lang concert in Taiyuan demonstrates the importance of local engagement and unique experiences to build a positive reputation [7][9] Integration of Culture and Events - The concert economy is increasingly focused on creating unique music brands and integrating them with local cultural resources [9][10] - Taiyuan's strategy includes deep integration of concert activities with local IPs, enhancing the overall experience for attendees [9][10] Emerging Music Festival Trends - Changzhou is making strides in the music festival sector, with significant ticket sales and attendance figures, indicating a robust market presence [10] - The Taohuawan Music Festival is set to generate substantial revenue and attract a large audience, showcasing the city's growing influence in the music festival landscape [10]

Core Insights - The concert market is shifting from first-tier cities to second-tier cities, with ticket sales for large concerts in second-tier cities expected to rise from 56.2% in 2023 to 61.9% in 2024, while the share for first-tier cities is declining [1] - Cities with strong cultural consumption demand and young consumer power are becoming focal points for the concert market, with Chengdu, Hangzhou, Chongqing, Nanjing, Wuhan, Suzhou, and Taiyuan ranking in the top ten for ticket sales in 2024 [2][3] - The success of cities in attracting concerts is influenced by both "hard power" (infrastructure and policies) and "soft power" (service and experience) [1][2] Hard Power and Soft Power - Cities like Hangzhou and Changzhou have seen significant growth in concert ticket sales due to strong government support and effective collaboration among various departments to ensure event safety [2] - Changzhou's concert economy is bolstered by policies such as financial incentives for large events, while Hangzhou ranks high in per capita consumption and disposable income [2] - Taiyuan, despite lacking some advantages of larger cities, is leveraging its unique cultural resources and effective collaboration with event organizers to enhance its concert economy [3] Unique Cultural Identity - The concert economy in Taiyuan is focusing on creating a unique cultural identity by integrating local cultural elements into events, as seen in the successful promotion of a concert featuring artist Dao Lang [5] - The city is developing its brand as a "City of Fans" by enhancing services and creating memorable experiences for concert-goers, which is crucial for attracting audiences [3][5] - Changzhou is also developing its music festival brand, achieving significant ticket sales and audience engagement, with 1.9 billion in ticket sales for music festivals in 2023, accounting for 32.5% of Jiangsu's total music festival revenue [6] Market Trends - The concert market is experiencing rapid growth, with a focus on creating unique music brands and integrating them with the city's cultural resources [5] - The trend of cross-city and cross-province audience participation is significant, with Changzhou attracting a large percentage of young audiences and cross-city attendees [6] - The overall concert market is expected to continue evolving as cities enhance their cultural offerings and improve the concert-going experience [7]

Core Insights - The "MAGICMAN2" world tour concert by singer Jackson Wang in Macau attracted nearly 35,000 attendees over three shows, highlighting the city's vibrant entertainment scene [1] - Macau's concert and event industry is experiencing significant growth, with an expected 1,096 concerts and music events in 2024, representing a year-on-year increase of at least 10-20% [1] - The integration of high-quality hotel services and top-notch venue facilities is a key strength for Macau's entertainment sector, enhancing the overall experience for artists and audiences [2] Industry Overview - Macau has developed a leading network of high-standard performance venues, including the Galaxy Macau and Venetian Macao, capable of hosting events for thousands of attendees [1] - The Macau government has introduced a new outdoor performance area that can accommodate approximately 50,000 spectators, further enhancing the city's event hosting capabilities [1] - The concert economy in Macau is closely tied to the gaming industry, with major events driving foot traffic and boosting both gaming and non-gaming revenues [2][3] Economic Impact - In August, Macau's gaming revenue saw a 6% year-on-year increase, attributed to various events, including concerts, which positively influenced monthly revenue forecasts [3] - Non-gaming consumption by visitors reached MOP 37.86 billion in the first half of 2025, with concert-goers spending an average of MOP 4,161 per visit [2] - The concert economy is estimated to have a multiplier effect of 1:7 to 1:8, meaning a ticket priced at MOP 1,000 could generate MOP 7,000 to MOP 8,000 in total spending [5] Future Development - The Macau government aims to increase the non-gaming sector's contribution to GDP to about 60% by 2028, reflecting a strategic shift towards economic diversification [4] - The concert economy is seen as a vital component of Macau's efforts to develop a more diverse tourism landscape, with cultural and entertainment revenues significantly increasing since 2019 [6] - Collaboration between concert organizers and travel agencies is being promoted to enhance the integration of entertainment and tourism, aiming to attract a more diverse visitor demographic [6][7] Challenges and Opportunities - The current concert economy in Macau is still in its early stages, heavily reliant on specific tourist demographics and external production teams [7][9] - There is a need for Macau to cultivate local talent and reduce dependence on international resources to foster a sustainable and independent entertainment industry [9] - The ongoing development of the entertainment sector presents opportunities for increased internationalization and professionalization, with potential for growth in diverse content offerings [7][9]

Core Points - "Galaxy Macau" has renewed a three-year strategic cooperation agreement with Damai Entertainment and Macau Pass, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][2] - The collaboration will focus on hosting diverse cultural events, including concerts, stage plays, award ceremonies, and sports events, while also improving ticketing systems and member experiences [1][2] Group 1 - The partnership will continue to integrate resources and leverage each party's strengths to promote high-quality live and online performances in Macau [1] - Over the next three years, the parties will organize various cultural activities and establish comprehensive cooperation in marketing, ticketing systems, and talent acquisition [1] - The collaboration will extend beyond Macau, exploring opportunities for non-Macau venue projects to create a performing arts hub in the Greater Bay Area [1] Group 2 - Damai Entertainment's ticketing system will undergo upgrades to enhance user experience, ensuring a smoother ticket purchasing process for audiences [1][2] - The strategic partnership has already facilitated the introduction of top-tier performances and large-scale events from mainland China to Macau, including concerts and comedy shows [2] - Damai Entertainment's international ticketing system is set to launch in 2024, featuring advanced security measures to handle high traffic during popular events [2]

Core Insights - The strategic partnership between Galaxy Macau, Damai Entertainment, and Macau Tong has been renewed for three years, aiming to enhance the cultural and entertainment industry in Macau and the Greater Bay Area [1][3] Group 1: Partnership Details - The collaboration will focus on hosting diverse cultural events in Macau, including concerts, stage plays, award ceremonies, immersive performances, and sports events over the next three years [3] - The partnership will extend beyond Macau, exploring cooperation on projects in non-Macau venues to establish a performing arts hub in the Greater Bay Area [3][4] Group 2: Ticketing and Technology - Damai Entertainment will continue to enhance the ticketing system in collaboration with Galaxy Macau, aiming for a smoother ticket purchasing experience for audiences [3][4] - The ticketing system will undergo technical and hardware upgrades to support high-demand events, ensuring security and user convenience [4] Group 3: Previous Collaborations - Prior collaborations between Galaxy Macau and Damai Entertainment have included deep cooperation in ticketing systems and content introduction, leading to successful events featuring top mainland performers [4]