猫眼娱乐的主要营收由宣传和发行电影相关的娱乐内容服务以及在线娱乐票务服务贡献，少部分收 入来自广告服务及其他。因此，猫眼娱乐的业绩表现与当年电影市场、演出市场的情况息息相关。 需要注意的是，猫眼娱乐2025财年盈利能力大增，与2024财年业绩下滑所致的低基数亦有关联。 2023财年，猫眼娱乐实现营收47.57亿元，年内溢利9.078亿元；而在2024财年，猫眼娱乐娱乐内容服 务、在线娱乐票务服务的收入分别同比减少14.8%、14.9%，年内溢利更是同比下跌约80%。对比来看， 猫眼娱乐虽然2025财年业绩表现同比增长，但仍不及2023财年的水平。 2025年全国演出市场呈现蓬勃向上的发展态势，根据中国演出行业协会发布的《 2025年全国演出 市场简报 》，2025年全国营业性演出票房收入616.55亿元，同比增长6.39%，观众人数同比增长 4.22%。 猫眼娱乐表示，本集团持续投入和发展现场演出业务，GMV创历史新高、并远超行业增速，行业 竞争力进一步增强。值得一提的是，在境外地区，本集团服务的演出品类持续增加，已经拓展至大型演 唱会、体育赛事、剧场类、脱口秀在内的各类演出项目，且境外地区的自营演出业务GM ...

Core Insights - Damai Entertainment announced a strategic investment partnership with Hong Kong ticketing platform Kuaidao on February 13, aiming to leverage their strengths in the Greater China ticket sales market to jointly explore the Hong Kong, Macau, and Taiwan performance and ticketing market [1] Group 1: Cooperation Details - The cooperation involves multiple levels, including technology support from Damai to Kuaidao, which will promote Damai's ticketing solutions in Hong Kong, Macau, and Taiwan [3] - Business collaboration will focus on offline performance consumption scenarios, sales network construction, and intelligent ticketing services, along with cross-platform ticket distribution and marketing activities [3] - The market strategy will target the Greater Bay Area, facilitating ticket purchasing for Hong Kong and Macau users for mainland performances, and vice versa for mainland audiences [3] Group 2: Company Backgrounds - Kuaidao, established in 2000, is a well-known local ticketing platform in Hong Kong, serving over 5 million users annually and providing ticketing services for more than 30,000 events in the past two decades [3] - Damai Entertainment operates across various sectors, including film, performances, IP commercial derivatives, series, artist management, and ticketing platforms, with a user base of 300 million on its Damai platform [3] - In recent years, Damai has been actively advancing its layout in the Greater China region through commercial investments and project collaborations [3]

Core Insights - The strategic investment partnership between Damai Entertainment and HK Ticket aims to enhance ticket sales experiences in the Greater China region through collaboration and resource integration [3][5] - Damai Entertainment will acquire a stake in HK Ticket, facilitating deeper commercial connections and expanding their market presence in Hong Kong, Macau, and Taiwan [3][5] Group 1: Company Overview - Damai Entertainment is a diversified entertainment company involved in film, performances, IP commercialization, series, artist management, and ticketing, with a user base of 300 million [4] - HK Ticket, established in 2000, is a well-known ticketing platform in Hong Kong, serving over 5 million users annually and providing ticketing services for more than 30,000 events across various venues [4] Group 2: Strategic Partnership Details - The partnership will leverage Damai's technological support and ticketing system services to enhance HK Ticket's operational efficiency and user experience [3][5] - Both companies will engage in cross-platform ticket distribution and marketing activities to improve their ticketing services and market outreach [3][5] Group 3: Market Implications - This collaboration is seen as a crucial step for Damai's expansion in the Greater China market, providing local operational insights and broadening its commercial channels [5] - The partnership is expected to lead to a comprehensive digital upgrade for HK Ticket, enhancing its competitive edge and market influence [5]

Group 1 - The core viewpoint of the news is the strategic investment cooperation between Damai Entertainment and the well-known ticketing platform Kuaida Ticket, aimed at enhancing ticket sales experience in the Greater China region [1][4] - Damai Entertainment will acquire a stake in Kuaida Ticket to strengthen their commercial connection and will provide technical support and ticketing system services [4][5] - The collaboration will focus on various aspects such as sales network construction and intelligent ticketing services, aiming to jointly explore the performance and ticketing market in Hong Kong, Macau, and Taiwan [1][4] Group 2 - Kuaida Ticket, established in 2000, serves over 5 million users annually and has provided ticketing services for more than 30,000 events in the Hong Kong and Macau regions [4] - Damai Entertainment has a user base of 300 million and is expanding its presence in the Greater China market through commercial investments and project collaborations [5] - The partnership is seen as a key move for Damai Entertainment's business layout in Greater China, providing international perspective and local operational practice [5]

春节站台上，人潮从未改变，抢票战场上，"猎手"却不止归人。2月12日消息，北京市市场监管局近日 约谈12家涉及火车票网络销售业务的平台，提出四项合规要求。其中包括：禁止明示或者暗示消费者可 通过付费服务获得优先购票特权；及时整改车票售罄后的"加速包""双通道""余票监控"等误导性宣传； 下架涉嫌误导性宣传的产品，调整页面宣传内容，禁止采用12306宣传；认真做好明码标价，显著提醒 增值服务内容和价格等。 火车票网售是民众刚需，也是平台竞争的高地，但不少平台存在技术和商业的"黑洞"争议。面对"加速 包""双通道""碰瓷12306"等一系列名目花哨的车票网售顽疾，监管部门并非第一次敲打平台。而年关到 来，监管信号一次比一次明确：车票网售，该少些噱头、多点诚意了。 正如监管部门对平台的告诫："多助力、少添堵。"这六个字，恰恰是服务与套路的分水岭。 监管出手不是终点，解决问题仍需内外合力。就在2月初，《网络交易平台规则监督管理办法》正式施 行，明确禁止利用平台规则实施大数据杀熟、价格欺诈等行为。法规缰绳正在收紧，监管力度持续加 强，除了典型案例查处，诸如平台信用评价体系、消费者理赔标准等方方面面需要进一步建设和完善。 ...

Core Viewpoint - The article highlights the deceptive practices of third-party ticketing platforms that exploit travelers' urgency to secure train tickets during the Spring Festival, emphasizing that these platforms often provide no real advantage and may even compromise consumer data security [4][6][10]. Group 1: Misleading Practices - Third-party platforms falsely advertise "priority ticketing" and "accelerated packages," claiming to enhance the chances of securing tickets, while in reality, they merely submit orders to the official railway ticketing system without any real advantage [6][7]. - The so-called "accelerated packages" create a false impression of higher success rates, but once tickets are sold out, there are no tickets to secure, rendering these services ineffective [6][9]. - The platforms mislead consumers by presenting free services, such as the official ticketing system's waiting list, as exclusive paid features, thus encouraging unnecessary expenditures [7][8]. Group 2: Regulatory Actions - The Beijing market supervision department has identified and penalized these misleading practices, imposing a fine of 500,000 yuan on the offending platforms for violating unfair competition laws [8]. - The article discusses the need for ongoing regulatory oversight to combat these deceptive practices and protect consumer rights, emphasizing the importance of transparency in service offerings [15][16]. Group 3: Industry Context - The Spring Festival is expected to see a record 9.5 billion inter-regional trips, with railway passenger volume reaching 540 million, highlighting the immense demand for tickets during this peak travel period [12]. - Despite improvements in ticketing systems and increased train services, the article notes that structural challenges in ticket availability persist, necessitating further enhancements in service and capacity management [14][15].

消息面上，据央视新闻，春节档电影蓄势待发，目前，已有4部国产影片宣布定档，分别为《惊蛰无 声》《镖人：风起大漠》《飞驰人生3》《熊出没·年年有熊》。中信建投指出，大麦娱乐春节参与度 高。目前《惊蛰无声》《镖人：风起大漠》均由公司主投，且预计是主发方。 智通财经APP获悉，大麦娱乐(01060)尾盘涨超4%，截至发稿，涨4.35%，报0.96港元，成交额2.01亿港 元。 值得注意的是，1月15日，阿里召开千问App发布会，千问任务助理1.0正式发布。此次千问App接入的 业务除了淘宝、淘宝闪购、1688、盒马和阿里健康，还覆盖了高德、优酷、大麦娱乐、支付宝和菜鸟。 业态既包括了阿里电商零售，也涉及本地生活、文娱、支付和物流基建。东北证券指出，阿里通过大麦 娱乐布局线下娱乐市场，涵盖演出票务、电影票务、IP衍生业务等领域。 ...

消息面上，据央视新闻，春节档电影蓄势待发，目前，已有4部国产影片宣布定档，分别为《惊蛰无 声》《镖人：风起大漠》《飞驰人生3》《熊出没.年年有熊》。中信建投（601066）指出，大麦娱乐春 节参与度高。目前《惊蛰无声》《镖人：风起大漠》均由公司主投，且预计是主发方。 大麦娱乐(01060)尾盘涨超4%，截至发稿，涨4.35%，报0.96港元，成交额2.01亿港元。 值得注意的是，1月15日，阿里召开千问App发布会，千问任务助理1.0正式发布。此次千问App接入的 业务除了淘宝、淘宝闪购、1688、盒马和阿里健康，还覆盖了高德、优酷、大麦娱乐、支付宝和菜鸟。 业态既包括了阿里电商零售，也涉及本地生活、文娱、支付和物流基建。东北证券指出，阿里通过大麦 娱乐布局线下娱乐市场，涵盖演出票务、电影票务、IP衍生业务等领域。 ...

□蒋璟璟 近日，北京市市场监督管理局查办了全国首例平台虚假"抢票"典型案例，当事人被处罚款50万元。有关 部门提示，网上平台宣称的"抢票"服务，"加速包""全能抢票""专人抢票""极速抢票"等，无法实现提前 购票或优先购票目的，无法提高购票成功几率，实为罗织的骗局和无效的噱头。 （北京青年报） 某些平台"收割"用户所要做的工作，其实就两个：一是通过所谓的"倒计时""抢票成功概率提示"等小部 件，把用户的焦虑、恐慌调动起来；二是把12306本身就有的一些功能重新包装，改头换面后接入后 台，并伪装成平台自有的"增值服务"。前者玩的是攻心计，后者用的是"信息差"，可谓煞费苦心、步步 算计。 搞虚假"抢票"欺骗消费者，某些平台把生意做到这份儿上，实在是悲哀至极。 "抢票加速包"，屡被官方否认，却依旧不缺拥趸。这其中，固然有偏听偏信的，但更多的，还是抱 着"宁信其有""不妨一试"的心态。一些平台敏锐地捕捉到了用户的这类心理，通过各种对UI页面、功能 模块的针对性设计，故意渲染紧张情绪、大肆鼓吹"抢票神器"，目的是吸引用户上当。 最近曝光的这起全国首例平台虚假"抢票"典型案例，相关部门对平台的处罚事由，是"作虚假或者引人 ...

每逢热门演出开票，"一票难求"已成常态，而"机刷"行为更加剧了票务资源的紧张，扰乱市场秩序，侵 害普通消费者公平购票权益。日前，大麦诉郑某某销售抢票软件不正当竞争案在入选"最高人民法院 2024年人民法院知识产权典型案例"后，又成功获选"2025年度中国十大文娱法事例"。作为全国首例明 确认定销售抢票软件构成不正当竞争的判例，此案为整治"机刷"乱象提供了司法支撑，切实维护了演出 票务市场秩序与消费者合法权益。 据了解，2023年，郑某某通过其运营的"全职程序员软件开发工程师"网店，销售一款针对大麦APP的抢 票外挂软件。该软件借助技术手段模拟并循环发送购票请求，帮助用户绕过大麦平台"先到先得"的购票 规则，以此提升抢票成功率。大麦随即提起诉讼，主张该行为妨碍了大麦APP的正常运营，损害了平台 的合法权益，破坏了公平的购票秩序，已构成不正当竞争，请求法院判令郑某某赔偿经济损失及合理开 支。 2024年12月30日，北京市东城区人民法院针对此案作出一审判决。法院认定，郑某某为大麦用户提供抢 票服务，利用大麦的经营活动和用户群体作为自身资源牟利，属于市场竞争行为。该行为增加了大麦的 运营成本，干扰了平台的经营决策， ...