社会服务 海外消费 大麦国际打通国内外演出闭环，户外露营烧烤迎金秋 2025 年 11 月 16 日 投资评级：看好（维持） ——行业周报 | 行业走势图 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | 初敏（分析师） 李睿娴（分析师） 叶彬慧（联系人） | | | | 29% | 社会服务 | 沪深300 | chumin@kysec.cn liruixian@kysec.cn | | yebinhui@kysec.cn | | 22% | | | 证书编号：S0790522080008 证书编号：S0790525020004 证书编号：S0790124070053 | | | | 14% | | |  线下文娱：大麦国际平台上线，打通国内外演出闭环 | | | | 7% 0% | | | 大麦：推出全球演出服务平 | MAISEAT，面向全球用户提供海内外各类热门演出的 | | | -7% | | | 购票/观演服务，目前海外官网已上线郑伊健/岳云鹏/韦礼安等华语艺人亚洲区域演 | | | | -14% 2024-11 | 2025-0 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **media and internet industry**, with a focus on **online music** and the **gaming sector**. The analysis includes insights into the **creator economy** and the impact of **AI** on content creation and consumption. Key Points on Online Music - The **online music sector** is highlighted as a key area of focus, particularly **NetEase Music**, which has been under continuous coverage since its IPO in 2022. The company is expected to achieve profitability and rapid growth in the coming years [20][21][25]. - The online music market is characterized by a **long-term growth potential** and a **volume-price synergy** logic, with platforms like **Spotify** expanding into new markets despite slower growth in the U.S. [21][22]. - **User engagement** is strong, with NetEase Music's monthly active users (MAU) projected to grow from approximately **44 million in 2023** to **53 million in 2024**, and the paid user base expected to increase from **44 million to 53 million** as well [25][26]. - The **paid conversion rate** is anticipated to rise from **21% in 2023** to **24% in 2024**, indicating a positive trend in monetization [25][26]. - The **cost of content** is expected to decrease as the exclusive copyright model evolves, leading to improved gross margins [27]. Key Points on Gaming Sector - The **gaming industry** is experiencing a recovery phase, with expectations of further growth from **2024 to 2025**. The sector is seen as a new consumption model that caters to younger demographics [4][5][6]. - The **supply-demand dynamics** in the gaming market are favorable, with a notable increase in the number of game releases and a healthy competitive landscape among developers [3][6][8]. - The **summer season** is projected to boost gaming engagement, as students have more leisure time, leading to increased user acquisition and revenue [13][17]. - The **AI integration** in gaming is highlighted, with products like **EVE** showcasing the potential for AI to enhance user interaction and expand the gaming audience beyond traditional gamers [10][12][19]. - The **valuation of gaming companies** remains attractive, with many trading at around **20-25 times earnings**, suggesting potential for upward movement as performance improves [18][19]. Additional Insights - The **creator economy** is emphasized, particularly in relation to AI-driven content creation across various formats, including music, video, and gaming [2][30]. - The **live entertainment sector**, including concerts and events, is expected to see increased activity, driven by consumer demand for immersive experiences [34][36]. - The **film industry** is also highlighted, with upcoming releases anticipated to perform well at the box office, potentially revitalizing interest in cinema [39][40]. Conclusion - The overall sentiment is optimistic regarding the **media and internet industry**, particularly in the realms of **online music** and **gaming**, with strong growth prospects driven by user engagement, AI integration, and evolving consumption patterns. The insights provided by the research team are intended to guide investors in identifying opportunities within these sectors [41].