（2025.04.01-2026.03.31）目标价1.94 港元，给予"增持"评级。 公司2025 财年（2024.04.01-2025.03.31），实现总营收67.02 亿元，同比增长33%，经调整EBITA 为8.09 亿元，同比增长61%，归母净利润3.64 亿元，同比增长28%，公司将IP 衍生、票务科技与娱乐内容转化 为可持续盈利增长点，加速推进公司全球化战略布局。 机构：国泰海通证券 研究员：陈筱/孙小雯/陈俊希 拥有国内领先的IP 授权管理和商业化开发平台阿里鱼，演唱会票务服务领域龙头，持续扩大"大麦"品 牌影响力 投资要点： IP衍生生态升 级未来核心增长引擎，演出票务市场持续领先。我们预计公司2026-2028 财年EPS 分别为 0.03、0.04 和0.05 元。我们根据PE 和PS 两种估值法，采用两者平均值，对应公司2026 财年 IP 衍生业务为公司营收增速第一大板块。2025 财年，公司IP 衍生业务收入14.33 亿元，同比增长73%， 其中阿里鱼授权收入同比增长逾90%；分部业绩3.8 亿元，同比增长75%。公司拥有国内领先的IP 授权 管理和商业化开发平台阿里鱼，拥有的 ...

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 3.2 billion, a decrease from RMB 4.2 billion in 2024 [23] - Online business revenues increased by 2.3% to RMB 2 billion, driven by growth in self-owned platform products [23][24] - Net profit attributable to shareholders increased by 68.5% to RMB 850 million, while non-IFRS net profit decreased to RMB 508 million from RMB 702 million in 2024 [29] Business Line Data and Key Metrics Changes - Revenue from self-owned platform products increased by 3.1% to RMB 1.7 billion, while revenues from Tencent channels decreased by 25.6% to RMB 97 million [24] - Revenue from IT operations decreased by 46.4% to RMB 1.2 billion, primarily due to a lack of new TV series or film releases [26][27] - The IT merchandise business generated GMV of RMB 488 million, nearing last year's total of RMB 500 million [16][27] Market Data and Key Metrics Changes - The average monthly active users (MAUs) decreased to 141.3 million from 176 million in 2024, with a decline in MAUs from Tencent channels [25] - Average monthly paying users (MPUs) grew by 4.5% to 9.2 million, reflecting growth in membership users [26] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of China's IP industry, focusing on premium IP, short dramas, and physical merchandise [7][9] - Plans to enhance the IP commercialization strategy by expanding product categories and improving distribution channels [16][39] - Commitment to integrating AI across business lines to enhance content creation and user engagement [19][62] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of China's IP industry and the company's unique position to leverage this trend [7][9] - The focus will be on enhancing the emotional connection between IP and users, as well as exploring new technologies like AI and VR [46][62] - The company anticipates strong growth momentum driven by diverse content types and consumption patterns [20][21] Other Important Information - The company introduced an AI-powered knowledge base for online literature, significantly increasing interactions between writers and AI [19][62] - Revenue from AI-translated works on the international reading platform grew by 38% year over year, accounting for over 35% of total novel revenue [20][62] Q&A Session Summary Question: Progress of IP merchandise business and future development priorities - Management discussed the successful IP merchandise initiatives, including events like the King's Avatar tournament and plans for customized merchandise [33][35][40] Question: Top priorities and KPIs for classic IPs - Management emphasized the importance of releasing new content and enhancing merchandise offerings for classic IPs to maintain their popularity [42][45] Question: Commercialization potential of top IPs - Management expressed confidence in the commercialization potential of IPs, highlighting the need to adapt to evolving user demands [48][53] Question: Content pipeline for Newcastle Media - Management outlined the upcoming content releases, including six drama series and a movie project scheduled for the second half of the year [59][61] Question: Deployment of AI technologies - Management provided insights into the integration of AI in content creation, enhancing efficiency and user engagement [62]