公司深度研究 | 大麦娱乐 现实娱乐头部平台，演出票务与 IP 衍生双轮驱动 证券研究报告 2025 年 12 月 25 日 大麦娱乐（1060.HK）首次覆盖 演出：高景气赛道稳居龙头地位，内容+出海+品类驱动增长。现场演出市场 呈现"量价齐升"高景气度，据中国演出行业协会，2024 年大型演唱会票 房超 260 亿元，同比增长 78.1%。我们看好现场娱乐高景气度的持续性，需 求端，悦己与社交需求共振，多次观演比例提升；供给端，中低线城市与品 类多元化持续扩容。大麦稳居演出票务第一梯队，先发优势强，壁垒深厚， 高市占率的背后，是近 20 年的行业深耕，对上下游的深度整合，以及用户 消费习惯的培养与心智的养成。往后看，一方面，大麦受益于国内演出市场 的高景气度，另一方面，内容+出海+品类拓展亦打开向上空间。 IP：阿里鱼领跑授权蓝海，深化头部 IP 合作贡献业绩弹性。阿里鱼，全球 第六、中国第一大授权代理商，据 License Global，2024 年 GMV 达 41 亿 美元，以"IP2B2C"模式构建竞争壁垒，通过双边网络效应连接三丽鸥、 宝可梦等数百个优质 IP 与 10 万+淘系商家，全链条沉淀 ...

Core Viewpoint - The company demonstrated strong performance in the first half of the fiscal year, particularly with robust growth in the Aliyu segment, driving rapid revenue growth in the IP business [1][2] Financial Performance - In the first half of the 2026 fiscal year, the company achieved revenue of 4.047 billion yuan, a year-on-year increase of 32.7%; segment performance was 1.122 billion yuan, up 12.8%; adjusted EBITA was 550 million yuan, a 14.0% increase year-on-year; and net profit attributable to shareholders was 520 million yuan, reflecting a 54.3% growth [2][3] - The IP business revenue reached 1.16 billion yuan, with a year-on-year growth of 105.2%, and segment performance was 235 million yuan, up 44.0% [2][3] IP Business - The IP business saw significant growth, particularly the Aliyu segment, which achieved revenue growth exceeding 100%, although profits were impacted by one-time losses from the shutdown of non-core business [2][3] - New IPs such as Chiikawa and Crayon Shin-chan contributed significantly to revenue growth, while the profitability of non-core businesses remains a concern due to early-stage operational challenges [3] Performance in Live Events - The live performance segment reported revenue of 1.339 billion yuan, a year-on-year increase of 14.5%, with segment performance at 754 million yuan, up 4.7% [3][4] - The launch of the overseas ticketing platform "Damai International" is expected to enhance revenue streams, with the platform integrating over 40 categories of events and connecting with more than 12,000 cinemas and 20,000 venues [4] Film and Series Business - The film segment's losses narrowed significantly, with segment performance at 95 million yuan, a decrease of 22.4% year-on-year, while the series segment turned profitable with performance at 38 million yuan [4][5] - The company is preparing for the upcoming Spring Festival release schedule, with several high-profile films expected to be announced [5][6] Cost Management - The company effectively managed costs, with sales and marketing expenses increasing only slightly, while management expenses grew at a lower rate, leading to improved expense ratios [6] Future Outlook - The company anticipates continued growth in net profit for the fiscal years 2026-2028, projecting net profits of 1.002 billion, 1.236 billion, and 1.404 billion yuan, representing year-on-year growth rates of 175.62%, 23.32%, and 13.63% respectively [1][7]

Core Points - Dama Entertainment has launched a new global ticketing service platform called "MAISEAT" to cater to international users seeking tickets for concerts, sports events, music festivals, and theater performances [1][2] - MAISEAT's website supports multiple languages including Simplified Chinese, Traditional Chinese, English, Japanese, and Korean, and integrates with Alipay's global payment network to offer various payment methods and currencies [1] - The platform aims to facilitate cross-border ticket purchasing for Chinese users and provide overseas users with easier access to events in mainland China [1][2] Company Strategy - MAISEAT will also support the execution of overseas performance projects, providing comprehensive service guarantees for domestic and international performing arts teams [2] - The platform leverages Alibaba Group's technological and resource advantages, along with Dama Entertainment's over 20 years of experience in the performance market, to enhance its global reach [2] - Future plans for MAISEAT include launching an international Alipay mini-program and a standalone app to continuously offer more features and services to global users [2]