Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The report highlights the launch of the MAISEAT platform by Damai International, which connects domestic and international performance services, enhancing the ticketing experience for global users [13][15] - The camping economy in China is projected to reach a core market size of CNY 213.97 billion in 2024, with a year-on-year growth of 60.4%, indicating significant potential for outdoor activities [18][22] - The advertising industry is undergoing a transformation towards AI-driven personalized marketing, with major companies like Google and Meta adopting advanced AI advertising engines [30][32] Summary by Sections 1. Offline Entertainment - Damai International has launched a global performance service platform, MAISEAT, which offers ticketing services for various events in multiple languages and payment options [13][15] - The Asian market for online ticketing is expected to grow rapidly, benefiting from increased middle-class consumption and government support for music and sports tourism [15][17] 2. Camping and Barbecue - The camping economy is expected to grow significantly, with the core market projected to reach CNY 213.97 billion by 2024, driven by a growing interest in outdoor lifestyles [18][22] - The barbecue market is also expanding, with an expected size of CNY 316.2 billion by 2025, growing at a CAGR of 12% from 2024 to 2029 [25][20] 3. AI and Advertising - The advertising industry is shifting towards AI-driven models, enhancing targeting and efficiency, with Google and Meta leading the way in adopting AI technologies [30][32] - The adoption rates for AI advertising products have surged, with Google's AI engine seeing a rise from 2% in Q4 2021 to 59% in Q4 2024 [30][32] 4. E-commerce and Beauty Care - The Double Eleven shopping festival in 2025 saw a robust performance across e-commerce platforms, with total sales reaching CNY 16,191 billion, a year-on-year increase of 12.3% [39][43] - Beauty care categories performed steadily, with Tmall maintaining a strong market position, particularly in high-end brands [49][51]

Core Insights - The company reported FY1H26 results that met market expectations, with revenue of 4.047 billion yuan, a year-on-year increase of 32.7%, and a net profit attributable to shareholders of 520 million yuan, up 54.7% [1] - The company is focusing on international expansion, starting with Southeast Asia and Japan/Korea, and has launched "Damai International (MAISEAT)" to provide a one-stop ticketing and event service platform [1] - IP derivative income saw significant growth, increasing by 105% to 1.16 billion yuan, while the film business experienced a decline of 15.2% [2] Financial Performance - FY1H26 revenue reached 4.047 billion yuan, with a net profit of 520 million yuan, aligning with the forecast of no less than 500 million yuan [1] - Non-IFRS EBITA was 550 million yuan, down 14.4%, but if excluding last year's non-recurring gains, it showed a comparable increase of 14% [1] - The company’s sales and management expenses totaled 1 billion yuan, an increase of 8% [2] Business Development - The live entertainment segment generated revenue of 1.339 billion yuan, a year-on-year increase of 14.5%, with a 19% increase in large event performances [1] - The company plans to expand its IP and merchandise channels, targeting new areas such as dining and small theme parks [2] - The asset structure has been optimized, leading to a significant reduction in investment losses and impairments [2] Profit Forecast and Valuation - Due to investments in new business directions, the company has lowered its FY26/27 Non-IFRS net profit forecasts by 23% and 24% to 916 million yuan and 1.018 billion yuan, respectively [2] - The current price corresponds to 26.8 times FY27 Non-IFRS P/E, with a target price adjustment of 13% down to 1.15 HKD, indicating a potential upside of 10.6% from the current price [2]

Core Insights - 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][8] - MAISEAT aims to provide a seamless ticket purchasing experience for Chinese users attending overseas events and for international users looking to attend performances in mainland China [1][3] Group 1 - MAISEAT's official website is now live, supporting multiple languages and integrating with Alipay's global payment network, offering various payment methods and currencies [1][8] - The platform will initially focus on the Southeast Asian and Japanese/Korean markets as part of its international strategy, leveraging Dama's extensive experience in the domestic market [8] Group 2 - MAISEAT has already listed several upcoming events, including concerts by artists such as Uesugi Masaru in Hong Kong and Mamamoo in Singapore, showcasing its diverse offerings [2][3] - The platform will also provide comprehensive support for domestic and international performing arts teams looking to stage events abroad, enhancing its service capabilities [3][8]

Core Insights - Dama Entertainment has launched a new global performance service platform, "Dama International (MAISEAT)," aimed at providing ticketing and viewing services for concerts, sports events, music festivals, and dramas to a global audience [1][3] - The platform supports multiple languages and payment options, including a global payment network through Alipay, catering to the needs of international users [1][3] Company Strategy - Dama International will initially focus on the Southeast Asian and Japanese/Korean markets as part of its international strategy, leveraging its proven ticketing service experience from the Chinese market [3][4] - The platform aims to address common pain points faced by users, such as language barriers and complex purchasing processes, which have hindered the international ticketing experience [3] Market Context - The domestic performance market in China has been thriving, leading to increased competition among ticketing platforms [3] - The international performance market is more mature, featuring high-value IPs like Taylor Swift and Coldplay, which Dama International plans to aggregate to attract valuable users and increase transaction volumes [3] Corporate Developments - The launch of Dama International aligns with Alibaba Group's broader strategy of internationalization, as the company seeks to export its ticketing system capabilities and digital technology [4] - Recent financial results from Alibaba's entertainment division indicate strong performance, with a revenue of 5.55 billion yuan in Q4, a 12% year-on-year increase, highlighting the potential for growth in the international market [4]

Core Viewpoint - The launch of "MAISEAT," a global performance service platform by Damai Entertainment, aims to provide ticketing and viewing services for various popular events worldwide, including concerts, sports events, music festivals, and theater [1][4]. Group 1: Business Overview - Damai International's official website is now live, supporting multiple languages including Simplified Chinese, Traditional Chinese, English, Japanese, and Korean [4]. - The platform integrates with Alipay's global payment network, offering various payment methods and multi-currency options [4]. - Future plans include the launch of an international Alipay mini-program and a standalone app [4]. Group 2: Market Focus - Unlike Damai's focus on domestic users and the Greater China performance market, Damai International targets global users and the overseas performance market [4]. - Damai International serves as the "international version" of Damai, sharing the brand's core values, technology, and service capabilities [4]. - The platform will also support the execution of overseas performance projects, providing comprehensive service guarantees for domestic and international performing teams with overseas performance needs [4].

Core Insights - Dama Entertainment has launched a new global performance service platform called "MAISEAT," aimed at providing ticket purchasing and viewing services for various events worldwide, including concerts, sports events, music festivals, and dramas [1][3] - The MAISEAT platform supports multiple languages and payment options, facilitating easier access for both Chinese users seeking overseas events and international users looking to attend performances in China [1][3] Business Overview - MAISEAT is designed to cater to global users and the overseas performance market, differentiating itself from Dama's focus on domestic users and the Greater China performance market [1][3] - The platform will also support the landing of overseas performance projects, providing comprehensive service guarantees for domestic and international performing teams [3] Financial Performance - For the fiscal year ending September 30, Dama Entertainment reported total revenue of approximately 4.047 billion RMB, a year-on-year increase of 33%, and a net profit of about 520 million RMB, up 54% [3][4] - The performance content and technology segment has emerged as a new growth engine, recording revenue of approximately 1.339 billion RMB, a 15% increase from the previous year's 1.169 billion RMB [4][6] Strategic Direction - Dama Entertainment aims to leverage Alibaba Group's technological and resource advantages, along with its 20 years of experience in the performance market, to expand internationally [3] - The company plans to use Southeast Asia and Japan/Korea as initial markets for its international strategy, with a focus on providing a one-stop ticketing and viewing service platform for global users [4][6]

Core Insights - The launch of "MAISEAT," a global performance service platform by Damai Entertainment, provides new options for purchasing overseas event tickets, targeting global users with a focus on concerts, sports events, music festivals, and theater performances [1][4] - The platform supports multiple languages and payment methods, including integration with Alipay's global payment network, facilitating easier access for both Chinese users seeking overseas events and international users looking to attend performances in China [1][3] Group 1 - Damai International aims to serve global users and the overseas performance market, differentiating itself from Damai's focus on domestic users and the Greater China region [1][3] - The platform has already listed several performances, including concerts in Hong Kong, Japan, Singapore, and Malaysia, showcasing its diverse offerings [2][3] - The initiative is backed by Alibaba Group's technology and resources, leveraging Damai's 20 years of experience in the performance market to enhance its operational capabilities [4] Group 2 - Damai International plans to use Southeast Asia and Japan/Korea as starting points for its international strategy, with a phased approach to expanding its global presence [4] - Future developments include the launch of an international Alipay mini-program and a standalone app to provide additional features and services for global users [4]