yoy+15.37%，大型营业性演出296.36 亿元，占比提升至51%，观众人次yoy+31%，单价yoy+27.27%。 大麦在演出票务市场份额超过50%，演唱会品类份额超70%，FY25收入20.57 亿（yoy+39%），分部业 绩12.3 亿。竞争优势在于：（1）技术积累、活动管理现场服务能力。（2）亿级用户池与多平台联动提 升粘性。（3）稀缺演出内容合作获取能力，以及投资自主内容完善产业链布局。大麦票务持续增长动 力驱动：（1）大型演唱会需求仍强劲，基本盘有保障。（2）扩充旅游演艺、剧场、体育赛事等线下演 出品类。（3）票务出海。此外，参考Live nation，预计大麦将继续延展上游内容布局，现已投资六大 厂牌。 研究员：林起贤/任梦妮/夏嘉励/张淇元 拟更名大麦娱乐，打造现实娱乐平台。阿里影业是阿里巴巴控股子公司（持股53.85%）。 2025 年5 月，阿里大文娱更名虎鲸文娱集团（优酷+大麦为核心业务），阿里影业拟更名"大麦娱乐控股 有限公司"，提出了"现实娱乐"公司战略定位，标志业务重心从传统电影向线下演出、IP 衍生等多元化 娱乐场景延伸，此前阿里影业收入和利润主要以电影票务和电影内容制 ...

Group 1 - Alibaba Pictures is rebranding itself as part of a strategy to diversify beyond film, changing its name to Damai Entertainment and the parent company to Humpback Whale Entertainment [1] - The company aims to focus on "entertainment and AI" as its two strategic keywords, emphasizing real-life experiences that differ from digital and virtual entertainment [1] - The film market is currently weak, with a significant decline in box office revenue during the May Day holiday, which saw a 51.1% year-on-year drop to 747 million yuan [1] Group 2 - In the latest fiscal year, Alibaba Pictures merged its film-related segments into a single division, which reported revenues of 2.712 billion yuan, down 10% year-on-year, and a dramatic 91% decline in segment performance [2] - In contrast, Damai's revenue reached 2.057 billion yuan, a 236% increase year-on-year, driven by a booming live performance market [2] - Alibaba Pictures recorded an investment impairment of 428 million yuan, primarily related to its stake in Bona Film Group [3] Group 3 - The capital market reacted positively to the rebranding, with Alibaba Pictures' stock price rising by 22.95% to 0.75 HKD per share on May 21 [3] - This response reflects the market's sentiment towards the film industry and its current challenges [4]

Core Viewpoint - The rebranding of Alibaba's entertainment division to "Whale Entertainment" signifies a strategic shift towards a more agile and innovative approach, focusing on content and technology integration to enhance user experience and industry collaboration [1][3][6]. Group 1: Rebranding and Strategic Focus - The rebranding to Whale Entertainment aims to adopt a "zero-based" mindset, similar to the transition from Taobao Mall to Tmall, emphasizing a fresh start and commitment to quality content and user experience [1][3]. - The name "Whale" reflects characteristics such as adaptability, collaboration, and emotional intelligence, aligning with the company's vision of digital intelligence, symbiosis, and joy [3][6]. - The company plans to focus on a dual-driven strategy of "content + technology" to provide comprehensive entertainment experiences and full-chain services for industry partners [4][6]. Group 2: Financial Performance and Business Adjustments - In the fiscal year ending March 31, 2025, Whale Entertainment reported revenues of 22.27 billion, a 5% increase, driven by growth in film and entertainment businesses and Youku's revenue [11]. - Youku achieved profitability for the first time in Q1 2025, with revenues of 5.55 billion, a 12% increase, primarily due to growth in film and entertainment and advertising revenue [12]. - Alibaba Pictures, now transitioning to "Damai Entertainment," faced challenges with a revenue decline of 10% in its film segment, indicating a strategic shift in focus towards live entertainment and ticketing services [8][9][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.75 [8][9]. Core Insights - The company's FY25 revenue reached RMB 6.702 billion, a 33% increase year-on-year, exceeding expectations by 8% due to strong performance from the ticketing platform and IP derivatives. However, the net profit attributable to shareholders was RMB 364 million, a 27.7% increase but below the expected RMB 631 million due to an investment impairment of RMB 428 million [1][5]. - The ticketing platform, DaMai, showed significant growth with FY25 revenue of RMB 2.057 billion, a remarkable 236% increase, driven by the overall recovery of the performance market and the integration of the platform [2]. - The film-related segment saw a decline in revenue to RMB 2.712 billion, down 10%, primarily due to underperforming film projects and a weak overall film industry in 2024. The company has a substantial pipeline with 40 films and 20 series in reserve [3]. - The IP derivatives business reported revenue of RMB 1.433 billion, a 73% increase, attributed to a significant rise in retail sales of licensed IP products, with the IP matrix expanding to include several high-profile global IPs [4]. Summary by Sections Financial Performance - FY25 revenue was RMB 6.702 billion, up 33% year-on-year, with a net profit of RMB 364 million, reflecting a 27.7% increase. Adjusted EBITA was RMB 809 million, a 61% increase [1][5]. - Revenue projections for FY26-28 are set at RMB 7.236 billion, RMB 8.307 billion, and RMB 9.342 billion, respectively, with net profits expected to reach RMB 865 million, RMB 1.081 billion, and RMB 1.255 billion [7][19]. Business Segments - DaMai's ticketing revenue for FY25 was RMB 2.057 billion, with a segment performance increase of 339% [2]. - The film-related segment's revenue was RMB 2.712 billion, down 10%, with a significant drop in segment profit to RMB 73 million, down 91% [3]. - The IP derivatives segment generated RMB 1.433 billion in revenue, a 73% increase, with a segment profit of RMB 380 million, up 75% [4]. Valuation and Forecast - The company is valued at a PE ratio of 23X for FY26, with a target price of HKD 0.75, reflecting an increase from the previous target of HKD 0.65 [5][8].