文 |《BUG》栏目 刘丽丽 "公示的开票时间与实际不符，并且单方面不支持退票，你们涉嫌违法了，知道吗？" 有消 费者在网络社交平台质疑大麦网 1月4日晚 未按约定时间开票，而是在约定时间前的 半小 时放票 。 还有网友晒出部分购票记录截图，截图中也显示票务交易完成时间早于公示节 点。 舆论压力之下， 1月5日大麦官方两次发声，第一次是致歉，下午又发布第二次公告提出了 具体措施，宣布剩余门票1月6日二次公开销售，并称将向每个退票账号发放200元无门槛 演出代金券。 此次，大麦网再次将问题归咎于 "工作人员失误"。而在此前鹿晗演唱会门票事件中，原因 同样为"工作人员配置错误"。 有消费者直言，近年来，大麦网多次因为售票 BUG、退票问题、演出座位设置问题、信息 安全问题、黄牛问题引发舆情。每次大麦网都会出来道歉处理，但不久后还会再次发生类似 事件，"循环往复，没有太大改变"。 （ 网友发布的提前买票截图 ） 平台失误，消费者买单？ 未按约定时间提前开票事件被消费者曝光后，大麦网的后续操作 "很神奇"。 大麦网浙江站官方微博 "大麦浙江"在1月4日23点36分发布了关于"2026十个勤天后陡门 新春见面会"的票务 ...

记者丨高江虹 编辑丨高梦阳 1月1日，2026年第一个出游人潮峰值来了！ 同程、去哪儿旅行等平台数据显示，2026年3天元旦假期热度大幅超过往年同期。1月1日，热 门目的地机票量同比增长26%，热门地区酒店入住量同比增长 1.2倍 ； 人们坐飞机飞往了境内 外698个城市 ，入住了国内逾200个城市、境外逾800个城市的酒店，加起来足迹覆盖全球超 1000城。 其中一南一北热度最高， "尔滨" 的冰雪大世界比去年更热， 海南 在封关后也迎来新年第一 波流量，飞往海口三亚的机票增幅全国最高，多个免税店附近酒店入住量增超1倍。 出入境方面， 越南韩国晋升新顶流 ，而新开国际航线助力游客新年飞更远，1月1日，飞往西 班牙的机票量增1.5倍以上。外国朋友也来中国过新年，入境机票同比增2成。三亚和海口入境 机票增5倍和3倍，昆明、宁波、郑州、厦门、武汉、长春、广州增幅超1倍。 一南一北，热度领跑 1月1日出发的旅客中， 短途游尤为受欢迎， "4小时高铁圈"持续火热。北京-哈尔滨、深圳-汕 头、成都-宜宾等多条线路车次已售罄。跨境高铁的日益成熟，亦推动中国香港进入火车出行 目的地前十。去哪儿旅行数据显示，火车出行最热门的 ...

21世纪经济报道记者 高江虹 1月1日，2026年第一个出游人潮峰值来了！ 同程、去哪儿旅行等平台数据显示，2026年3天元旦假期热度大幅超过往年同期。1月1日，热门目的地机票量同比增长26%，热门地区酒店入住量同比增长 1.2倍；人们坐飞机飞往了境内外698个城市，入住了国内逾200个城市、境外逾800个城市的酒店。 其中一南一北热度最高，"尔滨"的冰雪大世界比去年更热，海南在封关后也迎来新年第一波流量，飞往海口三亚的机票增幅全国最高，多个免税店附近酒店 入住量增超1倍。 出入境方面，越南韩国晋升新顶流，而新开国际航线助力游客新年飞更远，1月1日，飞往西班牙的机票量增1.5倍以上。外国朋友也来中国过新年，入境机 票同比增2成。三亚和海口入境机票增5倍和3倍，昆明、宁波、郑州、厦门、武汉、长春、广州增幅超1倍。 OTA平台数据显示，1月1日热门目的地机票量同比增长26%，国内热门地区酒店入住量同比增长1.2倍。旅客对入住品质更为关注，各等级酒店中，高星酒 店增长最快，达1.6倍。 从酒店入住量看，南方城市占据多数。去哪儿旅行数据显示，1月1日酒店入住量TOP10城市为：广州、北京、上海、南京、郑州、武汉、成都 ...

2026年元旦假期首日，国内各大机场、车站、高速公路陆续迎来客流高峰。同程旅行数据显示，在旅游度假叠加返乡探亲需求，以及丰富的跨年活动带动 下，国内酒店预订热度相比去年同期增长超3倍。此外，在海南全岛封关、冰雪旅游热以及多国免签等利好刺激下，元旦假期首日呈现出国内旅游南北双 向奔赴、出境旅游短途热度高的特征。 冰雪游热度火爆 游客北上东北滑雪，南下海南购物 同程旅行数据显示，元旦假期首日，黑龙江和海南互为对方的热门航线始发地省份。山东、广东、浙江、江苏、上海稳居元旦首日飞往东北三省的始发地 省份TOP5。广东、北京、四川、湖南、广西位列元旦首日飞往海南的始发地省(直辖市)TOP5。 新年第一天，冰雪游热度火爆。其中，开业刚满7天的长春万达滑雪场，凭借亚洲最大垂直落差的室内滑雪场，成为部分游客前往长春旅游的新地标。同 程旅行数据显示，元旦假期首日，长春万达滑雪场位居东北三省冰雪主题预订热度前十，与哈尔滨冰雪大世界、长白山（603099）景区等"冷资源"一起， 撬动东北三省元旦旅游的"热经济"。 短途出境游成主流，拼假出游旅客错峰返程 2026年元旦假期，短途出境游成为主流。同程旅行数据显示，元旦假期首日，酒店预 ...

机构：西部证券 研究员：冯海星 投资建议：公司卡位演出与IP衍生双高景气赛道，票务业务贡献稳健基本盘，阿里鱼有望提供业绩弹 性，充分受益于线下娱乐消费的持续复苏与结构升级，我们预计公司FY26-28经调整归母净利润分别为 10.60/13.54/15.77亿元，首次覆盖，给予"买入"评级。 核心结论 风险提示：IP授权风险：行业竞争加剧：票房表现不及预期：投资亏损风险 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Licen ...

Group 1: Company Overview - The report covers Damai Entertainment (1060.HK), a leading platform in live entertainment, driven by ticketing and IP derivatives [1][6][8] - The company is positioned in a high-growth sector, benefiting from the recovery and structural upgrade of offline entertainment consumption [1][8] - Expected adjusted net profits for FY26-28 are projected at 1.06 billion, 1.35 billion, and 1.58 billion CNY respectively [1][8] Group 2: Industry Insights - The live performance market is experiencing a significant increase, with ticket sales for large concerts expected to exceed 26 billion CNY in 2024, a year-on-year growth of 78.1% [6] - The demand for live entertainment is driven by both personal enjoyment and social needs, with an increase in repeat attendance [6] - The supply side is expanding with diversification in lower-tier cities and various performance categories [6] Group 3: IP Business - Alibaba's IP licensing platform, Aliyu, is a leading player in the market, with a projected GMV of 4.1 billion USD in 2024 [7] - The company is enhancing its collaboration with top IPs, which is expected to contribute significantly to revenue growth [7] - The film industry is still in a recovery phase, with a total box office of 29.23 billion CNY in the first half of 2025, reflecting a year-on-year increase of 22.91% [7] Group 4: Company Financials - Sinopec Engineering (02386.HK) is highlighted as a leading energy and chemical engineering firm with strong technical capabilities and a solid financial performance [10][12] - The company has a high dividend payout ratio, with a dividend yield exceeding 5%, providing stable returns for investors [10][12] - Expected target price for 2026 is set at 9.50 HKD per share, based on a 13x PE ratio [10] Group 5: Market Trends - The petrochemical industry is facing revenue stability but profit pressures, with a slight revenue decline of 2.6% year-on-year in H1 2025 [11] - The trend of "reducing oil and increasing chemicals" is evident, with a 9.94% year-on-year increase in ethylene consumption [11] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific regions, with a projected capital expenditure of 153.35 billion USD in 2024 [11] Group 6: Aviation Sector - Bank of China Aviation Leasing (02588.HK) is positioned to benefit from the rising aviation industry and the ongoing interest rate cut cycle [14][15] - The company ranks fifth globally with a fleet of 483 aircraft, poised to gain from increased revenues as the aviation market recovers [14][15] - Expected total revenue for 2025-2027 is projected at 2.63 billion, 2.85 billion, and 2.94 billion USD, with net profits of 761 million, 894 million, and 964 million USD respectively [16] Group 7: Medical Sector - Weisi Medical (688580.SH) is experiencing steady growth, with projected net profits of 133 million, 165 million, and 184 million CNY for 2025-2027 [4][18] - The company focuses on rehabilitation as its core business while expanding into aesthetic and urology sectors [18][19] - The company emphasizes product innovation in non-invasive brain-machine interfaces, aiming to create a comprehensive neuro-rehabilitation system [19]

Core Viewpoint - The company reported strong financial performance for FY26H1, with revenue of 4.05 billion, a year-on-year increase of 33%, and a net profit of 520 million, up 54% [1] Financial Performance - Revenue for FY26H1 reached 4.05 billion, reflecting a 33% year-on-year growth - Net profit attributable to shareholders was 520 million, marking a 54% increase - Adjusted EBITDA was 550 million, with a 14% year-on-year growth after excluding a 160 million financial asset impairment reversal from FY25H1 [1] Business Segments IP Derivative Business - Revenue from IP derivative business doubled year-on-year to 1.16 billion, a 105% increase - Segment performance (gross profit minus allocated sales expenses) was 230 million, up 44% - The decline in profit margin was due to a one-time impact from the closure of Jinli Naji [1] - Core business, Alibaba Fish, saw revenue growth exceeding 100% and profits nearly doubling [1] Performance and Events - Revenue from the core domestic concert segment grew 14.5% to 1.34 billion - Segment performance was 750 million, a 4.7% increase - The decline in profit margin may be attributed to early international expansion and lower margins in content investment [1] - Ticketing for concerts faced supply constraints, but demand remained strong with a 17% increase in ticket buyers [1] Film and Television Content - Film revenue for FY26H1 was 1.06 billion, down 15%, with segment performance at 95 million, a 22% decline - The company adjusted its film investment strategy to focus on lower-risk, high-quality content [1] - Revenue from series production was 480 million, with a profit of 40 million, indicating a turnaround [1] Management Efficiency - Management efficiency improved with a decrease in management expense ratio to 16.5%, down 3.1 percentage points year-on-year - Investment losses were reduced to 6.73 million from 26.86 million in FY25H1, alongside a 150 million investment impairment [2] Future Outlook - The company raised its adjusted net profit forecasts for FY26-28 to 1.043 billion, 1.392 billion, and 1.629 billion respectively, up from previous estimates [2] - The company maintains a positive outlook on the high-growth live entertainment sector and continues to hold a buy rating [2]

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a 160 million financial asset impairment reversal from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC rapidly starting [3] - FY26H1 revenue for IP business reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue growth exceeded 100% with profits nearly doubling [3] - The company is expanding its team and partnerships in the ToB licensing sector, with notable IPs like Sanrio, Gigi Kawa, and Pokémon [3] - Retail brand operations are being developed with multiple brand flagship stores opened, and plans for more experiential formats like restaurants and indoor parks [3] Performance Business Overview - Core domestic concert categories are steadily increasing, with expansion into international markets and upstream investments [3] - FY26H1 revenue from performances was 1.34 billion, a 14.5% increase, with segment performance at 750 million, up 4.7% [3] - The decline in profit margin may be due to early internationalization efforts and lower margins in performance content investments [3] - Ticketing for core concert categories faced supply constraints, but overall demand remains strong, with a 17% increase in ticket buyers [3] - The company provided services for over 2,500 performances in FY26H1, a 19% year-on-year increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events [3] - The company is actively pursuing international opportunities, with plans to invite top global artists to perform in Asia [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million; the company is adjusting its investment strategy to focus on lower-risk, high-quality films [4] - Revenue from series production was 480 million, with a profit of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year [5] - Management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Insights - The company has shown strong revenue growth in FY26H1, with a total revenue of 4.047 billion RMB, representing a year-over-year increase of 32.7% and a half-year increase of 10.8% [5]. - The company is positioned as a leader in the domestic offline ticketing market, with significant IP licensing capabilities, including partnerships with major brands like Sanrio and Chiikawa [12]. - The report highlights the robust growth potential in the live performance and IP sectors, driven by a stable supply of top-tier artists and successful events [6][12]. Financial Performance Summary - **Revenue and Profitability**: In FY26H1, the company achieved a gross profit margin of 35.7%, with a net profit of 520 million RMB, reflecting a year-over-year increase of 54.3% [5]. - **Segment Performance**: The live performance and technology segment generated 1.339 billion RMB in revenue, up 14.5% year-over-year, while the IP derivatives segment saw a remarkable 105.2% increase in revenue, reaching 1.16 billion RMB [6][7]. - **Cost Management**: The company has effectively reduced both sales and management expenses, leading to improved operational efficiency [10]. Future Projections - The company is projected to achieve revenues of 8.107 billion RMB in FY2026, with a net profit forecast of 996 million RMB, indicating a significant growth trajectory [11][12]. - The expected growth rates for revenue and net profit are 21% and 174% respectively for FY2026, showcasing strong financial health and operational performance [12][13].

Core Viewpoint - The company maintains its revenue and profit forecasts for the full year, with a target price of HKD 1.32, indicating a potential upside of 40% from the current stock price [1] Group 1: Financial Performance - The company expects a net profit of no less than 500 million yuan for the first half of FY26, representing a year-on-year increase of approximately 48% [1] - The forecast for Non-IFRS EBITA for FY1H26 is 537 million yuan [1] Group 2: Business Segments - The strong performance of the Aliyu business is a key driver of the profit increase, with significant growth in revenue and profit attributed to popular IPs such as Sanrio, Chiikawa, and Crayon Shin-chan [2] - The company predicts a 55% year-on-year increase in derivative income to 930 million yuan for FY1H26, despite the negative impact from the closure of Jinli Naku [2] Group 3: Strategic Initiatives - The company has a solid foundation in its ticketing business and plans to invest in diversified entertainment sectors, including local cultural tourism and sports events, to ensure long-term growth [3] - A three-year strategic cooperation agreement has been renewed with Galaxy Macau, indicating a commitment to expanding its market presence [3] Group 4: Risk Management - The increase in net profit for FY1H26 is also attributed to a reduction in investment portfolio risk exposure, with a controlled risk outlook for upcoming film productions [4]