风险提示：内容和互联网平台监管环境变化风险；项目延期/表现不及预期风险；票务业务不及预期风 险；IP 衍生品业务不及预期风险。 IP 衍生业务收入同比翻倍：ToB 授权业务高增，ToC 快速起步中。FY26H1 收入11.6 亿，同比+105%， 分部业绩（毛利-分配至分部的销售费用）2.3 亿，同比+44%。利润率下降受锦鲤拿趣关停一次性影 响，核心阿里鱼业务收入同比增速超100%、利润基本实现翻倍。分业务：1）ToB 转授权：头部IP 优 质：三丽鸥家族、吉伊卡哇、宝可梦，新增环球影业。阿里鱼将继续加大团队投入，下游合作品牌快速 扩张中。2）零售品牌运营（搭建IP 店铺模型、授权运营方开店经营）：已开多个品牌国内首店，如 Chiikawa 大陆首店、TOPPS 天猫店。后续有望布局更多线下体验类业态：餐饮类（如面店、咖啡 店）、小型室内乐园等 演出：核心国内演唱会品类稳增，启动向外出海、向上游延伸。FY26H1 实现收入13.4 亿，同比 +14.5%；分部业绩7.5 亿，同比+4.7%。利润率下降可能系国际化提前布局+演出内容投资业务的利润率 偏低。1）票务：核心品类演唱会受制于供给（头部内容供给、场馆 ...

智通财经APP获悉，申万宏源发布研报称，维持大麦娱乐（01060）"买入"评级，主要考虑到公司IP业 务高增、演出业务稳步扩张，看好公司在高景气现场娱乐赛道的中长期价值。 申万宏源主要观点如下： 业绩表现 FY26H1(截止25年9月30日六个月)公司收入40.5亿，同比增长33%;归母净利润5.2亿，同比增长54%(此前 已预告净利超5亿);经调整ebita5.5亿，剔除掉FY25H1单笔1.6亿金融资产减值拨回的影响，FY26H1同比 增长14%。 IP业务表现 管理效率有所提升，投资风险去年已明显释放。管理费用率有所下降，FY26H116.5%，同比-3.1pct。 风险提示 内容和互联网平台监管环境变化风险;项目延期/表现不及预期风险;票务业务不及预期风险;IP衍生品业务 不及预期风险。 IP衍生业务收入同比翻倍：ToB授权业务高增，ToC快速起步中。FY26H1收入11.6亿同比+105%，分部 业绩(毛利-分配至分部的销售费用)2.3亿，同比+44%。利润率下降受锦鲤拿趣关停一次性影响，核心阿 里鱼业务收入同比增速超100%、利润基本实现翻倍。（1）ToB转授权：头部IP优质：三丽鸥家族、吉 伊卡 ...

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]

Core Insights - Monthly commodity price forecast indicates oil prices are fluctuating, while copper and gold are trending upwards [2] Domestic Demand - New home sales are experiencing a larger decline, while automobile sales are also retreating; however, summer entertainment consumption is showing signs of improvement [2] - In July, new home sales saw a year-on-year decline, while the drop in second-hand home sales narrowed. The market is undergoing adjustments, and the growth rate of passenger car sales is slowing down, with retail sales declining and wholesale sales increasing [2] - The box office revenue for summer films has significantly improved, with total box office surpassing 6 billion yuan, a year-on-year increase of 48.4% [2] External Demand - The introduction of Tariff 2.0 has seen lower increases in tariffs for major economies like the EU and Japan compared to April, with China's tariffs being postponed for another three months [3] - Additional conditions require major economies to commit to investments in the U.S. and purchase energy products, with an extra 40% tariff on re-exporting countries like Vietnam targeting China [4] - July exports may see a slight decline, with a decrease in shipping weight and a drop in shipping volume to the U.S. [5] Production - The willingness to reduce production remains limited, with steel mill profits continuing to rise, leading to an increase in production [6] - Pork prices have decreased due to increased market supply, while the overall willingness to cut production remains low [7] - The average daily coal consumption of six major power plants is expected to rise in July, despite a temporary decrease due to weather conditions [7] Prices - Commodity prices have generally declined, with domestic rebar, thermal coal, and glass prices continuing to rise, while cement prices have decreased [8] - Gold prices are under pressure due to a softer tariff environment and the Federal Reserve's stance, while oil prices are supported by geopolitical uncertainties and seasonal demand [8] Follow-up Focus - Future attention will be on export data and price data [9]

Core Insights - The article highlights the significant economic impact of concerts, particularly the recent success of the Mayday band's 25th anniversary tour, which has sparked a nationwide consumption boom in various sectors [1][2]. Group 1: Economic Impact of Concerts - Concerts are driving local economies, with data showing that 66% of attendees at the Mayday concert in Beijing traveled from other cities, leading to a multiplier effect of 4.5 to 5 times in surrounding consumption [2][3]. - The surrounding areas of concert venues are experiencing substantial growth, with a 50% increase in foot traffic and a 30% rise in revenue since the launch of the Bird's Nest concert season in 2025 [2][3]. Group 2: Government Incentives - Local governments are implementing financial incentives to attract concert organizers, such as a maximum reward of 3.6 million yuan for hosting a concert in Xiamen and 1 million yuan for music festivals [3]. - In Sanya, rewards are structured based on ticket sales, with 100,000 yuan for concerts exceeding 10,000 attendees, increasing by 10,000 yuan for every additional 2,000 attendees, capped at 1.5 million yuan [3]. Group 3: Streamlining Approval Processes - The article discusses the historical challenges of lengthy approval processes for concerts, which have been streamlined to reduce time and complexity, allowing for quicker event organization [4][5]. - New measures have been introduced to expedite approvals, such as a one-day approval process in Haikou and a reduction of the approval timeline in Tianjin from 13 to 7 working days [4][5]. Group 4: Consumer Expectations and Regulatory Environment - As concert demand surges, consumers are expressing a desire for better ticket purchasing experiences, including more accessible ticket sources and clearer refund policies [6][7]. - Recent legal cases highlight the need for transparent and consumer-friendly ticket refund policies, emphasizing the importance of protecting consumer rights in the ticketing process [6][7].

Core Insights - The report highlights the significant increase in the "old-for-new" subsidy policy for consumer goods in 2025, with a total of 3 trillion yuan allocated to support this initiative, which includes a broader range of products compared to 2024 [11][18] - The report emphasizes the strong performance of Alibaba Pictures, which is transitioning to "Damai Entertainment" and focusing on live performances and IP derivatives, indicating a shift from traditional film revenue streams [10][12] Group 1: "Old-for-New" Policy - The 2025 "old-for-new" policy has expanded its subsidy range, now including additional products such as microwaves, water purifiers, dishwashers, and rice cookers, enhancing consumer appeal [11][18] - By the end of May, 162 billion yuan of central government subsidies had been distributed, with a total sales volume of 1.1 trillion yuan for consumer goods under this policy [11][12] - The report notes that the policy has had a varied impact on different consumer goods, with significant growth in home appliance sales, particularly in the central and western regions of China [11][12] Group 2: Alibaba Pictures and Entertainment Sector - Alibaba Pictures plans to rebrand as "Damai Entertainment," focusing on live entertainment and IP derivatives, with 72% of its revenue projected to come from ticketing and content production by FY2025 [10][12] - The report forecasts revenue growth for Alibaba Pictures, estimating revenues of 7.566 billion yuan, 8.684 billion yuan, and 9.739 billion yuan for FY26, FY27, and FY28 respectively, with a target valuation of 31.9 billion yuan [12][15] - The live performance segment is expected to continue its strong growth, with ticket sales projected to reach 57.954 billion yuan in 2024, reflecting a year-on-year increase of 15.37% [15]

Core Viewpoint - The company's 2024 performance is in line with expectations, with a significant decline in both revenue and net profit, but a potential recovery in ticket sales is anticipated for 2025 [1][2]. Financial Performance - The company reported a revenue of 4.08 billion yuan for 2024, a year-on-year decrease of 14.2%, falling within the forecast range of 4.05 to 4.15 billion yuan [1]. - Net profit for 2024 was 180 million yuan, down 80.0% year-on-year, also within the forecast range of 150 to 200 million yuan [1]. - Non-IFRS net profit was 310 million yuan, aligning with expectations [1]. Industry Trends - The main business is expected to decline in 2024 due to market pressures, with a focus on the recovery trend of ticket sales [1]. - The forecast for the 2025 film box office is 55 billion yuan, suggesting a potential recovery in ticket sales revenue of 25% to 30% year-on-year [1]. - The average ticket price increase and the performance of imported films may impact this recovery [1]. - The live performance ticketing sector is projected to grow by 15.4% year-on-year in 2024, with an expected industry growth rate of over 10% in 2025 [1]. Content Production - The company has a rich pipeline of films, with 63 domestic films produced in 2024, indicating a strong selection and data capability [2]. - Key films to watch include "The Lychee of Chang'an" and others scheduled for release in 2024, which may provide profit elasticity [2]. Shareholder Returns - The company announced its first dividend, proposing a final dividend of 0.32 HKD per share for the year ending December 31, 2024, with a dividend yield exceeding 4% based on the closing price [3]. - A three-year dividend plan aims to distribute at least 20% of net profit each fiscal year, reflecting a commitment to shareholder returns [3]. - The total amount for dividends and buybacks in 2024 is expected to account for 50% of retained earnings [3]. Profit Forecast and Valuation - Due to pressure on actual ticket sales and a rigid recovery in gross margins, the Non-IFRS net profit forecasts for 2025 and 2026 have been reduced by 32.9% and 31.6% to 695 million and 802 million yuan, respectively [3]. - The current price corresponds to 11.9 and 10.2 times Non-IFRS P/E for 2025 and 2026 [3]. - The target price is maintained at 10.2 HKD, suggesting a 33.0% upside potential based on the adjusted profit forecasts and improving content supply in the industry [3].

Core Insights - The entertainment ticketing market in China is experiencing significant growth, but secondary ticketing platforms are facing criticism for irregular practices such as high ticket prices and difficulties in refunds [1][2] - The current market structure consists of primary ticketing agencies as the main players, supplemented by secondary platforms that facilitate transactions and charge commissions [1] - Consumers often resort to secondary platforms when primary tickets are sold out, accepting a premium but facing issues with service quality and consumer rights [1] Group 1 - The secondary ticketing platforms must respect contractual obligations and operate with integrity, including disclosing ticket source channels and pricing rationale [2] - Improvements in real-time ticket information systems and the establishment of reasonable refund policies are essential for the development of secondary platforms [2] - A shift from extensive growth to refined services and standardized operations is necessary for secondary ticketing platforms to thrive and support cultural consumption [2] Group 2 - The complexity of complaints and consumer rights protection is heightened due to the geographical dispersion of secondary platforms, merchants, and consumers [2] - A more detailed regulatory framework and a unified ticketing supervision platform are needed to enhance the ticketing market ecosystem through interdepartmental data sharing and joint enforcement [2]

Economic Development Measures - The Henan Provincial Government has introduced 24 policy measures to ensure economic development targets are met in the first half of the year, focusing on expanding demand, stabilizing the economy, promoting development, and improving livelihoods [1][2] - The policies emphasize four key areas: integration into the new development pattern, deepening reforms and innovation, promoting urban-rural integration, and ensuring ecological safety [1] Economic Performance - In the first quarter, Henan's GDP reached 14,945.58 billion yuan, with a year-on-year growth of 5.9%, surpassing the national growth rate by 0.5 percentage points [1] - The province's economic growth has shown improvement compared to previous quarters, with growth rates of 4.7%, 4.9%, 5.2%, and 5.4% in the last four quarters of the previous year [1] Trade and Export - Henan's foreign trade in the first quarter amounted to 2,042.6 billion yuan, ranking tenth nationally, with a year-on-year growth of 28%, significantly higher than the national average of 1.3% [2][4] - Key export items such as electric vehicles, photovoltaics, and lithium batteries saw a 20% increase, with electric vehicle exports growing by 138.6% [4] Infrastructure Projects - The government plans to accelerate the construction of major infrastructure projects, including the Zhengzhou Xinzheng International Airport Phase III expansion and various high-speed rail projects [1] Consumer Market Initiatives - As a major cultural and tourism province, Henan is set to host national cultural and tourism consumption events and issue consumption vouchers to stimulate the economy [4]