Core Insights - Damai Entertainment Holdings Limited reported a revenue of RMB 4.047 billion for the six months ending September 30, 2025, representing a year-on-year growth of 33% [2][4] - The profit attributable to the owners of the company was RMB 519 million, an increase of 54% compared to the previous year [2][4] - Adjusted EBITA was RMB 549 million, showing a decline of 14% year-on-year [2][4] Financial Summary - Revenue from performance content and technology business reached RMB 1.339 billion [4] - Revenue from IP derivative business was RMB 1.160 billion, marking a significant growth of 105% [4] - Revenue from film content and technology business decreased to RMB 1.064 billion, down 15% year-on-year [4] - The segment performance for film content recorded a loss of RMB 95 million, a decrease of 22% [4] - Revenue from series production was RMB 484 million, with a year-on-year increase of RMB 423 million [4] - The segment performance for series production turned profitable with a profit of RMB 38 million [4] Corporate Changes - On May 21, Alibaba's big entertainment group rebranded to Whale Entertainment Group, and its subsidiary Alibaba Pictures Group announced its name change to Damai Entertainment Holdings Limited [2][4] - Since 2019, Alibaba Pictures has been a subsidiary of Alibaba Group, part of its six major business systems, covering the entire industry chain of film and television production, distribution, internet promotion, and derivative product development [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of 6-12% over the next 6-12 months [7]. Core Insights - The company is positioned as a leader in the performance and IP licensing sectors, with a strong valuation proposition [5]. - The report highlights the company's robust revenue growth driven by its IP derivative business, which saw a 105% year-on-year increase [5]. - The company is focusing on international expansion and enhancing its IP business, aiming to increase revenue contributions from live entertainment and ticketing categories [5]. Financial Performance Summary - For FY2024, the company is projected to achieve a revenue of 5,040 million, with a year-on-year growth rate of 43% [3]. - Adjusted net profit for FY2024 is expected to be 337 million, reflecting an 18% year-on-year increase [3]. - The company anticipates total revenues of 80.05 billion, 92.34 billion, and 117.28 billion for FY26, FY27, and FY28 respectively, with corresponding adjusted net profits of 10.49 billion, 15.14 billion, and 19.65 billion [5].