公司点评 | 猫眼娱乐 线下演出保持较高热度，积极探索 IP 衍生业务 证券研究报告 2025 年 08 月 27 日 猫眼娱乐（1896.HK）2025 年上半年业绩点评 事件：公司发布 2025 年上半年业绩报告，实现营业收入 24.72 亿元， YoY+13.9%，毛利率 37.9%，YoY-15.4pct，期内利润 1.78 亿元，YoY-37.3%， 经调整净利润 2.35 亿元，YoY-33.2%。 二季度电影大盘票房表现相对疲软，线下演出市场保持较高热度。1H25 公 司在线娱乐票务服务收入 11.80 亿元，YoY+12.81%。据国家电影局，在春 节档头部影片带动下，1H25 全国电影总票房 292.31 亿元，YoY+22.91%， 观影人次为 6.41 亿，YoY+16.89%。据猫眼专业版统计，二季度大盘票房表 现相对疲软，总票房 67.71 亿元，YoY-33.68%，而暑期档仍彰显韧性，截 至 8 月 24 日，档期累计票房超 110 亿元，接近去年整体水平。1H25 线下演 出市场整体保持较高的热度与活力，其中公司在地方曲艺、休闲展览和脱口 秀等品类 GMV 同比增长均超过 80 ...

2025 年 5 月 21 日 | 何利超 | | | --- | --- | | H70529@capital.com.tw | | | 目标价(港币) | HK$ 0.8 | 公司基本资讯 | 产业别 | | | 传媒 | | --- | --- | --- | --- | | H 股价(2025/05/20) | | | 0.61 | | 恒生指数(2025/05/20) | | | 23,681.5 | | 股价 12 个月高/低 | | | 0.63/0.35 | | 总发行股数(百万) | | | 29,875.86 | | H 股数(百万) | | | 29,875.86 | | H 市值(亿元) | | | 134.44 | | | | 阿里巴巴集团控 | | | 主要股东 | | | 股有限公司 | | | | | (53.85%) | | 每股净值(元) | | | 0.55 | | 股价/账面净值 | | | 1.12 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 25.77% | -3.17% | 34.07% | 近期评等 | | | | 产品组合 | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The film industry is expected to recover, with significant growth in the ticketing and IP business segments. The company reported a revenue of RMB 6.702 billion for FY25, a year-on-year increase of 33%, primarily driven by the growth in ticketing and IP derivative products [6]. - The net profit attributable to shareholders for FY25 was RMB 364 million, reflecting a year-on-year increase of 27.7%, slightly below expectations due to investment impairments [6]. - Adjusted EBITA for FY25 was RMB 809 million, representing a year-on-year increase of 61%, slightly exceeding expectations [6]. Summary by Sections Company Overview - The company operates in the media industry, with a current H-share price of HK$ 0.61 as of May 20, 2025, and a market capitalization of RMB 134.44 billion [2]. Revenue Breakdown - The revenue composition includes: - Film technology and investment production and distribution: 40.5% - Ticketing platform (Damai): 30.7% - IP derivative business: 21.4% - Series production: 7.5% [3]. Performance Analysis - The film technology and investment production segment saw a revenue decline of 10% year-on-year, totaling RMB 2.712 billion, with a significant drop in segment performance due to underperforming projects [8]. - The ticketing platform (Damai) experienced a remarkable revenue increase of 236% year-on-year, reaching RMB 2.057 billion, driven by the booming live performance market [8]. - The IP derivative business reported a revenue of RMB 1.433 billion, a year-on-year increase of 73%, attributed to a significant rise in retail sales of licensed IP products [8]. Profit Forecast - The company forecasts net profits for FY2026, FY2027, and FY2028 to be RMB 823 million, RMB 1.008 billion, and RMB 1.205 billion, respectively, with year-on-year growth rates of 126.3%, 22.5%, and 19.6% [10]. - The projected earnings per share (EPS) for the same period are RMB 0.03, RMB 0.03, and RMB 0.04, with corresponding price-to-earnings (P/E) ratios of 20, 17, and 14 [10].

Core Viewpoint - Alibaba Pictures (01060.HK) experienced a significant stock price increase of 29.79%, closing at HKD 0.61 per share, driven by the release of its FY2025 earnings report, which showed double-digit growth in both revenue and profit [1] Financial Performance - For FY2025, Alibaba Pictures reported revenue of RMB 6.702 billion, a year-on-year increase of 33% [1] - The net profit attributable to shareholders was approximately RMB 364 million, reflecting a 28% year-on-year growth [1] - Adjusted EBITA reached RMB 809 million, marking a substantial year-on-year increase of 61% [1] Revenue Breakdown - The company's revenue is primarily derived from four business segments: Film Technology and Investment Production & Distribution Platform, Damai, IP Derivative Business, and TV Series Production [1] - The Film Technology and Investment Production & Distribution Platform accounted for 40.46% of total revenue, generating RMB 2.712 billion, although this segment saw a decline of 9.59% year-on-year due to a challenging film market [1][3] - Damai's revenue surged to RMB 2.057 billion, representing 30.69% of total revenue and a remarkable year-on-year increase of 235.82% [2] - The IP Derivative Business generated RMB 1.433 billion, accounting for 21.39% of total revenue, with a year-on-year growth of 73.21% [2] Market Context - Despite a lackluster overall performance in the national film market, Alibaba Pictures has identified a second growth curve through its Damai and IP Derivative Business, demonstrating resilience in its financial performance [3] - The company's stock has historically traded below HKD 1, often labeled as a "penny stock," but the recent earnings surge has prompted market interest in whether it can shed this label [3]