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 ...

曲公司 | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低 (港币) | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股 (百万股) | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | (01060) -IP 收入超一倍增长，演出业务多元探索 报告原因:有业绩公布需要点评 (维持) and of the see and the sere and the server the server the 传媒 2025 年 11 月 24 日 大蔓娱乐 一年内股价与基准指数对比走势: 7939 资料来源：Bloomberg 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 申万宏源研究微信服务号 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch ...

上 市 公 司 公 司 研 究 / 公 司 点 评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股（百万股） | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | 传媒 2025 年 11 月 24 日 大麦娱乐 (01060) ——IP 收入超一倍增长，演出业务多元探索 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -7% 93% 193% 293% HSCEI 大麦娱乐 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 研究支持 张淇元 A0230124080001 ...

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]

Group 1 - The core event was the launch of a new animation brand and the introduction of a new business segment "IP derivative business" by Maoyan Entertainment at the Golden Rooster and Hundred Flowers Film Festival [1] - The promotion of the family comedy film "Panda Project 2" featured a physical interactive version of the character Panda Huhu, which was created through a collaboration with Yushu Technology [1] - The appearance of Panda Huhu captured significant attention online, quickly trending across multiple platforms, with social media users expressing a desire for mass production of the character [3] Group 2 - The transition from "viewing anticipation" to "desire to own" indicates a shift in audience expectations, as they seek deeper, more interactive connections with their favorite IP characters [4] - The recent World Robot Conference highlighted the popularity of companion robots, with the plush Panda serving as an emotional companion, reflecting changing consumer preferences [4] - Maoyan Entertainment plans to introduce more diverse IP derivative content to meet consumer demands in the future [4]

Core Insights - Cat Eye Entertainment has launched a new animation brand and IP derivative business, marking a significant expansion into the animation and IP market [1][2] - The promotion of the family comedy film "Panda Project 2" showcased the character "Huhu," which has been transformed from a digital entity into a tangible, interactive product, enhancing audience engagement [1] - The company has initiated mass production of plush toys based on the character "Huhu," aiming to create a deeper emotional connection between audiences and their favorite IP characters [1] Group 1 - The new IP-themed retail brand "MmmGoods" has been officially launched, featuring "Huhu" and other diverse IP derivative content for consumers [2] - Cat Eye plans to leverage "Huhu" as a catalyst to explore and develop more quality IPs, injecting new vitality into cultural tourism and consumer sectors [2]

Group 1 - The core event was the launch of a new animation brand and the introduction of the "IP Derivative Business" by Maoyan Entertainment at the "Universal Interest · Dimension Rebirth" conference during the Xiamen Golden Rooster and Hundred Flowers Film Festival [1] - The promotion of the family comedy film "Panda Project 2" featured the new doll IP "Hardcore Version Huhu," which showcased various movements, enhancing the event atmosphere [1] - A collaboration with Yushu Technology transformed the digital character Huhu into a tangible, interactive "entity panda," allowing the audience to experience the film's charm up close [1] Group 2 - In response to audience enthusiasm, Maoyan Entertainment has initiated mass production of the same model panda, indicating a shift from mere viewing to a desire for ownership of companion consumer products [2] - The launch of the new IP-themed retail brand "MmmGoods" signifies a strategic move to connect beloved IP characters with real-life consumer experiences [2] - Maoyan Entertainment aims to continuously explore, develop, and collaborate on high-quality IPs to inject new vitality into cultural tourism and consumer sectors [2]

Core Viewpoint - The company reported strong financial performance for the first half of FY26, with total revenue of 4.047 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 520 million yuan, up 54% [1] Revenue Summary - The IP derivative business showed remarkable growth, with revenue increasing by 105% to 1.16 billion yuan. The company collaborated with various brands for multiple licensing projects and opened its first retail store in mainland China, which has performed well since its launch [1] - Revenue from performance content and technology business grew by 15% to 1.34 billion yuan, with a 17% increase in ticket sales user numbers for concerts. The overall box office growth has slowed, but the platform maintained its leading position [1] - Revenue from film content and technology business decreased by 15% to 1.06 billion yuan, with a stable market share for ticketing services. The company adjusted its strategy to focus on lower-risk, high-quality films [2] - Revenue from drama production surged by 693% to 480 million yuan, with several high-rated series released and more than 20 projects in the pipeline [2] Performance Summary - The performance content and technology segment's profit increased by 5% to 754 million yuan, but the profit margin decreased by 5 percentage points to 56% [3] - The IP derivative segment's profit rose by 44% to 235 million yuan, with a profit margin decline of 9 percentage points to 20% [3] - The film content and technology segment's profit fell by 22% to 95 million yuan, with a profit margin decrease of 1 percentage point to 9% [3] - The drama production segment turned profitable with a profit of 38 million yuan, and the profit margin increased by 26 percentage points to 8% [3] Future Outlook - The company aims to drive growth through overseas expansion and IP business development, focusing on establishing a presence in Asia and globally, enhancing platform capabilities, and increasing revenue from live entertainment content [3] - Revenue projections for FY26-28 are set at 8.005 billion, 9.234 billion, and 11.728 billion yuan, reflecting year-on-year growth of 19%, 15%, and 27% respectively [4] - Adjusted net profit forecasts for FY26-28 are 1.049 billion, 1.514 billion, and 1.965 billion yuan, indicating significant growth of 188%, 44%, and 30% respectively [4]

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].

新浪科技讯 11月14日凌晨消息，11月13日，大麦娱乐发布2025/26财年中期业绩，截至2025年9月30日， 大麦娱乐实现总收入约人民币40.47亿元，同比增长33%；归母净利润约人民币5.20亿元，同比增长 54%。这一成绩得益于公司多元化布局及"娱乐+AI"战略的深入推进，驱动各板块协同发力，为业务持 续增长拓宽了空间。 责任编辑：李桐 大麦娱乐方面表示，未来将以业务创新和用户价值作为锚点，持续投入优质内容，拓展海外市场，扩大 IP衍生商业规模，不断开拓新赛道，进一步推动现实娱乐生态的全面升级和可持续发展。 报告期内，演出内容与科技业务和IP衍生业务表现突出，构建了多极增长引擎。其中，演出内容与科技 业务收入人民币13.39亿元，同比增长15%；IP衍生业务收入人民币11.60亿元，同比增长105%。同时， 大麦平台用户规模已突破3亿，保持全球行业领先地位。 ...