For example, the recovery period of 23 years is understandable. The recovery period of 24 years is also understandable. In the end, is it possible to maintain a relatively high growth? We think that in addition to the whole Danish industry, it should still maintain a relatively high level of growth. In terms of the characteristics of the whole Danish industry, it is possible to expand some business categories and further extend to
their own live entertainment content investment. This is actually a big help to the growth of the entire Danish business. The overall company's stance on the main business has also changed gradually. From the original movie ticket platform, voting tickets plus movie content investment, to the current formation of the latest Danish ticket plus investment business scale, it has exceeded the movie ticket and investment promotion. We think that recently,
In the next one or two years, the revenue and sales of Denmark should reach more than 70%. We also think that Hong Kong's film industry has a good growth rate, and the film ticket business also provides a basic industry platform. This is a core point of view. We will report on the specific business situation to the leaders in the next time. This is our overall path.
First of all, this is a big introduction. After many years of internal and external development, the company also has a deep comprehensive overview of the cultural industry chain. Here is a detailed introduction of its development process. We won't read it in detail here. Overall, the company has now formed a comprehensive platform around the entire industry of the film and television industry. The main content business includes
the movie production and distribution, the movie tickets and the technology brand, and the online business, the production and the IP and innovation business. From the perspective of the whole development process, it can be divided into three stages. The first stage is the
the acquisition of Culture China, the former Hong Kong-Macao ice cream company, and Aliyu. Then, in 2018, we launched the infrastructure service. Now we can say that the company's infrastructure in the entertainment industry is more perfect and more mature. This includes the tickets we are familiar with, as well as the operations of the movie theater, including Aliyu,
In the third phase, we started to implement a strong content-plus-technology dual drive strategy since 2002, which has also achieved good results. In general, we think that
After many years of internal and external development of the company, there is a very comprehensive layout on the entire literary and production chain. Now it has formed a very effective concept of content plus technology and dual drive. This is the structure of the entire company. In general, we think it is relatively stable, and the management experience is also quite rich, and there is a relatively large influence and network in the industry.
The business situation has improved significantly in the past 24 years. Because the company's revenue is a bit different from other companies. FYS corresponds to April 1, 2023 to March 31, 2024. So FYS is mainly targeted at most of the time in 2020. We also know that this year, due to the epidemic,
The industry of online entertainment, whether it is a performance or a movie industry, has been greatly restored, and the company has seen a strong growth. Then, the IP extension and innovation are the board boundaries of the company's entertainment industry, mainly focused on the development of Ali and this trendy toy brand.
a special chapter to interpret the company's love for the trend of toys business. We are also very optimistic about the growth of this business. In terms of finance, the overall revenue has maintained an increase this year, and the cost of living has been relatively maximized. From the perspective of revenue, from 2020 to
The 2nd and 3rd financial years are fluctuating. This is mainly due to the impact of the epidemic. It is also easy to understand. The 2nd and 4th financial years are more obvious. The trade-off has changed in the past two years. In fact, it is mainly due to the impact of the revenue structure. The trade-off between 2020 and 2023 is a bit down. The main reason is the decline in the revenue ratio of the high-trade-off technology sector. The revenue ratio of the domestic sector is slightly improved. The trade-off in this area is relatively low.
After the acquisition of Damai, the company's income structure has improved. After the acquisition of Damai in November 2023, the contribution of the company's performance business is very significant. In the second quarter of the year, due to the time of its merger, Damai accounted for 7.83%. In the first half of the year of the second quarter of the year,
Damai and Alibaba's performance revenue reached 64.5% showing a strong potential in performance business. The company's sales and market share and management revenue overall became a downward trend. In 2020-2023, as the entire industry environment gradually decreased, the company's user-driven spending decreased.
We know that Taopipiao and Maoyan are the two biggest voting platforms in our country. In the early stages of development, they invested a large amount of users' money in the voting platform. This is a relatively large expenditure in a period of time. In 2023, the company also reduced this expenditure. For the entire sales and market expenses,
The decline has played a major role. After many years of development, the market is relatively stable. The last year of the second quarter is also a win-win situation. This is mainly due to the recovery of the entire industry, including the company's own large-scale improvement and efficiency improvement, and a very good performance limit. The above is a general introduction.
The first point is the DAMA business. We also think that the DAMA business is a very important or a very leading business. A very important business. DAMA has become an important component of a new phase of the company. We also know that DAMA is the door to the entire live entertainment comprehensive service industry.
According to its own official website introduction, its business covers a wide range of fields, including concerts, drama, and other fields, and it has a comprehensive layout in terms of tickets, content, venue, three major venues, and entertainment. At present, it covers almost 100% of the head of the concert, and the organizer will basically give 70% to 80% of the tickets.
to the first-tier voting platform, and the rest of the votes to the second-tier voting platform. In the comprehensive service platform of the first-tier voting market, Danai is basically the leader of the 100% of the concert voting projects. In other words, it has a monopolistic position in terms of the voting content of the entire voting project.
The content business mainly includes the planning and investment of the performance project, the cooperation of the actor and actress, the publicity and promotion of the content, and the general business mainly includes the operation and management of the performance site and the service of the ticket system. We can see that the entire Danish industry is very bright. It is expected to become a new highlight of the performance of the Ali industry. According to the financial annual report of 2024,
In 2024, the annual revenue was 14.8 billion yuan, an increase of 4.4% compared to the previous year. Jianlongwei's high-speed transportation increased by about 500%. According to the China Show Industry Association, in the first three quarters of 2024, the annual revenue of the country's one-night shows was about 39.8 billion yuan, an increase of 26% compared to the previous year, which is a relatively high increase.
The main advantages of the Danish business or its own competition are several points. One is the diversified business layout of the product. Its business covers concerts, dramas, musicals, sports competitions, ball games, interviews, families, exhibitions, leisure and more. The second is that the content is high-quality. In the core concert category, the coverage rate above the head is close to 100%.
For example, the concert tour of Jay Chou, Jay Chou, Lin Jingjie, and other top musicians in recent years, we can see that they are basically all sponsored by the big companies. And the music festivals of Caihu Bay, Cangwen Music Festival, Paobao Island Music Festival, and the National Singing Contest are basically all sponsored by the big companies. The third point is to have a large-scale, high-yearly user base.
According to QuestMobile, the number of users of DaMai has increased by 183%. The number of VIP members of Taomai has been continuously increasing. By July 2014, the number of VIP members has exceeded 20 million. So the overall advantage is very obvious. In the future, we hope to form a new business model in DaMai.
The performance will be relatively stable and we think it will be a good increase for Hong Kong. This is our analysis and judgment of some specific data trends. In general, we think that the overall future performance market will be improved in the future. The mid- and high-income groups will become the main source of consumers.
From the point of view of the entire consumer market, I think it is also part of the monthly consumption. It is currently a very important part of the spiritual and cultural consumption. This is relatively strong. At the same time, the market price is relatively high, which can also improve the scale of the entire industry.
We can see that at present, the price of single-sided tickets for official channels is between 200 and 200 yuan. Most tickets are public demand. Of course, this is mainly for headwear projects. Because we see that the price of headwear projects is very high, almost 100%. Headwear projects are basically what we have observed and the industry has investigated. His ticket is basically public demand. So you don't have to worry about not being able to sell it.
The third task is to invest in the movie and launch a production together. This is a conclusion that the entire company's industry status is improving day by day, and there are many projects in stock. At present, the entire industry is generally weak. This is also known to everyone. The main reason is still due to the lack of supply. The lack of supply is due to the
In the past two or three years, due to the pandemic, many cinemas have been closed and reopened. The business has not been very successful. The industry has accumulated a lot of projects. After the industry returns to normal operation in 2023, this project will be concentrated in 2023 and distributed to the market. The reason is that the industry has had a hard time in the past three years, so many small and medium-sized film and television companies
the fast-recovering content, so we focus on this project to promote the market. This will also cause the boom in the film industry in the past 23 years. At the same time, the film industry in the past 24 years is still relatively lacking in the film industry. So we also raised a point here at the end of the past 24 years, which is to look forward to the recovery of the film industry in the past 24 years. We can see that since the beginning of the film industry in the past 25 years,
In fact, for the entire film industry, we have reached a very prosperous stage. From the beginning of January to now, the number of tickets sold in the first quarter of 2025 has exceeded the number of tickets sold in the first quarter of 2024. This shows a very good trend. Of course, the contribution of Nezha to the entire industry is also visible.
In general, we still think that in the second half of the year, the industry's advantageous content will increase, and the overall scale of the film will be warmed up. As a company, we think that the industry's position will also increase day by day, and we have already built the way forward for the release of the film. The company's investment, production and publicity in the film are actually relatively high in terms of revenue.
In the first half of the last year of 2025, the turnover reached more than 1.1 billion yuan, which is more than 40% of the total turnover. After many years of development, the company's industry status has improved. In fact, we can see that in the development of the e-commerce industry since this year, the role and status of e-commerce platforms are actually increasing. This includes Ali, Cat,
Then in the first half of the year of 2025, the companies participated in the production and release of 47 films, which accounted for nearly 60% of the total box office. Among them, some of the popular movies, such as Hot Roller, Flying Man 2, and Crayon Shin-chan, were all participated in. Here are some of the company's advantages, and I won't go into detail here. Looking at the stock,
In the past year, we have changed some of the movies based on the public information of the company. Some of the movies have already been released. In the future, there will be a lot of projects that the market is more concerned about, and then there will be a lot of projects that the market is more concerned about, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that the market is more concerned about, including Tokyo Island, and then there will be a lot of projects that
It is also a head-to-head movie that can attract or sell in the film industry in the past two or five years. We think that the quality of the movie is very good. QQ is mainly produced in the studio mode and works closely with Youku. QQ's production business covers TV and web series.
In 2024, the total production revenue was about 600 million yuan, which is about 12% less than before. It is mainly produced through the studio model. There are more than 20 studios in the company. The main studios include Dunqi Studio and Shihui Studio. We know that Aliexpress and Youku are both part of the Aliexpress literature system, so it has a deep cooperation with Youku. In general, different studios focus on their own strengths.
to create and shape different types of strategies to target the target audience. Here is a list of some representative projects that the company is developing. Due to the relationship with Youku, they have a deep cooperation and a deep investment channel stability. In other words, to put it bluntly, the company's own business is basically not for sale. It is a very stable piece.
income and source of profit. At the same time, the company's movies and TV series have also been fully mobilized to increase its value. For example, in 2011, the company participated in the 20-year-old film, Flying Man 2, which was also a self-produced, outdoor, live-action drama. Flying Man 2, its broadcast rhythm is basically the same. The two racing actors cooperated with each other to share the material, and then they implemented the IP's hot-season integration and co-production.
The voting ticket has its own cost, and the advantage of channel and cost. Thanks to Alibaba's systematized business composition, the voting ticket has the advantage of channel and cost in comparison with competitors in the market. The main experience is in the following aspects. The first point is that the entrance of the company is relatively abundant, mainly including nine platforms.
In addition to the TaoBiaoTao app, the company also uses the famous Taobao and Daimai high-end maps of Alice, Alipay, Weibo, Youku, UC and other platforms to implement a channel flow, which is more concentrated and co-operative. Taomai resources are effectively integrated to optimize customer voting and official experience. This can also be seen in the Taomai VIP.
This implements a better integration of the investment and sales resources, and optimizes the customer's purchase experience. Here are some related data. The third point is the internalization of the smart ticket system interface. Cloud smart also achieves an effective assistance. The online movie ticket platform needs to be connected in time. Connected, such as the movie theater in the cloud,
which is the service provider of the API interface. The service provider of the API interface is mainly Yunzui, which is the company of Aliye, and Mantianxin, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui, which is the company of Zhongxinhui,
The image quality of the entire cloud is relatively high. Basically, as far as we know, it can account for about 35% of the image quality in the future. It can also realize the ZKI interface of the floating system to ensure the stable supply of data in the platform. The business of floating platform is relatively mature. It will provide a base plate for the entire company's performance.
This hero is mainly affected by the total number of movie tickets, the online voting rate of the movie, the platform performance of the ticket platform, and the interest rate. At present, the pattern of the domestic movie's online ticket platform is relatively stable, and the performance rate is limited in the future. According to Dengda's professional version, the online voting rate has reached 27% in 2023, and there is relatively limited room for growth in the future, and the interest rate is relatively stable.
Basically, it's two dollars per film, and it contains the correctness. So we think that in general, the future of the film industry will follow the large-scale variation of the box office of our domestic film market, with limited annual income, but it can provide a basic feeling for the performance of the film. Then there is Yunzhi. The Yunzhi project is mainly aimed at the film industry. It is a basic structure of the film industry's ticket system.
to create large-scale model products through Delta AI. This is mainly because we know that the movie theater is going to interfere. When it is bidding, it is going to interfere with the few API operators I just mentioned. Then this piece, because the whole thing is a layout, so it is relatively stable.
Next, I would like to report on the movie ticket and the technology platform. This is mainly a voting ticket and a cloud business for movie theaters. In general, we think this business is a basic implementation of the entire movie business.
This business mainly includes voting tickets, cloud-based, and digital business. The most popular movie user voting platform and industry-leading movie voting platform in Guangzhou market. Voting platform and cloud-based provide online voting and movie voting services respectively. The problems of this business are quite high. For example, the company announces that the company's movie tickets and technology platform revenue will reach 90% in 2020.
and the last half of the year is also the same as the last half of the year, which is 38.6%, which has become the highest-priced business. Then it is mainly through official users and hospital fees to make a profit. It is one of the most profitable product groups in the entire company.
The online shopping platform of the movie, Tao Peipei, is the most stable. At present, the competition pattern of the online platform of the movie is relatively stable. Tao Peipei and Cat's Eye have a competition pattern of double heads. Cat's Eye has a relatively large market share, but they are relatively stable.
The cloud product is one of the systems in our country's telecommunications industry. So this is basically a relatively certain income. After many years of development, cloud public security shows that it is the first cloud management system in our industry. It now maintains the market status of cloud system market share No. 1 and participates in the management of more than 3,500 industries.
Our partners include the film festival's sponsor, a film production and content publishing company, and have maintained a long-term industry. At the same time, our company has also launched the best development platform in the literary industry, Dengda AI. Through this model, we can simulate and analyze a large amount of data to help improve our development efficiency. Next, I would like to report on a business that we think is very promising in the future, which is the IP extension business.
In general, we think that this will maintain a relatively fast growth, and at the same time create a strong business possibility of 2B2C. From the entire data, the revenue of the second quarter is basically more than 800 million yuan, which is 40%. And in recent years, the company's business has increased a lot. In this report, it is written as IPM and innovative business.
or other IP businesses. In Denmark, before the acquisition, the income actually included the income of a single business between Aliexpress and Denmark for about a year and a half. Due to this closed transaction, at that time, in this acquisition, we needed to cut off the income of Denmark and Denmark to reflect the income scale of the IP people.
We can see that JPEG is growing very fast. In 2023, it will reach 100 million, and in 2024, it will reach 100 million. So the growth rate is quite fast. The main reason is that Alibaba insists on inventing high-quality IPs. For example, in 2023, Alibaba signed an agreement with Github.com to acquire popular IPs like Cat Cat, Melody and Gemini. There are 26 IPs in China.
In addition to Sanyo, there are also some other leading IPs to support the growth of the e-commerce business. In fact, we found that the growth of the e-commerce business is mostly supported and developed by leading IPs. They have a great contribution to the development of the entire business.
Alibaba is the largest IP authorizing agency in our country. It is based on hundreds of domestic and foreign UD IPs and close to 10,000 brands and channels. Alibaba has established a huge IP governance. Its current top IPs such as SMU, Baokemong, Huanxiongyi, and Chicago last year are all top IPs to lead or monopolize.
By matching IP authorization transactions to collect commission and payment, and then help the brands and merchants to provide relevant authorization to conduct relevant marketing activities. According to the annual report of the 24 industries, the income growth of Alibaba's transfer-authorization business is fast. The income of Alibaba's transfer-authorization business has increased by about 77% in the same year. In the past five years, the income of the transfer-authorization business has increased by 60%. According to the industry magazine,
The ranking shows that in the past three years, the total number of global retailers has exceeded 936.3 billion US dollars, and the share of the top 20 companies is over 90%. This shows that the scale of the industry is relatively large, and the concentration of the industry is relatively high. Aliyun rose from the 25th place in 2022 to the 11th place, and was the first to ascend to the top 20.
We can see that the development of the biggest IP blockchain platform in our country has been very rapid in recent years. At the same time, the production platform also builds up its own or very competitive IP2B2C full-brain English mode. Because it is based on Ali, and relies on Taobao and Alibaba. The whole 2B2C chain is very, very smooth.
At the same time, it can also provide brand merchants with a cover-up IP selection, authorized product design, public opinion support, marketing gameplay, distribution path, and overall authorized cooperation solution within the channel layout. At present, from the perspective of an IP structure, we have listed the part of Alibaba that owns the specific IP and its authorized type. Independently, Alibaba gets authorized products from the source party of the entire IP.
to be distributed to the IP owners. According to a certain percentage of both MVs, the specific terms of different IPs are different. There are three types of authorization. The first is commercial authorization. This mainly refers to the right to use IP images in various types of goods, such as jewelry, food, toys, etc. The second is advertising authorization. In various advertising marketing activities,
the right to use IP image, such as the shooting of advertisements. The third point is the right to space. This refers to the right to use IP image only in offline space construction. But it is reasonable to transfer the right to the user to obtain the income. It is usually a sub-sector. This sub-sector is usually about 5% to 7% of CMV, which is also its way of receiving income. Of course, different IP regulations may be a little different.
Some of Alipay's well-known IPs and marketing types are listed here, such as full-version rights, including Chikara, Fumao, Shandy, Shindoshi, and Bao Kemu, Labystar, which is a non-independent full-version right, and 301 and Xiaohuang, which is a dual-product collection.
And then the Chaowang brand is also a company that relies on a rich IP to build a Chaowang brand and take it away. The Chaowang IP, which is very independent, is integrated with China and achieves a wide range of Chaowang products. At present, the development of this area is relatively fast. Basically, we also see the third report, the report of the Chinese Chaowang industry in 2024.
In the second half of this year, the annual revenue of the entire industry has increased by 40%, which is a very high rate of growth. Finally, silver and green have solidified. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is mainly a division of business. This is
In fact, the box office is still a bit far from our expectations. But the box office of the whole Spring Festival Gala is still very good. We think that a certain number of tickets can be higher than our expectations. So we think that the influence of the two boxes will not be particularly large. Then there is the movie box office and the science and technology platform. Then the performance business of Denmark. The Danish company purchased the Danish performance box office.
We think that its performance is relatively stable. In the next two years, it can contribute about 70% of the total performance level. This is also based on the data of the entire industry association and the comprehensive assumptions of the industry research. Although the growth rate for Denmark may decline in the next few years, it is very normal. In the past few years, its growth rate has been very high, but the overall scale is still relatively objective.
We know that IP100 is based on the cooperation with Youku, so the scale and growth are relatively stable every year. As for the IP product, considering the development of the company or the industry, it is more important to look at the head IP. The second point is that the company's current head IP has accumulated for a long time and has been signed for two years. In fact, the IP recognition is quite rich.
In the future, there will be a good increase in the company's IPv6 quality and revenue, about a dozen percent. And there may be some developments that we did not expect to come in for C-level business. If this is carried out smoothly, I think that in the future, this increase will be a more eye-catching manifestation. As the entire Danish side and development will lead to a change in the entire business structure,
This is the core assumption table of our profit and loss prediction. The valuation is flat. This is at the end of last year. Due to the valuation relationship, our valuation has not been updated here. But in fact, after we published the report, the company's stock price fluctuated for a period of time.
including the influence of the film industry. But we can see that after the Spring Festival Gala, the recovery of the film industry is very pleasant, and the share of Hong Kong stocks is also increasing, especially Ali-related assets. Ali-related assets are also rising. In all aspects, the rise of the stock price in the entire Ali industry will be due to a better concentration.
So here, we are still optimistic about the future of the company's shareholding space for a period of time. The above is the content of our deep report on Ali industry today. Thank you very much for your time tonight. That's the end of our report today. If you have any questions about the Ali industry and the media industry in the future, you can contact our Chinese media team at any time.
Thank you for your time. Good night. Thank you.