<p>这家票务公司受益于去年音乐会销售的激增，利润几乎翻倍，并且也在向流行文化商品转型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/15034938/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-5-2026_114647_thebambooworks.com_-1024x679.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/15034938/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-5-2026_114647_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>图片来源：作者</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>大麦娱乐预测 2025 年的年净利润将激增 90% 以上，主要受现场音乐表演强劲需求的推动</li>
<li>该公司还在票务之外拓展到知识产权商品和可爱收藏品领域</li>
</ul>
<p>中国的音乐会行业在过去两年中蓬勃发展，受现场体验需求和政府推动休闲消费的影响。</p>
<p>随着音乐会在许多城市成为大生意，受年轻人欢迎的大牌艺人如周杰伦、五月天或张杰的巡演通常会售罄。这对中国领先的票务平台之一 <strong>大麦娱乐控股有限公司</strong>(1060.HK) 来说是个好消息。</p>
<p>在 5 月 8 日的声明中，该公司表示截至 3 月的年度利润预计将增长 92% 以上，至少达到 7 亿人民币（1.03 亿美元），而去年同期约为 3.64 亿人民币。公司提到其资产结构更加稳定，投资组合中的风险暴露降低，投资损失减少。</p>
<p>最初以阿里巴巴影业运营的该业务去年更名为大麦娱乐，并开始缩减其电影和电视项目，这些项目可能波动较大并影响利润。相反，该公司已开始向现场娱乐、票务和基于版权的卡通或电影角色的可爱商品转型。</p>
<p>根据中国表演艺术协会的数据，中国的大型音乐会票房收入在 2025 年增长了 13.7%，达到 295.6 亿元。包括相关消费在内，音乐会经济预计产生了超过 2200 亿元的整体消费。作为行业领导者之一，大麦娱乐显然从这一趋势中受益，其截至 9 月底的半年收入增长了 33%。表演内容和技术业务是最大的收入来源，收入增长了 15%，达到 13.4 亿元。</p>
<p>更仔细地观察收入结构，发现增长最快的细分市场不再是票务，而是基于知识产权的商品和其他衍生业务。该收入来源在半年内翻了一番，达到 11.6 亿元，利润增长 44%，达到 2.35 亿元。这一增长反映了中国所谓的 “咕滋经济” 的快速崛起，年轻消费者热衷于购买带有他们最喜欢的动漫或游戏内容的授权商品，如徽章、手办、毛绒玩具和钥匙扣。通过货币化知识产权，大麦娱乐可以超越一次性消费，开发与商品和线下体验相关的长期收入流。</p>
<h4><strong>AI 驱动的设计</strong></h4>
<p>通过知识产权商业化平台 “Alifish”，大麦与知名的日本角色品牌和媒体特许经营合作，如三丽鸥、奇可娃、宝可梦和蜡笔小新。它还与中国零售品牌 Miniso 和 Pop Mart 推出了联合品牌合作，以扩大其在娱乐知识产权领域的影响力。</p>
<p>此外，大麦还开始将人工智能整合到其设计过程中，与阿里巴巴的通义大语言模型团队合作开发 AI 驱动的程序 “MiaoYa”，作为鼓励更多创作者参与玩具设计和开发的工具。</p>
<p>过去，开发时尚玩具依赖于昂贵的设计专业人士和漫长的产品开发周期，但人工智能有望降低创作门槛，加快这一过程。如果这些工具最终能够与 Alifish 的资源和分销渠道（如淘宝和天猫）或线下活动整合，大麦可能会进一步扩大其影响力。</p>
<p>大麦还开始扩展到大众市场票务，测试一个名为 TixGenie 的折扣电影票平台。该小规模试点目前覆盖有限，但表明了扩张的意图，因为该公司将自己定位为一个涵盖音乐会、电影、知识产权业务、设计师玩具和线下娱乐的综合平台。</p>
<p>然而，热门知识产权的生命周期往往有限，市场趋势可能迅速变化。人工智能工具的可用性可能加剧竞争，产生越来越相似的设计概念，从而削弱知识产权的地位和稀缺价值。</p>
<p>大麦目前的前瞻市盈率约为 30.5 倍，相较于电影票务服务 <strong>猫眼娱乐</strong>(1896.HK) 的 10.6 倍享有平台型溢价。</p>
<p>高盛最近估计，大麦的现场娱乐和知识产权业务在未来两年内的复合年增长率约为 25%，认为其对人工智能干扰的脆弱性低于纯在线娱乐平台。</p>
<p>但该投资银行也将该公司的目标价从 1.07 港元下调至 0.92 港元，暗示增长预期已经被市场定价，因为该股在近年来上涨。投资者将关注大麦是否能够通过其不断发展的娱乐生态系统提供持续的回报来证明其高估值。</p>
<p><em>要订阅 Bamboo Works 每周免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

大麦娱乐

<p>大麦娱乐，作为中国领先的票务平台，预计其 2025 年的净利润将激增超过 90%，这得益于对现场音乐的强劲需求和向商品销售的转变。该公司报告了 33% 的收入增长，商品销售翻了一番。大麦正在将人工智能整合到设计过程中，并扩展到大众市场票务。尽管估值较高，高盛已下调其目标价，表明增长预期可能已经反映在股价中</p>

<p><em>The ticketing company benefited from soaring concert sales last year, almost doubling its profit, and is also pivoting towards pop-culture merchandise</em></p>
<div class="lb-trans"><p>这家票务公司受益于去年音乐会销售的激增，利润几乎翻倍，并且也在向流行文化商品转型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/15034938/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-5-2026_114647_thebambooworks.com_-1024x679.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/15034938/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_15-5-2026_114647_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>image credit: Author</em></p>
<div class="lb-trans"><p><em>图片来源：作者</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Damai Entertainment has predicted its annual net profit for 2025 will surge by more than 90%, driven by strong demand for live music performances</li>
<li>The company is also moving beyond ticketing into IP merchandising and cute collectibles</li>
</ul>
<div class="lb-trans"><ul>
<li>大麦娱乐预测 2025 年的年净利润将激增 90% 以上，主要受现场音乐表演强劲需求的推动</li>
<li>该公司还在票务之外拓展到知识产权商品和可爱收藏品领域</li>
</ul>
</div><p>China's concert sector has boomed over the past two years, driven by demand for live experiences and a government drive to boost leisure consumption.</p>
<div class="lb-trans"><p>中国的音乐会行业在过去两年中蓬勃发展，受现场体验需求和政府推动休闲消费的影响。</p>
</div><p>As concerts have become big business in many cities, tours for big-name acts popular with a young crowd, such as Jay Chou, Mayday or Jason Zhang, are typically selling out. Which is good news for <strong>Damai Entertainment Holdings Ltd</strong>(1060.HK), one of China's leading ticketing platforms.</p>
<div class="lb-trans"><p>随着音乐会在许多城市成为大生意，受年轻人欢迎的大牌艺人如周杰伦、五月天或张杰的巡演通常会售罄。这对中国领先的票务平台之一 <strong>大麦娱乐控股有限公司</strong>(1060.HK) 来说是个好消息。</p>
</div><p>In a May 8 statement, the company said its profits for the year to March were expected to jump 92% or more to at least 700 million yuan ($103 million) from around 364 million yuan a year earlier. The company cited what it called a more stable asset structure, lower risk exposure within its portfolio and reduced investment losses.</p>
<div class="lb-trans"><p>在 5 月 8 日的声明中，该公司表示截至 3 月的年度利润预计将增长 92% 以上，至少达到 7 亿人民币（1.03 亿美元），而去年同期约为 3.64 亿人民币。公司提到其资产结构更加稳定，投资组合中的风险暴露降低，投资损失减少。</p>
</div><p>Originally operating as Alibaba Pictures, the business rebranded as Damai Entertainment last year and has been scaling back its film and TV projects, which can be volatile and weigh on profits. Instead the firm has been shifting towards live entertainment, ticketing and cute merchandise derived from copyrighted cartoon or film characters.</p>
<div class="lb-trans"><p>最初以阿里巴巴影业运营的该业务去年更名为大麦娱乐，并开始缩减其电影和电视项目，这些项目可能波动较大并影响利润。相反，该公司已开始向现场娱乐、票务和基于版权的卡通或电影角色的可爱商品转型。</p>
</div><p>China's large-scale concert box office revenue rose 13.7% in 2025 to 29.56 billion, according to figures from China's performing arts association. Including related spending, the concert economy is estimated to have generated more than 220 billion yuan in overall consumption. As one of the industry leaders, Damai Entertainment has clearly benefited from this trend, as illustrated by its half-year revenues to the end of September, which rose 33%. Performance content and technology businesses were the biggest revenue source, with income rising 15% to 1.34 billion yuan.</p>
<div class="lb-trans"><p>根据中国表演艺术协会的数据，中国的大型音乐会票房收入在 2025 年增长了 13.7%，达到 295.6 亿元。包括相关消费在内，音乐会经济预计产生了超过 2200 亿元的整体消费。作为行业领导者之一，大麦娱乐显然从这一趋势中受益，其截至 9 月底的半年收入增长了 33%。表演内容和技术业务是最大的收入来源，收入增长了 15%，达到 13.4 亿元。</p>
</div><p>A closer look at the revenue structure reveals that the fastest-growing segment is no longer ticketing, but rather merchandise based on intellectual property and other derivative businesses. This revenue stream doubled to 1.16 billion yuan in the half year, generating a 44% jump in profit to 235 million yuan. The growth reflects the rapid rise of China's so-called &#34;guzi economy&#34;, in which younger consumers are keen to buy licensed merchandise featuring their favorite anime or game content, such as badges, figurines, cuddly toys and keychains. By monetizing IP, Damai Entertainment can go beyond one-off consumer purchases to develop longer-cycle revenue streams tied to merchandise and offline experiences.</p>
<div class="lb-trans"><p>更仔细地观察收入结构，发现增长最快的细分市场不再是票务，而是基于知识产权的商品和其他衍生业务。该收入来源在半年内翻了一番，达到 11.6 亿元，利润增长 44%，达到 2.35 亿元。这一增长反映了中国所谓的 “咕滋经济” 的快速崛起，年轻消费者热衷于购买带有他们最喜欢的动漫或游戏内容的授权商品，如徽章、手办、毛绒玩具和钥匙扣。通过货币化知识产权，大麦娱乐可以超越一次性消费，开发与商品和线下体验相关的长期收入流。</p>
</div><h4><strong>AI-enabled design</strong></h4>
<div class="lb-trans"><h4><strong>AI 驱动的设计</strong></h4>
</div><p>Through the IP commercialization platform &#34;Alifish&#34;, Damai has partnered with well-known Japanese character brands and media franchises such as Sanrio, Chiikawa, Pokémon and Crayon Shin-chan. It has also launched co-branded collaborations with the Chinese retail brands Miniso and Pop Mart to expand its presence across the entertainment IP spectrum.</p>
<div class="lb-trans"><p>通过知识产权商业化平台 “Alifish”，大麦与知名的日本角色品牌和媒体特许经营合作，如三丽鸥、奇可娃、宝可梦和蜡笔小新。它还与中国零售品牌 Miniso 和 Pop Mart 推出了联合品牌合作，以扩大其在娱乐知识产权领域的影响力。</p>
</div><p>Beyond that, Damai has begun integrating AI into its design processes, working with Alibaba's Tongyi large language model team on the AI-powered program &#34;MiaoYa&#34; as a tool to encourage more creators to participate in toy design and development.</p>
<div class="lb-trans"><p>此外，大麦还开始将人工智能整合到其设计过程中，与阿里巴巴的通义大语言模型团队合作开发 AI 驱动的程序 “MiaoYa”，作为鼓励更多创作者参与玩具设计和开发的工具。</p>
</div><p>Coming up with trendy toys used to rely on costly design professionals and long product development cycles, but AI promises to lower the creative barriers and accelerate the process. Damai could further expand its reach If these tools can eventually integrate with Alifish's resources and distribution channels such as Taobao and Tmall or offline events.</p>
<div class="lb-trans"><p>过去，开发时尚玩具依赖于昂贵的设计专业人士和漫长的产品开发周期，但人工智能有望降低创作门槛，加快这一过程。如果这些工具最终能够与 Alifish 的资源和分销渠道（如淘宝和天猫）或线下活动整合，大麦可能会进一步扩大其影响力。</p>
</div><p>Damai has also started to expand into mass-market ticketing, testing a discounted movie ticket platform called TixGenie. The small-scale pilot has limited coverage for now but signals an expansionist intent, as the company positions itself as a comprehensive platform spanning concerts, movies, IP businesses, designer toys and offline entertainment.</p>
<div class="lb-trans"><p>大麦还开始扩展到大众市场票务，测试一个名为 TixGenie 的折扣电影票平台。该小规模试点目前覆盖有限，但表明了扩张的意图，因为该公司将自己定位为一个涵盖音乐会、电影、知识产权业务、设计师玩具和线下娱乐的综合平台。</p>
</div><p>Still, the lifespan of popular IPs is often limited, and market trends can shift quickly. The availability of AI tools could intensify competition, generating increasingly similar design concepts that could erode an IP's status and scarcity value.</p>
<div class="lb-trans"><p>然而，热门知识产权的生命周期往往有限，市场趋势可能迅速变化。人工智能工具的可用性可能加剧竞争，产生越来越相似的设计概念，从而削弱知识产权的地位和稀缺价值。</p>
</div><p>Damai currently trades at a forward price-to-earnings ratio of around 30.5 times, enjoying a platform-style premium when compared with the 10.6 times for movie ticketing service <strong>Maoyan Entertainment</strong>(1896.HK).</p>
<div class="lb-trans"><p>大麦目前的前瞻市盈率约为 30.5 倍，相较于电影票务服务 <strong>猫眼娱乐</strong>(1896.HK) 的 10.6 倍享有平台型溢价。</p>
</div><p>Goldman Sachs recently estimated that Damai's live entertainment and IP business could grow at a compound annual growth rate of around 25% over the next two years, judging it to be less vulnerable to AI disruption than purely online entertainment platforms.</p>
<div class="lb-trans"><p>高盛最近估计，大麦的现场娱乐和知识产权业务在未来两年内的复合年增长率约为 25%，认为其对人工智能干扰的脆弱性低于纯在线娱乐平台。</p>
</div><p>But the investment bank also cut its target price for the company from HK$1.07 to HK$0.92, suggesting that growth hopes have already been priced in as the share rallied over recent years. Investors will be looking to see whether Damai can justify its high valuation with consistent returns from its evolving entertainment ecosystem.</p>
<div class="lb-trans"><p>但该投资银行也将该公司的目标价从 1.07 港元下调至 0.92 港元，暗示增长预期已经被市场定价，因为该股在近年来上涨。投资者将关注大麦是否能够通过其不断发展的娱乐生态系统提供持续的回报来证明其高估值。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

从流行音乐会到豪华玩具，大麦娱乐正在扩展其生态系统