<p>花旗发布了一份研究报告，指出大麦娱乐（01060.HK）-0.020（-3.333%）的空头头寸为 1425 万美元；比例为 17.540%。截至 2026 年 3 月的财年业绩显示，该公司在优化其电影业务和精简员工方面取得了进展。然而，由于投资增加，IP 业务和大麦业务的盈利能力未能达到预期。管理层预计大麦在中国大陆的业务将在 2027 财年实现利润增长，同时电影板块将继续提升效率，为投资新项目（如大麦国际扩展、IP 和人工智能）创造空间。尽管这些投资为未来增长奠定了基础，但在短期内将对盈利能见度产生压力。该券商将 2027 和 2028 财年的调整后 EBITA 预测分别下调了 16% 和 19%，维持买入评级，并将目标价从 1 港元下调至 0.8 港元。</p>
<p>报告指出，2026 财年的收入比花旗和市场预期分别高出 1% 和 3%，主要受到强劲的剧集制作收入推动，而 IP 商品零售和大麦收入则未能达到预期。调整后的 EBITA 为人民币 7.46 亿元，比花旗的预估低 15%，主要由于运营费用增加和毛利率略有下降。从各个板块来看，电影和剧集板块的利润超出市场预期，而大麦和 IP 板块的利润则低于预期。</p>
<p>在 IP 业务方面，Alifish 在 2026 财年的收入同比增长超过 70%，零售收入增长超过 1 倍，分销和授权收入同比增长 40% 至 50%。管理层表示，各子板块的利润率保持稳定，但由于收入结构变化，整体 IP 利润率下降，因为低利润率的零售业务增长更快。预计 2027 财年零售板块的快速增长将继续影响整体 IP 利润率。在大麦业务方面，2026 财年的票务收入同比持平，而内容收入同比增长 51%。管理层预计大麦在中国大陆的业务收入和利润将在 2027 财年增长，尽管国际扩展将持续进行。在电影板块，花旗预计电影《给奶奶的信》将在 2027 年上半年贡献利润，集团将继续控制成本和优化员工人数。</p>
<p>花旗估计大麦娱乐在 2026 财年拥有净现金人民币 100 亿元，扣除客户票务预付款后约为人民币 60 亿元。在业绩发布会上，管理层未承诺分红或股票回购。该券商认为现金更可能用于新项目而非股东回报。（da/a）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-29 12:25。）</p>

大麦娱乐

<p>花旗将大麦娱乐目标价下调至 0.8 港元，因新业务投资影响盈利可见性</p>

<p>Citi published a research report stating that DAMAI ENT (01060.HK) -0.020 (-3.333%)  Short selling $14.25M; Ratio 17.540%  's results for the fiscal year ended March 2026 showed progress in optimizing its film business and streamlining headcount. However, profitability of the IP business and Damai business fell short of expectations due to increased investments. Management expects the Damai mainland China business to achieve profit growth in fiscal 2027, while the film segment continues to enhance efficiency, creating room to invest in new initiatives such as Damai international expansion, IP and AI. Although such investments lay the foundation for future growth, they will weigh on earnings visibility in the near term. The broker lowered its adjusted EBITA forecasts for fiscal 2027 and 2028 by 16% and 19%, respectively, maintained a Buy rating, and cut the TP from HKD1 to HKD0.8.</p>
<div class="lb-trans"><p>花旗发布了一份研究报告，指出大麦娱乐（01060.HK）-0.020（-3.333%）的空头头寸为 1425 万美元；比例为 17.540%。截至 2026 年 3 月的财年业绩显示，该公司在优化其电影业务和精简员工方面取得了进展。然而，由于投资增加，IP 业务和大麦业务的盈利能力未能达到预期。管理层预计大麦在中国大陆的业务将在 2027 财年实现利润增长，同时电影板块将继续提升效率，为投资新项目（如大麦国际扩展、IP 和人工智能）创造空间。尽管这些投资为未来增长奠定了基础，但在短期内将对盈利能见度产生压力。该券商将 2027 和 2028 财年的调整后 EBITA 预测分别下调了 16% 和 19%，维持买入评级，并将目标价从 1 港元下调至 0.8 港元。</p>
</div><p>The report noted that fiscal 2026 revenue was 1% and 3% above Citis and market expectations, respectively, mainly driven by strong drama production revenue, while IP merchandise retail and Damai revenue missed forecasts. Adjusted EBITA amounted to RMB746 million, 15% below Citis estimate, primarily due to higher operating expenses and a slight decline in gross margin. By segment, profit from the film and drama segment exceeded market expectations, while Damai and IP segment profits were below expectations.</p>
<div class="lb-trans"><p>报告指出，2026 财年的收入比花旗和市场预期分别高出 1% 和 3%，主要受到强劲的剧集制作收入推动，而 IP 商品零售和大麦收入则未能达到预期。调整后的 EBITA 为人民币 7.46 亿元，比花旗的预估低 15%，主要由于运营费用增加和毛利率略有下降。从各个板块来看，电影和剧集板块的利润超出市场预期，而大麦和 IP 板块的利润则低于预期。</p>
</div><p>For the IP business, Alifish revenue in fiscal 2026 rose by more than 70% YoY, with retail revenue increasing by more than 1x and distribution and licensing revenue rising 40% to 50% YoY. Management said margins across sub-segments were stable, but overall IP margin declined due to changes in revenue mix, as lower-margin retail business grew faster. Rapid growth of the retail segment in fiscal 2027 is expected to continue affecting overall IP margin. For the Damai business, ticketing revenue in fiscal 2026 was flat YoY, while content revenue increased 51% YoY. Management expects both revenue and profit of the Damai mainland China business to grow in fiscal 2027, although international expansion will continue. In the film segment, Citi expects the movie &#34;A Letter to Grandma&#34; to contribute profit in 1H27, with the group continuing cost control and headcount optimization.</p>
<div class="lb-trans"><p>在 IP 业务方面，Alifish 在 2026 财年的收入同比增长超过 70%，零售收入增长超过 1 倍，分销和授权收入同比增长 40% 至 50%。管理层表示，各子板块的利润率保持稳定，但由于收入结构变化，整体 IP 利润率下降，因为低利润率的零售业务增长更快。预计 2027 财年零售板块的快速增长将继续影响整体 IP 利润率。在大麦业务方面，2026 财年的票务收入同比持平，而内容收入同比增长 51%。管理层预计大麦在中国大陆的业务收入和利润将在 2027 财年增长，尽管国际扩展将持续进行。在电影板块，花旗预计电影《给奶奶的信》将在 2027 年上半年贡献利润，集团将继续控制成本和优化员工人数。</p>
</div><p>Citi estimated that DAMAI ENT had net cash of RMB10 billion in fiscal 2026, or about RMB6 billion after deducting customer ticketing prepayments. At the results briefing, management did not commit to dividends or share buybacks. The broker believes cash is more likely to be used for new initiatives rather than shareholder returns. (da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 12:25.)</p>
<div class="lb-trans"><p>花旗估计大麦娱乐在 2026 财年拥有净现金人民币 100 亿元，扣除客户票务预付款后约为人民币 60 亿元。在业绩发布会上，管理层未承诺分红或股票回购。该券商认为现金更可能用于新项目而非股东回报。（da/a）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-29 12:25。）</p>
</div>

花旗银行将大麦娱乐的目标价下调至 0.8 港元，原因是新的业务投资影响了其盈利的可见性