<p>這家票務公司受益於去年音樂會銷售的激增，利潤幾乎翻倍，並且也在向流行文化商品轉型。</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>圖片來源：作者</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>大麥娛樂預測 2025 年的年淨利潤將激增 90% 以上，主要受現場音樂表演強勁需求的推動</li>
<li>該公司還在票務之外拓展到知識產權商品和可愛收藏品領域</li>
</ul>
<p>中國的音樂會行業在過去兩年中蓬勃發展，受現場體驗需求和政府推動休閒消費的影響。</p>
<p>隨着音樂會在許多城市成為大生意，受年輕人歡迎的大牌藝人如周杰倫、五月天或張傑的巡演通常會售罄。這對中國領先的票務平台之一 <strong>大麥娛樂控股有限公司</strong>(1060.HK) 來説是個好消息。</p>
<p>在 5 月 8 日的聲明中，該公司表示截至 3 月的年度利潤預計將增長 92% 以上，至少達到 7 億人民幣（1.03 億美元），而去年同期約為 3.64 億人民幣。公司提到其資產結構更加穩定，投資組合中的風險暴露降低，投資損失減少。</p>
<p>最初以阿里巴巴影業運營的該業務去年更名為大麥娛樂，並開始縮減其電影和電視項目，這些項目可能波動較大並影響利潤。相反，該公司已開始向現場娛樂、票務和基於版權的卡通或電影角色的可愛商品轉型。</p>
<p>根據中國表演藝術協會的數據，中國的大型音樂會票房收入在 2025 年增長了 13.7%，達到 295.6 億元。包括相關消費在內，音樂會經濟預計產生了超過 2200 億元的整體消費。作為行業領導者之一，大麥娛樂顯然從這一趨勢中受益，其截至 9 月底的半年收入增長了 33%。表演內容和技術業務是最大的收入來源，收入增長了 15%，達到 13.4 億元。</p>
<p>更仔細地觀察收入結構，發現增長最快的細分市場不再是票務，而是基於知識產權的商品和其他衍生業務。該收入來源在半年內翻了一番，達到 11.6 億元，利潤增長 44%，達到 2.35 億元。這一增長反映了中國所謂的 “咕滋經濟” 的快速崛起，年輕消費者熱衷於購買帶有他們最喜歡的動漫或遊戲內容的授權商品，如徽章、手辦、毛絨玩具和鑰匙扣。通過貨幣化知識產權，大麥娛樂可以超越一次性消費，開發與商品和線下體驗相關的長期收入流。</p>
<h4><strong>AI 驅動的設計</strong></h4>
<p>通過知識產權商業化平台 “Alifish”，大麥與知名的日本角色品牌和媒體特許經營合作，如三麗鷗、奇可娃、寶可夢和蠟筆小新。它還與中國零售品牌 Miniso 和 Pop Mart 推出了聯合品牌合作，以擴大其在娛樂知識產權領域的影響力。</p>
<p>此外，大麥還開始將人工智能整合到其設計過程中，與阿里巴巴的通義大語言模型團隊合作開發 AI 驅動的程序 “MiaoYa”，作為鼓勵更多創作者參與玩具設計和開發的工具。</p>
<p>過去，開發時尚玩具依賴於昂貴的設計專業人士和漫長的產品開發週期，但人工智能有望降低創作門檻，加快這一過程。如果這些工具最終能夠與 Alifish 的資源和分銷渠道（如淘寶和天貓）或線下活動整合，大麥可能會進一步擴大其影響力。</p>
<p>大麥還開始擴展到大眾市場票務，測試一個名為 TixGenie 的折扣電影票平台。該小規模試點目前覆蓋有限，但表明了擴張的意圖，因為該公司將自己定位為一個涵蓋音樂會、電影、知識產權業務、設計師玩具和線下娛樂的綜合平台。</p>
<p>然而，熱門知識產權的生命週期往往有限，市場趨勢可能迅速變化。人工智能工具的可用性可能加劇競爭，產生越來越相似的設計概念，從而削弱知識產權的地位和稀缺價值。</p>
<p>大麥目前的前瞻市盈率約為 30.5 倍，相較於電影票務服務 <strong>貓眼娛樂</strong>(1896.HK) 的 10.6 倍享有平台型溢價。</p>
<p>高盛最近估計，大麥的現場娛樂和知識產權業務在未來兩年內的複合年增長率約為 25%，認為其對人工智能干擾的脆弱性低於純在線娛樂平台。</p>
<p>但該投資銀行也將該公司的目標價從 1.07 港元下調至 0.92 港元，暗示增長預期已經被市場定價，因為該股在近年來上漲。投資者將關注大麥是否能夠通過其不斷發展的娛樂生態系統提供持續的回報來證明其高估值。</p>
<p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

大麥娛樂

<p>大麥娛樂，作為中國領先的票務平台，預計其 2025 年的淨利潤將激增超過 90%，這得益於對現場音樂的強勁需求和向商品銷售的轉變。該公司報告了 33% 的收入增長，商品銷售翻了一番。大麥正在將人工智能整合到設計過程中，並擴展到大眾市場票務。儘管估值較高，高盛已下調其目標價，表明增長預期可能已經反映在股價中</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>這家票務公司受益於去年音樂會銷售的激增，利潤幾乎翻倍，並且也在向流行文化商品轉型。</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>圖片來源：作者</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>大麥娛樂預測 2025 年的年淨利潤將激增 90% 以上，主要受現場音樂表演強勁需求的推動</li>
<li>該公司還在票務之外拓展到知識產權商品和可愛收藏品領域</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>中國的音樂會行業在過去兩年中蓬勃發展，受現場體驗需求和政府推動休閒消費的影響。</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>隨着音樂會在許多城市成為大生意，受年輕人歡迎的大牌藝人如周杰倫、五月天或張傑的巡演通常會售罄。這對中國領先的票務平台之一 <strong>大麥娛樂控股有限公司</strong>(1060.HK) 來説是個好消息。</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 日的聲明中，該公司表示截至 3 月的年度利潤預計將增長 92% 以上，至少達到 7 億人民幣（1.03 億美元），而去年同期約為 3.64 億人民幣。公司提到其資產結構更加穩定，投資組合中的風險暴露降低，投資損失減少。</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>最初以阿里巴巴影業運營的該業務去年更名為大麥娛樂，並開始縮減其電影和電視項目，這些項目可能波動較大並影響利潤。相反，該公司已開始向現場娛樂、票務和基於版權的卡通或電影角色的可愛商品轉型。</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>根據中國表演藝術協會的數據，中國的大型音樂會票房收入在 2025 年增長了 13.7%，達到 295.6 億元。包括相關消費在內，音樂會經濟預計產生了超過 2200 億元的整體消費。作為行業領導者之一，大麥娛樂顯然從這一趨勢中受益，其截至 9 月底的半年收入增長了 33%。表演內容和技術業務是最大的收入來源，收入增長了 15%，達到 13.4 億元。</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>更仔細地觀察收入結構，發現增長最快的細分市場不再是票務，而是基於知識產權的商品和其他衍生業務。該收入來源在半年內翻了一番，達到 11.6 億元，利潤增長 44%，達到 2.35 億元。這一增長反映了中國所謂的 “咕滋經濟” 的快速崛起，年輕消費者熱衷於購買帶有他們最喜歡的動漫或遊戲內容的授權商品，如徽章、手辦、毛絨玩具和鑰匙扣。通過貨幣化知識產權，大麥娛樂可以超越一次性消費，開發與商品和線下體驗相關的長期收入流。</p>
</div><h4><strong>AI-enabled design</strong></h4>
<div class="lb-trans"><h4><strong>AI 驅動的設計</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>通過知識產權商業化平台 “Alifish”，大麥與知名的日本角色品牌和媒體特許經營合作，如三麗鷗、奇可娃、寶可夢和蠟筆小新。它還與中國零售品牌 Miniso 和 Pop Mart 推出了聯合品牌合作，以擴大其在娛樂知識產權領域的影響力。</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，大麥還開始將人工智能整合到其設計過程中，與阿里巴巴的通義大語言模型團隊合作開發 AI 驅動的程序 “MiaoYa”，作為鼓勵更多創作者參與玩具設計和開發的工具。</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>過去，開發時尚玩具依賴於昂貴的設計專業人士和漫長的產品開發週期，但人工智能有望降低創作門檻，加快這一過程。如果這些工具最終能夠與 Alifish 的資源和分銷渠道（如淘寶和天貓）或線下活動整合，大麥可能會進一步擴大其影響力。</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>大麥還開始擴展到大眾市場票務，測試一個名為 TixGenie 的折扣電影票平台。該小規模試點目前覆蓋有限，但表明了擴張的意圖，因為該公司將自己定位為一個涵蓋音樂會、電影、知識產權業務、設計師玩具和線下娛樂的綜合平台。</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，熱門知識產權的生命週期往往有限，市場趨勢可能迅速變化。人工智能工具的可用性可能加劇競爭，產生越來越相似的設計概念，從而削弱知識產權的地位和稀缺價值。</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>大麥目前的前瞻市盈率約為 30.5 倍，相較於電影票務服務 <strong>貓眼娛樂</strong>(1896.HK) 的 10.6 倍享有平台型溢價。</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>高盛最近估計，大麥的現場娛樂和知識產權業務在未來兩年內的複合年增長率約為 25%，認為其對人工智能干擾的脆弱性低於純在線娛樂平台。</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>但該投資銀行也將該公司的目標價從 1.07 港元下調至 0.92 港元，暗示增長預期已經被市場定價，因為該股在近年來上漲。投資者將關注大麥是否能夠通過其不斷發展的娛樂生態系統提供持續的回報來證明其高估值。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
</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 免責聲明：本文來自未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

從流行音樂會到豪華玩具，大麥娛樂正在擴展其生態系統