DAMAI ENT (01060) strengthens its growth narrative of "entertainment + AI" in the interim report: revenue and profits both increase, diversified layout strengthens full-chain competitiveness.

In the past two years, Generation Z has gradually become the main force in consumption, and the trend of paying for things they love and resonate with is becoming more obvious, as seen in the popularity of "concert economy" and "Guizi economy." Against this backdrop, the entertainment industry is undergoing structural changes, and the financial reports of industry leading companies have become important windows to understand market trends. On the evening of November 13, DAMAI ENT (01060) disclosed its first financial report after the name change: in the first half of the 2026 fiscal year, it achieved revenue of 4.047 billion yuan, a year-on-year increase of 33%; net profit attributable to parent company was 520 million yuan, a year-on-year increase of 54%, with impressive performance. According to GMTEight, the name change itself earlier reflected DAMAI ENT's keen grasp of market trends, and the recent interim report further demonstrates the effectiveness of its "entertainment + AI" strategic transformation - the company has formed a development pattern of synergistic cooperation in multiple businesses. Among them, the performance of performance content, technology business and IP derivative business is particularly outstanding, with revenues of 1.339 billion yuan, 1.16 billion yuan respectively during the period, with year-on-year growth reaching 15% and 105%, becoming the core engine driving performance growth. The "entertainment + AI" strategy accurately matches market pulses and industry trends. On May 21 of this year, DAMAI ENT officially released the "entertainment + AI" strategy, focusing on the "real entertainment" ecosystem, which deeply echoes consumer expectations and industry evolution trends. The excellent performance in this interim report confirms that DAMAI ENT's new strategy has made a good start. In terms of performance business, the ticketing base continues to be solid, with the GMV of Damai platform steadily increasing, continuing to lead the industry. The Damai platform has surpassed 300 million users, maintaining a leading position in the global industry, covering over 40 sub-categories such as movies, concerts, music festivals, dramas, stand-up comedies, exhibitions, sports, and tourism, connecting over 12,000 cinemas, 20,000 venues, and over 100,000 popular attractions, successfully transforming from a performance ticketing platform to a one-stop entertainment ticketing platform for all categories. In comparison, the new Damai APP driven by AI technology, around the "fast, global, accurate, near" service system, has accelerated its transformation into a super entrance of real entertainment consumption. At the same time, the performance content investment business, focusing on "head quality" and "breaking barriers, fair prices, and inclusive" strategies, also demonstrated strong growth momentum. During the reporting period, several high-quality performance projects were successively launched, such as "2025 Anaya Shrimp Music Festival," "Yi Yangqianxi 2025 Concert," and the musical "Six Lying College Students," driving live entertainment content revenue growth by over 50% year-on-year. Damai's performance has gradually moved away from its reliance on single ticketing revenue, forming a revenue structure driven by content and ticketing coordination. IP derivative business has also seen explosive growth, with Alibaba Fish as a core business unit performing outstandingly, achieving double-digit growth in both revenue and profit indicators year-on-year. In terms of authorized business, by the end of the period, Alibaba Fish had collaborated with hundreds of high-quality IPs at home and abroad, as well as thousands of brands and channel merchants; in terms of IP retail brand operation business, during the reporting period, Alibaba Fish and upstream copyright owners and toy brand owners jointly opened several first stores in China. For example, the opening of the first offline flagship store of JIYICA in mainland China in Shanghai in September this year caused a consumption boom, not only fully verifying the huge market potential of top IP, but also demonstrating Alibaba Fish's strong IP monetization and full-chain service capabilities. The film technology and investment production and distribution platform business has steadily developed. The film "Chasing the Wind and Chasing the Shadow" produced and mainly promoted by DAMAI ENT performed well, opening with a score of 8.1 on Douban, the second-highest for a Jackie Chan movie, and the cumulative box office exceeding 1.2 billion yuan, successfully winning the third place in the Summer 2025 box office season. The scale of the TV series business has increased to 484 million yuan, with a significant year-on-year growth. Several highly acclaimed and discussed TV series were broadcast during the period, with over 20 reserve projects laying the foundation for future content supply. A series of business developments clearly indicate that DAMAI ENT is driving the development of the real entertainment ecosystem with content IP at its core, with business innovation and user value as its anchor. In the opinion of GMTEight, in the future, with the deeper advancement of the "entertainment + AI" strategy, DAMAI ENT will form a more solid differentiation competitive advantage, bringing more certainty and broader sources of vitality for the company's continued growth. A diversified business layout writes a new growth paradigm for the entertainment industry In the context of the deep adjustment of the entertainment industry, companies must keep pace with the times and act accordingly. It is precisely because of its forward-looking strategic layout that DAMAI ENT has gradually built a real entertainment ecosystem covering the entire industry chain: focusing on content creation at the upstream core, focusing on polishing IPs; relying on Damai APP, Taopiao, and Lighthouse in the middle to achieve ticketing access and digital marketing; connecting the offline screening market through theaters, while expanding IP monetization channels through Alibaba Fish downstream, and ultimately reshaping the efficiency and value chain of the entertainment industry through data-driven and ecological synergy. This diversified layout covering performance, IP derivative, film investment production, and technological innovation fields not only enhances the company's risk resistance capabilities but also injects development momentum into its continued growth. What is even more noteworthy is that DAMAI ENT's growth logic is no longer limited to the domestic market. Faced with the growing demand for cross-border performances, the company is starting with Southeast Asia and Japan and South Korea, actively laying out international business and providing global users with a one-stop ticketing and performance service platform. On November 14, "DAI International (MAISEAT)" was officially launched, providing global users with ticketing and performance services for various popular shows such as concerts, sports events, music festivals, and dramas both at home and abroad, marking the first step of the international strategy of DAI International to go beyond the ticketing platform, becoming a real entertainment group with global competitiveness. Currently, CMSC points out that DAMAI ENT, relying on offline entertainment and IP dual-wheel drive, has grown into a comprehensive entertainment group and is given a "strong recommendation" rating; the Galaxy Securities analyst team believes that DAMAI ENT, as a leader in the domestic live entertainment industry, deeply benefits from industry expansion and optimization of the supply side, as well as category expansion and international expansion, and also gives a "recommended" rating. At the same time, Morgan Stanley also rates DAMAI ENT as "hold," while Goldman Sachs initiates coverage with a "buy" rating and a target price of HK$1.38. Combined with the continuous upward trajectory of DAMAI ENT's stock price since the name change, it is evident that the capital market has a high consensus on its scarce investment value and strategic path. The newly released financial report further strengthens the market's confidence in DAMAI ENT's future development. Based on the current favorable development trend of the business, it can be expected that the evolving DAMAI ENT will continue to meet expectations with high growth potential.