From the multiplier effect of the Spring Festival box office, we can see the value realization of DAMAI ENT (01060) offline consumption layout.

On February 15, the "longest Spring Festival holiday" kicked off. During this 9-day holiday this year, as a necessary social program for the Spring Festival, the Spring Festival films naturally once again became one of the focuses of public attention. Although the 2026 Spring Festival films did not generate as much buzz as last year, compared to the previous Spring Festival comedies, this year's Spring Festival films can be said to feature a variety of film genres. For example, Zhang Yimou's film "Silent Awakening" presents a new possibility for modern spy war themes; "The Transporter: Wind Rises in the Desert" (referred to as "The Transporter") achieves continuous reversal with its intense martial arts story; sequels like "Pegasus Life 3" and "Boonie Bears: The Wild Life" satisfy the audience's expectations for "nostalgia," allowing the audience to find "the taste of the New Year" in familiar faces. The types of Spring Festival films are becoming more diverse, and this is just one of the superficial and visible new changes. By continuing to delve deeper, one can see a larger "new idea" in the industry: the film economy, as a powerful engine driving domestic demand, is sparking a stronger multiplier effect in the entertainment consumption industry. In this regard, data released last month by the National Film Administration is the most compelling evidence: in 2025, the China Film Group's entire industry chain output value reached 817.259 billion yuan, with a box office driving ratio of 1:15.77, meaning that every 1 yuan of box office generated close to 16 yuan of associated output value. From location tourism to the development of IP derivative products, from dining and transportation driven by movie-watching to immersive experiential consumption, the economic influence of films has long surpassed the scope of cinemas. Perhaps foreseeing this new industry trend, DAMAI ENT (01060) officially extended its long-term strategy to "real entertainment" last year and integrated the Da Mai App into a "real entertainment" super portal covering more than 40 categories including movies, performances, sports, culture, and tourism. Looking back now, what DAMAI ENT is actually doing is upgrading originally isolated content products like movies and shows into a scene hub connecting diverse "real entertainment" consumption; and this not only stimulates the multiplier effect of entertainment consumption but also responds well to the policy expectation of accelerating the cultivation of new growth points in service consumption. Not just about box office: how AI + cultural tourism can enhance the multiplier effect of films The 2026 Spring Festival seasonal films are characterized by sequels and multiple new films, differentiating them from previous years' Spring Festival films. Behind the rich supply, GMTEight noted that Da Mai participated in four of the six key films during the Spring Festival season through main promotion and production, joint production, and took the top four spots in the real-time box office rankings. With its mature IP accumulation and precise audience resonance, "Pegasus Life 3" once again contributed a high-maturity national IP sequel to China Film Group, winning the box office championship for the holiday; following closely, "Silent Awakening" broke through hardcore national security themes, achieving an organic fusion of main theme and commercial genres; it is also worth mentioning that "The Transporter," which was not initially highly anticipated by the market, achieved unexpected success with continuously rising word-of-mouth after its release, surpassing expectations with its consecutive three days of box office exceeding one billion yuan, becoming the box office champion of Chinese martial arts films in history. According to Lighthouse Professional Edition's predictions, its final box office is expected to surpass 1.5 billion yuan. DAMAI ENT, which has already carved the mindset of "real entertainment" into its corporate DNA, is not only witnessing box office success but also actively collaborating with various parties to create extensive value beyond the box office. Taking "Silent Awakening," filmed entirely in Shenzhen, as an example, the movie transformed daily landmarks such as the Gangsha North Metro Station "Shenzhen Eye" and the Hongshan 6979 commercial district into a espionage stage on the screen, attracting visitors from all over the country to come and check it out. In order to make traffic become "staying power," the film collaborated with Baidu Maps to develop the "Silent Awakening Shenzhen Citywalk Route." According to the Shenzhen Special Zone Daily, during the peak period of the Spring Festival season, the traffic around the movie check-in points still saw a significant boost in customer flow, with some merchants experiencing growth of over 10%. Even Hong Kong tourists specifically traveled north to experience the same scenes as in the movie. When tourists compare the movie scenes to the real-life Shenzhen Eye, the boundaries between the screen and reality have seemingly blurred, and this is perhaps a vivid testament to the integrated value of "film + cultural tourism." Films are no longer isolated but are gradually evolving into a value hub connecting culture, tourism, dining, and derivative products, which may be the underlying logic behind DAMAI ENT's innovative integration of the Da Mai App into a super portal covering dozens of categories. Considering the latest developments, the impact of the Da Mai "real entertainment" ecological mindset is still unfolding, such as earlier this month when the Qianwen App officially integrated with the Da Mai App, realizing a complete process from movie recommendations, intelligent seat selections to payment and ticketing; subsequently, Qianwen announced an extension of the "treats activity" for three more days, allowing users to buy movie tickets, book hotels, attractions, flights, etc., with just a sentence using AI. Thus, it can be expected that DAMAI ENT, in a favorable position within the ecosystem, will further accelerate the adoption of the prosperity of "real entertainment" in the AI era. If Qianwen's integration with Da Mai is the "last mile" of AI empowering real entertainment, then the deep coordination of the underlying Alipay ecosystem is the key support for Da Mai to embrace this dividend. As the core gateway of the Alibaba "AI life assistant," Qianwen has integrated services from ecosystems such as Taobao, Gaode, and Fliggy, while Da Mai, as one of the few platforms covering multiple categories such as movies, shows, sports, etc., has naturally become a critical scene for the realization of AI in consumer entertainment. From a single ticket purchase to complete trip planning and downstream consumption, Da Mai is leveraging Alibaba's AI capabilities to help users become experiencers of diverse real entertainment. With the boost from Alibaba's ecosystem, Da Mai's position as a scene hub is significantly enhanced, making it a direct beneficiary of the new era of "task-oriented AI" dividends- DAMAI ENT, positioned favorably in the ecosystem, is expected to accelerate the adoption of the new prosperity of "real entertainment." Fulfilling long-term layout around "real entertainment" under ecological thinking On February 6, the State Council held a routine policy briefing, specifically introducing the "Accelerated cultivation of service consumption new growth points work plan," marking the shift from planning to substantial promotion of "stabilizing domestic demand." Drawing lessons from developed countries such as the United States and Japan, the evolutionary process of service consumption generally exhibits the shift from "survival" to "quality" and "experience;" however, the proportion of service consumption in China's consumer spending remains only between 45%-50%, significantly lower than the 65%-70% range in the US and Japan, indicating that there is still considerable room for improvement in the overall penetration rate and market maturity of service consumption in China. It is obvious that the new policy mindset will create significant institutional dividends in unlocking the potential of service consumption. In this regard, DAMAI ENT happens to be aligned with the main channel of the expansion and upgrade of service consumption towards "quality" and "experience," and the company is expected to deeply benefit from structural opportunities catalyzed by the policy. In terms of business layout, as a leader in "real entertainment," DAMAI ENT's business scope covers film, shows, and IP derivatives. In the film business, the company's content investment strategy has tended towards stability in recent years, as evidenced by hitting the top 4 on the box office list during this year's Spring Festival season, demonstrating its precision in content investment judgment. What's even more impressive is that, as an industry leader, Da Mai is using an innovative "film +" model to transform the potential of quality films into a broader consumer dynamic, leading the industry to spark the multiplier effect of entertainment consumption. On the high-traffic track of live shows, Da Mai maintains a strong leading position. The company ranks at the top of the live show ticketing market, with a coverage rate of top projects at the forefront of the industry, deeply involved in ticket operations and promotion for many large-scale concerts, dramas, musicals, and immersive experience projects. During the Spring Festival period, the number of live performance projects on the Da Mai platform increased by 27% year-on-year. The rich and high-quality supply effectively matched the strong demand in the market. Data shows that the number of Livehouse attendees during the Spring Festival period increased by 65%, and the number of viewers in immersive new spaces also increased by more than 40%. At the same time, Da Mai's efforts in integrating cultural tourism have shown significant results- during the Spring Festival holiday, it offered over 1,200 travel service projects, partnered with over 100 folk activities, lantern festivals, and temple fairs in various places across the country, including the Ningbo Yuelu Lantern Festival, Shanghai Yu Garden Lantern Festival, Zigong Chinese Lantern World, Beijing Ditan, and Longtan Spring Festival Cultural Temple Fair, attracting tens of thousands of users to participate deeply. By launching specialized offerings such as "Movie + Lantern Festival" double passes, folk welfare coupons, etc., Da Mai effectively guides users from single movie-watching to festival tourism experiences, promoting a shift from single movie viewing to a diversified, immersive, one-stop experience upgrade. In addition, Da Mai's popular customized experiences and travel services provide consumers with a one-stop booking service, precisely addressing pain points in travel and show attendance during the long holiday period. For example, the special package for the Zheng Runze "Wilderness" 2026 Tour Concert in Quanzhou includes "concert tickets + hotel packages," which is another phased result of Da Mai's transformation from single ticketing to a multi-scenario service provider. In the global concert market trend of "increased quantity and price," Da Mai's efforts in content self-production, international ticketing system expansion, and category expansion are expected to continue to unlock upward potentials. As for the IP derivative business, which still has significant untapped potential, Alibaba Fish has now become the sixth largest global and the largest licensing agent in China. Operating hundreds of premium IPs through an "IP2B2C" model, including Sanrio, Pokmon, and many other popular IPs, Alibaba Fish continues to expand its portfolio of hot IPs through ongoing deepening of top IP partnerships to contribute to performance flexibility. Looking back at the 2026 Spring Festival season, judging from the real-time box office performance of the top four films, DAMAI ENT remains at the core of the theatrical film ecosystem. Beyond the box office, this full-industry entertainment platform has evolved into a key driver of integrated "real entertainment" businesses. From content products to scene gateways, and from hitting the blockbuster to sparking multiplier effects- DAMAI ENT has already broken free from the traditional paradigm and is accelerating its transformation into an industry infrastructure that enables the full circulation of "real entertainment" values. This may be the key to understanding the long-term value of this company. Of course, entertainment consumption is greatly influenced by macroeconomic conditions, content supply cycles, and policy environments, so DAMAI ENT also needs to continuously optimize its content judgment capabilities and cross-format operational efficiency to deal with market fluctuations.