CICC: Raise price target for Alibaba Pictures to HK$0.7, maintain "outperform" rating.

Golden Securities released a report indicating that Alibaba Pictures' annual revenue increased by 33.1% year-on-year to 6.702 billion yuan, and net profit increased by 27.7% year-on-year to 364 million yuan. Non-IFRS EBITA rose by 60.7% year-on-year to 809 million yuan, and non-IFRS net profit increased by 9.5% year-on-year to 524 million yuan, roughly meeting market expectations. Due to better-than-expected growth in IP commoditization business, the bank raised its non-IFRS net profit forecast for the 2026 fiscal year by 13.6% to 1.189 billion yuan, and for the 2027 fiscal year by 13.44 billion yuan. The bank maintained its "outperform" rating on the stock, with a target price raised by 32.1% to 0.7 Hong Kong dollars.