Jefferies has adjusted its financial outlook for MAOYAN ENT (01896), lowering the target price from HK$9.6 to HK$7.4 while maintaining a "Buy" rating. The revision reflects recent business trends. For the 2025 fiscal year, the company reported total revenue of approximately RMB 4.6 billion, marking a year-on-year increase of about 13.5%, which aligns with prior guidance.

By segment, online entertainment ticketing revenue rose 19.4% to RMB 2.3 billion. Entertainment content services revenue grew 8.5% to around RMB 2.1 billion, while advertising services and other income increased 4.9% to RMB 210.7 million. Operating profit reached RMB 724.4 million, and net profit attributable to shareholders was RMB 563.1 million, both in line with expectations.

Management highlighted that despite weak box office performance during the Spring Festival, the industry's content supply requires time to adjust. Based on performance in the first three months, Jefferies anticipates a year-on-year decline in the overall box office for MAOYAN ENT in 2026.

Looking ahead, management identified three key opportunities for the industry: the shift toward more immersive content that is difficult to replicate, improved audience satisfaction due to better demand alignment and enhanced viewing experiences, and new growth avenues from emerging media formats, consumption scenarios, viewer preferences, and technological advancements.