机构：国泰君安国际 研究员：Muyang Zhao The Company's online entertainment ticketing services was weaker in 2024 than in 2023, posting revenue of RMB1,932 mn, representing a YoY decline of 14.4%. However, with the improvement in the domestic movie roster and the greater influx of foreign pop-artists in 2025, we expect the segment to recover significantly. On the positive side, Maoyan achieved record revenue and GMV growth in 2024 - including a 90% year-on-year increase in concerts GMV - while serving top domestic and int ...