证券研究报告 传媒 | 广告营销 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 24 日 投资评级： 增持（首次） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 联系人 魏桢 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 24 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 6.00 | | | 一年内最高/最低（港 | | | | 17.64/3.37 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 5,710.43 | | | 流通市值（百万港元） | | | | | 5,710.43 | | | 资产负债率（%） | | | | | 23.32 | | | 资料来源：聚源数据 | | | | | | | 巨星传奇(06683.HK) ——下一站，巨星 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 weizhen@huayuanstock. ...

Core Insights - The company, 巨星传奇, is accelerating the construction of a global IP ecosystem through the "IP+" integration model, focusing on both "IP+ cultural tourism and commercial experience" and the emerging "IP+AI+robotics" sectors, thereby enhancing the commercial value of IP across broader scenarios [1][5] Group 1: Company Achievements - On December 22, 2025, 巨星传奇 was awarded the "Annual Growth Value Award" at the "Golden Award" annual company evaluation, reflecting recognition of its long-term operational capabilities and positive market expectations for its growth potential [1] - Since its establishment in 2017, the company has focused on IP creation and operation, successfully incubating popular IPs like "周同学" and "刘教练," which have collectively reached over 280 million fans, establishing a high-engagement IP ecosystem [3] Group 2: Strategic Partnerships and Expansions - The company has strategically invested in Galaxy, a management company for top global artists, and the National Stadium (Bird's Nest), securing long-term collaboration opportunities with major performance venues [3] - In 2023, the company launched the original IP "WAKAEMO" and partnered with Yushu Technology to develop a quadruped robot with strong IP attributes, enhancing the diversity of its IP matrix [4] Group 3: IP Value Enhancement - The company is enhancing the long-term value of its core IP "周同学" by exploring various paths for IP value transformation, including a collaboration with the Shanghai Museum for a themed art show, marking the first time a celebrity IP has entered a national museum [5] - During the 2025 Shanghai Tourism Festival, the company organized the largest "Finding 周同学" event, attracting nearly 1.45 million participants and reaching over 20 million online, demonstrating the commercial effectiveness of the "IP+ cultural tourism and commercial performance" model [5] Group 4: Future Outlook - The company is extending its business into the "IP+AI+robotics" field, having established a joint venture with Yushu Technology to focus on consumer-level IP robots and related products, with the first product "巨星狗" achieving commercial success and securing orders exceeding 120 million yuan [5] - Overall, 巨星传奇 is transitioning from an "IP creator and operator" to a "happiness experience ecosystem operator," with expectations of continued growth in profitability through the expansion of its global IP matrix and strategic projects [6]

Group 1 - The "Annual Growth Value Award" recognizes companies with significant growth potential in the capital market, emphasizing the importance of continuous growth for sustainable development [1][2] - The award selection process involves quantitative data analysis and expert review to identify companies that are proactive and committed to expansion [1] - The event highlighted ten companies that received the "Annual Growth Value Award," including 比优集团 (Biyou Group), 地平线机器人-W (Horizon Robotics-W), and others, listed in alphabetical order [1] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges such as the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, and others [2] - The initiative reflects a global perspective with a focus on investment opportunities in China [2]

近日，巨星传奇集团首席运营官周佩敏在公开活动上表示，巨星传奇通过明星IP深度连接消费者的情绪 价值与兴趣社群。以周杰伦官方二次元IP"周同学"为例，其粉丝群体覆盖了从70后到05后年龄段，这种 广谱的情感联结为IP的场景化拓展与价值转化提供了优势。 12月22日，巨星传奇开盘后震荡上涨。截至9点时46分，巨星传奇报6.34港元/股，上涨7.46%。 周佩敏还谈到，从运营顶流明星IP到赋能城市消费，再到布局前沿科技与全球市场，巨星传奇正逐步构 建以IP为核心，贯通内容、科技与消费的生态闭环。未来，公司将以IP为枢纽，持续深化"文旅商体 演"融合模式，探索消费增长的可能性，朝着"全球IP开发及运营平台"与"幸福体验生态运营商"的愿景 稳步迈进。 | < W | 巨星传奇(6683) | | | | | | --- | --- | --- | --- | --- | --- | | | 12-22 09:46:32 通 | | | | | | 6.340 | 额 5846万 | 市盈 股本 9.52亿 | | 133 | 万得 | | | | | | | 盘口 | | 0.440 7.46% | 市值 换 0.98 ...

Core Insights - The "2025 New Consumption Conference" held in Shanghai focused on exploring new trends, scenarios, and growth in the consumer market, emphasizing sustainable growth amidst market restructuring [1] Group 1: Event Overview - The conference gathered representatives from well-known companies and investment institutions, including Yili, Adidas, Luckin Coffee, Meituan, and Kuaishou [1] - Key discussions revolved around the core topic of discovering sustainable growth drivers in the evolving consumer landscape [1] Group 2: IP Strategy and Implementation - Zhou Peimin, COO of Superstar Legend Group, highlighted the importance of connecting consumers' emotional values and interest communities through celebrity IPs, using the example of the "Zhou Classmate" IP, which appeals to a wide age range from post-05 to 70s [1] - The "IP + Cultural Tourism and Commercial Performance" integration model was exemplified by the "Le You Shanghai: Finding Zhou Classmate" event, which attracted nearly 1.45 million participants and significantly boosted local business traffic and revenue [2] Group 3: Ecosystem Development - Zhou Peimin elaborated on the company's IP operation strategy, emphasizing the need for emotional resonance and user growth balance through innovative content that connects brands and IPs [3] - Collaborations with various entities, such as Yushutech and the Shanghai Museum, aim to bridge traditional culture with younger generations and expand consumer demographics [3] - The company is progressively building an ecosystem centered around IP, integrating content, technology, and consumption, with a vision to become a global IP development and operation platform [3]

Core Insights - The "Central Radio Finance Annual Dialogue 2025" was held in Beijing, focusing on the theme "Setting Sail for the 14th Five-Year Plan: Surging New Momentum" with over 300 representatives from various sectors discussing modern industrial system construction and new productivity cultivation [1] Group 1: Event Overview - The event was guided by the Central Radio Media Group and hosted by CRI Online, featuring representatives from government, think tanks, state-owned enterprises, private companies, listed firms, and financial institutions [1] - The "Golden Peak" excellent case studies were released, showcasing innovative practices and mature experiences in areas such as new productivity, "AI+", digital finance, green development, and consumption upgrade [1] Group 2: Company Case Study - The case study submitted by Superstar Legend (6683.HK) titled "Star IP Transforms Tourism Flow into Retention, Empowering Quality Expansion of Tourism Consumption" was selected as an excellent case in the consumption upgrade category [3] - This award recognizes innovative models that drive consumption upgrades through supply innovation and demand activation, highlighting the company's successful integration of IP with tourism for high-quality economic development [3] Group 3: Implementation and Impact - The core of the model involves the use of the official 二次元 IP image "Zhou Classmate" to create a comprehensive ecosystem that merges IP with tourism and commercial performances [4] - The company identified key pain points in the tourism industry, such as short conversion chains, and implemented strategies in over 20 cities to convert the massive traffic from concerts into lasting consumer engagement [4] - For example, the 2025 Zhou Jielun concert in Shanghai attracted nearly 1.45 million participants, with over 20 million online interactions, showcasing the model's effectiveness in driving consumer engagement and city branding [4] Group 4: Future Strategy - Looking ahead, the company plans to strengthen the "Zhou Classmate" IP while expanding its original IP portfolio and integrating global top artists and venue resources through strategic investments [4] - The company is also embracing cutting-edge technology by collaborating with Yushu Technology to explore new avenues in "IP + Robotics + AI," aiming to deliver innovative entertainment experiences [4][5] - The recognition from the Central Radio Finance "Golden Peak" case serves as authoritative validation of the company's innovative practices and encourages further development of effective solutions for tourism and consumption upgrades [5]

Core Viewpoint - The event "Central Radio Finance Annual Dialogue 2025" focuses on the construction of a modern industrial system and the cultivation of new productive forces, gathering over 300 representatives from various sectors to explore innovative practices and experiences in areas such as "AI+", digital finance, and green development [1] Group 1: Event Overview - The event is guided by the Central Radio Media Group and hosted by the Central Radio Network, emphasizing the theme "Set Sail for the 14th Five-Year Plan, Surge with New Momentum" [1] - The "Golden Peak" excellent case awards were announced, highlighting innovative practices in new productive forces and consumption enhancement across nine categories [1] Group 2: Company Case Study - The case submitted by Superstar Legend (6683.HK) titled "Star IP Transforms Tourism Flow into Retention, Empowering Quality Expansion of Tourism Consumption" was selected as an excellent case in the consumption enhancement category [1] - This award recognizes the innovative model of integrating IP deeply into the tourism economy, showcasing the company's ability to drive high-quality development [1] Group 3: Business Model and Impact - The core of the model involves the use of the official secondary dimension IP image "Zhou Classmate" as a key engine, creating a full-link ecosystem that integrates "IP + tourism commercial performance" [2] - The company addresses the common pain points in the tourism industry, such as short conversion chains, by transforming temporary traffic from concerts into lasting engagement and consumption in over 20 cities [2] - The Shanghai concert in 2025 attracted nearly 1.45 million participants, with over 20 million online interactions, demonstrating the model's effectiveness in enhancing consumer engagement and retention [2] Group 4: Future Strategy - The company plans to expand its original IP matrix while consolidating the potential of "Zhou Classmate," and is investing in global top artists and scene resources to promote international model output [3] - The company is embracing cutting-edge technology through strategic partnerships to explore new avenues in "IP + robotics + AI," aiming to deliver innovative entertainment experiences [3] - The recognition from the Central Radio Finance "Golden Peak" case serves as authoritative endorsement of the company's innovative practices and encourages further development of IP-driven consumption enhancement solutions [3]

Core Viewpoint - The company aims to leverage its unique IP assets and strategic partnerships to create a sustainable and long-term growth model in the competitive IP market, focusing on high-value collaborations and innovative product offerings [1][10]. Group 1: Strategic Partnerships and Investments - The company has become the only private shareholder of the Bird's Nest, a premier global performance venue, which will enhance its collaboration with top artists and expand its IP-related services [2][5]. - The investment in Galaxy, the agency of K-pop star G-Dragon, is expected to significantly contribute to revenue growth in the coming years, particularly with the upcoming 20th anniversary of Bigbang [5][14]. - The company is focusing on creating a long-term cooperative ecosystem through its partnerships, which will extend to global performance systems [2][10]. Group 2: Unique IP Management Approach - The company differentiates its IP strategy by not directly comparing its IPs, such as G-Dragon and Jay Chou, but instead focusing on their unique characteristics and market positioning [6][7]. - The operational model is designed to avoid the high risks associated with "hit-or-miss" strategies, emphasizing continuous creation and management of IP value [6][10]. - The company is building a diverse IP matrix that includes celebrity IPs, digital personas, and original content, aiming for a comprehensive approach to IP monetization [8][12]. Group 3: Revenue Generation and Market Position - The company has established a high market valuation, with a price-to-earnings ratio of approximately 130, attributed to its unique and multi-dimensional business model [14][15]. - The strategy includes launching over 700 SKUs in collaboration with more than 200 brands, which helps mitigate market risks and supports sustainable revenue growth [14][15]. - The company anticipates significant revenue and profit growth in the next few years, driven by its strategic resource acquisitions and innovative business model [15].

Core Viewpoint - The company aims to leverage its unique IPs and strategic partnerships to create a sustainable and diversified revenue model in the increasingly competitive IP market, focusing on long-term collaborations and innovative product offerings [1][4][18]. Group 1: Strategic Partnerships and IP Development - The company has made significant investments in key resources, including becoming the only private shareholder of the Bird's Nest, a premier performance venue, which will enhance collaboration with top artists and expand its global reach [4][18]. - The partnership with Galaxy, the agency of K-pop star G-Dragon, is expected to drive revenue growth through unique fashion-oriented IP offerings, differentiating it from other IPs like Jay Chou's [4][7]. - The company plans to capitalize on G-Dragon's 20th anniversary with Bigbang by launching a series of major events and related IP products, targeting both the Chinese and global markets [6][19]. Group 2: Business Model and Revenue Generation - The company is building a multi-dimensional IP matrix that includes celebrity IPs, digital personas, and original content, aiming to create value through diverse products and experiences rather than relying on hit-or-miss strategies [8][10]. - The focus is on systematic creation and continuous operation of IPs, similar to Disney's long-term management approach, rather than chasing short-term successes [10][14]. - The company has established collaborations with over 200 brands, launching more than 700 SKUs, which helps mitigate market risks and supports sustainable growth [18]. Group 3: Market Position and Future Outlook - The company currently holds a high price-to-earnings ratio of approximately 130, which is above competitors like Pop Mart and Disney, attributed to its unique and multi-faceted business model [18]. - The CEO emphasizes the importance of adaptability and continuous innovation as the company enters a new growth phase, with expectations for significant revenue and profit increases in the coming years [19].

Core Insights - The current trend indicates that consumers, especially the younger demographic, are seeking active participation in narratives rather than passive consumption [1] - The company aims to engage the public through diverse mediums such as art, sports, and technology while operating popular IPs like "Zhou Tongxue" and "Liu Jiaochang" [1] - The key to balance lies in ensuring that all cross-industry expansions serve to deepen the narrative of the IP rather than dilute it, ultimately achieving a win-win between cultural and commercial value [1] Industry Trends - The cultural and tourism consumption market is undergoing a significant transformation from "sightseeing" to "immersive storytelling" and from "single consumption" to "ecological experience" [3] - The company envisions extending the economic impact of concerts from a three-day event to a month or even longer, thereby enhancing the overall consumer experience [3]