Core Insights - The Chinese潮玩盲盒 industry has experienced a decline in financing activity in recent years, with a peak of 17 financing events in 2021, dropping to only 2 events in 2024, but showing a slight recovery with 7 events from January to August 2025 [1][2] - The financing amounts have also fluctuated, peaking at 1.36 billion yuan in 2021, but dropping to 60 million yuan in 2024, with 283 million yuan raised in the first eight months of 2025 [2] - The industry is currently in a growth phase, primarily driven by A-round and angel investments, with a total of 30 A-round and 26 angel/seed round financing events [5] - Financing activities are concentrated in major cities such as Shanghai, Beijing, and Zhejiang, with Shanghai leading at 20 events, followed by Zhejiang with 16 and Beijing with 14 [6][8] - The investment focus is predominantly on cultural brands, which account for 54% of the investments, while trendy toys represent 35% [12] - The main investors in the潮玩盲盒 industry are investment firms, with notable participants including Sequoia Seed Fund and Alibaba Entrepreneur Fund, while operational companies like泡泡玛特 and 小红书 also play a role [15] - The industry is witnessing active mergers and acquisitions, with major players like Tencent,泡泡玛特, and万达电影 expanding their market presence through strategic acquisitions [17][19] Financing Trends - The潮玩盲盒 industry is in a growth phase, with A-round and angel investments being the primary focus [5] - The most frequent investment locations are Beijing and Shanghai, followed by Zhejiang [20] - Cultural brands are the main investment hotspots in the潮玩盲盒 sector [20] Mergers and Acquisitions - Large enterprises have a competitive advantage in mergers and acquisitions, with companies like Tencent and泡泡玛特 actively pursuing deals to expand their business footprint [20] - Recent acquisitions include strategic investments by阅文集团 in the毛绒潮玩 brand and万达电影's investment in52TOYS, enhancing their IP development capabilities [19]

Core Viewpoint - Yuanlong Yatu reported a significant decrease in the number of shareholders, indicating potential concerns regarding investor confidence and stock performance [2]. Financial Performance - For the first half of the year, the company achieved a revenue of 1.391 billion yuan, representing a year-on-year growth of 15.37% [2]. - The net profit for the same period was a loss of 4.6072 million yuan, but this reflects an improvement with a year-on-year increase of 80.11% [2]. - The basic earnings per share were reported at -0.0200 yuan [2]. Stock Performance - As of the latest report, the closing price of Yuanlong Yatu was 18.97 yuan, down by 1.91%, with a cumulative decline of 13.30% since the concentration of shares began [2]. - The stock experienced 3 days of increases and 5 days of decreases over the reporting period [2]. Analyst Ratings - In the past month, the stock received buy ratings from 2 institutions [2]. - Huatai Securities set the highest target price for the stock at 21.65 yuan in a report published on August 24 [2].

Core Viewpoint - The "Guzi Economy" is rapidly growing, with Yuanlong Yatu leveraging its IP operation and supply chain integration capabilities to carve a unique path in the IP cultural and creative business [1][15]. Industry Overview - The "Guzi" economy, referring to derivative products from anime, games, and other media, has become a significant market for Generation Z, with a growing consumer base [3]. - The market for the broader pan-anime and related products in China is projected to reach 597.7 billion yuan in 2024, with the "Guzi economy" segment expected to grow by 40.6% to 168.9 billion yuan compared to 2023 [5]. Company Development - Yuanlong Yatu has evolved through key milestones since its establishment in 1998, becoming a leader in the gift industry and entering the licensed product sector through significant events like the 2008 Beijing Olympics [5]. - The company has developed a comprehensive capability across the entire industry chain, including IP resources, creative design, product development, supply chain, media communication, and channel operation [5]. Product Innovation - Recent product launches include the "Autumn Blessing" refrigerator magnet as part of the "Four Seasons Tiananmen" series, which symbolizes national prosperity and cultural pride [6]. - Yuanlong Yatu emphasizes the integration of traditional Chinese culture with modern creativity in its product offerings, such as the "Face-Changing Panda Blind Box" inspired by Sichuan's intangible cultural heritage [8]. Strategic Initiatives - The company is expanding into the consumer market by establishing a wholly-owned subsidiary, Yuanlong Yuanchuang Culture (Beijing) Co., Ltd., and launching a retail sub-brand [11]. - Yuanlong Yatu plans to build its own IP matrix and has a dedicated creative design team to enhance its product development capabilities [13]. Future Outlook - The company aims for sustainable growth by synergizing IP resources, creative design, and supply chain management, with a focus on new media marketing and Web3 technologies [14]. - With the rise of Generation Z as a consumer force and increasing recognition of national cultural identity, Yuanlong Yatu is positioned to explore new opportunities in the IP cultural and creative sector [15].

Core Viewpoint - As of September 10, 2025, the total number of shareholders for Yuanlong Yatu is reported to be 67,520 [2] Company Summary - Yuanlong Yatu responded to investor inquiries on September 15, indicating the total number of shareholders [2]

证券代码：002878 证券简称：元隆雅图 公告编号：2025-045 特此公告。 北京元隆雅图文化传播股份有限公司 2025年9月16日 附件： 万辉简历 北京元隆雅图文化传播股份有限公司 关于变更持续督导保荐代表人的公告 本公司及全体董事会成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 北京元隆雅图文化传播股份有限公司（以下简称"公司"）于近日收到保荐 机构申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"）出 具的《关于更换北京元隆雅图文化传播股份有限公司2022年向特定对象发行股 票持续督导保荐代表人的函》。申万宏源承销保荐作为公司2022年向特定对象 发行股票项目的保荐机构，原指定陈胜安先生、唐品先生担任持续督导保荐代 表人，负责公司持续督导工作，持续督导期至2025年12月31日。现保荐代表人 之一唐品先生因个人工作变动原因，无法继续担任公司持续督导保荐代表人， 为保证持续督导工作的有序进行，申万宏源承销保荐决定指派万辉先生（简历 附后）接替唐品先生履行持续督导职责。 本次变更后，2022年向特定对象发行股票项目的持续督导保荐代表人为陈 胜安先生和万辉先 ...

Core Viewpoint - Yuanlong Yatu's stock price has shown significant growth this year, with a 31.19% increase, and the company has been actively traded on the market, indicating investor interest and potential opportunities for further investment [1][2]. Group 1: Stock Performance - As of September 12, Yuanlong Yatu's stock price was 21.62 CNY per share, with a trading volume of 5.49 billion CNY and a turnover rate of 11.07%, resulting in a total market capitalization of 56.64 billion CNY [1]. - The stock has experienced a 3.64% increase over the last five trading days, a 16.49% increase over the last 20 days, and a 4.04% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent appearance on July 14, where it recorded a net purchase of 62.66 million CNY [1]. Group 2: Company Overview - Yuanlong Yatu, established on May 26, 1998, and listed on June 6, 2017, is based in Beijing and specializes in promotional products, including creative planning, design, procurement, and sales [2]. - The company's revenue composition includes promotional products (46.60%), promotional services (32.48%), new media marketing services (18.93%), licensed commemorative products (1.76%), and others (0.23%) [2]. - As of August 20, the number of shareholders was 58,400, a decrease of 2.60%, with an average of 4,037 circulating shares per person, an increase of 2.67% [2]. Group 3: Financial Performance - For the first half of 2025, Yuanlong Yatu reported a revenue of 1.391 billion CNY, reflecting a year-on-year growth of 15.37%, while the net profit attributable to shareholders was -4.6072 million CNY, showing an 80.11% increase year-on-year [2][3]. - The company has distributed a total of 400 million CNY in dividends since its A-share listing, with 125 million CNY distributed over the past three years [3].

Core Viewpoint - The article discusses the supply situation of IPs in the trendy blind box market, highlighting three main sources of IPs: classic famous animation characters, current blockbuster film and animation characters, and original characters created by artists [2][12]. IP Supply - The three sources of IPs have distinct advantages: classic IPs rely on cultural accumulation, blockbuster IPs leverage content popularity, and original IPs thrive on design innovation [2][12]. - Companies like Pop Mart utilize a "self-owned IP + co-branding" strategy for revenue diversification, while 52TOYS focuses on authorized IPs to solidify its niche market [2][12]. Raw Material Supply - The raw material supply for trendy blind boxes is categorized into basic materials, special materials, and auxiliary materials, with a market characterized by dispersed basic materials and concentrated high-end materials [5][7]. - Major brands, such as Pop Mart, establish deep ties with core suppliers to create competitive advantages, while smaller players benefit from industrial clusters in regions like Dongguan to reduce costs [5]. Production Supply - China has a vast toy manufacturing industry with over 70,000 toy manufacturers, providing a solid supply chain for trendy blind boxes [8]. - The ability of manufacturers to quickly respond to market demands through flexible production capabilities helps lower costs and ensures stable product supply [8][12]. Sales Channel Supply - The sales channels for trendy blind boxes are characterized by a multi-channel integration, driven by IPs, policy regulation, and technological innovation [9][12]. - Pop Mart's strategy includes a combination of online and offline sales, with plans to expand its physical stores and robot stores significantly by 2025 [11]. - Innovative sales tactics, such as pop-up stores and limited-time offers, have proven effective in driving consumer demand and enhancing sales [11].

Market Overview - The advertising and marketing sector increased by 0.28% on September 10, with Xinhua leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Advertising Sector - Xinhua (002264) closed at 8.10, up 10.05% with a trading volume of 925,700 shares and a transaction value of 744 million [1] - Yuanlong Yatu (002878) closed at 21.88, up 6.16% with a trading volume of 689,000 shares and a transaction value of 1.483 billion [1] - Zhejiang Wenlian (600986) closed at 8.74, up 4.30% with a trading volume of 1,000,600 shares and a transaction value of 877 million [1] - Tianyu Digital (002354) closed at 7.55, up 4.28% with a trading volume of 2,337,000 shares and a transaction value of 1.756 billion [1] Market Capital Flow - The advertising marketing sector saw a net inflow of 614 million from institutional investors, while retail investors experienced a net outflow of 487 million [2] - The overall market showed a mixed trend with some stocks experiencing significant inflows while others faced outflows [3] Individual Stock Performance - Tianyu Digital (002354) had a net inflow of 179 million from institutional investors, but a net outflow of 164 million from retail investors [3] - Xinhua (002264) experienced a net inflow of 148 million from institutional investors, with retail investors showing a net outflow of 60 million [3] - Yuanlong Yatu (002878) had a net inflow of 111 million from institutional investors, while retail investors faced a net outflow of 110 million [3]

Market Overview - As of September 4, the Shanghai Composite Index closed at 3765.88 points, with a decline of 1.25%. The Shenzhen Component Index closed at 12118.70 points, down 2.83%, and the ChiNext Index closed at 2776.25 points, decreasing by 4.25% [1] Trading Activity - A total of 2131 stocks saw an increase in average transaction volume, with 40 stocks experiencing a rise of over 50% in average transaction volume. Conversely, 2426 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in average transaction volume include Aishida (爱仕达) with a 207.02% increase, Huijia Times (汇嘉时代) with 184.35%, and Victory Precision (胜利精密) with 158.81% [1] Active Stocks - The stocks with the highest increase in transaction volume and transaction count include: - Spring兴精工 with a transaction count increase of 2190.85% - Hanzhong Precision (汉钟精机) with a transaction count increase of 827.07% - Lushan New Materials (鹿山新材) with a transaction count increase of 476.62% [1] Notable Performers - The following stocks showed significant daily gains: - Aishida (爱仕达) increased by 10.03% - Huijia Times (汇嘉时代) rose by 10.05% - Victory Precision (胜利精密) gained 10.09% [1] - Other notable performers include: - Strait Environmental (海峡环保) with a 10.08% increase - An彩高科 with a 9.92% increase [1] Additional Trading Insights - The average transaction volume and transaction count for several stocks also showed substantial increases, indicating heightened trading activity. For example, Tianchuang Fashion (天创时尚) had a transaction count increase of 204.19% [1][2]

Core Viewpoint - The article discusses the release of the State Council's opinion on enhancing sports consumption potential and promoting high-quality development in the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [1]. Group 1: Sports Consumption Potential - The article highlights the booming sports economy, including ice and snow sports and new sports markets, indicating significant potential for sports consumption [2]. - It emphasizes the need to enrich sports events, develop outdoor sports industries, and enhance sports facility supply, supported by financial policies like loan interest subsidies and sports consumption vouchers [2]. Group 2: Sports Events and Economic Impact - The opinion calls for the optimization of sports event management and the introduction of policies to boost event-driven economic growth, with examples showing a 40% increase in consumption during major events like the Hangzhou Asian Games [6][7]. - The sports service industry, particularly competition and leisure sectors, accounted for 72.7% of the sports industry's added value, which reached 3.67 trillion yuan in 2023, growing at an annual rate of 10.3% [6]. Group 3: Outdoor Sports and Ice-Snow Economy - The article outlines plans for developing outdoor sports based on regional resources, with projected online consumption in outdoor sports reaching 300 billion yuan by 2024 and ice-snow industry growth from 381.1 billion yuan in 2020 to 970 billion yuan in 2024, reflecting a 26.3% annual growth rate [8]. - Water sports participation is expected to exceed 120 million people by 2024, with an industry scale of 438.6 billion yuan, growing by 18.7% [8]. Group 4: Strengthening Sports Enterprises - The opinion emphasizes the need to strengthen sports enterprises by supporting private investment, enhancing the quality of sports enterprises, and promoting the market-oriented operation of public sports venues [11]. - Financial policies include interest subsidies for eligible sports service providers and incentives for local governments to issue sports consumption vouchers [11].