以下文章来源于Tech星球 ，作者林京 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 谁在靠哪吒狂赚？ 作者 | 林京 来源 | Tech星球 （ID：tech618） 《哪吒2》电影票房不断刷新记录之后，庞大的观影人群，也让售卖哪吒周边衍生品的线 下门店客流暴增。 北京某商场里的一位卡游店员向Tech星球表示，这几天，在店门口哪吒和敖丙的人形立 牌打卡拍照人数，一度超过进店人数，放置在门店中心位置的"小马宝莉"IP不再是门店 顶流，而在其背后的哪吒周边衍生品不断有消费者前来咨询，员工不得不一遍又一遍重 复"已经没货"的通知。 截至目前，《哪吒2》电影票房已突破86亿，观影人次达1.62亿，登顶中国影史票房冠 军之后，又冲进全球影史票房榜前30名。 在电影院意犹未尽的观众，将目光投向了哪吒联名周边。 在卡牌、盲盒的线下门店里，以往都是圈内资深小众玩家进店，现在店员们很容易就能 辨别出哪些是新用户，因为他们并不了解最基本的端盒和隐藏款概念。比如，泡泡玛特 推出的《哪吒2》系列盲盒中，隐藏款"灵珠版哪吒"的抽取概率为1/96。一些消费者为 了抽到一张卡游推出的《哪吒2》SP卡（稀有卡牌），选择花费 ...

北京光线传媒股份有限公司 北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2025-008 本公司及董事会全体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。 一、股票交易异常波动暨严重异常波动的具体情况 股票交易异常波动暨严重异常波动的公告 北京光线传媒股份有限公司（以下简称"公司"或"本公司"）股票交易连续 2 个交易日内（2025 年 2 月 10 日至 2025 年 2 月 11 日）收盘价格涨幅偏离值累计超 过 30%，根据深圳证券交易所的有关规定，属于股票交易异常波动的情形。 同时，公司股票交易连续 5 个交易日内（2025 年 2 月 5 日至 2025 年 2 月 11 日）收盘价格涨幅偏离值累计超过 100%，根据深圳证券交易所的有关规定，属于 股票交易严重异常波动的情形。 公司已于 2025 年 2 月 6 日在符合条件的创业板信息披露网站上披露了《股票 交易异常波动的公告》（公告编号：2025-007）。请广大投资者理性投资，注意风险。 二、公司关注并核实情况的说明 针对公司股票交易异常波动暨严重异常波动情况，公司董事会已进行 ...

Group 1 - The stock of Guangxi Media reached the daily limit, with a turnover rate of 13.63% and a transaction amount of 7.059 billion yuan, showing a volatility of 15.85% [1] - Institutional investors net sold 309 million yuan, while the Shenzhen Stock Connect recorded a net sell of 82.4854 million yuan, and the total net sell from brokerage seats was 257 million yuan [1] - The stock was listed on the Shenzhen Stock Exchange due to a closing price increase of 20.00%, with the top five trading seats collectively transacting 2.012 billion yuan, where the buying amount was 682 million yuan and the selling amount was 1.33 billion yuan, resulting in a net sell of 649 million yuan [1] Group 2 - As of February 10, the latest margin trading balance for the stock was 1.353 billion yuan, with a financing balance of 1.334 billion yuan and a securities lending balance of 19.4551 million yuan [2] - Over the past five days, the financing balance increased by 540 million yuan, representing a growth of 68.05%, while the securities lending balance rose by 993.23 thousand yuan, with an increase of 104.30% [2]

Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index slightly down, while the North Stock Exchange 50 Index performed strongly, rising over 5% at one point [1] - The Shanghai Composite Index closed down 0.12% at 3318.06 points, the Shenzhen Component Index down 0.69% at 10557.62 points, and the ChiNext Index down 1.43% at 2152.73 points [1] - The North Stock Exchange 50 Index closed up 2.04%, with total trading volume across the three markets reaching 167.83 billion yuan, a decrease of over 80 billion yuan from the previous day [1] Banking Sector Performance - The banking sector saw a counter-trend rise, with Qingdao Bank up nearly 5%, and other major banks like China Construction Bank and Industrial and Commercial Bank of China also showing gains [2] - As of now, 13 listed banks have released their 2024 performance reports, with 10 banks reporting revenue growth and 12 banks showing an increase in net profit [2] - Analysts suggest that financial policies combined with fiscal measures are expected to promote stable growth in bank loans, particularly benefiting small and micro enterprises [2] AI Application Sector Activity - The AI application sector was notably active, with companies like Light Media hitting a 20% limit up and achieving a historical high [3] - Light Media has seen a cumulative increase of 110.9% over the last five trading days, significantly benefiting from the success of the film "Nezha" [3] - Analysts highlight that the launch of DeepSeek's open-source inference model is expected to lower entry barriers for enterprises, fostering innovation in AI applications across various sectors [3] DeepSeek Concept Decline - The previously hot DeepSeek concept saw a decline, with companies like Anheng Information and Ankai Microelectronics dropping over 11% [5] - Despite the decline, companies like Binhang Technology and Daily Interaction managed to close with gains, indicating volatility within the sector [5] - Anheng Information noted that its future performance is uncertain and dependent on product development and industry application progress [5]

Core Viewpoint - Light Media (300251.SZ) experienced a significant increase in stock price, closing at 20.10 yuan with a rise of 20.00% [1] Group 1: Stock Performance - Light Media's stock reached a daily limit increase, indicating strong market interest and positive sentiment [1] - The closing price of 20.10 yuan reflects a substantial gain for investors [1] Group 2: Institutional Activity - Among the top five selling entities, two were specialized institutional seats, suggesting notable institutional involvement in trading [1] - The net selling amount by institutional seats for Light Media today was 308.58 million yuan, indicating a significant outflow despite the stock price increase [1]

Group 1 - The media and entertainment sector experienced a significant afternoon rally, with Light Media reaching a 20% limit-up [1] - Other companies in the sector also saw notable increases, including Huashu Media, which previously hit the limit-up, as well as Jinyi Film, CITIC Publishing, and Jishi Media, which ranked among the top gainers [1]

Summary of the Conference Call for Light Media Company Overview - The conference call focuses on Light Media, a prominent player in the animation and entertainment industry in China, particularly known for its successful IPs like "Nezha" and "Jiang Ziya" [3][4]. Key Points and Arguments Change in Valuation Logic - Light Media's valuation logic has shifted from project-based valuation to an IP system valuation, moving away from relying solely on box office revenues during film releases [3][4]. - The historical PE range was between 20x to 35x, but the new approach allows for diversified revenue streams through IP licensing, merchandise, and gaming, similar to Disney's model [3][4]. Box Office Expectations - "Nezha 2" is expected to achieve a box office of approximately 11 billion RMB, with potential global earnings contributing hundreds of millions to over a billion RMB [4][5]. - The film is anticipated to break multiple records and expand the global market for Chinese animated films [4][5]. AI Technology in Production - AI technology is expected to enhance animation production efficiency, reduce costs, and improve profitability, with a rich reserve of IP resources forming a stable mythological universe [4][5]. Profit Forecast - Light Media is projected to achieve annual profits of 1.5 to 2 billion RMB under normalized conditions, corresponding to a market cap potential of 450 to 600 billion RMB, compared to the current market cap of around 400 billion RMB [4][6]. Competitive Advantages - The company has significant advantages in organizational structure and talent accumulation, with a strong IP matrix that positions it as a potential top entertainment company in China [7][8]. - The success of "Nezha 2" in international markets marks a significant step for Chinese animation, laying the groundwork for further global expansion [7][8]. Animation Market Performance - Light Media has a market share of 15.4% in the animation sector, with expectations for growth following the release of "Nezha 2" [8][9]. - The company has produced several high-grossing animated films, demonstrating its strong position in the market [8][9]. Shareholding Structure - The company has a stable shareholding structure with approximately 42% held by consistent stakeholders, which supports its operational stability [9][10]. Cost Control and Profitability - Light Media maintains a gross margin of around 40%, with effective cost control measures in place, allowing for high returns on investment without excessive risk [11][12]. Risk Management and Capital Operations - The company employs risk control measures by recovering costs through box office revenue sharing and focusing on high-quality projects across different genres [12][13]. Trends in Animation Film Industry - The Chinese animation film market is expected to continue growing, with increasing acceptance of domestic productions and a rising share of box office revenues [13][14]. Organizational Structure - Light Media's organizational structure includes various subsidiaries focusing on different genres, enhancing project quality and operational efficiency [14][15]. IP Development Strategy - The strategy for developing the Chinese mythological universe involves both standalone character launches and interconnected storylines, aiming to create a rich content ecosystem [15][16]. Animation TV Series Success - The company has also seen success in animated TV series, with plans to leverage IP licensing for further monetization [16][17]. AI Implementation - AI is being integrated into various business processes, including animation production, to enhance efficiency and reduce costs [17][18]. Advantages of Animation Films - Animation films offer greater stability and higher gross margins compared to live-action films, with a more robust IP matrix for sustained revenue generation [18][19]. Globalization of Local IP - The success of "Nezha 2" signifies the growing global appeal of Chinese IP, with potential to reshape the international film market [19][20]. Monetization Models - Light Media is exploring various monetization strategies similar to Disney's, including theme parks and merchandise, to maximize revenue from its IPs [20][21]. Future Market Performance - The company anticipates strong performance in both domestic and international markets, with "Nezha 2" expected to contribute significantly to profits [25][26]. Market Valuation Potential - Light Media's market valuation is projected to reach between 450 to 600 billion RMB, supported by its profit potential and effective risk management strategies [26].

传媒娱乐板块午后继续走高 光线传媒一度涨逾19% 来源：证券时报·e公司 作者：郑灶金 2025-02-10 13:56 Aa 大号字 e公司讯，传媒娱乐板块午后继续走高，光线传媒一度涨逾19%，贵广网络涨停，万达 电影、华策影视、中国电影等涨幅居前。 责任编辑： 许擎天梅 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The film "Nezha: The Devil's Child" has significantly exceeded box office expectations, with a total box office of approximately RMB 48.4 billion, accounting for 51% of the total box office during the Spring Festival period [2] - The film's final box office forecast has been continuously revised upwards, with expectations to exceed RMB 108 billion [2] - The company has a robust pipeline of projects, including both live-action and animated films, which will support future performance [3] Summary by Sections Box Office Performance - "Nezha 2" has set a record for the highest box office in Chinese film history, with the Spring Festival box office reaching RMB 95.1 billion [2] - The film's critical reception is strong, with ratings of 8.5 on Douban and 9.7 on both Maoyan and Taopiaotao, indicating a positive audience response [2] Revenue and Profit Forecast - The company has adjusted its profit forecast for 2024 down to RMB 453 million, a 51% decrease from previous estimates, while raising the 2025 profit forecast to RMB 1.732 billion, a 47% increase [4] - The projected revenue for 2025 is RMB 3.464 billion, reflecting a growth rate of 110.29% [5] Project Pipeline - The company has a diverse range of projects in development, including multiple live-action and animated films, as well as ongoing series [3] - Collaborations with leading companies for merchandise related to "Nezha 2" have shown strong market demand, with some products selling at nearly seven times their original price [3] Financial Metrics - The company is projected to achieve a gross profit margin of 52.1% in 2025, indicating strong profitability [9] - The earnings per share (EPS) is expected to be RMB 0.59 in 2025, with a price-to-earnings (P/E) ratio of 23 [5][9]

2025 年 02 月 06 日 光线传媒 (300251) 02-06 03-06 04-06 05-06 06-06 07-06 08-06 09-06 10-06 11-06 12-06 01-06 02-06 -20% 0% 20% 40% 60% 80% 100% 光线传媒 沪深300指数 (收益率) 相关研究 《光线传媒（300251）点评：现实题材有 突破，期待动画电影产能释放》 2024/09/23 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com ——《哪吒之魔童闹海》验证中国动画 IP 龙头再上台阶 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 06 日 | | --- | --- | | 收盘价（元） | 13.50 | | 一年内最高/最低（元） | 13.73/6.43 | | 市净率 | 4.4 | | 股息率%（分红/股价） | 0.52 | | 流通 A 股市值（百万元） | 37,628 | | 上证指数/深证成指 | 3,270.66/10,393.63 | | 注："股息率"以最近一年已 ...