“跨界王”京基智农再跨界，押宝IP产业胜算几何？

Core Viewpoint - Shenzhen Jingji Zhino Times Co., Ltd. (referred to as "Jingji Zhino") is preparing to enter the IP operation business to create a second growth curve amid declining revenue and net profit in 2024, raising questions about whether this move is a rational decision or a blind trend-following [1][3]. Group 1: Business Transition - In May 2025, Jingji Zhino announced its entry into the IP industry, aiming to establish a three-in-one model of "IP matrix - traffic operation - secondary market management" to tap into the trillion-level market [2]. - Jingji Zhino's main businesses include pig and poultry breeding, feed production, and real estate development, with the new IP venture aligned with its commitment to social responsibility and consumer needs [2][3]. - The company plans to collaborate with over 50 IPs and aims to add more than 10 new signed and incubated IPs in the coming year, adjusting its IP matrix based on market feedback [2][3]. Group 2: Financial Performance - In 2024, Jingji Zhino reported a revenue of 5.96 billion yuan, a 52% year-on-year decline, and a net profit of 714 million yuan, down 59.13%, marking the first performance drop since 2022 [3]. - The decline in revenue was primarily due to a significant drop in real estate project sales, with net profit from real estate falling approximately 90% to around 240 million yuan [3][4]. - Despite improved profitability in the pig breeding sector, the overall industry is not considered a sunrise industry, leading to a search for more lucrative side businesses [3][4]. Group 3: Market Context and Challenges - The current popularity of the IP industry is linked to trends like the "goods economy," which has gained traction among younger consumers, particularly the Z generation [8][9]. - The market for the "goods economy" reached 168.9 billion yuan in 2024, with a projected growth rate of 41% [8][9]. - Jingji Zhino's entry into the IP sector is seen as a potential way to enhance its brand experience and create a second growth curve, but it faces challenges in adapting to the rapidly changing consumer demands and the complexities of IP management [10][11].