Enlight Media(SZ:300251) Ge Long Hui·2025-06-16 08:03Core Viewpoint - The recent performance of Light Media's stock has been significantly influenced by the success of "Nezha 2," which has led to substantial revenue growth and a shift in the company's focus towards IP creation and operation [1][6][11]. Financial Performance - Light Media's stock price experienced a remarkable increase of 270% within 8 trading days after the release of "Nezha 2," reaching a historical high of 41.48 yuan per share [1]. - In Q1, the company reported a revenue of 2.975 billion yuan, representing a year-on-year growth of 177.87%, and a net profit of 2.016 billion yuan, reflecting a staggering increase of 374.79% [6][7]. Box Office and Revenue Sharing - "Nezha 2" has generated a domestic box office of 15.439 billion yuan, with Light Media estimated to receive approximately 5.1 billion yuan from this revenue based on current sharing rules [4][5]. - The chairman of Light Media criticized the current box office revenue-sharing model, stating that it is unsustainable for the industry, as producers only receive about 33% of the box office after costs [4]. IP Development and Future Prospects - The success of "Nezha 2" has opened new avenues for IP licensing, with potential sales of derivative products estimated to exceed 100 billion yuan [10]. - Light Media is transitioning from being a high-end content provider to an IP creator and operator, focusing on various IP-related businesses, which have already contributed significant revenue in Q1 [11].