Core Viewpoint - The report from Credit Lyonnais indicates that the performance of China Literature Group (00772) in the first half of the year exceeded expectations, primarily driven by robust growth in IP derivative merchandise transactions and a record high adjusted net profit after excluding New Classics Media (NCM) [1] Group 1: Financial Performance - The total gross merchandise value (GMV) from IP derivative transactions showed steady growth [1] - Adjusted net profit reached a new high after excluding NCM [1] Group 2: Business Outlook - The firm believes that the IP licensing and derivative business will unlock the long-term monetization potential of IP assets, including literature, comics, and animations [1] - It is anticipated that the proportion of revenue from IP licensing will significantly increase in the long term, with this business segment showing strong profit performance [1] Group 3: Forecast Adjustments - The firm raised its adjusted net profit forecasts for China Literature for 2025 and 2026 by 4% and 2% respectively [1] - The target price for the stock was increased from HKD 35 to HKD 40, while maintaining an "outperform" rating [1]
里昂：升阅文集团(00772)目标价至40港元 关注IP变现能力