SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-11-12 08:08Core Viewpoint - The collaboration between Superstar Legend Group and Yushu Technology aims to develop consumer-grade IP robots, merging "celebrity IP operation" with "robot hardware" to explore a new business model of "IP + AI + robots" [1] Market and Business Model Risks - There is significant uncertainty regarding market acceptance and willingness to pay for high-priced IP robots, which may cost thousands to tens of thousands of dollars [2] - The sustainability of the business model is challenged by reliance on one-time hardware sales, which may not support ongoing R&D, marketing, and IP licensing costs without establishing recurring revenue streams [2] IP Dependency and Lifecycle Risks - The joint venture's success heavily relies on the popularity of specific IPs, such as Jay Chou, which can fluctuate with cultural trends, leading to concentrated risk [3] - Over-commercialization of celebrity IPs may dilute their value and provoke negative public sentiment if product experiences are poor or marketing is excessive [3] Technology Integration and Product Experience Risks - There may be a significant gap between the ideal capabilities of the IP robots and the current state of AI and robotics technology, potentially leading to poor user experiences [4] - The differing corporate cultures and business logics of the two companies may complicate collaboration, affecting product definition, development processes, and market strategies [4] Industry Competition and Strategic Execution Risks - The consumer-grade robot market is competitive, with established players like UBTECH and iFlytek, as well as companies like Lessen that have successful IP collaborations [5] - The 50:50 equity structure of the joint venture may lead to inefficiencies in decision-making during strategic disagreements, potentially missing market opportunities [5]