IP衍生品产业研究（九）：从三丽鸥看多IP矩阵运营思路

Investment Rating - The investment rating for the industry is "Positive" and maintained [11] Core Insights - The report highlights that Sanrio's performance fluctuations were primarily due to reliance on short-term external factors for IP explosions and a lack of long-term mechanisms to sustain IP popularity, particularly the dependence on a few IPs like Hello Kitty. The management reform, diversification of the IP matrix, and deepening operations at various IP levels are the core drivers of the company's sustained growth post-2021. The global licensing business and local operations have also played a crucial role, with Sanrio strengthening social media operations in North America and deepening cooperation with Alibaba in China to capture explosive industry potential [2][10][54]. Summary by Sections Company Overview - Sanrio focuses on designing and operating cartoon character IPs, owning numerous original characters like Hello Kitty, Cinnamoroll, and Kuromi. For FY 3/2025, the revenue breakdown is 34% from merchandise retail, 55% from licensing, 9% from theme parks, and 2% from other businesses. Revenue contributions from Japan, Europe, North America, and Asia are 78%, 4%, 20%, and 19%, respectively [6][18]. Historical Performance Review - Sanrio's performance can be divided into three phases: 1. FY 3/2009-FY 3/2014 was a high-growth period, with revenue peaking at 770 billion yen and a 27% operating profit margin, heavily reliant on Hello Kitty, which accounted for 76% of revenue. 2. FY 3/2015-FY 3/2021 saw a long adjustment period due to declining popularity of Kitty and failure to successfully incubate new IPs, leading to a drop in revenue and profit. 3. From FY 3/2022 to FY 3/2025, under new leadership, Sanrio initiated a "second entrepreneurship," implementing structural reforms and achieving a CAGR of 40% in total revenue and 173% in operating profit [7][29]. Future Outlook - For FY 3/2026, Sanrio expects double-digit revenue growth, with projections of total revenue, operating profit, and net profit at 162.2 billion yen, 60 billion yen, and 42 billion yen, respectively, representing increases of 12%, 16%, and 1%. The company anticipates growth in all regions, particularly in Asia, with a focus on expanding licensing and local operations [9][54][55]. Strategic Initiatives - Sanrio plans to build a "long-lasting" IP strategy, expand its IP matrix, and pursue global development to mitigate cyclical risks and ensure stable growth. The company aims to reduce reliance on Hello Kitty by diversifying its IP portfolio and enhancing profitability through global licensing expansion and data-driven product selection [10][54][58].