ZHONGTAI SECURITIES·2025-08-11 14:35Core Insights - The report highlights the strong performance of overseas IP leaders, with significant revenue growth in the IP-related sector [2][3][4] - Disney's experience business showed resilience, with total revenue increasing by 2% year-on-year to $23.7 billion, and operating profit rising by 8% to $4.6 billion in Q3 FY25 [2] - Sanrio reported a remarkable 49% year-on-year revenue growth in Q1 FY26, with revenue from the China region doubling [3] - Bandai Namco achieved a steady revenue increase of 7.1% year-on-year in Q1 FY26, driven by strong performance from its IPs [3] - CyberAgent's media and IP business saw a 10.9% year-on-year revenue growth in Q3 FY25, with significant profit increases in both media/IP and gaming sectors [4] Company Summaries - Disney: In Q3 FY25, the entertainment segment generated $10.7 billion in revenue (up 1% year-on-year), while the experience segment saw an 8% increase to $9.1 billion [2] - Sanrio: For Q1 FY26, the company reported revenue of 43.1 billion yen (up 49% year-on-year) and a net profit of 14.19 billion yen (up 38%) [3] - Bandai Namco: The company recorded revenue of 300.43 billion yen in Q1 FY26, with a net profit of 38.33 billion yen, reflecting a 12.6% year-on-year increase [3] - CyberAgent: The company achieved revenue of 210.78 billion yen in Q3 FY25, with a net profit of 8.24 billion yen, marking a 46.6% year-on-year increase [4] - Hasbro: In Q2 FY25, Hasbro reported revenue of $981 million, a slight decline of 1% year-on-year, with the Wizards segment growing by 16% [5] - Mattel: The company generated $1.019 billion in revenue in Q2 FY25, down 6% year-on-year, with mixed performance across different product categories [6] - DeNa: In Q1 FY25, DeNa's revenue reached 41.7 billion yen, a 23% year-on-year increase, with a significant rise in gaming revenue [7]