Enlight Media(SZ:300251) 21世纪经济报道·2025-05-01 03:34Core Viewpoint - The success of "Nezha" has prompted Light Media to adopt a "Disney" model, aiming to become an "IP creator and operator" in the entertainment industry [1][2]. Financial Performance - As of April, "Nezha 2" has grossed over 1.53 billion yuan, ranking fifth in global box office history, surpassing previous records in the Chinese film market [1]. - In Q1, Light Media reported a revenue increase of 177.87% to 2.975 billion yuan, with net profit rising 374.79% to 201.6 million yuan, significantly outperforming its 2024 projections [1]. IP Strategy - Light Media plans to shift from being a "high-end content provider" to an "IP creator and operator," focusing on diverse revenue streams beyond box office sales, including merchandise, games, and theme parks [2]. - The company aims to develop China's first theme park similar to Disney, indicating a strategic pivot towards IP-driven operations [2]. Market Challenges - Despite the success of "Nezha," there are concerns about the sustainability of such IPs, as the content industry may struggle to support multiple IPs simultaneously [3]. - The competitive landscape is intensifying, with video platforms also eyeing the theme park market, which could complicate Light Media's expansion plans [3]. - The overall film market is experiencing volatility, with a reported 55.1% decline in box office during the Qingming Festival, highlighting the risks associated with aggressive expansion during uncertain times [3].