Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The report emphasizes the company's focus on product strength and omnichannel layout, with IP empowerment injecting new vitality into its operations [3][7]. - The company achieved a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.39%, and a net profit attributable to shareholders of 318 million yuan, down 16.23% year-on-year [6][7]. - The report projects revenue growth for 2025-2027, estimating revenues of 27.504 billion yuan, 30.841 billion yuan, and 34.570 billion yuan respectively, with corresponding net profits of 1.608 billion yuan, 1.822 billion yuan, and 2.062 billion yuan [8][9]. Summary by Sections Recent Performance - In Q1 2025, the company reported a revenue of 5.245 billion yuan, a decline of 4.39% year-on-year, and a net profit of 318 million yuan, down 16.23% year-on-year [6][7]. - The company's traditional core business is focusing on channel deepening, with a double-digit revenue growth in its technology segment, achieving 308 million yuan in revenue, up 24.57% year-on-year [7]. Retail Business Development - The retail business, including the Morningside Life Hall and Jiuwu Miscellaneous Society, generated 401 million yuan in revenue, an increase of 8.03% year-on-year, with Jiuwu Miscellaneous Society contributing 388 million yuan, up 11.37% year-on-year [7]. - As of Q1 2025, the company operates 792 retail stores nationwide, with 752 Jiuwu Miscellaneous Society stores and 40 Morningside Life Halls [7]. Profitability and Financial Metrics - The company's gross margin for Q1 2025 was 20.65%, an increase of 0.49 percentage points year-on-year, while the net profit margin was 6.28%, a decrease of 1.08 percentage points year-on-year [7]. - The report indicates a stable expense ratio of 13.39%, up 1.42 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing slight increases [7]. Future Projections - The company is expected to maintain a focus on product strength and omnichannel strategies, with projected revenues of 27.504 billion yuan in 2025, 30.841 billion yuan in 2026, and 34.570 billion yuan in 2027, alongside net profits of 1.608 billion yuan, 1.822 billion yuan, and 2.062 billion yuan respectively [8][9].

H代表黄嬛美，F代表付鹏总 H：今天我们就不讲那么专业的内容了，今天我们桌面上有很多二次元周边，带大家一起聊一些有意义的事情。 周一和黄嬛美就二次元市场聊了一下，把视频内一些主要问题进行整理。希望对大家在寻找的"个别行业增长"有所启发。 F：因为基本上前因后果逻辑线，我前几天都跟大家讲过了，现在就关注两个关键词"止"和"稳"就好了 H：我记得之前我们做过一期节目，专门讲了动漫产业，但是上次时间有限，讲了一部分，所以咱们今天不妨展开讲讲。先问付总一个问题，上海最近也 有消息说要打造中国的二次元聚集地，不知道付总您了解吗？ F：有的。而且我还特别地注意。因为我们本身上海，现在这些年轻的孩子（在这些地方）高度的聚集，我还专门看了一下，在南京东路的东西两头，好像 是要打造中国版的秋叶原的概念。而且我还仔细地观察了一下，现在等于说整个动漫产业，对传统商业有着很大的影响，很大的支撑作用，很多商业体的 二次元改造使得他们焕发新生。 H：对，像漕河泾也是上海政府想打造的二次元聚集地，目前您是不是也有留意到一些经济数据方面的情况。 F：对，像百联就是把整栋楼改成了一个二次元的"朝圣地"，我也去了一些展子，像是CJ、CP30、B ...