Core Viewpoint - Wanda Film's subsidiary, Ying Shiguang, is investing 144 million RMB in 52TOYS, indicating a strategic move into the IP toy market, which is experiencing significant growth driven by the "Guzi Economy" [1] Group 1: Investment and Strategic Collaboration - Wanda Film and China Ruyi's subsidiary, Ruyi Xingchen, are collaborating to invest in 52TOYS, focusing on IP toy product development, marketing, and related areas [1] - 52TOYS reported an estimated revenue of 630 million RMB and a net profit of 30 million RMB for 2024, showcasing its potential despite being smaller compared to competitors like Miniso and Pop Mart [1] Group 2: Market Trends and Consumer Behavior - The IP toy industry is expanding, with a notable increase in the number of domestic toy stores, reaching 3,770 by the end of 2024, a growth of 1,116 stores from the beginning of the year [2] - The collaboration between toy companies and film studios is becoming crucial, as derivative products are increasingly contributing to revenue, with Wanda Film reporting over 40% of non-ticket revenue growth from derivative sales in Q1 2025 [2] Group 3: IPO Trends in the Toy Industry - Several toy companies, including 52TOYS and Miniso's TOPTOY, are preparing for IPOs, reflecting the growing interest in the IP toy sector [2] - The market is witnessing a trend where consumers seek emotional value through toy derivatives, leading to a broader consumer base and increased market awareness [3] Group 4: Industry Growth and Future Outlook - The global toy industry is at a historical opportunity with cross-regional IP penetration and innovation in product categories, indicating a promising future for the sector [3][4] - The integration of IP content and derivative products is expected to enhance the commercial value of IPs, promoting sustainable development within the industry [3]

当智能科技的便捷与文化创意的热度相遇，一个充满无限可能的全新赛道正在崛起。 5月13日，智能硬件及IP生态领域的深耕者恒生活，正式宣布旗下潮玩文创柜"奇点BOX"全面上线并投 入商业化运营。这标志着恒生活在智能零售领域的又一关键布局，也彰显了其精准把握Z世代消费新趋 势，抢占千亿潮玩文创市场先机的战略眼光。这无疑为蓬勃发展的"潮玩经济"和"体验经济"注入了新的 想象空间，也为投资者和消费者展现了一幅值得期待的商业版图。 恒生活前瞻布局 打造千亿蓝海新引擎 作为智能硬件物联网电商服务平台，恒生活早已洞察到潮玩文创市场的巨大潜力与智能零售的发展趋 势。通过周密的市场调研与产品定义，从2024年便开始了潮玩文创柜的探索之路。经过原型测试、多场 恒生活重磅上线潮玩文创柜"奇点BOX" 景点位测试与数据迭代，以及自主研发机型的量产与战略资源整合，最终于2025年5月正式上线"奇点 BOX"，开启商业化售卖。这一系列扎实的推进步骤，体现了恒生活在产品研发和市场拓展方面的严谨 态度与高效执行力。 "奇点BOX"的核心优势在于其对沉浸式体验的极致追求。通过采用双面/透明柜体和LED动态展示技 术，极大地增强了消费者"逛"的乐 ...

2025年05月13日 证券研究报告 | 传媒行业5月投资策略 板块业绩触底向上，看好A I应用与I P潮玩机会 行业研究 · 深度报告 传媒 · 传媒 投资评级：优于大市（维持） 证券分析师：张衡 证券分析师：陈瑶蓉 021-60875160 021-61761058 zhangheng2@guosen.com.cn chenyaorong@guosen.com.cn S0980517060002 S0980523100001 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 投资观点：持续看好景气反转与IP/AI驱动下的板块机会。1）基本面底部改善，关注游戏、广告媒体、影视等板块，寻找个股α。游戏板块自下而上把握产品周期及业绩表现，推荐恺 英网络、巨人网络、姚记科技、哔哩哔哩、心动公司等标的；媒体端关注经济底部向上带来的广告投放增长（分众传媒、芒果超媒等）；影视内容关注供给端底部改善可能，渠道（万 达电影等）以及内容（光线传媒、华策影视等）；高分红、低估值以及市值管理提升角度关注国有出版板块；2）行业β持续看好高景气的IP潮玩以及从0到1阶段的AI应用。IP潮玩高景 气持续、受众及品类持续泛化，推荐 ...

证券研究报告 | 2025年05月12日 传媒互联网周报 优于大市 AI 应用持续推进，关注超跌布局机会 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | 2025E | 2026E | 2025E 2026E | | | 002517.SZ | 恺英网络 | 优于大市 | 16.67 | 356 | 0.99 | 1.13 | 17 | 15 | | 002027.SZ | 分众传媒 | 优于大市 | 7.29 | 1,053 | 0.39 | 0.42 | 19 | 17 | | 300413.SZ | 芒果超媒 | 优于大市 | 23.27 | 435 | 0.98 | 1.12 | 24 | 21 | 资料来源：Wind、国信证券经济研究所预测 核心观点 行业研究·行业周报 传媒 传媒板块本周表现：行业上涨 1.39%，跑输沪深 300，跑输创业板指。本周 （5.3- ...

2025.05. 08 本文字数：1015，阅读时长大约2分钟 近日，有消息称有"大股东多次通过大宗交易出售泡泡玛特股份"总计约1191万股，占泡泡玛特公司总股本约 0.9%，涉及资金约22亿港元。今日，话题#泡泡玛特股份被创始股东高位清仓#一度冲上微博热搜。 近期，泡泡玛特APP还首次登顶美国APP STORE购物榜。 报道还提及，泡泡玛特的海外市场增速较快。2024年，泡泡玛特实现营收130.4亿元，同比增长106.9%，其中 海外及港澳台业务营收50.7亿元，同比增长375.2%，收入占比近四成。 今年一季度，泡泡玛特海外业务收益同比增长475%-480%。其中美洲市场收入同比增长达到895%-900%，欧洲 市场增长600%-605%，亚太地区增长345%-350%。 5月7日，蜂巧资本公众号发文称，"由于蜂巧人民币一期基金即将到期，蜂巧资本于近一周内通过大宗交易分 三次集中出清了所有在上市前买入的泡泡玛特股份，至此基金将不再持有任何泡泡玛特股票。"泡泡玛特5月7 日收盘跌5.43%，报收于184.5港元。 公开资料显示，蜂巧资本旗下某私募基金于2020年泡泡玛特上市前夕入股，基金存续期为5年，当前时 ...

Group 1 - The core point of the news is the revelation of the identity of a mysterious seller who sold shares of Pop Mart through block trades, with the seller being Tu Zheng, a director of Pop Mart, who sold all his shares, reducing his ownership from 0.89% to 0% [1] - Fengqiao Capital, an early investor in Pop Mart, announced that it sold all its shares through three block trades due to the expiration of its RMB Phase I fund, thus no longer holding any shares in Pop Mart [1][2] - Pop Mart has gained significant market attention, especially after becoming one of the best-performing stocks in the MSCI China Index, driven by the popularity of its Labubu dolls and endorsements from celebrities like Lisa from Blackpink [1] Group 2 - Tu Zheng has been involved with Pop Mart since 2019 and has participated in various funding rounds, including two follow-up investments while at Qif Capital and later through Fengqiao Capital [2] - Despite exiting the investment, Fengqiao Capital expressed its best wishes for Pop Mart's future, hoping for its continued success and growth [2]

Core Viewpoint - The financial performance of Pop Mart is strong, with significant revenue growth, but the company is facing stock sell-offs by major investors, raising concerns in the market [2][4][6]. Financial Performance - For the fiscal year 2024, Pop Mart reported a revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [6]. - In Q1 2025, Pop Mart's revenue is expected to grow by 165% to 170%, with Chinese business revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [6]. Stock Sell-offs - Recently, Pop Mart experienced three significant stock sell-offs, totaling approximately 11.91 million shares, which represents about 0.9% of its total shares, amounting to around 2.264 billion yuan [4][6]. - The sell-offs are attributed to the expiration of the Borchid Capital fund, which had been a major early investor in Pop Mart [2][4][5]. Investor Insights - The sell-off by Borchid Capital is seen as a natural occurrence due to fund expiration rather than a reflection of the company's fundamentals [2][4]. - Historical examples suggest that such sell-offs in Hong Kong-listed companies can lead to subsequent rebounds in stock prices as new institutional investors may enter the market [5]. Market Position and Growth Potential - Pop Mart is positioned at a critical juncture in the toy industry, with the Chinese toy market projected to reach a total value of 110.1 billion yuan by 2026, growing at an annual rate of over 20% [7]. - The company is expanding its IP matrix and engaging in cross-industry collaborations, enhancing its market presence and consumer engagement [7][8].

Core Insights - The popularity of LABUBU, a product from Pop Mart, reflects a shift in consumer preferences among young people, moving away from traditional collectibles like Moutai to unique and quirky toys [1][9][32] - Pop Mart has successfully leveraged its marketing strategies and IP development to create a significant revenue stream, with LABUBU contributing to a remarkable financial turnaround for the company [5][22][32] Group 1: Product Popularity and Market Dynamics - LABUBU's recent launch sold out instantly, leading to long queues at physical stores and a surge in demand on second-hand platforms, where prices have skyrocketed [1][4] - The resale prices for LABUBU products have seen extreme markups, with some items selling for two to three times their original price, and certain limited editions reaching as high as 14,000 RMB [4][29] - The emotional value and uniqueness of LABUBU cater to the current generation's desire for individuality and self-expression [9][32] Group 2: Financial Performance and Growth - Pop Mart reported a revenue of over 13 billion RMB in the past year, doubling its earnings compared to 2023, and its market capitalization exceeded 200 billion RMB [22][32] - The company's revenue from Southeast Asia surged by 478% in the first half of 2024, indicating strong international growth [21] - LABUBU's success has led to a significant increase in Pop Mart's overall revenue, with the company transitioning from a toy retailer to a "trendy toy printing machine" [13][22] Group 3: Challenges and Market Speculation - Despite its success, Pop Mart faces challenges such as regulatory scrutiny on blind box sales and the potential for its IPs to lose popularity quickly [16][32] - The market for trendy toys has attracted scalpers, leading to inflated prices and speculation, which may distort the original intent of these collectibles [24][30] - The sustainability of LABUBU's popularity and the company's ability to adapt to changing consumer trends remain uncertain [32][34]

多位消费者表示，潮玩、"谷子"的购买者很多时候只青睐特定的角色或IP形象，这意味着潮玩市场对爆 款IP的依赖程度较高。数据显示，在布鲁可去年的总营收组成中奥特曼单一IP销售就占的48.9%。即便 是泡泡玛特，也是因为去年LABUBU这一爆红IP，才得以进一步破圈并实现了百亿元营收。文娱产业分 析师张书乐对记者表示，无论是盲盒还是其他潮玩产品，主要是靠其IP来增益价值，加上隐藏款的稀有 性来提升价值，更多的提供是给粉丝赏玩的情绪价值。 在IP运营上，多家企业选择了着重布局。林俊透露，其公司已构建"矩阵式"IP 布局，"头部IP要力争全 部签约，看好的IP要争取独家授权"。泡泡玛特相关负责人则表示，泡泡玛特颠覆了过去传统的IP运营 生产关系，公司既是一个IP公司，又与所有头部IP公司开展合作。"我们可以让我们的IP穿上米奇、 Hello Kitty的衣服。此外，过往旧有的家居日用品不具备IP属性，但我们会用IP的逻辑对同样的生产资 料进行重新打造，从而占领年轻人的生活空间"。 国产玩具从白牌向品牌进化 今年春节，广东杰森娱乐发展有限公司推出了"哪吒 2"系列收藏卡，仅用一周时间，全渠道销售额便突 破了1亿元大关。 ...

随着240小时过境免签、区域性入境免签、"港车北上""澳车北上"等一系列免签政策的持续优化及港珠澳大桥、广 深港高铁等交通等便捷交通的落成，"五一"假期，"China Travel"（中国游）持续火爆。 据携程数据，"五一"假期，广东旅游订单量同比增长15%，入境游订单量同比增长187%。 主要客源地为：上海、 北京、长沙、杭州、武汉；当地热门景区：南越王博物院(王墓展区)、广州博物馆、世界之窗、长隆野生动物世 界，赤坎·广东华侨国际旅游度假区等。 "五一"假期，广东文旅市场持续火爆，城市游、生态游、乡村游、主题公园游都有长足的增长，在广东的假期， 既有硬核科技浪漫，又有山水里度假的自然慢时光，还有"粤式新潮流"的格调生活。与往年黄金假期相比，广东 文旅在入境游、便民惠民方面更有亮眼的表现。 据广东省文旅厅初步测算，2025年"五一"假期五天（5月1日至5月5日），全省接待游客4608.2万人次，同比增长 18.7%；实现旅游收入295.0亿元，同比增长20.3%。全省4A级及以上景区接待游客1629.9万人次，同比增长 14.3%；纳入监测的14段古驿道沿线重点区域接待游客238.5万人次，同比增长13.5 ...