Core Viewpoint - The company reported a revenue of 8.12 billion RMB in 2024, representing a year-on-year growth of 15.8%, while the gross profit reached 3.92 billion RMB, up 16.3% year-on-year, with a gross margin of 48.3%, an increase of 0.2 percentage points. However, the company faced a net loss attributable to shareholders of 210 million RMB, compared to a profit of 800 million RMB in 2023, primarily due to a net loss of 970 million RMB related to goodwill impairment from Xinli Media [2][3]. Group 1: Online Business Performance - Online business revenue was 4.03 billion RMB, a year-on-year increase of 2.1%. Revenue from proprietary platform products rose by 3.4% to 3.53 billion RMB, while revenue from Tencent product channels decreased by 28.2% to 250 million RMB due to a focus on core paid reading products, leading to reduced advertising revenue. Third-party platform online business revenue increased by 32.0% to 250 million RMB due to expanded cooperation with certain third-party distribution partners [3]. - The average monthly active users (MAU) for the company's proprietary platform and Tencent product self-operated channels was 16.66 million, a year-on-year decline of 19%. The MAU for the proprietary platform was 10.38 million, remaining relatively stable, while the MAU for Tencent's self-operated channel dropped by 37.7% to 6.28 million. The average monthly number of paying users increased by 4.6% year-on-year to 9.1 million, attributed to the launch of more membership content, although the average revenue per paying user decreased by 1.5% to 32 RMB [3]. Group 2: IP Derivatives and Xinli Media Performance - Revenue from copyright operations and other income grew by 33.5% to 4.09 billion RMB. Xinli Media generated 1.64 billion RMB in revenue with a profit of 340 million RMB in 2024. The company launched several TV dramas in the first half of 2024, but some series were delayed, impacting profits. The project pipeline for the next two years is robust, with several anticipated releases [4]. - In the short drama segment, the company released over 100 short dramas in 2024, with the highest single work revenue nearing 40 million RMB. New releases at the beginning of 2025 achieved over 50 million RMB in revenue within seven days [4]. - The company's derivative products achieved a gross merchandise volume (GMV) exceeding 500 million RMB in 2024, with card products contributing over 200 million RMB. The company established partnerships with over 150 licensing partners and developed a comprehensive sales channel, including online and offline stores [4].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report emphasizes optimism towards domestic AI and IP derivatives as two main investment themes, highlighting the ongoing innovation in AI applications and the potential for consumer recovery driven by government policies [4][2]. - The report suggests that the domestic large model innovation and AI application explosion is just beginning, contrasting it with the two-year trend observed in the US market [4]. - Key recommendations include companies like Alibaba, Kingsoft, Tencent, Xiaomi, Kuaishou, and Cloud Music in the cloud computing and AI application sectors, while also highlighting the rise of domestic IP derivatives with companies like Pop Mart and Alibaba Pictures [4]. Summary by Sections AI Applications - Significant advancements in AI gaming and hardware are noted, with companies like Anuttacon developing AI-driven games and partnerships forming to provide AI lifestyle solutions for families [4]. - The report identifies key players in AI gaming such as Giant Network and Kaein Network, and in AI hardware, it mentions Kid King and Volcano Engine [4]. Domestic IP Derivatives - The rise of domestic IP derivatives is highlighted as a core investment theme, with a shift from manufacturing to product and user-centric thinking among companies [4]. - The report points out the increasing global influence of domestic IP, citing successful works like "Nezha 2" and "Black Myth: Wukong" [4]. Advertising and Media - The report indicates that companies like Focus Media have a safety margin, with short-term attention on consumer recovery and long-term focus on new advertising demands driven by AI applications [4]. - The report also provides a valuation table for key companies, detailing their market capitalization, revenue, and profit forecasts for 2023 to 2025 [6].

《哪吒2》的火爆仍在持续。其不仅席卷了票房市场，更在商业领域掀起了一场IP价值的"掘金 热潮"。 有数据统计，从IP授权到跨界合作，目前已有20余个品牌与《哪吒2》跨界合作，从电影票房到 盲盒手办，从定制广告到产品包装，从AR人物卡到主题店面，押宝《哪吒2》的众多商家都收 获了流量和利润…… 《哪吒2》的IP授权费也因此水涨船高，从原先的500万元左右飙升到900万元，尽管如此寻求合 作的品牌仍络绎不绝。据开源证券发布的行业点评报告称，预计哪吒系列IP衍生品收入或达100 亿元至150亿元，并通过电影热映扩大IP受众，IP总商业价值或达300亿元至350亿元。 庞大的哪吒商业帝国 文｜新浪财经 闫妍 "高开疯走"的《哪吒2》，不仅席卷了票房市场，其IP商业价值也一路水涨船高。 6年前，《哪吒1》上映后口碑不断发酵，吸引到了包括肯德基、农夫山泉在内的数个消费品牌 入局联名。时至今日，有数据统计，已有20余个品牌与《哪吒2》跨界合作，覆盖食品、美 妆、汽车、潮玩、数码、咖啡等多个品类。 目前来看，《哪吒2》IP联名的品牌类型，大致可以分为互联网平台、消费品牌、潮玩品牌等。 其中，互联网平台、消费品品牌的合作形式多 ...