三丽鸥通过构建多 IP 矩阵（如库洛米、大耳狗、美乐蒂等）有效分散了 单一 IP（Hello Kitty）热度下降的风险，Hello Kitty 收入占比从 2014 财年的 76%降至 2025 财年的 35.3%。 管理团队年轻化改革对三丽鸥的发展产生积极影响，新团队通过本土化 和活动营销等方式加强运营，提升了整体竞争力，推动了公司业绩增长。 授权业务是三丽鸥的重要收入来源，2025 财年授权收入占比高达 55%，尤其在海外市场表现突出，通过社交媒体运营和与头部零售商合 作，北美市场实现了增长。 公共卫生事件期间，三丽鸥通过线上渠道保持 IP 热度，自 2021 财年起， 多个核心及附属 IP 均呈现明显上升趋势，表明线上运营对业绩增长的积 极作用。 三丽鸥预计 2026 财年将实现双位数收入增长，亚洲地区增速可能高于 整体水平，营业利润率也将同比提升，显示出公司对未来发展的乐观预 期。 IP 运营需关注长效机制，避免过度依赖单一 IP，通过多矩阵 IP 运营平滑 风险，并通过有效的运营机制延长 IP 生命周期，实现长期稳定增长。 泡泡玛特在多矩阵 IP 运营方面表现出色，Crybaby 推出一年便达到 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [11] Core Insights - The report highlights that Sanrio's performance fluctuations were primarily due to reliance on short-term external factors for IP explosions and a lack of long-term mechanisms to sustain IP popularity, particularly the dependence on a few IPs like Hello Kitty. The management reform, diversification of the IP matrix, and deepening operations at various IP levels are the core drivers of the company's sustained growth post-2021. The global licensing business and local operations have also played a crucial role, with Sanrio strengthening social media operations in North America and deepening cooperation with Alibaba in China to capture explosive industry potential [2][10][54]. Summary by Sections Company Overview - Sanrio focuses on designing and operating cartoon character IPs, owning numerous original characters like Hello Kitty, Cinnamoroll, and Kuromi. For FY 3/2025, the revenue breakdown is 34% from merchandise retail, 55% from licensing, 9% from theme parks, and 2% from other businesses. Revenue contributions from Japan, Europe, North America, and Asia are 78%, 4%, 20%, and 19%, respectively [6][18]. Historical Performance Review - Sanrio's performance can be divided into three phases: 1. FY 3/2009-FY 3/2014 was a high-growth period, with revenue peaking at 770 billion yen and a 27% operating profit margin, heavily reliant on Hello Kitty, which accounted for 76% of revenue. 2. FY 3/2015-FY 3/2021 saw a long adjustment period due to declining popularity of Kitty and failure to successfully incubate new IPs, leading to a drop in revenue and profit. 3. From FY 3/2022 to FY 3/2025, under new leadership, Sanrio initiated a "second entrepreneurship," implementing structural reforms and achieving a CAGR of 40% in total revenue and 173% in operating profit [7][29]. Future Outlook - For FY 3/2026, Sanrio expects double-digit revenue growth, with projections of total revenue, operating profit, and net profit at 162.2 billion yen, 60 billion yen, and 42 billion yen, respectively, representing increases of 12%, 16%, and 1%. The company anticipates growth in all regions, particularly in Asia, with a focus on expanding licensing and local operations [9][54][55]. Strategic Initiatives - Sanrio plans to build a "long-lasting" IP strategy, expand its IP matrix, and pursue global development to mitigate cyclical risks and ensure stable growth. The company aims to reduce reliance on Hello Kitty by diversifying its IP portfolio and enhancing profitability through global licensing expansion and data-driven product selection [10][54][58].