8月22日晚，元隆雅图（002878）（002878.SZ）发布半年报。报告显示，2025年1—6月公司主营业务稳 健发展，营销业务收入持续增长，实现营业收入13.91亿元，同比增长15.37%。其中，礼赠品和促销服 务业务合计实现收入11.00亿元，同比增长63.89%；实现毛利润1.14亿元，同比增长22.57%。 针对员工职务侵占一事，公司自查发现之后已第一时间向公安机关报案，上述事项未对公司日常生产经 营造成其他影响。受此影响，上半年计提相关存货跌价准备及其他应收款坏账准备合计1575.10万元。 公司坚持以"大IP+科技"战略驱动业务创新，发挥全案营销优势，夯实B端基本盘，同时大力发展C端IP 文创业务，打开新增长空间。 依托强大的产品设计、供应链、内容创意策划和传播等能力，公司以B端渠道为支撑拓展C端渠道，形 成C-B联动，打造完整的一体化IP运营产业链。报告期内，公司正式推出C端零售子品牌，加速C端零售 渠道扩张。 今年6月底，公司设立全资子公司元隆元创文化（北京）有限公司，推出零售子品牌"元隆元创"，8月在 北京大吉巷开设元隆元创零售空间首店，为"元隆元创"品牌未来向全国推广打造样板店。作为元 ...

Group 1: Business Overview - The company focuses on creative design, driven by the "Big IP + Technology" strategy, covering two main business segments: "Comprehensive Marketing" and "IP Cultural Creation" [2][3] - Comprehensive Marketing provides integrated marketing services including gifts, digital marketing, new media advertising, and WEB3 marketing to well-known enterprises across various industries [3] - IP Cultural Creation offers a range of cultural creative products, including licensed souvenirs, physical and digital IP products, and virtual IP scenarios, leveraging both international and domestic IPs [3] Group 2: Future Development Plans - The company aims to ensure stable growth in B-end marketing while significantly expanding C-end IP cultural business to create a second growth curve [3] - New projects include expanding IP resource reserves, developing a series of C-end retail products, and establishing a multi-channel retail layout combining offline stores, online e-commerce, and new retail [3][5] Group 3: Regional Revenue Insights - In 2024, revenue in North China increased by 92.34%, while revenue in Southwest China decreased by 84.68%, attributed to changes in client business within those regions [4] - The increase in North China was primarily driven by financial clients, while the previous high in Southwest China was due to the Chengdu Universiade and strong liquor client revenues [4] Group 4: Competitive Advantages - The company maintains a competitive edge through integrated service capabilities, including advertising creativity, product design, IP resources, supply chain management, and digital marketing [4] - Key advantages include a comprehensive marketing capability, top-tier creative design skills, strong supply chain resources, and a robust client base consisting of leading enterprises [4] Group 5: New Media Marketing Strategies - To address rising traffic costs and media fragmentation, the company focuses on efficiency and integrated marketing, leveraging AI tools for smart analysis and optimization across the marketing chain [5] - The integration of new media marketing with gift products enhances overall marketing service capabilities, improving client marketing effectiveness and brand influence [5] Group 6: IP Cultural Business Expansion - The company has signed agreements with notable IPs such as Universal Pictures, NBA, and KakaoFriends for cultural product development and sales [5][6] - Plans for 2025 include deepening collaborations with local cultural tourism departments and museums, expanding the variety and quantity of quality IPs, and launching impactful products [5][6] Group 7: Event Licensing and Retail Plans - The company has secured licensing for the 2025 Chengdu World Games and the Greater Bay Area Games, focusing on product development and sales based on past successful experiences [6][8] - Plans for 2025 include expanding self-operated offline channels and establishing various retail formats, including cultural life museums and specialty stores [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing steady revenue growth, driven by its "Big IP + Technology" strategy, which is accelerating its implementation [1] - The marketing business is ensuring overall revenue growth, with promotional services becoming a significant growth driver [7] - The company is expanding its IP resource reserves and developing IP cultural products, forming a matrix of "National Trend" and "International" IP [7] - The company has successfully obtained licensing for major events, which is expected to contribute additional profits in 2025 [7] Financial Data and Valuation - Revenue is projected to grow from 2,692 million in 2023 to 3,883 million by 2027, with a CAGR of approximately 10.8% [3] - The net profit attributable to the parent company is expected to recover from a loss of 184 million in 2024 to a profit of 167 million by 2027 [3] - The gross margin is expected to improve from 15.5% in 2023 to 17.4% in 2027 [3] - The earnings per share (EPS) is projected to increase from 0.09 in 2023 to 0.64 in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 160.1 in 2023 to 22.6 in 2027, indicating improved valuation [3] Market Performance - The company's stock price as of April 30, 2025, was 14.46 [4] - The total market capitalization is approximately 3,788.23 million [4] - The company has experienced a relative return of 1.5% over the past month [6]

Core Viewpoint - The company reported a revenue of 2.79 billion yuan for 2024, reflecting a year-on-year increase of 3.65%, but a significant net loss of 184 million yuan, primarily due to substantial goodwill impairment and changes in revenue structure impacting gross margin [1][2] Revenue and Profitability - The revenue structure change led to a pressure on gross margin, with a comprehensive gross margin of 13.83%, down 1.62 percentage points year-on-year, mainly due to the increased proportion of low-margin virtual redemption business in promotional services [2] - The company recognized a goodwill impairment loss of 171 million yuan in 2024, significantly affecting the net profit attributable to shareholders [2] - For Q1 2025, the revenue was 685 million yuan, a year-on-year increase of 15.4%, but the comprehensive gross margin decreased to 14.96%, down 4.99 percentage points, again due to the higher proportion of low-margin promotional services [2] Strategic Initiatives - The "Big IP + Technology" strategy is accelerating, with significant progress in developing IP cultural products and expanding channels, leading to a rapid increase in product categories and SKUs [2] - The company is actively expanding its offline channels, including self-operated cultural life museums, specialty stores, pop-up stores, airport stores, high-speed rail stores, and vending machines, while also developing online IP e-commerce and WeChat stores [2] Licensing and Event Participation - The company has expanded its licensed business rights, successfully operating exclusive licensed products for the 2025 Harbin Winter Universiade on the JD platform and opening numerous retail stores for licensed products [3] - The company has also obtained licensing qualifications for the 2025 Chengdu World University Games and the Greater Bay Area National Games, and is currently developing and selling related products [3] Earnings Forecast and Valuation - Based on the revenue structure changes and gross margin trends, the company adjusted its net profit forecasts for 2025-2027 to 93 million, 113 million, and 133 million yuan, with adjustments of +9.07% and +10.84% for 2025 and 2026 respectively [4] - The target price is set at 16.1 yuan, corresponding to a 46 times PE for 2025, reflecting the gradual release of the "Big IP + Technology" strategy's effectiveness [4]