上个周末DNF搞了一个嘉年华，主题是「DNF IP宇宙」。集结端游、手游、单机等IP系列产品。 大概早在10年之前，有关DNF IP的相关的计划就已经有了，涉及到小说、音乐、动漫，一度传闻还有 电影。 因此，在嘉年华的采访上，我问了官方一个问题，「经过多年的发展，是怎么评价IP发展到目前这个阶 段的?」 腾讯互娱国内发行支持业务&Nexon合作业务市场负责人李洁露是这么回答的，「直到现在我们才能真 正称之为 IP。因为IP 应该是一个共建的生态。如果只是我单方面就能说"这是我的 IP"，那是不完整 的。」 与10年前以泛娱乐为代表的IP热潮不同，在10年后的今天，当IP再次成为热点时，IP所给游戏产品带来 的价值，看上去正在发生根本性的改变。 甚至其中还出现了蓝港这样以泛娱乐为战略的公司，号称「从游戏到影视，以IP为桥梁，贯通全产业链 文化内容，建立以文化为基础的游戏周边生态圈，向下发展做平台化业务，向外发展做国际化业务。」 当时的背景是手游刚刚掀开的暴富梦，一大批的公司以IP背后所附带的品牌影响力、粉丝经济、延展的 可能性、变现的畅想空间等为核心，同时辅以手游的大众娱乐化、低门槛的进入角度等，从而带来变 现 ...

汕头上市企业，ST凯文（002425）已经成功摘帽！今天停牌，明天（12月11日）复牌。 12月9日晚间，ST凯文（002425）公告称，公司提交的《关于撤销对公司股票交易实施其他风险警示的申请》已获得深圳证券交易所审核同意。 公司股票自2025年12月10日开市起停牌一天，并于2025年12月11日开市起复牌。公司股票自2025年12月11日开市起复牌撤销其他风险警示，公司股票简称 由"ST凯文"变更为"凯撒文化"，股票代码仍为"002425"，股票交易日的涨跌幅限制由"5%"变为"10%"。 据悉，凯撒文化在2024年9月13日收到中国证券监督管理委员会广东监管局下发的《行政处罚事先告知书》。根据《深圳证券交易所股票上市规则》第 9.8.1条规定"上市公司出现下列情形之一的，本所对其股票交易实施其他风险警示：（八）根据中国证监会行政处罚事先告知书载明的事实，公司披露的 年度报告财务指标存在虚假记载，但未触及本规则第9.5.2条第一款规定情形，前述财务指标包括营业收入、利润总额、净利润、资产负债表中的资产或者 负债科目"。因此，公司股票于2024年9月18日停牌1天，2024年9月19日起实施其他风险警示。 ...

资料显示，凯撒文化目前致力于构建以精品IP为核心的互联网娱乐生态体系，并通过小说、动漫、游戏 等多种娱乐内容不断凝聚与放大IP价值，全面布局泛娱乐产业链。作为手握《镇魂街》《遮天》等经典 国创IP的企业，凯撒文化正通过研发加码构筑新增长极。数据显示，公司2025年三季度研发费用同比激 增76.66%，重点投入AI、云计算等技术在游戏研发中的应用。公司泛娱乐生态布局已形成协同效应， 不仅拥有天上友嘉、酷牛互动等全资游戏研发子公司，还通过与腾讯动漫等头部平台合作储备海量优质 IP资源，为后续产品迭代提供坚实支撑。 12月9月日晚间，凯撒文化（002425.sz）发布公告，公司关于撤销其他风险警示的申请已获得深圳证券 交易所审核同意。于2025年12月10日停牌1天，2025年12月11日开市起复牌并撤销其他风险警示，股票 简称将由"ST凯文"变更恢复为"凯撒文化"，证券代码仍为"002425"。撤销其他风险警示后，公司股票交 易的日涨跌幅限制由5%变为10%。 此外，尤为关键的是，凯撒文化此次"摘帽"申请正契合泛娱乐行业的发展东风。随着文化数字化战略深 入推进，我国对优质国创内容的扶持力度不断加大，具备深厚IP储 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [1][57]. Core Insights - The company, as a wholly-owned subsidiary of Miniso Group, is the largest and fastest-growing trendy toy collection brand in China, actively building an IP matrix and significantly increasing the proportion of self-developed products [4][5]. - The global market for trendy toys is expected to reach $213.3 billion by 2030, with the Chinese market projected to grow from 82.5 billion yuan in 2025 to 213.3 billion yuan by 2030 [22][24]. - The company has established a diverse IP matrix through collaborations with top global IPs like Sanrio and Disney, enhancing its product offerings and consumer engagement [33][35]. Summary by Sections 1. Development History - The company began its trendy toy business in 2020 and has since established a comprehensive store network in mainland China, with plans to expand internationally by the end of 2024 [9]. 2. Industry Overview - The rise of emotional value and the expansion of IP influence are driving rapid growth in the pan-entertainment product industry, with the global market expected to grow from $44.8 billion in 2019 to $194.8 billion by 2030 [15][18]. - The trendy toy industry, characterized by high collectible value and driven by IP, is projected to grow significantly, with the Chinese market expected to reach 825 billion yuan by 2025 and 2,133 billion yuan by 2030 [22][24]. 3. Company Profile - The company is recognized as the largest and fastest-growing trendy toy collection brand in China, achieving a GMV of 2.4 billion yuan in 2024, with self-developed products contributing nearly 50% of revenue [32][33]. - Revenue has increased from 678.8 million yuan in 2022 to 1.9088 billion yuan in 2024, with a compound annual growth rate (CAGR) of 67.7% [32][47]. 4. Financial Analysis - The company's revenue grew from 678,800 yuan in 2022 to 1,908,800 yuan in 2024, with a CAGR of 67.7%, and a revenue of 1,360,200 yuan in the first half of 2025, representing a year-on-year growth of 58.5% [47][48]. - The gross margin has improved significantly, rising from 19.9% in 2022 to 32.7% in 2024, maintaining 32.4% in the first half of 2025 [47][49].

Core Viewpoint - The company has demonstrated strong growth in its semi-annual performance, driven by capacity expansion and new product development, alongside a technological breakthrough in robotic simulation skin elastomer materials, indicating significant future growth potential [1] Group 1 - The company's semi-annual performance shows robust growth, supported by multiple initiatives including capacity expansion and new product research and development [1] - A technological breakthrough in robotic simulation skin elastomer materials has been achieved, suggesting a broad scope for future growth [1] Group 2 - The gaming business is entering a new cycle, and AI social products show potential, as the media company gradually builds a scenario-based pan-entertainment platform [1] - The diversification of business layout is maturing, indicating a strategic shift towards a more integrated entertainment offering [1]

Core Viewpoint - The company maintains its Non-GAAP net profit forecast for 2025 and 2026, with a target price of HKD 176 for Hong Kong stocks and USD 23 for US stocks, indicating potential upside of 27.8% and 25.5% respectively [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached CNY 7.003 billion, a year-on-year increase of 23.6%, aligning closely with market expectations [2] - The Non-GAAP net profit for Q1 2025 was CNY 363 million, exceeding market consensus of CNY 231 million and the company's own forecast of CNY 247 million, primarily due to lower-than-expected sales expenses [2] - Advertising revenue in Q1 2025 grew by 20% to CNY 1.998 billion, with effective advertising revenue increasing by over 30% year-on-year [2] Group 2: Game and User Engagement - Game revenue in Q1 2025 surged by 76.1% to CNY 1.731 billion, with expectations of a 60% year-on-year growth in Q2 2025 [2] - The company plans to launch the overseas version of its game "三谋" by the end of 2025 and aims to diversify the game across multiple platforms [2] - The average monthly paying user count reached 32 million in Q1 2025, with revenue from the charging plan increasing by over 200% year-on-year [2] Group 3: Profitability and Cost Management - The gross margin in Q1 2025 improved by 7.9 percentage points to 36.3%, with expectations for continued improvement in gross margin and Non-GAAP operating profit margin in 2025 [3] - Sales, management, and R&D expenses remained stable on a quarter-on-quarter basis [3] Group 4: Market Position and Commercialization Potential - The company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 107 million in Q1 2025 [4] - The company is enhancing its commercialization capabilities, with a focus on advertising, e-commerce, and charging plans, while maintaining a high level of user engagement [4]

4月23日，北京证监局官网公布了一批罚单，对北京乾祥海泉投资管理有限公司（简称"乾 祥海泉投资"）、北京海纳百泉投资基金管理有限公司（简称"海纳百泉基金"）、中财融商 （北京）资本管理有限公司、北京基锐资本管理有限公司4家私募机构采取出具警示函措 施。 从中基协公开信息来看， 海纳百泉投资和乾祥海泉投资的法人代表均为艺人胡海泉 ，两家 私募也均为股权、创业投资类私募基金。 | 高管信息 | | | | | | --- | --- | --- | --- | --- | | 肥务 | 法定代表人 董事长 宣事长 | | 姓名 胡海泉 | | | 是否有基金从业资格 | 를 | | 资格获取方式 通过考试 | | | | 时间 | 任职单位 | 任职部门 | 胆务 | | | 2022.02 - | 北京乾祥海泉投资管理有限公司 | 高级管理人员 | 法定代表人,总经理,信息填报负责人 | | | 2017.10 - 2022.02 | 北京乾祥海泉投资管理有限公司 | 高级管理人员 | 法定代表人,总经理 | | | 2015.06 - | 北京海纳百泉投资基金管理有限公 司 | 北京海纳百泉投资基金管理有限公 ...

Core Viewpoint - The article discusses regulatory actions taken by the Beijing Securities Regulatory Bureau against several private equity firms, including those associated with artist Hu Haiquan, highlighting issues of compliance and management in private fund operations [1][3][9]. Group 1: Regulatory Actions - On April 23, the Beijing Securities Regulatory Bureau issued warning letters to four private equity firms, including Qianxiang Haiquan Investment Management Co., Ltd. and Haina Baiquan Investment Fund Management Co., Ltd. [1] - The warning letters were due to failures in fulfilling duties of honesty, credit, and diligence in managing private fund assets, as well as not assessing investors' risk recognition and risk-bearing capabilities during fundraising periods [3][8]. Group 2: Company Background - Hu Haiquan is the legal representative of both Haina Baiquan and Qianxiang Haiquan, which focus on equity and venture capital private funds [1][2]. - Haina Baiquan was established on June 15, 2015, with a registered capital of 10 million RMB, and has undergone changes in its shareholder structure, with Hu Haiquan reportedly exiting as a shareholder in February 2022 [5][7]. Group 3: Fund Management and Performance - The total fund management scale of Haiquan Fund, which includes multiple specialized funds, has reached 1.3 billion RMB, focusing on sectors such as artificial intelligence, consumer upgrades, healthcare, and entertainment [8]. - The firm has faced multiple regulatory warnings, including one in July 2023 for similar compliance issues, indicating ongoing challenges in adhering to regulatory standards [7][9]. Group 4: Compliance and Future Actions - The Beijing Securities Regulatory Bureau emphasized the importance of compliance in private fund management and plans to continue reporting on violations to enhance the compliance capabilities of private fund managers in the region [9]. - Companies are required to submit written rectification reports within 30 days of receiving the warning letters, with follow-up inspections planned to assess compliance [3].

导 语 ：若重要IP授权到期，将会对公司业绩造成不小的冲击。 市场机遇方面，中国泛娱乐产品行业发展迅速，2019 - 2024 年市场规模复合年增长率达 13.6%，预 计 2024 - 2029 年将以 14.0% 的速度继续增长，卡游有望凭借行业地位和产品优势分得更大市场份 额。 卡游作为中国领先的泛娱乐产品公司，主营业务围绕基于 IP 开发的实体产品展开，玩具尤其是集 换式卡牌是核心产品 ，并逐步拓展至人偶、徽章、文具等多元品类。其商业模式依托于多元化的产 品体验、引人入胜的趣味互动运营和稳健的生产能力这三大核心竞争力。 通过构建多元产品组合，满足不同消费者需求；举办 TCG 活动等方式增强消费者互动；在生产上 紧跟前沿工艺，保障产品质量与供应效率。 凭借这些优势，卡游在市场中占据显著地位，按 2024 年商品交易总额计，在泛娱乐产品行业、泛 娱乐玩具行业、泛娱乐玩具行业集换式卡牌领域以及泛娱乐文具行业均排名第一。 从财务数据来看，卡游业绩波动明显。2022 年至 2024 年，公司收入分别为人民币 41.31 亿元、 26.62 亿元和 100.57 亿元，呈现先降后升态势；净利润方面，2022 年净 ...