掌阅科技成立于2008年，最早以数字阅读增值服务起家，随着智能手机与移动互联网技术日趋发达，在线阅读市场崛起，掌阅科技得以快速发展， 并依托网络原创文学发展版权产品业务。 微短剧赛道持续火热，但掘金梦背后，投流费用却一路水涨船高，头部公司正陷入"增收不增利"的尴尬局面。 近日，掌阅科技（603533）正式发布2025年度风帆好书榜，并首次推出风帆好剧榜，全面盘点其在数字阅读与短剧内容领域的年度成果，展现了平 台在内容供给、形态拓展及生态建设上的立体布局。 业务突破的另一面，掌阅科技出现其2017年上市以来的首次年度亏损。掌阅科技近日公告，经公司财务部门初步测算，预计2025年度归属于上市公 司股东的净利润为负值，公司2025年度经营业绩将出现亏损。 从此前已经披露的季报来看，2025年，掌阅科技已经出现连续三个季度亏损，前三季度累计亏损2.17亿元，同比扩大488.26%。掌阅科技在三季报中 表示，2025年第三季度，公司大力发展短剧等衍生业务，整体经营呈现"收入增长、亏损收窄"的积极态势。 需要注意的是，短剧业务"国内扩张、国外突破"的双线发展模式使掌阅科技短期投入持续增加，虽然在第三季度亏损收窄，但整体盈 ...

以下文章来源于e公司 ，作者证券时报 吴志 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 "潮玩不是试一试，而是我们必须做、长期做的事。"杭州恺顽科技有限公司（简称"恺顽科技"）CEO陈倩倩向证券时报记者表示。 恺顽科技是A股游戏公司恺英网络的子公司。2025年12月初，恺顽科技的潮玩产品"暖星谷梦游记"公开发售，这是恺英网络在AI潮玩领域的重要落 子。 2025年5月，A股公司万达电影与港股上市公司中国儒意旗下儒意星辰，共同完成了对知名潮玩品牌52TOYS的投资，耗资约1.44亿元。港股上市网 文巨头阅文集团在此前投资卡牌企业Hitcard后，2025年又作为独家战略投资者投资了毛绒潮玩品牌"超级元气工厂"。 刚刚过去的2025年，潮玩不仅掀起了一轮消费热潮，也迎来了新一轮投融资热潮。一级市场，专业创投机构、细分领域巨头纷纷入场"淘金"，行业 亿元级融资案例频现；二级市场，部分潮玩企业股价飙升，龙头泡泡玛特市值一度 ...

"潮玩不是试一试，而是我们必须做、长期做的事。"杭州恺顽科技有限公司（简称"恺顽科技"）CEO陈 倩倩向证券时报记者表示。 恺顽科技是A股游戏公司恺英网络（002517）的子公司。2025年12月初，恺顽科技的潮玩产品"暖星谷 梦游记"公开发售，这是恺英网络在AI潮玩领域的重要落子。 早年潮玩行业融资中，专业投资机构是主要参与者。而2025年潮玩融资的另一个显著变化是，上市公司 的热情大幅提升，进场"抢地盘"，并已成为赛道的重要"玩家"。 2025年5月，A股公司万达电影（002739）与港股上市公司中国儒意旗下儒意星辰，共同完成了对知名 潮玩品牌52TOYS的投资，耗资约1.44亿元。港股上市网文巨头阅文集团在此前投资卡牌企业Hitcard 后，2025年又作为独家战略投资者投资了毛绒潮玩品牌"超级元气工厂"。 刚刚过去的2025年，潮玩不仅掀起了一轮消费热潮，也迎来了新一轮投融资热潮。一级市场，专业创投 机构、细分领域巨头纷纷入场"淘金"，行业亿元级融资案例频现；二级市场，部分潮玩企业股价飙升， 龙头泡泡玛特市值一度突破3000亿港元。 大额融资频现 国内潮玩市场已发展多年，但2025年被视为行业真正"破 ...

证券时报记者吴志 "潮玩不是试一试，而是我们必须做、长期做的事。"杭州恺顽科技有限公司（简称"恺顽科技"）CEO陈 倩倩向证券时报记者表示。 恺顽科技是A股游戏公司恺英网络的子公司。2025年12月初，恺顽科技的潮玩产品"暖星谷梦游记"公开 发售，这是恺英网络在AI潮玩领域的重要落子。 刚刚过去的2025年，潮玩不仅掀起了一轮消费热潮，也迎来了新一轮投融资热潮。一级市场，专业创投 机构、细分领域巨头纷纷入场"淘金"，行业亿元级融资案例频现；二级市场，部分潮玩企业股价飙升， 龙头泡泡玛特市值一度突破3000亿港元。 大额融资频现 国内潮玩市场已发展多年，但2025年被视为行业真正"破圈"的关键一年。有业内人士直言，"潮玩行业 其实2025年才真正开始。" 2025年潮玩行业的融资状况也足以印证。潮玩领域虽在2021年前后就有过一轮融资"小高峰"，但2022 年、2023年行业融资案例明显减少。2025年，随着潮玩消费升温、部分潮玩企业股价大涨，行业融资回 暖。 频次高、额度高是2025年潮玩融资的显著特征。证券时报记者根据公开数据统计，2025年国内潮玩领域 重要融资活动超过15起，数量较2022年、2023年 ...

证券日报网讯1月5日，恺英网络（002517）在互动平台回答投资者提问时表示，《暖星谷梦游记》是公 司推出的治愈系AI潮玩品牌，产品已于2025年12月8日在天猫及京东官方旗舰店开启销售。公司数字经 济研发中心项目进度请以公司披露的相关公告为准。 ...

Core Viewpoint - Guanghe Tong (300638) experienced a decline of over 5%, but still recorded a cumulative increase of over 8% for the week, indicating volatility in stock performance [1] Company Performance - As of the latest report, Guanghe Tong's stock price fell by 5.14% to HKD 17.9, with a trading volume of HKD 92.7953 million [1] - The company's Q3 report revealed a revenue of CNY 5.366 billion for the first three quarters, representing a year-on-year decrease of 13.69% [1] - The net profit attributable to shareholders was CNY 316 million, down 51.50% year-on-year [1] - According to CITIC Securities, on a comparable basis, revenue increased by 7% year-on-year, but the decline in gross margin impacted profit performance [1] Strategic Developments - Guanghe Tong has established a strategic partnership with Luobo Intelligent to jointly promote the global layout of AI toy products, specifically the Fuzozo series [1] - The launch of Huawei's first AI emotional companion toy, "Smart Hanhai," which sold out immediately at a price of CNY 399, indicates a growing market for AI-driven consumer products [1] - The ongoing development of AI and robotics solutions by Guanghe Tong is viewed positively, suggesting optimistic future prospects for the company [1]

Core Insights - The article discusses the advancements in smart port technology driven by Shengshi Technology, highlighting the transition from traditional border control methods to a more integrated and efficient system using facial recognition and AI technologies [2][3][4]. Group 1: System Reconstruction - Shengshi Technology is focusing on a system-level reconstruction of smart ports, moving beyond single-point technology applications to a comprehensive solution that integrates data platforms and business systems for seamless passenger processing and cargo supervision [3]. - The company has developed a modular architecture for its smart port system, allowing for flexible configuration based on the unique needs of different ports, which supports future business growth and technological changes [4]. Group 2: Robotics Product Matrix - The advancements in smart port systems have laid the groundwork for Shengshi Technology to expand its robotics business, transitioning from a single product line to a core strategic foundation [5]. - The company is redefining the value of robots by integrating multiple functionalities, such as surveillance and emergency response, into a cohesive system that enhances security and operational efficiency [6]. Group 3: Exploring Consumer Markets - Shengshi Technology is shifting its focus towards the consumer market, actively pursuing opportunities in the consumer robotics sector, including humanoid robots for companionship and education [7]. - The company has acquired assets from Aldebaran, including the Nao and Pepper robots, as part of its strategy to enhance its humanoid robot offerings, although it faces challenges in product positioning and market integration [7][8]. Group 4: Innovation and Strategy - The company plans to establish an AI innovation division to support the development of new consumer products, emphasizing the importance of long-term competitiveness and user experience over immediate market entry [8].

Core Viewpoint - Sony Pictures has acquired the film adaptation rights for Bubble Mart's LABUBU, which is still in the early stages of development, with no decision made on whether it will be a live-action or animated film [1] Group 1: Bubble Mart's Market Position - Bubble Mart has experienced a significant valuation fluctuation, particularly after its peak in August, reflecting a shift from a "blind box promotion + emotional economy" model to a more sustainable "IP blockbuster X global retail" approach [2][5] - The collaboration with Sony serves as a hedge against skepticism from overseas investors, particularly in the Hong Kong market [3] Group 2: Expansion and Growth Drivers - The primary growth driver for toy companies, including Bubble Mart and Miniso, is their expansion into the European and American markets, with many new toy brands focusing on this strategy [4] - The value of IP becomes more pronounced in international markets, as IP exports can support larger narratives in the capital market [4] Group 3: Capitalization Trends - The current wave of capitalization in the toy industry is characterized as a "mid-game battle," with several companies preparing for IPOs, indicating a potential shift in the industry landscape [6] - The toy industry has seen a significant increase in capital activity compared to the previous year, with at least seven financing events in the blind box sector from January to August [8] Group 4: Historical Context of Capitalization - The toy industry's capitalization began in 2015, experiencing three peaks corresponding to the overall development of the IP industry [9] - The first peak (2015-2018) saw toys viewed as a monetization segment of the IP industry, while the second peak (2020-2022) marked the emergence of the "toy" concept as an independent market value [10][12] Group 5: Future Outlook and Challenges - The toy industry is expected to see further differentiation between listed and non-listed companies, with a trend towards oligopolization among top companies that possess strong IP matrices and mature supply chains [47] - The rise of AI toys presents new opportunities, with the potential for rapid global expansion due to China's competitive supply chain capabilities [49][50]

Core Insights - The 2025 CTE China Toy and Trend Exhibition in Shanghai showcased Nanjing Chipan Intelligent Technology Co., Ltd. (Chipan Technology) and its original IP "Lingrui Collection," highlighting its innovative approach to integrating AI into trendy toys [1][3] Industry Overview - The "companion economy" is experiencing rapid growth, with a projected global market size of $120 billion by 2025, and China expected to account for 35% of this market, growing at an annual rate of 55% [3] - Chipan Technology aims to address the shift from "functional satisfaction" to "emotional coexistence" by merging cutting-edge AI technology with trendy and traditional Chinese cultural IPs [3] Product Highlights - The "Lingrui Collection" features five characters inspired by ancient Chinese mythology, each equipped with AI capabilities for emotional interaction, transforming them into "spiritual companions" [5] - The AI plush toys and accessories allow users to receive personalized "fortune signs" through a simple shake, utilizing high-quality materials for a premium feel [6] - An innovative AI smart toy base can recognize any figurine placed on it, enabling real-time voice interaction and character customization, thus breaking the boundaries of static toys [6] Technological Advancements - Chipan Technology's AI solutions are characterized by their openness and independence, allowing partners to retain control over customer data and support online upgrades [8] - A notable product, an ultra-thin AI smart electronic card, integrates advanced technology for customizable virtual character interactions, reflecting the trend towards personalization and community engagement [8] Market Strategy - The "Lingrui Collection" products are set to be available for pre-sale on platforms like Tmall and Douyin, with various products launching in the coming months, including a test version of the AI smart electronic card expected in November [8] - Chipan Technology is committed to merging technology, art, and culture to enhance emotional connections between people and products, positioning itself as a key player in the AI toy market [9]

Group 1 - The trend of attaching various accessories to backpacks, known as "bag buddies," has become a form of personal expression among young people [1][7] - In Changsha, local delicacies like stinky tofu and spicy stir-fried meat have been transformed into popular bag accessories, showcasing regional characteristics [7][9] - A creative store in Changsha allows customers to select ingredients for DIY food-themed bag accessories, enhancing the shopping experience with interactive cooking [9][11] Group 2 - The "garlic bird" bag accessory, resembling a garlic bulb, has gained popularity in Wuhan, becoming a trendy expression among local youth [13] - The "garlic bird" has been upgraded with a collaborative design featuring historical elements, attracting significant consumer interest [13][15] - In Dongguan, a complete industrial chain for small bag accessories is emerging, encompassing design, production, and distribution [16][20] Group 3 - A toy company in Dongguan launched a bag accessory that sold out 20,000 units online within three days, indicating strong market demand [18] - Dongguan is recognized as a major toy export base, housing over 4,000 toy manufacturers and 1,500 supporting enterprises, facilitating a robust production ecosystem [20]