回顾2025年，巨星传奇围绕"IP+"融合模式加速推进全球IP生态构建，在持续巩固"IP+文旅商体验"融合业态的同时，前瞻布局"IP+AI+机器人"新蓝海，推动 IP商业价值在更广阔场景中反复释放。 12月22日，巨星传奇（6683.HK）在格隆汇"金格奖"年度卓越公司评选中荣获"年度成长价值奖"。该奖项的授予既是对公司IP长效运营能力与阶段性经营成 果的高度认可，也反映出市场对其长期成长潜力积极预期。 构建全球IP生态池，前瞻卡位稀缺资源 自2017年成立以来，巨星传奇（6683.HK）始终聚焦IP创造与营运，并以IP赋能驱动AI+机器人及健康生活新消费业务的协同发展。在IP打造方面，公司深度 绑定周杰伦、刘畊宏等头部艺人资源，成功孵化"周同学""刘教练"等现象级IP，累计粉丝覆盖超过2.8亿人次，构筑起高黏性的IP生态基本盘。 今年以来，巨星加速构建全球IP生态池。一方面战略入股权志龙经纪公司Galaxy，提前锁定全球顶级艺人资源；另一方面战略入股国家体育场（鸟巢），打 通国家级演出场景的长期合作通道。依托"顶级IP × 顶级场景"的稀缺组合，公司得以深度嵌入全球头部艺人与大型活动的合作链条，持续打造差异 ...

Core Viewpoint - The collaboration between Superstar Legend Group and Yushu Technology aims to develop consumer-grade IP robots, merging "celebrity IP operation" with "robot hardware" to explore a new business model of "IP + AI + robots" [1] Market and Business Model Risks - There is significant uncertainty regarding market acceptance and willingness to pay for high-priced IP robots, which may cost thousands to tens of thousands of dollars [2] - The sustainability of the business model is challenged by reliance on one-time hardware sales, which may not support ongoing R&D, marketing, and IP licensing costs without establishing recurring revenue streams [2] IP Dependency and Lifecycle Risks - The joint venture's success heavily relies on the popularity of specific IPs, such as Jay Chou, which can fluctuate with cultural trends, leading to concentrated risk [3] - Over-commercialization of celebrity IPs may dilute their value and provoke negative public sentiment if product experiences are poor or marketing is excessive [3] Technology Integration and Product Experience Risks - There may be a significant gap between the ideal capabilities of the IP robots and the current state of AI and robotics technology, potentially leading to poor user experiences [4] - The differing corporate cultures and business logics of the two companies may complicate collaboration, affecting product definition, development processes, and market strategies [4] Industry Competition and Strategic Execution Risks - The consumer-grade robot market is competitive, with established players like UBTECH and iFlytek, as well as companies like Lessen that have successful IP collaborations [5] - The 50:50 equity structure of the joint venture may lead to inefficiencies in decision-making during strategic disagreements, potentially missing market opportunities [5]