证券日报网讯 1月9日，金一文化（002721）在互动平台回答投资者提问时表示，公司珠宝零售业务在 IP合作方面，有在和海淀区文旅资源做项目对接。公司子公司北京越王已携手圆明园联名推出兼具文化 底蕴、艺术价值及市场潜力的"时空守望系列"产品，展现历史文化IP的时代价值，欢迎消费者试戴及选 购。 ...

2026年的第一个月，陪伴机器人品牌 Ropet 进驻上海IFC国金中心内的 ZPilot 黑科技旗舰店。这似乎是 一个信号，陪伴机器人，正在从线上众筹与科技爱好者圈层，走向更具象的消费场景。 过去几年间，从桌面型陪伴机器人到AI玩具，相关产品形态不断被复制、拆解和重组。直到2026年， 这一曾经小众且缓慢生长的领域，终于"挤满了人"。第一财经记者采访Ropet、Haivivi等中国陪伴机器 人企业后了解到，在逐渐标准化的供应链体系和高度趋同的功能设计之下，这一领域正从概念探索期， 迈入真正的商业竞争阶段。 端到端的"黑箱"大模型或成软肋 不同企业的选择开始分化，相比部分玩家强调 GMV 与快速放量，也有团队选择放慢节奏，试图用更长 期的产品逻辑参与竞争。 一个机器人，要怎样表达自己的情感？对话似乎确实是一个更省力的方法。 在连续使用六款陪伴机器人之后，记者发现，大部分陪伴类硬件都能够和用户进行对话，部分产品需要 用唤醒词进行对话触发。有陪伴机器人企业的创始人告诉第一财经记者，对话是最直接能够体现产品 AI属性的功能。 "接入一个豆包、元宝、DeepSeek就能实现，我们只需要把响应延迟降低就好。"他告诉记者 ...

（来源：劳动报） 转自：劳动报 劳动报记者在现场看到，"嘟甜点心屋"以烘焙屋为主线，打造出一个沉浸式的视觉空间：橱窗陈列着可爱的棒棒糖与 饼干，墙面绘有小新与PEKO的忙碌身影，粉红与暖黄的主调交织出梦幻的节日氛围，仿佛空气中都弥漫着糖香。展 区设有多个互动装置，包括"嘟嘟投投乐""动感光波喷喷炉""咔咔饼干盒"等趣味点位，让观众在轻松的互动中体验"笑 的松弛感"与"甜的治愈力"。 当"淘气包"遇上"甜女孩"，笑声和糖香也有了温度。近日，蜡笔小新与不二家PEKO&POKO，这两个深植人心的经典 IP形象，在今冬迎来他们的第一次合作、在LaLaport上海金桥首次携手亮相。 此次合作，双方以烘焙为线索，共同打造出一间幻想般的"嘟甜点心屋"。以"新新点点，每日嘟甜（Bake with Shin, Sweet LaLaport）"为主题，用一间"嘟甜点心屋"给即将到来的冬天添一份甜与暖。 诞生于1990年的蜡笔小新，以天真率真的"非典型小孩"形象陪伴几代人成长，以幽默和温情描绘出最真实的日常生 活；而不二家自1910年创立以来，至今已拥有115年历史，其以标志性的PEKO女孩，传递着甜蜜与陪伴。两大IP此次 携手不 ...

Core Viewpoint - The company emphasizes its dual-brand strategy, focusing on adult casual wear under the Semir brand and children's clothing under the Balabala brand, while enhancing emotional connections with consumers through IP collaborations [1] Brand Strategy - The company operates two major brand clusters: Semir for adult casual wear and Balabala for children's clothing [1] - Each brand tailors its approach based on brand positioning and consumer profiles, integrating IP resources for deeper consumer engagement [1] IP Management - An internal IP full-cycle management system has been established, overseeing key processes from IP introduction to product development and sales [1] - In 2023, the Semir brand launched a co-branded product with the popular game "Honor of Kings" [1]

Core Viewpoint - The report from Kaiyuan Securities indicates that Aiyingshi achieved a net profit attributable to shareholders of 52.33 million yuan in Q1-Q3 2025, representing a year-on-year increase of 9.3% [1] - The company is experiencing steady expansion in its main business stores and is successfully advancing its collaboration with Bandai Namco [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 5.6 million yuan, reflecting a year-on-year growth of 2.4% [1] - Revenue by channel for Q1-Q3 2025: - Stores: 1.91 billion yuan (+6.8%) - E-commerce: 112 million yuan (-7.4%) - Maternal and infant services: 27 million yuan (+3.4%) - Supplier services: 124 million yuan (-8.9%) - Supply chain comprehensive management: 549 million yuan (+39.3%) [1] Business Strategy - The company is leveraging its collaboration with Bandai Namco to create a second growth curve through exclusive IP partnerships [1] - New store openings in Changsha and Shenyang were announced in October 2025, with a dual-track expansion strategy focusing on "core regional cities + key business districts" expected to accelerate [1] Market Position - Aiyingshi is recognized as a leader in the maternal and infant retail sector, with stable performance in its main business [1] - The current stock price corresponds to price-to-earnings ratios of 18.2, 14.9, and 12.6 times for the next three years, maintaining a "buy" rating [1]

Performance Review - The company's performance in Q1-Q3 2025 met expectations, with revenue reaching 17.33 billion yuan, a year-on-year increase of 1.2%, and net profit attributable to shareholders at 0.95 billion yuan, a year-on-year decrease of 7.2% [1] Development Trends - Traditional core business showed improvement in Q3, with functional and IP new products performing well. Q3 revenue from traditional core business decreased by 4% to 2.54 billion yuan, a reduction of 5.7 percentage points compared to Q2. Revenue from writing, student, and office stationery decreased by 3.3%, 3.9%, and 2.8% respectively, indicating positive growth for functional and IP-enabled new products during the university season [2] - The company’s subsidiary, Keli Pu, accelerated recovery in Q3 with a revenue increase of 17.3% to 3.56 billion yuan, driven by the recovery of procurement rhythm from central state-owned enterprises and new customer collaborations. The retail store, Jiuwu Zawushang, also saw an 8.6% revenue increase to 0.4 billion yuan, with 78 new stores added since the end of Q2 [2] Structural Optimization and Profitability - Traditional core gross margin improved due to structural optimization and production efficiency, with Q3 gross margin decreasing by 0.6 percentage points to 19.9%. The increase in revenue contribution from Keli Pu affected overall gross margin levels, while gross margins for writing tools, student stationery, and office stationery increased by 1.3, 3.8, and 0.7 percentage points respectively, attributed to the higher proportion of functional and IP cooperative products [3] - The company faced short-term pressure on profitability due to revenue structure adjustments and increased expenses. Q3 net profit margin decreased by 0.4 percentage points to 6% [3] Outlook and Valuation - The company is optimistic about the growth momentum of China's cultural and creative industry, focusing on enhancing product structure through functional and IP new products, digital empowerment in offline channels, and e-commerce resource investment. Keli Pu's procurement rhythm recovery and the expansion of Jiuwu stores are expected to further optimize store structure [3] - The profit forecast remains unchanged, with the current stock price corresponding to 19/16 times P/E for 2025/26. The company maintains an outperform rating and target price, indicating a 35% upside potential compared to the current stock price [4]

Core Insights - The China Shanghai Toy Expo, a leading event in the Asian toy and pop culture industry, showcased the innovative achievements of the company, highlighting its new IP collaborations and immersive TCG experiences [1] Group 1: New IP Collaborations - The company launched new IP products across various fields, including anime, fast-moving consumer goods, web literature, and film, featuring titles like "Honey Snow Ice City," "Little Liu Duck," "Prince of Tennis," "Tomb Raider Notes," and "Barbie," creating a diverse IP matrix [2] - The company also introduced NBA star cards and ETERSOURCE Jay Chou Carnival series collectible cards, demonstrating an open-minded approach to product development and promoting cultural integration [2] Group 2: New Product Categories - The company showcased three new product lines: plush toys, trendy toys, and stationery, emphasizing its full industry chain development and operational capabilities to meet the diverse needs of young consumers [4] - The plush toys feature popular IPs like "My Little Pony," "Ultraman," and "Haikyuu," offering collectible and companionship value [4] - The trendy toy series includes figures, mini scenes, and 3D cards, providing emotional value for decoration, collection, and daily carry [4] - A new type of gel pen was introduced, combining trendy design with a smooth writing experience for educational and office settings [4] Group 3: TCG Immersive Interaction - The company organized a two-day TCG trial event featuring five popular trading card games, allowing enthusiasts to experience strategic battles under professional guidance [6] - The company has been expanding its TCG product matrix and hosting experience events and competitions across the country to enhance consumer engagement [6] - The company is also accelerating its overseas expansion, showcasing upcoming Southeast Asian games and previously launched popular IP cards in the U.S. market, attracting international attention [6] Group 4: Industry Positioning - As a cultural and intelligent manufacturing enterprise, the company has established a comprehensive industry chain covering R&D, manufacturing, channel sales, and brand operation [8] - The company aims to promote Chinese cultural creativity globally through diverse products and high-quality experiences, connecting with consumers worldwide [8]

Core Viewpoint - The company held a successful online performance briefing for the first half of 2025, with full interaction with investors and a 100% response rate to questions asked [1]. Financial Performance - The company has not disclosed specific details about the third quarter's performance, advising investors to refer to the official third-quarter report for accurate information [2][3]. Dividend Policy - The company plans to implement its first interim dividend this year, proposing a cash dividend of 0.6 yuan (including tax) for every 10 shares based on a total share capital of 262,071,629 shares, pending approval from the shareholders' meeting [5]. Market Strategy - The company is expanding its market presence by opening new stores primarily in core cities and shopping centers, with a focus on both direct sales and franchising [8][9]. Product Development - The company aims to enhance its brand positioning through fashionable and personalized designs targeted at young women, with new product series planned for release in the upcoming quarters [8]. - The company has successfully launched several product lines, including the Fenghua 2.0 series, and is committed to continuous innovation to maintain a competitive edge [9]. IP Collaboration - The company views IP collaboration as a long-term strategy to enhance brand value and reach a broader consumer base, with plans for future partnerships [8].

Group 1 - Recent research conducted by Shanghai Licheng Asset focused on two listed companies: Mingyue Optical and China National Materials [1] - Mingyue Optical has collaborated with Universal Pictures on a special edition of the "Minions" themed product, and is progressing well with its partnership with Xiaomi [1] - China National Materials is the only company in the global cement technology equipment and engineering services market with a complete industrial chain, maintaining good cooperation with Tibetan cement enterprises [1] Group 2 - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on growth stock investment with a safety margin approach [2] - The company has a team of 50 employees, with nearly 30 being professional research analysts, and manages assets exceeding 10 billion [2] - Licheng Asset has received multiple awards, including three "Golden Bull" awards for private equity performance [2]

Core Viewpoint - The company is focusing on the development of its theme parks by integrating well-known IPs into its operations, enhancing market competitiveness through diverse strategies [1] Group 1: IP Collaboration and Development - The company has established a "city IP entertainment main venue" development positioning, actively expanding IP collaborations [1] - In 2021, the company collaborated with Aofei Entertainment to create the "Super Wings Training Camp" theme area in Chongqing Happy Valley [1] - In 2024, the company plans to introduce the "Mini World" IP in the Shenzhen Happy Valley, launching the "Adventure Mountain" theme area [1] Group 2: Partnerships with Major IP Providers - The company has formed deep partnerships with leading IP providers such as Tencent and Shanghai Film Group [1] - Successful IP integrations include national-level IPs like "Havoc in Heaven," "Calabash Brothers," and "Chinese Folktales" from Shanghai Film Group, as well as "Honor of Kings," "League of Legends," and "Happy Landlord" from Tencent [1] - The company is creating immersive IP-themed street areas and character parades, enhancing the expression of IP content through various dimensions such as scene construction, performance interaction, and marketing promotion [1]