发力自有IP生态建设，潮玩产业强化与多元创意资源的对接。 在优质IP的市场变现能力被进一步看见之时，基于IP稀缺性和市场热度，优质IP供应商在产业链的议价 能力得到强化。2025年，潮玩领域头部厂牌陆续在推进自有IP生态的建设，巩固自身在IP核心资产布局 的抗风险能力与话语权。 头部厂牌推动自有IP构成产品力核心 近几年，就IP衍生品销售来看，潮玩领域头部厂牌高歌猛进。伴随着自有IP盈利潜力的释放，潮玩领域 头部厂牌在建设自有IP生态的步伐正在加快。 今年，量子之歌集团正式宣布更名为奇梦岛集团（NASDAQ:HERE），战略重心全面转向潮玩生态布 局。12月初，该集团发布2026财年第一季度（截至2025年9月30日）财报。报告期内潮玩业务总营收 1.271亿元，环比激增93.3%。 2025.12.19 本文字数：3097，阅读时长大约5分钟 作者 |第一财经 宋婕 万联证券研报显示，中国潮玩企业新注册数量呈现爆发式增长。2020-2024年，我国潮玩企业新注册量 持续高速增加，新增数量从418家跃升至8543家，五年激增20倍。尽管同比增速从2021年峰值287.32% 逐步回调，但2024年仍保持30. ...

Core Insights - Qimengdao (NASDAQ: HERE) was awarded the "Most Investment Value Chinese Concept Stock" at the 10th Zhito Finance Listed Company Awards, recognizing its excellent business model and social responsibility contributions [1] - In Q1 of FY2026, Qimengdao reported a revenue of 127.1 million yuan, a 93.3% increase quarter-over-quarter, exceeding previous guidance [3] - The company has transitioned from a "transformation period" to an "acceleration mode," showcasing strong IP incubation capabilities with 11 proprietary IPs and significant revenue contributions from its key products [3] Financial Performance - Qimengdao's Q1 FY2026 revenue reached 127.1 million yuan, significantly surpassing the guidance range of 100-110 million yuan [3] - The revenue guidance for Q2 FY2026 is projected to be between 150 million and 160 million yuan [3] - The company’s supply chain efficiency improved, with plush blind box production capacity increasing 35 times compared to the beginning of 2025 [3] Strategic Initiatives - Qimengdao's growth strategy is driven by a dual-engine approach focusing on IP content development and omnichannel collaboration [5] - In Q1 FY2026, the e-commerce GMV reached 44.6 million yuan, with Douyin flagship store GMV increasing by 97.2% [5] - The company is expanding its physical presence with new direct-operated stores and pop-up shops in major cities [5] Market Expansion - Qimengdao is capitalizing on international market potential, becoming a leading brand in the collectibles category on the North American TikTok Shop platform [7] - The company has successfully partnered with major sports events, such as the China Open Tennis Tournament, to enhance its brand visibility [7] - Qimengdao has engaged in strategic collaborations with various cultural and media organizations, further solidifying its brand value [7]

Vikki的职业生涯始于上市房企管培生，拥有10年品牌营销经验。当地产行业进入存量时代，营销预算缩减、工作价值感削弱， 她选择主动求变。尽管曾获薪资翻倍的offer，但受家庭经商背景影响，Vikki决心创业，初期以餐饮行业过渡并实现盈利，却因 缺乏热爱而重新定位。通过复盘自身优势，她发现短视频试水后大量用户咨询内容营销方法，最终明确方向：为专家型IP及高 信任生意创业者提供获客服务。这一转型历程，体现了其"不纠结一时得失"的人生态度。 以"人带货"为核心构建IP孵化体系 Vikki表示，IP的本质是"人带货而非货带人"，其核心在于建立信任壁垒、降低交易成本。为落实这一理念，她打造了两大核心 产品： 在个体创业浪潮涌动的当下，小鹅通创始人鲍春健发起的《老鲍对话标杆客户》栏目持续聚焦客户实战经验，为行业挖掘可复 制的成长路径。近日，该栏目迎来第554期对话，特邀前上市房企营销人、专家型IP获客教练Vikki，围绕"长期主义创业者如何 靠IP打造商业壁垒"展开深度交流。作为小鹅通生态中坚持高信任商业模式的代表，Vikki从放弃百万年薪到ALL in个人IP孵化， 以"拒绝速成、重真实价值"的理念，依托小鹅通工具实现 ...

京基智农 20251204 摘要 等业务闭环。 未来的发展目标是将"英语之地"打造成整个 IP 孵化和加速运营 的平台。在主业生猪养殖基础上，我们利用深圳及周边商场和商业资源，撬动 更有弹性、更轻资产的一些利润增长点。公司的战略发展方向仍然以养猪为主， 但会结合自身优势，利用有利资源最大化利润并提升市值弹性。 2024 年公司生猪出栏 214.6 万头，销售收入近 39 亿元，已成为共识 食品企业及广东省重点农业龙头企业，并获国家级生猪产能调控基地认 定，显示其在生猪养殖领域的领先地位。 2025 年前 10 月营收 40.82 亿元，生猪板块占比 78%，地产板块占比 5.4%，其他板块占比 13%。截至 10 月底，资产负债率 59.3%，总资 产 104 亿，负债 61 亿，可用资金余额 6.5 亿，财务状况稳健。 2025 年 1 至 10 月生猪出栏 190 万头，均价 14.7 元/公斤，自养成本 12.88 元/公斤，成本控制良好。计划 2026 年出栏 260 万头，完全成 本控制在 12 元/公斤左右，持续提升运营效率。 面对行业低迷和猪价下行，公司通过降本（目标 12 元/公斤以内）、利 ...

Core Viewpoint - The article discusses the evolution of the content industry from efficiency to emotional engagement, emphasizing that AI will not replace creators but will enhance their value through interactive and imaginative content creation [4][5][51]. Group 1: Company Overview - Jinqiu Fund is the lead investor in the Series A financing of Xiangfa Liu, focusing on long-term investments in groundbreaking AI startups [5][8]. - Xiangfa Liu, founded in 2023, aims to build an AI co-creation content universe where users actively participate in creating characters, worlds, and stories [6][8]. - The core product "Zao Meng Ci Yuan" (Dream Dimension) has over 10 million users and an average daily interaction time exceeding 100 minutes, making it one of the most engaged AI content platforms [7][9]. Group 2: Interactive Content Ecosystem - The interactive content ecosystem primarily targets younger audiences, including teenagers and young adults, with a focus on storytelling rather than gameplay mechanics [16][18]. - The main challenge in this ecosystem is the insufficient content supply, which limits the engagement of younger users [19]. - AI advancements, particularly in large language models (LLMs) and multi-modal content, are transforming user interactions and enabling imaginative content creation [21][22]. Group 3: Monetization and IP Development - Creators on the platform can earn revenue through various means, including direct tips, subscriptions, and merchandise sales, with a focus on developing characters into influential IPs [23][25]. - The platform emphasizes the importance of continuous content creation around a single IP to build a rich narrative universe, enhancing user engagement and emotional connection [27][26]. - The shared ownership model of IP between the platform and creators fosters a collaborative environment for content development [28]. Group 4: Future Directions and Innovations - The company is focused on developing tools that lower the barrier for creators, allowing them to produce high-quality content with minimal technical skills [36][37]. - Upcoming features include innovative gameplay mechanics and the ability to convert user interactions into music and short films, expanding the creative possibilities [44][45]. - The strategic integration of tools, content platforms, and IP development is seen as a holistic approach to building a sustainable content ecosystem [47][49].

AI时代，有些事情你可以先选择相信，再尝试理解。 锦秋基金的CEO大会上，对造梦次元的母公司想法流的介绍如下：这支团队从AI互动故事起家，如今 正在搭建一个AI共创的内容宇宙：用户不再只是观看者，而是和AI共同创造角色、世界与故事的人。 AI也不再是执行命令的模型，而是能持续成长、不断进化的"内容人格"。 相信读完这段话，也很少有人能明白这家公司到底在干什么。但我们可以先从几个公开数据开始认识造 梦次元和想法流。 造梦次元在AppStore里的描述是一个让千万用户互动/创作/表达的内容平台，截至2025年6月，造梦次元 App累计用户超1000万，日均活跃互动时间超过100分钟，成为目前AI内容领域用户使用时长最高的产 品之一；截至最新数据，造梦次元已经吸引了超23万创作者，每天为平台带来超3000个新作品；还有来 自其算力合作伙伴商汤的公开评价：造梦次元每日平均模型调用量高达6000多万次，一天消耗的token 达千亿级别。 造梦次元的母公司"想法流"于2023年在深圳成立，创始人沈洽金在大学时代便是活跃的个人站长，曾创 办过通用人脸识别身份验证公司，后专注于互动视频领域，积累了多年互动内容行业的经验。20 ...

Core Insights - Qimeng Island, a rising player in the trendy toy market, has begun scaling its operations significantly [2][29] - The company reported a revenue of 127 million yuan for the third quarter, marking a 93.3% increase quarter-over-quarter, but incurred an operational loss of approximately 29 million yuan [3][30] Company Overview - Originally known as Quantum Song, Qimeng Island shifted its focus from online education to trendy toys after acquiring Letsvan (Shenzhen Yiqi Culture) [4][30] - The company aims to leverage the booming cultural and creative industry, with a target of achieving annual sales exceeding 300-500 million yuan for its IPs [6][34] Product and IP Development - Qimeng Island has developed a portfolio of 11 proprietary IPs, including WAKUKU and ZIYULI, along with 6 licensed IPs, managing over 40 blind box product lines and 30 plush card products [8][35] - The WAKUKU brand has become a significant revenue driver, contributing around 60% of the revenue in the second quarter and approximately 80% in the third quarter [11][38] - The newly launched IP SIINONO generated 12.89 million yuan in revenue within two months of its release, while ZIYULI brought in 20.76 million yuan [14][41] Sales and Distribution Channels - In the third quarter, Qimeng Island's online sales reached a GMV of 44.6 million yuan, with a 97.2% increase in GMV from its Douyin flagship store [17][44] - The company has expanded its offline presence to over 10,000 retail locations, including partnerships with MINISO, KKV, and Sanfu, and plans to open four direct stores by early January [18][45] Financial Projections - Qimeng Island anticipates revenue between 150-160 million yuan for the fourth quarter and projects its main business to generate 750-800 million yuan in the next full fiscal year (July 2025 - June 2026) [21][48] - Despite rapid growth, the core business has not yet achieved profitability, with significant sales and management expenses leading to a net loss exceeding 25 million yuan in the third quarter [22][50] Investor Sentiment - As of December 2, Qimeng Island's market capitalization is approximately 250 million USD (around 1.8 billion yuan), reflecting a decline of two-thirds from its peak three months ago, indicating a lack of investor confidence [27][55]

据介绍，项目旨在将赤峰路片区打造成为一个面向2035年的"生活实验室"，呈现大学学科最新进 展，打通科技成果转化"最后一公里"，将通过众筹众创，依托社区社群营造，探索开放、共享、协同的 创新社区范式。 NICE2035赤峰路有机更新启动区未来实验场包括三大板块：是极端环境建造未来实验室、智能建 造未来好房子实验场和赤峰路未来原型街。其中，极端环境建造未来实验室将聚焦极端环境下的建筑设 计与建造技术研究，赋能赤峰路成为前沿技术的展示窗口与孵化基地；智能建造未来好房子实验场将邀 请国内外设计师团队参与设计，打造"好房子、好小区、好社区、好城区"示范样板；赤峰路未来原型街 将聚焦"原型创新"，打造"环同济知识经济圈"创新新引擎和策源地。 近日，"环同济NICE2035赤峰路有机更新项目"举行启动会。项目将打造集原型创新、创意设计、 AI应用、IP孵化、社区生活于一体的城市创新街区样板，首期拟于明年5月部分开放。 记者 肖彤 ...

Summary of Zhongyuan Media Conference Call Company Overview - **Company**: Zhongyuan Media - **Industry**: Education Publishing and Media Key Financial Performance - **Revenue**: In the first three quarters of 2025, revenue decreased slightly by 1.17% to 66.2 billion CNY, a decline of 78.45 million CNY [2][3] - **Net Profit**: Net profit increased by 2.56 billion CNY to 7.79 billion CNY, benefiting from tax policy changes [2][3] - **Total Profit**: Total profit rose by 9.83% to 8.29 billion CNY [2][3] - **Gross Margin**: Gross margin improved by nearly 2 percentage points [2][3] - **Cost Control**: The company reduced its workforce by 324 employees and cut salary expenses by over 53 million CNY [2][3][8] Business Segments Textbook and Supplementary Materials - **Market Trends**: The subscription for autumn textbooks and supplementary materials saw a decline of less than 1% year-on-year, indicating stability [2][6] - **Growth Areas**: The company aims to cover the supplementary education market comprehensively, especially in the affordable education sector [2][11] - **Price Adjustments**: The company is negotiating price increases for new curriculum textbooks, expected to reflect in the 2026 autumn semester [2][11] New Business Initiatives - **Children's Publishing**: Focus on children's science and picture books, with significant resource investment in literacy and science reading series [3][13] - **IP Development**: The company has been developing IP projects since 2019, showcasing results at industry events [3][14][15] - **Smart Education Platform**: The platform is piloted in over 500 schools, covering 30,000 teachers and 300,000 student accounts, with plans for expansion [3][16][18] Research and Study Business - **Revenue Performance**: Research and study business generated 35.71 million CNY in revenue by September, expected to exceed 90 million CNY by year-end [3][20] Cost Management Strategies - **Employee Reduction**: The workforce has decreased significantly from 18,000 to approximately 12,700, with stable salary management [3][10] - **Expense Control**: The company has implemented strict management of promotional and hospitality expenses, leading to significant reductions [2][8] Future Outlook - **2026 Projections**: Revenue is expected to remain stable with a profit growth of around 10% [2][7] - **Long-term Financial Stability**: The company anticipates maintaining stable financial conditions in the coming years, focusing on cost optimization and new business contributions [2][9] Additional Insights - **Cultural and Creative Products**: The company is exploring new business models in cultural and creative products, leveraging partnerships with bookstores [3][21][23] - **Strategic Investments**: Zhongyuan Media is considering introducing strategic investors and optimizing its shareholding structure through potential mergers and acquisitions [3][24] - **Dividend Policy**: The company plans to increase total dividends in line with profit growth, maintaining a dividend payout ratio of around 50% [3][25][26]

Group 1: Company Performance - In the first three quarters of 2025, the company achieved an operating income of approximately CNY 3.67 billion and a net profit attributable to shareholders of about CNY 298 million [2] - The livestock segment generated approximately CNY 2.90 billion in revenue and a net profit of around CNY 308 million during the same period [2] - The company's production operations are stable, with a focus on cost reduction and improving production performance in the pig farming business [2] Group 2: Business Models and Strategies - The pig farming business primarily adopts a self-breeding and self-raising model, which has strong risk resistance despite the current low pig price market [2] - The IP business is being developed through a light asset model, with plans to complete the core industry chain by the end of the year [3] - The real estate business is currently focused on selling existing inventory, with recent improvements in property sales positively impacting cash flow [2] Group 3: Financial Health - As of the end of Q3 2025, the company's debt-to-asset ratio was 59.2%, a decrease of 1.05% from the end of the previous year [3] - The company maintains a positive cash flow from its livestock operations, which supports healthy financial development [3] Group 4: Shareholder Relations - The controlling shareholder holds a significant stake of 52.82% as of November 22, 2025, and plans to continue supporting the company's development [2] - The recent share reduction plan by the controlling shareholder is based on personal funding needs and does not affect the stability of company control [2] - According to new regulations, the buyer of shares from a major shareholder through block trading cannot sell those shares within six months [3]