平安证券研报指出，晨光股份是一家提供学习和工作场景解决方案的综合文具供应商和办公服务商。公 司传统核心业务包括书写工具、学生文具、办公文具等；新业务包括ToB零售电商平台科力普和零售大 店业务（九木杂物社、晨光生活馆）。展望未来，认为IP和出海有望成为公司新增长点，其中IP既包括 传统文具的调改，也包括IP衍生品的开发，出海则有望进一步打开成长空间。考虑同属文具行业，选取 广博股份、齐心集团作为可比公司。截至1月7日，2026年可比公司Wind一致预期PE均值为25X，考虑 公司IP调改潜力较大，长期空间可期，我们认为公司2026年16X估值具备吸引力。首次覆盖，给予"推 荐"评级。 ...

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 索尼4.75亿美元控股史努比IP， 老牌动漫价值重估。 文 ｜ 蒲凡 来源｜ 投中网（ID: China-Venture ） 封面来源 ｜ Unsplash 狗是人类最好的朋友，好到每一代人都有自己的狗狗表情包。 70后、80后们喜欢柴犬DOGE，90后、00后们喜欢线条小狗。1999年开播的经典美漫《恶搞之家》里，人气最高的角色是一只叫做布莱恩的拉布拉多。 2013年开播的《瑞克和莫蒂》充分借鉴，为主角莫蒂设计了一只"小雪球"（Snow ball）。如今，每个网上冲浪的人养成了开玩笑要"狗头护体"的习惯。 顶级宅男马斯克，干脆把DOGE当做了个人品牌，发虚拟币叫做"DOGE"、在特朗普政府组建的部门也叫"DOGE"。 如果要在所有的明星狗狗中评选一个最经典的狗狗IP，那大概就是史努比了。史努比之所以经典，不仅仅是因为它诞生于1950年，火了超过70年，跨越好 几代 ...

据智通财经消息，据灯塔专业版，截至12月28日18时05分，2025年贺岁档(11月28日—12月31日)档期总 票房(含预售)已达52.45亿元。 2025年贺岁档票房为继2017年贺岁档后，中国影史第二次突破50亿元贺岁档票房，创近八年来同期票房 新高，直接提振了影视行业的信心，推动内容制作、发行放映等环节的复苏！ 从全年来看，国家电影局统计，截至2025年12月13日14时30分，国内电影总票房已突破500亿元大关， 达500.03亿元，总观影人次为11.94亿。 全年票房前十的影片中，国产片占九席，从年初《哪吒之魔童闹海》以154.46亿元登顶中国影史票房 榜，位列全球影史票房榜第五；到年中《南京照相馆》收获30.17亿元票房并出海引发共鸣，再到近期 《疯狂动物城2》累计综合票房已达39.60亿元（截至12月28日）、并成为中国影史首部观影人次破亿进 口电影……爆款影片的持续涌现成为行业复苏的核心引擎。 落脚到A股市场，电影行业在经过多轮市场调整后，基于对受众需求深度了解下的"内容为王"，成为决 定电影票房的关键，关注热门电影的投资方、发行方等相关影视公司以及电影院线企业。（光大证券微 资讯） 股票频 ...

省委常委、宣传部部长王斌出席开幕式。 本届文博会展览面积约1万平方米，设有海洋文化、品牌IP、国潮时尚等七大展区，各展区主题鲜 明、内容充实，串联起一条从传统到现代、从本土到全球、从创意到产业的文化价值链全景图，全方 位、立体化展现了文化产业的新业态、新成果、新趋势。 本届文博会致力于打造集"展、论、贸、娱"于一体的复合型平台，推动产业链上下游深度对接与合 作。展会期间将举办一系列内容丰富、形式多样的配套活动，包括多场聚焦文旅融合、数字文化、IP开 发、版权贸易等热点的行业论坛与研讨会，组织多轮新品发布会、重点项目路演及投融资对接会，邀请 国内外知名专家学者、行业领袖把脉建言，并在崖州湾科技城高新区等地设立分会场，进一步扩大覆盖 范围与影响力。 2025第十届三亚文博会开幕 海南日报三亚12月26日电(海南日报全媒体记者 李艳玫)12月26日，2025第十届三亚国际文化产业 博览交易会(以下简称文博会)在三亚国际游艇中心开幕。本届文博会以"潮起自贸港 文化绘未来"为主 题，来自国内外的文化机构、企业代表、专家学者及各界嘉宾齐聚一堂，共同开启一场高规格、国际 化、专业化的文化产业盛宴，汇聚全球文化创意资源，深度 ...

Core Viewpoint - The company is transitioning from a B2B model to a B2C model, focusing on self-owned brands and domestic sales, while achieving significant revenue growth in its fitness and wellness segment [1][2]. Group 1: Company Transition and Growth - The company started as an export OEM for stationery and has recently expanded into the home fitness e-commerce sector, with a change in actual control to Ningbo State-owned Assets Supervision and Administration Commission in 2022 [1] - The company has a three-year profit commitment of 240 million yuan from 2022 to 2024, with revenue growth rates of +3% in H1 2023, +43% in H1 2024, and +20% in H1 2025 [1] - The share of self-owned brands (OBM) is expected to increase from 15% in 2020 to 30% in 2024, indicating a shift from OEM to OBM [1] Group 2: Market Performance and Supply Chain - The educational and leisure segment is stabilizing, primarily targeting the North American market, with revenue growth rates of 0.57% in 2023, 23.83% in 2024, and 3.15% in 2025 [1] - The supply chain, featuring dual bases in Ningbo and Anhui along with production capacity in Vietnam, supports flexible customization for various product categories and small-batch orders [1] - The company is developing its own brands like PAPERAGE, and the Vietnam base is not yet at full capacity, suggesting potential for further margin improvement as domestic cultural and IP businesses grow [1] Group 3: Fitness Brand Development - The fitness brand is experiencing rapid growth, with a projected revenue increase of nearly 140% in 2024, and core products ranking highly in Amazon's niche categories [2] - The company is focusing on direct sales through its official website, with website revenue surpassing Amazon's by September 2025, and has opened its first offline experience store in the U.S. in April [2] - The operational model combines multi-platform traffic generation, offline experiences, and website conversion to enhance user engagement and brand pricing power [2] Group 4: Domestic Market Expansion - The company is in the early stages of domestic market expansion, with only 1.7% of revenue from domestic sales in H1 2025, and plans to focus on three main areas: cultural products, IP toys, and AI toys [2] - The "Jinfeng" brand is collaborating with famous temples for cultural products, leveraging traditional cultural recognition and emotional value [2] - The company has established resources in both upstream IP and downstream channels, with products already in over 500 boutique bookstores and toy stores [2] Group 5: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 2.28 billion, 2.76 billion, and 3.40 billion yuan, with year-on-year growth rates of +17%, +21%, and +23% respectively [3] - Net profit forecasts for the same years are 118 million, 158 million, and 200 million yuan, with growth rates of +10%, +34%, and +27% respectively, leading to EPS of 0.66, 0.88, and 1.11 yuan [3] - The company is expected to benefit from synergies in IP development, channel integration, and brand promotion, with a target price of 31.61 yuan based on a 36x PE valuation for 2026, initiating coverage with a "buy" rating [3]

文｜王毓婵 编辑｜乔芊 12月18日，阅文集团发布了一组与出海有关的有趣数据，其中两条最令人意外：海外站全球月活用户增速前十的国家中，有九个是拉美国家；海外站的签约 作者中，有一半是00后。 新人和新市场正在给老行业带来新动能。 中国音像与数字出版协会发布的，以行业调查和阅文集团材料为主要分析蓝本的《2025中国网络文学出海趋势报告》显示，网文这一相对"古早"的行业仍在 增长——2024年中国网文市场营收规模达495.5亿元，同比增长29.37%，连续三年增速加快；同期，海外市场营收规模为48.15亿元，同比增长10.68%。 外国人爱看中国网文不是新鲜事，新鲜的是阅文正在让更多外国人加入作家的行列。截至2025年10月31日，阅文海外业务——WebNovel（起点国际）已经 培育了全球近53万名作家、超82万部原创作品，作品总量同比增长20%，其中阅读量突破千万级的爆款有538部。 外国的网文创作者也在"年轻化"——在WebNovel的签约作者中，00后占比达50%，05后作者规模同比增长55.9%。 中国的网文市场早已进入了极大饱和时期。截至2024年底，中国网文作品累计规模已达约4210万部——就算让全 ...

Group 1 - The core viewpoint of the collaboration between Shuqir and Qixiang Culture is to establish a new standard for high-quality comic dramas through a dual-driven approach of "content + technology" [1] - The partnership aims to create a full-cycle ecological loop for AI comic dramas, focusing on high-quality content as the foundation and technological innovation as the driving force [1][2] - Shuqir has successfully produced multiple hit comic dramas, such as "End of the World Super Ability User," which has surpassed 100 million views on Douyin, showcasing the effectiveness of their collaboration [2] Group 2 - Shuqir will grant Qixiang Culture priority adaptation rights to its premium IP library, covering popular themes such as "End of the World," "Universal," and "Beast Master" [3] - Qixiang Culture will receive priority development rights for comic drama derivatives, including figurines, merchandise, digital collectibles, and offline themed exhibitions [4] - Both companies will establish a "Premium Comic Drama Incubation Special Group" to regularly hold IP adaptation workshops, leveraging Shuqir's data analysis and user research capabilities to identify high-potential IPs for customized script development [4] Group 3 - The collaboration will focus on optimizing production capabilities and enhancing the efficiency of high-quality content production through the combined strengths of Shuqir's editorial team and Qixiang Culture's AI comic drama production capabilities [5] - The partnership will explore new standards for the premiumization of AI comic dramas, supported by Alibaba Group's advanced AI technology [5] Group 4 - A joint rights protection mechanism will be established to standardize the process of IP content verification and to combat infringement, ensuring the legal rights of creators and partners [6] - Shuqir and Qixiang Culture aim to produce 100 original hit works on Douyin within two years, while also exploring customized comic drama development in gaming, intangible cultural heritage, cultural tourism, and international markets [6]

来源：《理财周刊》 今年以来，港股 IPO 市场持续复苏，吸引众多国内企业纷纷转战港交所冲击资本市场。 继2025年5月首次递表失效后，2025年11月25日，中国铜质文创龙头杭州铜师傅文创（集团）股份有限 公司（以下简称"杭州铜师傅"或"公司"）的二次向港交所主板递交招股书，招银国际担任独家保荐人。 2025年上半年利润骤降24% 盈利受铜价波动影响 近年来，公司也在不断打造塑胶潮玩、银质文创产品、黄金文创产品等多元产品线，但是招股书显示， 2022年至2024年，其铜质文创产品销售收入占总营收的比例分别高达 95.4%、96.3% 及 96.6%，以及截 至2025年6月30日前，铜质文创产品销售收入占比依然高达94.9%。近三年间，形成"一铜独大"的业务格 局，导致公司业务结构极度单一。 公司开拓的其他产品线如塑胶潮玩、金银文创产品等也都未有起色。截至2025年6月30日前，塑胶潮 玩、金银文创等非铜质产品对公司营收的贡献总计约5.1%，投入产出严重失衡，并且这种单一的产品 结构或致使公司抗风险能力较弱。 公司招股书上显示，杭州铜师傅是一家以铜艺术品制造为核心业务的企业，专注于将传统工艺与现代设 计相结 ...

Group 1 - The core viewpoint is that Chinese online literature is experiencing a global surge, driven by AI and multi-terminal development, with approximately 200 million active overseas users and a significant number of published works [1] - The commercial value of IP development is highlighted as a major potential for Chinese online literature's international expansion, despite challenges such as translation quality, copyright issues, and increasing competition [1] - There is a need to cultivate a sustainable overseas ecosystem for Chinese online literature, emphasizing the importance of optimizing content structure and enhancing translation support [1] Group 2 - The strategy involves accelerating the ecological overseas expansion and promoting collaboration across the entire IP industry chain, requiring efficient paid reading mechanisms and real-time interaction between authors and readers [2] - Deepening international cooperation and upgrading local co-creation models are essential for engaging more global youth in online literature, transitioning from global dissemination to localized co-creation [2] - The operational mechanisms must be improved to support the localized development of platforms overseas, aiming for Chinese online literature to become a global cultural phenomenon [2]

Core Insights - The company emphasizes the integration of culture, technology, and art as its core philosophy, focusing on the full chain development from product research and development to application integration and scene implementation [2][3] - Night economy is identified as a crucial area for the company, which is actively participating in various tourism development conferences across multiple provinces to enhance urban capabilities and stimulate consumption [2] - The company is exploring new paths for the integration of public cultural services and the cultural industry, utilizing technology to empower cultural spaces and enhance local cultural narratives [3] Group 1: Night Economy - The company views the night economy as a significant sector that serves as an important lever for stimulating consumption, with support from both national and local governments [2] - The company has been involved in projects like the "One River, Two Banks" initiative to elevate urban capabilities in regions such as Guangdong, Hunan, and Guizhou [2] - The company aims to create integrated digital scenes that combine local culture, natural landscapes, and commercial activities to activate secondary consumption and appeal to younger demographics [2] Group 2: Digital Exhibition and Cultural Services - The company is actively exploring the integration of public cultural services with the cultural industry, enhancing cultural venues like museums and heritage sites through technological means [3] - The focus is on transforming cultural spaces into essential components of daily cultural leisure for the public, rather than just educational venues [3] - Emphasis is placed on innovating methods and constructing business models for the revitalization of intangible cultural heritage to achieve both social value and economic benefits [3] Group 3: Entertainment and IP Development - The company has transitioned from a technology service provider to a content creator in the entertainment sector since the 2008 Beijing Olympics [3] - Recent productions include immersive performances and the exploration of lightweight, interactive entertainment forms to promote diversification and sustainability in cultural tourism performances [3] - The company recognizes the significant development potential of Chinese civilization IP and is leveraging big data to analyze consumer preferences, aiming to convert cultural content into impactful IP assets [3]