天机控股(01520)升11%，截至发稿，涨10%，报1.1港元，成交额423.56万港元。 公开资料显示，天机控股致力于为各类IP持有方与品牌方提供全周期的IP生态构建与运营服务。在消费 IP领域，公司围绕IP商品交易形成三大核心业务：IP数字化、IP产品二次交易及IP生态运营。今年8月， 天机控股宣布与西足链科技成立合资公司，专业承接Web3.0模式的体育IP经济新消费运营业务，球星卡 与手办玩偶、权益类卡券等IP品类。此外，在工业IP领域，公司已与沙特工业和矿产资源部建立战略合 作，协助沙特推进"2030愿景"下的国家级工业IP建设。 据天机控股方面透露，公司即将上线LaLiga官方APP，为会员提供门票及周边商品的购买与兑换服务。 每个IP均拥有固有粉丝群体，公司将通过构建粉丝社群进行运营。盲盒仅是社群内可销售的商品形式之 一，此外还包括球星见面会、线下体验等权益。至于未来一至两年业绩增长预测，公司IP业务目前处于 扩展初期，商业模式跑通后，具备快速复制和规模扩张的潜力。整体来看，公司认为业绩具备倍数增长 的空间。 ...

Core Insights - The article highlights the transition of long video platforms from scale competition to value realization, driven by the dual backdrop of intensified competition between long and short videos and the explosive growth of micro-dramas [1][2]. Financial Performance - In Q3 2025, the company reported total revenue of 6.68 billion RMB, with membership services leading the revenue structure, showing a 3% quarter-on-quarter increase to 4.21 billion RMB. Online advertising services generated 1.24 billion RMB, while content distribution and other business revenues totaled 1.23 billion RMB [3]. - The total cost decreased by 3% year-on-year to 5.47 billion RMB, indicating effective revenue and cost management [3]. Growth Drivers - The company identified three core growth drivers: explosive overseas business performance, deep integration of AI technology, and accelerated layout of experiential business [3][5]. - In Q3, the international version of the platform achieved record-high daily membership numbers, with membership revenue growing over 40% year-on-year, marking the highest revenue growth in nearly two years [5][6]. Overseas Expansion - The overseas business has become a significant performance increment, with membership revenue in key regions like Brazil, Mexico, and Indonesia seeing over 100% year-on-year growth [5][6]. - The dual strategy of "mainland IP going global + local content creation" has been effective, with localized productions resonating well with regional audiences [6][8]. AI Integration - AI technology is reshaping the content ecosystem, with the global AI video market expected to reach 218 billion RMB by 2025, with China accounting for 42% of this market [10]. - The company has implemented AI across the content creation process, significantly reducing production costs by 40% to 50% [11][13]. IP and Experiential Business - The company is expanding its IP value beyond online content to offline experiences, with significant growth in IP consumer products and experiential businesses [15][18]. - The transition from "single licensing" to a "self-operated + licensed" model has resulted in over 100% year-on-year revenue growth in the IP consumer products sector [18][20]. Conclusion - The company's Q3 performance and positive market response reflect its commitment to quality content, technological empowerment, and global expansion. The CEO emphasized the focus on high-quality content and IP while actively investing in overseas and AI sectors, indicating a shift from a traditional content platform to a global IP ecosystem operator [20].