闪魂由姚记科技董事长姚朔斌和卡牌行业老兵盛川联合创立，由盛川担任公司CEO。本轮融资由高瓴创投（GL Ventures）领投，高榕创投、凯辉基金跟 投，光源资本担任独家财务顾问。 在"情绪消费"和"悦己经济"成为新共识的时代背景下，文创产业下的卡牌行业正迎来黄金爆发期。其中，兼具收藏、社交与竞技属性的集换式卡牌 （TCG），因其更高的设计壁垒和用户粘性，正成为这条黄金赛道上的价值焦点。此次融资的顺利完成体现了资本市场对高速增长的文创产业和IP经济赛 道，尤其是对闪魂卡牌产业全链条能力和作为中国品牌以全球化发展集换式卡牌（TCG）为长期战略的高度认可。 势如破竹：短短一年多，闪魂从起势到领跑 2023年成立的闪魂依托于清晰、高效且环环相扣的战略布局，在短短一年多时间完成了从奠基到引爆的跨越式发展，成功发行一系列重磅 IP 卡牌。其中 《第五人格》、《原神-七圣召唤》、《重返未来：1999》更是成为现象级爆品，推动公司在 2024 至 2025 年实现了指数级增长。闪魂以惊人的速度，成为 卡牌浪潮中最不容忽视的后发引领者。 (@ 2 12 a d bi TELL v用玻 8 闪被 闪耀 @ r G SHINING ...

来源：新浪证券-红岸工作室 1月5日，源飞宠物涨0.42%，成交额3562.41万元，换手率1.40%，总市值45.36亿元。 异动分析 宠物经济+跨境电商+IP经济(谷子经济)+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、根据2025年12月22日公司官微：近日，源飞宠物与潮玩品牌 Heyone 黑玩达成战略合作。此次合作 并非简单的财务布局，而是公司基于既有制造与供应链管理能力，在相关消费领域进行的一次能力延展 型探索。在稳固发展宠物食品与宠物用品核心业务的同时，源飞宠物正通过产业协同方式，尝试将其在 品质控制、生产管理与规模化交付方面的成熟经验，应用到对产品品质要求同样严苛的潮玩赛道。源飞 宠物长期深耕宠物食品及宠物用品领域，围绕安全标准、材料选型、生产流程与交付稳定性，构建 ...

专题：2025全球文化IP产业发展大会 2025全球文化IP产业发展大会于2025年12月26—27日在上海举行，主题为"IP无界·智创未来——文化IP 与科技融合的全球化探索"。 中国音像著作权集体管理协会副理事长兼总干事周亚平在"IP潮流风向标"主题分享中表示，IP经济已成 为现代文化产业与消费经济的重要引擎，其竞争维度正在从功能价值转向情感价值与文化认同。IP的核 心在于与用户建立长期、稳定、可复购的情感连接，并通过授权、衍生、跨界合作等方式拓展产业链 条，实现边际成本递减与规模效应。 周亚平指出，IP打造并不容易，行业面临同质化、过度消费、盗版侵权等挑战。未来需要在内容原创、 商业化节奏与版权保护之间取得平衡，并借助技术与内容融合持续扩展IP经济形态与边界。 我相信，随着技术与内容进一步深度融合，IP经济的形态和边界还会继续扩展，但越是扩展，越需要规 则与治理的底座。希望行业共同努力，既让创新更有活力，也让市场更有秩序，让IP在长期主义中实现 更大价值。谢谢大家！ 责任编辑：何俊熹 专题：2025全球文化IP产业发展大会 2025全球文化IP产业发展大会于2025年12月26—27日在上海举行，主题为 ...

来源：新浪证券-红岸工作室 12月31日，源飞宠物涨0.17%，成交额3520.32万元，换手率1.39%，总市值45.16亿元。 异动分析 宠物经济+跨境电商+IP经济(谷子经济)+人民币贬值受益+一带一路 区间今日近3日近5日近10日近20日主力净流入522.56万748.34万-74.95万-211.26万500.68万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1991.02万，占总成交额的9.24%。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、根据2025年12月22日公司官微：近日，源飞宠物与潮玩品牌 Heyone 黑玩达成战略合作。此次合作 并非简单的财务布局，而是公司基于既有制造与供应链管理能力，在相关消费领域进行的一次能力延展 型探索。在稳固发展宠物食品与宠物用品核心业务的同时，源飞宠物正通过产业协同方式，尝试将其在 品质控制、生产管理与规模化交付方面的成熟经验，应用到对产品品质要求同样严苛的潮玩赛道。源飞 宠物长期深耕宠物食品及宠物 ...

12月28日，广州白云山云台花园迎来一场别开生面的"生日会"——"萌动广州'大湾鸡'迎新年"主题发布 仪式。这场活动集文化发布、潮流表演、互动体验于一体，生动呈现十五运会和残特奥会吉祥物"喜洋 洋"与"乐融融"从赛事吉祥物向"大湾鸡"文化IP转型的多元发展蓝图。现场以全城联动的热闹氛围，拉 开了广州迎新年的欢乐序幕。 十五运会和残特奥会广州赛区执委会副主任、副秘书长，广州市政府副秘书长朱小燚表示，广州将 以"大湾鸡"IP为核心引擎，系统性地推动体育、旅游、文创、消费等产业的深度融合，让"可爱动能"转 化为切实的"发展势能"。同时，广州多部门与文化企业合力为"大湾鸡"IP赋能升级。其中，杰森娱乐等 多家企业同期推出文创联名、主题展览、特许商品等多元内容，涵盖盲盒、挂饰、毛绒玩具等多个系 列，推动"大湾鸡"融入市民生活，成为广州鲜活的城市名片。 杰森娱乐集团董事长林俊作为参与"大湾鸡"IP运营的合作方代表，在发布仪式上分享了IP的发展计划。 他表示，将通过"三个一"计划开启"大湾鸡"IP发展新篇章，一是围绕节日、日常生活与文体旅，打造一 系列实用、有趣、可互动的文创产品，让"大湾鸡"成为湾区人的生活方式；二是通过 ...

Group 1: Market Overview - The textile and apparel sector in 2025 saw a cumulative increase of 12.02%, underperforming the CSI 300 index by 4.08 percentage points, ranking eighteenth among thirty-one Shenwan primary industries [3][17] - The sub-sectors of textile manufacturing, apparel and home textiles, and accessories recorded cumulative increases of 9.65%, 11.31%, and 17.43% respectively [3][17] - The PE-TTM for the textile and apparel sector stands at 20.32 times, which is at the 76.86% percentile of the past five years [3][17] Group 2: Domestic Consumption - In 2025, the total retail sales of consumer goods reached 45.61 trillion yuan, with a year-on-year growth of 4.0% [4][30] - The consumer confidence index improved from 86.4 at the end of 2024 to 89.4 in October 2025 [4][30] - Retail sales of textiles and apparel, cosmetics, gold and silver jewelry, and sports/entertainment products grew by 3.5%, 4.8%, 13.5%, and 16.4% respectively from January to November 2025 [4][30] Group 3: International Consumption - U.S. apparel sales showed a year-on-year increase of 5.34% as of October 2025, with inventory levels at a low since 2022 [4][34] - European retail sales indices have turned positive since 2024, maintaining steady low single-digit growth in 2025 [4][34] - Vietnam's textile and footwear exports reached 35.91 billion USD in 2025, with a year-on-year growth of 6.7% [4][44] Group 4: Textile Manufacturing - The textile manufacturing sector faced revenue growth challenges in 2025, with a year-on-year revenue increase of only 4.3% and a decline in net profit by 5.6% [5][46] - The sector's performance was impacted by U.S.-China tariff pressures, leading to cautious ordering from brands [5][46] - Recommendations include focusing on leading manufacturers like Yuanyuan Group, Shenzhou International, and Huali Group, which have lower exposure to U.S. markets and strong recovery potential [5][67] Group 5: Apparel and Home Textiles - The apparel sector is experiencing a weak recovery, with a focus on consumer performance and innovation in home textiles [8][4] - Companies like Ge Li Si and Jiangnan Buyi are highlighted for their stable performance, with Ge Li Si showing a 40.2% increase in net profit in Q3 2025 [8][4] - The home textiles sector is driven by major products, with companies like Luolai Life and Mercury Home Textiles showing significant revenue growth [8][4]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company. Core Insights - The IP snack market in China is projected to grow significantly, with a market size expected to reach 11.5 billion RMB in 2024 and 30.5 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of approximately 20.9%, which is substantially higher than the overall retail market growth of 4.1% during the same period [10]. - Jin Tian Animation claims to be the largest IP snack company in China, with a market share of 7.6% and projected revenues of 877 million RMB and a net profit of 122 million RMB for 2024 [16]. - The company's gross margin for the first half of 2025 is reported at 34.7%, which is over 8 percentage points higher than competitors like Three Squirrels and Liangpinpuzi, whose margins hover around 25% [7]. Summary by Sections Section 1: Industry Overview - The IP snack industry is characterized by the integration of popular anime IPs into food products, enhancing their emotional and collectible value, which drives consumer purchasing behavior [6][9]. - The report highlights the potential for high product premiums due to the emotional connection consumers have with the IPs [7]. Section 2: Company Performance - Jin Tian Animation's revenue has shown rapid growth, increasing from 596 million RMB in 2022 to 877 million RMB in 2024, with a CAGR of 21.3% [53]. - The company has a diverse portfolio with 26 licensed IPs and over 600 active SKUs, covering various snack categories [17]. Section 3: Key IPs and Risks - The company's flagship product, the "Ultraman Egg," has sold 70 million units since its launch, contributing 12.7 billion RMB in revenue over three and a half years [20]. - However, the company faces risks related to IP licensing, particularly with the Ultraman IP, which has less than 12 months remaining on its current licensing agreement [24][26]. Section 4: Financial Health - Despite revenue growth, the company's cash flow has shown signs of decline, with a 34.7% drop in net cash flow from operating activities in the first half of 2025 compared to the previous year [63]. - The reliance on a distributor network has decreased, with revenue from distributors dropping to 55.1% of total revenue in the first half of 2025, down from over 95% in previous years [59][60]. Section 5: Future Outlook - Jin Tian Animation is attempting to diversify its IP portfolio to reduce dependency on single IPs, with other IPs like "My Little Pony" and "Peppa Pig" contributing to revenue [41]. - The company has plans to develop its own IPs, but current R&D spending is minimal, accounting for less than 0.5% of total revenue [49][48].

来源：市值风云 作者 | 贝壳XY 零食届"IP搬运工"，还能搬多久？ 作者 | 贝壳XY 编辑 | 小白 近几年，IP经济越发盛行，从泡泡玛特（09992.HK）引爆盲盒热潮，到布鲁可（00325.HK）以"中国乐 高"之姿上市，再到卡牌龙头卡游两度冲击港股…… 如今，战火已燃至"舌尖"：深耕IP趣玩食品行业多年的金添动漫正式向港股发起冲击，有望成为国 内"IP食玩第一股"。 金添动漫，能否讲出资本市场期待的新故事？ IP零食百亿蓝海 在分析金添动漫之前，先简单了解一下什么是IP趣玩食品。 拿饼干来说，如果是一包普通的饼干，可能只卖3块钱。但如果它的包装上印着奥特曼，里面还附赠一 张稀有角色卡，它在孩子们眼中就相当宝贵。 孩子想要抽中某张卡或者想凑齐一套，就会多次购买甚至高价购买这个饼干，饼干的售价及销量翻个倍 也不成问题。 也就是说，当IP趣玩食品给普通零食披上动漫IP的外衣、附赠动漫IP的某种载体后，消费者就不仅是为 零食本身买单，更是为这一动漫IP的情绪价值与收藏乐趣买单。 并且，"玩"的情绪与收藏价值往往要高于"食"的本身价值，从而为IP趣玩食品赋予了更高的产品溢价， 这一点从毛利率中能够得到印证。 ...

Core Viewpoint - The article discusses the rise of the IP economy in the snack industry, focusing on Jin Tian Animation's potential as the first "IP food play" stock in Hong Kong, while highlighting the challenges and risks associated with reliance on licensed IPs [3][4]. Group 1: Market Potential - The IP snack market in China is projected to grow from 11.5 billion RMB in 2024 to 30.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of approximately 20.9%, significantly outpacing the overall retail market growth of 4.1% [6]. - Jin Tian Animation's gross margin reached 34.7% in the first half of 2025, an increase of over 8 percentage points compared to 2022, while competitors like Three Squirrels and Liangpinpuzi maintained margins around 25% [5]. Group 2: Company Performance - Jin Tian Animation reported revenues of 877 million RMB and a net profit of 122 million RMB in 2024, holding a market share of 7.6% in the IP snack sector, making it the leading company in this niche [13]. - The company has a diverse portfolio with 26 licensed IPs and over 600 active SKUs, covering five major categories of snacks, and has a distribution network that spans over 1,700 counties in China [15]. Group 3: Dependency on IPs - The company's flagship product, "Ultraman Egg," has sold 70 million units since its launch, contributing 12.7 billion RMB in revenue over the past three and a half years, but the IP license is set to expire in less than 12 months [17][19]. - Approximately 63% of the company's revenue in 2022-2023 came from the Ultraman IP, which dropped to 43.9% in the first half of 2025, indicating a heavy reliance on a single IP [19]. Group 4: Licensing Risks - The company faces significant risks as it does not own the IPs it relies on, making it vulnerable to potential increases in licensing fees and the possibility of losing key IPs upon contract expiration [10][28]. - Following the exit of a key shareholder who was also the IP agent for Ultraman, the company lost its close ties to the IP source, raising concerns about future licensing negotiations and costs [25][27]. Group 5: Financial Health - From 2022 to 2024, the company experienced rapid revenue growth from 596 million RMB to 877 million RMB, with a CAGR of 21.3%, and net profit growth of 98% [41]. - However, the company's cash flow has shown signs of deterioration, with a 34.7% decline in net cash flow from operating activities in the first half of 2025 compared to previous years [49][51].

来源：新浪证券-红岸工作室 12月26日，源飞宠物跌1.09%，成交额4929.76万元，换手率1.95%，总市值44.92亿元。 异动分析 宠物经济+跨境电商+IP经济(谷子经济)+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 今日主力净流入-372.73万，占比0.08%，行业排名10/22，连续3日被主力资金减仓；所属行业主力净流 入-1.99亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-372.73万-981.07万-1499.42万-995.92万1849.88万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1499.42万，占总成交额的5.68%。 技术面：筹码平均交易成本为24.75元 该股筹码平均交易成本为24.75元，近期筹码关注 ...