广博集团股份有限公司 2025 年半年度报告全文 广博集团股份有限公司 广博集团股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王利平、主管会计工作负责人王君平及会计机构负责人(会计 主管人员)黄琼声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者及相关人士对此保持足够的风险认识，并且理解计划、预测与承诺 之间的差异。 公司在本报告"管理层讨论与分析—公司面临的风险和应对措施"部分， 详细描述了公司经营中可能存在的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 广博集团股份有限公司 2025 年半年度报告全文 目 录 广博集团股份有限公司 2025 年半年度报告全文 （一）载有公司法定代表人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表； （二）报告期内在中国证监会 ...

十五运会和残特奥会官方特许商品旗舰店 摄 / 宋婕 当前，IP 衍生品已经成为传播文化内容、提供独特体验、聚集线上线下受众的重要载体。 今年夏天，十五运会和残特奥会官方特许商品旗舰店在广州开设，选址在日均客流量超 10 万的正佳广场，不远处正是在 2017 年以 84.4 万人 次成为全国单日客流量最高站点的体育西路地铁站。 第一财经观察到，这种将 IP 衍生品商店设在 " 商业地标 + 交通枢纽 " 的区位，以最大程度来扩大受众面的经营模式，已在多类文体旅活动中 得以应用。在 AI 技术和社交文化的推动下，IP 衍生品销售在这一基础上又呈现出新的发展趋势。 IP 衍生品推动情绪消费需求抬升 如今，十五运会和残特奥会官方特许商品零售店就已在包括北京在内的全国多个城市开设了两百余家，大多位于地标、景区、机场、高铁站和 地铁站。此前，相关负责人公开表示，这些零售店都是宣传推广十五运会和残特奥会的窗口。 " 苏超 " 赛事线下唯一的快闪门店，也已经于 8 月 6 日在南京南站开业，店内汇集了 72 个品类、103 款周边产品，涵盖赛事周边文创、纪念 品、潮玩盲盒以及融合江苏非遗元素的特色商品。 IP 衍生品的产销， ...

Core Viewpoint - The article discusses the growing significance of IP derivatives as a medium for cultural content dissemination, unique experiences, and audience engagement, particularly in the context of recent sports events and the influence of AI and social culture on sales trends [3][5]. Summary by Sections IP Derivative Market Development - Over 200 official retail stores for the 15th National Games and the Special Olympics have been established across various cities, primarily located in commercial landmarks and transportation hubs to maximize audience reach [6]. - The retail model has been successfully applied in various cultural and sports events, with companies like Guangdong Ha Yi Dai Toy Co., Ltd. serving as licensed producers and retailers for these events [6][7]. Consumer Demographics and Trends - The target demographic for IP derivative products includes young adults aged 18 to 35, who are characterized by their individuality and social sharing tendencies [8]. - The market is currently experiencing a transition from rapid growth to structural differentiation, driven by the emotional value preferences of Generation Z, leading to peaks in event-driven consumption [8][10]. Challenges and Opportunities - The supply side of the derivative market faces challenges such as high demand but low barriers to entry, leading to product homogenization and supply chain rigidity [10]. - Long-term success in the IP derivative market requires a shift from reliance on traffic to value creation, with companies needing to establish a closed-loop ecosystem that integrates content, derivatives, experiences, and user engagement [10][12]. Strategic Importance of IP Derivatives - IP derivatives are evolving from mere ancillary products to strategic touchpoints that connect offline experiences with online interactions, enhancing user engagement and community building [14]. - The integration of innovative technologies and cultural elements into product design is essential for differentiation and sustained consumer interest [18]. Policy Support and Industry Growth - National and local policies are increasingly supporting the design, production, and sales of IP derivatives, promoting the integration of traditional culture into product development [16][17]. - Initiatives in provinces like Shandong and Hubei are encouraging independent development and cross-industry collaboration in cultural creative product development [16][17]. Future Directions - Companies are advised to innovate in product design by incorporating narrative experiences and local cultural elements, while also leveraging technology for enhanced consumer interaction [18]. - Strategic partnerships, such as the collaboration between Giant Star Legend and Yushu Technology, aim to develop consumer-grade robotic products with strong IP attributes [18].

当前，IP衍生品已经成为传播文化内容、提供独特体验、聚集线上线下受众的重要载体。 今年夏天，十五运会和残特奥会官方特许商品旗舰店在广州开设，选址在日均客流量超10万的正佳广 场，不远处正是在2017年以84.4万人次成为全国单日客流量最高站点的体育西路地铁站。 第一财经观察到，这种将IP衍生品商店设在"商业地标+交通枢纽"的区位，以最大程度来扩大受众面的 经营模式，已在多类文体旅活动中得以应用。在AI技术和社交文化的推动下，IP衍生品销售在这一基础 上又呈现出新的发展趋势。 十五运会和残特奥会官方特许商品旗舰店 摄/宋婕 IP衍生品推动情绪消费需求抬升 如今，十五运会和残特奥会官方特许商品零售店就已在包括北京在内的全国多个城市开设了两百余家， 大多位于地标、景区、机场、高铁站和地铁站。此前，相关负责人公开表示，这些零售店都是宣传推广 十五运会和残特奥会的窗口。 "苏超"赛事线下唯一的快闪门店，也已经于8月6日在南京南站开业，店内汇集了72个品类、103款周边 产品，涵盖赛事周边文创、纪念品、潮玩盲盒以及融合江苏非遗元素的特色商品。 IP衍生品的产销，已然是相当成熟的业态。广东哈一代玩具股份有限公司是十五运会的 ...

阅文与王者荣耀联动，关注 IP 衍生品行 业势能 ——轻工纺服行业周报（20250811-0815） 一、行情回顾：本周（2025.08.11-2025.08.15），A股 SW纺织服饰行 业指数下滑 1.37%，轻工制造行业上涨 1.56%，而沪深 300 上涨 2.37%，上证指数上涨 1.70%。纺织服装在申万 31 个一级行业中涨幅 排名第 29 位，轻工制造在申万 31 个一级行业中涨幅排名第 16 位。 二、核心逻辑： 1）轻工行业：①我们认为潮玩谷子行业需求快速增长，Z 世代引领新 消费趋势，盲盒等产品触及情绪价值深层需求。伴随泡泡玛特、国谷 等产品走向世界，中国 IP 文化加速渗透。②DeepSeek 等 AI 新技术 与轻工制造有望深度融合，伴随以旧换新政策延续、财政持续发力、 国家推动房地产市场止跌回稳等，轻工内需有望逐步企稳，实现估值 修复。 潮玩谷子：阅文集团与王者荣耀联动，深耕 IP 衍生品市场。根据北京 商报网，近日阅文集团与王者荣耀启动了"国创内容战略合作计划"， 同步发布并上线了《诡秘之主》与王者荣耀联动，本次两大世界级 IP 联动，系双方深度合作以来，首次实现周边和皮肤同步上 ...

近年来，"IP经济"因精准契合消费者需求，发展迅速，部分知名IP从小众兴趣圈层逐步破圈。 艾媒咨询报告显示，随着文化消费水平的提升和市场需求的扩大，全球动漫IP特色化趋势明显，并逐渐 衍生出"谷子经济"等产业。数据显示，2024年中国IP衍生品行业市场规模为1742亿元，2020年至2024年 复合年增长率达15.1%，显著高于全球平均增速。 "IP经济"火热 这个夏天，浪浪山小妖怪们的故事击中了不少观众的心。伴随着电影的火热，小猪妖、猩猩怪等IP相关 周边产品成为年轻人热衷的时尚单品。 "我们希望《中国奇谭》IP是一个平台性的IP——中国风格故事的孵化平台、优秀内容的展示平台、创 作人才的聚集平台，最终形成一个良好的内容生态。这是'奇谭宇宙'想打造的生态圈。"上影元副总经 理黄晓峰表示，IP长线价值的释放应从两个方面来考虑：一方面是运营和整体商业化运作能力；另一方 面，IP与用户之间建立的文化与情感关联至关重要。 除了《浪浪山小妖怪》，另一暑期档热门动画影片《罗小黑战记2》也是一个大热IP。这一IP的成功之 处，出品方中文在线首席运营官杨锐志表示：首先在于形象设计，不同年龄层的人都会喜欢可爱治愈的 猫的角色 ...

Group 1 - The media and film industry is showing positive trends, driven by the commercialization of AI technology and improvements in model accuracy and application willingness [1] - The film "The Little Monster of Langlang Mountain" exceeded box office expectations, with Maoyan predicting a revenue increase to 1.524 billion yuan, and July box office reaching 4.067 billion yuan, indicating market recovery [1] - The potential for IP derivative product development is significant, with collaborations like that of Light Chaser Animation and Pop Mart driving sales growth [1] Group 2 - The short drama industry is evolving towards high-quality productions, shifting its profit model from paid to free, fostering win-win collaborations between platforms and producers [1] - The Film ETF (516620) tracks the CSI Film Index (930781), which selects listed companies involved in film content production, distribution, and related services, reflecting the overall performance of the film industry [1] - The CSI Film Index covers the entire industry chain from content creation to terminal screening, demonstrating strong industry representation [1]

Core Viewpoint - The company's 1H25 performance shows a decline in revenue and Non-IFRS net profit, but the results are in line with expectations, with a notable growth in other business segments excluding a specific impact from New丽传媒 [1][2]. Financial Performance - In 1H25, the company achieved revenue of 3.191 billion yuan, a year-on-year decrease of 23.9% - Non-IFRS net profit was 508 million yuan, down 27.7%, aligning with the company's forecast of 486 million yuan and Bloomberg's estimate of 484 million yuan [1] - Excluding the impact of New丽传媒, other business segments saw a 35.7% year-on-year growth in Non-IFRS net profit [1] Business Segments - Online business revenue showed a slight increase, with 1H25 online business revenue at 1.985 billion yuan, up 2.3% - Self-owned platform product revenue grew by 3.1%, while Tencent channel revenue fell by 25.6% due to a significant drop in MAU, attributed to a strategic shift towards paid reading products [1] - IP operation revenue in 1H25 was 1.205 billion yuan, down 46.4%, primarily due to no new series from New丽传媒 in the first half of the year [1][2] - The GMV for IP derivative products reached 480 million yuan, nearing the total of 500 million yuan for the previous year [1] Profitability and Cost Management - The company's gross margin in 1H25 was 50.5%, reflecting a year-on-year increase of 0.5 percentage points - The reduction in sales expenses was due to fewer film projects, leading to decreased promotional and advertising costs [2] - Management expenses also saw a slight year-on-year decline, indicating a more restrained approach [2] Future Outlook - The company has a rich reserve of series from New丽传媒, with several projects scheduled for release in 2025, including "扫毒风暴" and others [2] - The short drama business is set to expand, with over 2,000 web novel IPs being utilized to create high-quality short dramas [3] - The company plans to enhance its IP derivative product offerings, with a significant increase in the speed of new product launches [3] Valuation and Estimates - The company maintains its Non-IFRS net profit forecasts for 2025 and 2026 - Current price corresponds to 21.2x and 18.4x Non-IFRS P/E for 2025 and 2026, respectively - The target price is set at 43.5 HKD, indicating a potential upside of 39.4% based on 30x and 26x Non-IFRS P/E for 2025 and 2026 [3]

Core Viewpoint - In the first half of 2025, the company reported a revenue decline of 23.9% year-on-year, while operating profit increased significantly by 92.7%, and net profit attributable to shareholders rose by 68.5% [1] Revenue Breakdown - The company's revenue is divided into two main segments: online business and copyright operation [1] - Online business revenue reached 1.99 billion yuan, a year-on-year increase of 2.3%, with self-owned platform products growing by 3.1% and Tencent product channel revenue declining by 25.6% [1] - The average monthly active users for self-owned platform products decreased by 2.5%, while the average monthly paying users increased by 4.5% to 9.2 million [1] - Revenue from copyright operation and other businesses was 1.2 billion yuan, a year-on-year decrease of 46.4%, primarily due to the development cycle and scheduling of film and television projects [2][4] Cost and Profitability - The cost of revenue decreased significantly, particularly in content production, which was 190 million yuan, less than one-third of the previous year's figure [4] - Excluding the impact of New Classics Media, the non-IFRS net profit attributable to shareholders was 550 million yuan, a year-on-year increase of 35.7% [4] IP and New Initiatives - The company's IP derivative business showed strong growth, with GMV reaching 480 million yuan, close to the total for the entire previous year [4] - The company is focusing on short dramas and has opened over 2,000 web novel IPs for high-quality short drama production [5] - The integration of AI into existing business is being explored, with the launch of an AI writing assistant that has increased author interaction by 40% [5] International Expansion - The overseas reading platform WebNovel saw a 38% year-on-year increase in revenue from AI-translated works, which now account for over 35% of total platform revenue [6] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 70% of the translated content [6]

Group 1 - The investment rating for the industry is "Accumulate (Maintain)" [4] - The report highlights that the IP toy industry in China is experiencing significant growth, with the market size reaching 1,742 billion RMB in 2024, and IP toys accounting for over 43% of this market [2][60] - The report emphasizes the strong financial performance of the company, with projected revenue of 630 million RMB in 2024, representing a year-on-year growth of 30.7% [1][26] Group 2 - The report identifies three core competitive advantages of the company: IP resources, channel coverage, and supply chain efficiency [3][36] - The company has established a unique competitive advantage system in the IP derivative market, creating a complete business loop through self-owned and authorized IP operations [3][36] - The report notes that the company has successfully expanded its overseas market presence, with overseas revenue projected to reach 147.4 million RMB in 2024, a 152% increase year-on-year [1][15] Group 3 - The report discusses the "Guzi Economy," which refers to the economic activities surrounding secondary cultural products, indicating a broad growth potential in this sector [2][36] - The report forecasts that the overall market size for IP derivatives will exceed 3,357 billion RMB by 2029, with a compound annual growth rate of over 14% from 2024 to 2029 [60][64] - The report highlights that the core consumer group for IP toys is primarily under 35 years old, showing a strong interest and emotional connection to IP content [64][68]