Core Viewpoint - The 55th Chengdu International Panda Lantern Festival, themed "Sichuan Lanterns Shine Worldwide: Dreamy Dong'an Lake," officially opened on February 7 and will run until March 22, with a closure on the eve of the Lunar New Year, February 16 [3][7]. Group 1 - The festival features over 40 sets of colorful lanterns, showcasing Sichuan's cultural elements such as national treasures, the Shu Road, the Three Kingdoms, poetry, and Hakka culture across a 330-acre area [7]. - The event is designed to create an immersive cultural and tourism experience, integrating elements like "Rongcheng Joyous Events," "Must-Visit Sichuan," and "Clean and Honest Rongcheng" into the festival [7]. - The festival employs innovative concepts such as "IP Empowerment, Scene Integration, and Vitality Drive" to construct new design scenarios [7]. Group 2 - In addition to the lantern displays, the festival includes various intangible cultural heritage projects and unique experiences, featuring performances like the trendy dance "Shuhan Boys" and "Heavenly Court Dance Troupe" [8]. - The festival hosts markets like "Flower Market" and "Prosperity Market," offering Sichuan specialties, family-friendly foods, and international fusion cuisine, creating a vibrant atmosphere for visitors [8]. - The festival's opening hours are from 15:00 to 22:30 on weekdays and weekends, with extended hours during the Spring Festival, allowing visitors to enjoy the lanterns and celebrate the New Year [8].

Core Viewpoint - Yonghui Supermarket has launched a new strategy called "New Yonghui New Year Flavor," featuring a dedicated "Joy Market" area in stores that showcases various traditional New Year goods and decorations [1] Group 1: New Year Strategy - Yonghui Supermarket has set up a "Joy Market" section in stores, offering items such as Spring Festival couplets, Fu characters, lanterns, and creative decorations [1] - The supermarket is hosting a three-day themed event from January 24 to 26, featuring tastings of traditional Laba porridge, discounts on Laba garlic, and innovative experiences like grilled lamb skewers paired with Laba garlic [1] - Yonghui has selected 30 high-demand products, seasonal fresh produce, and essential goods to offer special discounts, providing a one-stop shopping solution for New Year purchases [1] Group 2: IP Empowerment and Product Innovation - A highlight of this year's "Joy Market" is the introduction of products from popular IPs such as Sanrio and My Little Pony, featuring festive decorations that blend cute cartoon elements with traditional Chinese auspicious symbols [1] - The product development and creative design for traditional items have been enhanced, including 3D cartoon couplets and various fabric couplets, addressing common issues with traditional adhesive designs [1] - The "Joy Market" also features ancient-style lanterns made from faux sheepskin paper, 3D财神 (God of Wealth) ornaments, and woven Chinese knots, showcasing a blend of tradition and innovation [1]

Group 1 - The company Jinma Amusement (300756.SZ) plans to issue shares to specific targets, raising a total of up to 1.053 billion yuan (including principal) [1] - The number of shares to be issued will not exceed 47.2795 million shares (including principal), calculated based on the total amount of funds raised divided by the issue price [1] - The raised funds will be used for projects related to the company's main business, including research and industrialization of cultural tourism robots, IP empowerment enhancement projects, construction and operation of parks and attractions, and to supplement working capital [1]

Core Viewpoint - Jinma Amusement (300756.SZ) plans to raise a total of no more than RMB 1,052.95 million through stock issuance, which will be allocated to various projects including research and industrialization of cultural tourism robots, IP empowerment enhancement, and park and scenic spot construction and operation [1] Fundraising Purpose - The funds raised will be used for the development and industrialization of cultural tourism and entertainment robots [1] - The company will also invest in IP empowerment enhancement projects [1] - Additional allocations will be made for the construction and operation of parks and scenic spots [1] - A portion of the funds will be used to supplement working capital [1]

Core Viewpoint - Jinma Amusement announced a stock issuance plan to raise up to approximately RMB 1.053 billion for various projects, including R&D and operational enhancements in the cultural and entertainment sectors [1]. Group 1: Stock Issuance Details - The stock issuance plan has been approved by the company's fourth board of directors' seventeenth meeting [1]. - The issuance will target no more than 35 specific investors and will not exceed approximately 47.28 million shares, which is 30% of the company's total shares before the issuance [1]. - The issuance price will be no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1]. Group 2: Fund Utilization - The raised funds will be allocated to several projects: - RMB 454 million for the development and industrialization of cultural and entertainment robots [1]. - RMB 194 million for IP empowerment enhancement projects [1]. - RMB 285 million for the construction and operation of parks and attractions [1]. - RMB 120 million for supplementing working capital [1].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][7]. Core Views - The company is positioned as a comprehensive stationery supplier and office service provider, with traditional core businesses including writing tools, student stationery, and office supplies. New businesses include the ToB retail e-commerce platform and retail stores [6][10]. - The company is expected to leverage IP and international expansion as new growth drivers, enhancing product pricing and market reach [6][10]. Summary by Sections 1. Company Overview - The company has a stable traditional core business while accelerating exploration of new business opportunities [10]. - Revenue and profit have shown steady growth, with a projected revenue of 24.2 billion yuan in 2024, reflecting a CAGR of 23% from 2014 to 2024 [14][16]. 2. Core Business - The company focuses on enhancing product value through IP, leading to continuous price increases. The sales volume of traditional core products has faced pressure, but the average price has increased due to product structure optimization and IP collaboration [26][30]. - The company has established a unique "Morning Light Partner Pyramid" marketing model, enhancing its competitive edge through extensive retail networks [32]. 3. Office Direct Sales and Retail Stores - The office direct sales segment, represented by the company’s ToB platform, has shown steady revenue growth, achieving 13.8 billion yuan in 2024, with a CAGR of 30% from 2019 to 2024 [39][45]. - The retail store segment, including brands like "Jiumu Zawushang" and "Morning Light Life Museum," has expanded significantly, with 741 stores by 2024, reflecting a 20% year-on-year increase [47][51]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 25.2 billion yuan in 2025, with a growth rate of 4% year-on-year, and 30.4 billion yuan by 2027, maintaining a similar growth trajectory [58]. - The report anticipates improvements in gross margins due to IP enhancements, projecting a gross margin of 18.5% in 2025 [59].

Core Viewpoint - The 2025 Indonesia ASEAN Stationery and Gift Expo in Jakarta has seen significant interest from exhibitors, with many securing potential orders, highlighting the growth and transformation of China's stationery industry, which has an annual export value of $28 billion and a growth rate of 15% [1] Group 1: Market Performance - In the first seven months of this year, Yiwu's stationery exports reached 410 million yuan, a growth of 12.3%, with exports to ASEAN at 40 million yuan (6.3% growth), to the EU at 50 million yuan (10.1% growth), and the fastest growth in Africa with over 50 million yuan (31.9% growth) [1] - A product ordering event in Bangkok featured over 10,000 stationery items, attracting more than 200 wholesalers, indicating strong demand and engagement from the Thai market [2] Group 2: Business Model Innovation - The new approach of "source factory + product ordering meeting" aims to recruit overseas agents rather than just selling products, which is a cost-effective and replicable model for expanding Yiwu brands into international markets [2] - Over twenty companies have already found local agents in Thailand, with plans to replicate this model in the Philippines, Vietnam, and even Europe and South America [2] Group 3: IP Empowerment and Market Expansion - Chinese IP stationery products have gained popularity in Thailand, with local merchants showing interest in unique designs featuring popular IP characters, indicating a trend towards emotional and aesthetic value in products [3][4] - The successful creation of IP products can enhance pricing power and increase profit margins by 3% to 5% [3] Group 4: Technological Innovation and Design - Yiwu merchants are transitioning from OEM production to design-led innovation, with a focus on creating products that appeal to global markets [5] - The introduction of smart stationery products, such as intelligent time management devices, has sparked new consumer interest, with domestic sales reaching approximately 3,000 units per day at a price point above 30 yuan [6] - AI-themed stationery products, such as the "Cyber Light Year" and "AI Future" series, are particularly popular among middle school students, showcasing the blend of technology and design in modern stationery [6]

Core Viewpoint - The third Shenzhen-Hong Kong Cultural and Creative Industry Cooperation Forum and Cultural IP Invitation Exhibition highlighted the importance of IP empowerment in the cultural and creative industries, showcasing the collaboration between various brands under the Dingdang Cat Group [1][8]. Group 1: Event Overview - The event was themed "Cultural Bay Area · IP Empowerment" and took place in Shenzhen, featuring multiple brands from the Dingdang Cat Group, including Eyefrog, Dingdang Cat, R100, and M&Q [1]. - The forum served as a platform for industry integration and exploring new opportunities for the cultural and creative industries in the Bay Area [1]. Group 2: Brand Highlights - Eyefrog is a core brand of the Dingdang Cat Group's IP ecosystem and gained significant attention at the event due to its involvement in the animated series "Laughing Planet," which promotes positive energy through light comedy narratives [3]. - The brand matrix, including Eyefrog, Dingdang Cat, R100, and M&Q, has established a broad audience base across all age groups, reinforcing the foundation for cross-industry integration and value enhancement [3][6]. Group 3: Collaboration and Partnerships - During the event, the Dingdang Cat Group engaged in one-on-one negotiations with key IP stakeholders, resulting in multiple cooperation intentions, including a formal partnership with Shantou Xiaotouming Island Animation Co., Ltd. [5]. - The partnership aims to leverage the IP "Tao Xiaofeng" to create a series of distinctive products, further implementing the brand's IP strategy and enhancing brand reputation and marketing [6]. Group 4: Strategic Development - Since initiating its brand IP transformation in 2017, the Dingdang Cat Group has focused on IP as a core driver, promoting collaborative development among its four major brands [6]. - The company has successfully launched a diverse range of products, including IP-themed apparel, stationery, and toys, which are now sold globally, alongside popular offline experiences like IP-themed tea shops and comprehensive experience centers [6]. - Eyefrog continues to be a benchmark for the group's IP transformation, while the other brands maintain differentiated positioning in their respective niches, contributing to a robust IP industry ecosystem [6]. Group 5: Future Directions - The participation in the forum reflects the commitment of Eyefrog and its sister brands to the IP empowerment concept, aiming to expand their development paths through resource integration and partnership agreements [8]. - The group plans to deepen collaborations with quality industry partners and advance its IP strategy, contributing to the high-quality development of the cultural and creative industries in the Greater Bay Area [8].

Core Viewpoint - The development of the ice and snow economy is gaining momentum across various regions in China, with significant government initiatives and events planned to enhance winter tourism and related industries. However, the industry faces challenges due to its seasonal and regional characteristics, necessitating a transformation for companies to achieve stable year-round operations [1]. Group 1: Industry Initiatives - The Heilongjiang Provincial Government has issued an implementation plan for a "100-day action" for winter tourism from 2025 to 2026, aiming to create a world-class ice and snow tourism destination [1]. - The 19th Xinjiang Winter Tourism Industry Trade Expo and the 2025 Xinjiang Hot Snow Festival will take place from November 14, 2025, to January 14, 2026 [1]. - Other provinces such as Jilin, Gansu, Liaoning, and Hebei are also introducing policies to encourage the development of the ice and snow industry, contributing to a growing interest in the capital markets [1]. Group 2: Strategies for Companies - Companies should focus on high-end ice and snow equipment, leveraging advanced technology to overcome seasonal dependencies. This includes developing mobile and easy-to-assemble snow-making machines for various climates and exploring export opportunities [2]. - The development of ice and snow derivative products through collaboration with well-known IPs can activate consumer potential, allowing companies to maintain sales even in off-seasons [3]. - Establishing a closed-loop ecosystem for ice and snow events, including training, regional competitions, and national finals, can help maintain operations year-round and mitigate seasonal revenue fluctuations [4]. - Companies can explore the health industry by offering packages that combine ice and snow sports with wellness services, thus increasing occupancy rates during off-seasons and attracting high-net-worth individuals [5]. Group 3: Overall Recommendations - Companies are encouraged to innovate technologically, empower products through IP collaborations, support operations with event management, and extend into the health sector to create a sustainable business ecosystem that operates year-round [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Insights - The company reported a revenue of 6.52 billion yuan in Q3 2025, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 390 million yuan, up 0.6% year-on-year [1] - The traditional core business saw a revenue decline of 4% year-on-year, while new business revenue grew by 16% [2] - The company is focusing on product development, technological innovation, and IP empowerment to enhance its competitive edge [2] - The office direct sales segment reported a revenue of 9.69 billion yuan in the first three quarters, a year-on-year increase of 5.8% [3] - The company is increasing its investment in IP products, with revenue from its lifestyle brand reaching 1.19 billion yuan, a year-on-year increase of 6.85% [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 17.33 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 950 million yuan, down 7.2% year-on-year [1] - The report projects net profits for 2025, 2026, and 2027 to be 1.38 billion, 1.55 billion, and 1.74 billion yuan respectively, with corresponding P/E ratios of 19X, 17X, and 15X [5] - The company’s gross margin for writing tools was 44.12%, for student stationery was 35.57%, and for office stationery was 26.55% [1] Business Strategy - The company is committed to long-termism and is enhancing its product offerings, including classic bestsellers and innovative products that resonate emotionally with consumers [2] - The focus on digital transformation and customer expansion is expected to improve profitability in the future [3] - The company plans to continue expanding its retail presence, with over 870 stores nationwide [4]