近期，深圳市京基智农时代股份有限公司（以下简称"京基智农"）在分析师会议及电话会议中，接受了 天风证券、长江证券、广发证券、华源证券、长城基金、国金证券、中信证券等8家机构的调研 。以下 为本次投资者关系活动的详细情况： 投资者关系活动关键信息投资者活动关系类别：分析师会议、其他（电话会议）时间：2025年8月26日 上午地点：电话会议参与单位名称：天风证券、长江证券、广发证券、华源证券、长城基金、国金证 券、中信证券等上市公司接待人员姓名：副总裁、董事会秘书蓝地；战略运营中心总经理廖振晖 投资者关系活动主要内容养殖业规划与成本：京基智农目前生猪养殖整体完全成本约为13.3元/kg，场 内成本指标要求更严，预计今年完全成本持续下降。今年生猪出栏目标为230万头左右。能繁母猪情 况：公司落实国家政策，能繁母猪目前无增长。规划在养殖总量不变前提下，提高生产成绩，更新淘汰 现有能繁母猪，并加强蓝耳病血清驯化方案研究与实施。行业疫情应对：受持续暴雨影响，养猪业面临 考验。京基智农建立四色分区防控体系实时检测猪群健康，在养殖基地设立高标准兽医实验室做好质量 检测与疫病防控。蓝耳病血清驯化作用：蓝耳病影响生猪健康，公司联 ...

Core Insights - The article highlights the successful launch of the art exhibition "Light, Transparency, Reflection" by renowned artist Yayoi Kusama in Chengdu, which has become a social media sensation and a new landmark in the city [1][2] - The event is orchestrated by Jingji Zhino (000048), a company traditionally known for pig farming and real estate, showcasing its capability to operate high-profile international IPs [2][3] Company Strategy - Jingji Zhino is transitioning from a focus on material consumption to emotional value, recognizing that "emotional value" is the only growth area as material consumption enters a phase of stock competition [3][4] - The company aims to leverage the high recognition and scarcity of Yayoi Kusama's IP to establish itself as a "spiritual consumption operator," validating its capabilities in acquiring top-tier IPs and localizing operations [3][4] Market Positioning - The IP market is crowded with competitors like Pop Mart and Disney, but Jingji Zhino believes it can carve out a niche by combining top-tier IP collaborations with self-developed IPs, creating a dual-track strategy [8][9] - The company plans to enhance its brand through short-term collaborations with top-tier IPs while nurturing its own IPs for long-term value [8][9] Consumer Engagement - The Chengdu exhibition's success is attributed to its tailored design for the local market, including a 400-square-meter outdoor futuristic exhibition hall and interactive products that resonate with the younger demographic [7][8] - By integrating local culture with high-end art, the exhibition has transformed art into a social currency, validating the model of making high-end IP accessible to the general public [7][8] Future Outlook - Jingji Zhino's IP business is seen as a "second growth curve," focusing on the trendy art sector and combining high-end IP operations with self-developed core products [9][10] - The company aims to differentiate itself by selling experiences alongside products, creating immersive art consumption scenarios that encourage repeat purchases [10]

8月15日，日本知名IP运营公司三丽鸥股价再涨2.04%，收于8149日元/股，其市值已升至20813亿日元 (约合人民币1008亿元)，这也是三丽鸥收盘市值首次突破1000亿元人民币。 三丽鸥是知名IP Hello Kitty的母公司。近两年，三丽鸥股价持续上涨，2024年1月以来累计上涨超过 320%；而今年以来，三丽鸥涨幅也超过50%。尤其是最近4个交易日，三丽鸥累计上涨超过30%。 近日，三丽鸥披露的2026财年第一季度(即2025年4月至6月)财报显示，该财季三丽鸥实现销售额431亿 日元，同比大幅增长49.1%；实现营业利润201亿日元，同比增长88%；实现归母净利润约142亿日元， 同比增长37.8%。 三丽鸥在财报中表示，公司通过扩充IP组合实现收益多元化，并持续推进多角色战略，努力进一步拓展 市场。三丽鸥重点提到其旗下核心IP Hello Kitty，公司表示，借2024年Hello Kitty50周年举办的各类活 动，三丽鸥角色的整体全球认知度得到提升。 除日本以外的亚洲市场是三丽鸥最重要的市场，也是当前增长最明显的区域。三丽鸥财报显示，得益于 商品销售和授权业务的增长，在除日本以外的亚洲 ...

Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, but a significant increase in net profit, indicating a strong performance in core business areas despite challenges in online and IP operations [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 3.191 billion yuan, a year-on-year decrease of 23.9% [1]. - The net profit attributable to shareholders was 850 million yuan, reflecting a year-on-year increase of 68.5% [1]. - The Non-IFRS net profit was 508 million yuan, down 27.7% year-on-year, primarily due to uneven scheduling of new media products [1]. - The gross margin for the first half of 2025 was 50.5%, an increase of 0.8 percentage points compared to the first half of 2024, attributed to a reduced proportion of lower-margin film and television business [1]. Group 2: Business Segments - Online business revenue for the first half of 2025 was 1.985 billion yuan, a year-on-year increase of 2.3%, with proprietary platform product revenue growing by 3.1% [1]. - Revenue from IP operations in the first half of 2025 was 1.138 billion yuan, a decrease of 48.4%, due to the natural development cycle and scheduling of film and television projects [1]. - The company expects a recovery in film and television business performance with the upcoming releases of key projects [1]. Group 3: IP Derivative Business - The IP derivative business saw strong growth, with GMV reaching 480 million yuan in the first half of 2025, nearing the total for the entire year of 2024 [2]. - The growth was supported by enhanced full-chain capabilities, including a significant increase in new product launches and ongoing channel expansion [2]. - The company has partnered with 230 brands to expand IP influence and invested in a domestic plush toy brand to accelerate IP commercialization [2]. Group 4: AI Integration - The company is exploring AI integration across its business, launching an AI web literature knowledge base that increased author interaction with AI by 40% [2]. - AI-driven visual adaptations and translation services have also shown promising results, with a 38% increase in revenue from AI-translated works on the overseas platform WebNovel [2]. Group 5: Profit Forecast and Valuation - The company maintains its profit forecast, expecting Non-IFRS net profits of 1.41 billion, 1.57 billion, and 1.71 billion yuan for 2025-2027 [3]. - The target price has been raised to 45.58 HKD, based on improved valuations of comparable companies [3]. - The long-term outlook remains positive due to the company's capabilities in IP full-chain operations [3].

Group 1 - The exhibition "Light, Transparency, Reflection" by renowned artist Hajime Sorayama is taking place in Chengdu from August 12 to September 16, showcasing his significant works since the late 1970s [1] - The exhibition is organized by Shenzhen Yingyun Cultural Technology Co., Ltd. and Nanzhige Art Center, marking a key breakthrough for Yingyun in the high-end art IP operation sector [1] - Yingyun aims to enhance its influence and reputation in the industry through innovative immersive art experiences and collaborations with top-tier artists [1] Group 2 - Yingyun plans to implement a dual-track IP development strategy, collaborating with high-profile IPs to create scarce content while also working with mid-tier artists to develop proprietary IP products [2] - The company has engaged with over 150 representatives from various institutions during a research event, indicating strong interest in its strategic direction [2] - The management believes that the IP operation market has significant potential, and aims to provide personalized emotional value through differentiated consumption scenarios [2] Group 3 - Yingyun positions itself as a post-link IP operator, focusing on precise user engagement and differentiated monetization strategies after the initial IP development [3] - The company has around 50 IPs available for collaboration and plans to sign and incubate over 10 new IPs in the coming year [3] - Yingyun's collaboration with top artists is expected to rapidly establish its expertise in high-end fashion art IP operations, creating a unique market competitive advantage [3]

Core Viewpoint - The company, 巨星传奇, has issued a profit warning, expecting a significant decrease in profit for the first half of the year due to fair value losses in its investment business, which is not directly related to its core operations [1] Group 1: Financial Performance - For the first half of the year, the company anticipates a consolidated profit of no more than RMB 8.5 million, a decrease of approximately 67% compared to RMB 25.5 million in the same period last year [1] - The expected profit decline is primarily attributed to a fair value loss of approximately RMB 19.5 million from its Hong Kong-listed equity investments [1] - Excluding the impact of non-operating investment losses, the company's adjusted profit is expected to grow by no more than 9.8% year-on-year [1] Group 2: Business Strategy and IP Development - The company is actively upgrading its IP business strategy from single licensing to self-operated product development and operations, aiming for long-term high-quality growth despite short-term performance pressure [1][2] - The company has established significant partnerships, including a global strategic collaboration with a leading robotics company to develop consumer-grade robotic products with strong IP attributes [2] - The company has launched a plan to collaborate with top international artists to create new artistic works and derivative products around its core IP, "周同学" [2] Group 3: Capital Operations - Recently, the company completed a placement of shares, raising approximately HKD 324.1 million, with funds earmarked for expanding its IP business, including vending machines and physical stores [3] - The company plans to enhance its presence with "周同学" vending machines in over twenty cities and open offline self-operated stores in the second half of the year [3] - The company is focused on executing its strategic upgrades and managing market expectations regarding short-term performance fluctuations and long-term value creation [3][5] Group 4: IP Growth Potential - The CFO of the company noted that building a quality IP typically requires a long-term accumulation process, often taking over ten years [4] - The "周同学" IP has already collaborated with over 200 licensed partners, generating sales exceeding RMB 1 billion through co-branded products [4] - The company is also preparing to launch new IPs, both original and in collaboration with international stars, indicating a commitment to diversifying its IP portfolio [4]

Core Viewpoint - The company, 巨星传奇, has disclosed its performance expectations, indicating that its consolidated profit for the first half of 2025 may not exceed RMB 8.5 million, representing a year-on-year decrease of approximately 67% due to fair value losses on Hong Kong-listed equity securities [1][3]. Group 1: Profit Decline Reasons - The management has attributed the profit decline primarily to changes in the fair value of investments, specifically a loss of approximately RMB 19.5 million from the valuation adjustment of Hong Kong-listed equity securities, which is not directly related to the company's core business performance [3]. - Such gains and losses are typically volatile and non-recurring, significantly impacting financial performance for a specific period. Excluding this factor, the company's core profitability has not experienced substantial shrinkage during the same period [3]. - The adjusted consolidated profit is expected to remain below RMB 28 million, with a year-on-year growth rate not exceeding 9.8% [1][3]. Group 2: Main Business Operations - The company's main business includes IP creation and operation, as well as a new retail segment. The revenue share from the IP business has been steadily increasing, surpassing 50% of total revenue in the first half of 2024 [4]. - The company has diversified its commercialization paths around its core star IP through licensing, derivative product development, offline activities, and cultural tourism projects, establishing a relatively stable revenue source [4]. - In the new retail business, synergy with IP operations enhances the deep integration of IP with consumer engagement, improving user stickiness and the commercial monetization efficiency of IP [4]. - The announcement indicates that the main business operations are running normally, with performance growth aligned with established strategies, unaffected by the non-operating investment losses [4].

Core Viewpoint - The company, 巨星传奇, has successfully completed a share placement and subscription, raising approximately HKD 324 million to enhance its IP self-operated products and expand its market presence [1]. Group 1: Fundraising and Utilization - The share placement involved the issuance of 37.5245 million new shares, accounting for about 4.18% of the company's expanded share capital, at a price of HKD 9.13 per share [1]. - The net proceeds will be allocated as follows: 38.2% for vending machines and equipment R&D, 12.4% for expanding physical stores, 18.5% for IP marketing expenses, 6.8% for future entertainment and sports facilities, 14.1% for themed exhibitions, and 10% for general operational purposes [1]. Group 2: IP Development - "周同学" is identified as a key IP for the company, showing significant growth potential and commercial performance, with a focus on developing a self-operated product line that includes various merchandise [2]. - The company has established a broad licensing business for "周同学," collaborating with over 200 licensed partners, with cumulative sales exceeding RMB 1 billion [2]. Group 3: Channel Optimization - The fundraising will enhance the company's offline network and consumer experience, particularly through the expansion of vending machines, which have shown promising sales performance during events [4]. - The company plans to initiate a collaboration with 100 top international artists to create new artistic works and derivative products based on "周同学," aiming to enrich the IP's cultural significance [4][5]. Group 4: Upcoming Events - The first results of the collaboration with artists are set to be unveiled at a large "周同学" art exhibition in Wuhan, coinciding with 周杰伦's concert, creating a synergy between cultural events and commercial opportunities [5].

Core Insights - The company, Giant Star Legend, has launched a collaboration plan with 100 top international trend artists, marking a significant upgrade in its international IP strategy [1] - The core IP, "Zhou Classmate," associated with Jay Chou, will be the focal point of this initiative, with artists from various countries creating new artworks and derivatives [1][2] - The collaboration aims to enhance the cultural connotation of "Zhou Classmate" through diverse artistic contributions, ensuring the IP's longevity and relevance [1] Company Strategy - Giant Star Legend is taking a crucial step in internationalizing its IP operations, aiming to build a global pool of artist resources and strengthen the development of original IP and derivative content [1] - The company has established a dual-track selection mechanism combining data intelligence and expert reviews to identify artists with commercial potential and artistic value [1] - The focus is on precision co-creation rather than sheer quantity, ensuring that each artist adds unique value to the "Zhou Classmate" IP [1] Market Context - The collaboration is seen as a strategic move to create an exclusive artistic ecosystem, similar to industry leaders like Pop Mart, which has signed over 200 top artists globally [2] - The first major event will be a "Zhou Classmate Art Exhibition" in Wuhan, coinciding with Jay Chou's concert, enhancing the integration of culture, tourism, and commerce [2] - Since its launch in 2019, the "Zhou Classmate" IP has generated over 1 billion yuan in sales through various innovative models, establishing itself as one of the most commercially valuable IPs in the market [2] Industry Implications - The upcoming art exhibition is being closely watched for its market response, as Giant Star Legend aims to build a comprehensive ecosystem integrating entertainment, consumption, technology, and culture [3] - Jay Chou's status as a national music icon provides a strong emotional foundation for the IP, which has the potential to become a valuable sentimental asset [3] - Through refined operations and derivative development, the IP is expected to reach beyond its fan base into the broader consumer market, creating sustainable brand assets and commercial returns [3]

Core Viewpoint - The company, 巨星传奇, has launched a collaboration plan with 100 international top trend artists, focusing on its core IP, 周同学, to enhance its international IP strategy and expand creative boundaries through diverse artistic contributions [1][2]. Group 1: Collaboration and Strategy - The collaboration aims to create new artworks and derivatives around the 周同学 IP, leveraging the unique perspectives of artists from various cultural backgrounds [1]. - The company has established a dual-track selection mechanism combining data intelligence and expert review to identify artists with commercial potential and artistic value [1][2]. - The collaboration is not merely about quantity but aims for "precise co-creation" to ensure each artist adds differentiated value to the 周同学 IP [2]. Group 2: Market Impact and Future Plans - The first batch of collaborative works is set to debut before the 周杰伦 "嘉年华" concert in Wuhan in September 2025, with a large-scale art exhibition showcasing works from over 20 artists [2]. - The initiative is seen as a move to build a unique artistic creation ecosystem, similar to industry leaders like 泡泡玛特, which has signed over 200 top artists [2]. - The company has achieved over 1 billion yuan in sales from authorized co-branded products since the launch of the 周同学 IP in 2019, indicating its significant commercial value [3]. Group 3: Broader Industry Context - The collaboration is expected to enhance the artistic value of the IP and explore new pathways for the globalization of Chinese original IP [3]. - The emotional value provided by the IP is crucial, as interest-driven consumption trends are becoming increasingly important [3]. - The potential for 周同学 to become a long-term brand asset and sustainable commercial return is highlighted through refined operations and derivative development [3].