Core Insights - The current trend indicates that consumers, especially the younger demographic, are seeking active participation in narratives rather than passive consumption [1] - The company aims to engage the public through diverse mediums such as art, sports, and technology while operating popular IPs like "Zhou Tongxue" and "Liu Jiaochang" [1] - The key to balance lies in ensuring that all cross-industry expansions serve to deepen the narrative of the IP rather than dilute it, ultimately achieving a win-win between cultural and commercial value [1] Industry Trends - The cultural and tourism consumption market is undergoing a significant transformation from "sightseeing" to "immersive storytelling" and from "single consumption" to "ecological experience" [3] - The company envisions extending the economic impact of concerts from a three-day event to a month or even longer, thereby enhancing the overall consumer experience [3]

Core Viewpoint - The company is actively exploring and advancing its IP business using a light asset model, which includes various segments such as IP art, trendy toys, IP operations, and internet marketing [2] Group 1 - The company has expanded its team with experienced professionals in IP operations this year [2] - The company aims to complete a business closed loop for its core industry chain, including IP approval, marketing, supply chain management, and channel development by the end of the year [2]

12月3-5日，由港美股第一资讯平台智通财经与中资海外私募基金一站式服务平台新智基金网联合主 办，"冬日暖阳" 独家承办，S&P Global Market Intelligence、CITIZEN支持的"第十届智通财经资本市场 年会"在深圳、香港两地顺利举行。 在本次盛会的路演中，天机控股(01520)全球投资者关系总监吴玥思就公司商业模式、业务进展、未来 战略等与现场投资者做了零距离面对面沟通。 以下为天机控股的路演实录： 天机控股是一家在香港联交所上市的公司，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。 例如，公司为中国区LaLiga官方粉丝搭建的线上社区LaLiga Club，服务数千万球迷;设立i-520体育艺术 互动中心，结合国际顶流文体IP，在城市核心区域打造线下IP艺术互动空间等;整合原本孤立的消费场 景，形成联盟生态，提升消费效率。 针对IP真实性与所有权验证困难的痛点，公司运用区块链技术赋予IP产品唯一性与可追溯性，确保每件 作品真实可信、流转记录公开透明。购买方可便捷进行链上真伪验证，有效抑制仿造与欺诈行为;IP持 有人则可实时监控流通轨迹，防范未经授权的转售或侵 ...

Core Viewpoint - The future direction for companies like Miniso is to shift from merely introducing and operating global IPs to deeply participating in and leading the incubation of Chinese original IPs and their global influence [3][4][18]. Group 1: Globalization and Cultural Integration - In the era of globalization, true competitiveness for Chinese companies and brands can only be achieved by deeply integrating hard technology with unique cultural charm [4][21]. - The concept of "interest consumption," which emphasizes emotional value over functional value, is expected to dominate the new generation of global consumer markets [6][21]. - Miniso has established a leading advantage in global interest consumption over the past five years, aligning with national strategies to enhance consumer demand [6][22]. Group 2: Miniso's Global Expansion - Since its global expansion began in 2015, Miniso has rapidly developed, currently operating over 8,000 stores in 112 countries, with more than 3,424 stores located overseas [7][22]. - The company has achieved significant milestones, such as opening its first global flagship store in Times Square, New York, and plans to open a flagship store in Paris during the 2024 Olympics [8][23]. - Miniso's strategy focuses on deep global resonance rather than simple commercial replication, emphasizing local insights and cultural integration [7][22]. Group 3: IP Development and Cultural Confidence - The year 2025 is projected to be a pivotal year for Chinese IP, with significant cultural products like the film "Nezha" showcasing the potential of Chinese cultural innovation [10][25]. - Miniso aims to transform into a leading global IP operation platform, focusing on developing original IPs and transitioning from a retail company to a cultural company [10][25]. - The launch of the "IP Genius Youth Program" aims to nurture young IP creators, providing them with resources and pathways to market their creations [11][26]. Group 4: Future Vision and Cultural Mission - Miniso's vision for the next decade includes taking 100 Chinese IPs global, fostering cultural confidence and responsibility in promoting Chinese culture worldwide [12][27]. - The company recognizes the importance of cultural consumption as a future direction, aligning with national strategies for cultural and technological advancement [9][24]. - The integration of technology and culture is seen as essential for the revival and global dissemination of Chinese values and creativity [11][28].

Core Viewpoint - The IP economy is thriving, with companies like Giant Star Legend (06683.HK) gaining significant market attention through the development and monetization of their IP assets, particularly the "Zhou Classmate" IP associated with Jay Chou [1][2]. Group 1: Business Performance - Since the launch of "Zhou Classmate" in 2019, its influence has grown, leading to collaborations with over 200 licensing partners and cumulative sales exceeding 1 billion yuan [2]. - Giant Star Legend reported a revenue of 584 million yuan for the full year of 2024, marking a 35.8% year-on-year increase, with IP creation and operation revenue rising by 65.1% to 314 million yuan [2]. - In the first half of 2025, the company achieved a revenue of 354 million yuan, reflecting a 33% year-on-year growth, with record highs in both revenue and gross profit [2]. Group 2: Strategic Investments - In September 2023, Giant Star Legend acquired approximately 1.17% of the National Stadium (Bird's Nest) operating company, becoming the only private shareholder, marking a strategic shift towards deeper integration of IP and venue operations [3]. - The company also invested in the Korean entertainment agency Galaxy, acquiring up to 7% of its issued share capital, which is seen as a key step towards international expansion [3][4]. Group 3: Innovation and Development - Giant Star Legend is collaborating with Yuzhu Technology to develop a "quadruped robot," which has already garnered over 120 million yuan in orders, indicating a significant acceleration in commercialization [4]. - The company is focused on creating a high-end consumer robot that incorporates emotional and IP elements, aiming to enhance user experience through performances in various settings [4]. - The company has initiated a collaboration with 100 international trend artists to enrich the "Zhou Classmate" IP and expand its global reach [5].

Group 1: Company Performance - In the first three quarters of 2025, the company achieved an operating income of approximately CNY 3.67 billion and a net profit attributable to shareholders of about CNY 298 million [2] - The livestock segment generated approximately CNY 2.90 billion in revenue and a net profit of around CNY 308 million during the same period [2] - The company's production operations are stable, with a focus on cost reduction and improving production performance in the pig farming business [2] Group 2: Business Models and Strategies - The pig farming business primarily adopts a self-breeding and self-raising model, which has strong risk resistance despite the current low pig price market [2] - The IP business is being developed through a light asset model, with plans to complete the core industry chain by the end of the year [3] - The real estate business is currently focused on selling existing inventory, with recent improvements in property sales positively impacting cash flow [2] Group 3: Financial Health - As of the end of Q3 2025, the company's debt-to-asset ratio was 59.2%, a decrease of 1.05% from the end of the previous year [3] - The company maintains a positive cash flow from its livestock operations, which supports healthy financial development [3] Group 4: Shareholder Relations - The controlling shareholder holds a significant stake of 52.82% as of November 22, 2025, and plans to continue supporting the company's development [2] - The recent share reduction plan by the controlling shareholder is based on personal funding needs and does not affect the stability of company control [2] - According to new regulations, the buyer of shares from a major shareholder through block trading cannot sell those shares within six months [3]

Core Viewpoint - The company demonstrated strong performance in the first half of the fiscal year, particularly with robust growth in the Aliyu segment, driving rapid revenue growth in the IP business [1][2] Financial Performance - In the first half of the 2026 fiscal year, the company achieved revenue of 4.047 billion yuan, a year-on-year increase of 32.7%; segment performance was 1.122 billion yuan, up 12.8%; adjusted EBITA was 550 million yuan, a 14.0% increase year-on-year; and net profit attributable to shareholders was 520 million yuan, reflecting a 54.3% growth [2][3] - The IP business revenue reached 1.16 billion yuan, with a year-on-year growth of 105.2%, and segment performance was 235 million yuan, up 44.0% [2][3] IP Business - The IP business saw significant growth, particularly the Aliyu segment, which achieved revenue growth exceeding 100%, although profits were impacted by one-time losses from the shutdown of non-core business [2][3] - New IPs such as Chiikawa and Crayon Shin-chan contributed significantly to revenue growth, while the profitability of non-core businesses remains a concern due to early-stage operational challenges [3] Performance in Live Events - The live performance segment reported revenue of 1.339 billion yuan, a year-on-year increase of 14.5%, with segment performance at 754 million yuan, up 4.7% [3][4] - The launch of the overseas ticketing platform "Damai International" is expected to enhance revenue streams, with the platform integrating over 40 categories of events and connecting with more than 12,000 cinemas and 20,000 venues [4] Film and Series Business - The film segment's losses narrowed significantly, with segment performance at 95 million yuan, a decrease of 22.4% year-on-year, while the series segment turned profitable with performance at 38 million yuan [4][5] - The company is preparing for the upcoming Spring Festival release schedule, with several high-profile films expected to be announced [5][6] Cost Management - The company effectively managed costs, with sales and marketing expenses increasing only slightly, while management expenses grew at a lower rate, leading to improved expense ratios [6] Future Outlook - The company anticipates continued growth in net profit for the fiscal years 2026-2028, projecting net profits of 1.002 billion, 1.236 billion, and 1.404 billion yuan, representing year-on-year growth rates of 175.62%, 23.32%, and 13.63% respectively [1][7]

Core Insights - The company is accelerating the construction of a global IP ecosystem, with significant progress in commercialization, including strategic investments and partnerships [1][2] - The company has established a joint venture with Yushu Technology to develop consumer-level IP robots and related products, enhancing its technological capabilities [10][11] - The company is transitioning from an "IP operator" to a "happiness experience ecosystem operator," indicating a shift in its valuation framework [14] Group 1: IP Strategy and Partnerships - The company has become a strategic shareholder in G-Dragon's management company, Galaxy, acquiring up to 7% of its issued share capital [1] - The company has received commercial orders for its quadruped robot from two clients, totaling over 120 million yuan [1] - The company plans to raise approximately 369 million HKD, with 67.7% allocated for hosting international concerts and exhibitions, aligning with its strategy to collaborate with globally recognized artists [1][2] Group 2: Cultural and Technological Integration - The company is enhancing its IP business strategy by integrating the "Zhou Classmate" IP into urban cultural tourism, creating immersive experiences that extend beyond traditional events [3][5] - The company has developed a strong IP matrix with core IPs like "Zhou Classmate" and "Coach Liu," amassing around 280 million fans and generating over 1 billion RMB in licensed product sales [7][9] - The joint venture with Yushu Technology aims to create innovative entertainment and technology experiences, leveraging advanced robotics and the company's rich IP resources [10][11] Group 3: Future Outlook - The company is building a sustainable ecosystem that combines IP empowerment with venue experiences, enhancing the value of its cultural assets [13] - The company is positioned for a "Davis double-click" effect, anticipating growth in performance and valuation as global IP asset values are released [14]

Core Insights - The establishment of a joint venture, Yuxing Entertainment Technology Co., Ltd., between Giant Star Legend and Yushu Technology's subsidiary Lingyi Technology, aims to develop and sell consumer-grade IP robots and derivative products, including pet quadruped robots and performer humanoid robots [1][3]. Group 1: Joint Venture Details - The joint venture will have equal ownership, with both companies holding 50% equity [1]. - Giant Star Legend will focus on IP planning, design, AI interaction, and celebrity IP licensing, while Yushu Technology will handle robot design, production, and technical research and development [3]. Group 2: Strategic Goals - This strategic collaboration is expected to help Giant Star Legend enter the smart robot industry ecosystem, enhancing the technological upgrade of IP value and expanding applications in concert and commercial performances [3]. - The partnership aims to leverage technological innovation and creative content to develop globally influential interactive entertainment smart robot products [3]. Group 3: Company Background - Giant Star Legend, established in 2017, is a Hong Kong main board listed company specializing in IP creation and operation as well as new retail [3]. - The company has developed a significant fan base, with its existing celebrity IP combinations reaching a total of 200 million fans [5].

Core Viewpoint - The establishment of a joint venture, Yuxing Entertainment Technology Co., Ltd., between Xing Chuang Yi and Beijing Ling Yi Technology aims to leverage advanced robotics technology and rich IP resources to create consumer-grade IP robots and related products, enhancing the entertainment experience through innovative technology [1][2][3] Group 1 - The joint venture will be equally owned by both parties, with each holding 50% equity [1] - The company will focus on the development, operation, promotion, and sales of consumer-grade IP robots, including pet quadruped robots and humanoid performance robots [1][2] - The collaboration aims to integrate the IP resources of the group with the advanced robotics technology of Yushutech, creating globally influential interactive entertainment products [1][2] Group 2 - The joint venture will exclusively sell and promote artist IP robots and derivative products developed from both parties' IP resources [2] - The group will handle IP planning, design, AI interaction, media promotion, and customer development, while Yushutech will focus on robot design, production, and technical support [2] - The partnership is positioned to capitalize on the rapid advancements in robotics and AI, tapping into the growing market for interactive entertainment [2][3] Group 3 - The formation of the joint venture is expected to enhance resource complementarity, driving technological innovation and creative content synergy [3] - This initiative will inject technological momentum into the group's IP business, creating new types of IP derivatives suitable for the AI and robotics era [3] - The collaboration is anticipated to strengthen brand influence and commercial capabilities, laying the groundwork for scalable operations and long-term business growth [3]