Core Viewpoint - Shenzhen Jingji Zhino Times Co., Ltd. (referred to as "Jingji Zhino") is preparing to enter the IP operation business to create a second growth curve amid declining revenue and net profit in 2024, raising questions about whether this move is a rational decision or a blind trend-following [1][3]. Group 1: Business Transition - In May 2025, Jingji Zhino announced its entry into the IP industry, aiming to establish a three-in-one model of "IP matrix - traffic operation - secondary market management" to tap into the trillion-level market [2]. - Jingji Zhino's main businesses include pig and poultry breeding, feed production, and real estate development, with the new IP venture aligned with its commitment to social responsibility and consumer needs [2][3]. - The company plans to collaborate with over 50 IPs and aims to add more than 10 new signed and incubated IPs in the coming year, adjusting its IP matrix based on market feedback [2][3]. Group 2: Financial Performance - In 2024, Jingji Zhino reported a revenue of 5.96 billion yuan, a 52% year-on-year decline, and a net profit of 714 million yuan, down 59.13%, marking the first performance drop since 2022 [3]. - The decline in revenue was primarily due to a significant drop in real estate project sales, with net profit from real estate falling approximately 90% to around 240 million yuan [3][4]. - Despite improved profitability in the pig breeding sector, the overall industry is not considered a sunrise industry, leading to a search for more lucrative side businesses [3][4]. Group 3: Market Context and Challenges - The current popularity of the IP industry is linked to trends like the "goods economy," which has gained traction among younger consumers, particularly the Z generation [8][9]. - The market for the "goods economy" reached 168.9 billion yuan in 2024, with a projected growth rate of 41% [8][9]. - Jingji Zhino's entry into the IP sector is seen as a potential way to enhance its brand experience and create a second growth curve, but it faces challenges in adapting to the rapidly changing consumer demands and the complexities of IP management [10][11].

Core Viewpoint - Jingji Zhinong is expanding into the IP industry to create a second growth curve for profitability while maintaining its core modern agriculture business [1][3] Group 1: Company Developments - Jingji Zhinong established an IP operation company, Shenzhen Yingyunzhidi Cultural Technology Co., Ltd., to explore new business opportunities in digital cultural creativity [1][3] - The company aims to diversify its revenue streams and enhance its risk resistance through this new venture [3][4] - The company has achieved significant success in modern agriculture, with per capita profit levels entering the industry's top tier [3][4] Group 2: Market Insights - The IP industry is experiencing a golden development period, with a market size reaching trillions of yuan [2][4] - The global IP licensing market reached $356.5 billion in 2023, with China's market expected to exceed 168.9 billion yuan in 2024, showing a 40% year-on-year growth [3][4] Group 3: Strategic Focus - Jingji Zhinong's long-term vision for Yingyunzhidi is to become a global top-tier fashion and art brand, focusing on trendy art and cultural products [4][6] - The company plans to accelerate the development of its new business and strategically allocate funds based on market performance [4][6] - The company is adopting a differentiated strategy by focusing on post-link operations in the IP market, enhancing user engagement and monetization [5][6] Group 4: Competitive Advantages - Jingji Zhinong's unique joint operation model aims to deeply bind with IP partners, providing comprehensive services from derivative product development to user engagement [6][7] - The company has made substantial progress in forming strategic partnerships with emerging artists and leading game IPs, indicating strong growth momentum [6][7]

Core Viewpoint - The company is expanding its business into digital cultural creativity through the establishment of a new subsidiary, aiming to diversify its revenue streams and enhance its risk resilience [2] Group 1: Company Overview - Shenzhen Jiankai Zhino Agricultural Technology Co., Ltd. has established a wholly-owned subsidiary, Shenzhen Jiutian Zhishang Technology Media Co., Ltd., which focuses on digital cultural creative businesses, including the development, operation, and sales of trendy IP products [2] - The registered capital of Shenzhen Yingyun Zhidai Cultural Technology Co., Ltd. is 1 million yuan, with Jiutian Zhishang holding 51% and a professional team holding 49% [2] Group 2: Market Positioning - The company differentiates itself from other IP operators by focusing on the back-end operations of IP, targeting existing user bases for precise engagement and differentiated monetization strategies [2] - The cultural consumption market is evolving, with younger generations seeking personalized experiences, leading to a shift in focus from front-end IP incubation to back-end operational capabilities [2] Group 3: Future Plans - The company currently has over 50 IPs available for collaboration and plans to sign and incubate more than 10 new IPs in the coming year [2] - The new IP operation business will adopt a light asset model, allowing for quicker business cycles and potentially creating a significant profit stream as a second growth curve for the company [2]

Core Viewpoint - Jingji Zhino is expanding into the IP industry while maintaining steady growth in its modern agriculture business, aiming to create a second growth curve for profitability [1] Group 1: Business Expansion - The company is actively exploring the IP new business layout to open up new growth spaces while ensuring the stability of its modern agriculture core business [1] - Jingji Zhino's chairman stated that the company has been deeply engaged in modern agriculture for six years, achieving a profit level that ranks among the industry's top tier [1] - The new business unit, Yingyunzhidi, focuses on IP licensing and distribution, aiming to create a "three-in-one" business model that includes IP matrix, traffic operation, and secondary market management [1] Group 2: Market Potential - According to the International Licensing Industry Association, the global IP licensing market is projected to reach $356.5 billion in 2023, with China's IP licensing market expected to exceed 168.9 billion yuan in 2024, reflecting a 40% year-on-year growth [1] Group 3: Competitive Strategy - The company’s strategy for Yingyunzhidi focuses on post-IP operation, targeting existing users and enhancing user engagement through differentiated scene monetization and derivative product design [2] - Jingji Zhino aims to create unique and scarce IP content and experiences for consumers, maximizing value through exclusive channels [2] - The company has established strategic partnerships with emerging artists and leading gaming IPs, indicating strong commercial collaboration [2] Group 4: Long-term Vision - Yingyunzhidi's long-term vision is to become a "global top fashion and art brand," expanding its operational scope to include trendy toys and core IP products [3] - The company plans to gradually develop its own core IP products and terminal operation stores based on market performance, aiming to build a business moat while expanding profitability [3] Group 5: Agricultural Business Performance - Jingji Zhino's pig farming business continues to perform well, with projected revenue of 3.901 billion yuan in 2024, representing a year-on-year growth of 38.69% [3] - In the first four months of 2025, the company sold 678,000 pigs, achieving a sales revenue of 1.222 billion yuan, a year-on-year increase of 25.59% [3] - The company maintains a leading position in cost control, with the complete cost of fattening pigs around 13 yuan/kg as of March 2025 [3] Group 6: Strategic Exploration - The expansion into the IP new business is a strategic exploration based on the stable development of the modern agriculture core business [3] - The company is pursuing a multi-driven development strategy, optimizing capacity in its core heavy asset business while actively exploring light asset operation models [3] - The IP business is expected to become a second growth curve following the pig farming business, reshaping the company's overall valuation system [3]

Group 1: Company Overview and Strategy - The company has established a wholly-owned subsidiary, "Yingyunzhidi," to enter the optional spiritual consumption sector, aiming to provide emotional value through IP operations [3] - The market for cultural consumption is growing, with a shift towards personalized demands and self-expression, indicating a significant market opportunity for back-end IP operations [3][5] - The company plans to explore the IP operation field continuously and validate its capabilities through practical actions [3] Group 2: Competitive Advantage - "Yingyunzhidi" has a strong core team with extensive experience in IP operations, covering areas such as IP identification, event planning, product design, and supply chain management [4][5] - The company’s competitive edge lies in its ability to quickly facilitate authorized cooperation and effectively push IP to target audiences for commercial returns [5] - Strong traffic management capabilities allow the company to convert user traffic into private domains, achieving precise user engagement and customer acquisition [5] Group 3: Products and Services - The company offers back-end operational services for IP, including derivative product design, large-scale offline events, and user operations, aiming for long-term deep integration with IP [5][6] - Currently, the company has over 50 IPs available for cooperation and plans to add more than 10 new IPs in the coming year [6] Group 4: Financial Health and Future Plans - As of the end of Q1 2025, the company's debt-to-asset ratio is approximately 59%, with interest-bearing debt below 20%, indicating a stable financial condition [8] - The company will continue to invest in its stable pig farming business while also accelerating the new light-asset IP operation business, which is expected to create significant profits and become a second growth line [8]

B.Duck Semk Holdings International Limited 小黃鴨德盈控股國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰2250） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，幷明確表示概不就因本公告全部或 任何部分內容而産生或因倚賴該等內容而引致之任何損失承擔任何責任。 代表董事會 小黃鴨德盈控股國際有限公司 董事會主席兼執行董事 許夏林 香港，2025 年 5 月 9 日 自願性公告 ─ 發展 AI 大模型智能産品業務 本公告乃小黃鴨德盈控股國際有限公司（「本公司」，連同其附屬公司，「本集 團」）自願作出，以使其股東及潛在投資者了解本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣布，於 2025 年 4 月 28 日，本 公司之全資附屬公司德盈商貿（深圳）有限公司與馬克數創（深圳）文化發展有 限公司、賈珂先生及呂行遠先生簽訂了合資協議及其補充協議（統稱「合資協議」）。 根據合資協議，本集團將以現金出資人民幣 275 萬元，與合資協議其他各方成立 合資公司（「合資公司」），專注於開發 ...

Core Insights - Bandai Namco is recognized as a leader in the Japanese entertainment industry, known for its strong IP management capabilities and innovative "IP Axis Strategy" that spans games, toys, anime, movies, and theme parks [1][3] - The company achieved total revenue of 1.05 trillion yen (approximately 54.5 billion RMB) in the fiscal year 2024, setting a benchmark in the global cultural industry [1] - The competition among Chinese companies like Yuewen, Aliyu, Pop Mart, and Bilibili to establish a similar IP empire is intensifying, with each company occupying different segments of the IP value chain [3][4] Company Summaries Yuewen Group - Yuewen's core advantage lies in its vast original content reservoir, with millions of signed authors and a large number of novels, positioning it as a potential IP goldmine [7] - The company faces challenges in efficiently converting text-based IP into visual IP, although successful adaptations like "Qing Yu Nian" and "Douluo Dalu" demonstrate its potential [9][10] - To become a Chinese equivalent of Bandai, Yuewen needs to enhance cross-media development and global market expansion [13] Aliyu - Aliyu operates as a platform that connects IP copyright holders with commercial channels, focusing on optimizing the IP commercialization chain [14][16] - Its "IP2B2C" model provides a one-stop service for IP from design to sales, but it lacks direct influence over IP creation [16][18] - Aliyu's role is crucial but insufficient for building a complete "Bandai-style" ecosystem [18] Pop Mart - Pop Mart has rapidly expanded in the past two years, becoming a leader in the Chinese trendy toy market with a significant international presence [19] - In 2024, overseas revenue accounted for 38.9% of total revenue, showcasing its success in global markets [19] - The company has established a complete closed loop from IP design to global DTC retail, achieving impressive profitability [21][22] Bilibili - Bilibili is distinguished by its highly active community and focus on ACG (Anime, Comic, and Game) content, with significant investments in domestic animation [25][27] - The company has diversified its revenue structure but still lacks scale in IP derivative commercialization compared to Bandai [28][30] - To evolve into a comprehensive IP group like Bandai, Bilibili must enhance its IP commercialization capabilities, particularly in self-developed games and derivative products [30] Comparative Analysis - All four Chinese companies exhibit gaps compared to Bandai, particularly in the breadth and depth of their business operations [31] - Bandai's IPs have a long lifecycle and sustained market presence, while most Chinese IPs are relatively young and unproven [33] - The global market penetration of Chinese IPs remains limited, especially in mainstream Western markets [34] - Bandai boasts a rich matrix of active IPs across various media, while Chinese platforms are still building their IP reserves [37] Future Outlook - Among the four companies, Pop Mart shows the most potential to emulate Bandai's model due to its strong IP creation capabilities and efficient commercialization system [39] - Pop Mart's global retail network and financial stability provide a solid foundation for future growth [39] - To truly become a Chinese Bandai, Pop Mart must enhance the narrative depth of its IPs, diversify its business, and balance short-term profits with long-term value cultivation [40][41][42] - The evolving landscape of the content industry suggests that the future of Chinese IP enterprises may not strictly follow Bandai's model but could develop into new business forms that adapt to local market characteristics [44][48]

Group 1: Market Overview - The Hong Kong stock market is experiencing a rebound as investor sentiment improves, with the Hang Seng Index recovering from the gap caused by the "tariff war" initiated by Trump [1] - The Hang Seng Technology Index has recovered 93%, leading the rebound trend despite ongoing "tariff noise" affecting market sentiment [1][10] - The focus of investment is shifting towards "foreign trade support" concepts, driven by expectations of policies promoting domestic consumption [1] Group 2: Company Performance - Yingxing Holdings (01440) has shown significant revenue growth, with projected revenues of 317 million and 585 million in 2023 and 2024, respectively, representing year-on-year growth of 136.56% and 84.2% [2] - The company's footwear products are performing strongly, with expected revenue of 505 million in 2024, a year-on-year increase of 107.6%, contributing to 86.4% of total revenue [2][3] - The company is actively transforming its business model by integrating IP operations, with a notable collaboration with football star Cristiano Ronaldo to enhance brand value [4][7] Group 3: Strategic Initiatives - Yingxing Holdings is establishing partnerships in Southeast Asia to mitigate geographical concentration risks, as this region is not affected by the tariff war [3] - The company is exploring opportunities in the domestic consumption market and is in discussions with several well-known IP holders to enhance product differentiation [3][7] - The collaboration with Ronaldo is expected to generate significant commercial value, leveraging his global fan base of over 1 billion across social media platforms [4][5] Group 4: Market Position and Future Outlook - Yingxing Holdings is currently a small-cap stock with a market capitalization of approximately 6 billion HKD, but it has high growth potential [8] - The stock has shown a substantial increase since its IPO, with a cumulative increase of 44.3 times from the issue price [8] - The company is expected to maintain high revenue growth levels in 2025 by capitalizing on domestic demand policies and expanding into Southeast Asia [10]

Core Insights - Alibaba's IP management platform, Aliyu, has launched a dual IP crossover pop-up event in Shanghai, featuring popular characters from Mofusand and Sanrio, marking their first offline activity in mainland China [1][3] - The event will run for 26 days, from April 30 to May 25, and includes immersive themed setups, limited edition merchandise, and interactive installations [1][3] Group 1 - The pop-up features over 20 exclusive products, including plush keychains, blind box figurines, acrylic stands, and tote bags, with a dedicated sales area for Mofusand's licensed products [3][9] - Two interactive installations are available for visitors, including a DIY commemorative coin area and a photo booth with exclusive themed filters [5] - The event has successfully attracted both loyal fans and new consumers, enhancing engagement across different IP demographics [7] Group 2 - Sanrio is known for creating popular characters such as Hello Kitty and My Melody, while Mofusand is a cat-themed series by Japanese illustrator Juno, known for its cute and varied designs [9] - In October 2024, Aliyu announced a strategic partnership with Spiralcute to focus on product licensing and IP operations for Mofusand in mainland China [9]