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，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Star Plus Legend Holdings Limited 巨星傳奇集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：6683） 自願公告 收購目標公司股權 本 公 告 乃 由 巨 星 傳 奇 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出，旨 在 告 知 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 本 集 團 的 最 新 業 務 發 展。 股權收購協議 收 購 事 項 須 待 包 括 出 售 權 益 解 除 凍 結、目 標 公 司 股 東 放 棄 優 先 購 買 權、履 行 完 畢 必 要 的 國 資 監 管 程 序（如 需）的 若 干 先 決 條 件 獲 得 滿 足 ...

Core Insights - The company, 巨星传奇, reported a revenue of 355 million RMB for the first half of 2025, marking a 33% year-on-year increase, with new consumption business revenue reaching 211 million RMB, up 91.5% [1] - The company aims to expand its super IP matrix and has successfully raised approximately 324 million HKD through a placement to support its IP operations [1] - The company has seen a 12% increase in its fan base, reaching 280 million, and has developed two major super IPs, "周同学" and "刘教练" [2] Financial Performance - Revenue for the first half of 2025 was 355 million RMB, with a gross profit of 156 million RMB, reflecting a 16.3% increase [1] - The non-GAAP net profit was 27.62 million RMB, up 8.5% year-on-year [1] - The IP creation and operation segment generated 144 million RMB in revenue, with the show "周游记" contributing 70.4 million RMB [2] IP Development and Strategy - The company has established a multi-dimensional content IP matrix, with significant contributions from its star IPs [2] - The "周游记" show has achieved high ratings and extensive online exposure, with over 41 billion impressions [2] - The company is focusing on long-term content IP development and is preparing for the fourth season of "周游记" [2] New Consumption Business - The new consumption segment has seen strong growth, with the 魔胴 brand launching a new series that has broken sales records on platforms like Douyin [4] - The company is expanding its new consumption brand into offline retail, with the launch of the VIVICYCLE flagship store [4] IP Commercialization and Innovation - The company is exploring the full IP self-operated chain and expanding its monetization paths [6] - A strategic partnership with Yushutech aims to develop consumer-grade robots with strong IP attributes [6] - The company plans to launch a diverse range of self-operated products centered around its IPs, including toys and apparel [6] Offline Experience and Engagement - The company is opening its first offline store for "周同学" in Guangzhou and enhancing its immersive experience through various events [7] - Upcoming activities include large-scale events in major cities, integrating the "周同学" theme into public spaces [7] Industry Context - The rise of significant IPs in China indicates a booming cultural consumption market, with potential for companies to achieve high market valuations [8]

Group 1 - The core viewpoint of the news is that Jingji Zhinong is actively engaging with investors and analysts to discuss its current operations and future plans in the pig farming industry, highlighting cost management and disease control measures [1] - The overall cost of pig farming for Jingji Zhinong is approximately 13.3 yuan/kg, with expectations for a continued decrease in costs this year [1] - The company aims to achieve a pig output target of around 2.3 million heads this year while maintaining the total number of breeding sows [1] Group 2 - Jingji Zhinong has established a four-color zoning prevention and control system to monitor pig health in response to ongoing challenges in the industry due to severe weather [1] - The company is collaborating with industry experts to research and implement serum acclimatization plans to combat the impact of blue ear disease on pig health [1] - The company has two business models for its IP operations: collaboration with top-tier IPs for product design and promotion, and partnerships with mid-tier IPs to create proprietary products [1] Group 3 - As of June 2025, the company's real estate inventory stands at 590 million yuan, with ongoing efforts to reduce this inventory [1] - The company's asset-liability ratio has decreased compared to the beginning of 2025, indicating a positive trend in financial health [1] - The pig farming operations are running normally, and the company anticipates further improvement in its asset-liability ratio due to healthy capital usage [1]

Core Viewpoint - Sanrio, as a cultural icon and business giant, continues to leverage its diverse IP characters to deliver joy and friendship globally, with Hello Kitty, Melody, and Kuromi being prominent figures influencing fashion and lifestyle across generations [1] Group 1: Event Highlights - Sanrio's 50th anniversary of Melody and 20th anniversary of Kuromi were celebrated with a "Sanrio Tmall Super Brand Day" event featuring over 50 brands and more than 2,000 products [1] - The offline pop-up event in Shanghai attracted over 300,000 visitors, becoming a popular weekend destination [2] - The event included a large pink "pain" street installation, featuring iconic characters and interactive experiences for attendees [9][11][16] Group 2: Marketing and Engagement Strategies - The event utilized social media and celebrity endorsements, with Lin Yun and Kuromi participating in a TV commercial that resonated with the younger audience [4] - An interactive game on the Taobao app engaged over 130,000 users, enhancing consumer participation and driving sales [6] - The collaboration with Tmall and various brands generated 2 billion exposure resources, significantly amplifying the event's reach [8] Group 3: Brand Experience and Consumer Connection - Sanrio's approach focuses on creating immersive IP experiences and deep brand engagement through quarterly themed events [26] - The recent "Sanrio Hi-Fun Festival" attracted over 20,000 participants, showcasing a variety of IP characters and interactive activities [27] - The brand's strategy effectively connects emotional resonance with commercial value, fostering a complete ecosystem of content experience and IP consumption [29]

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]

Core Viewpoint - Sanrio, the company behind the popular IP Hello Kitty, has seen its stock price rise significantly, reaching a market capitalization of approximately 100.8 billion RMB, marking a notable milestone for the company [1]. Group 1: Stock Performance - Sanrio's stock price increased by 2.04% to 8149 JPY per share, with a market value of 208.13 billion JPY [1]. - Since January 2024, Sanrio's stock has surged over 320%, with a year-to-date increase exceeding 50% [1]. - In the last four trading days alone, the stock has risen more than 30% [1]. Group 2: Revenue and Profit Growth - For the first quarter of the fiscal year 2026 (April to June 2025), Sanrio reported sales of 43.1 billion JPY, a substantial year-on-year increase of 49.1% [2]. - The operating profit for the same period was 20.1 billion JPY, reflecting an 88% increase year-on-year [2]. - The net profit attributable to the parent company was approximately 14.2 billion JPY, up 37.8% compared to the previous year [2]. Group 3: IP Strategy and Market Expansion - Sanrio is diversifying its revenue streams by expanding its IP portfolio and implementing a multi-character strategy to enhance market reach [2]. - The company highlighted the global recognition of Hello Kitty, especially with activities planned for its 50th anniversary in 2024 [2]. - The Asian market outside Japan is identified as the most significant growth area, with sales reaching approximately 10 billion JPY, a year-on-year increase of about 84.8% [2]. Group 4: Performance in China - The Chinese market has shown strong performance, particularly in the licensing of toys, accessories, and household goods [3]. - Sanrio's activities celebrating Hello Kitty's 50th anniversary have sustained its popularity, while other IPs like Kuromi have also gained traction [3]. - Several A-share companies, such as Guangbo Group and Wanda Film, have established partnerships with Sanrio's IPs to enhance their influence and revenue in the IP toy market [3].

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].