泡泡玛特（09992.HK） 文娱用品 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 执业证书编号：S0740523070003 Email：yansy@zts.com.cn 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn | 总股本(百万股) | 1,341.54 | | --- | --- | | 流通股本(百万股) | 1,341.54 | | 市价(港元) | 229.80 | | 市值(百万港元) | 308,286.62 | | 流通市值(百万港元) | 308,286.62 | 1、《势能向上，展望积极》2025-10-22 2、《坚定信心，立足长远》2025-09-21 3、《三周期共振，生态化延展》 2025-09-05 证券研究报告/公司深度报告 2026 年 03 月 02 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

2月26日，爱奇艺发布2025年第四季度及全年财报。数据显示，该财年爱奇艺Non-GAAP运营利润达6.4 亿元，连续四年实现运营盈利。财报电话会上，爱奇艺创始人、CEO龚宇公布了首家爱奇艺乐园在扬州 开业后的运营进展：自2月8日开业以来，游客入园数持续攀升，春节假期迎来首个客流高峰，整体效果 符合预期。同时，园内IP消费品售卖活跃，衍生品客单价突破100元。龚宇还透露，开封、北京两家爱 奇艺乐园预计将于年内陆续开业，乐园业务2026年将正式迈入规模化运营阶段。 作为爱奇艺全球首家线下乐园，扬州爱奇艺乐园实现了"全龄同乐"，从四五岁孩童到六七十岁长者，均 能参与项目体验。乐园收入主要来自门票及二次消费品。 与传统室外大型主题乐园不同，爱奇艺乐园采用轻资产模式运营，借助AI、XR等前沿技术深度开发影 视IP，为游客打造更具互动感和沉浸感的线下娱乐体验。 园内囊括《狂飙》《唐朝诡事录》《莲花楼》《大话西游》等多个热门IP，核心体验项目涵盖沉浸舞台 演艺、全感剧场、光影互动空间、角色即兴互动等七大板块，并设有众多影视名场面打卡点。根据抖 音、携程、美团、大众点评等平台上的评分，扬州爱奇艺乐园评分均超4.8分，用户反 ...

马年春节过完了，开工第一天咱们来唠点有意思的事儿。 2月9日，华晨宇在深圳演唱会上，突然宣布自己拿下了三块地。 不是比喻，是真地。在云南澄江，抚仙湖边上。 他说那里要有"乌托邦"，要有演唱会，要有吃有喝有玩，还要有"温暖的房子"。 台下尖叫震天。热搜瞬间冲上去。 但你放下荧光棒，冷静想五分钟—— 一个歌手，不去卷跨年晚会，不去抢音综导师席，转身跑去云南，买地、注册公司。 准备盖房子，给粉丝造家？你信吗。 1 咱们先把时间线捋一捋。 2021年，华晨宇首创"火星乐园1.0"。不设座椅，全员站票，户外搭台，下午进场晚上散场，中间塞满装置艺术、特调饮料、游戏摊位、免费炒饭。 一套组合拳下来，粉丝感动哭了，政府满意笑了，数据直接爆了。 2024年，烟台海边。凌晨三点开唱，等日出，唱《向阳而生》。那一场之后，"华晨宇会搞事"从粉丝圈共识，变成了地方文旅圈的共识。 2025年，佛山。三天演唱会12万人涌入，带动当地消费6.8亿。 然后呢？ 然后就是今年2月，深圳。他说：我们以后不租地了。 而当地政府的人已经说了：土地平整工作启动了，这个项目我们非常期待。 甚至透露，市里主要领导都亲自参与了招引。 你品。 2 不租了，买。 ...

（来源：BambooWorks） 爱奇艺计划开设三座沉浸式体验主题乐园，在扬州的首座园区将引入其串流平台内容 Key takeaways: ▶ 在收入连续七个季度下滑、首席财务官离职后，爱奇艺计划开拓一系列小型主题乐园，试图进一步变现旗下IP资产 ▶ 泡泡玛特、名创优品及Netflix亦正测试高科技沉浸式主题乐园，希望更有效发挥内容优势，带动销售增长 影音平台爱奇艺（IQ.US），正规划在扬州、北京及开封三地开设主题乐园，其中首座乐园在扬州开幕，时间点恰好落在美国竞 争对手奈飞（NFLX.US）于达拉斯及费城推出首批两座沉浸式体验场馆"Netflix House"之后短短数月，这种巧合或许只是偶然。 据报道，位于扬州市的爱奇艺乐园开幕首日门票即告售罄。标志着爱奇艺历时近十年的线下沉浸式互动内容开发正式落地，目 前相关团队已在全国30个城市营运近60个线下沉浸式剧场。 新主题乐园将沉浸体验从传统观赏型剧场再往前推进一步，但场地规模仍相对有限。扬州园区为租用的1万平方米室内建筑，仅 相当于传统户外主题乐园约四百分之一的面积，其建设成本亦远低于上海迪士尼与北京环球影城，后两者投资金额均超过300亿 元。 爱奇艺研发 ...

春节期间清晨8点，开封万岁山武侠城门前已排起百米长队，队列中人头攒动，一位身着粗布麻衣、挎着布袋的"丐帮弟子"突然朝队伍拱手："兄台，可否 帮在下寻个包袱？"游客尚未入园，好戏已开场。 走进园区，水浒街区的"王婆"正拉着游客调侃，"客官相貌堂堂，要不要寻个良缘"；城墙下，《三打祝家庄》剧目中，梁山好汉们的呐喊与兵器碰撞声交 织，引得路人纷纷驻足围观。 这座三日票价仅100元的武侠主题乐园，在这个春节迎来了前所未有的热闹，其人流量甚至一度超越河南老牌景区云台山、开封的门面清明上河园。 据万岁山武侠城发布的《万岁山武侠城及合作景区经营数据2025年报》显示，2025年景区入园游客达2452.2万人次，同比暴涨146.9%；售票1162.2万张， 同比增幅高达1191%；综合营收为12.7亿元，同比增长136.5%。 细分来看，万岁山的门票营收部分为7.9亿元，占比62.2%；其余则是商业二次消费，营收为4.8亿元，占比37.8%。而拉长周期来看，万岁山武侠城在2019 年至2022年的年度综合营收在8000多万元，但是2023年—2025年的营收陡峭上升，分别为1.8亿元、5.4亿元、12.7亿元，三年实现了超1 ...

（来源：黑龙江日报） ③ 本报22日讯（记者刘艳）经过两个月建设，世界最大的室内冰雪主题乐园——哈尔滨冰雪大世界梦幻冰雪馆 焕新升级，于22日12时开门迎客。 梦幻冰雪馆内所有景观均由真冰真雪建设而成，此次焕新升级不仅将第二十七届哈尔滨冰雪大世界的网红景 区重现，还打造了秘境-林海雪原、情境-冰清玉洁、极境-极地世界、梦境-冰韵华章、幻境-雪舞天街五大主 题区域，每一区域都独具特色、体验各异。 为回馈所有热爱冰雪的游客，梦幻冰雪馆特别推出新春特惠票，标准成人票原价268元/张，新春特惠228元/ 张；优待票168元/张，适用于身高1.2米（不含）以上、6周岁（不含）至18周岁（含）的未成年人，以及哈 尔滨市九区九县市民；免票人群为6周岁（含）以下或身高1.2米（含）以下的儿童（需有成人购票陪同方可 入园），以及持导游证且带团的导游。 转自：黑龙江日报 ① ② 暂别户外冰雪，邂逅室内奇境。哈尔滨冰雪大世界梦幻冰雪馆将以永不落幕的冰雪盛宴，延续冰城的冬日浪 漫，为各地游客打造一个四季皆宜的冰雪欢乐目的地。 图①：冰晶长廊。 图②：蒸汽火车冰雕。 图③：人工降雪，美美出片。 本报记者 刘心杨摄 ...

Group 1 - Major theme parks in Shanghai are launching special activities for the Year of the Horse, integrating traditional customs with unique experiences to enhance the holiday travel options for citizens and tourists [1][2][3] - Shanghai Disneyland is hosting a festive celebration starting on the first day of the Lunar New Year, featuring a limited-time night show and themed decorations throughout the park [1] - Shanghai Lego Land is focusing on family-friendly activities, including a large Lego structure and traditional cultural experiences, to engage visitors in collaborative play [2] Group 2 - Shanghai Haichang Ocean Park is offering a unique "Ocean Immortal Festival" with a focus on intangible cultural heritage performances and immersive experiences, including a night show featuring drones and fireworks [2] - Ice-themed attractions like Yao Xue Ice World and Shanghai Maya Ice World are becoming popular for New Year celebrations, providing a blend of northern and southern cultural experiences [3] - Shanghai Happy Valley is set to launch its "Happy Chinese New Year" event, featuring fireworks and traditional performances, catering to diverse visitor preferences [3]

Core Insights - The opening of iQIYI's first theme park in Yangzhou marks the transition from strategic concept to market validation for the company [4] - iQIYI aims to differentiate itself from traditional theme parks like Disney and Universal by leveraging technology such as AI and VR to create immersive experiences in smaller spaces [3][6] - The company plans to focus on a business model that emphasizes content IP and technological capabilities rather than heavy asset investments typical of traditional theme parks [5][9] Investment Strategy - iQIYI's theme park strategy is designed to be more agile and responsive to audience preferences, allowing for rapid updates and iterations of experiences based on popular IPs [6][9] - The company has established a partnership model where it handles technology and content while partners manage fixed asset investments, allowing for shared revenue from ticket sales and secondary consumption [6][9] - The park's smaller footprint (1 to 2 million square meters) allows it to be integrated into urban commercial centers, reducing the need for large land acquisitions [6][9] Market Trends - The theme park industry is traditionally characterized by high capital investment and long development cycles, which iQIYI aims to avoid [5][6] - The rise of "emotional consumption" in China, particularly among younger consumers, presents a significant opportunity for iQIYI's immersive experiences [20][21] - The market for emotional consumption is projected to grow significantly, with consumers willing to pay for experiences that provide emotional value and social currency [20][21] IP Development - iQIYI's theme park is seen as a natural extension of its IP commercialization strategy, which has been in development since 2018 [10] - The company has successfully created a closed-loop IP ecosystem, integrating various forms of media and merchandise around popular shows [10][11] - The park will feature multiple IPs and technology forms, serving as a test case for iQIYI's ability to integrate its content into a cohesive physical experience [14][15] Revenue Potential - iQIYI's previous ventures in VR and IP merchandise have already generated revenue, indicating potential for the theme park to contribute significantly to overall income [24] - The company aims to replicate the secondary consumption model seen in Disney parks, where merchandise and experiences drive the majority of revenue [24] - The success of the theme park could provide a new paradigm for IP monetization in the Chinese market, focusing on lightweight, technology-driven experiences rather than heavy investments [25]

格隆汇2月11日｜据全天候科技，阿里千问、飞猪宣布与全球超40家旅行品牌达成AI合作，为千问APP 和飞猪的AI用户提供专属补贴和增值权益。华尔街见闻从飞猪方面了解到，此次率先启动AI合作的品 牌包括中国东方航空、中国南方航空、中国联合航空、山东航空、北部湾航空、金鹏航空、吉祥航空、 香港航空、阿联酋航空、美国联合航空、海湾航空、土耳其航空、汉莎航空、新西兰航空、新加坡酷航 等头部航空公司，万达酒店及度假村、开元森泊、锦江、华住、首旅如家、朵兰达、大乐之野等酒旅大 牌，以及上海迪士尼度假区、香港迪士尼乐园、方特主题乐园、海昌海洋公园、热雪奇迹等超级主题乐 园。 ...

Core Insights - The establishment of China's first Ford outdoor theme park in Zoucheng City is transforming rural cultural tourism development by integrating international brands with local ecological advantages [1][4] Group 1: Project Overview - The Ford outdoor theme park is the seventh globally and the first outside North America, featuring a North American AORX certified track and Asia's largest jungle off-road track [1] - The park offers high-end outdoor activities such as helicopter rides, hot air ballooning, fishing, and paddleboarding, attracting over 70,000 visitors and 4,000 professional off-road training participants this year [1] Group 2: Industry Integration - The project promotes a "Park+" model, extending its influence beyond a single attraction to an integrated industry platform, successfully hosting over 20 events including vehicle launches and off-road competitions [4] - This integration has led to the development of local accommodations and dining services, with seven new homestays and rural restaurants established [4] Group 3: Economic Impact - The project has significantly boosted the local economy, increasing collective income for surrounding villages and providing over 150 jobs, with an average annual income increase of over 40,000 yuan per person [6] - Future plans include the construction of high-end resort hotels to further enhance regional infrastructure and create more employment opportunities, contributing to rural revitalization [6]