Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing steady revenue growth, driven by its "Big IP + Technology" strategy, which is accelerating its implementation [1] - The marketing business is ensuring overall revenue growth, with promotional services becoming a significant growth driver [7] - The company is expanding its IP resource reserves and developing IP cultural products, forming a matrix of "National Trend" and "International" IP [7] - The company has successfully obtained licensing for major events, which is expected to contribute additional profits in 2025 [7] Financial Data and Valuation - Revenue is projected to grow from 2,692 million in 2023 to 3,883 million by 2027, with a CAGR of approximately 10.8% [3] - The net profit attributable to the parent company is expected to recover from a loss of 184 million in 2024 to a profit of 167 million by 2027 [3] - The gross margin is expected to improve from 15.5% in 2023 to 17.4% in 2027 [3] - The earnings per share (EPS) is projected to increase from 0.09 in 2023 to 0.64 in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 160.1 in 2023 to 22.6 in 2027, indicating improved valuation [3] Market Performance - The company's stock price as of April 30, 2025, was 14.46 [4] - The total market capitalization is approximately 3,788.23 million [4] - The company has experienced a relative return of 1.5% over the past month [6]