在X玖少年团解散当晚，顶流肖战删除"春联"的热搜直接"爆"了，组合约到期也被视为肖战恢复自由的信号，粉圈自然是喜大普奔，毕竟任谁都看得出 来，以肖战目前的人气流量和圈内地位，委身在一个少年团里着实有些委屈，个人发展早已超越团体与其他组合成员。 但对于哇唧唧哇而言，"失去"最后一个偶像男团和顶流肖战后，不知不觉也走到了十字路口。 选秀教母和她的偶像帝国 内娱偶像选秀编年史，绕不开龙丹妮，而龙丹妮的选秀造星史，绕不开的则是X玖少年团。 X玖少年团，是电视选秀向互联网选秀转型的夹缝中诞生的一个男团，是哇唧唧哇的第一个男团，也是龙丹妮离开传统电视媒体投奔互联网媒体的一个标 志。 2015年，已经成功打造出了《加油！好男儿》《快乐男声》等电视选秀的龙丹妮，首次尝试制作网台联播的偶像选秀节目《燃烧吧少年》。 相比于传统电视选秀以歌唱竞演为主，《燃烧吧少年》更多聚焦在偶像养成方面，16名素人少年经过舞蹈、声乐、形体等多方面的专业培训，再由李宇春 和舒淇分别带队展开竞争，最终李宇春战队的四名学员获得了组合出道的机会。 不过最初的"X-FIRE"计划流产组合没能得以成型，《燃烧吧少年》结束半年后，龙丹妮召回了肖战在内的五名节目 ...

Core Insights - Jiangsu Province has 35 enterprises and 8 projects selected for the "2025-2026 National Key Cultural Export Enterprises and Projects" list, showcasing the province's diverse cultural industry and its evolution from "product output" to "value recognition" [1][5] Group 1: Selected Enterprises - Jiangsu Broadcasting International Communication Co., a subsidiary of Jiangsu Radio and Television, leads in international film and television copyright operations, ranking among the top in copyright export volume nationally, with a global distribution network covering over 60 countries [1] - Jiangsu Yuanli Digital Technology Co., a high-tech enterprise in 3D digital content production, has provided services for over 1800 projects to major clients like DreamWorks and Tencent, maintaining a strong presence in the industry for ten consecutive years [2] - Ruotai Technology Co., based in Suzhou Industrial Park, has developed over 100 patents and plans to open 10 specialty stores in the US, Thailand, and Singapore in 2024, with annual sales growth of approximately 30% [3] Group 2: Key Projects - The "Brilliant China (Qinhuai) Lantern Festival" will be held in France from November 15, 2024, to February 16, 2025, showcasing Chinese intangible cultural heritage and attracting tens of thousands of visitors [4] - Suzhou Yige Network Technology's mobile game "Floating Life: Memories of Linglong" incorporates elements of traditional Chinese aesthetics and has multiple overseas versions, contributing to cultural export [4] - The Yixing Cultural Export Base has evolved from a single "ceramics export" model to a comprehensive cultural trade ecosystem, with an expected export value of $1.5 million in 2024 and over 40 million RMB in the first quarter of this year [4] Group 3: Policy Support and Industry Development - Jiangsu has prioritized the development of foreign cultural trade, issuing 22 specific measures to support cultural enterprises in expanding overseas markets [5] - The cultural export journey reflects not only the competitiveness of enterprises but also the enhancement of China's cultural international discourse power, with 3,329 enterprises and 1,298 projects recognized since 2007 [5] - Continuous technological innovation in cultural enterprises is driving the global recognition of Chinese culture, transitioning from being "seen" to "recognized" on the international stage [5]

Core Viewpoint - The company Original Force is gaining attention in the capital market due to its involvement in the production of the "Nezha" series and its recent updates regarding the listing process on the Beijing Stock Exchange [1][2]. Company Overview - Original Force was established on December 22, 2010, and focuses on 3D digital content production services, including game and animation content outsourcing [2]. - The company plans to go public on the Beijing Stock Exchange, with its IPO application accepted on December 31, 2024 [2][6]. Client Relationships - The "Nezha" series production entities have become Original Force's fifth-largest client, with significant collaboration since 2019 [2][3]. - Sales to the companies controlled by Yang Yu, which include the production of "Nezha 2," amounted to approximately 10.06 million yuan in 2023 and 7.71 million yuan in 2024 [3]. Revenue and Business Growth - Original Force's revenue from animation 3D content outsourcing has shown consistent growth, with figures of approximately 124 million yuan, 183 million yuan, 232 million yuan, and 104 million yuan for the years 2021 to 2024 (first half) respectively [5]. - The proportion of animation 3D content outsourcing revenue to total revenue has increased from 31.22% in 2021 to 42.63% in the first half of 2024 [5]. Research and Development - The company has seen a decline in R&D investment as a percentage of revenue from 5.55% in 2021 to 4.78% in 2023, but has increased its R&D investment in 2024 to 5.18% [6]. Market Context - The Chinese gaming market reached a scale of 302.96 billion yuan in 2023, with a compound annual growth rate of 11.42% from 2014 to 2023, indicating a robust growth trend in the industry [9]. - Original Force aims to raise 488 million yuan through its IPO, primarily for projects related to technological innovation and digital content development [9].

Core Insights - The article highlights the recognition of Nanjing's cultural industry through the selection of key enterprises and projects for national cultural export, indicating a significant step towards internationalization [1] - Nanjing's cultural industry has shown continuous growth, with an estimated value added of 126.6 billion yuan in 2024, accounting for 6.8% of the city's GDP [1] Policy Support - A joint initiative by 26 departments in Jiangsu has been launched to promote high-quality development in foreign cultural trade, supporting Nanjing in establishing a national cultural trade base [2] - Nanjing has introduced several action plans and policies aimed at enhancing the competitiveness of its cultural industry, reducing costs and risks for enterprises venturing abroad [2] Corporate Initiatives - Numerous cultural enterprises in Nanjing are actively expanding into overseas markets, creating a diverse cultural export landscape [3] - Jiangsu Shunyu Information Technology Co., ranked 26th among global language service providers, has provided extensive translation services during the 19th Asian Games, showcasing its capabilities [3] - Nanjing Yunjin Research Institute is promoting the traditional craft of Yunjin through innovative designs that appeal to international consumers [3][4] Innovation and Technology - Nanjing is implementing a cultural digitalization strategy, integrating IP development, content production, and overseas distribution into a comprehensive industry chain [6] - The city showcased nearly 30 leading cultural technology enterprises at the 21st China (Shenzhen) International Cultural Industry Expo, highlighting advancements in AI, VR, and audio technology [6][7] Cultural Exchange - Nanjing has actively engaged in cultural exchange activities, performing in various countries and promoting its cultural heritage, such as the Qinhuai Lantern Festival in France [9] - The city has established friendly city relationships with 25 countries and 83 cities, enhancing its international cultural influence and providing a broader platform for cultural enterprises [9]

证券研究报告 | 行业专题研究 gszqdatemark 2025 05 08 年 月 日 传媒 25Q1 整体业绩显著回暖，游戏、影视院线表现突出 2024 年传媒板块业绩承压，2025Q1 业绩同比显著回暖。2024 年传媒板块营收 6106.4 亿 元，同比增长 0.51%；归母净利润 184.3 亿元，同比下滑 52.96%。从体量看，营收前三的 板块分别为广告营销、出版阅读和互联网，归母净利润前三的板块分别为出版阅读、广告营 销和游戏。2025Q1 传媒板块实现营业收入 1473.8 亿元（yoy+0.74%），归母净利润 111.1 亿元（yoy+41.58%）。从体量看，营收前三的板块分别为广告营销（391.09 亿元， yoy+0.21%）、出版阅读（332.55 亿元，yoy-3.99%）和互联网（251.49 亿元，yoy-20.00%）， 归母净利润前三的板块分别为出版阅读（35.21 亿元，yoy+34.48%）、游戏（31.04 亿元， yoy+45.95%）和广告营销（16.42 亿元，yoy+10.06%）。估值层面来看，传媒行业估值 27x 仍处于历史底部区间。 游戏：年度收入 ...

根据招股书，原力数字报告期内研发投入金额分别为2283.98万元、2482.89万元、2517.36万元和1269.54万元。最近3年平均研发投入金额为2428.08万元，最 近三年及一期研发投入合计占营业收入比例为5.07%。 同时，为打造工业化的数字内容制作和管理体系，原力数字设立了数字技术研发中心以支撑数字内容的制作需求。截至报告期末，原力数字研发人员合计82 名，占员工总数的比例为3.85%。董事长、总经理赵锐直接分管数字技术研发中心，负责把握总体研发方向。 近期，GPLP犀牛财经向江苏原力数字科技股份有限公司（简称"原力数字"）求证了关于招股书财务方面的相关问题。 在被问及"是否计划拓展非游戏业务以降低集中风险"时，原力数字方面称，涉及具体经营策略及未来规划，不便详细说明。 原力数字招股书提到，2021-2024年6月30日（即招股书报告期内），该公司游戏3D内容受托制作业务收入分别为2.55亿元、2.69亿元、2.75亿元和1.38亿 元，占各期主营业务收入比例分别为64.41%、53.78%、52.34%和56.42%，占比较高。 提及"近三年研发投入中用于AI等新兴技术的具体金额"时，原力数字 ...

Core Viewpoint - Yuanli Digital is pursuing an IPO on the Beijing Stock Exchange, aiming to raise 488 million yuan for three projects, primarily focusing on 3D digital content production services [1][4]. Group 1: IPO Details - Yuanli Digital previously attempted an IPO on the ChiNext board in 2021 [1]. - The company plans to invest 364 million yuan in the "Yuanli Digital Technology Innovation Industrial Base Project," which has a total investment of 557 million yuan [1][2]. - The total investment for all three projects is 688.36 million yuan, with 487.96 million yuan planned to be raised through the IPO [2]. Group 2: Project Progress - The "Yuanli Digital Technology Innovation Industrial Base Project" is being constructed by a wholly-owned subsidiary, Nanjing Ruiyou, located in Nanjing, Jiangsu Province [5]. - As of the end of the reporting period, the construction in progress increased from 16.79 million yuan to 218 million yuan [4][13]. - The project has received necessary approvals, including the Jiangsu Province Investment Project Filing Certificate [5]. Group 3: Financial Considerations - The company has been investing in the project for several years, with previous amounts reported at 208,500 yuan and 595,430 yuan at the end of 2019 and 2020, respectively [13]. - The Beijing Stock Exchange has inquired about potential delays in project completion and the status of asset capitalization [15]. Group 4: Market Context - The company has successfully completed parts of the project, with reports confirming the completion of the "Yuanli Digital Technology Innovation Industrial Base Project" [12]. - The company has relocated its main office to a new facility, indicating operational readiness [6].