证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 06 月 15 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 继续把握游戏、电影、潮玩等新品周期的交易机会 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.9-2025.6.15） 投资要点： 本周观点：优质新品的强势表现带动公司在目前市场具备较强的弹性交易机会，我 们认为产品表现短期影响的是对公司业绩预期的动态调整，长期则是对公司能力与 价值的重新判断。我们建议继续在暑期大档期中，把握优质内容产品周期，关注重 点新品游戏的测试和上线表现，关注暑期档影片定档、宣发和票房表现，关注卡牌、 潮玩等新品上架、运营和售卖表现。 联系人 板块表现： 游戏方面：完美世界重点产品《异环》的收容测试（即限量 ...

今天，A股局部抱团现象明显，可控核聚变、创新药和"无人车"概念近期受市场关注较多。 数字货币板 块大涨，成为A股新热点。 截至收盘，沪指涨0.7%，深成指涨1.24%，创业板指涨1.37%。全市场超4400只个股上涨，逾百股涨 停。全市场成交额1.21万亿元，较上个交易日放量1795亿元。 "无人车"概念今天持续拉升，网约车、无人驾驶、车路协同、智能交通等板块全部走强。新消费概念表 现分化，办公用品（文创）、食品板块下跌，IP经济概念股午后探底回升。 数字货币板块走强 今天，数字货币板块大涨，拉卡拉等涨停。 截至收盘，A股数字货币指数涨幅为7.66%，在Wind概念指 数中涨幅排名第三。 | 港股数字货币概念股众安在线盘中一度涨超36%，截至收盘，该股上涨31.56%。 | | --- | 此前，据新华社报道，香港立法会5月21日通过《稳定币条例草案》，在香港设立法币稳定币发行人的 发牌制度，完善对虚拟资产活动的监管框架，保持金融稳定，同时推动金融创新。条例实施后，任何人 如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定币，必须向 金融管理专员申领牌照。相关人士须符合储备资产管 ...

Summary of Key Points from the Conference Call Industry Overview - The card game industry, particularly the collectible card segment, has experienced significant fluctuations since 2019, with a notable reliance on the Ultraman card series, which peaked at 85% market share in 2021 but has since declined sharply due to strategic missteps in 2023 [1][2][4]. Company Performance and Strategy - In 2023, the company faced a substantial decline in performance due to the mismanagement of the Ultraman card series, which was exacerbated by the decision to reissue rare cards, leading to a loss of consumer confidence and increased secondary market sell-offs [2][4]. - The company attempted to diversify its product offerings by introducing other IPs such as Naruto and Douluo Dalu, but these efforts did not yield the expected results [5][11]. - By the end of 2023, the company shifted its strategy to support distributors in establishing live streaming bases to promote the My Little Pony IP, which quickly gained market acceptance and contributed approximately 60% of revenue in Q1 and Q2 of 2024 [1][3][5]. Sales and Market Dynamics - Sales data for the summer of 2024 showed a decline, prompting the company to implement incentive policies during distributor meetings to maintain sales momentum [3][5]. - In 2025, a concentrated purchasing strategy by distributors for the My Little Pony product led to supply-demand imbalances and inflation, resulting in a 15% overall sales decline in Q4 [1][6]. - The company’s revenue composition for 2024 indicated that My Little Pony accounted for 8% of annual revenue, while Ultraman-related products contributed 10% [1][9]. Future Outlook and IP Potential - The company is optimistic about potential IPs for 2025, including Detective Conan, Crayon Shin-chan, and Sanrio series, which are expected to appeal to a diverse consumer base across age groups [2][15]. - The domestic card market is anticipated to transition towards Trading Card Games (TCG) in the next two to three years, with the company planning to leverage offline channels for dedicated card operations [11][12]. Competitive Landscape - The leading competitor in the industry is Jikasha, with a market size of approximately 500 million yuan, focusing primarily on online sales without significant offline expansion [30][31]. - Other notable competitors include Shanyanxia, which has a market share of around 300 million yuan, and various smaller companies that primarily operate online [30][34]. Challenges and Risks - The company faces challenges related to inventory management, with an average turnover period of 20 days for distributors, and a need to balance new product launches with existing inventory levels [6][8]. - The competitive landscape is intensifying, with the need for effective IP management and consumer engagement strategies to mitigate risks associated with market fluctuations and changing consumer preferences [22][30]. Conclusion - The card game industry is at a critical juncture, with the company adapting its strategies to navigate challenges and capitalize on emerging opportunities. The focus on diverse IPs and the potential shift towards TCGs could provide avenues for growth in the coming years [11][12][18].