Group 1 - The core viewpoint of the articles highlights the company's strong growth in IP licensing and ticketing services, with a projected increase in EPS for fiscal years 2026-2028 [1] - The company achieved total revenue of 6.702 billion yuan in fiscal year 2025, representing a year-on-year growth of 33%, with adjusted EBITA of 809 million yuan, up 61%, and a net profit of 364 million yuan, increasing by 28% [1] - The IP derivative business is the largest revenue growth segment, with revenue of 1.433 billion yuan in fiscal year 2025, a 73% increase, and a significant growth in licensing income from the Aliyu platform [2] Group 2 - The company is a leader in the concert ticketing service sector, with the acquisition of Damai contributing to a revenue of 2.057 billion yuan in fiscal year 2025, a remarkable 236% increase [3] - Damai's performance includes delivering over 3,800 large-scale projects and expanding into tourism and overseas ticketing services, enhancing brand influence [3] - The company is actively developing its own TOC trendy toy brand "Jinli Naqi" and has signed over 10 original trendy toy IPs, while collaborating on more than 40 film projects [2]

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 3.2 billion, a decrease from RMB 4.2 billion in 2024 [23] - Online business revenues increased by 2.3% to RMB 2 billion, driven by growth in self-owned platform products [23][24] - Net profit attributable to shareholders increased by 68.5% to RMB 850 million, while non-IFRS net profit decreased to RMB 508 million from RMB 702 million in 2024 [29] Business Line Data and Key Metrics Changes - Revenue from self-owned platform products increased by 3.1% to RMB 1.7 billion, while revenues from Tencent channels decreased by 25.6% to RMB 97 million [24] - Revenue from IT operations decreased by 46.4% to RMB 1.2 billion, primarily due to a lack of new TV series or film releases [26][27] - The IT merchandise business generated GMV of RMB 488 million, nearing last year's total of RMB 500 million [16][27] Market Data and Key Metrics Changes - The average monthly active users (MAUs) decreased to 141.3 million from 176 million in 2024, with a decline in MAUs from Tencent channels [25] - Average monthly paying users (MPUs) grew by 4.5% to 9.2 million, reflecting growth in membership users [26] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of China's IP industry, focusing on premium IP, short dramas, and physical merchandise [7][9] - Plans to enhance the IP commercialization strategy by expanding product categories and improving distribution channels [16][39] - Commitment to integrating AI across business lines to enhance content creation and user engagement [19][62] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of China's IP industry and the company's unique position to leverage this trend [7][9] - The focus will be on enhancing the emotional connection between IP and users, as well as exploring new technologies like AI and VR [46][62] - The company anticipates strong growth momentum driven by diverse content types and consumption patterns [20][21] Other Important Information - The company introduced an AI-powered knowledge base for online literature, significantly increasing interactions between writers and AI [19][62] - Revenue from AI-translated works on the international reading platform grew by 38% year over year, accounting for over 35% of total novel revenue [20][62] Q&A Session Summary Question: Progress of IP merchandise business and future development priorities - Management discussed the successful IP merchandise initiatives, including events like the King's Avatar tournament and plans for customized merchandise [33][35][40] Question: Top priorities and KPIs for classic IPs - Management emphasized the importance of releasing new content and enhancing merchandise offerings for classic IPs to maintain their popularity [42][45] Question: Commercialization potential of top IPs - Management expressed confidence in the commercialization potential of IPs, highlighting the need to adapt to evolving user demands [48][53] Question: Content pipeline for Newcastle Media - Management outlined the upcoming content releases, including six drama series and a movie project scheduled for the second half of the year [59][61] Question: Deployment of AI technologies - Management provided insights into the integration of AI in content creation, enhancing efficiency and user engagement [62]