炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：泡财经） 2026年A股第一个交易日，"脑机接口"概念爆火。 马斯克在社交媒体发布，其脑机接口公司Neuralink将于2026年开始大规模量产脑机接口设备，并将采用 趋近完全自动化的手术流程。 "脑机接口"是A股活跃题材之一。 去年年初，国家医保局发布对脑机接口康复收费的指导意见，直接推动了脑机接口产业快速发展。目前 已有约11个省市出台脑机接口相关收费标准，且不少公司也透露最新商业化进展。 "十五五"规划建议明确将"脑机接口"作为重点布局的六大未来产业之一。 不过，"脑机接口"只是汤姆猫众多概念之一。 iFinD显示，汤姆猫的概念高达37个。包括云游戏、元宇宙、人工智能、液冷服务器、多模态AI……等 等。 事实上，在"脑机接口"领域，汤姆猫并无正式商业化产品。 2025年12月3日，公司在互动平台表示，子公司上海金科汤姆猫生命科技有限公司，现阶段在脑机接口 领域的探索，主要着眼于技术积累、业务探索，目前尚未有正式的商业化产品推出，对公司短期经营业 绩不构成影响。 2026年1月5日，汤姆猫（300459.SZ）大涨16.34 ...

Core Viewpoint - Tom Cat (300459) has experienced a decline in revenue for three consecutive periods, leading to the former chairman Wang Jian reducing his stake by 31.58 million shares, thus exiting the major shareholder status [1] Group 1: Shareholder Actions - Wang Jian reduced his holdings by 31.58 million shares from May 26, 2025, to September 19, 2025, representing 0.89% of the total share capital [1] - Following the reduction, Wang Jian holds 176 million shares, accounting for 4.99% of the total share capital, no longer qualifying as a major shareholder [1] - The reduction was executed to comply with court orders, and it does not affect the company's control or governance structure [1] Group 2: Company Background - Jin Ke Culture, the predecessor of Tom Cat, was established in June 2007 and went public on the Shenzhen Stock Exchange in May 2015 [2] - Wang Jian, as a co-founder of Hangzhou Zhexin, acquired 18.02% of Jin Ke Culture shares through a stock issuance [2] - The company expanded into mobile internet by acquiring 100% of Hangzhou Doubao and Suzhou Maniu, gaining control of 56% of Outfit7, the owner of the "Talking Tom" IP [2] Group 3: Financial Performance - Tom Cat's revenue has significantly declined, from 2.725 billion yuan in 2018 to 1.143 billion yuan in 2024 [4] - The latest half-year report for 2025 shows a revenue of 463 million yuan, a year-on-year decrease of 19.62%, with a net loss of 30.33 million yuan [4] - The decline in revenue is attributed to a reduction in in-game advertising income, which fell by 22.87% to 335 million yuan [4] - The company also reported a 51.93% decrease in cash flow from operating activities, totaling 73.87 million yuan [4] - As of June 30, 2025, Tom Cat has 1.785 billion yuan in goodwill, representing nearly 45% of total assets, primarily due to the acquisition of Outfit7 [4][5]

Core Insights - 2024 is seen as a pivotal year for the gaming industry, with companies facing challenges due to market changes and increased competition, leading to difficulties in finding suitable investment opportunities [1] - A total of 30 listed gaming companies reported asset impairment, indicating significant operational issues and a decline in goodwill value [1][2] Group 1: Company Performance and Impairment - 13 older gaming companies, once successful, are now facing asset value reductions due to failure to adapt to market changes and poor performance of new products [2] - Shanghai Tianxi Interactive Entertainment reported an impairment of approximately 437 million yuan due to underperforming new releases, including the MMORPG "Sword and Knight" [4][5] - Taole Network, known for its classic MMORPG "Peach Blossom Source," faced a 29.16 million yuan impairment, attributed to declining revenues from older games and poor performance of new titles [10][26] Group 2: Market Competition and Strategy - Companies that previously thrived in stable user bases are now struggling due to intensified competition in their respective genres, leading to financial losses [4] - The gaming market is shifting towards mini-games, but many companies, including Junhai, have seen a significant drop in revenue, with a 41.3% year-on-year decline reported [26] - Companies like Shenzhen Daoxi are focusing on maintaining older games rather than developing new ones, which has become a risky strategy as market preferences evolve [30] Group 3: Investment and Acquisition Trends - Many companies were initially acquired for their strong performance, but as they lost competitiveness, they faced substantial asset losses, highlighting the risks associated with high acquisition premiums [50] - The gaming industry is experiencing a transformation, with companies like Webzen Inc. reporting a 9% revenue increase despite facing impairments, indicating that even leading firms are not immune to market volatility [21][24]

Core Viewpoint - The company operates as a comprehensive IP ecosystem operator centered around the "Talking Tom" family IP, focusing on both online and offline business development to meet cultural and entertainment needs [3][4]. Group 1: Business Overview - The company has been deeply engaged in the mobile application sector for over a decade, developing more than 20 mobile applications based on the "Talking Tom" family IP, achieving over 25 billion downloads globally and a peak monthly active user count of 470 million [4]. - The primary revenue source for the company comes from in-app advertising and in-app purchases, collaborating with major advertising service providers like Google and Meta to monetize its mobile applications [5]. - In the online content domain, the company has produced a series of animated works based on the "Talking Tom" IP, achieving over 110 billion views across 200 countries and translated into 32 languages [7]. Group 2: Offline Business Development - The company plans to launch its first AI emotional companion robot product in December 2024, integrating advanced features such as voice interaction and emotional perception, aiming to create a "hardware + content + service" ecosystem [7]. - The company has expanded its offline business through IP derivatives and theme parks, launching various products in categories like fashion, food, and children's goods, while also establishing theme parks in multiple regions across China [8]. Group 3: Financial and Operational Stability - The company reported no significant changes in its main business operations during the reporting period, maintaining its industry position without major alterations to its business model [9]. - The company has received a standard unqualified audit opinion from its accounting firm, indicating stable financial reporting [1].