Industry Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report emphasizes the strong growth potential of the retail trade industry, supported by a favorable market environment and consumer spending trends [1][4] - The report highlights the importance of IP (Intellectual Property) in driving revenue and expanding market reach, particularly through cross-media strategies [5][9] Summary by Relevant Sections Industry Overview - The closing index level is 2332.96, with a 52-week high of 2501.51 and a low of 1731.43 [1] Investment Recommendations - Key companies in the IP industry include Pop Mart, Blucol, and Miniso, with investment ratings of "Buy" for Pop Mart and Blucol, while Miniso remains unrated [11] - Pop Mart's stock price is 273.00 HKD with a market cap of 366.6 billion HKD, and an estimated EPS of 4.99 for 2025 [11] - Blucol's stock price is 108.00 HKD with a market cap of 26.9 billion HKD, and an estimated EPS of 4.32 for 2025 [11] Company Analysis - Nintendo has transformed from a card company to a gaming giant, with a market value exceeding 100 billion USD and a player base of 128 million [16] - The company focuses on high-quality game IPs, emphasizing originality and fun, with successful franchises like Super Mario and Pokémon [18][23] Historical Development - Nintendo's history showcases its evolution from a card manufacturer to a leader in the gaming industry, with significant milestones in product innovation and market expansion [31][32] Cross-Media Strategy - Nintendo's IPs, such as Mario and Pokémon, have expanded beyond gaming into various media, enhancing their cultural significance and commercial value [65] - Mario's commercial value is estimated at 38 billion USD, while Pokémon's is the highest globally at 147 billion USD [53][65]

商业化反哺IP源头：Overlap获得宝可梦+小学馆近亿元投资…… 2025年，潮玩高速发展、谷子经济进入新阶段，在IP商业开发越来越成熟的同时，IP源头公司也迎来了新机遇。 近期，多家动画与漫画公司有了新动向。 9月16日，杭州玄机科技股份有限公司（简称玄机科技）调入新三板创新层，离它登陆北交所又近了一步。 9月22日，动画IP公司Pinkfong披露上市申请，预计11月6日在韩国Kosdaq交易市场上市。 近日，宝可梦投资的轻小说与漫画公司Overlap，宣布获得东京证券交易所的上市批准，预计于10月3日进行首轮公开募股（IPO）。 今天文创潮就来看看这三家的最新概况。 玄机科技：半年收入2.13亿，衍生品增132% 2025上半年，玄机科技营业总收入约为人民币2.13亿元，同比大幅增长了68.9%；营业总成本为1亿元，同比只增长23.7%；净利润约6335万元，同比增长 836.88%。 玄机科技的增长主要源于核心业务的驱动，包括数字内容制作、数字内容创作及授权、衍生品销售三大板块。 数字内容制作服务仍是其支柱，衍生品销售业务虽然目前规模相对较小，但展现出极高的增长潜力，上半年其收入的同比增幅高达132 ...

【环球网报道 记者 张倩】据美国《新闻周刊》报道，美国国土安全部22日在社交平台X上以"把他们全抓到"为题发布一段视 频，将抓捕移民行动类比为系列动画作品《宝可梦》中"捕捉宝可梦"的活动。据了解，"把他们全抓到"是《宝可梦》的英文口 号，也是英语版动画第一季的原创主题曲。报道称，国土安全部此举引发了法律与伦理争议。 《新闻周刊》称，这段一分钟的视频融合了执法行动画面与《宝可梦》开场动画，甚至使用了动画主题曲和类似字体，最后以 《宝可梦》卡牌形式展示了被拘人员的大头照。 美国海关与边境保护局在回复这条帖文时，分享了一张皮卡丘的动图，配文称"（这是）边境巡逻队最新成员"。 《新闻周刊》称，国土安全部因发布这段视频在网上遭到强烈抵制，该视频既涉及伦理问题也存在法律争议。有批评者认为， 国土安全部使用《宝可梦》的口号、主题曲以及游戏卡牌的独特视觉风格，可能构成版权侵权。社交媒体用户质疑，美国联邦 机构能否合法挪用热门娱乐品牌用于自身宣传。 一名网友@了《宝可梦》游戏的发行公司任天堂，说，"喂，你们同意他们用你们的IP搞这事吗？" ↓ 另一名网友说，"求你告诉我，我的税金没有被用来雇平面设计师为移民与海关执法局（ICE ...

Core Viewpoint - The U.S. Department of Homeland Security (DHS) faced significant backlash after releasing a video that likened immigration enforcement actions to the Pokémon franchise, raising legal and ethical concerns regarding copyright infringement and the appropriateness of using popular entertainment for governmental promotion [1][4]. Group 1: Video Content and Public Reaction - The one-minute video combined footage of law enforcement actions with the opening animation of Pokémon, utilizing the theme song and similar typography, concluding with a display of detainees' photos in a Pokémon card format [4]. - The video sparked strong online resistance, with critics arguing that the DHS's use of Pokémon's slogan and visual style could constitute copyright infringement, questioning the legality of a federal agency appropriating a popular entertainment brand for its own promotion [4]. - Social media users expressed concerns about taxpayer money being used for such promotional materials, with one user directly questioning Nintendo's consent for the use of their intellectual property [4]. Group 2: Ethical and Legal Implications - The video raised ethical issues, particularly highlighted by a senior researcher from the American Immigration Council, who pointed out that the footage included a scene of a forcibly entered home where American citizens were handcuffed without a search warrant [4]. - The DHS's actions have been criticized for potentially exploiting a beloved children's franchise to promote immigration enforcement, leading to discussions about the appropriateness of such tactics [4]. - The Trump administration's hardline immigration policies, which have been in place since January, have already led to various legal disputes and controversies, further complicating the public's perception of the DHS's actions [5].

Summary of Evergreen Games Conference Call Industry Overview - The conference focuses on the evergreen games sector, highlighting the potential for significant revenue growth through effective operations, as demonstrated by Tencent's Supercell game "Clash Royale," which achieved $140 million in revenue in Q2 2025, a 90% quarter-over-quarter increase and over 40% year-over-year growth [2][3] - Companies with evergreen game potential typically possess high Daily Active Users (DAU) and social gameplay attributes, or own classic native IPs that can be continuously iterated and updated, particularly in SLG (Simulation and Strategy Games) and MMO (Massively Multiplayer Online) genres, which have high player sunk costs and stronger user retention [2][5] Key Insights and Arguments - Evergreen game companies generally have valuations above the industry average, with companies like Nintendo, Take-Two, and Nexon showing strong forward Price-to-Earnings (PE) ratios, indicating high market expectations for future earnings [2][6] - As of early 2025, Nintendo's forward PE was 36, TikTok's was 27, and Nexon's was 26, averaging 26, which is higher than the average valuation of the A-share and Hong Kong game sectors, which is below 20 [7] - The operational methodology for evergreen games includes simple content updates, seasonal updates, and continuous iteration of core gameplay and monetization strategies, creating a platform that encourages ongoing player engagement and spending [9][10] Company-Specific Strategies - Tencent's strategy for 2025 emphasizes the operation of headlining games while adjusting its organizational structure to enhance producer incentives, focusing on long-term development and middle-tier games like "Crossfire" and "League of Legends" [4][11] - Nintendo aims to maintain user engagement by expanding gameplay on its platforms, creating "infinite" products that encourage continuous player interaction and consumption [12][13] - Tencent's overseas game revenue accounts for approximately 30%, with Supercell, Riot Games, and Miniclip being significant contributors [14] Potential Companies for Evergreen Games - Companies with successful evergreen game potential typically have large DAU advantages and social gameplay attributes, such as Tencent and Giant Network's new title "Supernatural Action Team" [5] - Companies with classic native IPs that can be continuously updated, like Nintendo with its Mario and Pokémon franchises, and Nexon with its Dungeon Fighter Online (DNF) IP, also show strong potential [5][29] - SLG and MMO games are identified as having longer lifecycle potential due to their inherent player engagement characteristics [30] Valuation Insights - Evergreen game companies are generally valued significantly higher than the industry average, with stable and continuous revenue growth being a key factor supporting these high valuations [6] - The report highlights the importance of maintaining a balance between hardware and software revenue, with Nintendo's software revenue becoming a more significant contributor as hardware sales plateaued [18][19] Conclusion - The evergreen games sector is characterized by companies that can maintain player engagement through continuous updates and strong IPs, leading to sustained revenue growth and higher valuations compared to the broader gaming industry. The strategies employed by leading companies like Tencent and Nintendo serve as benchmarks for success in this evolving market.

Group 1 - The core argument revolves around the ongoing debate about the Nintendo Switch 2, which is priced at 3000 yuan and has hardware that is considered five years behind the times, yet its sales may still perform well due to exclusive games [1][3][39] - Nintendo's strategy with the Switch 2 is primarily about maintaining its market position rather than innovating, focusing on exclusive titles like Mario, Zelda, and Pokémon to drive sales [5][6][8] - Despite criticisms regarding its launch lineup, the Switch 2 has generated significant pre-order interest globally, indicating strong market demand [9][10] Group 2 - Sony is reportedly developing a next-generation handheld console that will be able to run games locally, unlike the current PlayStation Portal, which only streams games [14][15] - The new Sony handheld is expected to target a more hardcore gaming audience, contrasting with Nintendo's broader market approach [18][19] - Microsoft is shifting its focus from developing a dedicated Xbox handheld to optimizing Windows 11 for gaming, indicating a strategic pivot towards software and services rather than hardware [22][27] Group 3 - The competition for Nintendo is not just from other gaming consoles but also from mobile gaming, which has significantly impacted the gaming landscape [40][41] - Nintendo aims to expand its gaming ecosystem to attract a wider audience, including casual gamers who may prefer mobile gaming experiences [42][44] - The company has diversified its revenue streams beyond gaming, positioning itself as an entertainment company while maintaining a strong focus on delivering enjoyable gaming experiences [49][50]