花旗研报指出，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿元自动回购计划， 呼应管理层此前提及会优先考虑回购的承诺；拟斥3,718万美元收购《火炬之光》相关IP资产，可进一 步加强集团在未来游戏和IP开发的自主性。 消息面上，据开源证券，《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小马宝莉》，其全 球预约人数已超百万。值得一提的是，1月5日，心动公司公告拟在5个月内回购不超过4亿港元股份，彰 显长期发展信心。另外，2025年12月29日，公司宣布将收购《火炬之光》系列IP。 心动公司(02400)涨超4%，截至发稿，涨4.52%，报72.85港元，成交额1.41亿港元。 ...

消息面上，据开源证券，《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小马宝莉》，其全 球预约人数已超百万。值得一提的是，1月5日，心动公司公告拟在5个月内回购不超过4亿港元股份，彰 显长期发展信心。另外，2025年12月29日，公司宣布将收购《火炬之光》系列IP。 花旗研报指出，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿元自动回购计划， 呼应管理层此前提及会优先考虑回购的承诺；拟斥3,718万美元收购《火炬之光》相关IP资产，可进一 步加强集团在未来游戏和IP开发的自主性。 智通财经APP获悉，心动公司(02400)涨超4%，截至发稿，涨4.52%，报72.85港元，成交额1.41亿港元。 ...

Core Viewpoint - The resurgence of the "Detective Conan" IP is attributed to a significant increase in brand collaborations and the success of the latest movie, "Detective Conan: One-eyed Flashback," which has generated substantial box office revenue in Japan and China [1][3][11]. Brand Collaborations - Over 30 brands have collaborated with "Detective Conan" this year, significantly surpassing previous years [1][3]. - The increase in collaborations is seen as a strategic move by various stakeholders in the industry, including Japanese copyright holders and Chinese distributors, to maximize the IP's potential [3][7]. Box Office Performance - The latest film, "Detective Conan: One-eyed Flashback," has grossed 143 billion yen in Japan, ranking it 17th in Japanese box office history [3]. - In China, the film earned 278 million yuan within ten days of release, with projections suggesting it could reach 400 million yuan [3][4]. Market Dynamics - The current landscape reflects a collective effort among Japanese and Chinese companies to revitalize the "Detective Conan" brand amid challenges faced by traditional IPs like Ultraman [11][17]. - The licensing and collaboration strategies are influenced by the complexities of Japanese copyright laws, which require careful navigation by Chinese companies [5][7]. Economic Context - The Japanese manga industry is experiencing financial difficulties, prompting companies like Shogakukan to aggressively license their IPs in China to recover losses [17][20]. - The trend of "谷子经济" (Guziko economy) is emerging, where merchandise and collaborations are seen as a way to boost revenue in a challenging market environment [20][23]. Future Outlook - The success of "Detective Conan" in the current market may set a precedent for other IPs, as companies look to leverage established brands to drive sales and engagement [20][22]. - However, the oversaturation of the market with similar products could lead to diminishing returns if not managed carefully [17][23].