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 ...

Core Viewpoint - The article discusses the recent IPO counseling registrations of seven companies in China, highlighting their business models, financial performance, and investment backgrounds. Group 1: 华澜微 (HuaLan Micro) - 华澜微 has no controlling shareholder or actual controller and has not achieved profitability since its establishment [5][6] - The company has undergone 14 rounds of financing, with notable early investors including 深创投 and TCL创投 [5] - 华澜微's revenue from 2019 to 2023 shows a growth trend, with figures of 2.91 billion, 4.35 billion, 5.95 billion, 6.04 billion, and 2.29 billion respectively, while net losses have been recorded [6] - The company was placed on the U.S. Entity List in July 2021, which has affected its operations and led to a strategic shift towards domestic business [7] Group 2: 恒翼能 (Hengyi Energy) - 恒翼能 focuses on intelligent manufacturing equipment for lithium batteries and has become a leading supplier globally [9] - The company has a registered capital of approximately 1.26 billion and has over 2,000 employees across multiple countries [9] - In 2023, 恒翼能 completed a D-round financing led by Morgan Stanley Private Equity Fund [10] Group 3: 玄机科技 (Xuanji Technology) - 玄机科技 is a well-known digital content production company with a registered capital of approximately 515.79 million, focusing on animation IPs [12] - The company has significant backing from Tencent, which holds about 20.5% of its shares [12][14] - Revenue projections for 2023 and 2024 are 262 million and 317 million respectively, with net profits of 40.92 million and 68.2 million [14] Group 4: 先临三维 (Xianlin 3D) - 先临三维 specializes in high-precision 3D scanning technology and has a registered capital of approximately 404 million [16] - The company reported a revenue of 1.202 billion in 2024, with a net profit of 226 million, reflecting a growth of 18.07% and 59.08% respectively [17] - The company's gross margin stands at 69.1% [15] Group 5: 森峰激光 (Senfeng Laser) - 森峰激光 focuses on laser processing equipment and has a registered capital of 57 million [19] - The company has experienced rapid revenue growth, achieving 992 million, 1.332 billion, and 1.288 billion from 2022 to 2024 [20] - The company withdrew its application for the ChiNext listing in December 2024 due to strategic considerations [19] Group 6: 莫森泰克 (Mosen Tech) - 莫森泰克 specializes in automotive components and has a registered capital of approximately 106 million [22] - The company reported a revenue of 1.956 billion in 2024, with a net profit of 264 million, marking a year-on-year growth of 24.42% and 37.32% respectively [23] Group 7: 鹰峰电子 (Eagle Peak Electronics) - 鹰峰电子 focuses on passive electronic components and has a registered capital of approximately 104.93 million [25] - The company has seen fluctuating revenues, with figures of 1.482 billion, 1.396 billion, and 1.841 billion from 2022 to 2025 [27] - The global passive components market is projected to grow from 32.77 billion in 2021 to 42.82 billion by 2027, with a CAGR of 4.56% [26]

Group 1: Company IPOs - Seven companies, including Hualan Microelectronics, Hengying Energy, and Xuanji Technology, have initiated IPO counseling filings with the China Securities Regulatory Commission (CSRC) from September 8 to 14 [1] - Hualan Microelectronics has not achieved profitability and has a dispersed shareholding structure with no controlling shareholder [3][4] - Hengying Energy, focused on intelligent manufacturing equipment for lithium batteries, has completed a D-round financing led by Morgan Stanley Private Equity Fund [6][7] - Xuanji Technology, known for its digital content production, has Tencent as its second-largest shareholder and aims to list on the Beijing Stock Exchange [9][11] - Xianlin Sanwei, specializing in high-precision 3D scanning technology, has a gross margin of 69.1% and is seeking to go public [12][15] - Senfeng Laser, which focuses on laser processing equipment, previously attempted to list on the ChiNext but withdrew its application [17][18] - Mosentech, a manufacturer of automotive components, reported a revenue increase of 24.42% in 2024 and is preparing for an IPO [21] - Eagle Peak Electronics, which specializes in passive electronic components, is seeking to relist on the Beijing Stock Exchange after previously withdrawing from the ChiNext [23][24] Group 2: Financial Performance - Hualan Microelectronics reported revenues of 2.91 billion, 4.35 billion, 5.95 billion, 6.04 billion, and 2.29 billion from 2019 to the first half of 2023, with continuous revenue growth but persistent losses [3] - Xuanji Technology's projected revenues for 2023 and 2024 are 262 million and 317 million, respectively, with a net profit of 40.92 million in 2023 [11] - Senfeng Laser's revenues for 2022, 2023, and 2024 were 9.92 billion, 13.32 billion, and 12.88 billion, with a net profit of 1.03 billion, 1.1 billion, and 1 billion [18] - Mosentech achieved a revenue of 19.56 billion in 2024, with a net profit of 2.64 billion [21] - Eagle Peak Electronics reported revenues of 14.82 billion, 13.96 billion, and 18.41 billion from 2022 to 2025, with fluctuating profits [24]

Core Viewpoint - The company, Xuanji Technology, has received approval for its listing application on the National Equities Exchange and Quotations, marking a significant step in its capital market strategy after years of preparation [1] Group 1: Business Overview - Xuanji Technology has been deeply involved in the animation industry for nearly 20 years, focusing on both animation outsourcing and original animation creation [1][2] - The company’s revenue is projected to be between 260 million to 320 million yuan from 2022 to 2024, with net profit ranging from 37 million to 80 million yuan [2] - The main business segments include digital content creation and licensing, digital content production services, and merchandise sales [2] Group 2: Original IP and Licensing - The company has invested significantly in acquiring original IPs, including a permanent license for the novel "Qin Shi Ming Yue" at a cost of 30.5 million yuan [4] - Xuanji Technology has a diverse portfolio of IPs, including "Qin Shi Ming Yue," "Wu Geng Ji," and others, which are crucial for generating animation and game adaptation licensing revenue [4][5] - The company’s IP licensing revenue has been stable, contributing around 10% to total revenue during the reporting period [7] Group 3: Revenue Breakdown - In 2024, the digital content production service accounted for 88.05% of total revenue, while digital content creation and licensing contributed 9.15% [6] - The company generated over 200 million yuan from major projects like "Douluo Dalu" and "Tian Bao Fu Yao Lu," highlighting the success of its production services [9][11] - Merchandise sales from its original IPs generated between 4 million to 9 million yuan, representing a smaller portion of total revenue [11] Group 4: Client Relationships - The company has established long-term relationships with major clients, including Tencent, Youku, and Bilibili, which account for approximately 90% of total revenue [17] - Tencent is the largest client, contributing between 170 million to 210 million yuan annually, representing 56% to 77% of total revenue [17] - The company has also collaborated with various game developers for IP licensing, with notable clients including NetEase and Shanghai Junmeng [20][21] Group 5: Talent and Operational Structure - The company employs around 768 staff, with a significant portion being production personnel, reflecting the labor-intensive nature of the animation industry [13] - Direct labor costs account for over 70% of operational expenses, with average salaries for production staff exceeding industry averages [14][15] - The company has invested in office and accommodation facilities to attract and retain talent, which is critical for maintaining its competitive edge [13] Group 6: Financial Performance and Future Outlook - The company reported a revenue of 63.37 million yuan in early 2025, a 134% increase year-on-year, with a net profit of approximately 18.69 million yuan [25] - Xuanji Technology holds contracts worth 580 million yuan for ongoing projects, indicating a strong pipeline for future revenue [25] - The company remains optimistic about its future performance, supported by a solid order backlog and ongoing client relationships [25]

Core Insights - The Chinese animation film industry has experienced fluctuating box office performance in recent years, with domestic films achieving breakthroughs in genre diversification and brand operation, successfully activating family viewing demand and enhancing market pricing power [1][8] - From 2022 to 2024, the box office share of domestic animation films has remained in the 60% range, indicating a reliance on blockbuster hits while exposing issues such as insufficient production capacity for mid-tier films and lagging derivative product development [1][10] - In 2024, the total box office for Chinese animation films reached 6.863 billion yuan, with domestic animation accounting for 41.89% of this total [1][10] Animation Film Industry Overview - Animation films are defined as films produced using animation techniques, including theatrical releases and OVA (Original Video Animation) [2] - The industry is characterized by a shift from traditional filmmaking, which relies on real scenes and actors, to digital technology-driven animation that allows for creative freedom and a broader audience reach [2][3] Industry Policy Background - The Chinese government supports the animation film industry through tax incentives, funding support, and awards to encourage content creation that explores traditional culture and modern expression [4] - Policies aim to enhance the industry chain, nurture leading companies, support small teams, and promote cross-media IP development to strengthen international communication [4] Industry Chain Structure - The animation film industry chain includes upstream traditional production hardware and digital technology, midstream content creation and industrial production, and downstream distribution and marketing [6] - The integration of various technical paths, including 2D hand-drawn, 3D digital, and stop-motion animation, is essential for a comprehensive content production system [6] Current Industry Status - The box office share of domestic animation films declined from 2015 to 2017 due to content innovation and industrialization challenges, but saw a rapid recovery from 2018 onwards, with a significant increase in market share [8][10] - The number of domestic films breaking the 100 million yuan mark has fluctuated, with a notable increase in 2019 due to the success of films like "Ne Zha" [10] Competitive Landscape - Leading companies in the animation film industry, such as Light Chaser Animation and Bilibili, leverage technology and IP development to maintain market dominance [12][13] - Emerging players are exploring adult-oriented markets and cross-media development, indicating a competitive landscape focused on enhancing original content and global IP operations [12][14] Future Development Trends - The industry is moving towards deeper integration of technology and industrialization, utilizing AI and virtual production to enhance efficiency and visual expression [14] - Content creation is expected to draw from traditional cultural resources while innovating modern expressions, aiming to resonate emotionally with audiences and adapt to fragmented viewing habits [14]

Core Insights - The 21st China International Animation Festival held in Hangzhou showcased the evolution of the animation industry, transforming from a children's entertainment space to a significant platform for the development of China's animation industry [1][15] - The festival featured over 2,000 animation IPs from 350 animation and gaming companies, highlighting the growing presence of domestic animation in the market [3][7] - The integration of technology and animation was a key theme, with advancements such as virtual filming systems enhancing production efficiency and quality [5][15] Industry Development - The festival has become a major cultural event, attracting a diverse audience and fostering a vibrant animation ecosystem in Hangzhou, which has evolved from a negligible industry 20 years ago to a leading cultural sector [13][15] - The success of domestic animation films like "Ne Zha" has demonstrated the potential of Chinese animation to compete with international counterparts, significantly impacting consumer behavior and economic growth [7][15] - The festival's initiatives, such as the "Animation + Tourism" concept, aim to deepen the engagement of animation with various sectors, creating new cultural consumption scenarios [9][11] Cultural Impact - The festival serves as a platform for promoting traditional Chinese culture through animation, with works like "Qin's Moon" integrating historical narratives and cultural values [3][5] - The event has facilitated the emergence of new consumer experiences, allowing audiences to interact with beloved characters and stories in immersive ways [9][11] - The ongoing development of the animation industry is seen as a vital component of urban competitiveness, particularly in attracting younger demographics [13][15]

Market Growth - The mini-game market, also known as mini-program games, has experienced explosive growth, with a compound annual growth rate of 182.3% from 2022 to 2024, reaching nearly 400 billion yuan in 2024, a year-on-year growth of 99.18% [2][3] - Douyin's mini-game business saw a 130% increase in revenue and a 320% growth in paid user base in 2024 [2] Industry Potential - The mini-game market is expected to become the "second curve" of growth for the gaming industry, alongside the potential for PC games to leverage short video platforms for long-term marketing [3] - Tencent's mini-game platform has reached 1 billion users, with 500 million monthly active users and over 240 games generating over 10 million yuan in quarterly revenue [3] Company Strategies - Companies like Mingchen Health are increasing investments in mini-games, indicating that mini-games will be a key focus for future development [4] - 37 Interactive Entertainment has launched several successful mini-game products, with titles like "Time Explosion" and "Heroes No Flash" performing well in sales rankings [5] - Fuchun Co. plans to continue testing and optimizing mini-game products, aiming for a breakthrough in profitability by early 2025 [5] Monetization Models - The IAAP model, combining in-app advertising and in-app purchases, has emerged as a mainstream monetization strategy for mini-games, challenging previous assumptions about revenue limitations [2][6] - Mini-game developers are focusing on long-term growth strategies, ensuring player experience through thoughtful design and leveraging IP collaborations for sustained engagement [6]

Core Insights - The director-centered system is the main principle of Chinese animation companies, with directors becoming the core asset of the industry [1] - The industry is experiencing rapid growth, with a significant increase in production capacity and talent reserves over the past three years [1][2] - A total of 83 representative directors have been selected from over 320 directors, categorized into six types: "Meritorious," "Senior," "Core," "Rookie," "Dark Horse," and "Expected" [2][3] Group 1: Director-Centered System - The director is increasingly viewed as the key to the quality of animated works, with fans judging projects based on the director's reputation [1] - The emergence of a star effect for directors is noted, as they become the focal point of industry attention [1] - The director-centered system has led to increased pressure on directors, with many transitioning to supervisory roles while nurturing younger talent [1][2] Group 2: Industry Growth and Talent Development - The analysis covers over 340 animated series launched between January 2022 and April 2025, indicating a substantial growth in the industry [1][2] - Many established directors are now mentoring younger creators, contributing to a diverse talent pool [2] - The average development cycle for directors is long, with many needing years of experience to refine their skills [3] Group 3: Director Categories - The selected directors are categorized into six types based on their experience and contributions, reflecting the diversity in skills and styles within the industry [2][3] - "Meritorious" directors have over 10 years of experience and have created multiple benchmark works, while "Senior" directors have over 8 years and at least three works [3] - "Rookie" directors are those with less than three years of experience but show promise, while "Dark Horse" directors have gained fame quickly [2][3]