浙江京华激光科技股份有限公司2025 年半年度报告 公司代码：603607 公司简称：京华激光 京华激光 浙江京华激光科技股份有限公司 浙江京华激光科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙建成、主管会计工作负责人冯一平及会计机构负责人（会计主管人员）王晓 莹声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告内容中涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对 投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大 ...

证券研究报告/投资策略 潮玩千亿赛道空间广阔，文化与全球化打开成长天花板 潮玩行业研究 投资要点 ➢ 行业步入发展新阶段，创新驱动特点凸显 当前，行业正处于发展期与成熟期的过渡阶段，创新驱动的作用愈发凸显。IP创 作不再限于单一艺术风格，而是深度融合国风文化、二次元、科幻、潮流艺术等 多元素材。科技融合成为产品体验升级的重要推手，AR/VR交互、AI个性化定制、 数字藏品等创新应用不断拓展潮玩的体验边界。商业模式也持续迭代，从盲盒为 主发展到预售、众筹、会员制、二手交易平台等复合体系。同时，中国潮玩企业 逐步摆脱传统代工角色，向价值链上游攀升，东莞、深圳等产业带已从"世界工 厂"转型为"IP创新策源地"，涌现出一批具备全球影响力的原创IP和品牌。 ➢ 文化赋能与商业创新共振，IP授权与原创设计双轮驱动 头部企业通过"自有IP+授权IP"构建庞大IP矩阵，如泡泡玛特持续孵化LABUBU、 MOLLY等原创IP并推出动画深化内涵，52TOYS则拥有35个自有IP及80个授权 IP，依据IP特性打造产品。在商业创新的推动下，品类创新与技术融合持续激活 市场。潮玩产品早不再局限于盲盒与手办，已扩展至拼装积木、毛绒玩具 ...

广博集团股份有限公司 证券代码：002103 证券简称：广博股份 答：在 IP 运营层面，公司深化市场洞察与 IP 矩阵搭建，既攻坚头部 IP 资源，又深耕小众 IP 蓝海。小众 IP 凭借其独特的圈层文化属性，能精 准触达细分消费群体，而头部 IP 则具备强大的流量聚合能力，两者结 合可形成互补，为公司产品注入差异化价值，以 IP 运营作为引擎，持 续为国内市场发展提供新动能。同时，公司通过积极参加各类行业展会、 粉丝互动，全力构建从内容热度到消费转化的全链路营销体系，持续强 化公司 IP 商业化运营。 4、公司下半年重点发展的 IP，主要品类有哪些？ 答：公司目前授权 IP 包括"诡秘之主"、"诛仙"、"名侦探柯南"、 "面包超人"、"JOJO"、"HUNTER×HUNTER（猎人）"、"银魂"、 "三丽鸥"、"猫福珊迪 （鲨鱼猫）"、"Brunch Brother（吐司兄 弟）"、"魔道祖师"、"天官赐福"、"初音未来"、"盗墓笔记"、 "龙族"、 "咒术回战"等多个国内外热门 IP，后续公司将配合不同 IP 的宣传周期、市场热点等因素，有节奏地向市场推广公司 IP 联名产 品，主要品类包括徽章（吧唧） ...

三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类玩具>卡牌>盲盒。影响市场规 模和增速的因素主要为消费场景、消费能力以及意愿、产品价格。盲盒主力为消费力强的Z世代，规模 最大;拼搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之;卡牌核心用户年龄为8-15岁，依赖家长支 付，规模最小。拼搭玩具价格多元，增速最快;卡牌由低价带来短期爆发后逐步趋稳;盲盒市场成熟进入 平台期，增速相对较慢。 头部代表企业泡泡玛特、布鲁可、卡游引领行业发展，呈现差异化竞争 商业模式方面，泡泡玛特以IP孵化与盲盒机制为核心;布鲁可以积木为载体切入儿童教育场景;卡游则聚 焦儿童卡牌社交。渠道结构方面，泡泡玛特以直营为主，渠道掌控力强;布鲁可从线上直营为主转为经 销为主，经销商持续开拓，渠道拓展意愿更强;卡游同样聚焦经销模式，但渠道收缩，单经销商收入达 4287万元，依赖头部经销商稳定。经营模型方面，泡泡玛特深耕品牌溢价护城河，存货周转率不断优 化，2024年毛利率达66.8%，经调整净利润率达26.1%;布鲁可调整销售模式，存货周转天数从137天下降 至46天，成功实现经调整净利率由-107.9%至26.1%的跃迁;卡游以轻 ...

[Table_Title] 证券研究报告 / 行业深度报告 IP 为王，多元品类百花齐放的大时代 报告摘要： [Table_Summary] 情绪消费驱动潮玩，Z 世代主导新格局。情绪消费与谷子经济的兴起成 为核心驱动力，2024 年我国以 Z 世代为主导的泛二次元人群突破 5 亿 人，相关市场规模约 6000 亿元，其中谷子经济规模超 1500 亿元。潮流 玩具凭借 IP 情感联结、社交属性及收藏价值，成为消费者重要的情感寄 托与社交标签，预计 2027 年中国潮流玩具市场规模可达 1100 亿元。潮 玩行业呈现 "一超多强" 的格局，泡泡玛特实现行业内领跑，国外品牌 乐高、万代等占据一定的市场份额，国内品牌卡游、布鲁可等企业也呈 现出增速迅猛的态势，IP 运营深化与海外市场拓展成为行业未来关键方 向。 三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类 玩具>卡牌>盲盒。影响市场规模和增速的因素主要为消费场景、消费能 力以及意愿、产品价格。盲盒主力为消费力强的 Z 世代，规模最大；拼 搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之；卡牌核心用户年 龄为 8-15 岁，依赖家长支付，规模最小。 ...

Core Insights - In the first half of 2025, the company reported a revenue of 3.19 billion yuan, a year-on-year decline of 23.9%, primarily due to a 48.4% decrease in copyright operation and licensing revenue, attributed to the development cycle and scheduling of film and television projects [2][3] - Despite the revenue decline, the company's net profit attributable to shareholders reached 850 million yuan, a year-on-year increase of 68.5%, driven by a reduction in costs [5] - The company's CEO emphasized the significant commercialization potential of IP and the importance of quickly responding to user demands in the derivative product business [2] Revenue Breakdown - The company's online business revenue for the first half of 2025 was 1.985 billion yuan, accounting for 62.2% of total revenue, with a year-on-year growth of 2.3% [2] - The copyright operation and licensing revenue for the first half of 2025 was 1.205 billion yuan, a decrease of 46.4% year-on-year, with the main revenue from copyright operations dropping 48.4% to 1.138 billion yuan [3][4] IP Derivative Products - The GMV of IP derivative products reached 480 million yuan in the first half of 2025, nearing the 500 million yuan target for the entire year of 2024 [8] - The company has seen strong performance from its top IPs, including "Full-Time Master" and "Fox Demon Little Red," and is planning to develop customized derivative products for mid-tier IPs [8][9] - The company has established an integrated online and offline channel network for its derivative products and is continuously expanding [8] Cost Management - The company's cost of revenue decreased by 25.1% year-on-year to 1.578 billion yuan, mainly due to the absence of new film and television projects, which resulted in no corresponding production costs [5] - Sales and marketing expenses decreased by 20.4% to 922 million yuan, primarily due to reduced marketing and promotional expenses related to film and television projects [5] Market Position and Future Outlook - The company is actively investing in the card game and plush toy sectors to enhance its market position and capitalize on the growing demand for derivative products [9] - Analysts suggest that while the company has made significant strides in the IP derivative market, the current GMV is still modest compared to the broader market potential, indicating a need for the company's IPs to gain greater influence beyond their original formats [9][10]

Core Viewpoint - The article discusses the rise of emotional consumption as a driving force in consumer behavior, highlighting how consumers are increasingly seeking products and services that provide emotional satisfaction and fulfillment rather than just material needs [3][4]. Group 1: Emotional Consumption Trends - Emotional consumption is becoming a significant trend, with consumers willing to pay for products that offer positive emotional experiences such as relaxation and a sense of belonging [3][4]. - The young consumer demographic is particularly engaged in emotional consumption, with significant growth in categories like toys and EDC (Everyday Carry) items, indicating a shift towards products that provide emotional value [1][2]. Group 2: Market Dynamics - The emotional consumption market is diverse, encompassing physical goods and virtual services, with a notable increase in the popularity of collectible toys and emotional wellness services [4][6]. - Companies like Pop Mart are experiencing substantial growth, with projected revenue increases of 165% to 170% year-over-year for Q1 2025, indicating strong market demand for emotional products [4]. Group 3: Consumer Behavior Insights - Data shows that emotional products are being integrated into daily life, with consumers using toys as decorative items and sources of emotional connection [1]. - The EDC market has seen a transaction scale exceeding 150 million on platforms like Taobao, with the fastest growth among consumers aged 18 to 24, reflecting a broader trend of seeking emotional outlets through tangible items [2]. Group 4: Industry Challenges and Recommendations - The rapid growth of the emotional consumption market has led to challenges such as data privacy concerns, inconsistent service quality, and misleading marketing practices [6][7]. - Experts suggest the need for regulatory frameworks to ensure consumer protection and to establish clear standards for emotional products, differentiating between entertainment, therapeutic, and medical claims [7].

Core Viewpoint - The company has a strong pipeline of over twenty key products in various gaming genres and is focused on enhancing profit growth and valuation through strategic product launches [1] Group 1: Product Pipeline - The company has disclosed in its 2024 annual report that it has over twenty key products in development, focusing on MMORPG, SLG, card games, and simulation management genres [1] - The company plans to update information on product launches in its semi-annual reports, with the next report scheduled for August 26, 2025 [1] Group 2: Market Strategy - The company is committed to monitoring market trends and player demands while ensuring product quality [1] - The company aims to rationally plan the launch schedule for each product and actively promote the release of its reserve products [1] Group 3: Future Outlook - The company expresses confidence in its future, focusing on enhancing competitiveness and operational quality to improve market recognition of its intrinsic value [1] - The company aims to boost investor confidence through its strategic initiatives [1]

Core Viewpoint - Han Yi Co., Ltd. plans to invest 102 million yuan to acquire a 39% stake in Shanghai Pi Dong Cultural Media Co., marking a significant step in its IP strategy and enhancing its competitiveness in the cultural industry [2][4]. Investment Details - The investment will be made through the acquisition of existing shares and capital increase, indicating a strategic move to expand Han Yi's business [2]. - Shanghai Pi Dong has demonstrated strong performance in cultural product creation and IP derivative sales across four major sectors: esports, gaming, entertainment, and animation [2]. Shanghai Pi Dong's Strengths - Shanghai Pi Dong holds exclusive licenses for various popular IPs, including KPL, PEL, and LPL in esports, and has developed a diverse product line including cards, creative paper products, and collectibles [3]. - The company has established a comprehensive core competency in IP empowerment, covering the entire process from copyright acquisition to design, development, and sales, ensuring product legality and quality [3]. Synergy and Strategic Benefits - The investment is expected to create significant synergies, leveraging Han Yi's existing IP resources in esports, gaming, and culture to enhance collaboration in areas such as fonts, themes, and cultural exhibitions [4]. - The partnership is anticipated to enrich Han Yi's portfolio of new consumer IP products, with Shanghai Pi Dong's growth likely to boost Han Yi's overall performance [4]. - The strategic collaboration is expected to enhance IP acquisition capabilities and reduce costs, laying a solid foundation for business scale enhancement and strategic integration [4].

Summary of Key Points from the Conference Call Industry Overview - The IP derivative market in China is projected to reach a scale of 174.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 15% from 2020 to 2024, indicating rapid market expansion and growth opportunities for related companies [1][2][10]. Core Trends and Insights - **Diverse IP Development**: The Bilibili World 2025 exhibition highlighted a clear trend towards IP diversification, with the rise of national style and domestic animation. Companies like Morning Light and Qixin have launched various products related to national style IPs, indicating the growing influence of domestic culture in the derivative market [1][2][4]. - **Product Type Interpenetration**: Companies are expanding their product lines beyond traditional categories. For instance, card game companies like KAYOU and JICARD are venturing into plush toys and figurines, while Keep is integrating sports medals with IPs, showcasing the effectiveness of cross-industry collaboration to enhance product value and market competitiveness [1][2][5][10]. - **Emotional Value of Products**: There is an increasing emphasis on the emotional value of products, with interactive and socially engaging products gaining popularity. For example, Bandai's promotion of card products at the exhibition exemplifies this trend, highlighting the importance of user experience and engagement [1][3][9]. Impact of Bilibili World 2025 - The exhibition had a positive impact on the industry, with a 35% month-on-month increase in overall cultural tourism bookings in Shanghai during the event, and a staggering 475% increase in hotel bookings in the vicinity. This indicates that such exhibitions not only attract visitors but also stimulate related industries [4]. Future Development Directions - **IP Matrix Construction**: Companies will continue to build IP matrices by leveraging popular and differentiated IPs to avoid competitive saturation and enhance their competitiveness. Popular IPs like Conan and Hatsune Miku, as well as unique character designs from virtual novels, are expected to be key resources for companies [5][10]. - **Product Diversification**: There is a focus on developing a wider range of peripheral products based on licensed IPs, enabling cross-selling of different product types under the same IP to meet diverse consumer needs [5][10]. - **Cross-Industry Collaboration**: The trend of cross-industry collaborations is on the rise, as seen with Keep's integration of sports medals with anime culture, enriching brand connotations and expanding market space [5][10]. - **Enhancing Emotional Value**: Products that emphasize emotional value and social attributes are expected to be more popular, with interactive gaming elements enhancing user experience and loyalty, which will continue to drive industry growth [5][10]. Recommendations for Companies - Key companies recommended for investment include Morning Light, Blukoo, and Qixin Group, which possess strong product development, operational capabilities, and channel layouts. Broadcasting and Chuangyuan are also mentioned as relevant targets. Continuous monitoring of actual sales performance is advised to ensure the accuracy of research conclusions [10][11].