(本文来自第一财经) 港股凯知乐国际午后一度涨超110%，现涨103%。消息面上，公司宣布将战略性布局集换式卡牌 （TCG）市场，首阶段与全球顶级IP宝可梦达成运营服务合作。 ...

Summary of Key Points from the Conference Call Industry Overview - The IP (Intellectual Property) economy is crucial in the content industry, connecting various sectors such as web literature, film adaptations, games, and merchandise for scalable development and reduced uncertainty [1][2] - There are significant differences between domestic and international IP industries, with international markets emphasizing cross-media penetration and established classic IPs, while domestic markets rely heavily on web literature adaptations [1][6] Core Insights and Arguments - Successful IPs possess four key characteristics: multi-form display, longevity, broad influence, and continuous innovation [1][8] - The domestic IP industry is less mature and lacks the financial strength compared to international counterparts, often developing derivative products only after initial content success [1][11] - Disney and Marvel are highlighted as successful international examples, utilizing multi-media strategies to expand their influence and maintain high-quality content production [1][12] Notable Examples and Case Studies - The success of the "Nezha" series is attributed to pre-planned story frameworks, clear character designs, and support from Disney for multi-media development [1][15] - Labubu's rise in the trendy toy market is due to its diverse product offerings and IP collaborations, including plans for animated series and mobile games [1][21] - Bubble Mart's strategy involves developing multiple matrix characters, such as Labubu and Molly, to create a stable and expansive IP empire [1][22] Additional Important Insights - The increasing awareness of intellectual property rights in China is fostering a healthier industry environment, with consumers becoming more discerning about counterfeit products [1][13] - Content companies are transitioning from mere content production to comprehensive IP operations, enhancing their market confidence and sustainability [1][14] - The demand for IP is driven by its built-in fan base, which provides a solid commercial foundation, and the efficiency it brings to content development by reducing the workload for creators [1][9][10]

Group 1 - The "2025 IPX World Cultural Tourism Flow Conference" was held in Shenzhen, featuring over 1,000 popular IPs and 380 participating companies from 21 countries and regions, with an exhibition area of 15,000 square meters [1] - The event is expected to attract over 35,000 professional visitors, showcasing the global trend of deep integration between IP licensing, creative design, and the cultural tourism industry [1] - The main forum focused on "Intelligent Observation of the World: New Chapter in Cultural Tourism," with experts discussing how cultural IP can reshape urban dialogue through technology [2] Group 2 - The conference included the 12th Shenzhen International IP Licensing Industry Expo and the 3rd Shenzhen International Cultural and Creative Exhibition & Trendy Toy Exhibition, featuring over 30,000 exhibits across the entire industry chain [2] - Topics covered included IP licensing, cultural derivatives, intangible cultural heritage activation, digital cultural tourism, and trendy art, creating a cross-industry aggregation effect [2] - Representatives from various companies discussed the digital transformation of cultural tourism and emerging sectors like low-altitude cultural tourism [2]

Group 1 - The "2025 IPX World Cultural Tourism Flow Conference" was held in Shenzhen from August 27 to 29, organized by the Shenzhen Cultural Tourism Promotion Association, involving over 50 business associations [1] - The conference featured more than 30 forums and activities, two major exhibitions, and an IP licensing matchmaking event, covering an exhibition area of 15,000 square meters with over 1,000 popular IPs from 21 countries and regions [1][2] - The event is expected to attract over 35,000 professional visitors, showcasing the global trend of deep integration between IP licensing, creative design, cultural and creative toys, and the cultural tourism industry [1] Group 2 - The main forum focused on "Intelligent Observation of the World: New Chapter in Cultural Tourism," with experts discussing how phenomenon-level IPs can reconstruct urban dialogue through culture and technology [2] - Representatives from companies like Tencent Cultural Tourism and the Guangdong-Hong Kong-Macao Greater Bay Area Low-altitude Economy Drone Association will brainstorm on digital transformation in cultural tourism and emerging sectors [2] - The conference also included the 12th Shenzhen International IP Licensing Industry Expo and the 3rd Shenzhen International Cultural and Creative Exhibition & Trendy Toy Exhibition, featuring over 30,000 exhibits across the entire industry chain [2]

Core Insights - Bruco's financial performance for the first half of 2025 fell short of market expectations, with revenue of 1.338 billion RMB, a year-on-year increase of 27.9%, and adjusted net profit of 320 million RMB, up 9.6% [1][7] - The company's stock price dropped over 10% following the earnings report, reflecting investor disappointment compared to its previous year's performance and that of competitors like Pop Mart [1][2] Revenue and Profitability - Bruco's revenue growth rate and adjusted net profit growth rate for 2024 were significantly higher at 156% and 702%, respectively [1] - The sales volume of Bruco's core product, building block toys, increased by 96.8%, but revenue growth was only 27.9%, primarily due to a low-price strategy [2][7] - The introduction of low-priced products, such as the "Starry Version" series priced at 9.9 RMB, contributed significantly to sales volume but did not translate into proportional revenue growth [2][6] Inventory and Cost Management - Bruco's inventory turnover days increased from 28 days in 2024 to 75 days in the first half of 2025, indicating potential issues with product movement at the distributor level [3][6] - The company's gross margin declined by over 4 percentage points in 2025 compared to 2024, attributed to the low-margin low-priced products and increased depreciation costs from a larger SKU base [6][7] International Expansion - Despite overall revenue and profit growth being below expectations, Bruco's overseas business showed significant growth, with revenue reaching 110 million RMB in the first half of 2025, a ninefold increase year-on-year [9][10] - The North American market exhibited the highest growth, with revenue of 43 million RMB, up over 20 times compared to the previous year [9][10] Market Position and Valuation - Bruco's estimated annualized adjusted net profit of approximately 640 million RMB corresponds to a dynamic price-to-earnings ratio of 35-40, similar to that of Pop Mart, indicating market expectations for future growth [12][13] - The company must demonstrate that the slowdown in revenue growth is a temporary adjustment and that its long-term growth strategy remains intact [12][13]

Core Viewpoint - The article discusses the evolving landscape of the IP (Intellectual Property) industry in China, emphasizing the importance of emotional value and sustainable business models in the new consumption era. It highlights the need for companies to balance creativity, operational efficiency, and strategic management to ensure long-term success in the IP market [4][39]. Group 1: IP Creation - The creation of IP is a high-risk endeavor, with success largely dependent on the talent and luck of artists and creative teams. Strong character or story creation is rare globally [6]. - There are two main types of IP: content-based IP, which originates from media like films and games, and character-based IP, which focuses on recognizable figures. The former requires significant investment with uncertain returns [6][8]. - The Japanese content IP industry has developed a production committee system to share costs and revenues among various stakeholders, reducing reliance on single IP successes [7]. Group 2: IP Operation - Effective IP operation is crucial for maintaining long-term relevance and emotional connections with fans. This involves controlling exposure channels and content tone [19]. - Companies like Sanrio engage fans through annual character elections, allowing them to influence which characters receive more attention, thus enhancing fan engagement [20]. - The article notes that successful IPs often undergo transformations to adapt to changing audience demographics, as seen with Hello Kitty's evolution from a children's brand to one appealing to adults [16][17]. Group 3: IP Monetization - Successful IP monetization requires a balance between maximizing short-term profits and preserving long-term brand value. This involves managing scarcity and controlling distribution channels [29][30]. - Companies like Pokémon utilize scarcity management strategies to maintain demand and avoid market saturation, ensuring that products remain desirable [30][33]. - Channel management is critical for maintaining brand perception, with companies like Disney and Sanrio carefully selecting retail environments to enhance their IP's prestige [34][36]. Group 4: Future of IP in China - The article highlights the emergence of Chinese IPs with international potential, such as Nezha and the game "Black Myth: Wukong," which combine cultural elements with high-quality production [41]. - The trend in China is moving towards platformization and matrix development of IPs, focusing on creating a sustainable business ecosystem that can adapt to market changes [42]. - The article concludes that the future of IP in China lies in building a comprehensive ecosystem that integrates content creation, fan engagement, and product development, fostering long-term brand loyalty and emotional investment from consumers [39][42].

Core Viewpoint - The article discusses the transformation of Shanghai's Fuxing Island into a "Pain Island" for anime and gaming enthusiasts, highlighting the growing popularity of the two-dimensional culture and its integration into daily life [2][3]. Group 1: Event Overview - The event, organized by Xiaohongshu, featured over 50 global top-tier anime and gaming IPs, including Pokémon and Cyberpunk 2077, as part of the Shanghai Summer International Animation Month [2]. - Approximately 300,000 people participated in a quiz to obtain free tickets, with tickets selling out rapidly, indicating strong demand from the gaming and anime community [3]. Group 2: Community Engagement - Xiaohongshu's community market manager noted that the platform has seen a 175% year-on-year growth in two-dimensional content and a 168% increase in gaming content, making it the third-largest category after fashion and food [3]. - Users on Xiaohongshu are increasingly integrating gaming and anime into their real lives, such as celebrating game character birthdays, reflecting a trend among younger generations to blend virtual experiences with physical activities [3]. Group 3: Economic Impact - During the event, Yangpu District distributed 5 million yuan in consumption vouchers, collaborating with local businesses to enhance the event's reach and impact on the surrounding commercial area [4].

Core Insights - The event "Pain Island" was held from August 8 to 10 at Shanghai's Yangpu Fuxing Island, featuring over 50 global top anime and game IPs, including Pokémon, Honor of Kings, and EVA, marking it as a significant part of Shanghai's Summer International Animation Month [1][2] Group 1: Event Overview - The concept of "Pain Island" was developed to cater to the growing community of anime and gaming enthusiasts, transforming the island into a vibrant space filled with 2D elements [2][3] - The event attracted nearly 300,000 participants who engaged in a ticketing process that included answering questions for free tickets, with some tickets selling out in mere seconds, indicating strong demand [3][5] Group 2: Community Engagement - The growth of 2D and gaming content on Xiaohongshu has surged, with a year-on-year increase of 175% for 2D content and 168% for gaming content, making it the third-largest category after fashion and food [3][5] - Participants are increasingly integrating gaming and anime into their daily lives, showcasing a trend where the younger generation seeks to break the dimensional wall and experience these interests in real-life settings [4][5] Group 3: Economic Impact - The event also included a distribution of 5 million yuan in consumption vouchers to stimulate local commerce, linking various businesses in the Wujiaochang shopping district and Shanghai International Fashion Center [5]

Core Insights - The event "RED LAND" is being held from August 8 to August 10 in Shanghai, featuring an area of 80,000 square meters dedicated to various popular IPs [1] - The event includes over 50 popular IPs globally, with more than 20 classic anime IPs and over 30 phenomenon-level game IPs [1] Group 1 - "RED LAND" is the world's first open-world adventure island event created by Xiaohongshu [1] - The event showcases a diverse range of content, including collaborations with well-known brands such as Pokémon, Aniplex, and Cyberpunk 2077 [1] - The venue features more than 10 original exclusive exhibition booths [1]

Core Insights - The Chinese潮玩 (trendy toy) market has seen the emergence of popular products, with brands like TOP TOY and 52TOYS gaining significant traction on social media. The Labubu series from Pop Mart, created by artist Kasing Lung, has become a key revenue driver, contributing nearly half of the company's income in 2024 [1] - The sustainability of these popular IPs (intellectual properties) post-peak is a critical concern for the industry, prompting discussions on how companies can maintain growth [2][3] Group 1: Market Dynamics - The recent downturn in the new consumption sector has led investors to reassess growth logic in niche markets, including the潮玩 industry. The question of how companies can sustain performance after the initial hype is paramount [2] - Two typical paths for潮玩 companies are identified: one relies on short-lived viral IPs, while the other, like Hello Kitty, focuses on stable growth through multi-channel content output [2][3] Group 2: Content and Consumer Engagement - Content is essential for extending the lifecycle of IPs. Examples like Pokémon illustrate how diverse content offerings keep the brand visible to consumers [2] - New content forms, such as short videos and themed experiences, are becoming increasingly important as consumer habits evolve. Companies like Pop Mart are experimenting with various formats to keep their characters relevant in consumers' lives [3] Group 3: IP Portfolio Strategy - A diverse IP portfolio is crucial for mitigating risks associated with reliance on a single brand. Companies like Disney benefit from multiple IPs, which helps manage overall profitability even when one brand underperforms [4] Group 4: Valuation Considerations - The valuation of潮玩 companies is influenced by whether they are perceived as retail or content companies. In China, retail companies often face more cautious valuations compared to their counterparts in Western markets [5][6] - The ability to withstand market cycles is a key indicator of a company's quality, with financial metrics like inventory turnover and gross margin serving as indicators of effective strategy execution [6] Group 5: International Expansion - Chinese潮玩 brands are increasingly looking to expand internationally, with Pop Mart's Labubu series gaining attention in the U.S. market. The potential for success in the U.S. is bolstered by high consumer spending and cultural similarities [7][8] - Localization is critical for success in foreign markets, as demonstrated by Pop Mart's Crybaby series, which was designed by local talent in Thailand and quickly gained popularity [8]