Core Insights - The company views IP as the most critical piece of its business strategy, aiming to leverage the emotional value economy for a sustained content creation boom over the next 10-20 years [1][2][3] - The strategic framework focuses on "Creative Design + Family Tourism" as dual main businesses and "AI + IP" as dual engines for growth, with a goal to become a leading asset value service provider and family tourism brand operator in China by 2025 [1][2] Business Transformation - The company has completed an initial phase of business transformation, with the landscape design business's share decreasing from 83.85% in 2020 to 52.16% in 2024, while the family tourism and creative design sectors have risen to 40.37% [1] - The transformation is driven by a keen awareness of consumer trends and customer experiences, aiming to expand opportunities through continuous upgrades [2] IP Development - The company is actively promoting independent IP operations, having established a subsidiary, Yueqi Culture, focused on IP and derivative product incubation, development, authorization, and commercialization [3] - The launch of the Luo Jia Sen Park in collaboration with Henan Aviation Port marks the first external authorization of the "Luo Jia" brand, indicating a significant step in IP independent operations [3]

Group 1 - The establishment of Nan Kong Luo Jia Tourism Development Co., Ltd. marks a significant step for Aoya Co., Ltd. in the cultural tourism sector [1] - The project aims to support the application for a 5A scenic area in the Quzhou Ancient City Cultural Tourism Zone, with a total investment of approximately 942 million yuan [2] - Aoya Co., Ltd. has a clear strategic direction of "creative design + parent-child cultural tourism dual drive, AIGC + IP dual engine" [2][3] Group 2 - Aoya Co., Ltd. has accelerated its layout in the cultural tourism sector since its listing in 2021, with a reported revenue decline of 13.77% to 413 million yuan in 2024 [3] - The investment in the Yan Jia Yu Island construction project aligns with the company's long-term development strategy and will strengthen its position in the cultural tourism industry [3] - The project is expected to transform the Quzhou Ancient City Cultural Tourism Zone into a new cultural tourism landmark in the Yangtze River Delta and nationwide [3]

Company Overview - Shenzhen Aoya Design Co., Ltd. has a history of focusing on children's growth and natural education, establishing the "Luojia Children" brand in 2011 with a vision to create sustainable happiness for children [2] - The company has transitioned from providing IP design services to independent brand operation with the establishment of JoyKey [2] Market Position and Strategy - The target customer base includes the existing parent-child demographic, particularly "super moms" willing to pay for quality experiences [3] - The company aims to leverage private operations and self-media marketing to enhance resource utilization and drive traffic conversion [3] Financial Performance and Projections - In 2024, the company reported no revenue from its own IP derivative products, with most income coming from secondary sales of cultural tourism projects [4] - The revenue structure has shifted from 83.85% in landscape design in 2020 to 52.16% in 2024, while the share of comprehensive cultural tourism business has increased to 40.37% [5] Business Development and Orders - As of May 9, 2025, the company reported a 24% year-on-year increase in signed contracts, indicating a positive trend in business development [6] AI and Technology Investment - The company plans to maintain its R&D investment to support AI applications, which have shown significant efficiency improvements in project planning [7][8] - The AI model can reduce project planning time from two weeks to a few hours, enhancing design efficiency [7] Risk Management - The company acknowledges uncertainties in market expansion and operational management of its IP business, urging investors to be cautious [4][8] - There is a careful approach to acquisitions in the collectible toy sector, focusing on self-incubation rather than high-cost acquisitions [9] Incentives and Future Plans - The company is exploring various incentive mechanisms to attract and retain talent in the creative industry [10] - Future sales strategies will focus on light asset operations and building a "ToB-toC-toB" industry loop [10]

Core Viewpoint - In 2024, Aoya Co., Ltd. (300949.SZ) reported a revenue of 413 million yuan, a year-on-year decrease of 13.77%, primarily due to the impact of government fiscal tightening and macroeconomic pressures leading to project delays and cancellations [1][2]. Financial Performance - The company experienced a significant improvement in operating cash flow, with net outflow reduced by 81.56% [3]. - The core business gross margin stood at 42.68%, placing Aoya in the top tier of the industry [5]. Business Strategy - Aoya's core business includes "creative design + parent-child cultural tourism," leveraging an "AI + IP" dual-engine strategy to navigate through industry challenges [1][3]. - The company aims to become a leading service provider for stock asset appreciation and a brand operator in parent-child cultural tourism [5]. Market Position and Opportunities - Aoya has successfully bid for key urban renewal projects, such as the comprehensive development of the Guanyin community in Henan, which is expected to boost regional annual output value by over 2 billion yuan [5][6]. - The urban renewal business has surpassed traditional business in contract value contribution, aligning with national development trends [6]. Innovation and Technology - Aoya has introduced the "Aoya Urban Cultural Tourism Renewal Model," a multi-modal large model focused on urban cultural tourism design, enhancing operational efficiency [10][12]. - The company has increased R&D investment by nearly 30% in 2024, emphasizing AI as a core driver of its strategy [11]. IP Development - Aoya established JoyKey Culture to manage IP incubation and commercialization, aiming to create a sustainable business model around IP [13][15]. - The "Luo Jia Children's" brand has expanded to over 250 projects across 50 cities, serving more than a million families [9]. Future Outlook - The company targets a revenue contribution of 85% from strategic businesses like urban renewal and Luo Jia Children's over the next three years [9]. - Aoya's strategic focus on integrating IP with cultural tourism is expected to redefine user experiences and enhance market competitiveness [16].

Core Insights - In 2024, the company faced significant challenges in the capital market, leading to a revenue decline of 13.77% to 413 million yuan, but maintained a robust financial structure with a core business gross margin of 42.68% and an 81.56% reduction in operating cash flow outflow [1][2] - The company successfully optimized its revenue structure, with the landscape design business's share decreasing from 83.85% in 2020 to 52.16% in 2024, while the cultural tourism business's share increased to 40.37% [2] - The company has made significant strides in AI technology, with the Urban Flow platform enhancing project efficiency and reducing planning cycles from weeks to hours [3] Revenue Structure Optimization - The company's revenue structure has become more balanced, with over 70% of revenue coming from the collaboration between urban renewal and family tourism businesses [2] - The creative design business has excelled in urban renewal, with contract amounts surpassing traditional business, and the family tourism segment has expanded to over 250 projects across more than 50 cities, achieving a 42% year-on-year revenue increase [2] - The company invested over 100 million yuan in self-branded projects, aiming for profitability this year [2] AI and IP Development - The Urban Flow 3.0 model integrates extensive project experience and resources, significantly improving operational efficiency [3] - The establishment of Yueqi Culture marks the company's entry into the international IP market, transitioning from project-based models to independent brand operations [3] - Successful integration of AI and IP has been demonstrated in projects like the Guangzhou Children's Park, where AI reduced design time by 60% and increased foot traffic by 30% in the first month of a themed pop-up store [3] Project Wins and Future Outlook - In Q1 2025, the company secured major projects, including a 300 million yuan investment in the Qizhou Yanjia Yu Island project and a 1.275 billion yuan urban renewal project, showcasing its strength in managing large-scale projects [4] - The company expressed optimism about overcoming market challenges and is positioned for growth following a period of adversity [4]