Group 1 - The core viewpoint of the article is that Shenzhen Aoya Design Co., Ltd. has launched a digital upgrade strategy for its cultural tourism IP, collaborating with Shenzhen Qiyihuo Technology Co., Ltd. to convert original IP into digital assets [1] - The first round of digital collectibles was launched on the "Luojiasen Friends Club" platform, targeting international growth for Chinese parent-child families [1] - The "Luojia IP World" debuted the "Exploration Collection" series of digital collectibles, achieving over 180,000 visits within one hour, with six types of collectibles selling out quickly [1] Group 2 - Aoya Design is progressing with the planned phased launch of the "Supreme Classic" and "Legendary Pioneer" series of digital collectibles [1] - The company aims to explore the long-term value of cultural tourism IP and the deep integration of digital technology with the cultural tourism industry and physical consumption [1]

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].