每经记者｜谢陶 每经编辑｜唐元 9月28日晚，随着双子塔灯光秀点亮蓉城夜空，2025成都国际数字文创季在成都交子音乐广场启动，一场汇聚全球目光的数字文创盛宴正式拉开序幕。 这场引人瞩目的仪式，呈现了一场融合了数字技术与天府文化的视觉盛典。在美国知名动画导演、迪士尼艺术家道尔顿•格兰特眼里，"今晚是属于成都数字 文创的又一'高光时刻'。" 作为"00后最喜爱的城市"，一直以来，成都持续引领"玩的时尚"，成为了一座不可忽视的创造力与产业力兼具的高地。 图片来源：每经记者 张建 摄 创造力 与年轻人"同频"：超级IP持续涌现 本次2025成都国际数字文创季启动仪式上，一场集结了王者荣耀等28个本土热门IP的"数字文创·蓉耀之夜"亦同步启动。有网友评论道，"成都这次可谓是诚 意满满，压箱底的IP全都悉数贡献。" 无论是《刺客信条》《疯狂兔子》《物华弥新》《二十四节气》等大热游戏IP，还是《遮天》《汉化日记》《镇魂街》《十万个冷笑话》等经典影视动画 IP，它们体现的不仅是成都的数字文创产业活力，更折射出这座城市与年轻人保持深度"同频"的节奏。 如同一个巨大的"人才磁场"般，成都不断吸引着天南海北的年轻人来此"逐梦"。例 ...

Core Viewpoint - The company is experiencing strong performance in its new IP product line, with popular products frequently sold out due to supply constraints rather than weak demand. The global IP market presents significant growth opportunities, with the company expected to achieve substantial revenue growth by 2025 [1][2][4]. Group 1: Product Performance - The new IP product line, including Crybaby and Twinkle Twinkle, is performing well, indicating a supply bottleneck rather than a lack of demand [6][8]. - Popular products such as Twinkle Twinkle's "Bee Your Honey" figurine (priced at 199 RMB) and various Crybaby products (priced between 79-199 RMB) are experiencing stock shortages [7]. Group 2: Global Expansion and Brand Collaborations - The company is actively expanding its global presence and engaging in cross-brand collaborations, such as partnerships with Godiva and Chopard [9]. - New stores have opened in key cities like Berlin and Melbourne, indicating strong consumer interest in the company's IP and products [9]. Group 3: Financial Projections - The company is projected to achieve revenues of 31.046 billion RMB in 2025, representing a 138% year-on-year growth, and 42.994 billion RMB in 2026, with a 38% growth [10]. - Adjusted net profit is expected to reach 9.821 billion RMB in 2025, a 205% increase, and 13.965 billion RMB in 2026, a 42% increase [11]. Group 4: Market Potential - The global IP market is estimated to be worth approximately 800 billion USD, with the company's market share currently at only 2.3%, indicating substantial growth potential [14]. - The company aims to evolve into a combination of Bandai Namco, LEGO, and Disney, suggesting that its growth story is still in the early stages [14]. Group 5: Valuation and Investment Opportunity - The current stock price of 246 HKD offers over 48% upside potential to the target price of 365 HKD, based on a projected P/E ratio of 46 times for 2025 [16][19]. - The company’s strong IP product flywheel effect and efficient direct sales model are seen as key to successful global expansion [16].

Core Viewpoint - Shifeng Culture has officially obtained the licensing rights for the animated IP SpongeBob SquarePants, indicating a strategic move to expand its product offerings in the toy market through collaboration with Guangzhou Yizhouren Brand Management Co., Ltd [1] Company Summary - Shifeng Culture will develop a series of trendy toy products based on the classic images and elements of SpongeBob SquarePants, leveraging the popularity of the IP to attract consumers [1]