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） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company is leveraging popular anime IPs to innovate traditional stationery products, with ongoing expansion of derivative products and international markets [2][4]. - The company has launched various collaborative products with well-known IPs, enhancing product functionality and appeal [9]. - The internationalization strategy includes brand acquisitions and market expansion, aiming for a global presence [9]. Summary by Relevant Sections Recent Developments - The company has partnered with popular anime IPs to create events in 15 cities and 21 locations, with new products launched in 40 flagship stores, 2700 themed stores, and 20000 specialty stores [2][4]. Product Innovation - Since 2025, the company has enhanced its product offerings in traditional stationery through IP collaborations and functional improvements, introducing products like blind box pens and advanced stationery [9]. - Notable collaborations include products themed around "Nezha" and partnerships with Tencent Video for new anime IPs [9]. Derivative Products and Market Strategy - The company is focusing on derivative products through its independent brand "Qizhi Haowan," targeting the two-dimensional economy with various merchandise [9]. - The product range includes badges, acrylic keychains, and other stationery items, leveraging multiple sales channels to reach students [9]. Financial Projections - The company expects steady revenue growth, with projected net profits of 1.54 billion, 1.66 billion, and 1.79 billion yuan for 2025-2027, corresponding to PE ratios of 19, 17, and 16 times [9].

Summary of Guangbo Co., Ltd. Conference Call Company Overview - Guangbo Co., Ltd. has a domestic sales ratio of 70%, with office direct sales accounting for 60%, IP cultural and creative business at 7%, and foreign sales and cross-border e-commerce close to 30% [2][3]. Key Points and Arguments Business Structure and Focus - In 2024, Guangbo Co., Ltd. restructured its business by reducing its internet marketing operations and focusing on stationery and domestic office direct sales [3]. - The company is accelerating its transformation towards the IP cultural and creative business, emphasizing product development and channel expansion [3]. Profitability and Growth Expectations - The gross margin for the IP cultural and creative business exceeds 43%, significantly higher than other business segments [4]. - The company anticipates overall profit growth driven by the rapid expansion of the IP cultural and creative business, with a projected compound annual growth rate (CAGR) of 20% to 30% [5][4]. Market Potential - The Chinese IP derivative market is valued at nearly 200 billion yuan, expected to maintain steady growth due to the rise of domestic IP, expansion of retail channels, and low penetration rates [2][7]. - The primary consumer group for IP derivatives is the Z generation (ages 15-29), who show a strong inclination towards emotional consumption [8][9]. Competitive Advantages - Guangbo Co., Ltd. has established advantages in paper product printing and supply chain management, leveraging its experience in product design through proprietary brands and IP collaborations [6][14]. - The company has successfully created popular products, facilitating easier access to subsequent IPs [6]. Consumer Behavior - The target audience for Guangbo's products includes young women aged 18-22, who purchase items to express support for their favorite IP content and for social interaction [9]. - Emotional consumption is becoming a necessity for this demographic, driven by factors such as work pressure and changing social dynamics [9]. Industry Trends - The rise of domestic IP content, including films, animations, and mobile games, is positively impacting the demand for cultural and creative products [10]. - The number of cultural and creative stores in China has been steadily increasing since 2025, indicating a positive trend for the IP derivative industry [11]. Global Market Position - China's IP derivative market accounts for about 10% of the global market, with significant potential for domestic companies to expand internationally [11]. - There is a substantial growth potential for per capita spending on IP toys and cards in China compared to mature markets like North America and Japan [12]. Future Projections - Guangbo Co., Ltd. expects revenue growth of 10% to 15% and profit growth of 20% to 30% over the next three years, with a projected P/E ratio of 21 times in 2026, indicating room for valuation adjustments [17]. Additional Important Insights - The competitive landscape in the IP derivative market is fragmented, with opportunities for new entrants in various product categories [7][12]. - Guangbo Co., Ltd. has made significant progress in acquiring IP rights and expanding its product categories, including the introduction of new creative products [16].

Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 484 million RMB, a year-on-year increase of 10.12% [2] - The net profit attributable to shareholders for Q1 2025 was 29.91 million RMB, reflecting a year-on-year growth of 31.24% [2] Group 2: Product Development and IP Expansion - The second quarter order meeting successfully introduced new IPs including "Jujutsu Kaisen," "Gintama," and "Detective Conan" [3] - In 2024, the company launched a series of unique secondary dimension products, including badges and plush toys, which gained market attention [3] - For 2025, the product line will expand to include lifestyle items such as cups and plush toys, integrating fashion and emotional value into the products [3] Group 3: Market Strategy and Risk Management - The company's revenue structure for 2024 shows that overseas income accounts for 28.07%, while domestic income is 71.93%, indicating a strong domestic market focus [5] - The company plans to enhance its creative product business and increase domestic supply to build a dual-circulation development model [5] - The overseas production bases in Vietnam and Cambodia generated 451 million RMB in revenue for 2024, accounting for 63.97% of the company's overseas income in the educational and office supplies sector [5] - The company will actively seek new customers through international exhibitions and enhance product value to mitigate tariff impacts [5] Group 4: M&A and Strategic Opportunities - The company is closely monitoring industry dynamics and potential opportunities for collaboration, with a cautious approach to any mergers or acquisitions [7]

Summary of the Conference Call for Morning Glory Co., Ltd. Company Overview - **Company**: Morning Glory Co., Ltd. (晨光股份) - **Industry**: Stationery and Office Supplies Key Points and Arguments Growth Strategy - Morning Glory is implementing an IP-driven and overseas expansion strategy, expecting a net profit of **1.69 billion** yuan in 2025, a **20%** year-on-year increase [2][5] - The target for IP-based stationery products has been raised from **7%-8%** to **15%-20%** to meet market demand and enhance retail business, aiming for double-digit growth [2][8] Market Potential - The IP stationery market is projected to reach approximately **5 billion** yuan in 2024, with a low penetration rate of **4%** but a growth rate exceeding **25%** [2][9] - The compound annual growth rate (CAGR) for the IP stationery market is expected to remain above **20%** over the next two to three years [2][9] Brand Performance - Morning Glory's sub-brand "Fun and Play" achieved over **200 million** yuan in revenue in 2024, a **150%** increase, with profits of **20 million** yuan, up **260%** [2][12] - The brand is testing entry into core Morning Glory stores, which could contribute an estimated **1 billion** yuan in revenue if it penetrates **50%** of the core stores [2][12] Overseas Expansion - The overseas distribution channel is rapidly growing, with a projected revenue of **600 million** yuan in 2024, a **50%** increase, primarily in Southeast Asia [2][13] - By 2025, the overseas distribution system is expected to reach **900 million** yuan, also a **50%** increase [2][13] - Morning Glory is actively expanding its headquarters lifestyle stores in Southeast Asia [2][13] Recent Changes and Collaborations - Morning Glory has launched new products for the summer marketing season and formed a strategic partnership with Tencent Video to introduce top anime IPs [3] - The new product launch exceeded market expectations, indicating the company's commitment to transformation [3] Inventory and Market Dynamics - Channel inventory is at a historical low of approximately **1.1 billion** yuan, down **20%-30%** from previous highs [4][16] - The stationery industry is transitioning to an information-based supply phase, with expectations for recovery in terminal sales [18] Challenges and Adjustments - The "Miscellaneous Store" business faced losses in 2024 due to misalignment with target demographics, but plans to refocus on high-margin products in 2025 [4][19] - The impact of the "Double Reduction" policy has led to a **15%-20%** decrease in demand for stationery among higher-grade students [17] Competitive Landscape - Traditional local brands are being phased out, while emerging brands are rapidly gaining market share by integrating popular IP elements [10][11] - Japanese brands are losing competitive edge due to high pricing, while domestic products are improving in quality and cost-effectiveness [11] Future Directions - Morning Glory plans to expand its IP matrix, focusing on domestic and Japanese anime, and aims to enhance its product offerings through strategic partnerships [21][22] - The company is also exploring the introduction of new IPs to diversify its product range and appeal to consumer preferences [21][25] Conclusion - Morning Glory is poised for growth through strategic IP integration, overseas expansion, and a focus on retail, with a strong outlook for profitability and market share increase in the stationery industry [2][8][15]

Core Insights - The "Millet Economy" is transitioning from a niche market to a mainstream market, showing strong growth potential with a market size approaching 1.7 trillion yuan in 2024, expected to exceed 2 trillion yuan in 2025 [1][44] - The user base for the "Millet Economy" has reached 500 million, with Generation Z being the primary consumer group, and female consumers' share increasing significantly from 67% in 2023 to 78% in Q1 2025 [1][16] - The industry is characterized by a clear supply chain structure, with upstream focusing on IP development, midstream on production, and downstream on diversified sales channels including e-commerce and physical stores [1][19] Industry Definition - "Millet" refers to merchandise related to the two-dimensional culture, including various products derived from IP such as badges, standees, and paper products [5] Industry Development - The "Millet Economy" has evolved from relying on imported products to a robust domestic production model, with significant growth in local IP development since 2010 [8][9] - The market has seen a surge in innovative product forms like blind boxes and trendy toys, with companies like Pop Mart leading the way [8] Product Types - The most popular product type is badges, which dominate the second-hand market with a 64% share, followed by paper products at 19% and standees at 12% [10][11] Industry Scale - The market size of the "Millet Economy" is projected to grow significantly, with a 40% year-on-year increase expected in 2024, reaching nearly 1.7 trillion yuan [12][44] Industry Outlook - The low derivative product rate of domestic IP indicates substantial growth potential, with only 10% of film-derived income coming from merchandise compared to higher rates in the US and Japan [2][15][58] User Insights - The consumer demographic is predominantly female, with a notable increase in purchasing frequency and willingness to pay premiums for limited edition products [35][37] - Generation Z is a key driver of the market, with a significant portion of their spending directed towards "Millet" products, reflecting a shift towards emotional and social value in consumption [16][67] Industry Chain - The industry chain consists of three main segments: upstream IP development, midstream production, and downstream sales channels, with a focus on maximizing sales efficiency through a well-integrated supply chain [19][23]

Core Insights - The rise of the "Guzi Economy" is reshaping consumption patterns among young people in China's competitive subculture market, with an expected market size of nearly 600 billion yuan in 2024, of which 28% (approximately 168.9 billion yuan) will be attributed to the Guzi Economy, projected to exceed 300 billion yuan by 2029, growing at an annual rate of 40% [1][3][6] Group 1: Market Dynamics - The Guzi Economy is driven by the success of domestic IPs like "Genshin Impact" and "Nezha: Birth of the Demon Child," which integrate traditional Chinese cultural elements, fostering a deep emotional connection between consumers and virtual characters, leading them to pay premium prices for related merchandise [3][5] - The business model behind the Guzi Economy is characterized by low production costs and high markups, with items like anime badges costing only 2 to 5 yuan to produce but selling for tens or even thousands of yuan, as they serve as emotional carriers for fans [5][6] - The unique consumption ecosystem within the subculture encourages fans to purchase merchandise as a form of support for their favorite IPs, creating a psychological link where increased spending is equated with greater support [5][6] Group 2: Cultural and Economic Implications - The Guzi Economy reflects a deeper industrial logic, supported by Japan's successful "content-merchandise-tourism" model, exemplified by "Demon Slayer," which has generated over 1 trillion yen in merchandise sales [6][7] - The rise of domestic IPs has led to a resonance between the Guzi Economy and the cultural industry, with works like "Chang'an 30,000 Li" visually expressing traditional culture and expanding consumption scenarios into emerging formats like VR exhibitions and the metaverse [7][9] Group 3: Entrepreneurial Opportunities - Entrepreneurs have opportunities in this billion-yuan market, especially with policy support that encourages the transformation of traditional shopping centers into "subculture landmarks," offering up to 30% rent subsidies [9][10] - In lower-tier cities, where per capita annual spending on Guzi products is significantly lower than in first-tier cities (800 yuan vs. less than 200 yuan), entrepreneurs can tap into this potential by opening small stores near schools or utilizing online platforms for pre-sales [9][10] Group 4: Future Trends - The essence of the Guzi Economy lies in infusing emotional value into products, with future developments potentially including AR interactive figures, NFT digital merchandise, and virtual exhibitions, all aimed at fulfilling the human need for emotional connection [12]

Core Insights - The report highlights the rapid growth of the "Goods Economy" driven by secondary IP derivatives, transitioning from niche markets to mainstream appeal, with a projected market size exceeding 2000 billion yuan by 2025 [1][2][47]. Industry Definition - "Goods" refers to secondary products related to two-dimensional culture, including badges, paper products, and standees, with the term "eating goods" denoting the purchase of these items [7]. Industry Development - The "Goods Economy" in China showcases a blend of cultural consumption and industrial upgrading, with a significant shift from overseas IP derivatives to domestic production, particularly in the last decade [10][11][12]. Product Types - Badges are the most popular product type, accounting for 64% of the second-hand market sales, followed by standees and other merchandise [13][15]. Market Size - The market size for the "Goods Economy" is expected to reach approximately 1689 billion yuan in 2024, reflecting a year-on-year growth of over 40% [47]. Industry Outlook - The domestic IP derivative market is currently underdeveloped, with only 10% of film revenues coming from merchandise, indicating significant growth potential compared to mature markets like the US and Japan [22][48]. User Demographics - The core audience for the "Goods Economy" is primarily the Z generation, with a user base projected to reach 5 billion, and a notable increase in female consumers from 67% in 2023 to 78% in early 2025 [23][42]. Industry Chain - The industry chain consists of three main segments: upstream IP development, midstream production and design, and downstream sales channels, which include online platforms and physical stores [26][32][36]. Challenges and Opportunities - The industry faces challenges such as homogenization, weak copyright protection, and dependency on IP, but also benefits from rapid market expansion and the rise of domestic IPs [2][45].

Company Overview and Industry Position - The company, 卡游有限公司, is a leading player in China's pan-entertainment product industry, primarily focusing on IP-based toys, especially collectible card games and stationery. According to ZhiShi Consulting, the company ranks first in various segments of the pan-entertainment product market, with market shares of 13.3%, 21.5%, 71.1%, and 24.3% in the overall pan-entertainment products, pan-entertainment toys, collectible card games, and stationery sectors respectively [1][31]. Core Competencies and Business Model - The company has established an integrated business model based on three core competencies: diversified product experience, engaging interactive operations, and robust production capabilities. The product matrix includes collectible card games, figurines, other toys, and stationery, with toy revenue accounting for 94.9% in 2024, of which collectible card game revenue is 8,200 million RMB, representing 81.5% of total revenue [2][32]. - Engaging interactive operations are enhanced through innovative gameplay designs and TCG events, with over 5,100 events held in more than 100 cities, effectively expanding brand influence [2][53]. - The company maintains strong production capabilities with three operational production bases, one base under construction, and advanced technologies, achieving stable gross margins between 65.8% and 68.8% from 2022 to 2024 [2][32]. Financial Performance and Business Data - The company's revenue for 2022, 2023, and 2024 is reported as 4,131.1 million RMB, 2,662.1 million RMB, and 10,056.9 million RMB respectively, indicating a significant year-on-year growth of 278% in 2024. Adjusted net profits for the same years are 1,619.7 million RMB, 933.8 million RMB, and 4,466.1 million RMB [3][50]. - As of the end of 2024, the company has developed a diverse IP matrix consisting of 70 IPs, including 69 licensed IPs and one proprietary IP, "卡游三国," collaborating with 43 IP partners. The sales network covers all 31 provinces in China, with 92.5% of revenue coming from distribution channels and 7.5% from direct channels [3][54]. Development Strategy and Future Plans - The company aims to expand its product and IP offerings, enhance production and supply chain capabilities, optimize distribution networks, and invest in team and technology development. Plans include launching more cultural IP products and increasing automation in production to shorten product launch cycles to 20-30 days [4][44]. - The company is also focusing on strengthening online channels and exploring overseas markets, leveraging existing IP licenses to expand into regions like Europe and Asia [4][44]. Brand and Product Layout - 卡游 has established a strong brand presence in the pan-entertainment product sector, recognized for its diverse product offerings centered around popular IPs. The collectible card game segment includes themes from well-known franchises, and stationery products have seen significant growth, with sales of 117.4 million units in 2024, a year-on-year increase of 108% [5][46].

Investment Rating - The industry investment rating is "Positive" [2][67] Core Insights - The collectible card game industry in China has experienced rapid growth, with the market size projected to increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 56.6%, significantly outpacing the overall growth rate of the broader entertainment toy market at 15.8% [4][13] - The leading company, Kayo, holds over 70% market share in the collectible card game sector, indicating a highly concentrated industry with limited competition [4][20] - Kayo's revenue for 2024 is expected to reach 10.06 billion RMB, representing a year-on-year growth of 277.8%, with adjusted net profit increasing by 378.3% to 4.47 billion RMB, achieving a net profit margin of 44.4% [5][28] Summary by Sections 1. Industry Overview - The collectible card game market in China is rapidly expanding, with a market size projected to reach 26.3 billion RMB by 2024, driven by strong consumer demand [4][13] - The industry is characterized by a high concentration of market share, with Kayo being the dominant player [20][23] 2. Kayo's Performance - Kayo's revenue growth in 2024 is expected to be explosive, with a significant increase in both revenue and net profit compared to previous years [5][28] - The company primarily sells collectible cards through a dealer model, with over 90% of sales coming from this channel [33][40] - Kayo has diversified its product offerings beyond collectible cards to include toys and stationery, enhancing its market presence [5][30] 3. IP and Product Development - Kayo's product strategy is heavily reliant on licensed intellectual properties (IPs), with a focus on popular franchises such as Ultraman and My Little Pony [47][51] - The company has expanded its IP portfolio to 70 by 2024, indicating a proactive approach to product development and market engagement [47][48] - Kayo has introduced trading card game (TCG) mechanics to enhance consumer interaction and engagement, which is expected to drive further growth [53] 4. Competitive Landscape - Other listed companies in the collectible card space, such as Pop Mart and Aofei Entertainment, have lower revenue contributions from card-related products, indicating Kayo's strong market position [6][56] - Kayo's competitive advantage is reinforced by its extensive distribution network and brand recognition across China [5][43] 5. Investment Outlook - The report suggests that the IP industry holds long-term investment value due to its ability to create emotional connections with consumers, leading to stable demand and higher profit margins [57] - Kayo's strong market share and extensive sales network position it well to continue leading the collectible card game industry in China [57]