买一杯指定饮品，附赠一份限定明星周边，估计不少人都看到过类似的奶茶营销广告。然而，这些本应 与饮品"捆绑"出现、不作为独立商品流通的赠品，却在电商平台上被明码标价、单独售卖，形成了一条 灰色的"拆卖"产业链。 因认为自身合法权益受损，该公司以"不正当竞争"为由将"某周边代购店"的经营者颜某诉至法院，请求 法院判令其立即停止侵权行为，并赔偿经济损失及维权合理开支。 法院判决构成不正当竞争 成都铁路运输第一法院经审理后，并未采纳颜某的辩解，并从多个层面论证了其行为的不正当性。 法院审理后认为，原告开展销售品牌饮品并赠送明星周边产品的促销活动，周边产品是与饮品捆绑并非 单独流通性产品。虽然被告与原告经营范围存在差异，但其经营商品依托于原告售卖的饮品，是原告为 刺激饮品销售而捆绑的赠品。因此被告店铺内购买案涉周边的用户极有可能与原告策划的联名活动所面 向的客户群体存在重合，被告实质上系利用原告既有的用户资源和市场成果，为自己谋取交易机会，从 而获取竞争优势，双方之间存在竞争关系。 12月25日，华西都市报、封面新闻记者从成都铁路运输第一法院（成都互联网法庭）获悉，近日，该法 院审结了一起不正当竞争纠纷案，为这种愈演愈 ...

Group 1 - The release of "Zootopia 2" has significantly boosted box office performance, surpassing 2.28 billion yuan on its opening day and accumulating over 20 billion yuan in total, setting multiple records for imported animated films in China [2][3] - The film's success has led to increased activity in the A-share film and entertainment sector, with companies like China Film and Huayi Brothers experiencing notable stock price increases following the film's release [1][3] - The film has also stimulated consumer demand, with a wide range of merchandise and collaborative products selling well, including plush toys and themed items from various brands [3][4] Group 2 - Shanghai Disneyland, the only theme park with a "Zootopia" themed area, has seen a surge in visitor numbers, with projections of 14.7 million visitors in 2024 and surpassing 100 million total visitors since its opening [5] - The park has introduced innovative attractions and experiences related to the film, enhancing visitor engagement and emotional connection to the IP [5][6] - Despite the film's box office success, there has been a short-term divergence between box office performance and stock market reactions, with several companies in the film sector experiencing declines in stock prices shortly after the film's release [6]

Core Insights - Meitu has launched the "Digital Communication Project for Chinese Traditional Culture," aiming to enhance young people's recognition and participation in traditional culture through digital technology [1] - The project has achieved over 2 billion transmissions and created more than 100 sets of "Guochao" (national trend) patterns [1] - The "Meitu Guochao Pattern Plan" revitalizes traditional patterns, infusing new vitality into Guochao culture among the younger generation [1] Summary by Categories - **Project Overview** - Meitu's initiative focuses on transforming traditional patterns into creative materials such as filters and stickers using digital technology [1] - **Impact and Reach** - The project has reached over 2 billion transmissions, indicating significant engagement and interest [1] - More than 100 sets of Guochao pattern materials have been developed, showcasing the breadth of the project [1] - **Cultural Significance** - The initiative aims to foster a sense of identity and participation in traditional culture among young people, thereby revitalizing Guochao culture [1]

Core Insights - The new version of the HarmonyOS-based photo editing app "Xingtu" introduces a variety of creative features, including new filters and sticker libraries, aimed at enhancing user creativity and photo quality [1][8]. Filter Updates - The app has launched new filter series such as "Dream & Millennium," designed for night and street photography, which infuses a futuristic cyberpunk style into images [3]. - A "Retro & Film Texture" series has been added, featuring classic camera filters that create a nostalgic atmosphere with warm tones and fine grain, enhancing the storytelling aspect of fashion photos [3]. - An upgraded portrait filter intelligently optimizes skin texture while preserving details, adding a high-end feel to food and lifestyle photos [4]. Sticker Innovations - The latest version features an IP collaboration series, offering popular character stickers that make photos stand out [6]. - New themed sticker packs have been introduced, including categories like "Holidays," "Plog," and "Pixel," providing inspiration for various scenarios [6]. - A DIY sticker editing feature allows users to creatively combine and customize stickers, enhancing the uniqueness of their photos [6][8]. Overall Impact - The updates provide creators with more inspiration and possibilities for photo creation, expanding their creative space and enhancing the overall user experience [8].

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 7th GH Shanghai Gift Expo will be held from July 17-19, 2025, at the Shanghai New International Expo Center, focusing on the gift and home industry in East China [1] - The expo aims to create a comprehensive gift ecosystem by gathering global suppliers and addressing corporate gift procurement, brand marketing, and supply chain upgrades [1][2] Group 1: Event Overview - The expo will cover an area of 50,000 square meters, featuring 1,500 exhibitors and showcasing 100,000 trendy products [2] - It will focus on four major consumer hotspots: Mid-Autumn gifts, fragrances, designer brands, and emerging brands, attracting various professional buyers from East China and nationwide [2] Group 2: Market Trends - The rise of the Z generation's purchasing power has made IP culture and trendy products key growth drivers in the gift industry [3] - The expo will feature over a thousand new products from leading IP licensors and independent design brands, targeting the young consumer market [3] Group 3: Customization and Services - The expo will provide full-category customization services and one-stop procurement solutions to meet the increasing demand for corporate customization [4] - Advanced technologies such as 3D printing and digital laser engraving will be demonstrated to enhance customization capabilities [4] Group 4: Industry Connectivity - The expo aims to connect the entire industry chain, facilitating supply-demand matching between manufacturers, gift companies, and e-commerce platforms [5][6] - It will feature a diverse range of exhibitors, including full-service providers, independent creative brands, and source factories, to support various business needs [6] Group 5: Future Growth - The GH Shanghai Gift Expo serves as a platform for product display and industry trend insights, aiming to help businesses overcome homogenization and explore new market opportunities [7] - The event invites global buyers to witness the evolving landscape of the gift industry, emphasizing the theme "Everything Can Be a Gift" [7]

Investment Rating - The report rates the investment in the collectible card industry as positive, highlighting the leading position of the company in this sector [2]. Core Insights - The report emphasizes that the company is a pioneer in China's collectible card business, holding significant market shares in both the broader entertainment product and toy industries, with shares of 13.3%, 21.5%, and 71.1% respectively [8][39]. - The company has a strong competitive advantage due to its integrated "production-research-sales" model, robust IP operation capabilities, and nationwide sales network, which allows for quick responses to market demands [8][46]. - The collectible card industry in China is still in its early development stages, with substantial potential for per capita spending growth compared to markets in Europe, America, and Japan [50][53]. - The company has a diverse IP matrix, including 70 IPs, and has seen significant revenue contributions from its top five IP products, which accounted for 98.4%, 89.9%, and 86.1% of total revenue in 2022, 2023, and 2024 respectively [39][45]. Summary by Sections 1. Company Overview - The company is recognized as a leader in the collectible card industry in China, with a focus on expanding its product categories to include stationery and toys [8][39]. - The company has received investments from major firms like Sequoia China and Tencent, which have facilitated its product diversification [8][39]. 2. Core Business - The company has a deep production supply chain and sales channel layout, launching numerous toy series and expanding into stationery products [17][27]. - The revenue from collectible cards has shown volatility, while non-card products have steadily increased, indicating a healthier revenue structure [63][67]. 3. Brand Power and IP Licensing - The company benefits from a strong brand and IP licensing cycle, with a significant portion of its revenue derived from non-exclusive IP arrangements [39][44]. - The company’s IP matrix includes popular franchises, contributing to high gross margins and revenue stability [39][45]. 4. Industry Overview - The collectible card market in China is projected to grow significantly, with a compound annual growth rate of 56.6% from 2019 to 2024, reaching a market size of RMB 263 billion [50][52]. - Comparatively, per capita spending on collectible cards in China is significantly lower than in Japan and the USA, indicating room for growth [53][54]. 5. Financial Performance - The company has experienced rapid revenue growth, with a notable increase from RMB 26.62 billion in 2023 to RMB 100.57 billion in 2024, driven by successful product launches [63][64]. - The revenue structure is becoming more balanced, with a decreasing reliance on collectible card sales as the company diversifies its product offerings [63][67].

Core Viewpoint - The rapid growth of the "Guziko Economy" in the two-dimensional cultural peripheral economy is highlighted, with the Chinese pan-entertainment product industry expected to reach a market size of 1,741 billion yuan in 2024, growing at a compound annual growth rate (CAGR) of 13.6% from 2019 to 2024, and projected to reach 3,358 billion yuan by 2029 [2] Company Overview - Card Game Co., Ltd. (KAYOU) is a leading player in the collectible card game sector, initiating its IPO process again after an unsuccessful attempt in January 2024, with a new prospectus submitted to the Hong Kong Stock Exchange on April 14, 2025 [2][4] - The company has received investments from Sequoia Capital and Tencent, with revenue surpassing 10 billion yuan in 2024 [4][10] Financial Performance - KAYOU's revenue for the years 2022, 2023, and 2024 was approximately 41.31 billion yuan, 26.62 billion yuan, and 100.57 billion yuan respectively, with a significant year-on-year growth of 277.8% in 2024 after a decline of 35.6% in 2023 [11][12] - The company reported net profits of -296 million yuan in 2022, 449.5 million yuan in 2023, and -1.2415 billion yuan in 2024, with adjusted net profits of 1.62 billion yuan, 934 million yuan, and 4.466 billion yuan respectively [12] Market Position - KAYOU holds the top market share in the pan-entertainment product and toy sectors, with respective shares of 13.3% and 21.5%, and dominates the collectible card game market with a share of 71.1% [10] - The company has expanded its product offerings beyond collectible cards to include badges, stickers, dolls, and stationery, although the majority of revenue still comes from collectible cards [10][13] IP Dependency - KAYOU's business model heavily relies on IP licensing, with 70 IPs as of 2024, of which 69 are licensed and 1 is proprietary [11] - The company faces potential risks as over half of its IP licenses are set to expire in the coming years, with 38 licenses expiring by 2025 and 39 by 2026 [15][17] Social Responsibility and Regulatory Challenges - KAYOU has faced scrutiny regarding its sales practices to minors, particularly concerning blind box products, which have led to significant financial expenditures by children [19][21] - The company has been reported to have violated regulations regarding the sale of blind boxes to minors, raising concerns about its commitment to consumer protection [21]

Company Overview - KAYOU Limited is a leading company in the pan-entertainment product sector, focusing on IP-based physical products such as toys and stationery [2] - The company has a diverse product range, with collectible card games being its core offering, and is expanding into other categories like figurines and stationery [2] Financial Performance - KAYOU's revenue is projected to grow significantly, with figures of 4.131 billion, 2.662 billion, and 10.057 billion RMB for the years 2022 to 2024, respectively, crossing the 10 billion RMB mark [2] - Operating profits for the same period are expected to be 1.803 billion, 0.831 billion, and 3.707 billion RMB, while net profits show a fluctuation with losses in 2022 and 2024 [2][3] - Adjusted net profits under non-IFRS measures are forecasted to be 1.620 billion, 0.934 billion, and 4.466 billion RMB for 2022 to 2024 [3] Market Position - KAYOU holds a leading market share in the pan-entertainment product industry, with 13.3% overall and 21.5% in the pan-entertainment toy sector, and dominates the collectible card game market with a 71.1% share [2] - The company is also the top player in the pan-entertainment stationery market with a 24.3% share [2] Industry Growth - The pan-entertainment product market in China is expected to grow from 91.9 billion RMB in 2019 to 174.1 billion RMB by 2024, with a compound annual growth rate (CAGR) of 13.6% [4] - The collectible card game segment is projected to grow at a remarkable CAGR of 56.6% from 2019 to 2024, representing 25.8% of the overall pan-entertainment toy market by 2024 [4] IP Dependency - KAYOU has a diverse IP matrix consisting of 70 IPs, but only one is proprietary, raising concerns about reliance on licensed IPs [5][6] - A significant portion of revenue comes from non-exclusive IP arrangements, with 96.0%, 82.3%, and 88.0% of total revenue derived from such products from 2022 to 2024 [6] - The company faces potential risks as 38 IP licensing agreements are set to expire by 2025, necessitating negotiations for renewals [6] Business Structure - The stationery segment has shown impressive growth, increasing from 20.9 million RMB to over 500 million RMB from 2022 to 2024, but remains a small part of overall revenue [7] - KAYOU's performance is heavily reliant on the collectible card game segment, indicating a risk associated with dependence on a single product line [7]