Core Insights - Jay Chou, a major star in the Chinese music industry, has officially entered Douyin with his character "Zhou Tongxue," generating significant online buzz. This marks the second time he has joined a social media platform under this identity, with the backing of the company "Giant Star Legend" (6683.HK) [1] - Giant Star Legend operates in two main segments: IP creation and operation, and new consumption. The company has successfully developed the "Zhou Tongxue" and "Liu Jiaolian" IPs, accumulating a total fan base of 250 million across various celebrity IPs [1][2] - The "Zhou Tongxue" IP has been monetized through collaborations with over 200 licensed partners, generating sales exceeding 1 billion yuan in the past five years [2] - The company has expanded its IP business into digital content, collaborating with a Hollywood effects team to create a digital persona for Zhou Tongxue and launching a pilot film in the metaverse [2] - The reality show "Zhou You Ji," tailored for Jay Chou, has achieved high ratings and significant online engagement, indicating strong audience interest and potential for further monetization [3] - Giant Star Legend is innovating in the integration of music events with tourism, creating immersive experiences that link concerts with local attractions, thereby enhancing economic models [3] - In the new consumption sector, the company employs an "IP-enabled new consumption" model, leveraging celebrity IPs to drive sales of health and skincare brands, creating a closed-loop commercial ecosystem [4] - The entry of Jay Chou into Douyin is expected to enhance the company's fan acquisition capabilities, expanding its reach into interest-based e-commerce and boosting revenue from IP-related products and brand collaborations [4]

Core Viewpoint - The significant stock price surge of Giant Star Legend (06683.HK) is primarily driven by the recent success of Jay Chou's concert and the high viewership of "Travel Diary 3," which has generated substantial consumer engagement and revenue potential [1][2]. Group 1: Company Performance - In 2024, Giant Star Legend achieved a revenue of 584 million yuan, representing a year-on-year growth of 35.8%, with a net profit attributable to shareholders of 56.05 million yuan, up 62.4% [2]. - The company's IP creation and operation business generated 314 million yuan in revenue, a significant increase of 65.1%, largely attributed to the popularity of "Travel Diary 2" [2]. - The new retail business also saw a revenue increase of 12.5%, reaching 270 million yuan, with notable brands including Magic Body, Aichixian Moren, and VIVICYCLE [2]. Group 2: Market Dynamics - The stock price of Giant Star Legend has been closely tied to the value of Jay Chou's IP, with the stock doubling within a year of its listing due to the strong monetization potential of the IP [3]. - However, since mid-June 2024, the stock has experienced a continuous decline, with a notable drop of 72.24% on September 11, 2024, falling below the issue price [3]. - As of the latest closing, the company's price-to-earnings ratio (TTM) stands at 61.71 times, indicating a high valuation that may pose risks of market bubble concerns despite the strong market imagination driven by Jay Chou's IP [3].