12月31日，"潮玩起势・玩赚新年"元旦迎新国潮创玩展在东莞市石排镇"中国潮玩之都·漫博中心"启 幕。展会以"展聚资源、会谋发展、节燃氛围、全年续航"为主题，打造"新品首发、内容首秀、企业首 展、舞台剧首演、品牌首店"五首亮点，将有效推动B端产业扩容提质、带动C端消费旺势增长，让东莞 潮玩从"业态集聚"走向"全时生态"。 值得一提的是，今年国字号展会"漫博会"落地石排镇以来，依托"专业展+专业镇"模式，石排漫博中心 线上线下展销额达1.8亿元。据石排镇党委书记詹志斌介绍，当前石排正以"专业展+专业镇"为抓手，持 续优化产业生态，推动"潮玩小镇"向"潮创小镇"加速迈进，努力打造成全国潮玩资源的集聚地、国潮品 牌的孵化地、产业创新的策源地、消费娱乐的目的地。 "五大主题馆+全链条场景" 打通B端产业链路、升级C端消费体验 据介绍，此次展会构建"五大主题馆+全链条场景"的展示矩阵，既为产业搭建资源对接平台，也为公众 打造沉浸式消费场景。其中，"中国潮玩之都品牌展"聚焦B端需求，狼博旺、TOYCITY、摩动核等本土 头部品牌集中亮相。"ChinaDebut国潮首发展"聚焦"首发、首秀、首展"，汇集500+新品，34个 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Suplay Inc. （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代 表閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長 登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約 或邀請，準投資者務請僅依據呈交香港公司註冊處處長登記的本公司招股章程作出投資決定； 有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； ( ...

转自：北京日报客户端 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"推进文化和科技融合，推 动文化建设数智化赋能、信息化转型，发展新型文化业态"，"推进文旅深度融合，大力发展文化旅游 业，以文化赋能经济社会发展"。我们要坚持以文塑旅、以旅彰文，积极探索文化和旅游深度融合的有 效机制，以科技创新培育文旅消费新场景，构建文旅产业集聚发展新格局，赋能经济社会高质量发展。 一、深刻领会科技创新推动文旅产业高质量发展的战略意义 要素重构与动力转换使文旅产业从资源依赖到创新驱动。技术的深度应用，催生了新型生产要素，并优 化传统要素的配置方式。游客行为数据、消费偏好数据、空间轨迹数据等，经过合规采集、脱敏分析与 挖掘应用，转化为洞察市场需求、优化产品设计、实现精准营销、提升管理效率的关键资产。构建文旅 数据要素市场，促进数据资源的合规流通，释放数据要素活力，成为提升产业竞争力的核心环节。产业 发展亟须既懂文化艺术、又掌握数字技术、还具备运营管理能力的复合型人才。这要求高等教育体系优 化课程设置，推动跨学科人才培养；同时鼓励企业加强内部培训和跨界引才，构建支撑产业创新的人才 生态圈。文旅新场景所展现的高 ...

Core Insights - IMAX Corporation and its subsidiary IMAX China have signed a memorandum of understanding with Wanda Film to deepen strategic cooperation in brand development and IP derivative business, coinciding with a structural transformation in the Chinese film market [2][3] Group 1: Market Performance - IMAX has achieved record box office results in the Chinese market with the film "Zootopia 2," which grossed 146 million yuan within five days of release, breaking multiple box office records for Hollywood animated films in IMAX China [2] - China has become the largest global market for "Zootopia 2," surpassing North America, with seven out of the top ten cinemas by box office in the first weekend being IMAX theaters [2][3] Group 2: Strategic Collaboration - Wanda Film has the highest share of screenings and box office among cinema chains since the release of "Zootopia 2," and has previously signed a strategic cooperation agreement with IMAX to upgrade up to 27 special effect theaters to IMAX theaters by the end of 2029 [3] - The collaboration aims to tap into the growing IP derivative market, with Wanda's strategy focusing on transforming traditional cinemas into comprehensive entertainment platforms, enhancing consumer experiences beyond just movie viewing [4] Group 3: Revenue Opportunities - IMAX and Wanda Film plan to explore the potential of "lobby economy" to expand revenue streams beyond traditional box office sales, leveraging their combined brand influence, content resources, and distribution networks [4] - The success of "Zootopia 2" has demonstrated a significant demand for merchandise, with a 35% order rate for merchandise during the film's midnight screenings [4]

Financial Performance - Bilibili reported total revenue of 7.69 billion RMB for Q3, representing a year-on-year growth of 5% [1] - Adjusted net profit reached 790 million RMB, showing a significant year-on-year increase of 233% [1] - As of September 30, the company held cash and cash equivalents, term deposits, and short-term investments totaling 23.49 billion RMB, indicating strong financial reserves [1] Revenue Structure - The revenue composition is diverse, with value-added services, advertising, gaming, and IP derivatives contributing 39%, 33%, 20%, and 8% respectively [3] - Revenue from value-added services reached 3.02 billion RMB, growing by 7% year-on-year [3] - Advertising revenue for Q3 was 2.57 billion RMB, accelerating with a year-on-year growth of 23%, with the top five contributing industries being gaming, internet services, digital appliances, e-commerce, and automotive [3] - Gaming revenue amounted to 1.51 billion RMB [3] User Metrics - Bilibili achieved record user engagement, with daily active users reaching 117 million and monthly active users at 376 million [5] - Average daily usage time increased to 112 minutes [5] - The number of official members grew by 10% year-on-year, reaching 278 million, with a stable 12-month retention rate of 80% [5] - The viewing time for videos longer than 5 minutes increased by nearly 20%, indicating a strong demand for in-depth content [5]

Core Insights - Bilibili (referred to as "B站") reported a total revenue of 7.69 billion yuan for Q3 2025, representing a year-on-year growth of 5% [1] - The platform's daily active users reached 117 million, up 9% year-on-year, while monthly active users increased to 376 million, a growth of 8% [1] - The average daily usage time per user rose to 112 minutes, an increase of 6 minutes compared to the previous year [1] User Engagement - Content consumption in gaming, AI, and knowledge areas continued to grow, with gaming content viewing time increasing by 22% year-on-year and AI content viewing time nearly doubling with a growth of 50% [1] - The viewing time for automotive content grew by 20%, and travel content saw an 18% increase [1] - Domestic original content viewing time surged by 104%, with the series "凡人修仙传" achieving over 180 million views per episode, setting a historical record [1] - The number of "UP主" (content creators) with over 10,000 followers increased by over 20% year-on-year, and nearly 2.5 million "UP主" earned income through various channels, with average income per creator rising by 22% [1] Financial Performance - Bilibili's revenue from value-added services, advertising, gaming, and IP derivatives contributed 39%, 33%, 20%, and 8% respectively to total revenue [2] - Adjusted net profit for Q3 increased by 233% year-on-year, reaching 790 million yuan [2] - Advertising revenue accelerated to 2.57 billion yuan, a year-on-year growth of 23%, while gaming revenue stood at 1.51 billion yuan, supported by long-term operations of games like "Fate/Grand Order" and "Azur Lane" [2] - Revenue from value-added services reached 3.02 billion yuan, reflecting a 7% year-on-year increase [2]

Core Viewpoint - The stock of Giant Star Legend (06683) surged significantly after the announcement of a joint venture with Yushu Technology, indicating strong market interest in the company's new direction in the consumer-grade IP robotics sector [1] Group 1: Joint Venture Details - Giant Star Legend's wholly-owned subsidiary, Star Creation, has entered into a joint venture agreement with Yushu Technology's wholly-owned subsidiary, Lingyi Technology, to establish a new company named Yuxing Entertainment Technology Co., Ltd [1] - Both parties will hold a 50% stake in the joint venture, which will focus on the development, operation, promotion, and sales of consumer-grade IP robots, including pet quadruped robots and humanoid performance robots [1] Group 2: Responsibilities and Operations - The joint venture will exclusively sell, operate, and promote artist IP robots and related products developed from both parties' IP resources [1] - Giant Star Legend will handle IP planning, design, AI interaction, celebrity IP licensing, media promotion, and channel development, while Yushu Technology will be responsible for robot design, production, and technical development related to performance content [1]

Core Insights - The cinema industry is upgrading its operational strategies in response to market recovery, with many cinemas expanding their reach and improving asset quality, resulting in per-theater output significantly exceeding industry averages [1][1][1] - The film industry is transitioning from a single box office revenue model to a diversified consumption ecosystem, with significant growth in IP derivative product sales during this summer's film season, nearly doubling [1][1][1] - Cinemas are implementing themed marketing activities to enhance revenue per square meter and increase member loyalty, with collaborations with gaming IPs recognized for their long-term sustainable income potential [1][1][1] Industry Trends - As of now, there are over 92,000 cinema-related enterprises in China, with approximately 11,000 new registrations in 2025 alone, indicating a trend of annual growth in cinema-related business registrations over the past five years, peaking in 2024 [1][1][1] - The regional distribution of cinema-related enterprises shows that Beijing and Guangdong lead in numbers, with a combined total exceeding 21,000, accounting for 23% of the total enterprises [1][1][1] - Following Beijing and Guangdong, Shandong, Jiangsu, and Sichuan provinces also have significant numbers of cinema-related enterprises [1][1][1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - For the first three quarters of 2025, the company reported revenue of 17.3 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 950 million yuan, a year-on-year decrease of 7% [2][4] - In Q3 2025, the company achieved revenue of 6.5 billion yuan, a year-on-year increase of 8%, with a net profit attributable to shareholders of 390 million yuan, a year-on-year increase of 1% [2][4] Summary by Sections Business Performance - In Q3 2025, the company's business segments showed varied performance, with the KeliPu segment experiencing a significant revenue increase of 17% year-on-year, benefiting from the recovery of existing customer orders and the addition of new central and state-owned enterprise clients [5] - The retail segment opened 40 new stores in Q3 2025, accelerating its expansion, with a total of 91 new stores opened in the first three quarters, indicating a high probability of achieving the annual target of 100 new stores [5] - The traditional core business, including Morning Technology, saw a revenue decline of 3.6% in Q3 2025, but the decline was less severe than in the first half of the year, with Morning Technology's revenue increasing by 3% [6] Financial Metrics - The overall profit margin in Q3 2025 was impacted by changes in product structure, with gross margin, net profit margin, and deductive net profit margin all showing slight year-on-year declines [11] - The company maintained stable expense ratios across sales, management, R&D, and financial expenses in Q3 2025, with minor fluctuations [11] Future Outlook - The company is expected to continue leveraging IP empowerment in traditional stationery products and expand its overseas market presence, with projected net profits attributable to shareholders of 1.4 billion yuan, 1.54 billion yuan, and 1.7 billion yuan for 2025, 2026, and 2027 respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][10]. Core Views - The company has shown signs of recovery in its traditional core business, with a narrowing decline in revenue. The office direct sales segment (KeliPu) has exceeded expectations with a revenue growth of 17.3% in Q3 2025, driven by new contracts with major state-owned enterprises and government clients [5][6]. - The report highlights a positive outlook for the company's transformation efforts, which are expected to gradually release performance improvements. The company is shifting from functional products to a combination of "function + emotion" products, enhancing its IP strategy [5][6]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 6.52 billion yuan, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 390 million yuan, up 0.6% year-on-year. The net profit margin was 6.2%, down 0.4 percentage points [4][5]. - The traditional core business (including online sales) generated revenue of 2.54 billion yuan in Q3 2025, reflecting a year-on-year decline of 3.6%. In the first half of 2025, this segment's revenue was 3.90 billion yuan, down 7.2% year-on-year, indicating a narrowing decline [5][6]. Business Segments - KeliPu's revenue in Q3 2025 reached 3.56 billion yuan, marking a year-on-year increase of 17.3%. The first half of 2025 saw revenue of 6.13 billion yuan, a slight increase of 0.15% year-on-year, indicating a recovery in growth [6]. - The lifestyle store segment (including Jiumu miscellaneous store) reported Q3 2025 revenue of 410 million yuan, up 6.6% year-on-year, with a first-half revenue of 780 million yuan, reflecting a 7.0% increase year-on-year. The operational status of this segment remains stable [6]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 1.45 billion yuan, 1.66 billion yuan, and 1.93 billion yuan for the years 2025 to 2027, respectively. The earnings per share (EPS) are projected to be 1.58 yuan, 1.81 yuan, and 2.09 yuan for the same period [4][6].