本文来自微信公众号：亿邦动力 （ID：iebrun），作者：张从容，编辑：董金鹏，题图来自：AI生成 去年8月，我去医院复查卵巢囊肿，担心它变大和恶化，甚至糟糕到要做手术……不是不能承受这些负 面情绪，但还是雇来一位女大学生，让她扮演成我喜欢的虚拟角色，以男友的身份，陪我前往医院复 查。 B超室门口排队的，多是独自检查的孕妇，而陪伴的男性大多在玩手机。我们坐在角落里，滔滔不绝聊 她送我的礼物、我的工作，以"角色和他女友"的身份，聊未来的生活，仿佛有说不完的话。 进B超室前，我把之前的检查单落在她手上，但医生要看，便让护士去取。走出超声室，她说护士刚才 问家属在哪里。"我是你家属，我很高兴"。她以角色的口吻说。 一、cos委托：在虚拟与现实中为消解孤独定价 8月底，去参加了我喜欢的角色的七夕线下活动，现场有不少扮演成该角色的coser。路过的一对中年夫 妻不明所以，这样说道： "你说他们（coser）是男的是女的？" "小姑娘呗，你看她们那鞋底厚的。" 这种情况屡见不鲜。消费cos委托时，尽管和我"约会"的人扮成男性，但餐厅店员仍然会带着热情的笑 容说着出戏的话："两位美女想吃点什么？" 这是我第一次约cos委 ...

● 刘英杰 谭丁豪 4月8日以来，A股市场震荡上行，零售板块持续走强，新零售、即时零售等细分赛道表现亮眼。 中信证券新零售行业首席分析师杨清朴在接受中国证券报记者专访时表示，当前新零售行业正处于多维 变革叠加期，消费者需求、技术创新、政策导向共同推动行业价值重构，板块内结构性机遇凸显。投资 者需穿越短期市场波动，聚焦赛道性价比与企业核心竞争力，方能在行业变革中把握长期投资价值。 增长动能升级 当前新零售行业正展现出强劲的发展活力，线下与线上融合的创新业态成为业绩增长核心抓手。以IP衍 生品、硬折扣零售为代表的线下业态加速扩张，线上线下结合的即时零售市场增长尤为突出，二者共同 推动零售业呈现蓬勃发展态势。 杨清朴表示，在这一趋势背后，是消费者精神需求蜕变、平台技术迭代与商业模式创新所形成的三重合 力。消费者对情绪价值、性价比及便利性的需求日益多元，技术迭代助力零售业数字化升级，商业模式 创新驱动供应链革新，共同推动新零售行业发展核心动能的形成。与传统零售相比，其更能精准匹配当 下大众消费需求。 "同时，跨境新零售快速发展正在重塑行业整体格局，其核心影响在于推动国内供应链进一步融入全球 市场。"杨清朴认为，随着中 ...

Core Viewpoint - Miniso is transforming into an IP derivative product collection store, actively learning from Pop Mart, aiming to shift from a ten-yuan store to a trendy "IP paradise" for young consumers [1] Group 1: Company Strategy - Miniso is attempting to pivot its business model by focusing on IP (intellectual property) products, which are becoming increasingly popular among young consumers in China [1] - The company is inspired by Pop Mart's success in the IP toy market and is looking to replicate that model to enhance its brand appeal [1] Group 2: Industry Trends - The trend of IP toys is emerging as a new source of national pride in China, indicating a cultural shift from mere manufacturing to cultural output [1] - The popularity of trendy IP products among the youth suggests a growing market opportunity for companies that can effectively tap into this consumer sentiment [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved total revenue of 10.809 billion yuan and net profit attributable to shareholders of 557 million yuan in H1 2025, representing a year-on-year decline of 2% and 12% respectively. In Q2 2025, total revenue was 5.564 billion yuan, with net profit down 6% [2][4] - The company has repurchased 2.86 million shares, amounting to 150 million yuan, which reduced its registered capital [2][4] - The traditional core business (excluding M&G Technology) faced revenue pressure, with a year-on-year decline of 11% in Q2 2025. However, overseas markets showed a 16% increase in revenue [10] - The company is focusing on IP-enabled products and expanding its overseas presence, aiming for a gradual recovery in its traditional business [10] Financial Performance - In H1 2025, the company reported a total revenue of 10.809 billion yuan, with a net profit of 557 million yuan and a non-recurring net profit of 462 million yuan, reflecting declines of 2%, 12%, and 19% year-on-year respectively [2][4] - The gross profit margin for Q2 2025 was 18.3%, a decrease of 0.3 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin direct sales [10] - The company expects net profits for 2025-2027 to reach 1.45 billion, 1.61 billion, and 1.77 billion yuan respectively, corresponding to PE ratios of 19, 17, and 16 times [10]

Core Insights - Wanda Film reported a total sales of IP derivatives reaching 106 million RMB during the summer season, marking a 94% increase compared to the same period last year [1] - The top three contributing IPs were "Light and Night of Love," "Wandering Mountain Little Monster," and "Cute Town" [1] - The company attracted a large number of young audiences through various non-viewing requirement events, such as the SELF GALA red carpet event, which drew over 400,000 players into cinemas [1] Group 1 - The non-ticket revenue has significantly contributed to attracting younger audiences, with a ticket conversion rate of 30% for participants of the "Light and Night of Love" event, and 85.5% of the audience being under 25 years old [1] - The event also saw a notable 44.3% of attendees being under 20 years old, indicating a strong appeal to the younger demographic [1] - The sales of themed popcorn buckets, which were designed as "pain buckets," exceeded 300,000 units, showcasing innovative merchandise strategies [1] Group 2 - Wanda Film's strategy emphasizes not relying solely on box office revenue but continuously driving growth in non-ticket income, as articulated by Chairman and President Chen Zhixi [2] - The company has successfully integrated 50 "Time Art Shops" with rich online and offline interactive activities, resulting in a 10 percentage point increase in merchandise gross margin [2] - The IP sales business has a strong pipeline, including popular IPs like "Zootopia," Hatsune Miku, and "My Little Pony," indicating a robust future potential for merchandise sales [2] Group 3 - The summer season's IP derivative sales exceeding 100 million RMB reflects a profound transformation in the cinema industry's value logic, as audiences seek more immersive entertainment experiences beyond just watching films [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][4]. Core Viewpoints - The company focuses on IP derivative products and aims to capture new opportunities through collaborative innovation [2][3]. - In H1 2025, the company reported a revenue of 1.2 billion, a 2% increase year-on-year, and a net profit of 80 million, a 4% increase year-on-year [1]. - The company has a diverse portfolio of popular IPs, including "Doraemon," "JOJO," and "Hunter x Hunter," and is developing new products in line with market trends [2][3]. - The strategy includes enhancing product competitiveness and expanding into new categories such as badges and plush toys, aligning with the growing domestic IP derivative market [2][3]. Financial Performance Summary - For H1 2025, the company's creative product revenue decreased by 31% to 60 million, while office direct sales revenue increased by 6% to 600 million [1]. - Domestic revenue was 700 million, down 2%, while overseas revenue increased by 12% to 400 million [1]. - The company adjusted its revenue forecast for 2025-2027 to 2.9 billion, 3.2 billion, and 3.6 billion, respectively, with net profits of 170 million, 220 million, and 270 million [4][5]. Financial Data and Valuation - The company’s projected revenue growth rates for 2023 to 2027 are 8.20%, 3.26%, 6.15%, 10.19%, and 9.70% respectively [5]. - The projected net profit for 2025 is 170.79 million, with an EPS of 0.32 yuan per share [11]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 32.55, 25.47, and 20.13 respectively [5][11].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady growth with a revenue of 1.171 billion yuan in the first half of 2025, representing a year-on-year increase of 2.38%, and a net profit of 76 million yuan, up 4.22% year-on-year [1] - The company is focusing on the IP derivative business, which is expected to reach a market size of 202.8 billion yuan in China by 2025, indicating significant growth potential [2] - The overseas business has continued to grow, with revenue reaching 443 million yuan in the first half of 2025, a year-on-year increase of 11.54%, and a gross margin of 32.43%, up 1.99 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.171 billion yuan, a 2.38% increase year-on-year, and a net profit of 76 million yuan, reflecting a 4.22% growth [1] - The company expects revenues of 2.958 billion yuan, 3.198 billion yuan, and 3.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 6.5%, 8.1%, and 9.5% [4] - The net profit forecast for the same years is 167 million yuan, 202 million yuan, and 233 million yuan, with year-on-year growth rates of 9.9%, 20.8%, and 15.5% [4] Business Strategy - The company is leveraging its brand, design, IP resources, manufacturing scale, and channel advantages to enhance its competitive edge [1] - The IP matrix includes both externally licensed IPs such as "Zhu Xian" and "Detective Conan," and self-developed IPs like "Xi Xi Jiang" and "MIMO," aiming to expand product categories and improve IP operations [2] Market Outlook - The report highlights the potential of the IP derivative market in China, which is projected to grow significantly, providing a favorable environment for the company's strategic focus [2] - The overseas business is expected to continue its growth trajectory despite challenges in the international market, with a focus on high-value products and large orders [3]

Core Viewpoint - Bilibili (B站) is entering a steady profitability cycle, with significant revenue growth and a shift from losses to profits in Q2 2025 compared to the same period in 2024 [1][5][19] Financial Performance - Bilibili's revenue for Q2 2025 increased by 20% year-on-year to 7.338 billion RMB, while net profit reached 218 million RMB, a turnaround from a net loss of 608 million RMB in Q2 2024 [1] - Adjusted net profit for the same period was 561 million RMB, compared to a loss of 272 million RMB in the previous year [1] - For the first half of 2025, Bilibili reported a net operating revenue of 14.34 billion RMB, a 21.6% increase from 11.79 billion RMB in 2024 [4] Comparison with Competitors - In contrast, iQIYI's revenue declined by 11% to 6.63 billion RMB, with a net loss of 133.7 million RMB, compared to a net profit of 68.7 million RMB in the same quarter last year [2][3] - Bilibili is widening the gap with iQIYI in terms of financial performance [3] Revenue Breakdown - Bilibili's revenue sources in Q2 2025 included 39% from value-added services, 33% from advertising, 22% from games, and 6% from IP derivatives and other businesses [6] - Advertising revenue grew by 20% to 2.45 billion RMB, with brand advertising and performance advertising increasing by approximately 30% [6][7] User Engagement and Growth - Daily active users increased by 7% to 109 million, while monthly active users rose by 8% to 363 million [12] - The average user spent 105 minutes per day on the platform, a 6-minute increase from the previous year [12] - The number of paying users reached 31 million, with over 80% being annual subscribers or auto-renewal users [12] Strategic Advantages - Bilibili's unique content ecosystem allows it to benefit from national subsidy policies, particularly in the home appliance sector [11] - The gaming sector remains a significant advertising contributor, with game revenue increasing by 60% to 1.61 billion RMB [9][10] Cost Management and Profitability Outlook - Bilibili's gross margin improved by 6.6 percentage points to 36.5%, driven by high growth in gaming and advertising [17] - The company aims to maintain a gross margin target of 40% to 45% in the medium term, with operational expenses expected to decrease in the second half of the year [17][18]

Group 1 - The core viewpoint of the article highlights the rapid growth and potential of the ACG (Anime, Comic, and Game) market in China, particularly focusing on the increasing engagement and spending of the Z generation on second-dimensional content [1][3][28] - In the past year, the fastest-growing categories on Xiaohongshu were ACG and gaming content, with year-on-year growth rates of 175% and 168% respectively, indicating a significant trend in user engagement [1] - The overall market size for the ACG sector is projected to reach 597.7 billion yuan by 2024, with the number of users expected to hit 503 million, nearly half of the total internet users in China [1][28] Group 2 - The Z generation, which constitutes a significant portion of the ACG user base, has a total disposable income of 13 trillion yuan, with 95% of them being ACG users who show a higher willingness to pay compared to the average [3][28] - The ACG content creation sector has established a robust profit model, with the market for comics growing from 300 million yuan in 2016 to 6.8 billion yuan in 2023, reflecting a compound annual growth rate of 56.2% [3][9] - The derivative market related to ACG has also seen substantial growth, with the market size increasing from 5.3 billion yuan in 2016 to 102.4 billion yuan in 2023, representing a compound annual growth rate of 52.7% [9] Group 3 - Platforms like Bilibili have reported significant revenue from ACG short dramas, with a monthly revenue exceeding 10 million yuan and a quarterly growth rate of nearly 140% [4] - Despite the growth in ACG content, Bilibili's derivative product revenue has been declining, with a drop from 5.1 billion yuan in Q1 2023 to 4.7 billion yuan in Q1 2025, indicating challenges in monetization [14][15] - The overall industry faces a structural contradiction of "hot traffic, cold conversion," as many platforms struggle to effectively monetize their ACG content despite high engagement [19][28] Group 4 - The offline retail sector has seen a revival due to ACG culture, with significant sales increases reported in various shopping malls, such as a 150% year-on-year increase in sales at Chengdu Tianfu Hong Mall [10] - The ACG market's growth has also led to increased tourism and event participation, with a notable rise in travel bookings during ACG-related events [10] - Major internet companies are increasingly investing in ACG, with platforms like Taobao and JD.com launching dedicated sections for ACG products, indicating a shift in focus towards this lucrative market [32]

Core Insights - Bilibili's growth momentum continued from Q1 to Q2, with total revenue reaching 7.34 billion yuan, a year-on-year increase of 20%, although growth has slowed compared to the previous quarter [1] - The adjusted net profit under Non-GAAP was 561 million yuan, compared to a net loss of 271 million yuan in the same period last year [1] Revenue Breakdown - Value-added services revenue was 2.84 billion yuan, growing 11% year-on-year, primarily driven by increases in live streaming and other value-added services [1] - The number of premium members reached 23.7 million, with a net increase of 200,000 from the previous quarter, contrasting with declines in competitors [1] - Advertising revenue was the highest at 2.45 billion yuan, also up 20% year-on-year, outperforming Baidu and Kuaishou [2] - Game revenue, bolstered by the performance of "Three Kingdoms: Strategy of the World," reached 1.61 billion yuan, a 60% increase year-on-year [4] User Engagement - Daily active users reached 109 million, a 7% year-on-year increase, while monthly active users were 363 million, up 8% [5] - Monthly paying users reached 31 million, a 9% increase year-on-year, with average daily usage time at 105 minutes, up 6 minutes from the previous year [5] Cost Management - Operating expenses remained stable at 2.42 billion yuan, with sales and marketing expenses growing only 1% year-on-year [4]