Core Insights - The company celebrates its tenth anniversary, marking a significant milestone in its development journey and showcasing its commitment to building a pan-entertainment ecosystem driven by "AI + Gaming," "Globalization of IP Products," and "Gaming + Trendy Toys" strategies [1][2] Strategic Developments - The company held a grand anniversary celebration themed "Crossing Mountains and Seas, Expanding New Horizons" in Guangzhou, highlighting key milestones from its inception to product launches and international expansion [1] - The founder expressed gratitude towards industry partners and employees, emphasizing the importance of innovation, player-centric approaches, and technology-driven strategies for future growth [2] Partnerships and Collaborations - The company signed a cooperation agreement with COEXIST Group to develop and promote derivative products with over 200 trendy toy artists, marking a significant step in expanding its trendy toy business [2][4] - A licensing agreement was established with Chengdu Model Cafe Cultural Communication Co., Ltd. for exclusive distribution rights of "The Garfield Movie" IP derivatives in Greater China, enhancing the company's market presence [3] Product Development and Ecosystem - The company is focusing on a comprehensive upgrade of its trendy toy business, launching new products like "CASHY BABY" and planning to introduce the first crystal element trendy toy IP "LILIA ANGEL" [3] - The establishment of a "Classic IP + Artist IP" system aims to diversify creative development and enhance the IP lifecycle through a virtual-to-physical value enhancement system [5] Consumer Engagement Strategies - The company emphasizes "Emotional Interaction Design" and "Scene Social Experience" as core strategies to reshape consumer engagement, aiming to make trendy toys emotional mediums that resonate with users [6][7] - The strategy includes deep integration of digital technology and artistic creation, exploring interactive experiences and community-driven content creation [6][7] Future Outlook - The company plans to deepen its user-centric IP ecosystem strategy, leveraging its strengths in digital technology and marketing to promote its trendy toy business [7] - By combining the influence of international classic IPs, the artistic value of artist IPs, and its core competencies, the company aims to provide emotionally resonant and culturally rich IP derivative experiences [7]

在数字娱乐的广阔海洋中，贪玩（09890）迎来了其发展历程中的第十个里程碑。 在公司成立十周年这一关键节点上，贪玩采取了一系列重大战略举措，彰显了其在"AI + 游戏"、"IP产品全球化"和"游 戏 + 潮玩"三大战略驱动下，向构建泛娱乐生态平台迈进的坚定决心。 11月27日，贪玩于广州国际媒体港隆重举行了以"越山海 拓新天"为主题的十周年庆典。庆典上，长达近80米的历程阶 梯，记录着贪玩从创业，到产品上线，再到出海的各关键节点。 十年间，从"是兄弟就来kan我""大家好，我是渣渣灰"到"原汁原味，原始传奇""让斗罗真正自由"，贪玩游戏创造了一 个又一个典型营销案例，成为游戏行业代言营销的领航者。 庆典上，中国音像与数字出版协会常务副理事长兼秘书长在致辞中表示："贪玩十年的发展历程，是中国游戏产业锐 意进取、创新图强的一个生动缩影。"他充分认可了贪玩在推动产业健康发展中所展现的稳健与担当，并对公司未来 寄予厚望。中国互联网协会行业自律工作委员会秘书长于庆典上发布《游戏产业人工智能技术创新与责任倡议书》， 旨在引导并规范AI技术在游戏领域的应用，为产业的高质量与可持续发展提供重要指引。 贪玩创始人吴旭波先生向行 ...

Core Insights - Company "Tanwan" (09890.HK) has secured exclusive rights to develop and sell Garfield family IP products in Greater China, marking a strategic move into the collectible toy market [1][2] - The partnership aims to create a comprehensive IP ecosystem, leveraging the popularity of the Garfield brand, which has a global fanbase of nearly 300 million and a market value exceeding $10 billion [1][2] Group 1: Company Strategy - The exclusive licensing agreement with Garfield family IP is a significant breakthrough in Tanwan's IP ecosystem strategy, which focuses on creativity and fun as core brand values [2] - Tanwan plans to build a "virtual-physical" value-added system for IP, transforming game characters and cultural symbols into collectible toys, thereby extending the IP's lifecycle [2][4] - The company has previously attempted to diversify its business model by venturing into food and other consumer products but faced challenges in establishing a clear operational framework [4] Group 2: Financial Performance - Tanwan has experienced a decline in net profit from 615.9 million yuan in 2021 to a loss of 3.624 million yuan in 2024, indicating ongoing financial struggles [3] - Revenue peaked in 2022 at 8.817 billion yuan but has since decreased, with 2024 revenue dropping to 5.580 billion yuan, reflecting a 37.86% year-on-year decline in the first half of 2025 [3] - The collectible toy segment has contributed minimally to overall revenue, accounting for only 2.6% in the first half of 2025, despite the rapid growth of the collectible toy market in China [3]