Guangbo Co., Ltd. (广博股份) (002103.SZ) Limit-Up Driven by IP Economy Concept and Investment Analysis

Against the backdrop of the continuing rise in the IP economy concept, Guangbo Co., Ltd. (广博股份) (002103.SZ) closed at 9.86 yuan on December 18, with a single-day increase of +10.04%. Trading volume expanded significantly, and turnover was the direct driver of the limit-up. [0] Although the stock price has corrected slightly over the past three months, it has maintained a small increase in the past month, with the 20-day moving average at 9.60 yuan, indicating that short-term bulls are still oscillating in the support zone. [0] At the same time, the rotation of the “Guzhi Economy (ACG Peripheral Economy)” and the pan-IP concept has led to consecutive limit-ups for multiple cultural and creative-related stocks, forming dual support for Guangbo Co., Ltd. (广博股份) in terms of valuation and theme. [3]

1. IP Resources and Category Portfolio Driving Growth
   : The company continues to promote the “international IP + local IP” dual-drive strategy. It has established stable cooperation with top IPs such as Sanrio and Detective Conan, and also built a “high stickiness, differentiated” niche track in small ACG IPs (like Lord of the Mysteries and Mo Dao Zu Shi), forming the dual advantages of top traffic and niche popularity co-existing, which helps to balance revenue fluctuations in the IP life cycle and increase players’ willingness to pay. [1][2]
2. Full-Chain Capabilities in Products and Channels
   : The company covers multiple categories such as stationery, plush toys, cards, and trendy toys. Combined with new media methods like “short videos + live streaming” and offline channels, it realizes the closed-loop conversion from product popularity to sales. At the same time, it has laid out production bases and overseas marketing networks in Vietnam, Cambodia, and Malaysia, which can effectively buffer supply chain cost pressures and provide more localized content experiences for global consumers. [2]
3. High Value-Added Contribution and Profitability
   : The creative product segment achieved revenue of 187 million yuan in 2024, a year-on-year increase of 15.95%, with a gross profit margin as high as 43.29%. Although affected by macro uncertainties in the first half of 2025, it still maintained a high gross profit margin of 40.10%, showing that IP derivatives have strong profit elasticity. [2] Combined with the company’s ROE of 15.34%, net profit margin of 6.02%, and acceptable operating leverage, the current price-to-earnings ratio is about 30 times, reflecting the market’s recognition of its growth expectations. [0]

The IP economy concept has emerged in A-shares, especially represented by the “Guzhi Economy” and the niche ACG track. Short-term funds have a high enthusiasm for cultural and creative and IP derivative targets, thus pushing up the valuation premium of traffic-type companies. [3] At the policy level, the country’s support for intellectual property protection and cultural consumption continues to strengthen, and cultural and creative consumption is expanding from “rigid demand” to “spiritual culture”. Guangbo Co., Ltd. (广博股份) has formed good brand and supply chain capabilities in the stationery and trendy toy scenarios, and has the potential to continuously deliver performance in the consumption upgrade track. [1][2]

1. High Valuation and Sensitive Market Sentiment
   : The current P/E ratio is about 29.9 times. Combined with the fact that the revenue growth rate in recent years is not high-speed expansion, if the IP concept loses attention or sales fail to meet expectations, the stock price may fall rapidly. [0]
2. IP Life Cycle and Authorization Costs
   : Although the company emphasizes a multi-dimensional screening mechanism and expands independent IPs, the authorization costs of top IPs and fluctuations in IP life cycles may still compress profit margins; over-reliance on popular IPs may lead to an imbalance in the rhythm of new product iterations. [1]
3. Overseas and Supply Chain Variables
   : Although the Southeast Asian production bases diversify risks, they also face multiple impacts such as external policies, exchange rates, and logistics fluctuations. If overseas markets fail to continue to expand, it may lead to a decline in capacity utilization. [2]

Guangbo Co., Ltd. (广博股份) benefits from the popularity of the IP economy concept and its accumulation in top + niche IPs, full-chain operations, and overseas layout. The current short-term limit-up is mainly driven by capital sentiment. If investors are optimistic about the medium and long-term logic of cultural and creative consumption and IP derivatives, they can pay attention to whether the company can continuously output high-margin products, stabilize cooperation with high-quality IPs, and keep an eye on the matching of authorization costs and IP life cycles. If you need more in-depth models, valuations, and industry comparisons, you can consider opening an in-depth research mode to obtain more detailed brokerage database support and chart analysis.

[0] Jinling AI Brokerage API Data (Guangbo Co., Ltd. real-time quotes, financial and technical indicators)
[1] Sina Finance - “Guangbo Co., Ltd.: Responds to Hot Film and Television IP Cooperation and Future IP Cultural and Creative Business Expansion Direction” (https://finance.sina.com.cn/stock/relnews/dongmiqa/2025-11-26/doc-infytizk9284934.shtml?froms=ggmp)
[2] Securities Times Network - “Guangbo Co., Ltd. Deepens the Trendy Toy Market: Top Empowerment, Niche Breakthrough, Achieving Global Breakthrough” (https://www.stcn.com/article/detail/3317398.html)
[3] Cailian Press/Cailian APP - “Guzhi Economy Explodes! Leader Hits 9 Limit-Ups in 11 Days, Beneficiary Listed Companies Sorting Out” (https://www.cls.cn/detail/1874947)