Zheshang Securities released a research report maintaining a "Buy" rating on VOBILE GROUP (03738), following Walt Disney's three-year strategic partnership with OpenAI. The core of the collaboration involves licensing Disney's classic IPs to OpenAI's models for content generation, marking a shift where Hollywood's top IP holders are actively engaging with AI to establish new licensing and revenue-sharing models. VOBILE GROUP, a long-term digital rights management provider for giants like Disney, stands to benefit directly from increased active assets and licensing management demand. Its mature solutions could also help attract new clients. Key points from Zheshang Securities include:

**Event Overview** On December 11, 2025, Walt Disney and OpenAI announced a three-year strategic partnership and content licensing agreement. This collaboration sets a new paradigm of "IP + AI," with Disney leading Hollywood into an era of embracing AI.

**Key Collaboration Details** 1) **IP Licensing**: Disney will grant OpenAI access to over 200 classic characters, costumes, props, and iconic environments from Disney, Marvel, Pixar, and *Star Wars* for use in OpenAI’s video-generation model Sora and image-generation tools. Users can create short videos and images via simple prompts. 2) **Equity Investment**: Disney will invest $1 billion in OpenAI, securing additional equity warrants, deepening mutual interests. 3) **Technology Application**: Disney will leverage OpenAI’s technology to optimize internal creative processes and develop new products and experiences for its streaming platform Disney+.

Zheshang Securities views this partnership as a milestone, signaling Hollywood’s transition from passively defending against copyright risks posed by AI-generated content (AIGC) to actively building licensing systems and sharing revenue from AI-driven creations. This model is expected to spur massive user-generated content (UGC), enhancing the long-tail value and reach of IPs while boosting VOBILE GROUP’s active assets and revenue potential.

As a global leader in digital rights management and a long-term partner of Hollywood studios like Disney and Warner Bros., VOBILE GROUP’s proprietary video fingerprinting technology (VDNA) topped the 2007 MPAA evaluation, securing Disney as its first major client. The firm is poised to benefit directly from the Disney-OpenAI deal, particularly as AI-generated derivative content floods Disney+, creating new licensing opportunities and revenue streams.

A Zheshang Securities report from August 2025 noted VOBILE GROUP’s social media platforms managed 4.29 million active assets (videos generating client revenue), with top clients’ assets growing steadily through new releases and catalog licensing. AI-driven derivative works (e.g., adaptations, remixes) now account for 3% of active assets, with "AI-generated plot extensions" gaining traction.

The Disney-OpenAI partnership may set an industry benchmark, accelerating similar AI licensing and content management systems among global and domestic IP holders (e.g., film studios, streamers, game companies). VOBILE GROUP, with its proven solutions and elite client portfolio, is well-positioned to attract new customers.

**Risks** Technological evolution (new AI-driven infringement methods), heightened competition, and implementation uncertainties (current collaboration remains at the agreement stage).