3 6 Ke·2025-11-20 12:26Core Insights - The animation film industry in China is experiencing a resurgence, shifting focus from creating standalone works to developing intellectual properties (IPs) that can generate multiple revenue streams [2][3][22] Industry Trends - Domestic animation films have a clear advantage in the IP sector due to their broad audience appeal and reduced risks associated with geopolitical tensions, particularly with Japan [3] - Despite a generally sluggish film market, animation has shown strong performance, with titles like "Nezha: Birth of the Demon Child" and "Boonie Bears" achieving significant box office success [3][6] Company Strategies - Companies like Light Chaser Animation have pivoted towards IP management, with successful franchises like "Nezha" leading to extensive merchandise development, covering over 30 categories and 500 products, with potential total sales reaching hundreds of billions [5] - Shanghai Film has also capitalized on IPs, with "Wandering Earth" contributing to a 101.6% year-on-year revenue increase in Q3, amounting to 3.61 billion yuan [6] - Wanda Film, leveraging its strong distribution channels, has expanded into gaming and merchandise, creating over 60 types of products related to "White Snake: The Legend" [11] Future Developments - Light Chaser is advancing multiple projects, including sequels and new IPs, while also exploring merchandise opportunities in various sectors, including gaming and theme parks [7] - Shanghai Film is actively developing its own products and collaborating with over 40 brands, with expectations for derivative sales to exceed 2.5 billion yuan by year-end [9] - Companies like Maoyan Entertainment are entering the animation space with new brands and IP collaborations, indicating a growing trend in the industry [19][20] Market Dynamics - The industry is witnessing a shift towards non-box office revenue, with companies aiming to replicate the successful revenue models seen in Hollywood, where box office and non-box office income are more balanced [22] - The current wave of IP and derivative product development reflects a strategic response to market trends, with companies diversifying their offerings beyond traditional film revenue streams [22]