国君社零|IP经济迎爆发,渠道满生机

Investment Rating - The report recommends focusing on channel-based companies with supply chain advantages, particularly those capable of rapid IP product development and operation [1] Core Insights - The IP consumption market is a trillion-level market with significant potential in China, driven by demographic changes and evolving consumption concepts [2] - The global IP licensing market exceeds 2 trillion yuan, with North America as the dominant market, followed by Eurasia, and Asia showing the fastest growth [2] - China's IP licensing market is in a rapid growth phase, with a market size nearing 100 billion yuan and a projected sales growth of 9.6% year-on-year in 2023 [2] Summary by Relevant Sections - Market Potential: The global IP licensing market is over 2 trillion yuan, with China’s market expected to grow rapidly, reaching 137.7 million USD in sales in 2023, reflecting a compound annual growth rate of 10.6% from 2014 to 2023 [2] - Company Models: Different business models are emerging in the IP consumption space, including: - Miniso: A channel-driven company leveraging offline expansion and IP licensing for traffic monetization [2] - Qingmu Technology: Focused on high-growth brand IP through strong operational capabilities [2] - Xiaogoods City: Experiencing growth in both offline and online markets [2] - Haichang Ocean Park: Successfully integrating IP into theme parks with popular attractions [2]