麦高证券IP零售：从万代和多美看IP行业的长青之道

Investment Rating - The report rates the industry as "Outperform the Market" for the first time [5] Core Insights - The Japanese IP industry has successfully built a diverse IP matrix that mitigates the risks associated with the decline of single IP popularity, creating a combination of long-lasting classic IPs and a foundation of long-tail IPs [1][4] - Companies like Bandai and Tomy have developed cross-domain, cross-media, and cross-audience IP matrices, allowing them to maximize IP value and extend the lifecycle of their products [2][3] - The report emphasizes the importance of full industry chain integration and deep involvement in IP development to enhance control over the IP development chain and increase potential for premium pricing [4][46] Summary by Sections 1. IP Industry Chain: From Creation to Commercialization - The IP retail industry chain consists of three main segments: upstream IP creation, midstream product design/operation, and downstream retail [14] - Japan's unique production committee model allows for risk sharing and resource integration, significantly reducing the financial burden on individual companies [16][19] - The Japanese IP market is robust, with a total market size of 1.6 trillion yen in 2023, where peripheral products contribute 700.8 billion yen, accounting for 43.1% of total revenue [22] 2. IP Value Transformation: Product Power and Content Complementation Drive Growth - The output of IP product forms is crucial for maximizing IP value [2.1] - Bandai's revenue reached 1.1 trillion yen in the 2024 fiscal year, with a compound annual growth rate (CAGR) of 12.3% over three years [26] - Tomy, as Japan's second-largest toy manufacturer, reported a revenue of 208.3 billion yen in the 2024 fiscal year, with a year-on-year growth of 11.3% [36] 3. Domestic IP Development - The report highlights the structural opportunities for domestic IP in China, where reliance on foreign IP remains significant [48] - Companies like Pop Mart are diversifying their IP sources, with 85 IPs currently in their portfolio, including both self-developed and licensed IPs [55] - The growth of domestic animation films and the emergence of new IPs indicate a vibrant landscape for local IP development [51]