中金 | 内容到IP：全链协同，变革新生

Core Viewpoint - The rapid development of the IP industry reflects structural changes in demand and the maturity of the supply chain, with a focus on emotional expression and iterative consumption among young consumers [3][12][39] Group 1: Industry Trends - The domestic derivative market is projected to exceed 100 billion yuan by 2024, driven by the increasing demand for emotional projection and instant gratification among consumers [3][12] - The number of pan-2D users in China is expected to grow from 210 million in 2018 to 500 million by 2024, providing a solid consumer base for IP derivatives [16] - The supply chain for the IP industry is maturing, with manufacturing advantages increasingly penetrating the IP sector, particularly in Guangdong province, which produces 85% of China's trendy toy products [18][23] Group 2: Evolution of IP Companies - IP companies are evolving from single head content creators to IP matrix platforms and deep operators, enhancing their ability to create and commercialize IP [4][10] - The focus on head content is crucial in a complex information environment, as demonstrated by the success of "Nezha" films, which have generated over 15 billion yuan in box office revenue [7][26] - Companies are increasingly adopting self-operated or equity cooperation models to expand into downstream IP derivative segments, improving their cash reserves and reducing debt levels [9][27] Group 3: Consumer Demand and Behavior - Young consumers prioritize multi-dimensional needs, with preferences for cartoon, film, and video game IP products, reflecting a shift from single-function to multi-value consumption [12][14] - The "Guzi economy" has emerged, highlighting the demand for emotional connection and satisfaction among consumers [3][12] Group 4: Financial Performance and Investment - The financial health of IP companies has improved, with cash reserves increasing and debt levels remaining low, enabling further strategic investments [26][27] - The volatility in revenue and profit growth among media IP companies underscores the need for diversified income streams to mitigate risks associated with content lifecycle uncertainties [25][39] Group 5: Future Outlook - The future of IP companies lies in industrialized content production, diversified revenue structures, and the establishment of a robust IP matrix to enhance value [39][42][45] - The integration of technology and innovative operational strategies will be key to maximizing the value of IP and ensuring sustainable growth [42][43]