中金《秒懂研报》 | 潮玩IP：从诞生到经典的全球启示录

Group 1 - The article discusses the significant market potential behind the popularity of collectible toys and IP characters, highlighting a multi-billion market driven by a clear growth logic and lifecycle of successful IPs [2][3]. - It identifies three classic IPs—Hello Kitty, Mickey Mouse, and Pokémon—that have transcended time and become cultural symbols, showcasing their unique growth trajectories and operational strategies [5][6]. - The lifecycle of IPs is categorized into four key stages: birth, breakthrough, sedimentation, and stability, each with distinct characteristics and strategies for maintaining relevance and commercial value [7][9][11]. Group 2 - The global collectible toy market is substantial, with projections indicating a market size of 525.1 billion yuan in 2024, expected to grow to 771.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of approximately 8% [13]. - The Chinese and Southeast Asian markets are highlighted as having rapid growth, with projected CAGRs of 17% and 20% respectively from 2024 to 2029, contributing nearly half of the global market's new growth [13][15]. - China possesses a rich variety of IP sources, including online literature and domestic animation, which provides fertile ground for IP development, although challenges remain in sustaining long-term influence and fan culture compared to dominant global IPs [15].