一季报净利润超过20亿的光线传媒，即将开始一轮大跨步。 在《哪吒2》大赚百亿票房后，光线传媒受到了行业内外关注，随后在4月下旬接待上百家机构调研时透露了将从"高端内容提供商"向"IP创造者和运营 商"转型的计划。 这次定位转变，意味着光线传媒接下来将从一家传统电影公司转向IP型公司。而谷子、游戏、卡牌、品牌店、主题乐园四个重点方向的未来布局，也让光 线传媒与"迪士尼梦"更近了些。 迪士尼是无数电影公司都想成为的梦中情司，从华谊兄弟到阅文集团，再到万达电影和光线传媒，大家都曾有过不同形式的迪士尼梦。而在犀牛君看来， 相较于迪士尼这种全世界独一无二的六边形选手，想学好运营IP，其实邻国日本的头部IP大厂万代南梦宫，也是一个优秀且落地的学习对象。 适逢5月8日万代公布截至2025年3月的上一财年年报，全年营收、净利普涨，数码业务更在财年中取得了创纪录利润，我们不如趁此机会学学这家公司的 IP经营之道。 IP战略的胜利 根据万达发布的财务数据，该公司全年营收达1兆2415亿日元，较去年同比上涨18%。净利润达1293亿日元，同比上涨27%，营收利润均创历年新高。 在这份年报中，万代的各项主营业务营收、利润均较去年有不 ...

2025年春节档收官的时候，《哪吒之魔童闹海》跻身全球电影票房榜第五名，"《哪吒2》IP授权费从500万元飙至900万元"的话题也随之登上微博热搜。在 这场"哪吒得道，周边升天"的消费狂欢中，几张联名卡在闲鱼被默默标上了18.88万元的售价。 来源：闲鱼 哪吒把卡牌界常青树都打懵了。此前占据顶流位置的奥特曼卡，也曾在闲鱼卖到万元以上的高价，如今已经腰斩：3000元都没人买了。 当然，二手市场是一个完全不同的次元，挂闲置讲究一个说学逗唱，闲鱼上的某些行为本身就比电影更精彩，卖家哗众取宠的手段比二人转演员还要老练， 但接连出现的"天价卡牌"背后确实藏着一个迅速崛起的市场——集换式卡牌（TradingCardGame，简称TCG）。 谷子经济的爆发和二手市场的繁荣都已是2024年的"旧闻"，但"印卡如印钞"的故事仍存在理解层面的代沟。中国TCG市场什么时候成为"销金窟"的？小学生 的购买力有多吓人？说好的消费降级呢？ 实际上，家里有孩子上小学的家长，以及身在工位、心在小学的"大孩子们"，早就感受到了潮水的流向：无论是哪吒卡还是奥特曼卡，都出自同一家企业， 一家在中国TCG市场上占据7成份额的企业，一家主导着"小学生 ...

其中，2024年"谷子经济"迅猛发展，离不开网络文学及其下游动漫、游戏等IP积累发挥的作用。例如， 随着徽章、卡牌、盲盒等"谷子"的开发不断迭代升级，2024年阅文衍生品GMV突破5亿元，其中卡牌 GMV突破2亿元。"多端协同、一体开发"的联动效应，标志着头部IP产业转化正在从文学层面的内容输 出走向文化产业层面的共创共赢，也是IP产业链走向成熟的重要标志。 此外，在AI翻译一键助力、出海作品相互赋能等利好因素的加持下，中国网络文学的全球化表达迈 入"全球阅读、全球创作、全球开发"的新阶段。报告援引《2024年度中国数字阅读报告》数据，2024年 我国数字阅读出海作品总量为80.84万部(种)，同比增长6.03%。报告显示，2024年网络文学出海市场规 模超50亿元，培育海外网络作家46万名，海外用户规模超3.5亿，覆盖全球200多个国家和地区，其中日 本市场用户规模激增180%，成为全球用户增速最快的新兴市场。 报告显示，截至2024年底，网络文学作者规模首次突破3000万大关，达到3119.8万，网文作品数量达 4165.1万部，网文用户数量达5.75亿，同比增长10.58%。依据第55次《中国互联网络发 ...

Group 1 - The core viewpoint of the report indicates that the market size of China's online literature IP adaptation is expected to reach 298.56 billion yuan in 2024, representing a year-on-year growth of 14.61% [1][3] - The reading market size for online literature in China is projected to reach 43.06 billion yuan by the end of 2024, with a year-on-year increase of 6.8% [3] - The number of online literature authors has surpassed 30 million for the first time, reaching 31.198 million, while the total number of online literary works has reached 41.651 million [3] Group 2 - The report highlights that the adaptation of online literature IP has led to significant viewership, with titles like "Qing Yu Nian Season 2" and "Yu Feng Xing" ranking among the top three in annual viewership [5] - The "Guzi economy" is identified as a key driver for the rapid development of online literature and its downstream industries, including animation and gaming [5] - AI translation technology is facilitating the overseas expansion of online literature, with over 3,200 new AI-translated works added in 2024, accounting for nearly half of the total Chinese translated works [5] Group 3 - The overseas market for online literature is projected to exceed 5 billion yuan in 2024, with 460,000 overseas online writers and over 350 million overseas users [7] - Japan has shown a remarkable growth rate of 180%, becoming the fastest-growing emerging market for online literature users [7] - The report notes that the translation of Chinese online literature into Spanish has increased by 227%, with significant breakthroughs in German, French, and Portuguese translations as well [5][7]

Core Insights - Bandai Namco is recognized as a leader in the Japanese entertainment industry, known for its strong IP management capabilities and innovative "IP Axis Strategy" that spans games, toys, anime, movies, and theme parks [1][3] - The company achieved total revenue of 1.05 trillion yen (approximately 54.5 billion RMB) in the fiscal year 2024, setting a benchmark in the global cultural industry [1] - The competition among Chinese companies like Yuewen, Aliyu, Pop Mart, and Bilibili to establish a similar IP empire is intensifying, with each company occupying different segments of the IP value chain [3][4] Company Summaries Yuewen Group - Yuewen's core advantage lies in its vast original content reservoir, with millions of signed authors and a large number of novels, positioning it as a potential IP goldmine [7] - The company faces challenges in efficiently converting text-based IP into visual IP, although successful adaptations like "Qing Yu Nian" and "Douluo Dalu" demonstrate its potential [9][10] - To become a Chinese equivalent of Bandai, Yuewen needs to enhance cross-media development and global market expansion [13] Aliyu - Aliyu operates as a platform that connects IP copyright holders with commercial channels, focusing on optimizing the IP commercialization chain [14][16] - Its "IP2B2C" model provides a one-stop service for IP from design to sales, but it lacks direct influence over IP creation [16][18] - Aliyu's role is crucial but insufficient for building a complete "Bandai-style" ecosystem [18] Pop Mart - Pop Mart has rapidly expanded in the past two years, becoming a leader in the Chinese trendy toy market with a significant international presence [19] - In 2024, overseas revenue accounted for 38.9% of total revenue, showcasing its success in global markets [19] - The company has established a complete closed loop from IP design to global DTC retail, achieving impressive profitability [21][22] Bilibili - Bilibili is distinguished by its highly active community and focus on ACG (Anime, Comic, and Game) content, with significant investments in domestic animation [25][27] - The company has diversified its revenue structure but still lacks scale in IP derivative commercialization compared to Bandai [28][30] - To evolve into a comprehensive IP group like Bandai, Bilibili must enhance its IP commercialization capabilities, particularly in self-developed games and derivative products [30] Comparative Analysis - All four Chinese companies exhibit gaps compared to Bandai, particularly in the breadth and depth of their business operations [31] - Bandai's IPs have a long lifecycle and sustained market presence, while most Chinese IPs are relatively young and unproven [33] - The global market penetration of Chinese IPs remains limited, especially in mainstream Western markets [34] - Bandai boasts a rich matrix of active IPs across various media, while Chinese platforms are still building their IP reserves [37] Future Outlook - Among the four companies, Pop Mart shows the most potential to emulate Bandai's model due to its strong IP creation capabilities and efficient commercialization system [39] - Pop Mart's global retail network and financial stability provide a solid foundation for future growth [39] - To truly become a Chinese Bandai, Pop Mart must enhance the narrative depth of its IPs, diversify its business, and balance short-term profits with long-term value cultivation [40][41][42] - The evolving landscape of the content industry suggests that the future of Chinese IP enterprises may not strictly follow Bandai's model but could develop into new business forms that adapt to local market characteristics [44][48]

2025年4月14日，卡游正式向港交所递交招股书，准备赴港上市。消息一出顿时引发热议，这家成立于2011年的公司刚刚宣布 2024年营收破百亿，但同时却净亏损12.42亿元。 本篇文章与大家分享卡游为何亏损12亿还敢于此时冲刺IPO？ 我们先来看看卡游到底是家什么公司？ 卡游的核心业务是集换式卡牌，2024年总营收约100.57亿元，其中卡牌业务贡献了82亿元，占比超过80%。其实，卡游在多个 细分领域都是当之无愧的"老大"：在泛娱乐产品行业排名第一，市场份额13.3%；在泛娱乐玩具行业排第一，市场份额21.5%； 在集换式卡牌领域更是霸主地位，市场份额高达71.1%！连泛娱乐文具行业也被它拿下了第一，市场份额24.3%。 那么卡游为何突然要上市？背后有哪些原因？ 第一：扩大资本实力，应对快速增长。卡游2024年营收同比增长277.8%，如此高速增长需要大量资金支持。尽管有亏损，但 高达70%左右的毛利率显示其产品竞争力极强，只是扩张阶段投入较大。 | | 編纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] | | | --- | --- | --- | | | | 行使與否而定) | | [編纂]數 ...

Core Insights - The opening of the first global flagship stores for Production I.G & WIT STUDIO and Sega in Shanghai marks a significant milestone in the expansion of Japanese anime and gaming companies into the Chinese market [1][4][9] - The stores aim to cater to the growing demand for anime and gaming merchandise, leveraging popular IPs to attract a dedicated fanbase [3][9] Company Overview - Production I.G & WIT STUDIO are renowned for iconic works such as "Ghost in the Shell" and "Attack on Titan," establishing a strong presence in the anime industry over the past 40 years [3][4][5] - Sega, originally known for arcade games, has created popular franchises like "Sonic the Hedgehog" and "Persona," contributing significantly to the gaming landscape [3][4] Market Potential - The "Guzi Economy" (derivative products from anime and gaming IPs) in China is projected to reach a market size of 1,689 billion yuan in 2024, with expectations to exceed 3,000 billion yuan by 2029 [3][4] - The collaboration between Japanese companies and local partners like GuGuGuGu is seen as a strategic move to tap into the lucrative Chinese market [9][13] Consumer Engagement - The flagship stores feature exclusive, original, and limited-edition merchandise, along with interactive experience zones to enhance fan engagement [3][4] - During the trial operation period, the stores achieved sales exceeding several million yuan, indicating strong consumer interest [3][4] Strategic Importance - Shanghai is viewed as a vibrant hub for anime fans, making it a strategic location for the flagship stores to foster ongoing communication with Chinese consumers [8][9] - The partnership with GuGuGuGu allows for better market penetration and understanding of local consumer preferences, which is crucial for success in the competitive landscape [9][13] Future Outlook - The collaboration aims to create unique products based on original materials, avoiding the pitfalls of market saturation and sameness [13][14] - The overall trend in the anime and gaming market is expected to remain positive, driven by a growing consumer base that seeks imaginative and engaging content [16]

Group 1: Movie Market Insights - The movie market during the "May Day" holiday is thriving, with a total box office exceeding 5 billion yuan by May 3, 2025 [2] - Diverse film genres are performing well, with notable success from reality-themed films like "Dumpling Queen" and adaptations such as "Unique" [2] - The government is investing at least 1 billion yuan in viewing subsidies and promoting initiatives like "Weekend Movie Watching" to stimulate audience engagement [2] Group 2: Performance of Live Events - The "May Day" holiday saw a surge in live performances, with over 100 large-scale events expected to attract more than 2 million attendees, generating over 2 billion yuan in hotel and tourism revenue [3] - Young audiences are increasingly interested in attending concerts, with a 107% year-on-year increase in searches for music festival-related products among users born after 1995 [3] - Platforms are offering comprehensive travel services linked to concerts, enhancing the overall tourism experience during the holiday [3] Group 3: Rise of Domestic IP - The "May Day" holiday highlighted the popularity of domestic IPs, with locations like Xi'an's "Chang'an Twelve Hours" attracting significant tourist traffic through immersive experiences [4] - The integration of culture and tourism is creating a sustainable consumption ecosystem, driven by emotional connections and upgraded experiences [4] - The growth of high-quality domestic cultural IPs, such as "Nezha" and "Genshin Impact," is reshaping cultural consumption and driving innovation in urban commercial development [5]

以下文章来源于Vista氢商业 ，作者嘴嘴 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 3万拿下271个走私的玲娜贝儿 白菜价打包始祖鸟？ 文 ｜ 嘴嘴 编辑 ｜ 橘总 来源｜ vista氢商业（id：qingshangye666） 封面来源 ｜ 视觉中国 这个五一你在哪里人挤人？ 听说"世界上最快乐的地方"在这个五一又被挤爆了。排队3小时只看懂了前面老大哥的后脑勺，连快80块的小吃都得和打工人抢着买，上海迪士尼再一次验 证了那句坊间名言"这里没有淡季，只有忙和更忙。"处在风口浪尖上的迪士尼最近还搞出一个大新闻： 735个迪士尼小玩偶出现在 海关拍卖 ，为一众奢牌包包和白糖石油等硬通货增添了几分年轻气息。 海关给出3万出头的起拍价，懂行的人说"超过12万就不 值"，却因拍卖中一句有"271个绿色贝儿"，最终拍到28.048万元。 川沙顶流（玲娜贝儿）再一次证明自己的实力。一场拍卖夹杂着疯狂加价、临时抢货，超6万人围观了这场谷子圈的《海关有好物》，看到身价翻了快9倍的 小玩偶，有网友调侃"海关才是迪圈最大的操盘手"。 年轻人开始去"海关拍卖"捡漏了？ 而在看到"绿色贝儿"到底有几只之前 ...

Core Viewpoint - The rise of "谷子" (anime-related merchandise) consumption among young people is accompanied by various risks, including impulsive spending, rampant counterfeiting, and price speculation [1][2][3] Group 1: Consumption Trends - Young consumers are increasingly engaging in the purchase of badges, blind boxes, and standees as a way to express their love for anime culture, leading to significant financial investments [1] - The phenomenon of "端盒" (bulk buying of blind boxes) has emerged, with enthusiasts spending large sums to collect rare items [1] Group 2: Consumer Protection Issues - The Ningbo Consumer Rights Protection Committee has issued warnings about the hidden dangers of the "谷子 economy," highlighting four major consumption traps [1] - There are reports of "dark box operations" where merchants manipulate the odds of obtaining rare items in blind boxes, leading to consumer exploitation [1] - A case study revealed a student spent 6,000 yuan on blind boxes but received over 30 duplicate common items, indicating a lack of transparency in odds disclosure [1] Group 3: Counterfeit Products - The prevalence of low-priced counterfeit "福袋" (mystery bags) has led consumers to fall victim to poor-quality and potentially harmful products [2] - A consumer reported receiving defective and counterfeit items after purchasing a "热门IP福袋" for 50 yuan, with the seller refusing refunds under the guise of "random shipping" [2] Group 4: Market Manipulation - Some merchants collaborate with scalpers to create a sense of urgency around "limited edition" items, encouraging young consumers to overpay for products [2] - A university student lost over 90% of their investment after purchasing a limited edition standee for 3,000 yuan, which plummeted in value after the initial hype faded [2] Group 5: Social Pressure and Consumer Behavior - The "谷圈" (anime community) fosters a culture of comparison, leading to "invisible PUA" (manipulation) where individuals feel pressured to purchase rare items to fit in [2] - A high school student borrowed 5,000 yuan to buy an expensive second-hand badge to gain acceptance in a community, resulting in financial distress [2] Group 6: Recommendations for Rational Consumption - The Ningbo Consumer Rights Protection Committee emphasizes the importance of rational consumption, advising consumers to demand transparency in odds for blind boxes and to be wary of low-priced offers [3] - Recommendations include purchasing from official channels, setting monthly budgets, and avoiding communities that promote anxiety through comparison [3] - The committee also suggests that parents engage with their children about spending habits and that society should work together to combat counterfeiting and promote financial literacy [3]