人们正在用 盲盒、卡牌、潮玩 定义"新玩乐"，用社交属性与情感共鸣，激发 IP 的商业生命力。 4月下旬，泡泡玛特 LABUBU （又称拉布布）3.0系列开启线下发售，门店排起长龙、盲盒被抢购一空、二手市场溢价数倍已经成为了"常态"。 资本也在持续下注。就在12日，万达电影、儒意星辰1.44亿投资潮玩公司52TOYS。 泡泡玛特和52TOYS只是当下中国IP产业发展的缩影。在我们看来，中国IP行业正在经历价值重构： 年轻人们甘愿为 "塑料" （比如盲盒、手办）、"纸 片"（比如卡牌）疯狂，国产IP在二手交易平台闲鱼的交易额反超日系IP，《哪吒》衍生品授权费翻倍增长，中国谷子经济相关企业突破667万家，AIGC 技术重构创作生态…… 特别值得一提的是，如果横向比较，中国IP行业当下正在经历的，正是美国、日本等成熟市 场的IP行业曾 经走过的路。在本篇行研中，我们将主要探讨 三个议题： / 01 / 我们为什么要关注IP产业？ IP消费正是"宗教性"消费品的典型代表，消费者通过内容、周边产品等消费方式获得身份认同，并借助"幻想"和"回忆"与精神偶像产生共鸣，收获极大满 足感。大量IP忠实粉丝愿意为IP终身付费。并 ...

Group 1 - The 2025 World IP Economic Development Conference and Global IP Licensing Expo commenced in Guangzhou, focusing on "IP empowering the commercial value growth of the real economy" with over 300 exhibitors and nearly 30,000 professional attendees [1] - The event showcased a diverse range of IP categories including cultural relics, film, games, and trendy collectibles, integrating "IP + culture + tourism + consumption" [1][3] - The establishment of the IP Industry Development Alliance aims to enhance international competitiveness of Chinese IP brands and facilitate communication between government and enterprises [2] Group 2 - The expo is held concurrently with the 2025 World Cultural Tourism Industry Expo, creating a comprehensive exhibition matrix with 15 major pavilions and 12 thematic exhibitions [3] - The event features interactive experience zones for attendees to engage with cultural tourism products, promoting a one-stop industry experience [3] - The conference serves as an accelerator for high-quality development of the IP economy, aiming to connect global resources and empower industrial innovation [3]

Group 1 - The 2025 World IP Economic Development Conference and Global IP Licensing Expo was held in Guangzhou, attracting over 300 exhibitors and nearly 30,000 professional visitors [1] - The event focused on the theme "Cultural Diversity, Creative Boundaries - Resonating with the Global IP Economic Pulse," aiming to promote cross-industry integration of "IP + Technology + Culture + Finance + Manufacturing" [1] - The President of the Guangdong Copyright Protection Association expressed the hope to establish the Global IP Licensing Expo as a platform for copyright trade and cross-industry integration, enhancing the high-quality development of the copyright industry [1] Group 2 - The IP Industry Development Alliance was officially established during the event, releasing the "Guangzhou Initiative for IP Industry Development" [3] - The alliance aims to leverage Guangzhou's unique business environment and trade resources to create a leading national and internationally competitive IP economic industry chain [3] - The initiative focuses on standardizing the cultural IP industry, enhancing innovation capabilities, and supporting domestic IP brands in expanding internationally [3] Group 3 - The "2025 Top Ten Annual IPs" were announced at the 2025 Annual IP Honor Ceremony, covering various sectors such as literature, film, music, and cultural experiences [4] - Notable IPs included "The Most Beautiful Journey to the West," "Nezha: The Devil's Child," and the DeepSeek App, showcasing a diverse range of cultural and entertainment offerings [4]

Group 1 - The Chinese consumption market is characterized by its large scale, complex structure, and rapid evolution, with "consumption upgrade" and "consumption sinking" being the two main narratives over the years [1] - In Q1 2025, three new trends are emerging in the consumption market: the significant short-term impact of cultural events on related derivative product consumption, the rising phenomenon of "consumption floating," and the expanding gender consumption differences driven by asymmetric cross-gender gifting behavior [1][2] Group 2 - The cultural event of the animated film "Nezha: Birth of the Demon Child" has created a significant surge in sales of related products, particularly in the "trendy blind box" category, with a notable 26.1% month-over-month sales increase from January to February 2025 [3][5] - A correlation analysis indicates a positive relationship between the popularity of "Nezha" and the sales growth of "trendy blind boxes," with a correlation coefficient of 0.091, suggesting that cities with higher relative popularity of the film experienced greater sales growth in this category [6][8] Group 3 - The "consumption floating" phenomenon challenges the traditional narrative of "consumption sinking," as consumption habits from lower-tier cities are increasingly influencing and reshaping the consumption landscape in first-tier cities [10][27] - Data from 2024 shows a reversal in population migration trends, with net inflows into major cities like Shenzhen and Shanghai, indicating a shift in consumption habits from "sinking" to "floating" [11][12] Group 4 - The analysis reveals that the price gap between populations migrating from first-tier cities to lower-tier cities is narrowing, not due to lower-tier consumers upgrading, but because migrants are adapting to local price levels [14][16] - Lower-tier cities are becoming significant sources of new consumption trends, with a notable increase in the proportion of trending food items originating from these areas, indicating their active role in shaping national consumption trends [18][19] Group 5 - Gender consumption differences are becoming more pronounced, with female-related products experiencing faster growth than male-related products, driven by a structural shift in male consumers increasingly purchasing for females rather than themselves [28][30] - The analysis highlights the importance of cross-gender gifting behavior, where male consumers are more likely to purchase female products, emphasizing the emotional and social aspects of consumption [34][35] Group 6 - The report concludes that the Chinese consumption market is evolving towards a more diverse and dynamic landscape, where emotional connections and gifting scenarios play a crucial role in driving market growth [37][38] - Companies need to adapt their strategies to respond to cultural trends, understand the dual flow of consumption habits between different city tiers, and optimize their offerings to meet the emotional and social needs of consumers [38]

Financial Performance - The company achieved operating revenue of 57,918.77 million yuan, a decrease of 14.42% compared to the same period last year [3] - The net profit attributable to shareholders was 4,177.25 million yuan, down 68.94% year-on-year, primarily due to increased credit impairment losses and declining operating revenue [3] Project Updates - The opening ceremony project for the 2025 Asian Winter Games was successfully premiered on February 7, 2025, with a project amount of 8,788 million yuan, recognized in Q1 2025 [3] - The large-scale performance project "Dreaming Dazhong" is valued at 8,990 million yuan, with expected revenue recognition in Q2 2025 [3] C-end Business Operations - The company has several C-end operational projects, including: - "Sky632" located on the 126th floor of Shanghai Tower, with a 60% ownership stake [4] - "Xianghu Yuyun" in Hangzhou, with a 75% ownership stake, set to premiere on June 30, 2024 [4] - "On the Sea of Qingdao" in Shandong, with a 30% ownership stake, scheduled to premiere on July 12, 2024 [5] - The focus on C-end business is expected to provide more opportunities and enhance business stability and sustainability [5] Strategic Initiatives - The company plans to expand its business scope to include import and export activities, responding to the "cultural going global" strategy [5] - The company is actively exploring the integration of AI and performance arts, considering strategic mergers and acquisitions to diversify its business [9] Financial Management - The company has accumulated cash dividends of 193 million yuan and share repurchases of 100 million yuan from 2020 to 2024 [11] - As of December 31, 2024, the accounts receivable amounted to 613 million yuan, with a bad debt provision of 307 million yuan, representing a provision rate of approximately 50.08% [12] Shareholder Engagement - The company plans to offer limited edition performance tickets for specific cultural tourism projects as a gesture of appreciation to shareholders [11] - As of April 18, 2025, the number of shareholders was 14,419 [16]

Core Viewpoint - The company, Laiyifen, has successfully transitioned from a traditional retail model to a chain management service and supply chain platform model, with a significant increase in franchise store proportion exceeding 50% for the first time in 2024 [1][2][3]. Financial Performance - In 2024, Laiyifen achieved a revenue of 3.37 billion, maintaining a leading position in the leisure food sector [1]. - The company reported a stable performance in Q1 2025 with a revenue of 1.048 billion [1]. Franchise Model and Cost Efficiency - The franchise store count reached 1,600, accounting for 52% of total stores, while direct stores numbered 1,485, making up 48% [2]. - Management expenses decreased by 11.9% year-on-year, and sales expenses fell by 14.17% in 2024, continuing a trend of cost reduction [2][3]. Supply Chain and Technology Integration - Laiyifen is enhancing its supply chain management through the integration of key technologies, including the introduction of the DeepSeek model for intelligent supply chain management [3]. - The company is focusing on optimizing its smart supply chain plan to achieve significant improvements in supply chain management [3]. Market Expansion and Distribution - In 2024, Laiyifen added 174 new distributors, expanding its market presence to all 31 provinces in China, with notable growth in the Shanghai market, which saw a 21.6% year-on-year increase [4]. - The company has made significant strides in overseas markets, successfully entering local supermarket channels in South Korea, Vietnam, and Thailand [4]. E-commerce and Membership Growth - Laiyifen's e-commerce segment has turned profitable by optimizing product structure and focusing on high-value categories [4]. - The total number of members across all channels reached 94.77 million by the end of 2024, providing a solid foundation for business growth [5][6]. Private Traffic and IP Economy - The company is leveraging private traffic through its app and community operations, enhancing user engagement and loyalty [5][6]. - The IP economy in China is experiencing rapid growth, with a market size of 168.9 billion in 2024, expected to exceed 330 billion by 2030, presenting new opportunities for Laiyifen [6]. Strategic Collaborations and Future Plans - Laiyifen is engaging in cross-industry collaborations, including partnerships with Tencent and cultural figures to enhance brand appeal and reach younger consumers [7]. - For 2025, the company plans to focus on its "Wan Jia Deng Huo" strategy, emphasizing a community lifestyle platform and further collaboration with diverse IPs to enhance brand competitiveness [7][8]. Industry Outlook - The government has prioritized boosting consumption in 2025, which is expected to create new growth opportunities for consumer companies like Laiyifen [8].

行业板块 和题材表现上， 银行股新高，电力冲高回落，消费、地产 等权重板块 领跌 拖累指 数表现，其中 银行股强势 ， 工商银行、建设银行、江苏银行、成都 银行 等创历史新高，显 示资金避险情绪升温，高股息策略受青睐。电力板块 则 冲高回落 ， 华银电力（ 3连板）、 华电辽能（2连板）涨停，但西昌电力炸板回落， 说明电力板块开始分化， 板块持续性存疑。 二、 4 月末业绩线过渡，预计 5 月科技成长为主回归 一、 行情复盘：指数缩量调整，银行股逆势新高，题材轮动乏力 今天 大盘缩 量震荡，三大指数全天弱势震荡，沪指跌 0.2% ， 深成指跌 0.62%，创业板指 跌0.65%，市场成交额1.06万亿（较前一日缩量572亿），显示 节前整体 资金观望情绪浓 厚。 同时由于财报季尾声，更多个股暴雷甚至 ST出现，近4000家 个股 下 跌，近百股跌超 9%， 同时涨停和跌停都达到 40家， 市场亏钱效应明显，短线情绪低迷。 会议刺激政策没超预期， 消费、地产 板块 重挫 ， 食品饮料、零售（有友食品、贝因美、国 光连锁跌停） 等 全线调整 （除了少部分业绩优秀的个股，比如珀莱雅 2连板） ；房地产受 政策预期降 ...

Core Insights - The article highlights how Pop Mart has become a benchmark case for Chinese cultural export through its "IP + trendy toys + experience economy" business model, with overseas revenue surging by 480% year-on-year in Q1 2025, and significant growth in the Americas (895%-900%) and Europe (over 600%) [1] Market Selection - Pop Mart's strategy of "first Asia, then Europe and America" has effectively tapped into regional consumption trends, with Southeast Asia contributing 47.4% of overseas revenue, particularly in Thailand where single-store daily sales exceeded 10 million RMB [1] - The explosive growth in the North American market, with revenue increasing nearly ninefold, demonstrates the cross-cultural appeal of its IP, as evidenced by the LABUBU plush toys causing long queues in Chicago [1] Localization Strategy - The company has adopted a localization approach, launching the LABUBU "Thailand Experience Officer" series that incorporates local cultural elements, and testing a bullfighter theme in Spain [1][2] Digital Infrastructure - Over 80% of traffic to Pop Mart's independent site is organic, utilizing a Customer Data Platform (CDP) to analyze user preferences, which has led to the addition of 11.72 million members in 2024 and a repurchase rate of 49.4% [3] IP Ecosystem Evolution - Pop Mart's IP operations have evolved beyond traditional toys to become "emotional connectors, social currency, and cultural carriers," with the LABUBU series generating 3.04 billion RMB in revenue, a 726.6% increase [4] Product Innovation - The company employs a collaborative mechanism with artists to create localized IPs, such as signing the influential Thai artist Molly, and has achieved significant growth in plush toy sales through innovative manufacturing techniques [5][6] Emotional Resonance - The CRYBABY series has tapped into global youth emotional pain points, resulting in a revenue increase of 1537.2%, while the MOLLY astronaut model resonates with the independent spirit of professional women [8] Insights and Outlook - Pop Mart's global journey provides a replicable model for transforming "Made in China" to "Brand from China," emphasizing cultural narrative over cost advantages [9] - The company aims for overseas revenue to exceed 10 billion RMB by 2025, focusing on long-term brand building and ecosystem collaboration with major IPs like Disney [10][11]

今年春节后，《哪吒2》和DeepSeek开源大模型的"硬科技+软文化"组合，带火了相关概念股。最近， 影石Insta360全景相机、泡泡玛特旗下人气IP LABUBU 3.0系列被市场称为"现象级火爆"，这能否给中 国资产带来新的叙事逻辑？ 今天上午，影石概念股弘景光电（301479）"20CM"涨停；泡泡玛特上涨11.14%，盘中再创历史新高， 带动A股IP经济概念盘中直线拉升，盛天网络、创源股份等个股大涨。 日前，影石科创板IPO注册获正式批复，A股市场即将迎来"全球智能影像第一股"。市场人士表示，随 着影石热度攀升，建议关注产业链机会：一是核心供应商；二是股权关联的企业；三是产业链相关标 的。 资料显示，弘景光电主要从事光学镜头及摄像模组的研发、设计、制造和销售。公司在投资者互动平台 表示，影石创新是其重要客户之一。另外，瀛通通讯上午涨停，华金资本、商络电子等概念股也上涨。 泡泡玛特股价再创历史新高 A股上午震荡调整，截至中午收盘，上证指数下跌0.03%，深证成指下跌0.43%，创业板指下跌0.55%。 PEEK材料、游戏、银行等板块涨幅居前，地产、消费等板块跌幅居前。 弘景光电"20CM"涨停 今天上 ...

盘面上，PEEK材料概念股早盘走高，新瀚新材（301076）、肯特股份（301591）大涨超10%。银行股盘中震荡拉升，重庆银行（601963）一度涨超7%，工 商银行创历史新高。算力板块盘初亦表现活跃，鸿博股份（002229）2连板，大位科技（600589）、德生科技（002908）、新锦动力（300157）纷纷大涨。 房地产板块早盘表现低迷，我爱我家（000560）、渝开发（000514）、世联行（002285）、天保基建（000965）盘中跌停。零售、食品饮料、旅游酒店等泛 消费板块亦表现落后，有友食品（603697）、通程控股（000419）跌停，金字火腿（002515）、君亭酒店（301073）、大连圣亚（600593）跌幅居前。 板块分析： 同花顺热股榜： A股三大指数早盘集体下跌，截至午盘，沪指跌0.03%，深成指跌0.43%，创业板指跌0.55%，北证50指数跌0.22%。全市场半日成交额7286亿元，较上日缩 量45亿元。全市场超3900只个股下跌。 板块题材上，PEEK材料、IP经济、银行、钢铁、算力板块涨幅居前；房地产、食品饮料、旅游酒店、零售板块跌幅居前。 涨停天梯榜： 【4连板】 东 ...