Core Viewpoint - The report from CICC indicates that leading companies in the segmented media industry are poised to benefit from industry trends due to their advantages in business scale, technological reserves, and capital operations, with an overall upward trend expected in the media sector by 2025 [1] Group 1: Policy and Content Cycle - The gaming industry is expected to benefit from the normalization of license issuance, leading to a significant recovery in supply, while the video drama industry may enter a critical window for content innovation and mechanism optimization as new broadcasting regulations are implemented [1] Group 2: AI Development - By 2026, AI-native applications are anticipated to expand further, transitioning from tool assistance to creative subjects, which will enhance the production capacity of online literature IP adaptations and optimize revenue in gaming and advertising sectors [2] Group 3: Cultural Export - The cultural export in gaming, online literature, and short dramas has matured, and by 2026, it is expected to enter a new phase of quality, shifting from extensive output to a model that combines "cultural core + localization" for more tailored development [3] Group 4: IP Economy - In 2026, the commercialization paths for domestic IP content, IP consumer products, and IP services are expected to flourish, leading to scaled growth and systematic value reassessment as various segments of the industry mature [4] Group 5: Industry Ranking - The digital media and gaming industries have superior business models, with leading companies' quality content output likely to enhance profitability and international competitiveness; AI technologies are expected to be applied first in these sectors [5] - Social community AI and cultural export provide incremental growth, with ongoing optimization of profitability; marketing and advertising AI will empower the entire process, focusing on efficiency and new advertising formats in the new stable state [5] - The film and cinema industry is awaiting confidence restoration, with a focus on long-term industry upgrade trends; the publishing industry emphasizes the resilience of educational book demand while maintaining high dividends; cable broadcasting is expected to develop steadily, with attention to large-screen potential [5]

Core Viewpoint - The media sector is expected to experience an overall upward trend in 2025, driven by favorable policies, new product cycles, and the expansion of Chinese cultural content overseas, alongside the growing demand for IP economy and advancements in AI technology [2][3] Group 1: Policy and Content Cycle - The gaming industry is benefiting from the normalization of license issuance, leading to a significant recovery in supply, while the video series industry is entering a critical window for content innovation and mechanism optimization due to the gradual implementation of new broadcasting regulations [3][9] - The AI development is entering a new phase, with expectations that by 2026, AI-native applications will expand further, transitioning from auxiliary tools to creative subjects, enhancing the production capacity of web literature and IP adaptation into films [3][12] - The trend of cultural content going overseas is maturing, with a shift from broad output to a focus on high-quality cultural core and localized adaptation, particularly in gaming, web literature, and short dramas [3][20] Group 2: IP Economy and Industry Trends - The IP economy is expected to flourish in 2026, with multiple commercialization paths for domestic IP content, consumer products, and services, leading to scaled growth and systematic value reassessment as the industry matures [3][19] - Leading companies in the media sector are positioned to benefit first from industry trends due to their advantages in business scale, technological reserves, and capital operations, particularly in digital media and gaming [4][19] - The film industry is projected to see box office revenues of 520 billion yuan in 2026 under neutral conditions, with expectations of recovery driven by quality content [35] Group 3: Social Community and AI Integration - Social community platforms are increasingly integrating AI to enhance efficiency and reduce costs across content interaction processes, with a focus on user engagement and monetization [22][25] - The advertising sector is witnessing rapid AI penetration, optimizing content production processes and reducing costs, with a shift towards automated and personalized advertising strategies [30][31] Group 4: Music and Publishing Industry Insights - The music industry is expected to maintain a stable structure, with Tencent Music and NetEase Cloud Music continuing to dominate, while exploring deeper value extraction from the industry chain [17][19] - The publishing industry is adapting to regulatory changes while focusing on the resilience of educational materials and the potential for IP-driven sales growth, with leading companies maintaining strong dividend yields [39][41]

一个动画IP为什么能引发如此消费热潮？中央财经大学文化经济研究院院长魏鹏举表示，这背后是"注 意力经济"与"意义消费"的双重驱动。 魏鹏举说："第一个是注意力经济，因为'被看到'是现代社会人们越来越重要的一个社交需求，买这样 的周边其实是一种进入潮流、被周边朋友认同，而且形成新的社交圈子的消费行为。第二方面，很重要 的还是一种'意义消费'。我不太认同一个说法就是所谓'消费降级'，现在最重要的问题是人们的消费诉 求在往上走，所以现在更有内涵、更有意义和输出价值的，社会认同度更高，优质的潮玩IP其实无论在 国内还是国际上，都非常受欢迎，而且消费势头是在增长的。" 从《哪吒2》到《疯狂动物城2》，动漫IP联名似乎已经成为流量密码。但这种热潮能否持续？魏鹏举认 为，优质IP短期爆火不难，难的是保持长红，延续流量的关键在于价值链和产业链的延伸能力。迪士尼 的模式就是把IP开发视为长期战略，而非短期营销行为。 魏鹏举说："首先他们在原创方面本身就像科技研发一样长期储备，这是一个源头。另外一方面，他们 在向全球做广泛综合的整合营销传播，优秀的IP通过在线或者院线的方式实现一轮价值变现，在推出的 时候就跟相关的周边合作商进行 ...

今天分享的是：2025年IP价值深挖，拉动衍生品市场新引擎 报告共计：30页 IP价值深度释放，衍生品市场成新增长引擎 在当今文化消费领域，知识产权（IP）已不再局限于单一的内容形式，而是逐渐演变为驱动衍生品市场爆发式增长的核心动 力。随着Z世代成为消费主力，其注重情绪价值、社交表达与身份认同的消费观念，正推动IP经济进入高速发展期。内容消费的 逻辑发生深刻变化，用户不再仅仅满足于内容本身的质量，更追求能够引发情感共鸣、彰显个人品味的IP产品。这一转变使得 IP衍生品市场迅速崛起，成为连接内容创作与消费市场的重要桥梁。 内容型IP通过跨形态开发持续挖掘商业潜力。以文学、影视、游戏和动漫为代表的IP形态，正积极打破媒介边界，实现多平 台、多场景的价值延伸。网络文学作为重要的创意源头，不断被改编为影视剧、游戏及短剧，形成"一源多端"的开发模式。游 戏IP则兼具内容供给与载体承接的双重属性，通过构建多元化内容矩阵覆盖用户全场景需求。动漫IP则通过形象化、场景化与 社交化布局，将虚拟角色转化为可感知的情感载体，从而延长IP生命周期并最大化商业价值。 形象型IP则凭借其独特的视觉符号与情感投射能力，在商业化路径上展现出 ...

Core Insights - The release of "Zootopia 2" has ignited a surge in consumer spending, with the film achieving a box office of 2.304 billion yuan, making it the highest-grossing imported animated film in Chinese history [2][4] - The film's success has led to increased demand for 4D screenings, with tickets being resold at a premium, reflecting a 47% markup on original prices [8][10] - The extensive collaboration with over 70 brands, including major companies like VIVO and Pepsi, marks one of the largest cross-industry partnerships for an IP in recent years [2][12] Box Office Performance - "Zootopia 2" grossed 146 million yuan during its opening weekend, breaking multiple records for IMAX screenings and imported animated films in China [4][10] - The film's 4D screenings have been particularly popular, with many sessions sold out and ticket prices reaching nearly 100 yuan [8][10] Consumer Engagement and Marketing - The film's content resonates with Chinese audiences, featuring relatable themes and high-quality production, which has been bolstered by extensive pre-release marketing efforts [8][10] - Disney's marketing strategy included collaborations with local animation studios to create promotional content, enhancing audience engagement [10][12] Merchandise and Cross-Industry Collaborations - The demand for merchandise related to "Zootopia 2" has skyrocketed, with items like the carrot recording pen selling out within minutes [12][21] - Collaborations with brands such as Luckin Coffee and Miniso have resulted in significant sales, with some products already sold out shortly after launch [21][22] Investment and Strategic Partnerships - The success of "Zootopia 2" has led to strategic investments, such as Wanda Film's acquisition of a stake in 52TOYS, indicating a focus on IP derivative product development [22] - IMAX Corporation and Wanda Film have signed a memorandum to deepen collaboration in brand development and IP derivative business, aiming to create a more diversified cinema ecosystem [22][23] Trends in IP Economy - The increasing prevalence of IP collaborations reflects a growing consumer demand for brand and cultural recognition, suggesting a robust future for the IP economy [23][24] - The trend of interest-based consumption among younger generations indicates a willingness to spend on IP-related products, enhancing the market's growth potential [24][25]

2025.12. 05 本文字数：3897，阅读时长大约6分钟 作者 | 第一财经 宋婕、乐琰 狐兔CP、蛇盖瑞、4D电影……这些都是最近的热词，因为一部《疯狂动物城2》的上映，一系列的消费 被点燃。 据猫眼专业版，截至12月5日下午4点18分，《疯狂动物城2》累计票房23.04亿元，该影片于11月26日在 全国影院正式上映，首日排片大盘占比66.5%，该片已成为中国影史进口动画片票房第一，而排在第二 的是9年前上映、收获15.38亿票房的《疯狂动物城》。《疯狂动物城2》同时也是2025年贺岁档电影票 房第一。 超高票房还拉动了4D场的全满，以至于市场上出现了4D电影票的加价交易，观影还拉动了冰淇淋和冰 勺消费；而电影IP周边商品销售也非常疯狂，一款胡萝卜录音笔在迪士尼商店内5分钟就售罄了；瑞幸 的联名咖啡也一度卖断货…… 在《疯狂动物城2》上映前，作品IP与各行各业的合作就已受到关注。据不完全统计，截至目前，国内 与该片联名品牌已超70个，潮玩赛道是重点，泡泡玛特、名创优品和52TOYS等纷纷入局，此外迪士尼 影业日前宣布与中国东方航空、VIVO、百事可乐、7喜、康师傅、天猫等品牌达成深度合作，若拓展至 疯 ...

《疯狂动物城2》不仅成为中国影史进口动画片票房第一，还带动了4D电影、IP周边商品及跨界联名消费的热潮。 狐兔CP、蛇盖瑞、4D电影……这些都是最近的热词，因为一部《疯狂动物城2》的上映，一系列的消费被点燃。 据猫眼专业版，截至12月5日下午4点18分，《疯狂动物城2》累计票房23.04亿元，该影片于11月26日在全国影院正式上映，首日排片大盘占比66.5%，该片 已成为中国影史进口动画片票房第一，而排在第二的是9年前上映、收获15.38亿票房的《疯狂动物城》。《疯狂动物城2》同时也是2025年贺岁档电影票房 第一。 超高票房还拉动了4D场的全满，以至于市场上出现了4D电影票的加价交易，观影还拉动了冰淇淋和冰勺消费；而电影IP周边商品销售也非常疯狂，一款胡 萝卜录音笔在迪士尼商店内5分钟就售罄了；瑞幸的联名咖啡也一度卖断货…… 在《疯狂动物城2》上映前，作品IP与各行各业的合作就已受到关注。据不完全统计，截至目前，国内与该片联名品牌已超70个，潮玩赛道是重点，泡泡玛 特、名创优品和52TOYS等纷纷入局，此外迪士尼影业日前宣布与中国东方航空、VIVO、百事可乐、7喜、康师傅、天猫等品牌达成深度合作，若拓展至疯 ...

Core Insights - The animated film "Zootopia 2" has achieved remarkable box office success in China, surpassing 2 billion yuan within its first week and is projected to exceed 4 billion yuan in total box office revenue, making it the second highest-grossing film of the year after "Nezha 2" [4][8] - The film's extensive collaboration with various brands has resulted in over 70 co-branding activities, significantly enhancing its market presence and consumer engagement across multiple demographics [4][5] Box Office Performance - "Zootopia 2" has become the highest-grossing imported animated film in Chinese history, with a box office of over 2 billion yuan within just seven days of release [4] - The film is expected to reach a total box office of over 4 billion yuan, solidifying its status as a major box office hit [4] Brand Collaborations - The film's marketing strategy included extensive co-branding efforts, leading to a 60% increase in related searches on platforms like Dewu on the film's opening day [5] - Popular merchandise, such as blind boxes and themed products, have seen significant price increases, with some items experiencing price surges of up to 4.8 times their original price [6] Consumer Engagement - The film has successfully engaged a wide audience through social media, with topics related to "Zootopia 2" generating over 2 billion views on platforms like Douyin [7] - The collaboration with brands like Luckin Coffee has resulted in high demand for themed products, leading to rapid sell-outs and increased sales volume [6] Impact on Disney's Stock - Following the successful release of "Zootopia 2," Disney's stock price saw a recovery, rising over 2% to approximately 106.53 USD, following a previous decline due to disappointing earnings [8][10] - The film's success has positively influenced the stock performance of domestic cinema chains and related companies, indicating a broader market impact [10] IP Economic Potential - Disney's consumer products division reported a retail revenue of 62 billion USD, highlighting the significant contribution of successful IPs like "Zootopia" to its overall performance [11] - The global IP economy is projected to exceed 1 trillion yuan by 2024, with China's market expected to grow at a compound annual growth rate of 13.5% from 2025 to 2029, outpacing other regions [12][13]

深圳商报记者 李佳佳 文/图 2025年的内地电影票房，两部动画类续集电影脱颖而出，年初的《哪吒2》各种破纪录，年尾的《疯狂动物城 2》同样是惊喜不断。截至12月2日，《疯狂动物城2》上映7天全国票房已超20亿元，成为中国影史进口动画 票房冠军。业内人士预测，该片总票房将超过40亿元，将成为仅次于《哪吒2》的年度票房爆款。 位于深业上城一楼的名创优品门店，《疯狂动物城2》联名的玩具、手表、挂件等产品位于正门口最显眼的位 置。 好的IP联名会把IP内容的短时情绪，延长为对IP的长期情感以及长期消费。走出影院，《疯狂动物城2》IP的 真实号召力和吸金能力实则更"疯狂"。 据不完全统计，截至11月末，《疯狂动物城2》已官宣的联名活动就超过70起，合作品牌覆盖潮玩、服饰、珠 宝、零食、快餐、电商、手机等多个赛道，消费人群也跨越了从儿童到中年等多个年龄段，成为今年联名领 域除了《哪吒》之外的又一个现象级IP。 IP联名带来跨界商机 迪士尼历来IP先行。《疯狂动物城2》早在半年前就与各个品牌进行了大规模联名，用铺天盖地的IP联名为电 影预热。影片上映首日，得物平台"疯狂动物城"相关搜索量环比暴涨60%，泡泡玛特联名盲盒成 ...

Core Insights - Qimengdao Group reported a significant revenue increase of 93.3% in its潮玩 (trendy toy) business, achieving 127.1 million yuan in Q1 of FY2026 [2][3] - The company has successfully transformed its focus to the潮玩 sector, capitalizing on the current market dynamics characterized by demand upgrades and ecosystem expansion [2][3] Financial Performance - For the quarter ending September 30, Qimengdao's revenue from its key IPs included 89.73 million yuan from WAKUKU and 20.76 million yuan from ZIYULI, contributing to overall performance [3] - The company anticipates further revenue growth, projecting Q2 revenues between 150 million and 160 million yuan [4] Market Position and Strategy - Qimengdao has established a diverse IP portfolio, including 11 proprietary IPs and several exclusive and non-exclusive licensed IPs, enhancing its market presence [3] - The company is leveraging its supply chain efficiency, with a significant increase in production capacity, achieving over 1 million plush blind boxes in August alone, a 20-fold increase from earlier in the year [3] Industry Context - The潮玩 market is evolving into a phase of strong IP operation and comprehensive ecosystem competition, presenting both opportunities and challenges for new entrants [4][5] - Competitors like Pop Mart and Kayo are setting high revenue benchmarks, with Pop Mart projected to reach 13.04 billion yuan in 2024, indicating a competitive landscape [6] Future Outlook - Qimengdao's chairman emphasized the company's strategic focus on潮玩 and its dual-engine growth strategy of IP development and multi-channel expansion, which is expected to solidify its competitive edge [7] - The company possesses over 1 billion yuan in cash reserves, providing a strong foundation for supply chain expansion and strategic investments [6][7]