Group 1: Core Insights - The rise of Labubu represents a unique path of IP incubation, diverging from traditional methods reliant on media like film and animation, instead leveraging innovative operational mechanisms and digital platforms for influence and breakout effects [1][3][7] - Labubu's design and character traits resonate with contemporary user aesthetics and emotional projections, showcasing a rebellion against perfect imagery, which aligns with current trends in IP development [4][5][6] - The success of Labubu is significantly attributed to its effective social media strategy, particularly the viral promotion by celebrities, which has expanded its reach and popularity across various markets [6][7] Group 2: Media Environment Changes - The evolution of media environments has transformed IP incubation from a content-first approach to an interaction-first model, emphasizing the role of social platforms and user co-creation in building IP popularity [9][10] - Traditional IP incubation relied heavily on large-scale productions in film, animation, and gaming, while Labubu's success illustrates a shift towards utilizing social media and short video content for community building and engagement [10][11] - China's content industry is gradually developing its own innovative paths for IP creation, moving towards a more integrated approach that combines various media forms [12][13] Group 3: Evolution of IP Functions and Future Industry Trends - The value of IP has evolved from being mere extensions of single works to becoming core assets that connect communities and embody cultural identity, highlighting the importance of commercial viability [15][16] - Successful IPs today serve as powerful commercial amplifiers, with significant revenue generated from merchandise and licensing, as seen in the case of major franchises like Star Wars and Disney [15][16] - The future of IP development in China is expected to leverage its growing digital content ecosystem, fostering a multi-faceted approach that integrates social media, literature, short dramas, and gaming to create a robust IP narrative system [13][17]