这家全球内容公司不断捕捉和满足中国消费者正在发生的多元需求，也试图在中国品牌和国际品牌之间建立更不可替代的价值叙事。 作者 | 张一童（上海） 近期，2025环球产品与消费体验（大中华区）合作伙伴大会在上海举办。 2025年是环球产品与消费体验在大中华区开展业务的第10年，对于以电影IP为核心的环球而言，当下机会与挑战并存。电影市场仍在艰难回暖中，单部电 影能够释放的IP势能和流量效应受到影响，与此同时以潮玩IP为代表的，本土、新形势IP快速崛起；另一方面，IP消费在中国市场成为一种大众消费，在 产品和体验维度都还有着极大的市场空间。 刚刚过去的暑期档，环球以中国市场好莱坞票房占比47% 交出了不错的答卷，票房成绩也成为授权业务最大的信心基础。 在此之上，面对不断变化中的消费者需求和市场环境，一系列业务创新聚焦于捕捉和满足在产品、体验等更多维度发生的多元、垂直需求。这其中也包 括，在中国本土IP快速崛起的今天，创造中国品牌和国际IP之间的新价值叙事。 内容 电影是环球的核心IP来源，也是其产品与消费体验业务的支撑。环球的既有热门IP中，「功夫熊猫」「怪物史莱克」「速度与激情」都是基于全球级的爆 款电影。 尽管 ...

2025.10.23 本文字数：1305，阅读时长大约3分钟 作者 |第一财经 揭书宜 10月23日，泡泡玛特（09992.HK）跌幅达9%，创下4月份以来最大单日跌幅。这已经是泡泡玛特连续5 个交易日下跌，最近2个月以来，泡泡玛特已跌去30%。 而在此前的17个月内（2024年3月-2025年8月），泡泡玛特的股价翻了接近15倍，创下了港股消费股的 新神话。 在股价一路高歌猛进的时间段里，泡泡玛特的业绩也在逐步上涨。2024年上半年，泡泡玛特的净利润为 9.2亿元，2024年全年则斩获了31.3亿元的净利润。进入2025年，单是上半年泡泡玛特就赚了45.7亿元。 股价的暴增一定程度上与泡泡玛特旗下的头部IP——LABUBU爆火有关。 虽然LABUBU诞生于2015年，但直至2025年，这个有着九颗牙齿和尖尖长耳朵的形象才成为"流量密 码"。 随着一些外国明星、公众人物开始展示LABUBU，LABUBU也逐渐走向海外。相关产品不仅国内火热 销售卖到断货，海外门店也排起长队，可谓"一布难求"，二手交易平台的价格也水涨船高。LABUBU在 全球范围内的热度越来越高，助推泡泡玛特市值屡破新高。 虽然近2月股价正在回 ...

Core Insights - The CEO of the company highlighted four key trends for the future: the importance of storytelling in the content explosion era, originality as the soul of works in the AIGC era, IP as a super leverage in the new consumption era, and Chinese stories as a global language in the era of global co-creation. The next decade is expected to be the golden age for Chinese super IPs [1] Group 1: Expansion into New Content Areas - The company is entering the "manga drama" sector following its success in short dramas, supported by its vast IP reserves, animation production capacity, and AI technology [2] - Four major initiatives have been launched to build the manga drama ecosystem, including opening access to 100,000 premium IPs, establishing a billion yuan creative fund, launching AIGC tools like "Manga Drama Assistant," and creating a collaborative ecosystem across the entire production and distribution chain [2] - Currently, 30 manga drama works have surpassed 10 million views, indicating strong audience engagement [2] Group 2: Development of Merchandise - In the first half of the year, the company's derivative product GMV reached 480 million yuan, nearing last year's total, showcasing the potential of the trendy toy market [3] - The company announced a "Global Trendy Toy Co-Creation Plan" to collaborate with top global artists for the incubation of original trendy toy IPs and to leverage its entire industrial chain for product design, production, and marketing [3] - The company has already invested in niche enterprises like Super Vitality Factory to strengthen its capabilities in popular categories such as plush toys [3] Group 3: AI Application Upgrades - AI technology is a crucial direction for the company's sustainable development, with three major AI application upgrades announced: "Miao Bi Tong Jian," "Copyright Assistant," and "Manga Drama Assistant," covering various stages of content creation and IP development [4] - "Miao Bi Tong Jian" provides deep understanding of millions of words in web literature, assisting in detail review, plot summary, character organization, and foreshadowing [4] - The "Copyright Assistant" efficiently matches the company's extensive work library with downstream IP adaptation needs, while the "Manga Drama Assistant" offers comprehensive support for manga drama creation [4]

Group 1 - Bilibili's mobile game "Three Kingdoms: Strategizing the World" introduces a new GVG gameplay mode called "Kingdoms' Contest" and plans to launch a GVE mode "Subduing the Rebels" [1] - The game will feature a crossover with the national comic "Fire Phoenix Liao Yuan," allowing players to obtain a limited appearance of "Xiao Meng × Diao Chan" for free [1] - The content upgrade occurs just three months after the game's public launch, indicating Bilibili's commitment to heavy operation [1] Group 2 - Chuangmeng Tiandi announces that its self-developed mobile game "Kara Bichu" will officially launch on all platforms in October [2] - The game is a key part of Chuangmeng Tiandi's dual strategy of "overseas premium distribution + self-developed breakthroughs," aiming to differentiate itself in the competitive two-dimensional market [2] - The success of "Kara Bichu" could validate the company's strategic focus, especially as its current P/E ratio is lower than leading competitors [2] Group 3 - Indian unicorn Hike officially shuts down following a ban on real-money gaming, becoming a significant event after the implementation of the country's online gaming promotion and regulation bill in 2025 [3] - The new law prohibits all online games involving real money transactions, with violators facing severe penalties, which directly impacts Hike's revenue model [3] - Hike's founder, Kavin Bharti Mittal, acknowledged the need for a complete capital restructuring for global expansion, indicating that the current situation is not the best use of capital and time [3]

Core Insights - The opening of the first official Pokémon trading card venue in Beijing has attracted significant consumer interest, with long queues observed even days after the launch [1][2] - The popularity of trading cards is expanding beyond traditional demographics, appealing to a wider audience including families and couples [1][2] - The capital market is responding positively to the trading card trend, with companies like Kai Zhi Le International seeing stock price surges following partnerships with Pokémon [2][5] Market Dynamics - The trading card market in China is projected to reach approximately 26.3 billion yuan in 2024, with a compound annual growth rate of 56.6% from 2019 to 2024 [7] - The market is currently dominated by game and cultural IPs, with significant growth potential due to low per capita spending compared to markets like the US and Japan [7][8] - The trading card industry is heavily reliant on IP, which can lead to volatility in company valuations based on the lifecycle and popularity of specific IPs [5][6] Consumer Behavior - Consumers are increasingly willing to spend large amounts on trading cards, with limited edition cards and exclusive events driving demand [3][4] - The Pokémon brand has a strong fan base and brand influence, which translates into consumer purchasing behavior and willingness to pay premium prices [2][3] - The current consumer demographic is primarily young adults and teenagers, with a focus on both entertainment and investment aspects of trading cards [12] Investment Trends - The trading card market is beginning to show signs of becoming a financial asset class, with trends in secondary markets indicating significant appreciation in card values [8][9] - The establishment of authoritative rating agencies and standardized auction platforms could accelerate the financialization of the domestic trading card market [12] - The potential for trading cards to serve as investment collectibles is growing, with notable sales in the secondary market reflecting high demand for rare cards [8][9]

Core Viewpoint - Netflix's animated film "K-POP: The Demon Hunter Girl" has become a record-breaking success, surpassing previous viewing records and generating significant revenue opportunities for the company, while highlighting a missed opportunity for Sony Animation [2][5][8]. Group 1: Record-Breaking Success - "K-POP: The Demon Hunter Girl" has achieved 236 million views, making it Netflix's most-watched film ever, surpassing "Red Notice" which had 230.9 million views [2][6]. - The film's soundtrack features four songs that simultaneously entered the Billboard Hot 100 top ten, a first in the chart's 67-year history [3][4]. - The film has maintained its position at the top of Netflix's movie chart for ten consecutive weeks, adding 25.4 million views in the latest week alone [4][6]. Group 2: Financial Implications for Sony - Sony Animation invested approximately $100 million in the production of "K-POP: The Demon Hunter Girl," but is expected to earn only about $20 million in profit from the film, a small fraction of its potential value [5][7]. - A distribution agreement made in 2021 allowed Netflix to retain all rights and profits from the film, limiting Sony's financial returns despite the film's success [5][7]. - Sony's CFO acknowledged the company's struggle to develop original IP, which makes the loss of this successful franchise particularly painful [7][8]. Group 3: Future Prospects - Initial discussions for a sequel have begun between Netflix and Sony, indicating the commercial potential of the franchise [8]. - The success of "K-POP: The Demon Hunter Girl" could lead to various revenue streams for Netflix, including films, series, merchandise, and live experiences, while Sony may miss out on these opportunities [8].

Group 1 - The total box office for the 2025 summer season reached 11.943 billion yuan, surpassing the 2024 summer season's performance, with domestic films dominating the top six box office spots [1][2] - High-quality films clustering is a major characteristic of this year's film market, leading to significant improvements in production standards and content quality [1][2] - The strong performance of the summer season lays a solid foundation for achieving the annual box office target of 50 billion yuan [1] Group 2 - Two films exceeded 1 billion yuan in box office: "Nanjing Photo Studio" with 2.89 billion yuan and "Wang Wang Mountain Little Monster" with 1.45 billion yuan [2] - Government subsidies for moviegoers contributed to the box office growth, with various regions providing significant viewing consumption subsidies [2] - The average ticket price for this summer season decreased by 3.6 yuan compared to the same period last year, enhancing the overall box office performance [2] Group 3 - The success of "Wang Wang Mountain Little Monster" has led to a surge in sales of related products, with over 400 licensed derivative items launched [3] - The film's success indicates the growing importance of IP value in the market, suggesting potential for future animated films to succeed in theaters [3] - Anticipation is building for several upcoming films with strong box office potential, including "731" and international releases like "Avatar 3" and "Zootopia 2" [3]

Core Viewpoint - Morgan Stanley's report highlights the potential growth and undervalued platform value of Pop Mart, particularly following their participation in the recent international toy exhibition in Beijing [1] Group 1: Product Performance - The Twinkle Twinkle product booth attracted significant crowds, with items such as figurines, artwork, bags, and accessories selling out quickly, indicating that Twinkle Twinkle could start contributing significantly to sales from 2024 onwards [1] - The Crybaby product line, including T-shirts, baseball caps, cushions, and slippers, was also well-received, with an average selling price exceeding 250 yuan [1] Group 2: Market Potential - Morgan Stanley believes that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, with its primary IP sources being Greater China, along with Crybaby from Thailand and Peach Riot from the United States [1] - There is significant potential for Pop Mart to tap into rich artistic resources in the United States, Europe, Japan, and Southeast Asia, suggesting that the company's IP and product portfolio will become more culturally diverse over the next 3-5 years [1] Group 3: Valuation and Rating - The intrinsic value of Pop Mart is considered to far exceed its current IP holdings, a point that the market has overlooked, leading Morgan Stanley to maintain an "overweight" rating with a target price of 365 HKD, which corresponds to a projected price-to-earnings ratio of 46 times for this year [1]

Core Viewpoint - The emotional value is becoming a core aspect of consumer spending, with Pop Mart's success rooted in its deep exploration of IP value and emotional connection [1][5]. Group 1: Company Performance - Wang Ning, the founder of Pop Mart, has seen his wealth rise to $20.8 billion, ranking him 10th in China and 101st globally, with Pop Mart's stock price increasing by 174% this year and over 11 times since the beginning of 2024 [3]. - Pop Mart's LABUBU toy has become a global sensation, achieving sales of $6-7 million in the U.S. in April and topping the shopping charts on the Apple Store [4]. Group 2: Consumer Trends - The younger generation, particularly Gen Z, is shifting from functional needs to a focus on brand significance, aesthetic experience, and self-identity, indicating a saturation of material needs [5]. - Pop Mart capitalizes on this trend by creating a strong emotional connection through its products, utilizing blind box mechanisms to generate anticipation and scarcity to enhance desirability [5][6]. Group 3: Business Model and Strategy - Pop Mart is not merely selling products but is building a comprehensive emotional economy around its IP, expanding from blind boxes to various product categories, including toys, apparel, and even cultural content like films and theme parks [6]. - The company is likened to an "Eastern Disney," emphasizing that emotional value is now a core competitive advantage in a market characterized by information overload and excessive choices [6]. Group 4: Market Challenges - Despite its success, Pop Mart faces criticism for potentially exploiting young consumers' emotional spending and concerns about the sustainability of its business model, given the finite lifecycle of IPs [7]. - The transformation of trendy toys from niche interests to mainstream consumption reflects a pivotal moment in the new consumer era, highlighting the importance of understanding the needs of the younger generation for future business viability [8][9].