索尼的协议及获得的收益 显然，《K-POP：猎魔女团》为网飞带来了巨额收益。按常理，索尼作为这部电影的制作方，本应斩获同样丰厚的回报，对吧？然而事实并非 如此。尽管投入约1亿美元打造这部全球现象级作品，索尼动画预计只能从这个潜在价值高达数十亿美元的《K-POP：猎魔女团》系列中获得 约2000万美元利润——基本上只是整体收益的一小部分。原因是索尼在2021年与网飞达成一项发行协议，该协议旨在确保疫情不确定时期索尼 仍能获得回报。 网飞（Netflix）联合首席执行官泰德·萨兰多斯（Ted Sarandos）出席2025年2月23日在洛杉矶举行的第31届美国演员工会奖颁奖典礼。图片来源：Emma McIntyre—WireImage/Getty Images 网飞手握现象级爆款，其火爆程度远超所有人预期。动画电影《K-POP：猎魔女团》讲述了K-pop女团兼猎魔者的故事，该片正式成为网飞有 史以来观看次数最多的影片，观看量达2.36亿次，打破了此前由《红色通缉令》（Red Notice）保持的2.309亿次观看量的纪录。这部影片自6 月20日首映以来，仅用67天便达成这一里程碑，成为网飞票房榜中攀升速度最快的影 ...

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]

趋势已经非常明显了——情绪价值正在成为真正意义上的硬核 消费。泡泡玛特真正意义上的护城河，就在于其对IP价值的深 度挖掘与情感绑定。 作者：陈白 封图：东方IC 谁也没想到，王宁和他创立的泡泡玛特（09992.HK），能有今天这样的成绩。 有人说，泡泡玛特正在成为东方迪士尼。确实，这家公司不是简单地贩卖产品，而是从最初的盲盒 出发，逐步拓展至手办、积木、毛绒玩具、服饰配饰等多个品类，如今又涉足影视动画、主题乐园 等文化内容领域。泡泡玛特正在做的，是围绕IP打造一个完整的情绪经济生态。在这个信息爆炸、 选择过剩的时代，谁能更好地满足人们的情感需求，谁就能赢得市场。情绪价值不再是可有可无的 附加项，而是决定品牌成败的核心竞争力。 当然，这几年来围绕泡泡玛特的争议也从未停止。有人批评它是在"收割年轻人的情绪税"，认为其 产品缺乏实际价值；也有人质疑其商业模式是否具有可持续性，担心未来会出现增长瓶颈，毕竟一 个IP是有生命周期的，能否持续爆火，背后有太多不可控的因素。 继6月8日以203亿美元身家超越牧原股份的秦英林，登顶"河南新首富"之后，王宁6月9日的财富排 名再度攀升。 根据福布斯实时富豪榜6月9日上午的最新数 ...