圣诞节将至，各个潮玩品牌都在门店推出了相关主题产品。 消费者小旭告诉《中国经营报》记者，"热门IP盲盒需要定闹钟抢购，圣诞礼盒则在提价过后，直接 以'明盒'形式在门店出售，无须提前预订（抢购）。"在业内看来，圣诞节类的节日是情绪消费的重要 时间节点，届时各大商家都在发力促进销售，利用IP的不同商业模式提高利润。 通过过往的IP打造与服务经验，河南华冠文化科技有限公司董事长梁兴认为，企业应该先做"受众分 层"。他提到，针对核心粉丝群体，可以通过限量版衍生品、带专属编号的合作款不断制造稀缺性和"收 藏感"；针对泛用户群体，联名则要强调实用性、场景化，产品通常包括日常能用到的文具、家居品； 和非传统品类合作，则是为品牌吸引潜在用户群体，联名要注重"破圈性、话题性"，凭借不 断"follow"（跟随）最新话题和时尚风向的即时性，吸引关注消费者。 IP联名火热 日前，喜茶与泡泡玛特（09992.HK）旗下人气IP"星星人"的联名产品在社交媒体上引发热议。 记者观察到，今年星星人IP的联名较多，涉及香薰蜡烛、耳机包、手机壳等实用物件，比如永辉超市内 也有相关的餐具专区。据悉，2024年泡泡玛特正式签下这一IP，签约当年销 ...

21世纪经济报道记者唐唯珂上海报道 大消费行业"年度风向标"级别的会议——21世纪经济报道"新消费大会"12月17日于上海建滔诺富特酒店落地。 金山软件集团副总裁龚道军受邀登台，以《IP与文化流动的坐标》为题发表主旨演讲。作为深耕行业20余年、见证金 山软件37年发展历程的资深从业者，龚道军从技术企业视角出发，结合游戏、IP、文旅领域实践经验，深入解析IP的 核心逻辑与文化流动的发展脉络，为消费界伙伴带来跨界融合的全新思考。 龚道军在演讲中开门见山："IP已成为日常高频词汇，但关于其定义与逻辑，行业尚未形成通用共识。"他表示，本次 分享将从"分类法视角提炼IP产品共性"与"梳理消费领域IP发展脉络"两条路径，拆解"当我们谈论IP时，我们究竟在谈 什么"这一核心问题。 为让抽象的IP概念更易理解，龚道军创新性地提出"二维象限分析法"，以"叙事性"和"交互性(具身性)"为两大坐标轴， 对文娱消费类IP产品进行分类： 首先是，高叙事性+高交互性：以电子游戏为代表，作为伴随人类发展的原生形态，借助现代技术实现了极强的代入 感与沉浸感，是IP体验的最高形态。 其次是，高叙事性+低交互性：如电影、短片等平面媒体，以完整故 ...

21世纪经济报道记者唐唯珂上海报道 大消费行业"年度风向标"级别的会议——21世纪经济报道"新消费大会"12月17日于上海建滔诺富特酒店 落地。 金山软件集团副总裁龚道军受邀登台，以《IP与文化流动的坐标》为题发表主旨演讲。作为深耕行业20 余年、见证金山软件37年发展历程的资深从业者，龚道军从技术企业视角出发，结合游戏、IP、文旅领 域实践经验，深入解析IP的核心逻辑与文化流动的发展脉络，为消费界伙伴带来跨界融合的全新思考。 龚道军在演讲中开门见山："IP已成为日常高频词汇，但关于其定义与逻辑，行业尚未形成通用共 识。"他表示，本次分享将从"分类法视角提炼IP产品共性"与"梳理消费领域IP发展脉络"两条路径，拆 解"当我们谈论IP时，我们究竟在谈什么"这一核心问题。 演讲最后，龚道军表示，金山软件作为伴随改革开放成长的科技企业，旗下办公、游戏、云服务等业务 与消费领域存在大量跨界融合空间。未来，中国企业完全有能力打造出具备全球影响力的IP品牌，就像 诗句所描绘的那样，打破东西方文化壁垒，让跨界交流成为行业常态。 其次是，高叙事性+低交互性：如电影、短片等平面媒体，以完整故事传递核心价值，受众以"观看"为 主 ...

Core Insights - Deli World, a flagship store of Deli, opened in Jing'an Joy City, Shanghai, covering 1,500 square meters and offering a wide range of products including student stationery, premium stationery, IP stationery, and lifestyle goods, making it the largest stationery complex in China [1] - The store targets the growing demand for IP consumption among younger consumers, particularly Generation Z, by featuring popular IP collaborations such as Nezha and Water Pig stationery, emphasizing personalized expression and emotional connection [1] - Deli's Executive President, Chen Xueqiang, stated that the opening of this large-scale store is part of a strategic upgrade for the Deli brand, focusing on immersive experiences and becoming a trendy gathering place [1] Business Structure - Beyond its core stationery business, Deli has expanded into emerging business segments such as digital printing, premium tools, B2B, and IP cultural products, which have become significant growth drivers for the company [2]

Core Viewpoint - The light industry sector is facing revenue and profit pressure in Q1-Q3 2025, but the paper and packaging printing industries are showing early signs of recovery, aligning with mid-year expectations [1][2] Group 1: Performance Review - The overall performance of the light industry sector is under pressure, with the home furnishing sector's net profit turning negative in Q1-Q3 2025, indicating significant profit pressure [2] - The entertainment light industry sector experienced a narrowing decline in both revenue and net profit in Q3 compared to Q2 [2] - The paper sector saw a loss in Q1, high growth in Q2, and significant growth in Q3, indicating an early recovery ahead of revenue improvements [2] - The packaging printing sector achieved a 9.6% year-on-year increase in revenue and a 12.7% increase in net profit in Q1-Q3 2025, marking it as the best performer [2] Group 2: Industry Outlook - The trend of "anti-involution" is expected to improve the supply-demand dynamics in the industry, particularly benefiting the metal packaging sector, which is anticipated to experience a revival [3] - The metal packaging industry is projected to see a concentration ratio (CR3) exceeding 70% following the acquisition of Zhongliang Packaging by Orijin in 2025, with total production capacity expected to decrease to approximately 76 billion cans by 2026 [3] - The paper industry is expected to improve due to cyclical recovery, with major paper manufacturers enhancing collaboration and price increases anticipated as raw material costs rise [3] Group 3: Innovation and Market Expansion - AI technology is expected to open new market opportunities for traditional industries, with AI glasses and AI toys poised for significant growth [4] - The trend of IP consumption continues to provide new growth paths for traditional consumer products, with cross-industry integration and functional upgrades becoming key breakthrough points [4] - The "going global" strategy is expected to deepen, with a focus on cost-effective production and refined overseas supply chain management [5] - Chinese brands with unique characteristics are beginning to pursue internationalization [5] Group 4: Investment Strategy - The metal packaging industry is anticipated to benefit from supply contraction following industry restructuring, with current valuations at historical lows [7] - The paper industry is expected to show improvement due to cyclical recovery, despite higher historical valuations, with the fastest profit growth anticipated [7] - Companies innovating in AI glasses and those optimizing product structures and sales models are recommended for investment [7] - Firms benefiting from toy product innovation and high dividend yields, as well as those with strong IP and export business, are also highlighted as potential investment opportunities [7] - The "going global" strategy is expected to gain importance, with recommendations for industry leaders with production advantages and companies with cost-effective brand offerings [7]

Core Viewpoint - Guangzhou is launching a "Warm Winter Consumption Season" from November to March, integrating major events like the National Games and the Spring Festival to create a city-wide consumption festival [1][4]. Group 1: Event Structure - The consumption season will be divided into three phases: 1. **November to December**: "Vibrant Guangzhou - Dynamic Scene," leveraging the National Games to stimulate consumption through various events and discounts [6]. 2. **December to January**: "Tidal Wave Guangzhou - Fashion Circle," focusing on social consumption and fashion shopping with events like the Fashion Industry Conference and Guangzhou Design Week [6]. 3. **January to March**: "Flavors of Guangzhou - Flower Street," centered around traditional celebrations with enhanced consumption experiences and various festive activities [6]. Group 2: New Consumption Experiences - The initiative will offer a comprehensive experience combining "food, accommodation, transportation, tourism, shopping, and entertainment," introducing new formats like "cruise + consumption" and themed events [5]. - The introduction of a 240-hour visa-free transit policy at the Pazhou Passenger Port aims to enhance inbound tourism and consumption [7]. Group 3: Promotional Activities - Starting in November, Guangzhou will initiate promotional activities across various sectors, including automobiles, home appliances, and local specialties, with subsidies available [8][10]. - The city will also distribute dining vouchers and implement discounts for inbound consumers using foreign-issued UnionPay cards, with over 8,000 participating stores [8][9]. Group 4: Collaborative Efforts - The city is collaborating with 11 districts and over 300 key commercial entities to host the Guangzhou International Shopping Festival, featuring more than 3,000 events and various promotional offers [9].

Core Insights - The Beijing office market is entering a new normal by Q3 2025, with a breaking down of rental barriers between regions enhancing cross-regional liquidity [1] - Despite overall market pressure, the investment market continues to focus on retail properties, long-term rental apartments, and industrial parks, with retail showing highlights in IP and emotional consumption [1][2] - The overall rental decline trend in Beijing is expected to continue at least until 2027, with a slight decrease in vacancy rates for Grade A office buildings [1] Group 1: Office Market Trends - The overall vacancy rate for Grade A office buildings in Beijing slightly decreased by 0.3 percentage points to 15.5% in Q3 [1] - The rental prices in the market continue to decline, with no new supply entering the market since the beginning of 2025, leading to a focus on retaining existing tenants [1] - The decision-making cycle for companies regarding relocation has been extended due to high renovation costs and narrowing price differences between renewing and new leases [1] Group 2: Retail Market Developments - Despite challenges, the retail real estate market has new growth highlights, such as the continued popularity of IP and emotional consumption, and the rise of the first-store economy [2] - Outdoor sports brands have become a significant driver in the fashion sector, accounting for 18% of the new store area in Q3 [2] - Domestic buyers remain the dominant force in the investment market, focusing on the safety of asset cash flows and long-term capital value, particularly in retail properties, long-term rental apartments, and industrial parks [2]

Core Viewpoint - MINISO is optimistic about the growth potential of the Chinese潮玩 (trendy toy) market, leading to increased investment in潮玩 and IP strategies [1][2] Group 1: MINISO LAND Expansion - MINISO LAND has opened its first store in Guangzhou, featuring 5,500 SKUs and over 100 IP products, with nearly 90% of products being IP-related [1] - The opening day sales at the Guangzhou MINISO LAND reached 450,000 yuan, while the Shanghai store achieved over 100 million yuan in sales within nine months [1] - Future MINISO LAND stores will be opened in the Greater Bay Area, with plans for more diverse retail formats [5] Group 2: IP Consumption Insights - The IP industry is correlated with national economic development, with China’s IP consumption penetration rate around 53%-56%, indicating significant growth potential compared to Japan and North America [2] - MINISO LAND stores have an average IP product ratio of 70%-75%, with the Guangzhou store potentially exceeding 80% [3] Group 3: IP Evaluation Mechanism - MINISO employs a "horse racing" mechanism to evaluate IP potential, utilizing both intuitive insights from experienced staff and data from social media and user discussions [4] - This approach is similar to other leading潮玩 companies, focusing on expanding their IP matrix and identifying successful IPs [4] Group 4: Competitive Landscape - The primary competitor in the潮玩 market is Pop Mart, which has recently surpassed a market capitalization of 420 billion HKD [6][7] - MINISO and Pop Mart have a competitive yet complementary relationship, with MINISO focusing on collaborations with large IPs while also developing its own IPs [7] - The潮玩 market is expected to remain diverse, with no single company dominating the space [7][8] Group 5: Market Position and Future Outlook - As of August 20, MINISO's stock price was 40.88 HKD per share, reflecting a 3.55% increase and a total market capitalization of 50.8 billion HKD [8] - The company aims to enhance its IP strategy and believes it will become a leading platform in the潮玩 ecosystem alongside Pop Mart [8]

Core Viewpoint - The company experienced a significant decline in revenue and increased losses in Q2 2025, primarily due to a sharp drop in national box office earnings and a lack of content continuity, highlighting vulnerabilities in its business model [1][2]. Financial Performance - In the first half of 2025, the company's revenue increased by 29.42% year-on-year to 1.373 billion yuan, while the net loss narrowed to 306 million yuan [1]. - However, Q2 revenue plummeted to 201 million yuan, a year-on-year decrease of 37.84% and a quarter-on-quarter drop of 82.86%, marking the worst quarterly performance in a decade [1]. - The national box office in Q2 was only 4.842 billion yuan, down 34.74% year-on-year, with no blockbuster films following the Spring Festival [1]. Cost Structure and Losses - Fixed costs, including rent and labor, accounted for 60% of expenses, exacerbating losses during revenue declines [2]. - Q2 net loss reached 141 million yuan, a year-on-year increase of 7.99%, indicating insufficient cost control compared to industry leaders like Wanda Film [2]. Business Transformation Challenges - The company’s diversification efforts have not yielded significant results, with content investment revenue at only 61 million yuan, representing 4.5% of total revenue [2]. - The company has not engaged in co-production of major films, missing opportunities for content-driven revenue [2]. - Non-ticket revenue relies heavily on external collaborations and seasonal benefits, with stagnant development of proprietary IP [2]. Strategic Initiatives - The company is focusing on short-term cost-cutting and venue transformation, closing 15 underperforming cinemas while opening 9 new ones [3]. - It is experimenting with a "cinema + light dining" model to enhance customer experience and increase dwell time [3]. Long-term Growth Strategies - The company plans to invest in content by releasing 18 films during the summer season and exploring low-cost short drama productions [4]. - It is accelerating the construction of virtual reality screening rooms and seeking to develop a VR on-demand payment model [4]. - The company aims to expand its merchandise offerings by signing contracts for established IPs like "Doraemon" and developing original characters [4]. Industry Insights - The current situation reveals the cyclical vulnerabilities of traditional cinema models, where box office revenue constitutes 95% of total income, making profitability highly susceptible to downturns [6]. - The company must transition from a "projectionist" to an "entertainment service provider" within a 24-month window to remain competitive [6]. Future Outlook - The company is undergoing a challenging transition from a single-engine model to a more diversified ecosystem [7]. - The performance of the Q3 summer season, particularly films like "Jurassic World," will be critical for the company's short-term survival [7].

Core Insights - BilibiliWorld 2025 (BW) has seen a significant increase in ticket sales and venue size, with a 30% growth compared to the previous year, leading to tickets selling out in just 35 seconds [1][2] - The event reflects a broader ecosystem of digital entertainment, social media, and the ACG (Animation, Comic, Game) industry, emphasizing the need for synergy between event content and local cultural elements [1][3] Event Dynamics - The event attracted a diverse audience, with attendees expressing mixed experiences; some enjoyed the atmosphere while others found it challenging to engage with less popular IPs due to long queues [2][3] - BW's ability to cover a wide range of IPs, including niche ones, enhances its competitive edge and solidifies its position as a leading event in the ACG sector [3] Market Trends - The number of users in China's pan-ACG community reached 503 million in 2024, with the industry size surpassing 270 billion yuan, making China the largest market for ACG globally [3][4] - IP consumption is identified as a core driver of the ACG economy, focusing on emotional value and social attributes, which encourages consumers to pay a premium for IP-related products [4] Industry Ecosystem - BW is part of a larger series of events in Shanghai, including CCG EXPO and ChinaJoy, creating a continuous wave of ACG-related activities that enhance the city's cultural landscape [5][6] - The collaboration with local businesses and the establishment of multiple venues for BW have transformed the event's popularity into tangible consumer activity in the city [6][7] Consumer Behavior - The event has stimulated significant increases in travel and local consumption, with a 35% rise in travel bookings and a 153% increase in late-night dining transactions during the event [8] - There has been a notable surge in interest for themed products and experiences, such as "two-dimensional custom cakes" and DIY workshops, indicating a growing market for ACG-related consumer goods [8][9] Strategic Implications - The development of an integrated industry ecosystem in Shanghai serves as a model for other cities, promoting collaboration among various stakeholders in the ACG space to drive consumer engagement and economic growth [9][10]