春节档临近尾声，当舆论聚焦于《飞驰人生3》《惊蛰无声》与《镖人：风起大漠》的票房鏖战时，一 个熟悉的身影再次"闷声发财"——国产动画IP常青树"熊出没"携《熊出没·年年有熊》再度冲进春节档票 房前五。 据猫眼专业版2月22日发布数据，2026年春节档档期总票房（含预售）破46亿，《飞驰人生3》《惊蛰无 声》《镖人：风起大漠》分列前三位。其中，《熊出没·年年有熊》居第四位，且票房突破5.7亿元。据 统计，该系列影片累计票房已超90亿元。 然而，与"熊出没"IP的票房号召力形成鲜明对比的，是其母公司华强方特持续承压的业绩表现，这家曾 经的"中国文旅第一股"日子其实并不好过。 春节档"钉子户"的吸金密码 文|《BUG》栏目 闫妍 2026年大年初一，《熊出没·年年有熊》全国公映。据灯塔专业版数据，截至2月21日11时22分，该片票 房已突破5亿元，猫眼专业版对其最终票房预测落在11.15亿元左右。这意味着，这部动画电影的票房成 绩，将超越许多真人商业大片。 c 2026年春节档票房榜 全国总票房 2026年 春节档/02.15-02.23 數据截至2026-02-22 09:39:53 | 总出 9505.5万张 ...

野村发表研报，将阅文集团评级升至"买入"，目标价由33港元上调至47港元。该行指，阅文集团营运内 地最大的在线文学平台之一，已累积规模庞大的用户群，以及有才华的作家社群。多年来，公司积累了 大量优质IP，其在线阅读业务持续产生稳健的现金流，而IP经营业务则成为收入增长动力。为进一步释 放其庞大IP库的价值，公司已将其电视剧、动画、漫画及游戏的授权业务范围，拓展至IP周边商品、短 剧及动画剧。该行现时对公司的短剧及动画剧业务增长前景更趋乐观，相信该业务将受惠于行业顺风， 动力有望增强。 ...

Core Insights - The film "Langlang Mountain Little Monster" has successfully broken into the market during the summer box office, with its release extended to December 1, achieving a box office revenue of over 1.7 billion yuan, making it the highest-grossing 2D animated film in Chinese history [1] - The film has also innovated in the "film +" model, with its IP derivatives generating nearly 250 million yuan in sales, and total sales expected to exceed 2.5 billion yuan by the end of the year [1] Group 1 - The film has over 40 co-branded partnerships and more than 800 derivative products across various sectors including dining, gaming, automotive, and home goods [3] - The total producer of the film stated that they have developed over 800 product varieties, allowing for a more diverse integration with different cultural sectors, enhancing the continuity of the IP [5] - The brand director of Tongzi reported that their first collaboration with the film IP resulted in over 10,000 units sold within the first three days of launch [7] Group 2 - On the first day of release, the sales of derivative products around the Shanghai United Cinema exceeded 7 million yuan [8] - An expert from Tsinghua University emphasized that managing an IP should be a systematic approach from the very beginning, aligning character design and story themes with the film's planning [10] - The analysis of "Langlang Mountain Little Monster" IP derivatives reveals a wide range of consumer products supported by big data, marking a significant step for Chinese original IPs transitioning from mere works to systematic products [11]

Core Insights - LABUBU, a core IP under Pop Mart, has become a phenomenon in the collectible toy market, with significant demand leading to sold-out events globally, particularly in South Korea and the UK [1][10][12] - The surge in popularity has raised safety concerns, prompting Pop Mart to temporarily halt sales of LABUBU products in both South Korea and the UK due to potential safety risks at crowded sales events [10][12] - The brand's strategy of creating limited edition products has led to a speculative market, with some experts warning that this could result in a financial bubble [17][21] Sales and Market Performance - Pop Mart's LABUBU series has seen explosive sales, with reports of long queues and even altercations among customers in various locations [1][11][19] - The company's overseas revenue increased dramatically from 1.066 billion RMB to 5.07 billion RMB, a growth of 375.2% from 2023 to 2024 [25] - LABUBU's popularity has also positively impacted related industries, such as 3D printing, with a notable increase in stock prices for companies involved in this sector [29][32] Brand Value and IP Strategy - Pop Mart's brand value rose significantly, reaching 10.344 billion RMB in 2025, up from 5.091 billion RMB in 2024, reflecting a 103.2% increase [22][23] - The company operates a unique IP model, treating each product line as an individual brand, akin to managing artists in a talent agency [24][26] - Pop Mart's approach to IP development is distinct from traditional models, focusing on product-first strategies that leverage social media and digital marketing [24][26] Consumer Behavior and Market Trends - The appeal of LABUBU is linked to emotional engagement and the desire for unique collectibles among younger consumers, particularly Generation Z [19] - The phenomenon of LABUBU has led to a rise in 3D printing models, as consumers seek alternatives to purchasing the physical toys [27] - The brand's success is attributed to its ability to resonate with cultural trends and consumer desires, positioning itself as a leader in the collectible toy market [26]