来源 | 《财经》杂志 文｜《财经》研究员 李莹 编辑｜杨立赟 2025年，动画电影站上舞台中央，成为撑起票房与信心的关键力量。当《哪吒2》《鬼灭之刃》《疯狂动物城2》接力冲刺，行业也被卷入一场新的变局 当2025年初《哪吒之魔童闹海》刷新多项影史纪录，年尾《疯狂动物城2》创下进口片票房新纪录——这一年，"动画"成了中国电影市场的关键词。 一头一尾两部动画电影为全年定了调，年中暑期档，《浪浪山小妖怪》拿下17.19亿元票房，刷新二维动画纪录；《罗小黑战记2》《鬼灭之刃》也相继站上 5亿元门槛。 据猫眼专业版数据，2025年全年院线共上映电影289部，其中动画电影57部，约占19.7%。这占比不足两成的动画电影却实现了254.85亿元的票房，在2025年 整体518.32亿元的票房中贡献了近一半的收入。 纵向比较，在《哪吒之魔童闹海》和《疯狂动物城2》等带动下，动画电影总票房比2024年增长272%，刷新中国电影史动画电影票房纪录。 这一波动画电影的势头延续到了2026年开局。元旦档期的票房主力，依然是动画片。 元旦档的票房表现对于部分业内人士来说并不意外。浙江湖州城东美颂橙天影院的经理陶赟丞在假期的前几天就有 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is positioned to benefit from the rapid growth of the building block toy market, particularly in the character-based segment, which has a projected CAGR of 29.0% from 2023 to 2028 in China [4] - The company has successfully commercialized 19 IPs with 925 SKUs, and several new products are expected to launch in 2026, which could drive revenue growth [4] - The overseas market, particularly North America, has shown significant growth, with a 898.6% year-on-year increase in overseas revenue in the first half of 2025, contributing to 38.6% of total revenue [5] - Revenue forecasts for 2025-2027 are projected at 29.40 billion, 37.85 billion, and 47.34 billion yuan respectively, with corresponding EPS of 2.47, 3.15, and 4.24 yuan [6] Summary by Sections Market Performance - The building block toy segment is expanding rapidly, with a focus on character-based toys, which are becoming a new market highlight [4] Product Development - The company plans to launch multiple new products in 2026, including both Eastern and Western IPs, which are expected to attract consumer attention and boost sales during the Chinese New Year [4] International Expansion - The company has made significant strides in the overseas market, with a focus on localized products and a robust multi-channel sales strategy [5] Financial Projections - The company is expected to achieve substantial revenue growth, with a projected increase in net profit from a loss of 401 million yuan in 2024 to a profit of 1.057 billion yuan by 2027 [6][9]

中国青年报客户端讯（中青报·中青网记者 蒋肖斌）2026年1月1日，猫眼研究院发布《2025中国电影市 场数据洞察》（以下简称《洞察》）。《洞察》显示，2025年中国电影市场在结构调整中，呈现出积极 态势，头部影片带动，强IP影片助推，为市场注入增长动力。 《731》 票房占比: 3.7% 《浪浪山小妖怪》 聚房占比: 3.3% 《捕风追影》 聚房占比: 2.4%。 第二部 COLOR NA 《封神第二部:战火西岐》 票房占比: 2.4%。 《熊出没·重启未来》 票房占比: 1.6% 《阿凡达3》 票房占比: 1.5% 《长安的荔枝》 票房占比: 1.3% ウ刀: 票房占比: 1.3% 《志愿军:浴血和平》 票房占比: 1.2% 《误杀3》 票房占比: 1.2% 《侏罗纪世界:重生》 票房占比:1.1% 《罗小黑战记2》 票房占比: 1.0% 《射雕英雄传:侠之大者》 票房占比: 1.3%。 票房占比: 0.9% 感谢每一部为行业贡献力量的电影 祝愿中国电影百花齐放 浦眼专业版 2025年中 国电影市场全年总票房达到518.32亿元。猫眼研究院供图 《碟中谋8:最终清算》 票房占比: 0.9% 《浪浪人生》 ...

Core Insights - The cultural and tourism market in China is experiencing unprecedented growth opportunities, driven by the digital economy and consumption upgrades, with projections indicating the market size will exceed 70 trillion yuan by 2025 and reach 150 trillion yuan by 2030 [1] Group 1: Technological Empowerment - AI, VR, and AR technologies are reshaping the tourism experience, creating immersive experiences that blend virtual and real worlds [1] - Examples include Zhejiang Museum's VR experiences and HTC's immersive VR exhibition of Notre-Dame Cathedral, allowing visitors to engage deeply with cultural heritage [1] - AI is enhancing the entire tourism process, with applications like AI space selection for accommodations and personalized itinerary planning based on visitor preferences [1] Group 2: Consumer Transformation - By 2025, "emotional value" will become the core driver of cultural tourism consumption, shifting from "check-in tourism" to "immersive vacations" [3] - 83% of young people prefer "partner travel" over traditional group tours, indicating a trend towards more personalized and less structured travel experiences [3] - There is a growing demand for high-quality, personalized travel experiences that combine scenery, culture, and unique activities [3] Group 3: Industry Integration - The "tourism+" model is fostering cross-industry integration, creating a resilient and innovative new ecosystem [4] - The 12th World Games in Chengdu have boosted local industries such as dining and accommodation, highlighting the synergy between sports and tourism [5] - Cultural and tourism industries are deepening their integration, with companies like Fosun Tourism launching new product lines that blend various experiences [5] Group 4: Market Penetration - By 2025, county-level tourism is expected to account for 38% of total domestic tourism, emerging as a new growth point [6] - Unique county models, such as Yiwu's "micro-vacation + agricultural entrepreneurship," are driving significant revenue increases [6] - However, challenges remain in balancing urban and rural tourism development, as many rural areas lag in innovation [6] Group 5: IP-Driven Development - The operation of cultural IP is entering a new phase of deep development and cross-industry integration, becoming a core element of value creation [7] - IP is shifting from mere observation to active participation and cultural transmission, with experiential projects gaining popularity [7] - Successful IP operations focus on long-term strategies rather than short-lived trends, as seen in the case of Shaanxi's Fucha Town [7] Group 6: Sustainable Development - The tourism industry is transitioning towards standardized and quantifiable green and low-carbon practices, driven by dual carbon goals [8] - The introduction of the first "Green and Low-Carbon Tourism Activity Evaluation Technical Guidelines" fills a gap in the field [8] - A star rating system for green tourism activities will guide consumer choices and encourage environmentally friendly practices [8] Group 7: International Expansion - The expansion of China's visa-free "circle" to 15 countries is revitalizing the inbound tourism market and fostering a new pattern of international cultural exchange [9] - The popularity of Chinese travel content on platforms like TikTok indicates a growing global interest in Chinese tourism [9] - Chinese tourism brands are increasingly "going global," with successful examples like Songcheng Performing Arts replicating their models in Southeast Asia [9] Group 8: Service Enhancement - The upgrade of tourism services is evolving from convenience to intelligence and personalization, enhancing overall efficiency [10] - A focus on comprehensive, personalized service throughout the travel cycle is becoming a priority [11] - Future competition in tourism will center on cultural depth, technological advancement, and service quality, transforming travel into a holistic lifestyle experience [11]

Group 1 - Generation Z, as the "natives" of the internet and new consumption, increasingly values community identity and emotional expression, leading to the rise of emotional consumption where emotional connections are prioritized over storytelling [1] - The success of LABUBU is attributed to a combination of unique artistic design, effective commercial operation, scarcity in collectible value, viral social media marketing, celebrity influence, and alignment with Generation Z's psychology [2] - The company has established a closed-loop ecosystem centered around IP, utilizing blind boxes as an engine, data as a link, and community as the soil for growth, which enhances user retention and value accumulation [2] Group 2 - The company is accelerating its international expansion, aiming to transform its IP into a globally recognizable cultural symbol while exploring diversified business avenues such as theme parks and home decor to find new profit curves [2] - The shift from relying on cost advantages and scale to leveraging unique IP and emotional connections marks a significant transition in the global competition landscape for Chinese brands [3]

Group 1 - The core trend in the industry is driven by IP and social engagement, with leading brands like LEGO, Pop Mart, Bandai, and miHoYo focusing on emotional connections with users through strong IP content and immersive experiences [2] - LEGO maintains the top position with a heat index of 1.93, leveraging classic building blocks combined with popular IPs from films and games, appealing to a wide age range [2] - Pop Mart is expanding its product categories and enhancing its brand experience, as evidenced by the opening of its global flagship store in Shanghai, which has generated significant social media buzz [2] Group 2 - Technology empowerment and scene innovation are key competitive factors, with brands like GİİKER, Ruolai, and Mideer making notable advancements in their respective niches [3] - GİİKER focuses on smart toys and games, introducing products that cater to parents' demands for STEAM education [3] - Mideer has successfully differentiated itself in the puzzle segment by developing products that incorporate Chinese historical stories and cultural themes, enhancing educational value [3]