以下文章来源于和谐汇一资产管理 ，作者和谐汇一 和谐汇一资产管理 . 和谐汇一是一家专注于权益类二级市场投资的私募基金管理公司，由林鹏先生发起创立。旨在为投资 者、为所投资公司及社会发展发现持久价值，做中国最优秀企业的长期陪伴者。 2025年新消费的鲜花着锦，让很多人看到了IP产业的魅力。崇尚理性的资本市场，也开始试图为"情绪 价值"定价，拆解不断涌现的中国新消费公司以及他们的商业模式。 从一个IP的走红，到一个IP公司的成功，再到一个IP公司经历周期洗礼仍然基业长青，当下的中国新消 费还在探索的道路上。什么样的框架能够帮助我们更好的理解这种变化，什么样的经验能够指引我们看 到更广阔的未来？ 和谐汇一研究部消费组研究员王天浩将IP产业放在全球视野下去复盘更长的历史，总结出了他们对这个 行业的深入思考。 或许某个闲暇午后，当人们刷着短视频时，会偶然被一段玲娜贝儿的互动视频所吸引。那只穿着蓬松小 裙的粉紫色小狐狸，在迪士尼乐园里冲游客挥手、歪头卖萌。 她一句台词没有，却轻易唤起了观众内心深处的柔软情绪。这份心动正是IP的本质： IP是情绪的容器， 是集体记忆的锚点。 在当下内容过剩的时代，IP不只是一个形象或故事 ...

Core Viewpoint - The IP industry chain is experiencing significant value concentration at both ends, with high premium on upstream IP licensing and over 60% profit margin on limited edition sales downstream, while the midstream manufacturing segment generally has lower profits [1][2]. Group 1: IP Industry Overview - The IP economy, centered around intellectual property, transforms intangible cultural assets into diverse products and services across various fields, including film, gaming, animation, cultural products, and consumer goods [2]. - The Chinese潮玩 market was valued at 600 billion yuan in 2023 and is projected to reach 1,101 billion yuan by 2026, indicating robust growth in domestic IP [3]. Group 2: IP Ecosystem and Lifecycle Extension - The construction of an "IP ecosystem" is an effective strategy for extending the lifecycle of IP, utilizing diverse platforms such as film, animation, games, and derivative products to maximize and sustain IP value [3]. - The IP value composite index shows that 76% of the top 50 IPs are based on original film types or have undergone film adaptations, while 76% of literary IPs have been adapted into animation, primarily in fantasy and science fiction genres [3]. Group 3: Policy and Market Potential - Government policies are promoting the development and consumption of IP culture, encouraging the integration of traditional Chinese culture into product design and supporting the development of original IP brands [4]. - The Chinese IP toy market is relatively fragmented, with the top five companies holding a combined market share of 20.8%, indicating strong potential for growth [4]. Group 4: Investment Opportunities - Companies to watch in the IP economy include Yuanlong Yatu, Zhongwen Online, Aofei Entertainment, Light Media, Kaiying Network, Giant Network, Zhangyue Technology, and Xinghui Entertainment, as they are expected to show significant sales changes and extend the lifecycle of various IP carriers [5].

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair features the "IP Leading the Trend, World Echo" theme, focusing on the construction of a full-chain ecosystem for IP through industrial empowerment, resource integration, and international layout [1][2] - The Shenzhen IP Industry Transformation Center launched the "IP New Quality Strategic Ecological Plan," aiming to create a high-level resource docking platform for global exhibitors and enterprises [1][2] Group 1: Event Highlights - The Baotai·182 Creative Design Industrial Park sub-venue serves as a core carrier for the comprehensive IP industry value ecosystem, featuring a multi-functional layout across four floors [2] - The first floor acts as a "curatorial IP value release platform," while the second floor focuses on "creative design industry collaboration," the third on "cross-border commercial capabilities," and the fourth as an "IP transformation center incubation base" [2] - The center integrates four service sectors and seven resource empowerments to create a full lifecycle service chain from "creative incubation" to "global capabilities" [2][3] Group 2: Strategic Partnerships - The opening ceremony included three rounds of strategic signing, focusing on high-quality development in the IP industry, regional benchmarks, and cultural tourism innovation [4] - The first round emphasized "full-chain collaboration" with eight key enterprises to enhance the IP industry chain [4] - The second round targeted the "first city" theme space project for the Guangdong-Hong Kong-Macao Greater Bay Area auto show, while the third round involved a cultural tourism project integrating smart technology and IP [4] Group 3: Resource Integration and Networking - The Shenzhen IP Industry Transformation Center is led by industry experts and collaborates with universities and the "IP Going Global Alliance" to build an international resource network [3] - An innovative flow fission plan was introduced, utilizing an AI-driven platform for resource matching and regular live broadcasts to enhance brand exposure [3] - The center aims to facilitate continuous momentum in the global IP ecosystem through events like "Designer Night" and partnerships with designers from Hong Kong and Singapore [3]