以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 北京市文化产业投融资协会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行 业大会展开了长期、深度的合作，致力于独家报道，是泛文娱行业第一媒体。 来源丨娱乐资本论（ID： yulezibenlun ） 作者丨张逸虹 图源丨Midjourney 2025年至今，算上二次冲击港股的卡游，共有六家泛娱乐公司在港交所递表，包含乐自天成 （52TOYS母公司）、TOP TOY（名创优品子公司）、金添动漫、桑尼森迪、Suplay（卡卡沃母公 司）。 与此同时，在业绩未有较大波动的情况下，港股新消费的估值持续下行，折射出的是投资者对于这一 商业模式能否持续的担忧。 这一担忧不仅来自于授权模式本身，而是对消费习惯能持续多久的怀疑。 特别地，概念核心泡泡玛特能否维持高增长，已成为近期新消费最重要的关注点之一。 与此同时， 2025年异军突起的 桑尼森迪，其核心IP 《哪吒2》、《浪浪山小妖怪》暂未形成长期热度，与桑尼 森迪的合约也只签了一年，也未证明自己的长期IP眼光和判断力。 2026年的泛娱乐行业和"谷子经济"将走向何方？我们试图从这六份招股书中找 ...

2025年至今，算上二次冲击港股的卡游，共有六家泛娱乐公司在港交所递表，包含乐自天成（52TOYS母公司）、TOP TOY（名创优品子公司）、金添动 漫、桑尼森迪、Suplay（卡卡沃母公司）。 与此同时，在业绩未有较大波动的情况下，港股新消费的估值持续下行，折射出的是投资者对于这一商业模式能否持续的担忧。这一担忧不仅来自于授权 模式本身，而是对消费习惯能持续多久的怀疑。特别地，概念核心泡泡玛特能否维持高增长，已成为近期新消费最重要的关注点之一。与此同时，2025年 异军突起的桑尼森迪，其核心IP《哪吒2》、《浪浪山小妖怪》暂未形成长期热度，与桑尼森迪的合约也只签了一年，也未证明自己的长期IP眼光和判断 力。 2026年的泛娱乐行业和"谷子经济"将走向何方？小娱试图从这六份招股书中找到答案。 AI作图 by娱乐资本论 小娱发现：1）授权IP已经成为相关公司业绩和增长的绝对贡献者，但部分公司在上市前快速购入大量IP以实现扩张实际为长期发展埋下隐患；2）上市公 司面临来自投资者的上市压力，但外部授权IP依赖和非理性消费的社会舆论在给潮玩公司上市"上难度"；3）从IP运营实例和相关公司资本布局来看，内 容行业和潮玩 ...

Group 1 - The article discusses the impact of AI on the workplace, highlighting both the potential benefits and the challenges faced by employees as AI technologies evolve [2][3] - It notes that many companies are still hesitant to invest in employer branding, focusing instead on product performance and financial results, which diminishes the importance of employee relations [3] - The trend of seeking "versatile talents" in job descriptions is increasing, while the concept of "one-person companies" emerges as a response to workforce reductions, raising questions about the value of teamwork [3] Group 2 - The article reflects on the struggles of an AI startup team, emphasizing the challenges of navigating the AI landscape and the impact of rising price sensitivity among consumers [3][4] - It mentions the organization of various events, including AI talent salons and recruitment fairs, aimed at fostering community and industry engagement [4] - The publication aims to maintain high content standards and neutrality while exploring monetization strategies through paid content, indicating a shift in the media landscape [4] Group 3 - The article presents a list of the top 50 employers in the workplace bonus category, showcasing companies that have excelled in employer branding and employee engagement [8][15] - It highlights the importance of adapting to changing market demands and the emergence of new job roles in sectors like IP management and overseas market promotion due to the globalization of brands [11] - The narrative emphasizes the need for companies to innovate and adapt to the evolving economic landscape, particularly in the context of AI and automation [11]

Core Insights - The sixth Yangtze River Delta International Cultural Industry Expo showcased over 1,500 enterprises, attracting 120,000 visitors and generating an intended transaction and signing amount of 14.9 billion yuan, marking a significant shift in China's cultural industry from "product output" to "industry integration" [1] Group 1: Cultural Products and Trends - The expo featured a diverse range of innovative cultural products, including traditional crafts and popular IP derivatives, indicating a transformation from mere exhibits to marketable goods [2] - The integration of cultural value and commercial value is evolving, with cultural products becoming essential in brand value creation and consumer experience [2][3] - The shift from "cultural labeling" to "cultural embedding" signifies a deeper integration of cultural narratives and regional spirit into product attributes, enhancing market vitality and cultural transmission [3] Group 2: Live Cultural Experiences - Live demonstrations at the expo highlighted the dynamic nature of cultural transmission, emphasizing that culture should be experienced rather than merely displayed [4] - Performances such as the "Weifeng Drum" and "Yingge" dance showcased the emotional resonance of cultural heritage, making it accessible and relatable to audiences [5][6] - The ultimate goal of cultural transmission is to embed it in people's memories, transforming intangible heritage into a tangible cultural force [7] Group 3: Digital Technology in Cultural Industry - The integration of digital technology is revolutionizing cultural experiences, with innovations like AI interactive display cabinets enhancing audience engagement [8] - The use of VR technology allows for immersive experiences that connect historical narratives with contemporary audiences, breaking traditional exhibition constraints [9][10] - Projects like the "Empire Code - Qin Shi Huang Mausoleum" exhibit exemplify the commercial potential of cultural experiences, expanding their reach beyond traditional venues [10]

Core Insights - The Shanghai Book Fair has become a vibrant platform for cultural and creative products, attracting significant foot traffic and interest from attendees [4][11] - The "Seven Seas Manufacturing Bureau," a cultural brand under Shanghai Translation Publishing House, has gained popularity with its exclusive "Book Fair Limited" products, emphasizing design and practicality [5][10] - Various publishers are showcasing unique cultural products, with a focus on blending literary themes with modern design, appealing to a wide audience [6][8][10] Group 1: Cultural and Creative Products - The presence of diverse cultural and creative products, such as canvas bags, fridge magnets, and postcards, has become a significant aspect of the Shanghai Book Fair [4][11] - The "Seven Seas Manufacturing Bureau" introduced the "Eternal Summer Garden" gift box, which is exclusive to the fair and not available online, enhancing its appeal [5] - Other publishers, like Zhonghua Book Company, are offering classic-themed products, such as handbooks inspired by historical texts, showcasing a blend of tradition and modernity [6] Group 2: Audience Engagement and Trends - The fair has seen a surge in interest from younger audiences, with popular IPs like "The Grave Robbers' Chronicles" and "The Secret of the Mysterious Master" attracting significant attention [9][10] - Interactive and humorous products, such as the "Literary Burden" bag from People's Literature Publishing House, have resonated well with attendees, combining cultural depth with playful design [10] - The overall creative ecosystem at the Shanghai Book Fair reflects a rich variety of themes and styles, successfully engaging different age groups and interests [11]