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 article discusses the transformation of Shanghai's Fuxing Island into a "Pain Island" for anime and gaming enthusiasts, highlighting the growing popularity of the two-dimensional culture and its integration into daily life [2][3]. Group 1: Event Overview - The event, organized by Xiaohongshu, featured over 50 global top-tier anime and gaming IPs, including Pokémon and Cyberpunk 2077, as part of the Shanghai Summer International Animation Month [2]. - Approximately 300,000 people participated in a quiz to obtain free tickets, with tickets selling out rapidly, indicating strong demand from the gaming and anime community [3]. Group 2: Community Engagement - Xiaohongshu's community market manager noted that the platform has seen a 175% year-on-year growth in two-dimensional content and a 168% increase in gaming content, making it the third-largest category after fashion and food [3]. - Users on Xiaohongshu are increasingly integrating gaming and anime into their real lives, such as celebrating game character birthdays, reflecting a trend among younger generations to blend virtual experiences with physical activities [3]. Group 3: Economic Impact - During the event, Yangpu District distributed 5 million yuan in consumption vouchers, collaborating with local businesses to enhance the event's reach and impact on the surrounding commercial area [4].

Core Insights - The event "Pain Island" was held from August 8 to 10 at Shanghai's Yangpu Fuxing Island, featuring over 50 global top anime and game IPs, including Pokémon, Honor of Kings, and EVA, marking it as a significant part of Shanghai's Summer International Animation Month [1][2] Group 1: Event Overview - The concept of "Pain Island" was developed to cater to the growing community of anime and gaming enthusiasts, transforming the island into a vibrant space filled with 2D elements [2][3] - The event attracted nearly 300,000 participants who engaged in a ticketing process that included answering questions for free tickets, with some tickets selling out in mere seconds, indicating strong demand [3][5] Group 2: Community Engagement - The growth of 2D and gaming content on Xiaohongshu has surged, with a year-on-year increase of 175% for 2D content and 168% for gaming content, making it the third-largest category after fashion and food [3][5] - Participants are increasingly integrating gaming and anime into their daily lives, showcasing a trend where the younger generation seeks to break the dimensional wall and experience these interests in real-life settings [4][5] Group 3: Economic Impact - The event also included a distribution of 5 million yuan in consumption vouchers to stimulate local commerce, linking various businesses in the Wujiaochang shopping district and Shanghai International Fashion Center [5]

Group 1 - The recruitment for the first online public test of "Blue Star Origin: Travel Song" by Manju Network has begun, with a limited number of 1500 slots available on Bilibili, and the test will be conducted on PC only [1] - The game is positioned as an open-world 2D RPG, which may attract core players and potentially strengthen investor confidence in the 2D sector's development capabilities [1] - If the feedback is positive, it could encourage similar companies to enhance their open-world and cross-platform strategies, leading to a focus on innovation in the 2D category [1] Group 2 - The Pokémon Company has scheduled a new Pokémon presentation for July 22, 2023, with the latest game "Pokémon Legends: Z-A" set to release on October 16, 2023 [2] - There are market speculations about a new generation of Pokémon games being exclusive to the upcoming Nintendo Switch 2, which could boost market expectations for the next-gen console [2] - The ongoing iteration of top IPs like Pokémon may intensify content competition and drive smaller developers to pursue differentiated strategies [2] Group 3 - Microsoft's "COD: Black Ops 7" will debut at the Cologne Game Show, marking the first time two Black Ops-themed games are released consecutively [3] - This strategy indicates a shift towards a more intensive IP development approach, which may enhance Xbox's content ecosystem and increase market expectations for user growth in Microsoft's gaming subscription services [3] Group 4 - The total revenue of Shanghai's gaming industry for the first half of 2025 reached 83.283 billion yuan, reflecting a year-on-year growth of 10.80% [4] - Both domestic and overseas sales revenues for Shanghai's online games have shown growth, with the esports sector generating 3.254 billion yuan, up 6.91% [4] - The report highlights the continuous innovation and global expansion of Shanghai's gaming companies, which may boost investor confidence, particularly in leading firms with strong R&D and overseas operational capabilities [4]

Core Viewpoint - The company continues to recommend its stock, with a recent name change from Alibaba Pictures to Damai Entertainment, indicating a clearer focus on core business areas [1] Group 1: Damai Business Updates - Damai has become the official ticketing channel for the Jiangsu Super League, marking its entry into the regional sports event ticketing market, which is expected to enhance its visibility among male users and complement its existing music event market [1][2] - The company aims to expand its ticketing coverage beyond music events to include local performances, cultural tourism events, and sports events, thereby increasing its long-term growth potential [2] - The ticketing revenue from sports events is anticipated to provide a significant boost, as evidenced by the high attendance rates at recent matches, which can rival those of major concerts [3] Group 2: IP Business Developments - The closure of the潮玩 brand "Jinli Naju" is not expected to significantly impact the company's overall performance, as its revenue contribution was minimal [4] - The company will continue to pursue C-end IP derivative businesses, leveraging its core IP operations through Alibaba Fish, which is expected to drive future growth [4][5] - New IP signings, such as Chiikawa, are projected to contribute positively to revenue in the upcoming fiscal years, with ongoing marketing activities and collaborations enhancing brand visibility [5][6] Group 3: Competitive Advantages - Damai's technical capabilities in handling high-demand ticket sales are seen as a core advantage, providing a stable and fair purchasing experience for users compared to temporary ticketing platforms [3] - The comprehensive IP operation services offered by Alibaba Fish are expected to attract more top-tier global IP signings, enhancing the company's competitive position in the market [6]

Core Viewpoint - The global IP economy is experiencing a significant surge, with major IP operators like Sanrio, Bandai Namco, and Nintendo seeing their stock prices reach historical highs, while Disney also achieved a near three-year high [1] Group 1: Performance of Major IP Operators - Sanrio's Hello Kitty, Bandai Namco's Dragon Ball, One Piece, and Gundam, along with Nintendo's Mario and Pokémon, are among the most recognized IPs in China [1] - The stock prices of these IP operators have shown a strong upward trend over a considerable period, with Sanrio's stock rising since June 2022 and Bandai Namco and Nintendo experiencing over a decade of growth [1] - Tsuburaya Productions, known for Ultraman, saw its stock price increase by over 1000% from January 2022 to August 2023, driven by the success of Ultraman card games in China [1][2] Group 2: Characteristics of Classic IPs - Classic IPs possess a "cross-cycle" capability, remaining relevant despite significant societal changes and evolving consumer habits [2] - The development of new products such as cards, building blocks, and other merchandise around these classic IPs has created new growth opportunities [2] - Disney exemplifies the importance of both sustaining classic IPs and developing new ones, with its iconic Mickey Mouse and the continuous introduction of new IPs through films and merchandise [2] Group 3: Development of IP Industry in China - China's IP industry has seen rapid growth in recent years, with original IPs like Nezha and Bubble Mart's LABUBU gaining market recognition [3] - However, transitioning from recognized IPs to "classics" remains a challenge for the industry [3] - A systematic and gradual IP operation strategy, as seen in many Japanese classic IPs, is crucial for endowing IPs with "cross-cycle" capabilities [3]

Core Viewpoint - The article discusses the growth and lifecycle of IPs (Intellectual Properties) in the global market, particularly focusing on the success of domestic潮玩 (trendy toys) leaders like Labubu, and analyzes the operational strategies of world-class IPs such as Hello Kitty, Pokémon, and Mickey Mouse to identify potential investment opportunities and risks in the IP industry [1][4]. Global IP Market Overview - The global IP toy market is projected to reach 525.1 billion yuan in 2024, with a CAGR of 8% from 2024 to 2029, while the Chinese IP toy market is expected to grow to 75.6 billion yuan in 2024, with a CAGR of 17.2% during the same period [2][13]. - The concentration of the global IP licensing market has increased, with the top five companies holding a market share of 41% and the top ten at 54% as of 2024, indicating a trend towards market consolidation [2][21]. IP Lifecycle Model - The IP lifecycle is divided into four stages: birth, breakthrough, sedimentation, and stabilization, with each stage requiring different operational strategies to ensure longevity and profitability [3][30]. - Successful IPs often exhibit a high degree of adaptability and resource allocation, which are crucial for navigating through different lifecycle stages [3][30]. Case Studies of World-Class IPs - Hello Kitty, Mickey Mouse, and Pokémon have each experienced distinct lifecycle phases, with their peak GMV values reaching approximately 3.8 billion, 10 billion, and 12 billion USD respectively, showcasing their commercial viability and cultural significance [4][52]. - The commercial success of these IPs is influenced by factors such as brand inclusivity, geographic reach, and diverse monetization strategies, which can provide valuable insights for the domestic潮玩 industry [4][52]. Operational Strategies - Hello Kitty's operational strategy has evolved through various phases, including initial expansion, global breakout, adjustment periods, and digital transformation, highlighting the importance of adaptability in maintaining relevance [53][56]. - Mickey Mouse has maintained a stable brand presence through consistent content updates and a strong licensing model, benefiting from its deep-rooted cultural significance in the U.S. [57][59]. - Pokémon has leveraged continuous content innovation and a broad commercial ecosystem, including games, merchandise, and media, to sustain its popularity and revenue growth [60][62]. Conclusion - The analysis of these IPs illustrates that a well-structured operational strategy, combined with an understanding of market dynamics and consumer preferences, is essential for the longevity and profitability of IPs in the competitive landscape [3][4][30].

Group 1 - The LABUBU themed pop-up event in Guangzhou has sparked a consumption frenzy, highlighting the city's potential as an international consumption center [2][3] - The event, part of the THE MONSTERS IP series by Pop Mart, features local elements and aims to create an immersive experience for consumers [3][4] - The pop-up store has gained immense popularity, with reservations selling out almost instantly, indicating strong demand among young consumers [3][5] Group 2 - The "IP economy" is becoming a key driver for attracting consumers, with various popular IPs being integrated into Guangzhou's commercial landscape [5][6] - The upcoming events, including the collaboration with Doraemon and the launch of the "Cyber Guangzhou" initiative, reflect the city's shift towards becoming a cultural consumption destination for the younger generation [6][7] - The recent measures announced by the Guangzhou government aim to strengthen the IP economy and promote new consumption areas, including entertainment and gaming [7]

Summary of Conference Call Records Industry Overview - The conference call discusses the performance and strategies of companies in the IP (Intellectual Property) consumer goods sector, specifically focusing on **Blokku**, **Pop Mart**, **Alibaba Pictures (now known as Damai Entertainment)**, and **Kawoo**. Key Points on Blokku - **Revenue Growth**: Blokku's Q1 2025 revenue exceeded 700 million yuan, a year-on-year increase of over 60%. Domestic market contributed over 600 million yuan, while overseas revenue reached over 80 million yuan. Q2 is expected to continue this growth trend with April revenue exceeding 300 million yuan and May projected to be close to 500 million yuan, aiming for a total of 2 billion yuan in H1 2025 and an annual target of 4-4.5 billion yuan [1][2][3]. - **IP Commercialization**: The revenue share from Ultraman IP is expected to decrease from 50% in 2024 to 45-50% in 2025, while Transformers IP is projected to reach 25%. New IPs like Minions, Conan, and Pokémon are being introduced [1][4]. - **New Product Launches**: Blokku plans to launch over 500 SKUs in 2025, with a significant increase in new product releases since March 2025 [1][5]. - **International Expansion**: The overseas market revenue share is expected to rise from 3% in 2024 to 10% in 2025, focusing on Southeast Asia, North America, and Europe [1][7]. - **Sales Channels**: 90% of sales come from distribution channels, with plans to enhance KA customer channels [1][4]. Key Points on Pop Mart - **Sales Performance**: Pop Mart's Q1 2025 domestic sales nearly doubled year-on-year, while overseas markets grew four to five times, particularly in North America and Europe, which saw increases of 800-900% [2][17][19]. - **Store Expansion**: Plans to open 100 new overseas stores in 2025, with over 140 already established by May 2025, primarily in landmark locations in the US, Europe, and Southeast Asia [2][21]. - **Revenue Projections**: Expected revenue for H1 2025 is projected to exceed 20 billion yuan, with full-year revenue anticipated to reach 27-30 billion yuan [2][22]. Key Points on Alibaba Pictures (Damai Entertainment) - **Strategic Shift**: The company is focusing on IP entertainment and performance business, moving away from traditional film operations. This strategic shift has positively impacted its stock price [13][14]. - **Revenue Contribution**: IP-derived business is expected to account for 20% of total revenue in FY 2025, with significant growth in the Alipay business segment [14][16]. - **Future Growth**: The company is expected to see growth from ticketing and IP derivative products, with a projected adjusted EBITDA of around 1.2 billion yuan for 2025 [15][16]. Key Points on Kawoo - **Sales Challenges**: Kawoo's Q1 2025 sales growth is not optimistic, with a decline in secondary market prices for My Little Pony products. The company is facing pressure despite some support from the Nezha IP [2][27]. - **Revenue Fluctuations**: Historical revenue has shown significant volatility, with 2024 revenue reaching 10 billion yuan, but challenges remain for 2025 [26][29]. - **Future Growth Areas**: Future growth is expected from category expansion and overseas market development, with plans to enter Southeast Asia and diversify product offerings [30]. Additional Insights - **Market Sentiment**: The overall market sentiment for these companies is optimistic, with expectations of continued growth driven by new product launches and international expansion efforts [10][12][17]. - **Risks**: Potential risks include high unlock ratios for shares and the need for sustained growth in overseas markets to maintain valuation levels [11][12]. This summary encapsulates the key insights and projections from the conference call, highlighting the performance and strategic directions of the companies involved in the IP consumer goods sector.

Core Viewpoint - The company has established a strategic partnership with Bandai Namco, leading to significant expansions in retail and IP collaboration, particularly in the collectible toy market [1]. Group 1: Strategic Partnerships and Expansions - The company announced a deep strategic cooperation with Bandai Namco, leveraging the success of the Gundam pop-up store in Changsha in April 2024 [1]. - In December 2024, the company obtained distribution rights for Bandai Namco's Gundam base and related merchandise, opening the first Gundam base in Jiangsu [1]. - The company plans to open China's first Bandai model store in March 2025, featuring popular IPs such as Gundam, Pokémon, and Doraemon [1]. Group 2: Business Performance and Growth Strategy - The company achieved a breakthrough in cross-industry collaboration in 2024, expanding into the trendy toy consumption sector [1]. - The company will implement a dual-track expansion strategy focusing on "core regional cities + key business districts," with initial plans to enter high-quality commercial spaces in Changsha [1]. - Over the next three years, the company aims to expand its national presence at a rate of 3-5 new stores annually, enhancing store profitability through digital operations and limited product strategies [1]. Group 3: Revenue Performance of Gundam Base Stores - The Suzhou Gundam base store, which opened in December 2024, has exceeded expectations in its first five months of operation [2]. - The store achieved industry benchmark levels in single-store sales efficiency and demonstrated high member repurchase rates, indicating strong IP loyalty [2]. - The store has already reached profitability in its first quarter of operation [2].