2025.09.14 本文字数：5538，阅读时长大约9分钟 作者 |第一财经 宋婕 "这条产业链足够长，长到链条里的各个环节，都不愿见到卡牌变得不值钱。"同时为集换式卡牌和球星 卡氪金的消费者刘先生告诉第一财经记者。 如今，快速发展的文娱市场正在欢迎独特且丰富的产品和玩法，富有生命力的IP得到了脱颖而出的机 会。但当稀缺性被过度包装，当交易脱离使用价值，当消费行为变得非理性化，是否与郁金香泡沫类似 的投机逻辑？1637年的荷兰，郁金香被视为财富的象征，其价格被不断炒高，人们期望着从郁金香身上 获得超额回报。但很快地，伴随着卖方对郁金香球茎和交易合同的抛售，郁金香炒价的盛况戛然而止， 随后便是接连踩踏式的抛售。此后，郁金香市场一蹶不振，这种民间消费品的投机最终让大量普通投资 者利益受损。 在业界看来，或许有一天郁金香泡沫会出现在被炒到天价的卡牌身上。喧嚣散去，行业能给IP本身的留 下哪些价值呢？ 集换式卡牌赛道竞争加剧 8月末，占地1800平方米的宝可梦官方卡牌道馆在广州开业。9月初，北京首家宝可梦官方卡牌道馆也正 式对外营业。当天，港股上市的玩具品牌运营商凯知乐国际（02122.HK）发布公告称，将战略性布 ...

2025.09. 14 本文字数：5538，阅读时长大约9分钟 作者 | 第一财 经 宋婕 "这条产业链足够长，长到链条里的各个环节，都不愿见到卡牌变得不值钱。"同时为集换式卡牌和 球星卡氪金的消费者刘先生告诉第一财经记者。 如今，快速发展的文娱市场正在欢迎独特且丰富的产品和玩法，富有生命力的IP得到了脱颖而出的机 会。但当稀缺性被过度包装，当交易脱离使用价值，当消费行为变得非理性化，是否与郁金香泡沫类 似的投机逻辑？1637年的荷兰，郁金香被视为财富的象征，其价格被不断炒高，人们期望着从郁金 香身上获得超额回报。但很快地，伴随着卖方对郁金香球茎和交易合同的抛售，郁金香炒价的盛况戛 然而止，随后便是接连踩踏式的抛售。此后，郁金香市场一蹶不振，这种民间消费品的投机最终让大 量普通投资者利益受损。 在业界看来，或许有一天郁金香泡沫会出现在被炒到天价的卡牌身上。喧嚣散去，行业能给IP本身的 留下哪些价值呢？ 第一财经记者观察到，名侦探柯南、数码宝贝、奥特曼等多个"常青树"IP的集换式卡牌亦有类似 的"先天素质"，但在商业模式上却未能复刻宝可梦的待遇，集换式卡牌赛道或许已然从跑马圈地迭 代为此消彼长的竞争格局。 "数 ...

Core Viewpoint - The BW2025 exhibition highlights the trend of IP diversification, with a significant presence of domestic cultural IPs, indicating a growing market for IP-derived products as consumer disposable income increases [1][2]. Group 1: Exhibition Insights - The BW2025 exhibition, organized by Bilibili, serves as a platform for content creators and derivative product vendors, showcasing a variety of brands including Qizhi Haowan, Deli, and Aofei Entertainment [2]. - Companies are increasingly building IP matrices to leverage popular IPs for natural traffic while avoiding intense competition in saturated markets [2]. - Popular IPs such as Conan, Fuliang, and others have multiple toy companies vying for their licensing, indicating a competitive landscape [2]. Group 2: Product Development Trends - There is a rapid expansion of product types among toy companies based on IP, with leaders like Kayi and Jikasa diversifying into plush toys, stationery, and more [3]. - The integration of IP into various product lines is expected to create effective synergy and enhance the overall value of the IP [3]. - The importance of operational and channel capabilities of leading toy companies is emphasized as they navigate the increasingly interconnected product landscape [3]. Group 3: Consumer Engagement - Emotional value and interactive gaming experiences are becoming prominent, with card companies setting up live battle areas to meet social needs [3]. - Events such as Coser interactions and product exchanges at the exhibition enhance the engagement and popularity of IP products [3].