IP经济热潮正席卷全球资本市场。近期，日本三丽鸥、万代南梦宫、任天堂等知名IP运营商股价纷纷逼 近或创下历史新高；美国迪士尼公司股价也于6月30日创下近3年新高；而中国公司泡泡玛特旗下的 LABUBU火爆全球，最近一年其股价涨幅超过500%。 三丽鸥旗下最为中国粉丝熟知的IP是Hello Kitty（凯蒂猫），万代南梦宫旗下拥有龙珠、海贼王、高达 等IP。任天堂则以游戏IP为主，旗下马力欧、宝可梦等经典IP在国内有很高的知名度。 如果将时间往前推就会发现，全球IP运营商的集体上涨，已经持续了相当长一段时间。比如三丽鸥从 2022年6月就开始上涨并持续至今。任凭市场波动，万代南梦宫和任天堂的上涨，几乎都持续了十年以 上。 IP运营商股价的强势表现，首先得益于其对经典IP的成功运营。拿拥有奥特曼IP的日本圆谷公司来说， 奥特曼是一个诞生近60年的IP，前两年，凭借奥特曼卡牌在中国市场的成功，圆谷公司收入大涨。2022 年1月到2023年8月其股价涨幅超过1000%。 经典IP的一个显著的特点是其拥有"穿越周期"的能力。历经数十年，即便社会发展已天翻地覆，消费品 类大为丰富，消费方式和消费习惯都有很大的改变，但围绕 ...

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].