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].