在备受瞩目的天猫"全周期衍生品汇总"店铺销售榜上，日本IP官方及其关联旗舰店展现出惊人的统治力，在前十席位中独占五席：吉伊卡哇旗舰店拔得头 筹，宝可梦旗舰店紧随其后，Sanrio三丽鸥官方旗舰店位列第三，而Aniplex官方旗舰店与Animate官方旗舰店也分别占据第八和第九的位置。 消费者的选择，直接转化为真金白银的销售额。这份榜单清晰印证了中国市场对日本IP持续旺盛的消费热情，以及这些IP成熟的商业化变现能力。 双11的余温尚未散去，各大电商平台陆续发布的消费榜单，为我们观察IP商业价值的流向提供了一个极具说服力的切面。 据此，我们不禁要追问：在这些热闹的线上表现背后，掌控着顶流IP的日本内容巨头们，在刚刚过去的上半财年（具体时间为2025年4月-9月）里，究竟 收获如何？哪些IP是贡献收入的"压舱石"，哪些又是增长迅猛的"新引擎"？ 本篇，雷报聚焦于这一关键财测窗口期，对万代南梦宫、圆谷、三丽鸥和角川集团这四家代表性公司，从IP收入格局分化与中国市场战略布局两大维度展 开深入分析，试图厘清日本IP在当下的吸金逻辑与未来面临的挑战。 20个日本IP收入全景：吸金225亿元，头部效应严重 《高达》IP（+6 ...

乐高的成功，根植于近百年持续的产品创新与系统化构建。从早期确立"乐高系统"和积木的螺柱管专利，到不断推出城市、太 空、海盗等经典系列，再到与星球大战、哈利·波特等全球顶级IP联名，乐高始终围绕"无限创造"的核心理念。即便曾因盲目扩 张陷入困境，也能通过聚焦核心业务、优化产品线、构建粉丝共创生态（如LEGO Ideas平台）重获增长。其业务还成功拓展至 媒体游戏、主题公园、教育等领域，实现了IP价值的深度裂变。 今天分享的是：2025年IP+商业专题研究：剖析乐高、三丽鸥及万代经营之道，解锁IP潮玩龙头常青路 报告共计：45页 IP潮玩行业迎来多维红利期，海外龙头经验揭示常青密码 国信证券最新发布的专题研究报告深入剖析了乐高、三丽鸥及万代南梦宫三大国际IP玩具巨头的经营之道，为中国正处快速发 展期的IP潮玩行业提供了宝贵借鉴。研究显示，在情感消费升级、国产IP产业成熟、AI技术赋能及出海机遇拓展等多重因素催 化下，国内IP潮玩行业正迎来"内容+渠道+全球化"的全新机遇期。 行业驶入快车道，本土力量加速崛起 数据显示，2023年中国玩具市场整体规模已达1049亿元，同比增长超过9%。其中，IP类玩具占比突破60% ...

Core Insights - The overall sentiment in the anime and IP market is mixed, with some IPs like "Demon Slayer" driving significant revenue growth, while others like "Ultraman" and "Attack on Titan" are experiencing declines in income [1][25][36]. Group 1: Market Performance - The second quarter of 2025 saw a decline in revenue for several major IPs, with "Demon Slayer" contributing to a 50% increase in sales for Sony's animation and gaming sectors [1][36]. - Guangzhou's Anime Star City reported a 32% drop in revenue for Q2, despite maintaining a high occupancy rate of 99.8% [2]. - Wangfujing Joy Shopping Center, after strategic repositioning, saw a 48% increase in sales for the first half of 2025, although it still reported a loss of approximately 114 million yuan [4][6]. Group 2: IP-Specific Developments - Bandai's "Gundam" IP achieved a record sales figure of 103.2 billion yen in the first half of 2025, driven by the release of a new TV series and related merchandise [10][13]. - "Ultraman" faced a 1.47% decline in sales, with domestic sales plummeting by 66.96%, although overseas sales grew by 45.29% [25][27]. - Toho Animation reported a 6.79% increase in sales, primarily due to the strong performance of "One Piece" and "Dragon Ball" in overseas markets [36][42]. Group 3: Strategic Initiatives - Wangfujing Joy Shopping Center is transforming into a "New National Trend Shopping Center" to cater to the diverse needs of the Z generation [6]. - Sony is enhancing its IP development capabilities through strategic partnerships, including a significant investment in Kadokawa and collaboration with Bandai Namco [60][62]. - Sanrio's multi-character marketing strategy has proven successful, with a 47.4% increase in sales, particularly in the Chinese market, where sales surged by 91% [75][86].

Core Viewpoint - The article highlights the increasing popularity and engagement of the Gudang Street New Era Civilization Practice Center, showcasing its role as a community hub for cultural and educational activities, particularly during the summer months [1][4]. Group 1: Facility and Services - The Gudang Street New Era Civilization Practice Center integrates various resources including a library, training rooms, fitness spaces, and volunteer services within a space of less than 3,000 square meters, making it one of the first five-star cultural homes in Hangzhou [1]. - The West Lake Library has undergone upgrades, offering a wide range of books across different categories, with a focus on comfort and aesthetics through the use of wooden furniture [1][2]. Group 2: Community Engagement - The center has seen a significant increase in foot traffic, with regular attendance rising from around 300 to over 1,000 during the summer, indicating a high level of community interest and participation [1]. - A "mood book list" wall has been established to enhance the reading experience, allowing residents to select books that resonate with their emotions [3]. Group 3: Activities and Courses - The center offers a variety of popular activities and courses, with themes such as "Common Prosperity Gudang" and "Public Welfare Activities," which are highly sought after by residents [4][5]. - The quality of the courses is emphasized, with instructors being local experts who tailor their lessons to meet the needs of the community, ensuring that the content is relevant and valuable [5][6]. Group 4: Cultural Promotion - The center promotes local culture through creative products designed by integrating local elements, providing a platform for residents to purchase unique items [2]. - The center aims to continue enriching the spiritual and cultural lives of residents, enhancing their sense of happiness and fulfillment through ongoing community services and cultural transmission [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]

Group 1 - The toy and trendy play industry in China is experiencing explosive growth during the 618 shopping festival, with six merchants surpassing 100 million yuan in sales and nearly 100 merchants exceeding 10 million yuan [1][2] - The top IP products, including Sanrio and Ultraman cards, are performing exceptionally well, indicating a strong demand for Japanese IP in the Chinese market [2][3] - The overall market for trendy toys is expanding, with over 2,400 stores achieving triple-digit growth compared to the previous year [1][2] Group 2 - Major Japanese companies like Bandai, Sanrio, and Tsuburaya have reported significant revenue from their IPs, with Bandai's Dragon Ball generating approximately 9.44 billion yuan, a 35.6% increase year-on-year [4][5] - Sanrio's revenue in China has surged to 816 million yuan, with IP licensing contributing significantly to its growth [5][7] - Tsuburaya's Ultraman IP has generated 260 million yuan in licensing revenue in China, highlighting the strong performance of card sales [7][19] Group 3 - The competitive landscape of the trendy toy market is intensifying, with over 100 stores closing in the first half of 2025, indicating a significant shakeout in the industry [15][16] - The trend of localization is evident, as companies like Sanrio and Bandai are focusing on developing original IPs and collaborating with local partners to enhance their market presence [21][29] - The shift from content output to collaborative ecosystem building is becoming a key strategy for Japanese IP companies in China, aiming for sustainable growth in the competitive market [29][30]

Core Insights - Bandai Namco is recognized as a leader in the Japanese entertainment industry, known for its strong IP management capabilities and innovative "IP Axis Strategy" that spans games, toys, anime, movies, and theme parks [1][3] - The company achieved total revenue of 1.05 trillion yen (approximately 54.5 billion RMB) in the fiscal year 2024, setting a benchmark in the global cultural industry [1] - The competition among Chinese companies like Yuewen, Aliyu, Pop Mart, and Bilibili to establish a similar IP empire is intensifying, with each company occupying different segments of the IP value chain [3][4] Company Summaries Yuewen Group - Yuewen's core advantage lies in its vast original content reservoir, with millions of signed authors and a large number of novels, positioning it as a potential IP goldmine [7] - The company faces challenges in efficiently converting text-based IP into visual IP, although successful adaptations like "Qing Yu Nian" and "Douluo Dalu" demonstrate its potential [9][10] - To become a Chinese equivalent of Bandai, Yuewen needs to enhance cross-media development and global market expansion [13] Aliyu - Aliyu operates as a platform that connects IP copyright holders with commercial channels, focusing on optimizing the IP commercialization chain [14][16] - Its "IP2B2C" model provides a one-stop service for IP from design to sales, but it lacks direct influence over IP creation [16][18] - Aliyu's role is crucial but insufficient for building a complete "Bandai-style" ecosystem [18] Pop Mart - Pop Mart has rapidly expanded in the past two years, becoming a leader in the Chinese trendy toy market with a significant international presence [19] - In 2024, overseas revenue accounted for 38.9% of total revenue, showcasing its success in global markets [19] - The company has established a complete closed loop from IP design to global DTC retail, achieving impressive profitability [21][22] Bilibili - Bilibili is distinguished by its highly active community and focus on ACG (Anime, Comic, and Game) content, with significant investments in domestic animation [25][27] - The company has diversified its revenue structure but still lacks scale in IP derivative commercialization compared to Bandai [28][30] - To evolve into a comprehensive IP group like Bandai, Bilibili must enhance its IP commercialization capabilities, particularly in self-developed games and derivative products [30] Comparative Analysis - All four Chinese companies exhibit gaps compared to Bandai, particularly in the breadth and depth of their business operations [31] - Bandai's IPs have a long lifecycle and sustained market presence, while most Chinese IPs are relatively young and unproven [33] - The global market penetration of Chinese IPs remains limited, especially in mainstream Western markets [34] - Bandai boasts a rich matrix of active IPs across various media, while Chinese platforms are still building their IP reserves [37] Future Outlook - Among the four companies, Pop Mart shows the most potential to emulate Bandai's model due to its strong IP creation capabilities and efficient commercialization system [39] - Pop Mart's global retail network and financial stability provide a solid foundation for future growth [39] - To truly become a Chinese Bandai, Pop Mart must enhance the narrative depth of its IPs, diversify its business, and balance short-term profits with long-term value cultivation [40][41][42] - The evolving landscape of the content industry suggests that the future of Chinese IP enterprises may not strictly follow Bandai's model but could develop into new business forms that adapt to local market characteristics [44][48]