近日，由"海外数据调查机构Civixplorer"发布的《全球最赚钱媒体特许经营权排行榜》在社媒中广泛传播。榜单统计了全球最赚钱的26个IP，数据涵盖这 些IP截至2025年12月止，在游戏、电影、电视、玩具、卡牌、书籍及商品等方面的一切收入。 榜单显示，"精灵宝可梦"以总收入2880亿美元成为全球最赚钱IP，远超第2名"Hello Kitty"近2000亿美元。"维尼熊""米老鼠""星球大战""马力欧""面包超 人""迪士尼公主系列""漫威"以及"JUMP漫画"进入前十。 而中国IP竟然无一上榜，"哪吒""原神""LABUBU"这些近年被大肆宣传、作为中国文化出海典型的大爆款，在顶级全球IP面前被"秒得渣都不剩"。 事实真的是这样吗？或许吧。 但首先，Civixplorer不是数据调查机构，而是一家无官方认证、主要发布数据可视化图片的自媒体（为方便阅读，下文英文网站页面截图，均已自动翻译 为中文）。 首页 关于 博客 Q ■ 商店 哪吒、LABUBU没上榜？因为2025全球最赚钱IP排行榜是假的？ Civixplorer是什么分析公司吗 Civixplorer并非正规分析公司,甚至不具备合法注册的机构主体资 ...

Core Insights - MINISO has strategically launched its innovative store format MINISO LAND in Chongqing, marking its first entry into the southwestern market with the opening of two flagship stores in key commercial districts [1][4]. Group 1: Strategic Expansion - The dual-store opening in Chongqing targets two major commercial engines: the Jiefangbei-Chaotianmen area, known for its cultural and tourism significance, and the Guanyinqiao shopping district, recognized as a fashion trendsetter [4]. - This strategic positioning allows MINISO to cover both tourist and local young consumer demographics, enhancing its market penetration and influence in the southwestern region [4]. Group 2: Retail Experience Innovation - MINISO LAND redefines the retail experience through immersive and curated spaces, with the Jiefangbei store spanning over 1,600 square meters and featuring an artistic wonderland, while the Guanyinqiao store, themed "Interstellar Paradise," covers over 1,400 square meters with a blend of virtual and real design elements [6]. - The stores are designed to facilitate exploration and social interaction, aligning with the aesthetic preferences of Generation Z, thus transforming traditional shopping into an experience-driven environment [6]. Group 3: IP Strategy and Brand Value - The Chongqing stores leverage a dual IP strategy, featuring over 80% of products from globally recognized IPs such as Hello Kitty and Harry Potter, with more than 6,100 SKUs available [8]. - This approach not only attracts consumer traffic but also fosters emotional connections through exclusive experiences, reinforcing MINISO's transition from a retail channel to an IP content ecosystem operator [8]. Group 4: Future Expansion Outlook - The successful performance of the Chongqing stores during the trial period validates MINISO's business model and IP strategy, indicating potential for replication in other markets [10]. - By establishing immersive IP landmarks in high-potential urban areas, MINISO aims to drive innovation in urban commerce and enhance consumer quality, with plans for further expansion across the country and globally [10].

Core Insights - The ranking of the "most profitable media franchises" reveals that Pokémon leads with a total revenue of $288 billion, significantly surpassing Hello Kitty, which stands at $88.5 billion [1][3][5] - The data covers various revenue streams including games, movies, television, toys, trading cards, books, and merchandise, and is based on statistics up to December 2025 [1][3] Group 1: Top IP Rankings - Pokémon ranks first with $288 billion in total revenue, showcasing its dominance in the global market through various revenue streams [1][3] - Hello Kitty, in second place, has evolved from a cartoon character into a cultural symbol, generating $88.5 billion through a light-asset model that focuses on licensing [5] - Winnie the Pooh ranks third with $76.7 billion, slightly ahead of Mickey Mouse at $74 billion, indicating strong performance in the parent-child consumer market [7] Group 2: Other Notable IPs - The ranking includes other franchises like Star Wars and Mario, which are positioned reasonably, while the presence of classic IPs like Fist of the North Star at 19th place is surprising due to its sustained revenue from the Japanese market [7] - The James Bond franchise ranks last with $19.9 billion, with significant income derived from product placements in films [8] Group 3: Chinese IP Landscape - The absence of Chinese IPs in the ranking raises questions about their global market presence, with examples like Nezha and Genshin Impact being discussed for their potential future performance [11][13] - Nezha's box office revenue reached approximately $154.46 million domestically, with projections suggesting potential derivative sales could exceed $1 billion [13][15] - Genshin Impact's revenue is estimated at $5 billion, but its single revenue stream limits its competitiveness against top IPs [15] Group 4: Emerging Trends in Chinese IP - Labubu, under Pop Mart, generated $48.1 billion in revenue in the first half of 2025, indicating its status as a popular IP, though it still lags behind top global franchises [19] - The evolution of Chinese IPs reflects a shift towards emotional consumption and a growing market presence, as seen in the success of Nezha [20] - Future challenges for Chinese IPs include innovation, global operational experience, and addressing issues like piracy and cross-media storytelling [20]

Core Insights - The 2025 China Entrepreneur Influence Entrepreneur Conference is held from December 5 to 7 in Beijing, focusing on the theme "Emergence·Infinity - Co-creating New Forms of Intelligent Business" [1][5] Group 1: Long-term Viability of IP in Trendy Toys - The chairman of Qimengdao Group, Li Peng, argues that investing in trendy toys is a long-term business, citing examples of successful IPs like Mickey Mouse (97 years old) and Hello Kitty (51 years old) [3][7] - Li emphasizes that these major IPs have proven their longevity and scalability over time, indicating that the market for trendy toys can evolve into various forms beyond just movies and merchandise [3][7] Group 2: Consumer Behavior and Emotional Connection - Li notes that today's youth are not only seeking functional needs but are also looking for self-expression and understanding, making trendy toys a medium for emotional expression [4][8] - The concept of "self-pleasure" in emotional consumption is highlighted as a longstanding trend, suggesting that consumers are increasingly focused on their emotions and personal identities [4][8] Group 3: Social Attributes of Trendy Toys - Trendy toys possess inherent social attributes and encourage user-generated content, which enhances their appeal [4][8] - Consumers often engage with trendy toys in social contexts, such as carrying them in public or creating custom outfits, which fosters community and social interaction [4][8]

Summary of Damai Entertainment Holdings Ltd Conference Call Company Overview - **Company**: Damai Entertainment Holdings Ltd - **Industry**: Greater China Media - **Stock Rating**: Overweight - **Price Target**: HK$1.20 - **Market Capitalization**: US$3.435 billion - **Current Share Price**: HK$0.90 Key Financial Highlights - **F1H26 Total Revenue**: Rmb4.0 billion, up 33% year-over-year (YoY) and 11% half-over-half (HoH) [2][10] - **GAAP Net Profit**: Rmb520 million, exceeding profit alert of >Rmb500 million [2] - **IP Revenue Growth**: +105% YoY, surpassing forecasts by 2% and 6% [2] - **Live Content Business Revenue Growth**: +13%, beating forecasts by 1% and consensus by 10% [2] Core Insights - **IP Expansion**: Damai is positioned as a key gateway for global IPs entering the Chinese market, with a solid multiyear growth outlook [2][4] - **Sanrio's Performance**: Sanrio's brand demand remains strong in China, ranking second only to Disney, with a purchase interest of 35% and a repurchase rate of 61% [9][14] - **Alifish's Diversification**: Alifish's reliance on Sanrio is decreasing, with Sanrio expected to contribute about 30% of FY26 IP revenue [9][17] - **China's Sub-Licensing Market**: The market is under-penetrated but projected to double to Rmb280 billion by 2030, with licensing spending currently at only 0.1% of consumer spending [9][24] Financial Projections - **Revenue Forecasts**: F2026-27 IP revenue forecasts increased by 5% due to strong growth momentum, while film-related revenue forecasts decreased by 2% [36] - **Normalized Net Profit Forecasts**: Expected to fall by 11-13% for F2026-28 [37] Valuation Metrics - **SOTP Valuation**: 15x EV/EBITDA for Damai business and 30x EV/EBITDA for Alifish business [4][40] - **Implied P/E**: 25x for F2027e, with a PEG ratio of 0.8 [4][40] Market Trends - **Consumer Behavior**: 83% of consumers plan to expand purchases across various categories, indicating sustained demand for IP products [30] - **Growth Drivers**: The growth of China's IP derivative market is supported by young consumers seeking uniqueness rather than brand premiums [26] Risks and Considerations - **Concentration Risks**: While Alifish's revenue concentration on Sanrio is manageable, the company is diversifying its IP portfolio to mitigate risks [19][21] - **Market Penetration**: The potential for growth in the sub-licensing market is significant, but current spending levels are low compared to global averages [24][34] Conclusion Damai Entertainment Holdings Ltd is well-positioned for growth in the expanding Chinese IP market, supported by strong financial performance and a diversified IP portfolio. The company’s strategic partnerships and market positioning as a gateway for global IPs enhance its investment appeal.

Core Insights - "Emotional value" is becoming a key driver in the 2025 consumer market, reflecting a complex interplay between economic cycles and collective psychology [3][25] - The rise of LABUBU as a cultural icon signifies a shift in consumer behavior, where emotional resonance surpasses practical functionality [25][30] - The emotional consumption market in China is projected to exceed 2 trillion yuan in 2025, indicating significant growth potential [4][22] Group 1: Emotional Consumption Trends - The emotional consumption market has been growing at an annual compound rate of 12% since 2013, with expectations to reach over 2 trillion yuan by 2025 [22][41] - Companies like IKEA are adapting their strategies to incorporate emotional value into product development, moving beyond mere market trends to capture the emotional temperature of consumers [4][26] - The success of LABUBU illustrates the emergence of "social currency," where products serve as symbols of identity and belonging among affluent consumers [28][41] Group 2: LABUBU's Market Impact - LABUBU, a key IP from Pop Mart, has seen its popularity soar, with a peak auction price of 1.08 million yuan for a unique sculpture, highlighting its status as a luxury item [6][28] - In the first half of 2025, Pop Mart's revenue reached 13.88 billion yuan, a year-on-year increase of 204.4%, largely driven by LABUBU's success [7][28] - The LABUBU series generated 4.81 billion yuan in revenue, accounting for 34.7% of Pop Mart's total revenue, showcasing its significant contribution to the company's growth [7][28] Group 3: Cultural and Global Resonance - LABUBU represents a successful case of Chinese cultural creativity going global, employing a "borderless aesthetic" that resonates with diverse consumer bases [29] - The brand has faced challenges with counterfeit products, leading to significant enforcement actions against piracy, indicating its high demand and cultural significance [29] - LABUBU's design and marketing strategies effectively engage with global consumers, creating a cultural phenomenon that transcends traditional toy markets [29][30] Group 4: Emotional Value in Consumer Behavior - The interplay between "belonging" and "existence" is crucial in emotional consumption, with products often serving dual roles in providing security and individual expression [19][39] - The rise of characters like LABUBU and the capybara reflects a collective yearning for emotional stability and personal identity in a rapidly changing social landscape [20][39] - Emotional consumption is not a new phenomenon; historical examples like Hello Kitty and Jellycat illustrate its enduring relevance across different economic contexts [11][32]

Summary of Global IP Collectibles Conference Call Industry Overview - The global IP collectibles market has rapidly evolved into a mainstream market exceeding US$100 billion, outpacing most consumer discretionary categories in growth [2][21] - The market is expected to maintain a strong ~6% CAGR from 2024 to 2027, following an ~8% CAGR from 2019 to 2024 [2][25] - Character- and entertainment-driven collectibles, including toys, trading cards, apparel, and lifestyle products, are gaining consumer wallet share, particularly in China and the Asia-Pacific region [2][25] Key Players - Recommended leading IP plays include Pop Mart, Sanrio, Hasbro, and Damai [2][65] - North America accounts for nearly 50% of the global character IP licensing market, making it a focal area for Asian companies [2][25] Core Insights - The rise of "kidults" (adults embracing play and nostalgia) is driving over 25% of global toy sales, expanding the total addressable market (TAM) [3][41] - Seven structural amplifiers are identified as key growth drivers: 1. Consumer cohort expansion 2. IP creation 3. Gamified sales 4. Social media evolution 5. Product upgrade 6. Channel evolution 7. IP versatility [3][30] Consumer Behavior - A survey indicates robust purchase intent in both China and the US, with young, financially stable, family-oriented consumers at the core [4][41] - Chinese consumers average 6-7 purchases per year, while US consumers show higher repurchase rates, reflecting market maturity [4][42] - Purchase drivers differ: Chinese consumers prioritize design and emotional resonance, while US consumers value gifting, nostalgia, and affordability [4][43] Market Risks - Macro risks such as economic uncertainty and price sensitivity are significant constraints, but the "lipstick effect" supports resilience in moderate downturns [4][45] - The IP collectibles category is sensitive to severe economic downturns, with historical precedents showing outsized shocks during crises [4][46][56] Growth Projections - The leading group of IP collectibles is expected to grow at ~7% in 2025, with a moderation to 5-6% in 2026-27 [25][50] - The total retail sales value under Character/Entertainment IP is estimated to reach US$150 billion in 2024 [26] Investment Opportunities - Pop Mart is positioned to capitalize on expanding kidult demand, with a focus on strategic investments and localized crossovers [65][67] - Sanrio's growth story remains intact despite short-term concerns, particularly in the US market [72][73] - Hasbro's strategic pivot towards higher-growth franchises is expected to drive a multi-year growth trajectory [74][76] Conclusion - The IP collectibles market is characterized by structural growth drivers that extend beyond cyclical trends, with leading players well-positioned to capture incremental demand [32][63] - Investors are encouraged to focus on companies with strong product design and consumer engagement strategies to capitalize on the long-term growth potential of the IP collectibles sector [64][70]

Group 1 - The core viewpoint of the report is that the IP toy industry in China is entering a multi-dimensional opportunity period, driven by emotional consumption upgrades, the maturity of domestic IP industries, AI technology empowerment, and global expansion opportunities [1][2]. - The overall scale of the Chinese toy market reached 104.9 billion yuan in 2023, with a year-on-year growth of over 9%, and IP toys accounted for over 60% of the market share [2][16]. - The report highlights that the main consumer groups, particularly those born in the 90s and 00s, are willing to spend on emotional recognition and cultural symbols, indicating a shift in consumption motives from basic needs to emotional experiences [2][31]. Group 2 - The report analyzes the successful strategies of international IP toy giants such as LEGO, Sanrio, and Bandai Namco, emphasizing innovation, diversification, and globalization as core driving forces [3][4]. - LEGO's success is attributed to continuous product innovation and a systematic approach, including collaborations with top global IPs, which has allowed it to expand into media, games, and education [3][5]. - Sanrio has successfully diversified its IP portfolio beyond Hello Kitty, creating new characters to reach a broader audience, resulting in a V-shaped recovery in performance and a market value exceeding 1 trillion yen [3][4]. - Bandai Namco's success is linked to its "IP axis" strategy, which facilitates cross-business collaboration across toys, games, and entertainment, maximizing IP value [4][5]. Group 3 - The report summarizes that successful IP development requires a keen understanding of social and cultural changes, unique cultural cores, and strong user engagement through co-creation [5]. - The commercial value of IP can be enhanced through cross-media storytelling, which helps to extend the IP lifecycle and mitigate risks associated with short-term trends [5]. - Global expansion must be accompanied by localized narratives and partnerships with local industry players to overcome cultural barriers and achieve effective market penetration [5][31]. Group 4 - The report indicates that the Chinese IP toy industry is at a pivotal moment, with significant growth potential as domestic companies enhance their IP operations and innovation capabilities [1][2][5]. - The competitive landscape remains fragmented, with local leaders like Pop Mart and Blokus emerging in specific segments, yet there is still considerable room for market share improvement compared to mature overseas markets [2][25][26]. - The report suggests that companies capable of accurately identifying consumer needs and possessing strong IP management and global perspectives are likely to thrive in the competitive market [5][31].

Group 1 - The market theme today is related to the "Anti-Japanese" concept, with stocks like Furui Co. and Tianhe Defense ranking high in trading volume, while Ningde Times experienced a significant drop due to major shareholder reduction [1][2] - The performance of Japanese consumer stocks has been notably weak, with significant declines in companies like Isetan Mitsukoshi (-11.3%) and Muji (-9.4%), influenced by geopolitical tensions affecting tourism [13][15] - The A-share market is seeing a decrease in stock concentration, with small and micro-cap stocks performing better as the pressure from crowded trades diminishes [16][18] Group 2 - Ningde Times opened significantly lower, with a drop of nearly 5% at one point, attributed to a major shareholder's inquiry transfer at a discount of about 4% from the closing price [21][22] - The lithium battery sector remains a hot topic, with lithium carbonate futures hitting a 9% limit up, indicating a rebound in commodity prices due to improved supply-demand dynamics [29] - The global technology fund managed by Fu Guo has seen a key personnel change, with the departure of a well-regarded fund manager, which may impact investor sentiment but the fund's potential remains positive [32][33]

Core Viewpoint - MINISO LAND has launched its first strategic stores in Chongqing, creating a buzz in the local consumer market and contributing to the city's economic development [1][3]. Group 1: Store Features and Design - The MINISO LAND stores in Chongqing feature an "immersive IP scene + large space" design, resonating with the city's unique culture and trends, and serving as a new landmark for shopping, socializing, and check-ins [3][5]. - The store in the Jiefangbei area spans over 1,600 square meters, while the store in the Guanyinqiao area covers over 1,400 square meters, both offering innovative layouts that enhance the shopping experience [5][6]. Group 2: Target Audience and Market Impact - The dual-store strategy targets both local young consumers and tourists, effectively covering the cultural and travel demographics in Chongqing [3][5]. - The stores have attracted significant foot traffic during their trial operations, indicating strong sales performance and a revitalization of consumer activity in the region [5][6]. Group 3: IP Strategy and Product Offering - MINISO LAND incorporates over 80% of global popular IP products, with more than 6,100 SKUs available, enhancing brand recognition and emotional connection with consumers [6][8]. - The company employs a dual strategy of "licensed IP + proprietary IP," continuously introducing international IP while developing original artist IPs, showcasing strong operational and commercial conversion capabilities [8][10]. Group 4: Future Expansion Plans - MINISO plans to continue expanding in high-potential cities, creating more "interest consumption" landmarks that combine IP appeal with local characteristics, thereby injecting new vitality into urban commercial upgrades [10].