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].

Core Insights - The collaboration between Keep and the global IP "Harry Potter" has launched a unique online running event and series of challenges, creating a sports experience with both ceremonial and collectible value for fans [1][2]. Group 1: Event Overview - The collaboration features two main events: the "Harry Potter and the Sorcerer's Stone | Harry Potter Themed Online Run" focused on medals, and the "Return to Hogwarts | Harry Potter Themed Limited-Time Challenge" centered around badges [2]. - Since its launch on July 4, the event has attracted over 30,000 subscribers, with a significant increase in participants after the official launch on July 11 [2]. Group 2: Unique Offerings - Keep has introduced two creatively designed "magical" medals: the "Fun Version" with a rotating mirror mechanism depicting a classic scene of Harry meeting his parents, and the "Classic Version" replicating the moment Harry receives his Hogwarts acceptance letter [4]. - The running distance for the online run is set at 1.991 kilometers, honoring Harry Potter's first year at Hogwarts [4]. Group 3: User Engagement and Experience - Participants can unlock five magnetic badges by completing a 50-kilocalorie exercise task, which can serve as both fridge magnets and personal accessories [4]. - Users can also join the "Harry Potter Series Keep Magic Challenge," selecting their preferred Hogwarts house and participating in exercise challenges for rewards [4]. Group 4: Cultural and Emotional Value - Keep's medal culture redefines sports aesthetics by transforming invisible efforts into tangible rewards, enhancing the emotional connection between users and their sports experiences [5]. - The collaboration with popular IPs like "Harry Potter" stimulates diverse groups to engage in sports, expressing their love for the culture through physical achievements [5]. Group 5: Company Performance - According to Keep's 2024 ESG report, the company hosted 807 online sports events and 3 offline medal exhibitions in 2024, attracting over 6.86 million participants [5].

Group 1 - Keep participated in Bilibili World as a strategic partner, launching the "Keep运动谷" theme area, which combined sports and ACG culture [1] - The event featured nine exclusive gift packages based on popular IPs like Conan and Haikyuu, attracting many fans [3] - The exhibition allowed attendees to appreciate the craftsmanship of medals and register for on-site collection, promoting a one-stop marketing approach [5] Group 2 - The term "谷子经济" refers to the economic model surrounding ACG-related merchandise, with Keep leading a new cultural trend by merging this with sports motivation [6] - The "谷子经济" market in China is projected to reach 168.9 billion yuan in 2024, growing over 40% year-on-year, and expected to exceed 300 billion yuan by 2029 [8] - Keep's virtual spokesperson "元气Big" made its debut at the event, enhancing engagement and promoting the idea of medals as symbols of achievement and trendiness [8]