--- title: "HuaJin Securities: There is a certain differentiation in the value of each link in the IP industry chain, and the ecosystem extends its lifecycle from multiple dimensions" type: "News" locale: "en" url: "https://longbridge.com/en/news/245049524.md" description: "Huajin Securities released a research report indicating that there is a differentiation in the value of various segments of the IP industry chain. The upstream IP licensing premium is high, the profit margin for limited edition sales in the downstream exceeds 60%, while the profit in the midstream manufacturing segment is relatively low. In 2023, the scale of China's trendy toy market is expected to reach 60 billion yuan, and it is projected to reach 110.1 billion yuan by 2026. Domestic IP is in a rapid growth phase, and building an \"IP ecosystem\" has become an effective strategy to extend the IP lifecycle, with diverse scenarios such as film, animation, and games serving as important carriers for the extension of IP value" datetime: "2025-06-18T08:50:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/245049524.md) - [en](https://longbridge.com/en/news/245049524.md) - [zh-HK](https://longbridge.com/zh-HK/news/245049524.md) generator: "portal-rs" --- # HuaJin Securities: There is a certain differentiation in the value of each link in the IP industry chain, and the ecosystem extends its lifecycle from multiple dimensions According to Zhitong Finance APP, Huajin Securities released a research report stating that the value of the IP industry chain is mainly concentrated at both ends, with high upstream IP licensing premiums and downstream limited edition sales profit margins exceeding 60%, while the profit margins in the midstream manufacturing segment are generally low. According to the "China Trendy Toys and Animation Industry Development Report (2024)", the market size of trendy toys in China was 60 billion yuan in 2023 and is expected to reach 110.1 billion yuan by 2026. Currently, domestic IP is experiencing explosive growth, and the construction of an "IP ecosystem" has become an effective strategy for extending the lifecycle of IP. In the construction of the "IP ecosystem", diverse scenarios such as film and television, animation, games, and derivatives have become important carriers for extending IP, maximizing IP value and ensuring continuous appreciation. Continuous attention should be paid to the sales changes of leading companies in the IP economy and the extension of IP lifecycles across various categories. ## The main points of Huajin Securities are as follows: **The IP economy constructs a complete industrial chain, with certain differentiation in the value of each link** The IP economy (Guzi economy) refers to an economic form centered on intellectual property (IP), achieving commercial value through content creation, brand licensing, derivative product development, and cross-media operations. Its core lies in transforming intangible cultural assets such as stories, images, and brands into diversified products and services, covering multiple fields including film and television, games, animation, cultural creativity, and consumer goods. According to data from Zhiyan Consulting, the industrial chain encompasses multiple links including IP creation, operation, production, and terminal channels. The upstream IP creation segment is dominated by domestic IP (accounting for 35%) and Japanese IP (45%); the midstream operation and production segment shows significant differentiation, with leading companies adopting self-built production capacity (such as POP MART); the downstream sales channels exhibit a significant trend of diversification, with emerging channels such as trendy toy stores and cultural creativity collection stores growing at a rate of 40% in addition to traditional secondary dimension stores. The value of the industrial chain is mainly concentrated at both ends: upstream IP licensing premiums are high, downstream limited edition sales profit margins exceed 60%, while the profit margins in the midstream manufacturing segment are generally low. **The IP ecosystem extends its lifecycle from multiple dimensions, expanding its core value** According to the "China Trendy Toys and Animation Industry Development Report (2024)", the market size of trendy toys in China was 60 billion yuan in 2023 and is expected to reach 110.1 billion yuan by 2026. Currently, domestic IP is experiencing explosive growth, and the construction of an "IP ecosystem" has become an effective strategy for extending the lifecycle of IP. In the construction of the "IP ecosystem", diverse scenarios such as film and television, animation, games, and derivatives have become important carriers for extending IP, maximizing IP value and ensuring continuous appreciation. The "China Cultural Industry IP Influence Report (2024)" sets an integrated index for IP value, among which 38 of the TOP 50 IPs are original types of film and television or have undergone film adaptations, accounting for 76%; IPs originating from literature and adapted into animation account for 76% of literary original IPs, mainly focusing on fantasy and science fiction themes; in terms of games, literary and animation IPs are accelerating their transformation into games, achieving continuous doubling of IP value. **Policies promote IP cultural development and consumption, and the market is relatively fragmented with strong potential** Multiple government departments have released a series of policy measures, including the "Special Action Plan to Boost Consumption," "Several Measures to Further Cultivate New Growth Points and Prosper Cultural and Tourism Consumption," and "Several Economic Policies to Promote High-Quality Development of Culture," encouraging the integration of excellent traditional Chinese culture into product design, supporting enterprises in developing original IP brands, and promoting consumption in animation, games, e-sports, and their derivatives. According to data from Zhongshang Industry, the Chinese IP toy market is relatively fragmented in 2024, with the top five IP toy companies accounting for a combined market share of 20.8%. Among them, POP MART holds a market share of 11.5% in 2024, ranking first; Blokus has a market share of 5.7% in 2024, ranking second; Lezi Tianceng, Yinbao Shikong, and Alpha Group are leading IP toy companies in China, each with a market share of 1.2% in 2024. Some companies are collaborating with leading firms to expand their business, such as the collaboration between POP MART's Resonance GONG and the Chinese online comic "The King's Avatar." **Target Aspect** Continue to pay attention to the sales changes of leading companies in the IP economy, as various categories extend the IP lifecycle. It is recommended to focus on: Yuanlong Yatu (002878.SZ), Chinese Online (300364.SZ), Alpha Group (002292.SZ), Enlight Media (300251.SZ), Kaiying Network (002517.SZ), Giant Network (002558.SZ), Zhangyue Technology (603533.SH), Rastar (300043.SZ), etc. **Risk Warning** Industry development may fall short of expectations, market competition may intensify, and uncertainties in the external economic environment may arise ### Related Stocks - [002292.CN](https://longbridge.com/en/quote/002292.CN.md) - [300251.CN](https://longbridge.com/en/quote/300251.CN.md) - [300043.CN](https://longbridge.com/en/quote/300043.CN.md) - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) - [300364.CN](https://longbridge.com/en/quote/300364.CN.md) - [603533.CN](https://longbridge.com/en/quote/603533.CN.md) - [000008.CN](https://longbridge.com/en/quote/000008.CN.md) - [002517.CN](https://longbridge.com/en/quote/002517.CN.md) - [002558.CN](https://longbridge.com/en/quote/002558.CN.md) - [002878.CN](https://longbridge.com/en/quote/002878.CN.md) - [00325.HK](https://longbridge.com/en/quote/00325.HK.md) ## Related News & Research - [Labubu maker Pop Mart set for drastic growth slowdown as bears gather](https://longbridge.com/en/news/296428956.md) - [CEO Wang Ning: POP MART To Launch RMB2-5B Share Buyback Within Next 6 Mhs; Full-year Rev. 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