"AngryBaby" ignites authorized exhibition: how does the IP trend of Shenzhen L&A Design (300949.SZ) reconstruct the business logic of cultural tourism?

Under the spotlight of the 18th China Licensing Expo (CLE), Shenzhen L&A Design's booth was surrounded with no room to spare. An "angry to the point of ear reddening" trendy image - "AngryBaby Happy", with the combination of NFT blind boxes and trendy gift boxes, garnered multiple cooperation intentions within three days. Shenzhen L&A Design's co-founder, director, and president, Li Fangyue, personally appeared at the exhibition, opening a live broadcast at the event, leading over a thousand fans to "visit the exhibition" online, explaining the design inspiration and emotional core of "Happy". This scene is a highlight slice of AOYA's "IP + cultural tourism" strategy, and it is also the eve of the reconstruction of the traditional cultural tourism business logic. When "Happy" enters the trendy toy market in a "rebellious cute" manner, is it just AOYA's "side business egg", or a strategic lever to leverage the 800 billion parent-child cultural tourism market? A more profound question is: in the current situation where POP MART's "soft cute universe" has occupied users' minds, how can the "not happy" IP break through homogenization and become a new carrier for cultural tourism integration? Differentiated breakthrough: How can rebellious and cute IP break through the homogenization dilemma of trendy toys In the trendy toy market dominated by POP MART, 52TOYS, and other leading players, "soft", "healing", and "cute equals justice" have almost become industry norms. Consumers are not just buying a doll, but also seeking emotional comfort. However, when "cute" becomes the standard answer, homogenization follows closely, and aesthetic fatigue quietly breeds. The emergence of "AngryBaby Happy" is a precise emotional rebellion. This IP image design inspiration comes from the unicorn in the Quzhou intangible cultural heritage "Three Strangeness", and incorporates elements of fantasy from Pu Songling's "Strange Tales from a Chinese Studio". Its core of "angry to the point of ear reddening yet conveying joy" hits the emotional expression needs of contemporary young people precisely. This design philosophy of "rebellious cute" (Rebel Cute) directly targets contemporary urbanites, especially the emotional pain points of young parents and Generation Z consumers. In today's high-pressure social media environment and pervasive parenting anxiety, true "happiness" is no longer just mindless smiling emojis. "Happy" conveys a more resonant emotional truth in its "unhappy" attitude - acknowledging imperfection, allowing for anger, yet remaining cute. As Li Fangyue said in the live broadcast room: "Happy expresses an attitude and statement. This kind of spirit that dares to express and showcase oneself also reflects a clear observation and understanding of society, which has also attracted a lot of attention to AngryBaby Pleased." This precise positioning made this IP a "scene-stealing role" as soon as it appeared at the booth. At the exhibition site, the innovative combination of "trendy toys + digital collectibles" limited gift box sparked a buying frenzy. The random distribution of NFT blind boxes allows every buyer to enjoy the surprise of "opening the box is a surprise", achieving a dual collection mode of "physical in hand, NFT in account". Strategic synergy: The two-way empowerment logic of IP and cultural tourism projects More importantly, the IP "Happy" has already landed in AOYA's flagship project - the Quzhou Yan Family Yudao Nankong Luojia Sen Park. In the park, "Happy" is not only the image of surrounding products but also the core character of theme routes, interactive installations, and children's theater performances. Visitors can "meet Happy", "be angry together" with it, and eventually "reconcile and laugh". This model of "offline scene-first, IP content empowerment" breaks the passive logic of traditional IP of "launching products first and then finding scenes", achieving a transition from "design-driven" to "experience-driven". At the same time, for the company, this model not only reduces trial and error costs but also increases investment returns. This "scene is the channel", IP+NFT integrated model reduces the marketing costs of IP and strengthens user awareness through offline experiences. Compared to POP MART's sales model relying on blind boxes and e-commerce, it is more sustainable. Currently, Shenzhen L&A Design and its subsidiary JoyKey have formed four major IP matrices. In addition to "Happy", there are also the team pet "Xiaoju", "Luo and Jia Lori & Scarlet", and the future mascot of the horse year "Madodo". Each IP is based on AOYA's practices in urban renewal, rural revitalization, and other physical spaces. Shenzhen L&A Design's business model has built a complete business loop: IP creation - derivation - operation, forming a strong synergistic effect with AOYA's original creative design and urban renewal business. These IPs are not just design elements but the core of replicable theme park content, realizing the tangible value realization of IP. The bustling scene in the exhibition negotiation area confirms the market appeal of this model. Many cultural tourism companies, IP licensing agencies, and representatives specifically came to engage in deep discussions with Shenzhen L&A Design on topics such as "IP customized services", "original IP authorization", and "cultural tourism project cooperation". Ambitions for the 800 billion market: AOYA's sinking and expansion According to the latest forecast by the China Cultural Tourism Research Institute, by 2025, the scale of the Chinese parent-child travel market will exceed 800 billion yuan, with a compound annual growth rate exceeding 12%. Among them, the demand in third- and fourth-tier cities is surging, becoming the main growth driver. This is the "opportune moment" for AOYA. Its "Luojia Children" brand has already laid out over 300 children-friendly projects nationwide, many of which are located in urban new areas, cultural tourism towns, and other markets. These projects naturally provide landing scenes for IPs like "Happy". The improvement space of IP derivative products for Shenzhen L&A Design's profitability is worth looking forward to. Compared to traditional cultural tourism projects, IP derivative products have higher gross profit margins and stronger cash flow generating capabilities. With the expansion of IP influence, marginal costs will gradually decrease, and profitability is expected to increase. In the future, AOYA can replicate the "Quzhou model": using original IPs as the core, children's parks as the body, and derivative products as the wings to achieve rapid expansion. Each new park is an amplifier of IP value; each sold blind box is an accumulation of brand assets. The capital market has begun to reprice AOYA. In the past, the market viewed it as a "real estate post-cycle" company, with long-term valuation pressures. Today, with the maturity of the IP ecosystem, its compound attributes of "cultural tourism + content + consumption" are becoming increasingly prominent. Once the "Happy" series forms a sustained explosive capacity, AOYA is expected to transform from a "design stock" into an "IP+cultural tourism stock", ushering in a restructuring of the valuation system.