Wanlian Securities: The IP economy continues to develop at high speed, driving the new engine of the derivatives market.

Wanlian Securities released a research report stating that in recent years, with the rise of Z generation consumerism and the increasing emphasis on emotional value needs, the IP economy has continued to develop rapidly in the media industry. Forms such as grains, card games, and blind boxes have shown strong growth trends in the derivative product market. The firm believes that as high-quality IP cross-media development deepens, there is broad growth potential for its commercial realization, and the future market size of the IP economy has high growth potential. They recommend focusing on companies with: 1) rich IP libraries and cross-form development capabilities; 2) content producers with strong content creation capabilities; 3) companies with outstanding derivative product design, supply chain integration, and offline scene operation capabilities. Wanlian Securities' main points are as follows: The transformation of consumer groups and the emphasis on emotional value are driving the rapid development of the IP economy With the development of the times, content consumption no longer relies solely on the quality of the content itself, but more on the composite motives of user emotions, social expressions, and cultural identity. Among them, the Z generation as an emerging consumer force, with its scale, media habits, and value preferences, shows a stronger emotional stickiness and consumption activity towards IP products. At the same time, as consumer attitudes shift from "functionality" to "emotional value," the continued release of self-gratification, experiential, and social-driven consumption motives provides a broader transformation space for the extension of IP content and the commercialization of derivative products. Content-type IP Cross-form development has become normalized, continuously tapping into commercial potential. 1) Literature-type IP & Film-type IP: The cross-form transformation between literature-type IP and film-type IP is relatively frequent. Meanwhile, web literature-type IP occupies a core leading position within literature-type IP, serving as the first major creative source and value engine of the literary IP ecosystem. Cross-circle linkage, multi-platform multi-frequency, and integrated development are becoming normalized strategies for the development of web literature IP; 2) Game-type IP: Game products in the IP ecosystem have dual core attributes of "source supply" and "carrier reception." They have strong certainty of commercial realization potential and broad space. Successful game IPs have strong cross-form content derivative capabilities, the essence of which is to achieve full-scene coverage of user touchpoints and multi-dimensional commercial value realization through building a diversified content matrix. 3) Animation-type IP: The longevity of animation-type IPs lies in breaking free from the limitation of "content dependency." Through the three-dimensional layout of visualization, scenarization, and socialization, virtual characters are transformed into emotional carriers that fans can perceive, participate in, and resonate with, ultimately upgrading from one-time content consumption to sustained emotional deep bonding, thus maximizing the commercial value of animation IPs. Image-type IP The core attributes of IP itself and operational strategies complement each other to realize commercial value and ensure long-term vitality. The depth and breadth of commercial realization are highly dependent on core elements such as the recognition of the IP image, the coverage of the audience and the geographic radiance, and the diversity of commercial realization models. The continuity of the image-type IP lifecycle and the long-lasting maintenance of its popularity rely on structured creation of character matrices, continuous updating and iteration of images, and development towards content-type IP derivatives. IP derivative products With the core of IP content value or image value, using multiple carriers to materialize and consumerize the IP influence, they serve as carriers of fan emotions and key links for realizing the commercial value of content. IP derivative products refer to related peripheral products developed based on influential IPs, emphasizing the multi-scenario extension of the core value of IP. As Z-generation consumerism rises and the "emotional value" economy prevails, the IP derivative product market has shown explosive growth in recent years, from simple badges and pendants to complex trendy toys, with an increasingly diverse range of forms. Among them, grains, card games, and blind boxes as the three core categories, with their unique gameplay mechanisms and collectible attributes, precisely target the social, entertainment, and identity recognition needs of young groups, becoming the most dynamic growth pole in IP commercial operations. Risk factors: Changes in policy environment; slower-than-expected consumer recovery; intensifying market competition; fluctuation in IP lifecycle; uncertainty in content production risks.