CICC: IP strategies in the media industry are significantly accelerating vertical expansion of the industry chain.

The research report from China International Capital Corporation (CICC) indicates that, since the beginning of 2025, there has been a significant acceleration in the vertical extension of the industrial chain of the media industry's intellectual property (IP) side due to strategic changes and business layouts. From an investment perspective, everyone is also reevaluating the development potential of the IP derivative market, the differentiated value of IP, and searching for companies with expansion potential. We believe the key lies in analyzing the development path from IP content creators to IP operators, tracking from the growth curve of head IPs, the ability of IP to mobilize industry chain resources, and the depth and effectiveness of IP's downstream layout.