Wanlian Securities released a research report stating that in recent years, with the rise of Gen Z consumption and increasing demand for emotional value, the IP economy has continued to develop rapidly in the media industry. Products such as pins, trading cards, and blind boxes have shown strong growth momentum in the derivative market. The firm believes that as high-quality IPs expand across multiple media formats, their commercialization potential offers significant growth opportunities, with the IP economy poised for substantial market expansion. Key recommendations include focusing on: 1) companies with extensive IP libraries and cross-format development capabilities; 2) content creators with strong IP origination and creative production abilities; and 3) firms excelling in derivative design, supply chain integration, and offline scenario operations. Wanlian Securities' key insights are as follows:

**Shifting Consumer Demographics and Emotional Value Drive IP Economy Growth** As consumer preferences evolve, content consumption is no longer solely dependent on quality but also on emotional engagement, social expression, and cultural identity. Gen Z, as the emerging consumer powerhouse, demonstrates strong emotional attachment and spending activity toward IP products due to their scale, media habits, and value preferences. Additionally, the shift from functional to emotional-driven consumption—such as self-reward, experiential, and socially motivated purchases—has expanded the commercialization potential for IP content and derivatives.

**Cross-Format IP Development Unlocks Commercial Potential** 1) **Literary & Film/TV IPs**: Cross-format adaptation between literary and film/TV IPs is increasingly common, with web novels dominating as the primary creative source and value driver in the literary IP ecosystem. Multi-platform, multi-frequency, and integrated development strategies are becoming standard. 2) **Gaming IPs**: Games serve dual roles as both "source providers" and "content carriers" in the IP ecosystem, offering high commercialization certainty and scalability. Successful gaming IPs leverage diversified content matrices to achieve full-scenario user engagement and multi-dimensional monetization. 3) **Anime IPs**: The long-term viability of anime IPs hinges on transcending content dependency by creating immersive, interactive, and socially resonant character experiences. This approach deepens emotional bonds with fans, transitioning from one-time consumption to sustained engagement and maximizing commercial value.

**Image-Based IPs Rely on Strategic Synergy for Monetization and Longevity** The depth and breadth of commercialization depend on factors like IP recognition, audience reach, and diversified monetization models. Sustaining an image-based IP’s lifecycle requires structured character development, continuous updates, and potential evolution into content-driven IPs.

**IP Derivatives: Bridging Content Value and Consumer Markets** IP derivatives, which materialize and monetize IP influence through various products, serve as both emotional touchpoints for fans and critical revenue streams. These products—ranging from simple badges to complex collectibles like trading cards and blind boxes—have surged in popularity amid Gen Z’s demand for social, entertainment, and identity-driven consumption. Pins, cards, and blind boxes, in particular, have emerged as high-growth segments due to their unique appeal and collectible nature.

**Risk Factors**: Policy changes, slower-than-expected consumption recovery, intensified competition, IP lifecycle volatility, and content production uncertainties.