谷子经济热潮涌动：IP成核心，多家企业排队上市谁能突围？

ITBEAR科技资讯02-05

当泡泡玛特凭借潮玩IP在资本市场屡创神话，一场围绕“谷子经济”的上市潮正在悄然兴起。卡游、52TOYS、铜师傅、TOP TOY等品牌纷纷递交招股书，试图在千亿级市场中抢占先机。这些企业虽业务形态各异，但核心逻辑均指向同一关键词——IP运营。“谷子”作为动漫、游戏等IP衍生商品的代称，正以每年数百亿的规模扩张。2024年市场规模突破1700亿元后，次年便跃升至2400亿元，预计2027年将突破...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260205111644a6d53767&s=b><strong>ITBEAR科技资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当泡泡玛特凭借潮玩IP在资本市场屡创神话，一场围绕“谷子经济”的上市潮正在悄然兴起。卡游、52TOYS、铜师傅、TOP TOY等品牌纷纷递交招股书，试图在千亿级市场中抢占先机。这些企业虽业务形态各异，但核心逻辑均指向同一关键词——IP运营。“谷子”作为动漫、游戏等IP衍生商品的代称，正以每年数百亿的规模扩张。2024年市场规模突破1700亿元后，次年便跃升至2400亿元，预计2027年将突破...</p>\n\n<a 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Who can break through?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PMRTY":1.95,"09992":1.95},"content_text":"当泡泡玛特凭借潮玩IP在资本市场屡创神话，一场围绕“谷子经济”的上市潮正在悄然兴起。卡游、52TOYS、铜师傅、TOP TOY等品牌纷纷递交招股书，试图在千亿级市场中抢占先机。这些企业虽业务形态各异，但核心逻辑均指向同一关键词——IP运营。“谷子”作为动漫、游戏等IP衍生商品的代称，正以每年数百亿的规模扩张。2024年市场规模突破1700亿元后，次年便跃升至2400亿元，预计2027年将突破3000亿元大关。这股浪潮中，泡泡玛特股价从2024年初的十几港元飙升至2025年三季度的340港元，布鲁可上市半年内股价翻三倍，彻底点燃了资本市场的热情。A股市场甚至将汤姆猫、姚记科技等沾边企业纳入“谷子概念股”范畴。排队上市的潮玩企业呈现多元化特征。百亿卡牌巨头卡游虽2024年净利润超40亿元，却因IP授权问题多次推迟港股上市；52TOYS凭借万达电影战略投资绑定影院渠道，被视为最接近泡泡玛特模式的挑战者；雷军投资的铜师傅以铜质文创品切入市场，自称“小米体系外最像小米的企业”；名创优品分拆的TOP TOY则通过集合店模式快速扩张，5年内成为行业增速最快的品牌。更值得关注的是下沉市场玩家桑尼森迪，这家以B端业务起家的企业，通过“黑灯工厂”实现7×24小时自动化生产，将性价比潮玩卖向全球市场。行业分类维度下，企业竞争格局逐渐清晰。以泡泡玛特、卡游为代表的核心企业，通过自主开发或授权运营IP构建竞争壁垒；TOP TOY、X11等渠道型品牌虽具备IP孵化能力，但核心货架仍被蜡笔小新、迪士尼等外部IP占据；桑尼森迪则走出技术驱动的差异化路径，其全球独有的多色多材质一体成型技术，使产品价格下探至9.9元区间，直接冲击传统潮玩定价体系。IP稀缺性成为制约行业发展的关键因素。当前市场呈现“外部授权IP主导，自有IP培育滞后”的尴尬局面。卡游依赖奥特曼、小马宝莉等授权IP贡献超八成收入，但需承受高昂的授权费用与到期风险；布鲁可虽通过“百变布鲁可”等自有IP探索内容衍生，但尚未形成气候；52TOYS尝试通过猛兽匣小说、动漫丰富IP价值，但距离万代南宫梦式的IP生态仍有差距。这种结构性矛盾在财报中体现得尤为明显——泡泡玛特自有IP占比虽逐年提升，但Molly、LABUBU等头部IP仍需持续投入内容运营以维持热度。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2609349671","isCrawlerRequest":true}