潮玩赛道，阿里悄悄下场了

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来源：猎云精选；文/孙媛阿里对着潮玩，又落一子。这次是线下零售。2月中旬，阿里旗下首家线下潮玩店“好运连得 LUCKY LOOP”已低调落地北京，于朝阳区朝外街道The Box朝外年轻力中心下沉广场正式开业，进入正常运营阶段。门店定位为综合性潮玩集合店，覆盖了盲盒、潮流手办、文创周边等多种品类，与当前潮玩行业的主流赛道高度契合，类似泡泡玛特。店内既有TNT的“Zoraa”、奇梦岛的“Wakuku”...

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LOOP”开通的视频号内容显示，账号隶属于北京好呀潮玩文化创意有限公司，于今年1月20日完成了微信认证。根据天眼查，北京好呀潮玩文化创意有限公司成立于2025年7月，穿透股权来看，该公司由中联盛世文化（北京）有限公司100%控股。后者为大麦娱乐（原阿里影业）的间接全资附属公司，且好呀潮玩董事兼经理李捷是大麦娱乐总裁。也就是说，阿里落子线下潮玩的动作，是由大麦娱乐一线操盘，且早在去年7月就有了实质性的动作。值得注意的是，这一步，距离阿里影业更名为大麦娱乐后仅2个月时间。去年5月，阿里大文娱集团曾举办过一场“品牌焕新发布会”，宣布阿里大文娱更名为“虎鲸文娱集团”，同日大文娱旗下的阿里影业也进行了更名。也正是这场品牌焕新，不仅让大麦站到了阿里押注线下娱乐的C位，战略重心从电影转向现实娱乐，即线下演出+IP衍生+线下消费，也让IP运营管理和商业化平台阿里鱼，站到了“增长”的聚光灯下。阿里鱼的商业模式是授权费＋零售运营分润，即作为中间商，从上游版权方购买IP，然后授权给下游商家收授权费，逻辑是将IP流量转化为实体消费。而经过多年深耕，阿里鱼已经成长为国内最大的IP代理商。其IP矩阵已覆盖二次元、文博文创、影视综艺、教育体育等多个领域，并签约了三丽鸥家族、宝可梦、环球影业、蜡笔小新、Chiikawa等大火IP。截至2025年3月31日的年度业绩公告显示，阿里鱼授权IP商品零售额实现同比大幅增长，推动业务收入较上年同期提升超90%。结合同期大麦娱乐IP衍生业务收入14.33亿元，占比还仅为21.39%来看，其作为新增长引擎的“变现”潜力自然不言而喻。大麦娱乐，也一直在关注现实娱乐消费趋势下年轻用户的需求，积极拓展更多的线下消费场景，也一直在尝试探索IP商业化的多元路径。由此，到了去年第三季度，大麦娱乐更为聚焦阿里鱼衍生业务，IP零售品牌运营业务亦成为阿里鱼的重要业务内容。报告期内，阿里鱼更是联合上游版权方及潮玩品牌方开设了线下主题快闪、官方旗舰店等多家国内首店。例如，去年9月，吉伊卡哇中国内地首家线下官方旗舰店落地上海。此前，阿里鱼还通过“IP2B2C”全链路模式，将三丽鸥、宝可梦等IP与天猫潮玩、线下快闪店结合，2024年助力合作品牌GMV增长超600%。诸此种种，无不意味着大麦娱乐已经把IP衍生业务从授权/线上向线下消费进一步延伸，正以IP2B2C打开更大的增长空间。而“好运连得 LUCKY LOOP”的首店落地，则意味着线下零售能力已经历练成熟，阿里正式布局落子。加码潮玩，阿里要做“多边形战士”当然，此时入局线下潮玩，阿里不免略显虽迟但到。纵观行业，泡泡玛特手持自研 IP＋艺术家签约＋二级市场溢价，俨然坐稳了行业唯一“超级品牌”，恒者恒强。结合前三季度业绩数据，行业普遍预测，泡泡玛特全年营收将突破400亿元大关，净利润约有130亿元，实现跨越式增长。近期泡泡玛特年会还透露，2025年其全球注册会员已超1亿人，全年销售“LABUBU”超过1亿只，全品类全IP潮玩产品销售更是超过4亿只。2026年开年，泡泡玛特还连上三款新品，其中“敲敲木鱼”火速售罄。情人节前夕，泡泡玛特推出星星人“怦然星动”毛绒盲盒，首周销量突破50万只。春节前上线的“马力全开”毛绒系列，单日交易额也超800万元。而除了泡泡玛特外，名创旗下潮玩品牌TOP TOY也凭着“渠道密度 + 极致性价比”，发展强势。去年上半年，TOP TOY营收13.6亿元，净利润达1.8亿元，已成为中国规模最大、增速最快的“潮玩集合品牌”，随后公司便拿下近4.27亿元A轮融资，启动了赴港IPO。同期，TOP TOY还有力补齐了“强渠道而弱IP”的短板。公司与海创文化成立合资公司“果然有趣”，从而拿下“Nommi糯米儿”和“Maymei霉霉”等优质潮玩IP。相关数据显示，“Nommi糯米儿”25年全年收入预计可达2.5亿元，2026年更有望增至6亿元。另外，在资本层面，52TOYS、潮玩品牌嘿粉儿母公司Suplay均已向港交所提交招股书；黑玩Heyone、超级元气工厂、AYOR TOYS等相继完成了新一轮融资；上市公司HERE奇梦岛（原量子之歌）和小黄鸭德盈则分别并购了潮玩品牌Letsvan和HIDDEN WOOO。诸此种种，都意味着阿里此时加码，无异于要在格局已定的劲敌环伺中杀出一条血路。但是，从综合实力以及长期深耕来看，阿里的优势也很明显。阿里进军潮玩，最早可以追溯到2016年，彼时阿里鱼成立，定位为IP交易及创新平台，核心做 IP 授权、商业化与全链路服务，标志阿里从 “卖货” 转向IP 运营，为潮玩布局搭建上游核心能力。这一举动，为阿里潮玩的IP授权体系奠基。随后一年，淘宝天猫便以电商卡位潮玩，米哈游与叠纸等首批游戏IP公司相继入驻天猫。自此，阿里在潮玩赛道形成了IP授权与电商平台的双轮驱动。久谦中台报告指出，2025年双11第一阶段，淘天潮玩销售额占整体市场大盘的75.8%，是行业公认的线上潮玩“第一大平台”。另据2025年4月LICENSEGLOBAL发布的《2025年全球授权代理商排行榜报告》显示，阿里鱼以41亿美元零售额领跑亚太地区，跻身全球第六位，已连续三年实现排名跃升。由此可见，阿里在线上IP零售和IP授权已经在国内做到了“行业一哥”。另外，在角逐潮玩上，阿里也进行了能力加码。去年9月，阿里便投资中国潮玩品牌AYOR TOYS，以补全上游能力。资料显示，AYOR TOYS成立于2025年6月，旗下拥有“兔闪闪ShyShy”“坏小孩Kippo”等原创IP，产品涵盖搪胶毛绒、盲盒、手办等多元潮玩形态，核心策略是通过“IP+场景化设计”抢占年轻消费者心智。由此一来，这笔交易不仅可以弥补阿里的原创IP不足，还可以推动其从 “拿成熟 IP 授权” 升级为“IP授权 + 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