According to online platform data, as of today, the total box office revenue (including pre-sales) for 2025 summer season films has surpassed 10 billion yuan, with "Nanjing Photo Studio," "Langlang Mountain Little Monsters," and "Lychees of Chang'an" ranking in the top three positions. Among them, the domestic animated film "Langlang Mountain Little Monsters" has accumulated over 1 billion yuan in box office revenue, entering the top ten of China's all-time animated film box office rankings.
Multiple listed companies involved, derivative products sold out
"Langlang Mountain Little Monsters" was officially released on August 2nd, created by the original team behind the animated short "Chinese Strange Tales: Little Monster's Summer." According to Maoyan Professional Edition App, the film's production involves listed companies including Shanghai Film Co.,Ltd. (601595.SH) and China Film Group Co.,Ltd. (600977.SH). Shanghai Film Yuan (Shanghai) Cultural Technology Development Co., Ltd. is a subsidiary of Shanghai Film Co.,Ltd., while China Film Group Co.,Ltd. is one of the investors but does not participate in the film's derivative business.
The film's popularity has directly driven strong sales of derivative products: on the opening day of "Langlang Mountain Little Monsters," peripheral product sales exceeded 7 million yuan, character dolls sold out, and over 3 million blind box products were sold.
According to Shanghai Film Co.,Ltd., "Langlang Mountain Little Monsters" has established collaborative partnerships with over 30 companies including Luckin Coffee, Chenguang Stationery, Jetsen Films, and Wentongzi, covering categories such as trendy toys, peripheral brands, 4 lifestyle consumer brands, 2 publishing categories, 2 games, as well as automotive, apps, and themed exhibitions.
Beijing Jetsen Technology Co.,Ltd. (300182.SZ) responded to investor inquiries on its interactive platform on August 6th, stating that it has obtained IP derivative development rights for "Langlang Mountain Little Monsters," officially authorized by Shanghai Film Yuan Culture, launching a ceramic blind box series.
As one of the earliest brands to announce collaboration, Luckin's osmanthus series has been sold out since launch. Even more popular than the beverages is the "Huarong Dao puzzle pendant." Relevant data shows that within 3 days of the collaborative series launch, sales exceeded 5 million cups, driving a 47% increase in daily active users on Luckin's mini-program.
Among various peripherals, Langlang Mountain IP plush products have the highest popularity. In Wentongzi's official flagship store, the best-selling item is the Langlang Mountain Little Monster pendant, with over 10,000+ sales, priced at 164 yuan per plush pendant.
According to Wentongzi's social media accounts, the "Langlang Mountain Little Monsters" product series launched on July 15th with sales results exceeding expectations. Before the film's official release, the first batch of little pig monster pendants had already sold out on July 24th.
Maoyan Research Institute data shows that derivative product revenue for the 2025 summer season increased 120% year-on-year, with "Langlang Mountain Little Monsters" contributing nearly 30%. Industry predictions suggest that its IP's full industry chain value will exceed 1 billion yuan.
Breaking the "survival solely on box office" model, accumulating IP value through derivatives
"The era of simply relying on box office revenue to recoup costs has passed," said Wang Lei, Dean of the School of Animation and Digital Arts at Communication University of China. He noted that influential IPs must represent systematic capabilities in productization and capitalization.
This year's opening phenomenon "Nezha: Reborn" (hereinafter referred to as "Nezha 2") has shown remarkable derivative sales data. At the 27th Shanghai International Film Festival opening forum, Wang Changtian, Chairman of Beijing Enlight Media Co.,Ltd. (300251.SZ), the producer of "Nezha 2," revealed that "Nezha 2" may have generated over 200 billion yuan in GDP increment, with derivative sales expected to exceed 100 billion yuan.
Many industry insiders believe that the profit model for Chinese animated IPs is simultaneously undergoing evolution. "Animation is essentially virtual IP, which not only transfers more easily between media compared to live-action content, but virtual characters and fictional worldviews also provide the foundation for transferring value between media and products," Wang Lei explained.
Accumulating IP value through derivatives has been proven in the operation of mature global IPs. According to the latest data, most of the top ten highest-grossing IPs globally are animated or virtual characters that have remained popular for decades. The top three - "Pokémon," "Mickey Mouse," and "Winnie the Pooh" - each have total revenues exceeding $40 billion, with box office revenue accounting for less than 2%. Their commercial success is more the result of comprehensive industry chain deployment including retail, gaming, books, and home entertainment.
The globally renowned "Harry Potter" IP has formed a massive industry chain worth hundreds of billions of dollars, with derivative product revenues accounting for 70% of the total.
In the first quarter of 2025, Beijing Enlight Media Co.,Ltd.'s film and derivative business revenue and profits both achieved substantial year-on-year growth. Before "Nezha 2's" release, the company had already begun planning and developing diverse derivatives including trendy toys, figurines, cards, and publications, while planning overseas distribution to further explore IP value and broaden profit channels.
In its 2024 annual report, Shanghai Film Co.,Ltd. listed "IP operations" as one of the company's three core businesses. In 2024, Shanghai Film Co.,Ltd.'s intellectual property licensing business achieved revenue of 66.18 million yuan, up 62.74% year-on-year, with a business gross margin of 90.87%.
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