近日，国产动画电影《哪吒之魔童降世》的续作《哪吒2》尚未正式上映，但其IP热度已带动相关衍生品市场迅速升温。据港交所披露，一家主营《哪吒2》授权玩具及周边产品的内地厂商——幻梦文化科技（Fantasy Dream Culture & Tech）已正式递交IPO申请，拟登陆香港主板。该公司凭借与光线传媒旗下彩条屋影业的独家合作，获得了《哪吒2》系列在全球范围内的玩具开发与销售权。招股书显示，幻梦文化近三年营收年均增长超60%，其中IP授权产品贡献了超过七成收入。市场分析人士指出，《哪吒2》有望延续前作超50亿元人民币的票房神话，进一步推动衍生品消费热潮。此次冲击港交所，不仅体现了国产动漫IP商业化路径的成熟，也反映出资本市场对优质文化内容衍生价值的高度认可。若成功上市，幻梦文化或将成为中国首家以单一动画IP为核心资产登陆国际资本市场的玩具企业。
Recently, despite the sequel to the hit Chinese animated film ‘Ne Zha: Birth of the Demon Child’—titled ‘Ne Zha 2’—not yet being officially released, its IP popularity has already sparked a surge in the licensed merchandise market. According to filings with the Hong Kong Stock Exchange, Mainland-based toy manufacturer Fantasy Dream Culture & Tech, which specializes in ‘Ne Zha 2’-branded toys and collectibles, has submitted an IPO application for a listing on the Hong Kong Main Board. The company holds exclusive global rights from Coloroom Pictures, a subsidiary of Enlight Media, to develop and sell ‘Ne Zha 2’ toys. Its prospectus reveals that the firm has achieved annual revenue growth exceeding 60% over the past three years, with IP-licensed products accounting for more than 70% of total income. Analysts suggest that ‘Ne Zha 2’ could replicate or even surpass the original film’s box office success of over RMB 5 billion, further fueling demand for related merchandise. This IPO attempt not only highlights the maturing commercialization model of domestic animated IPs but also reflects strong investor confidence in the derivative value of high-quality cultural content. If successful, Fantasy Dream would become the first Chinese toy company to go public internationally with a single animated IP as its core asset.
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