IP經濟正當紅,《哪吒2》衍生品銷售或上千億,光線傳媒又要被“帶火”?
今日,光線傳媒20CM升停,最高封單額30.81億元,最新報22.1元/股,總市值648.3億元。
春節後,得益於《哪吒 2》的大獲成功,光線傳媒的股價創下“8天6板”神話,在僅僅8個交易日內升270%,並於2月17日盤中創下歷史新高41.48元/股,當日放量收陰線。
隨後的將近4個多月的時間內,光線傳媒股價一路下行,最低跌至17.22元/股,最大回撤超58%。

《哪吒 2》大部分票房分賬已計入Q1業績
昨日,在上海國際電影節開幕論壇上,光線傳媒董事長王長田表示,電影市場想良性發展,應該讓片方得到更多,而目前的票房分賬方式,他認為非常不合理。
他介紹:“目前電影市場票房分賬規則:一百塊錢的票房,片方大概拿三十八九塊錢,去掉宣發成本後,可能只能拿到大概33%。100塊裏拿到33塊錢,能不能做好電影?我認為這以後無法維持行業的基本投入。“
據貓眼專業版數據,《哪吒 2》目前國內票房為154.39億。按上述比例估算,作為片方的光線傳媒可以分到接近51億。
王長田還透露,《哪吒 2》的海外票房將超1億美元,創近20年來中國電影“出海”票房最高紀錄。
另據光線傳媒介紹,《哪吒 2》的截至2025年3月31日150.76億元票房對應的分賬收入已經計入業績中了。
受益於此,光線傳媒今年一季度實現營業收入29.75億元,同比增長177.87%;歸母淨利潤為20.16億元,同比增長374.79%。
這也意味着,《哪吒 2》給光線傳媒帶來的票房收益大部分都已經體現在業績上了。

IP經濟的想象力
除了票房收益,《哪吒 2》的IP授權也給光線傳媒的估值帶來了新的想象力。
據王長田透露,《哪吒 2》帶來的GDP增量估算超2000億,最終《哪吒 2》的衍生品銷售額將上千億。
王長田表示:“我們賣得最多的衍生品有上百億銷售額,但是我們分不到這麼多,我們在授權方面經驗沒有那麼豐富,很多東西還需要探索,目前是衍生品開發銷售商得到了很多的紅利。當然也有大量盜版。我覺得上千億‘哪吒’衍生品銷售額還是有的。”
近期,泡泡瑪特旗下Labubu大火,IP經濟火爆資本市場。
目前,光線傳媒也正在從“高端內容提供商”向“IP 創造者和運營商”轉型,公司以穀子、遊戲、卡牌、品牌店、主題樂園為重點,發展IP運營業務。
今年一季度,該部分業務已為光線傳媒貢獻了數億的收入,未來的目標是在初期每年就要貢獻上億或數億的利潤。
總結而言,《哪吒 2》的成功已經證明了光線傳媒在內容創作上的能力,加上IP運營不斷髮展、成熟,公司未來值得期待。
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