泡泡玛特IP供给链：89%收入来自“自有IP”，为什么无形资产只占0.76%？｜个人学习版

from 投研随身听 · host 慢研播客

2026年上半年，泡泡玛特口径下的自有IP贡献89%收入，但无形资产只占总资产0.76%。这期沿着一条IP从艺术家走到公司报表的路径，解释自有IP为何同时包含完全拥有和独家授权，泡泡玛特如何先用四至六年的独家协议与销售分成控制试错成本，再用门店、会员和复购数据验证需求，最后选择性买断成熟IP。MOLLY从2016年独家签约到2019年转让所有权，是这套机制最完整的样本；THE MONSTERS的所有权、协议期限与海外地域权利，则是当前最值得继续追踪的问题。本期为个人学习版，只上传私人Podcast，不在小宇宙发布。

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泡泡玛特IP供给链：89%收入来自“自有IP”，为什么无形资产只占0.76%？｜个人学习版

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