Chongqing - The 2025 summer season has seen two domestic animated films dominate the market. "The Legend of Hei 2" grossed over 100 million yuan (about 13.92 million U.S. dollars) within three days and earned an 8.7 rating on Douban, while "Nobody" became the top-grossing 2D animated film in China.

The "Nobody" pendants at the Qijun Toy Factory in Dongguan, Guangdong, on August 11. (Photo/Zheng Jiaxiong, Xinhua)

Their popularity quickly extended beyond the cinema. At Chongqing Longfor Times Paradise Walk’s "Nobody" pop-up store, young fans flocked to purchase plush toys, pendants, and blind boxes. Co-branded merchandise for "The Legend of Hei 2" was equally hot—blind boxes sold out in two seconds, while Miniso’s collaboration cleared shelves on launch day.

This wave reflects the growing strength of China's film derivative market: when compelling content is paired with savvy commercialization, cultural consumption spills from the screen into daily life.

Sales Boom Online and Offline

Demand for film merchandise has surged on both theatrical and online platforms. “I laughed so hard at the weasel spirit in the movie—buying the doll keeps that joy alive,” said Li Hua, a post-95s viewer in Chongqing.

On Taobao, preorders for a “Nobody” doll exceeded 20,000 units, with delivery stretching into October. A weasel pendant sold out after three restocks. Even unauthorized “fan-made” goods benefited—one toy factory reported selling more than 10,000 keychains a day.

Cross-industry tie-ins further expanded the IP’s reach of "Nobody", from Luckin Coffee cup sleeves and Keep fitness badges to Avatr car wraps and Suzhou embroidery collaborations. “The Legend of Hei 2” also launched partnerships with Pop Mart, Miniso, and others, pushing out figures, blind boxes, and badges. Its producer reported annual merchandise revenue in the tens of millions of yuan.

New Growth Engine for Animation IPs

The back-to-back success of “Ne Zha 2”, “Nobody”, and “The Legend of Hei 2” marks China’s entry into a full industrial chain era for animation IPs. According to Huaon Industry Research Institute, the domestic IP derivative market reached 202.5 billion yuan in 2025, with film and TV IPs contributing more than 40%.

Unlike in earlier years, when products lagged behind films, today’s IPs integrate merchandise planning from the outset. For “Nobody”, 17 sectors—including toys, apparel, and dining—were mapped during development. Director Yu Shui noted that one temple scene drew on Shanxi’s Foguang Temple and inspired collectible architecture models: “We wanted audiences to take home a piece of cultural memory.” Thanks to such strategies, “Nobody” merchandise sales have topped 500 million yuan.

The Emotional Core of IP Consumption

“I didn’t just buy a figure—I bought the courage that even a pig monster can be a hero,” said Xiao Lin, another Gen Z fan. Her words capture the emotional logic behind IP consumption.

Surveys show 78% of Gen Z are willing to pay for feelings of healing or belonging. For this generation, film merchandise functions less as a product than as a form of identity and emotional currency.

Data underscores this trend. Maoyan Research Institute reported a 120% year-on-year surge in derivative revenue this quarter, with “Nobody” alone accounting for nearly one-third. Co-branded Luckin Coffee fridge magnets sold out at launch and were later traded at triple the price on resale platforms. “Ne Zha 2” generated 12 million yuan in co-branded sales in just 10 days.

The challenge now is turning short-lived hype into enduring classics. Mo Yuanming, a Chongqing Technology and Business University researcher, said physical merchandise helps transform fleeting enthusiasm into lasting emotional bonds—one reason Harry Potter and Pokémon remain global powerhouses.

He suggested three strategies for sustainability: consistent investment in high-quality storytelling; clear, expandable world-building from the outset; and transmedia storytelling through series, games, and live experiences to extend an IP’s lifecycle.

(Xie Xinyi, as an intern, also contributed to this article.)