China’s IP Titans: Ne Zha and Monkey King Spark a Cultural Boom

According to a recent CICC report, toy‑based IP sales in China reached 7.6 billion yuan (US $1 billion) in 2024. The report forecasts a steady compound annual growth rate of 17.2 percent through 2029 . In contrast, the global IP market grew to 525.1 billion yuan in 2024 and is expected to expand at 8 percent annually in the same period. Notably, China and Southeast Asia are projected to generate nearly half of this global IP growth.

Pop Mart’s “The Monsters” collection—perhaps best known through its blind‑box toys—is among the most compelling success stories. The surprise launch and repeat sales cycles have energized consumer engagement and secondary trading. However, recent challenges highlight the volatility of the model: a bulk restocking of its latest “Labubu 3.0” figures caused a nearly 15 percent drop in Pop Mart’s share price, as resale values plunged and investors questioned whether the hype can be sustained .

Meanwhile, legendary figures from Chinese lore are rapidly becoming IP powerhouses in their own right. 2019’s Ne Zha film shattered box office records, and its 2025 sequel—Ne Zha 2—further cemented the franchise’s dominance. The sequel, released January 29 2025 during the Chinese New Year, grossed over US $2.2 billion globally—becoming the highest‑grossing single‑territory animated film, the top non‑English‑language film, and the first animated movie to pass US $2 billion in worldwide revenue.

The Monkey King IP has also shown enduring strength. Monkey King: Hero Is Back (2015), a computer‑animated film, earned around US $153 million against a modest US $16 million budget, becoming China’s top animated film at the time. A follow‑up prequel, Monkey King: Havoc in Heaven, is reportedly in development, underscoring the franchise’s ongoing vitality.

Beyond the screen and toy shelves, IP characters cross platforms: Chinese animated series like Non‑Human re‑interpret mythic figures for digital audiences and collaborate with global brands. One such “Daydreaming Ne Zha” blind‑box, in partnership with Pop Mart, sold more than 10 million yuan in six months.

Key Takeaways