MoonFox Analysis -- Ne Zha 2 Rages Across the Sea, Sparking the First Frenzy of the Year in the "Goods" Community
Ne Zha 2 has achieved remarkable box office success during the 2024 Chinese Spring Festival, grossing RMB 4.839 billion during the holiday period and exceeding RMB 12 billion total by February 17, ranking among the top 9 highest-grossing films worldwide.
The film's success extends beyond box office revenues, triggering a consumption frenzy in the ACG 'Goods' community through merchandise and social engagement. The 2025 Spring Festival movie season generated RMB 9.51 billion in total box office revenue, an 18.6% increase from 2024, with Ne Zha 2 contributing over 50%.
The film's success demonstrates a shift in China's film industry towards an 'IP ecosystem' model, combining high-quality production with extensive merchandise offerings. Pop Mart's collaboration with Ne Zha 2 through the 'Born Bonded' blind box series saw remarkable success, with their mini-program's daily active users reaching 770,000, marking a fivefold year-over-year increase.
Ne Zha 2 ha ottenuto un notevole successo al botteghino durante il Festival di Primavera cinese del 2024, incassando 4,839 miliardi di RMB durante il periodo festivo e superando i 12 miliardi di RMB totali entro il 17 febbraio, posizionandosi tra i primi 9 film con il maggior incasso a livello mondiale.
Il successo del film va oltre i ricavi al botteghino, scatenando una frenesia di consumo nella comunità ACG 'Goods' attraverso il merchandising e l'engagement sociale. La stagione cinematografica del Festival di Primavera 2025 ha generato un incasso totale di 9,51 miliardi di RMB, con un aumento del 18,6% rispetto al 2024, con Ne Zha 2 che ha contribuito per oltre il 50%.
Il successo del film dimostra un cambiamento nell'industria cinematografica cinese verso un modello 'ecosistema IP', combinando produzioni di alta qualità con un'ampia offerta di merchandising. La collaborazione di Pop Mart con Ne Zha 2 attraverso la serie di scatole misteriose 'Born Bonded' ha avuto un successo straordinario, con gli utenti attivi giornalieri del loro mini-programma che hanno raggiunto i 770.000, segnando un aumento di cinque volte rispetto all'anno precedente.
Ne Zha 2 ha logrado un notable éxito de taquilla durante el Festival de Primavera chino de 2024, recaudando 4.839 millones de RMB durante el período festivo y superando los 12 mil millones de RMB en total para el 17 de febrero, clasificándose entre las 9 películas con mayores ingresos a nivel mundial.
El éxito de la película va más allá de los ingresos de taquilla, desencadenando una fiebre de consumo en la comunidad de 'Goods' de ACG a través de mercancía y compromiso social. La temporada de películas del Festival de Primavera de 2025 generó un ingreso total de 9.51 mil millones de RMB, un aumento del 18.6% con respecto a 2024, con Ne Zha 2 contribuyendo con más del 50%.
El éxito de la película demuestra un cambio en la industria cinematográfica de China hacia un modelo de 'ecosistema IP', combinando producciones de alta calidad con una amplia oferta de mercancía. La colaboración de Pop Mart con Ne Zha 2 a través de la serie de cajas misteriosas 'Born Bonded' tuvo un éxito notable, con los usuarios activos diarios de su mini-programa alcanzando los 770,000, marcando un aumento de cinco veces en comparación con el año anterior.
네 자 2는 2024년 중국 춘절 동안 놀라운 박스오피스 성공을 거두며, 명절 기간 동안 4,839억 위안을 벌어들이고 2월 17일까지 총 120억 위안을 초과하여 전 세계에서 가장 높은 수익을 올린 9편의 영화 중 하나로 자리매김했습니다.
이 영화의 성공은 박스오피스 수익을 넘어, 상품과 사회적 참여를 통해 ACG 'Goods' 커뮤니티에서 소비 열풍을 촉발했습니다. 2025년 춘절 영화 시즌은 총 9,51억 위안의 박스오피스 수익을 올렸으며, 이는 2024년 대비 18.6% 증가한 수치로, 네 자 2가 50% 이상 기여했습니다.
이 영화의 성공은 중국 영화 산업이 고품질 제작과 폭넓은 상품 제공을 결합한 'IP 생태계' 모델로 전환하고 있음을 보여줍니다. 팝마트가 네 자 2와 협력하여 'Born Bonded' 블라인드 박스 시리즈를 출시한 결과, 그들의 미니 프로그램의 일일 활성 사용자가 77만 명에 도달하며 전년 대비 5배 증가했습니다.
Ne Zha 2 a connu un succès remarquable au box-office durant le Festival du Printemps chinois de 2024, avec des recettes de 4,839 milliards de RMB pendant la période des fêtes et un total dépassant les 12 milliards de RMB d'ici le 17 février, se classant parmi les 9 films les plus rentables au monde.
Le succès du film va au-delà des revenus du box-office, déclenchant une frénésie de consommation dans la communauté ACG 'Goods' à travers des produits dérivés et un engagement social. La saison cinématographique du Festival de Printemps 2025 a généré un revenu total de 9,51 milliards de RMB, soit une augmentation de 18,6 % par rapport à 2024, avec Ne Zha 2 contribuant à plus de 50 %.
Le succès du film démontre un changement dans l'industrie cinématographique chinoise vers un modèle 'écosystème IP', alliant production de haute qualité et large gamme de produits dérivés. La collaboration de Pop Mart avec Ne Zha 2 à travers la série de boîtes surprises 'Born Bonded' a connu un succès remarquable, atteignant 770 000 utilisateurs actifs quotidiens sur leur mini-programme, marquant une augmentation de cinq fois par rapport à l'année précédente.
Ne Zha 2 hat während des chinesischen Frühlingsfestivals 2024 bemerkenswerte Erfolge an den Kinokassen erzielt, mit Einnahmen von 4,839 Milliarden RMB während der Feiertage und insgesamt über 12 Milliarden RMB bis zum 17. Februar, was den Film unter die 9 umsatzstärksten Filme weltweit einreiht.
Der Erfolg des Films geht über die Einnahmen an den Kinokassen hinaus und löst einen Konsumrausch in der ACG 'Goods'-Gemeinschaft durch Merchandise und soziale Interaktion aus. Die Filmsaison des Frühlingsfestivals 2025 erzielte insgesamt 9,51 Milliarden RMB an Kinoumsätzen, was einem Anstieg von 18,6% im Vergleich zu 2024 entspricht, wobei Ne Zha 2 über 50% dazu beitrug.
Der Erfolg des Films zeigt einen Wandel in der chinesischen Filmindustrie hin zu einem 'IP-Ökosystem'-Modell, das hochwertige Produktionen mit umfangreichen Merchandise-Angeboten kombiniert. Die Zusammenarbeit von Pop Mart mit Ne Zha 2 durch die 'Born Bonded'-Blindbox-Serie war äußerst erfolgreich, wobei die täglichen aktiven Nutzer ihres Mini-Programms 770.000 erreichten, was einem fünfmaligen Anstieg im Vergleich zum Vorjahr entspricht.
- Record-breaking box office: RMB 12 billion total revenue
- Dominated Spring Festival season with 50%+ market share
- Strong merchandise sales through Pop Mart collaboration
- Sustained audience engagement with only 19% DAU decline post-holiday
- Overall 2024 Chinese box office declined 22%
- Market still in prolonged 'winter period'
- Derivative product revenue still below international mature market ratios
SHENZHEN, China, March 07, 2025 (GLOBE NEWSWIRE) -- During the 2024 Chinese Spring Festival movie season, the animated film Ne Zha 2 swept the box office. According to publicly available reports, the film grossed RMB 4.839 billion during the holiday period. As of February 17, its total box office revenue had exceeded RMB 12 billion, ranking among the top 9 highest-grossing films worldwide and setting a new record for Chinese cinema. Behind this box office miracle, a consumption frenzy driven by the ACG "Goods" community is unfolding simultaneously - from the surge in demand for spin-off merchandise, to user-generated content going viral, and character-related discussions dominating trending topics.
I. From "Watching Films" to "Nurturing IPs": The Movie Industry Enters an Era of Ecosystem-based Competition
According to data released by the China Film Administration, the total box office revenue in the Chinese film market has fluctuated over the past five years, diverging from the steady upward trend seen a decade ago. Although the most challenging three years are now over, the 2023 box office total had yet to return to the levels seen between 2017 and 2019. In 2024, box office revenue even saw a
Total Box Office Revenue in China (Unit: RMB Hundred Million)
| Year | Box Office (RMB 100 million) | ||
| 2014 | 296.4 | ||
| 2015 | 440.7 | ||
| 2016 | 457.1 | ||
| 2017 | 559.0 | ||
| 2018 | 609.0 | ||
| 2019 | 642.7 | ||
| 2020 | 204.2 | ||
| 2021 | 472.6 | ||
| 2022 | 300.7 | ||
| 2023 | 549.2 | ||
| 2024 | 425.0 | ||
| Data Source: China Film Administration | |||
This year's Spring Festival movie season, however, delivered an unexpectedly powerful boost to the market. According to data from BEACON, the 2025 Spring Festival movie season generated a total box office revenue of RMB 9.51 billion, an
Total Box Office Revenue in Spring Festival Movie Season in China (Unit: RMB Hundred Million)
| Year | Total Box Office | Average Daily Box Office | ||
| 2018 | 57.7 | 8.2 | ||
| 2019 | 59 | 8.4 | ||
| 2021 | 78.4 | 11.2 | ||
| 2022 | 60.4 | 8.6 | ||
| 2023 | 67.6 | 9.7 | ||
| 2024 | 80.2 | 10 | ||
| 2025 | 95.1 | 11.9 | ||
| Data Source: BEACON Pro, Ping An Securities | ||||
DAU Performance of Ticketing Apps during the Spring Festival Movie Season (Unit: 10,000)
| Taopiaopiao | Maoyan | |
| 2024 Spring Festival Movie Season (February 10, 2024 - February 17, 2024) | 1.708 million | 1.201 million |
| The Week after 2024 Spring Festival Movie Season (February 18, 2024 - February 24, 2024) | 794,000 | 623,000 |
| 2025 Spring Festival Movie Season (January 28, 2025 - February 4, 2025) | 1.968 million | 1.455 million |
| The Week after 2025 Spring Festival Movie Season (February 5, 2025 - February 11, 2025) | 1.594 million | 1.296 million |
| Data Source: MoonFox iApp, Data Cycle: 2024 - 2025 | ||
In terms of competition among films during the Spring Festival movie season, this year's lineup stands out as the most IP-driven ever. Of the six films released, five were IP-based sequels or classic adaptations, including Ne Zha 2, Creation of the Gods II: Demon Force, Detective Chinatown 1900, Boonie Bears: Future Reborn, and the martial arts IP Legends of the Condor Heroes: The Gallants. This lineup signals a profound shift in the competitive logic of China's film industry: box office revenue is no longer the only battleground, while building an "IP ecosystem" has become the new moat for leading players.
However, not all IPs guarantee equal returns. The success of Ne Zha 2 rests not only on the RMB 5 billion box office foundation established by its predecessor but also on its dual upgrades in "technology and culture", which together form a strong ecosystem barrier. In addition to high-quality special effects and production value, Ne Zha 2 introduced a wide range of spin-off products, including pop toys, figurines, artbooks, and collectible cards. Furthermore, the film's official team launched user-generated campaigns across multiple platforms, creating a full-cycle experience of "Watching Films - Consumption - Social Engagement". In contrast, although Creation of the Gods II is a sequel, it faced criticism over its special effects and storyline, leading to a decline in audience reception and limited user-generated content engagement, reflecting the diminishing returns of over-relying on IP.
Derivative Product Partnerships for Ne Zha 2
| Company Name | Partnership Type | Product |
| Golden Laser | Gaotou Golden Fund under Golden Laser once invested in LDCX | Figurine |
| POP Mart | Direct Sales Partnership in Derivative Products | Figurine |
| CITIC Press | Direct Sales Partnership in Derivative Products | Artbook |
| JASON Entertainment Group | Direct Sales Partnership in Derivative Products | Collectible Card |
This value differentiation reveals that building an IP ecosystem goes far beyond single-content output, it requires the simultaneous development of technology, derivative product creation, and user engagement across multiple dimensions. Examples include the derivative product matrix planned by Enlight Media for Ne Zha and Wanda Film's effort to establish the "Detective Chinatown Universe" by Detective Chinatown movies series. Both aim to convert moviegoers into long-term IP consumers, forming a sustainable revenue model.
II. Catering to the Trend in "Goods" Community: The Derivative Products Market Anchors IP Fans in Broader Commercial Scenarios
The success of Ne Zha 2 exemplifies a movie-as-entry, ecosystem-as-extension model, marking China's film industry's official entry into the era of "Nurturing IPs". In this era, derivative products have carried a significant portion of the commercial value realization, not only reshaping the profit model of the film industry but also, under the catalysis of the "Goods Economy", elevating the status of China's IP derivative product market from a "marginal supplement" to a "core battlefield". In the traditional watching films model, derivative products were merely supplementary to box office revenue, catering only to a niche group of fans. Now, their role has evolved into an "amplifier of the IP ecosystem".
As a leading player in the "Goods" community, Pop Mart launched the "Born Bonded" blind box series in collaboration with Ne Zha 2 on January 30. Since its launch, driven by the movie's release, growing word-of-mouth, and expanding social influence, the number of active users on Pop Mart's mini-program has surged. According to data monitoring from MoonFox iApp, the DAU of Pop Mart's "Blind Box Machine" applet peaked at 770,000 on February 7, marking a more than fivefold YoY increase. Currently, the shipping schedule for this collaborative blind box series has been pushed back to June 30.
Pop Mart Applet DAU and Growth Trends
| Date | Pop Mart Applet DAU (Unit: 10,000) | Pop Mart Applet DAU YoY Increase | Pop Mart Blind Box Machine Applet DAU (Unit: 10,000) | Pop Mart Blind Box Machine Applet DAU YoY Increase |
| 2025-01-30 | 23.8 | 16.2 | ||
| 2025-01-31 | 24.9 | 21.5 | ||
| 2025-02-01 | 29.4 | 35.1 | ||
| 2025-02-02 | 31.7 | 50.6 | ||
| 2025-02-03 | 29.4 | 42.9 | ||
| 2025-02-04 | 33.3 | 56.2 | ||
| 2025-02-05 | 28.1 | 46.3 | ||
| 2025-02-06 | 49.2 | 73.5 | ||
| 2025-02-07 | 46.0 | 77.0 | ||
| 2025-02-08 | 36.6 | 66.5 | ||
| 2025-02-09 | 41.6 | 76.5 | ||
| 2025-02-10 | 38.0 | 69.7 | ||
| Data Source: MoonFox iApp, Data Cycle: January 30, 2025 - February 10, 2025 | ||||
The popularity of the Goods Economy essentially reflects a shift in consumer demand from functionality to emotional resonance, transforming shared sentiments into tangible, interactive, and widely communicable products. When consumers purchase a Ne Zha figurine, they are not merely buying a plastic or resin product, while buying into the value of "I am the master of my fate", seeking a sense of belonging to a community, and even finding emotional comfort in the face of real-life pressures.
For Pop Mart, the enormous success brought by Ne Zha 2 further validates the company's deep commitment to IP collaborations. In this sector, Pop Mart is steadily building a vast emotional consumption landscape through broad yet refined IP operations.
III. Conclusion from "Watching Films" to "Nurturing IPs" — A Shift from UV Monetization to Emotional Engagement
Some industry perspectives suggest that in a mature film market, revenue from derivative products should surpass box office earnings. For example, in the United States and Japan, the revenue ratio of movie derivatives to box office income can reach 3:7. In the current Chinese film market, while the scale of Ne Zha 2's derivative product market still falls short of its box office revenue, it may serve as a model for collaboration between the film and "Goods" community industries. Moreover, the "Goods" community frenzy sparked by Ne Zha 2 highlights a crucial insight: in an era of scarce attention, only by transforming an IP into a sustainable emotional connection can businesses achieve exponential commercial growth. The success of Ne Zha 2 and its derivative products not only marks the rise of homegrown IP but also signals the evolution of China's cultural industry from a focus on UV accumulation and UV competition to a more sophisticated strategy of cultivating genuine emotional engagement.
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As a sub-brand of Aurora Mobile, MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.
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