The ‘AI Toys + IP’ model deeply integrates AI large models with well-known IPs to form intelligent agents, reducing customer acquisition costs through emotional recognition. Taking Yueran Innovation, which has the highest domestic financing amount, as an example, it has significantly increased its market valuation by leveraging top IP licenses such as Peppa Pig. Data forecasts that by 2030, the domestic market size for AI toys is expected to exceed 10 billion. Despite the broad prospects, this model still faces potential risks such as low user acceptance, a significant gap between technical experience and expectations, IP licensing restrictions, and product function homogenization, which restrict its long-term development.