编者按：近期来，随着泡泡玛特拉布布公仔的火爆出圈，谷子潮玩等切中社会情绪的消费热点频频引发 社会关注。潮玩盲盒、疗愈经济、AI陪伴、悦己消费……当Z世代消费者为一只会跳舞的电子宠物支付 月费，当打工人对疗愈消费产生兴趣，当直播间里解压捏捏乐单日销量突破10万件——情绪消费正成为 经济的新增长极。在此背景下，南都将推出"情绪经济专题研究"系列报道，持续关注情绪消费以及背后 的产业生态及资本动向。本期，我们一起关注中老年人的线上兴趣培训，解码银发教育及背后的资本生 态。 6月的晨光透过洁净的玻璃窗，温柔地洒在整洁的客厅里。62岁的李美娟（化名）刚刚结束一段晨练， 她新近迷上的"道门八段锦"。不过，李美娟的这段晨练，不是在老年人聚集的广场或者公园，而是跟着 线上的老师以及可以重复观看的教学视频。 AgeClub与智来时代联合出品的《2024中老年"教育+"增长蓝皮书》显示，我国中老年兴趣学习人群 中，九成人群选择线上学习网络课程。在中老年兴趣学习人群中，女性比例占到64%，职业以高干、高 知为主，月均可支配收入达到5119.6元。 以李美娟为代表的国内中老年情绪消费群体，目前人口数量超过2亿人。近几年来，银发兴趣教 ...

Group 1 - U.S. stock futures are lower, with Dow futures dropping over 250 points [1] - Oxford Industries reported adjusted EPS of $1.82, meeting estimates, and quarterly sales of $392.86 million, exceeding expectations of $384.77 million [2] - Oxford Industries shares fell 10.1% to $44.99 in pre-market trading after issuing second-quarter earnings guidance below estimates and lowering FY25 guidance [2] Group 2 - Tonix Pharmaceuticals Holding Corp. shares dipped 17% to $31.32 as the company may sell up to $150 million in common stock [5] - GameStop Corp. shares fell 12.4% to $24.97 following the announcement of a $1.75 billion proposed private offering of convertible senior notes [5] - The Boeing Company shares decreased 7.4% to $198.10 after an Air India Boeing 787-8 Dreamliner crashed near Ahmedabad airport [5]

点击蓝字，关注我们 今日上午港股 5. 再鼎医药(09688)再涨超10%， 再鼎医药日前公布有关ZL-1310的正面数据，加上美国FDA已授出快 速通道认证(Fast Track Designation)，集团计划今年下半年开展第二类小细胞肺癌(2L SCLC)的第三阶 段关键研究。 6. 网易云音乐(09899)涨超5%， 里昂发布研报称，网易云音乐通过近几季度的规模优先策略稳健执 行，巩固其在高端城市年轻群体中的领先地位。该行将估值基准推进至2026年6月，并将目标价从200 港元上调至250港元。 7. 小鹏汽车-W(09868)早盘跌超6%， 6月12日，小鹏汽车董事长、CEO何小鹏在G7全球首秀发布会后 的群访环节上表示，汽车公司竞争在下一个5年会非常血腥，公司今年约45亿元研发费用聚焦AI领 域，以提升科研强度应对激烈市场挑战。 8. 博安生物(06955)涨超4%， 6月11日，博安生物宣布，已与上药控股有限公司(上药控股)签署战略合 作协议，授予后者度拉糖肽注射液(BA5101)在中国内地的独家全渠道终端推广及全国总经销权。 9. 泡泡玛特(09992)再涨超4%， 建银国际发布研报指出，为 ...

It’s been less than two months since I started keeping an eye on QuantaSing (NASDAQ: QSG ), and I’ve gotta say—this company is like a Swiss Army knife in the Chinese market.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business r ...

北京时间6月6日，量子之歌（NASDAQ:QSG，以下简称"量子之歌"）公布截至2025年3月31日的2025财 年第三季度财报。据介绍，该公司在本季度实现营收约5.71亿元（人民币，下同），净利润约4114万 元，连续八个季度实现盈利。 记者注意到，截至报告期末，量子之歌以现金总对价2.35亿元完成对深圳熠起文化有限公司（以下简 称"Letsvan"）约61%股权的控股收购。"本季度公司战略转型成果初步显现，在优化业务结构、提升运 营效率的同时，打造潮玩业务发展增量。未来，我们在稳步夯实'内容+服务'的在线学习基本盘基础 上，持续以潮玩IP为核心发力点。"量子之歌集团创始人、董事长李鹏表示。 潮玩品牌WAKUKU线下快闪店在北京朝阳大悦城强势引爆人气话题。 受访者供图 入局潮玩赛道，WAKUKU快闪北京首店"集结！捣蛋出击！" 端午小长假期间，潮玩品牌WAKUKU线下快闪店在北京朝阳大悦城强势引爆人气话题，登上微博热 搜，成为"快闪经济"新注脚。此次活动以"首发+限定+互动"为关键词，不仅为潮玩行业带来线下流量范 本，也成为社交平台热议焦点。借助节日消费节点与社交传播路径，WAKUKU迅速实现IP破圈，吸引 ...

量子之歌作为中国知名的综合服务提供商，通过使命与愿景的战略性升级，彰显了对中老年群体多元化 需求的深刻洞察。这也标志着量子之歌业务向银发经济领域迈出坚实步伐，既体现其响应国家发展银发 经济的决心，也昭示着公司聚焦中老年美好生活需求的战略转型。 创始人李鹏强调："基于在个人学习与发展领域的积淀，我们精准把握了中老年需求变迁。未来量子之 歌将突破传统教育框架，通过全方位高品质服务提升中老年生活体验，成为推动银发经济发展的核心力 量。"这一阐述明确了量子之歌从单一教育向综合服务跨越的战略路径。 面对中老年健康消费意愿的持续增长，量子之歌依托"线上+线下"一体化服务平台，协同发展线上教 育、线下游学及健康消费品三大业务。这种多维度布局成功构建起覆盖学习、生活、营养的全场景生态 体系。在此框架下，旗下品牌芝秋堂应运而生，成为量子之歌深耕银发经济的关键载体。 芝秋堂秉承"溯源自然，致敬健康"理念，严格遵循药食同源之道。通过甄选道地食材，融合传统中医智 慧与现代科技，该品牌致力于实现三重目标：以优质产品助力"养得更健康"，以科学食疗实现"吃得更 健康"，以文化传承推动"活得更健康"。其推出的"黄精精粹液"等系列产品，精准满 ...

社会服务 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-06 2024-10 2025-02 社会服务 沪深300 相关研究报告 《潮牌打造"精神庇护所"疗愈年轻 人，关注嗅觉经济、口服美容新风潮 —行业周报》-2025.6.2 《"IP+饰品"与新消费元素碰撞融合， 52toys 递交港股招股书—行业周报》 -2025.5.25 《蜜雪冰城、古茗 4 月加速开店，618 国 货 品 牌 势 能 向 上 — 行 业 周 报 》 -2025.5.18 社会服务 潮玩行业迎多起收并购，抖音大促国货高质量增长 ——行业周报 等，分销渠道遍布中国和东南亚市场的线上和线下平台。茶饮：茶百道桃子系列上 新首日即售出 30 万杯，2025 年以来茶百道已推出超 40 款产品，约合每周上新 2 款产品，创新效率稳居行业前列。瑞幸大力推新 9.9 元果蔬茶，古茗推新年度轻椰 拿铁活动价 10.9 元，茶饮与咖啡的品类边界呈交叉趋势。 美丽：抖音大促美护国际品牌发力，国货品牌注重高质量增长 2025 年 5 月，抖音美妆类 ...

Financial Data and Key Metrics Changes - The company achieved revenue of RMB 570.7 million, reflecting a 39.6% decrease year over year, as part of a strategic shift from traffic-driven to product-driven business models [6][33] - Gross profit for the quarter was RMB 474.2 million, with a gross margin of 83.1%, down from 84.6% in the same period last year [35] - Net income was RMB 41.1 million, representing a net margin of 7.2%, despite the decline in revenues [37] Business Line Data and Key Metrics Changes - Individual online learning services generated revenues of RMB 467.2 million, accounting for 81.9% of total revenues, but gross billings from this segment declined by 47.5% year over year [33][34] - Revenues from enterprise services were RMB 8.1 million, a decline of 26.1% from a year ago, primarily due to fewer marketing services for enterprise customers [34] - Revenues from the consumer business were RMB 49.4 million, showing a slight decline, mainly due to decreased revenue from Baidu [35] Market Data and Key Metrics Changes - The global toy market is projected to grow at a CAGR of 5.1%, reaching RMB 993.7 billion by 2028, indicating a strong growth opportunity for the company’s entry into the pop toy market [15] - The company is expanding internationally, with new series launched in Indonesia, Thailand, and Malaysia, marking a significant step in its global partnership strategy [25] Company Strategy and Development Direction - The company is focusing on a disciplined approach to growth, emphasizing sustainable practices and ROI assessments to identify promising opportunities [12][14] - The entry into the pop toy market is seen as a natural evolution of the company's strategic philosophy, leveraging partnerships to enhance product development and market operations [16][18] - The company aims to become a global leader in IP and cultural innovation, enhancing its omni-channel expansion through established IP portfolios [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term viability of the pop toy industry, citing shifts in consumer behavior towards emotional value and self-expression [27][28] - The upcoming quarter is expected to reflect full consolidation of LifeOne's operations, providing clearer visibility into combined performance potential [39] - The company anticipates some near-term profit volatility as it continues to optimize and scale its operations, but remains committed to maintaining a robust financial position [30] Other Important Information - The company completed the acquisition of a 61% equity stake in Shenzhen Yiqi Culture, which will enhance its capabilities in the pop toy market [32] - Total operating expenses decreased by 45.2% to RMB 441.1 million, reflecting effective cost management during the transition [36] Q&A Session Summary Question: Strategic vision for LETZAN and leveraging marketing expertise - Management outlined that LETZAN aims to become a global leader in IP and cultural innovation, leveraging established IP portfolios and operational expertise to drive omni-channel expansion [44][45] Question: Current sales mix for LETZAN - The company is focusing on building two to three standard IP-based pop toy products and expanding its IP portfolio through in-house development and licensing [52][53] Question: Revenue contribution from Zev brand in Q4 and balancing education revenues - Management indicated that the pop toy business is expected to account for a significant portion of overall revenue in Q4, while continuing to evaluate the education-related business for high-quality growth [62][63]

Financial Data and Key Metrics Changes - The company achieved revenue of RMB 570.7 million, reflecting a 39.6% decrease year over year, as part of a strategic shift from traffic-driven to product-driven business models [6][31]. - Gross profit for the quarter was RMB 474.2 million, with a gross margin of 83.1%, down from 84.6% in the same period last year [33]. - Net income was RMB 41.1 million, representing a net margin of 7.2%, despite the decline in revenues [35]. Business Line Data and Key Metrics Changes - Individual online learning services generated revenues of RMB 467.2 million, accounting for 81.9% of total revenues, but gross billings from this segment declined by 47.5% year over year [31][32]. - Revenues from enterprise services were RMB 8.1 million, a decline of 26.1% from a year ago, primarily due to fewer marketing services for enterprise customers [32]. - Revenues from the consumer business were RMB 49.4 million, showing a slight decline, mainly due to decreased revenue from Baidu [32]. Market Data and Key Metrics Changes - The global toy market is projected to grow at a CAGR of 5.1%, reaching RMB 993.7 billion by 2028, indicating a strong growth potential for the company's entry into the pop toy market [14]. - The company is expanding internationally, with new series launched in Indonesia, Thailand, and Malaysia, marking a significant step in its global partnership strategy [24]. Company Strategy and Development Direction - The company is focusing on a product-driven growth strategy, emphasizing brand strength and product excellence over traffic-driven models [12][28]. - The acquisition of LifeOne is a significant strategic move, aimed at capitalizing on the high-growth pop toy market [13][14]. - The company is implementing a comprehensive omni-channel strategy, enhancing both online and offline retail capabilities [22][24]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term viability of the pop toy industry, citing fundamental shifts in customer behavior towards emotional value and self-expression [26][27]. - The company anticipates that Q4 will reflect full consolidation of LifeOne's operations, providing clearer visibility into combined performance potential [37]. Other Important Information - The company maintains a robust cash position, with cash and cash equivalents increasing to RMB 134.9 million as of March 31, 2025, demonstrating strong cash generation capabilities during the transition [36]. - The company is committed to maintaining financial discipline while pursuing strategic opportunities, ensuring optimal resource allocation based on ROI performance [12][27]. Q&A Session Summary Question: Strategic vision for LETZAN and leveraging marketing expertise - Management highlighted the goal to become a global leader in IP and cultural innovation, leveraging established IP portfolios and operational expertise to drive omni-channel expansion [43][44]. Question: Current sales mix for LETZAN - The company is focusing on building two to three standard IP-based pop toy products and expanding its IP portfolio through in-house development and partnerships with major retailers [51][52]. Question: Revenue contribution from Zev brand in Q4 and balancing education revenues - Management indicated that the pop toy business is expected to account for a significant portion of overall revenue in Q4, while continuing to evaluate the performance of education-related businesses [61][62].

Investor Presentation Investor Presentation Q3 FY 2023 Third Quarter, Fiscal Year 2025 Disclaimer Information in this presentation and the accompanying oral presentation (the "Presentation"), including, among others, any statements regarding QuantaSing's market position, users and learners and other metrics, is based on data and analyses from various sources as of the date of the Presentation, unless otherwise indicated. Information in the Presentation contains "forward-looking statements" within the meanin ...