泡泡玛特净利润增长185.9% 中国潮玩掀起新一轮消费热潮

Core Insights - The潮玩 industry is experiencing explosive growth, with 泡泡玛特 International Group reporting a revenue of 13.04 billion RMB in 2024, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion RMB, up 185.9% [1] - The number of潮玩-related enterprises in China has reached 20,800 as of March 2024, with an average annual registration growth rate exceeding 30% over the past decade [1] - The潮玩 market in China was valued at 47.8 billion RMB in 2022 and is expected to surpass 70 billion RMB by 2025 [1][2] Industry Trends - The潮玩 sector is diversifying, with products ranging from blind boxes to art toys, appealing to younger demographics, particularly the "Z generation" [1] - Original IPs like 泡泡玛特's Molly and FARMER BOB are creating strong fan bases through storytelling and limited releases, while collaborations with film, gaming, and luxury brands are becoming common [2] - The demand for high-quality cultural and creative products is evident, as seen by the over 10 million searches for merchandise related to the film "Nezha" on Taobao [2] Regional Development - Shenzhen is the largest toy production base in China, housing over 3,000潮玩 companies, which accounts for 14.4% of the national total [3] - The Shenzhen government is supporting the cultural and creative industries through special funds and the establishment of潮玩 industrial parks, enhancing the industry's influence through events like the Shenzhen International潮玩展 [3] - The shift from OEM production to self-branded output is notable, with original IP licensing revenue increasing by 80% in 2023, and the industry is projected to exceed 50 billion RMB in annual output value within three years [3]