CGS(SH:601881) 智通财经网·2025-04-10 01:42Industry Overview - The Chinese toy market has been rapidly expanding, with significant growth potential driven by the strong purchasing power of Generation Z and the vast opportunities in lower-tier markets [1][2] - In 2023, the market size for toys and games in China reached 396.1 billion and 83.4 billion yuan respectively, with year-on-year growth rates of 11.2% and 5.1%, significantly outpacing global market trends [1] Market Dynamics - The toy industry in China is projected to capture 13.6% of the global market share in 2023, with expectations to rise to 16.7% by 2028 [1] - The growth of specific segments such as building blocks, educational toys, and card games is leading the market expansion [1] Growth Drivers - The combination of IP (Intellectual Property) and blind boxes is creating a strong customer acquisition logic in the toy sector [3] - The blind box market in China reached 17.25 billion yuan in 2023, with a compound annual growth rate (CAGR) of 24.2% from 2019 to 2023, indicating a significant trend towards repeat purchases and consumer engagement [3] Segment Analysis - The building block market is experiencing a CAGR of 14% in China from 2019 to 2024, with local brands like Blokku capturing a 30.3% market share [5] - The collectible card game market in China has seen a CAGR of 78.4% from 2017 to 2022, with expectations of a 20.6% CAGR from 2022 to 2027, indicating substantial growth potential [6] - The潮玩 (trendy toys) sector is thriving, with a reported member repurchase rate of 43.9% for companies like Pop Mart, highlighting strong consumer loyalty [7] Future Outlook - The integration of AI technology in toys is becoming more prevalent, enhancing consumer experiences and expanding market opportunities [4] - The谷子 (Gouzi) market is set to experience a surge in physical store openings in 2024, transitioning from rapid growth to a more standardized competitive phase [8]