Sou Hu Cai Jing·2025-06-10 09:04Core Insights - The rise of Pop Mart's LABUBU 3.0 series has ignited global consumer enthusiasm, showcasing the success of the IP economy and the emergence of new consumption sectors despite negative CPI data [1][12] - The growth in niche markets like trendy toys and jewelry is outpacing the overall market with double-digit growth rates [1] Company Summaries - Yutong Technology (002831.SZ): A leading packaging company providing unique 3D embossed and UV printing techniques for Pop Mart's products, with a projected 85% increase in revenue from trendy toy packaging in 2024, accounting for 12% of total revenue [5] - Jieput (688025.SH): Specializes in laser marking technology with 0.1-micron precision, leading to a 150% increase in equipment orders in 2024, contributing to the digitalization of production standards [6] - Aofei Entertainment (002292.SZ): Revitalizing classic IPs by licensing characters to Pop Mart, generating over 700 million yuan in revenue in 2024 with a 42% gross margin [6] - Xinghui Entertainment (300043.SZ): A core manufacturer with a production capacity of 1 million units per month, expecting a significant revenue boost from the LABUBU plush series [8] - Huali Technology (301011.SZ): Provides smart retail solutions, with a projected 200% increase in vending machine shipments in 2024, supporting Pop Mart's overseas expansion [8] - Qingmu Co., Ltd. (301110.SZ): As the exclusive operator of Pop Mart's Tmall flagship store, it aims to double its GMV through live e-commerce by 2025, enhancing profitability through improved operational fees [8] Industry Trends - The investment landscape in the trendy toy industry focuses on companies with high barriers to entry, strong performance elasticity, and global collaboration potential [10] - The essence of the trendy toy economy lies in the Z generation's willingness to pay for emotional value, indicating a shift towards consumption upgrades [12]