POP MART(HK:09992) 3 6 Ke·2025-06-16 23:57Core Insights - The launch of LABUBU has sparked a new wave of offline "real-life combat" among collectors, with original figures priced at 69 selling for multiples of that in the resale market, indicating a high collectible value akin to "plastic Maotai" [1] - The overall sales of trendy toys surged during the 618 shopping festival, with May sales on major e-commerce platforms exceeding 40 billion yuan, and Taobao/Tmall accounting for over 28 billion yuan, reflecting a year-on-year growth of 31.4% [1] - The explosive growth of trendy toys is attributed to the unprecedented purchasing power of Generation Z, along with enhanced online content dissemination and ecosystem incubation, transforming trendy toys from a niche hobby into mainstream consumption [1] Market Trends - The online explosion of trendy toys relies on both market insight and a supportive ecosystem [3] - The year 2016 marked a significant turning point for trendy toys, with Pop Mart signing Molly, establishing itself as a leading brand in the domestic market [4] - Initially, the mainstream perception was that consumers prioritized practicality over seemingly useless items, viewing trendy toys as mere handcrafted "novelty crafts" [5] E-commerce Dynamics - Taobao was one of the first platforms to recognize the potential of trendy toys, prioritizing them as a key category around 2017, and later defining them as an independent industry in 2021 [6] - The establishment of a robust ecosystem, from IP incubation to logistics, is crucial for the success of trendy toys, with platforms investing in AR experiences to enhance consumer engagement [8] Future Growth Directions - Future growth in the trendy toy sector is expected to stem from three main areas: AI integration, penetration into lower-tier markets, and targeting male consumers [10] - AI is reshaping the play experience, with toys evolving into "digital companions" that enhance emotional interaction and playability [11] - Lower-tier markets present significant growth potential, with a penetration rate of under 20% but a growth rate of 45%, driven by increasing consumer spending power and lower rental costs compared to first-tier cities [13] Consumer Demographics - The male demographic is showing increased purchasing power, particularly in categories like EDC and military models, with a notable rise in high-end EDC toy sales during the 618 shopping festival [15][16] - Trendy toys are expanding from children to adults, with a significant portion of the consumer base now comprising older generations seeking emotional fulfillment through these products [18] - The appeal of trendy toys lies in their ability to serve as cultural containers that encapsulate collective memories and individual emotions, making this an opportune time for the trendy toy sector [18]