Guangbo(SZ:002103) Zheng Quan Shi Bao Wang·2025-09-02 06:33Core Insights - The Chinese潮玩 (trendy toy) market is projected to become a dark horse by 2025, with a market size expected to exceed 87.7 billion yuan, and reach 110.1 billion yuan by 2026, maintaining a compound annual growth rate (CAGR) of over 24% [2] Group 1: Company Strategy - Guangbo Co., Ltd. focuses on IP derivative products, transitioning from a traditional stationery manufacturer to a cultural creative enterprise [2] - The company has established stable collaborations with top international IP holders such as Sanrio and Detective Conan, developing a range of products including notebooks and figurines, which enhance brand visibility and attract young consumers [3] - Guangbo Co., Ltd. captures the commercial potential of niche IPs, focusing on verticals like anime and web literature, obtaining licenses for popular IPs such as "Mystery Lord" and "Mo Dao Zu Shi," and creating derivative products like badges and cards [3] Group 2: Product Development and Marketing - The company emphasizes a full-chain operational system from product development to marketing, integrating IP elements with practical functions to create high-value innovative products [4] - In 2024, the revenue from creative products reached 187 million yuan, a year-on-year increase of 15.95%, with a gross margin of 43.29%, up by 8.92 percentage points from the previous year [4] - Guangbo Co., Ltd. has expanded its product line to include lifestyle trendy toys, enhancing emotional value and social attributes, thus increasing user lifecycle value [4] Group 3: Marketing Strategy - The company has built an integrated online and offline marketing system, effectively converting IP popularity into consumer sales [5] - It utilizes social media platforms for marketing through short video promotions and live streaming, engaging KOLs for product reviews to quickly boost product awareness [5] Group 4: Global Expansion - With the economic growth in Southeast Asia, there is significant potential demand for cultural IP products, prompting Guangbo Co., Ltd. to enhance its overseas market presence [6] - The company has established production bases in Vietnam, Cambodia, and Malaysia, creating a multi-regional collaborative production system that reduces costs and mitigates operational risks [6] - Guangbo Co., Ltd. has developed a vast marketing network internationally, expanding from Hong Kong and the USA to Southeast Asia, significantly broadening its sales reach [6]