Zhong Guo Jing Ying Bao·2025-10-10 21:25Core Insights - The Chinese潮玩 (trendy toy) market is entering a new competitive phase, with MINISO's own潮玩 brand "WAKUKU" challenging the long-standing dominance of Pop Mart in the industry [3][4] - The潮玩 industry in China is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [4] - The market remains highly fragmented, with even leading players like Pop Mart holding only an 11.5% market share by GMV in 2024, indicating ample room for new entrants [6] Industry Growth and Competition - The潮玩 market has seen a continuous increase in scale, with over 50,000 related enterprises currently in operation [5] - WAKUKU's strategy of offering products at fixed prices rather than through random draws is expected to lower purchase barriers and expand its consumer base [6] - The success of WAKUKU has led to increased attention from investors, with reports of potential investments in潮玩 brands like TNT [7] Brand Development and IP Strategy - The success of LABUBU, a潮玩 brand, highlights the importance of storytelling and cultural integration in building a globally recognized IP [8][11] - Pop Mart has seen a significant increase in its market value, with its stock price rising approximately 470% over the past year, surpassing the combined market value of major international toy companies [11] - The competition between Pop Mart and MINISO reflects different strategic approaches, with Pop Mart focusing on IP ecosystem development and MINISO leveraging its extensive distribution channels [12] Market Dynamics and Future Outlook - The潮玩 industry is transitioning from a phase of explosive growth to one of consolidation, where companies with strong original design and cultural branding will dominate [12] - The emergence of imitation products has raised concerns about market trust and product differentiation, potentially impacting the overall潮玩 market [13] - Strengthening IP protection is crucial for maintaining brand integrity and fostering consumer trust in the潮玩 sector [14]