摸LABUBU过河后 奇梦岛「上岸」开店了

Core Viewpoint - Qimengdao has officially opened its first offline store in Beijing, marking its entry into the trendy toy and plush market, positioning itself as a significant player alongside Pop Mart in the capital market [1][2]. Company Overview - Qimengdao is the only publicly listed company in the trendy toy sector, focusing on IP creation and operation, figurines, and plush toys, apart from Pop Mart [2]. - The transformation of Qimengdao originated from the acquisition of the trendy toy brand Letsvan by the online learning service provider "Quantum Song" for 235 million yuan, acquiring a 61% stake [2]. - In November, the company rebranded itself as "HERE Qimengdao" after divesting its online education business, fully committing to the trendy toy sector [2]. Market Dynamics - The trendy toy market is characterized by high fragmentation and continuous growth, with leading players like Pop Mart holding only a 10% market share in China's toy market [2]. - Qimengdao's revenue from trendy toys reached 127 million yuan in Q3, a 93.3% increase quarter-on-quarter, with a gross margin improvement of 6.5 percentage points to 41.2% [2]. Product Launch and Marketing Strategy - The WAKUKU IP, launched by Letsvan, has drawn comparisons to the successful LABUBU brand, with a focus on unique character design and marketing strategies [5][11]. - Qimengdao has leveraged celebrity collaborations for product exposure, including placements in popular dramas and endorsements from various celebrities, enhancing brand visibility [7][12]. - The initial sales of WAKUKU products have been strong, with record-breaking sales at MINISO LAND stores [8][9]. Financial Performance and Projections - Qimengdao aims for revenue of 750 million to 800 million yuan for the fiscal year 2026, building on a Q3 revenue of approximately 127 million yuan [18]. - The company has reported that three major IPs, including WAKUKU, contributed 97% of its revenue, with WAKUKU alone accounting for over 70% [19]. Operational Challenges - As the company expands, it faces operational challenges, including a significant increase in inventory and accounts receivable [20]. - Despite these challenges, Qimengdao has accumulated nearly 800 million yuan in cash and short-term investments, providing a financial cushion for future business exploration [20].