信语丨对话奇梦岛CFO谢东：一家跨界潮玩的「闪电战」是如何打响的

Core Insights - In 2025, the toy industry welcomes a new player, "HERE Qimengdao," which has transitioned from an online adult education service provider to a toy brand after acquiring the brand Yiqi Culture [2][3] Group 1: Company Transition and Performance - Qimengdao, formerly known as "Quantum Song," has rebranded after acquiring Yiqi Culture and divesting its education business, marking a full pivot to the toy sector [2] - The company reported a significant revenue increase in Q3, reaching 127 million yuan, a 93.3% quarter-over-quarter growth, exceeding previous performance expectations [2] - The gross margin improved by 6.5 percentage points to 41.2%, indicating strong operational efficiency [2] Group 2: Strategic Direction and Market Positioning - Management has set a revenue guidance of 750 million to 800 million yuan for the fiscal year 2026, reflecting confidence in continued growth [2] - The company plans to open its first six self-operated stores in major cities like Beijing, Chongqing, and Shenzhen by the end of 2025 to enhance brand presence and user experience [8] Group 3: Acquisition and Integration Strategy - The acquisition of Yiqi Culture was driven by its strong product development capabilities and alignment in values, with the integration completed in under a year [4] - The focus on IP and product-driven strategies is seen as essential for long-term value creation, with the team’s core competencies in operations, marketing, and traffic management [4][12] Group 4: Supply Chain and Production Challenges - Initial supply chain challenges were faced due to rapid demand growth, with production capacity initially falling short, leading to stockouts [5][6] - By the end of December, production capacity is expected to reach approximately 400,000 units, addressing previous supply constraints [7] Group 5: Marketing and Brand Development - Qimengdao employs a flexible marketing budget based on total revenue, allowing for adaptive strategies in celebrity endorsements and other promotional activities [11] - The company emphasizes the importance of emotional value in the toy industry, using self-operated stores to strengthen user connections and gather feedback [8][13] Group 6: Future Outlook and Industry Trends - The company anticipates that the toy industry will experience cyclical trends, focusing on product iteration and operational innovation to extend the lifespan of its IPs [15] - Qimengdao maintains a cautious approach to future investments and acquisitions, prioritizing strategic resource acquisition over indiscriminate spending [16]