中国玩具解困：成为乐高，超越乐高

Core Insights - The dominance of the LEGO brand in the consumer's mind highlights the challenges faced by domestic toy companies in China, particularly in the building block segment [1][10] - Domestic brands are struggling with price competition, limiting their profit margins and ability to invest in hardware such as raw materials and molds [1][8] - The rise of collectible blind boxes has transformed toys into emotional carriers and social currency, appealing to consumers of all ages [1][13] Pricing and Market Dynamics - Domestic building block brands are often priced at 1/5 to 1/10 of LEGO's prices, with typical price ranges from 9.9 to 399 yuan [3][7] - The price competition hampers long-term brand building and consumer engagement for many domestic brands [3][8] - The strategy adopted by companies like Senbao focuses on cultural emotional connections through domestic IPs, avoiding direct price competition [3][4] Cultural and Emotional Connection - Domestic brands are leveraging local cultural IPs to resonate with consumers, while LEGO relies on global IPs like Marvel [4][10] - The success of military-themed building blocks reflects a strong emotional connection to national pride among consumers [6][10] - The market for IP toys is projected to grow significantly, with a forecasted increase from 64.4% in 2023 to 74.5% by 2028 [11] Industry Growth and Challenges - The Chinese building block market experienced a compound annual growth rate of 30% to 50% over six years, but growth has slowed to about 5% to 10% recently [12] - Companies are increasingly looking to international markets as a strategic direction to match global growth opportunities [12] - The key challenge for domestic brands is transitioning from a manufacturing advantage to building brand value [12][15] Consumer Behavior and Trends - The adult consumer segment is becoming a significant force in the toy market, with purchases driven by emotional value and social connections rather than just for children [13][14] - The trend of "meaningful consumption" reflects a shift in consumer behavior towards emotional and social engagement through toys [14][15] - The emergence of unique domestic IPs is creating new avenues for consumer engagement and brand differentiation [11][15]