潮玩行业研究报告：IP起，万物生

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The Chinese潮玩 (trendy toy) industry is experiencing significant growth, with a market size expected to reach nearly 900 billion yuan by 2024, reflecting a CAGR of approximately 12% from 2019 to 2024. The broader泛娱乐 (pan-entertainment) market is projected to approach 2 trillion yuan by 2024, with a CAGR of nearly 14% over the same period [4][16]. - The demand for潮玩 is driven by the rise of the Z generation as a major consumer group, with core motivations including healing, aesthetics, IP, and social interaction. The supply side is bolstered by the emergence of high-quality domestic IPs and products [4][27]. - The潮玩 industry is at the beginning of a spiritual consumption era in China, with a growing number of二次元 (2D) users and a significant increase in the number of retail stores dedicated to trendy toys [4][39]. Summary by Sections 1. Current State of the潮玩 Industry - The潮玩 market is vast and has high prosperity, with significant room for expansion. The IP licensing market is expected to exceed 150 billion yuan, while the IP adaptation market is projected to reach nearly 600 billion yuan by 2024 [4][19]. - The industry is characterized by a strong demand for creative cultural products, with a growing number of domestic high-quality games, animations, and novels emerging [4][33]. 2.潮玩 Product Category Analysis - The market size hierarchy is as follows: building blocks > figurines > trading cards > plush toys, influenced by target demographics and average prices [5][54]. - The growth rate is fastest for trading cards, followed by figurines, building blocks, and plush toys, reflecting the maturity of different categories in China [5][54]. 3. Competitive Analysis of潮玩 Companies - The global潮玩 companies are categorized into four tiers based on their competitive strengths, with Disney leading the first tier, followed by LEGO and Bandai Namco in the second tier. Bubble Mart is identified as having the potential to enter the third tier [6][54]. - The competitive landscape is shaped by the reliance on IP, product categories, and operational capabilities, with companies that possess proprietary IP and strong operational systems being favored for investment [6][54]. 4. Investment Recommendations - The report recommends investing in companies with high barriers to entry and resource scarcity in IP, such as Bubble Mart, Miniso, and Morning Glory, while keeping an eye on emerging players like Bluko and Kayo [6][54].