中国潮玩行业：不是所有玩具都是潮玩，不是所有潮玩都是泡泡玛特

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed, but it implies a cautious outlook on the potential of the company Bruco compared to Pop Mart [4][46]. Core Insights - The Chinese潮玩 (trendy toy) industry has gained significant attention due to the rapid growth of Pop Mart and the upcoming IPO of Bruco, but not all toy companies fit into the潮玩 category, nor can they replicate Pop Mart's success [4][7]. - Pop Mart is characterized by its strong IP incubation capabilities, having developed 10 self-owned IPs with over 100 million in sales by the end of 2023, while Bruco relies heavily on licensed IPs, limiting its long-term growth potential [9][15]. - The report emphasizes the importance of product diversity and the ability to cater to different consumer preferences, noting that Pop Mart has successfully expanded its product range, whereas Bruco's focus on a single product category may restrict its growth [38][41]. Summary by Sections 1. Nature of潮玩 -潮玩 is defined as toys that integrate art and trendy elements, primarily designed by artists, providing emotional value to consumers. Pop Mart exemplifies this definition, while Bruco's products are more traditional and aimed at a younger audience [9][10][11]. 2. IP Incubation Capability - Pop Mart's success is attributed to its robust IP incubation capabilities, having a fully integrated IP operation model. In contrast, Bruco's reliance on licensed IPs raises concerns about its ability to develop self-owned IPs, with only one significant contributor to its revenue [15][20][25]. 3. International Expansion Potential - The report highlights that while Pop Mart has successfully expanded internationally, Bruco is still in the early stages of exploring overseas markets, lacking the necessary capabilities for significant growth abroad [27][36]. 4. Product and IP Diversity - Pop Mart has diversified its product offerings to meet various consumer needs, while Bruco's focus on a single product line (building block toys) limits its market potential. The heavy reliance on a few licensed IPs, particularly Ultraman, poses risks for Bruco's revenue stability [38][41][45].