海外消费中概周专题：量子之歌收购Letsvan，进军潮玩领域

Investment Rating - The report assigns a positive investment rating to the industry, indicating a favorable outlook for the sector's fundamentals and performance compared to the Shanghai and Shenzhen 300 Index [11]. Core Insights - Quantum Song has acquired a 61% stake in Shenzhen Yiqi Culture Co., Ltd. (Letsvan) for 235 million RMB, marking its strategic entry into the trendy toy market and broader consumer goods sector [4]. - Letsvan operates multiple well-known IPs and has a growth strategy focused on enhancing retail partnerships, developing self-operated stores, and building comprehensive online sales capabilities [3]. - The financial performance of Quantum Song for FY2025Q1 shows a revenue of 570 million RMB, a year-on-year decrease of 39.6%, while the net profit increased by 181.2% to 41 million RMB [4]. Summary by Sections Company Overview - Quantum Song is actively exploring business transformation, with online learning service revenues under pressure due to declines in various course offerings [4]. - Letsvan's IP sales have shown strong growth, with successful product launches and significant brand engagement through social media [5]. Market Expansion - The company has initiated localized operations in Southeast Asia and North America, with successful overseas pop-up events validating its international brand acceptance [5]. - Letsvan is establishing a standardized and scalable offline sales network across major cities in China, enhancing its market presence [5].