POP MART(HK:09992) 阿尔法工场研究院·2025-06-13 11:28Core Viewpoint - The article discusses the rapid growth and challenges in the "Guzi Economy," particularly focusing on the two-dimensional peripheral industry, highlighting both the flourishing of stores and the recent wave of closures [4][7][54]. Group 1: Industry Overview - The "Guzi Economy" is gaining momentum, driven by strong IPs like "Nezha: The Devil's Child" and a solid foundation laid in previous years [4]. - A surge in the number of "Guzi" stores has been observed across the country, with major chains like Pop Mart and Card Game Center expanding into lower-tier cities [4][10]. - Despite the growth, a wave of store closures has occurred, with nearly a hundred stores shutting down in the first three months of the year, indicating an inevitable industry adjustment after rapid expansion [7][8]. Group 2: Market Dynamics - The current market features around 50 active two-dimensional peripheral brands, with leading companies like Pop Mart, Card Game Center, TOPTOY, and Trendy Planet holding a strong market position due to their extensive store networks [12][13]. - The top four brands have opened over 100 stores each, with Pop Mart and Card Game Center also utilizing vending machines to increase consumer access [15][16]. - Newer brands like Guzi House and March Beast have quickly established themselves, with March Beast achieving over 220 million yuan in sales in its first month [20]. Group 3: Investment Landscape - The investment landscape for two-dimensional peripheral brands is currently sparse, with only two new brands emerging in 2024: HEYZAKKA and MUMULAND [40][45]. - Investment activity has been limited, with only two notable financing events in 2024, indicating a cautious approach from venture capitalists [46][49]. - The market shows a preference for AI toys over traditional two-dimensional products, with several AI toy companies successfully securing funding [52][53]. Group 4: Future Outlook - The two-dimensional peripheral market is characterized by both opportunities and challenges, with established companies dominating and internet giants seeking to enter the space [54]. - A market adjustment is anticipated, which may lead to a new wave of growth for two-dimensional peripheral brands once weaker players are filtered out [54].