国泰海通｜轻工：潮玩谷子一级投融资概览：项目数量趋稳&资本流向“周边”

Core Insights - The潮玩谷子 (trendy toy) sector is experiencing rapid development, with the peak of investment projects in the primary market having passed, yet the number of projects remains relatively stable. The secondary market leaders are intensifying their efforts in related businesses [1] - Despite a decline in the number of investment events in the primary market since its peak, the sector has maintained stability, with 19, 9, and 11 investment events recorded in 2022, 2023, and 2024 respectively, and 11 events noted by July 10, 2025 [1] Investment Landscape - The investment layout in the潮玩谷子 sector can be categorized into three core directions: IP content, derivative products, and platform types. The derivative products direction is the most focused on, with projected shares of 60% for derivative products, 40% for IP content, and 0% for platform types in 2024 [2] - Investment institutions are increasingly participating in the潮玩谷子 sector, with their share of projects rising to 45% in 2024, alongside 45% from industry chain capital and 9% from other investments [2] Valuation Changes of Key Projects - Hitcard's valuation fluctuated, starting at 30 million yuan in 2021 and peaking at 500 million yuan in 2022, before dropping to 150 million yuan in 2024 [3] - Yiqi Culture saw rapid valuation growth, starting at 100 million yuan in 2022 and rising to 500 million yuan by February 2025 [3] - 52TOYS maintained a leading valuation in the sector, increasing from 75 million yuan in 2015 to 4.273 billion yuan by May 2025, with plans to enter the secondary market [3] - KAYOU's valuation reached 900 million USD in 2021, with plans to enter the secondary market as well [3] - Xingyue Holdings maintained a stable valuation of 1.5 billion yuan, also preparing for a secondary market entry [3]