三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类玩具>卡牌>盲盒。影响市场规 模和增速的因素主要为消费场景、消费能力以及意愿、产品价格。盲盒主力为消费力强的Z世代，规模 最大;拼搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之;卡牌核心用户年龄为8-15岁，依赖家长支 付，规模最小。拼搭玩具价格多元，增速最快;卡牌由低价带来短期爆发后逐步趋稳;盲盒市场成熟进入 平台期，增速相对较慢。 头部代表企业泡泡玛特、布鲁可、卡游引领行业发展，呈现差异化竞争 商业模式方面，泡泡玛特以IP孵化与盲盒机制为核心;布鲁可以积木为载体切入儿童教育场景;卡游则聚 焦儿童卡牌社交。渠道结构方面，泡泡玛特以直营为主，渠道掌控力强;布鲁可从线上直营为主转为经 销为主，经销商持续开拓，渠道拓展意愿更强;卡游同样聚焦经销模式，但渠道收缩，单经销商收入达 4287万元，依赖头部经销商稳定。经营模型方面，泡泡玛特深耕品牌溢价护城河，存货周转率不断优 化，2024年毛利率达66.8%，经调整净利润率达26.1%;布鲁可调整销售模式，存货周转天数从137天下降 至46天，成功实现经调整净利率由-107.9%至26.1%的跃迁;卡游以轻 ...

商贸零售 《武商集团布局仓储会员店，探索本 土化成长路径—行业周报》-2025.8.10 中报发布进行时，珠宝、美护优质品牌验证高景气 ——行业周报 黄泽鹏（分析师） 姚慕宇（联系人） huangzepeng@kysec.cn 商贸零售 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-08 2024-12 2025-04 商贸零售 沪深300 相关研究报告 《7 月社零同比+3.7%，老铺黄金官宣 产品调价计划—行业周报》-2025.8.17 《7 月社零同比+3.7%，金银珠宝和化 妆 品 环 比 改 善 — 行 业 点 评 报 告 》 -2025.8.15 yaomuyu@kysec.cn 证书编号：S0790125040021 中报发布进行时，珠宝、美护优质品牌验证高景气 （1）黄金珠宝：从黄金珠宝板块标的中报来看，老铺黄金、潮宏基、莱绅通灵、 周六福、英皇钟表珠宝实现亮眼增长，其中老铺黄金实现营收 123.54 亿元 （+251.0%），归母净利润 22.68 亿元（+285.8%），潮宏基实现营收 41. ...

Core Insights - The market for "doll clothes" is rapidly expanding, becoming a standard for young consumers who showcase personalized outfits on social media platforms [1][12] - Traditional clothing companies are increasingly entering the "doll clothes" sector, leading to a surge in overseas orders and a vibrant consumer market [1][11] Market Trends - The "doll clothes" segment is experiencing a new wave of interest, with products ranging from basic to high-end custom designs, incorporating both modern trends and traditional cultural elements [1][3] - The use of national-level intangible cultural heritage fabrics in "doll clothes" is helping to merge traditional clothing with contemporary styles, appealing to younger consumers [3][12] Sales Performance - Sales of "doll clothes" have seen significant growth, with some stores reporting nearly a 50% increase in sales during the summer compared to the previous year [5] - An e-commerce platform indicated that the total sales revenue for "doll clothes" in 2024 is expected to grow by over 117.08% year-on-year, with a single month in May surpassing 10 million yuan in sales [5][12] Consumer Demographics - The primary consumers of "doll clothes" are young families and individuals, with a notable increase in demand for personalized and custom-made options [5][6] - The trend of emotional and self-satisfying consumption is driving the growth of the "doll clothes" market, allowing for unique creations and personal expression [6][12] Global Market Impact - The global market for "doll clothes" is witnessing a surge in orders from regions such as South America, North America, and Japan, with production ramping up to meet demand [11][12] - The overall collectible toy market is projected to grow from $20.3 billion in 2020 to $41.8 billion by 2024, with an annual growth rate of 19.8%, indicating strong potential for the "doll clothes" export market [14]

[Table_Title] 证券研究报告 / 行业深度报告 IP 为王，多元品类百花齐放的大时代 报告摘要： [Table_Summary] 情绪消费驱动潮玩，Z 世代主导新格局。情绪消费与谷子经济的兴起成 为核心驱动力，2024 年我国以 Z 世代为主导的泛二次元人群突破 5 亿 人，相关市场规模约 6000 亿元，其中谷子经济规模超 1500 亿元。潮流 玩具凭借 IP 情感联结、社交属性及收藏价值，成为消费者重要的情感寄 托与社交标签，预计 2027 年中国潮流玩具市场规模可达 1100 亿元。潮 玩行业呈现 "一超多强" 的格局，泡泡玛特实现行业内领跑，国外品牌 乐高、万代等占据一定的市场份额，国内品牌卡游、布鲁可等企业也呈 现出增速迅猛的态势，IP 运营深化与海外市场拓展成为行业未来关键方 向。 三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类 玩具>卡牌>盲盒。影响市场规模和增速的因素主要为消费场景、消费能 力以及意愿、产品价格。盲盒主力为消费力强的 Z 世代，规模最大；拼 搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之；卡牌核心用户年 龄为 8-15 岁，依赖家长支付，规模最小。 ...

Core Insights - TOP TOY, a潮玩 brand under Miniso, has recently secured investment from Temasek, achieving a post-investment valuation of approximately HKD 10 billion [3][4] - The investment reflects Temasek's confidence in the emotional value encapsulated in products targeting Generation Z, positioning TOP TOY as a key player in the Asian Z-generation consumer market [10][12] Company Overview - TOP TOY was launched in 2020, initially testing the "global潮玩集合平台" concept with a single store, and has since expanded to over 280 stores across more than 80 cities in China, with plans for international expansion [4][5] - The brand offers a wide range of products, including blind boxes, figurines, and collaborations with over 200 international IPs, appealing to consumers aged 10 to 40 [4][5] Investment Details - Temasek's investment is seen as a strategic move to capitalize on the growing潮玩 market, particularly in Southeast Asia, where the market is experiencing a compound annual growth rate of over 40% [11][12] - The investment is also viewed as a potential precursor to TOP TOY's separate IPO, with Miniso exploring the possibility of spinning off the潮玩 business to optimize shareholder value [6][7] Market Dynamics - The潮玩 industry is characterized by high emotional value, with products serving as "emotional factories" that transform abstract feelings into tangible assets [16][20] - The business model leverages psychological triggers and social media to drive impulse purchases, creating a cycle of consumption that resonates with younger consumers [17][18] Strategic Positioning - Temasek's investment aligns with its focus on long-term trends, particularly in the context of the Asian Z-generation cultural consumption, which is one of the fastest-growing segments [13][14] - The partnership is expected to enhance TOP TOY's operational efficiency and market reach, leveraging Temasek's resources and connections in Southeast Asia [12][14]

本报讯 （记者何文英）8月22日晚间，芒果超媒股份有限公司（以下简称"芒果超媒"）披露2025年半年 度报告。上半年公司实现营业收入59.64亿元，归母净利润7.63亿元。 报告期内，公司核心平台芒果TV保持经营韧性，互联网视频业务保持稳健发展趋势。QM数据显示，报 告期内芒果TV月活均值同比增长14.24%，人均单日使用时长稳居行业前列。7月，平台月活用户超2.8 亿户，同比增长10.6%。QM数据显示，4月份芒果TV高价值用户行业占比达38.2%，人均单日时长达 128分钟，位于长视频平台第一。 报告期内，公司广告业务明显回暖。在行业整体招商数量下降的背景下，芒果TV自招商品牌数同比增 长21%，增速位居四大平台之首。此外，公司运营商业务实现营业收入8亿元，同比增长约7%，重新步 入增长通道。大屏业务推出行业首个电视弹幕产品，已覆盖3000万名用户，拉动节目观看时长提升 20%。 小芒抢滩新消费市场 今年以来，芒果TV加速布局微短剧板块，作为平台新的内容增量，市场份额显著提升。报告期内，公 司秉持"精品化+剧场化"运营策略，芒果TV大芒计划上线微短剧1179部，较去年同期增长近7倍。年 初，公司还与红果平 ...

扬子晚报网8月22日讯（记者 姜天圣）北京时间8月20日，2025德国科隆国际游戏展（gamescom）于莱 茵河畔揭幕。作为全球最大规模的游戏展会之一，世界各地的知名游戏厂商和游戏爱好者云集于此，探 讨行业发展动向。今年有近40家中国公司参加了科隆国际游戏展。 在科隆现场，中国游戏的展区获得了广泛关注，其中，首次携两款游戏《无限暖暖》和《恋与深空》亮 相科隆的叠纸游戏，吸引了诸多玩家跨国打卡。一位专程从法国赶来的《恋与深空》玩家表示，这款游 戏给她带来了非常美妙的恋爱体验，游戏中的男性角色陪她度过了很多低谷时刻。另一位来自英国的玩 家在《无限暖暖》展台拍了很多照片，这款游戏是他12岁女儿的最爱，"她总说长大之后要像暖暖一样 去体验不同的地域和文化"。 叠纸旗下产品以画面优美、情感细腻的特点为行业内所称道，此次科隆展呈现的《无限暖暖》和《恋与 深空》展台设置了众多高互动性的细节，例如与暖暖一起"种植花卉"、通过"温感装置"与男主亲密互动 等，将满足全球玩家情绪价值的方针也带到了此次科隆的展会中。 《恋与深空》及《无限暖暖》是叠纸进行全球发行的代表性产品。《无限暖暖》首次将开放世界玩法与 换装玩法相结合的做法引 ...

Core Viewpoint - The article discusses the resurgence of abstract internet celebrities, particularly focusing on "Guo Laoshi" and her new ventures, highlighting a shift towards emotional consumption and the evolving landscape of internet culture [1][11]. Group 1: Return of Internet Celebrities - Guo Laoshi, previously banned for inappropriate content, has made a comeback by opening a milk tea shop, which has attracted significant attention and crowds [4][2]. - The shop offers limited types of drinks priced between 10 to 18 yuan, and has generated a multiplier effect on local tourism, with nearby hotels fully booked [4][6]. - Other internet celebrities like "Northeast Rain Sister" are also planning comebacks, indicating a trend of returning figures in the abstract internet culture [5][6]. Group 2: New Revenue Streams for Internet Celebrities - Guo Laoshi has released a new single titled "Cream Strawberry," indicating her ambitions extend beyond just the milk tea shop [6][10]. - The article notes that many abstract internet celebrities are now exploring new monetization avenues such as concerts and music releases, with "Na Yina" successfully conducting a nationwide tour [6][9]. - Ticket prices for Na Yina's concerts have surged, with resale prices reaching up to 400 yuan, showcasing the demand for such events [6][9]. Group 3: Emotional Consumption and Audience Engagement - The phenomenon of emotional consumption is highlighted, where audiences are drawn to the unique experiences offered by these internet celebrities, transforming ticket purchases into emotional investments [11][13]. - The article suggests that the interaction between fans and celebrities during live events creates a collective memory, akin to the experience of gifting during live streams [11][13]. - Platforms are adapting to this trend by supporting a wider range of creators and adjusting their strategies to avoid over-reliance on a few top influencers [13].

十五运会和残特奥会官方特许商品旗舰店 摄 / 宋婕 当前，IP 衍生品已经成为传播文化内容、提供独特体验、聚集线上线下受众的重要载体。 今年夏天，十五运会和残特奥会官方特许商品旗舰店在广州开设，选址在日均客流量超 10 万的正佳广场，不远处正是在 2017 年以 84.4 万人 次成为全国单日客流量最高站点的体育西路地铁站。 第一财经观察到，这种将 IP 衍生品商店设在 " 商业地标 + 交通枢纽 " 的区位，以最大程度来扩大受众面的经营模式，已在多类文体旅活动中 得以应用。在 AI 技术和社交文化的推动下，IP 衍生品销售在这一基础上又呈现出新的发展趋势。 IP 衍生品推动情绪消费需求抬升 如今，十五运会和残特奥会官方特许商品零售店就已在包括北京在内的全国多个城市开设了两百余家，大多位于地标、景区、机场、高铁站和 地铁站。此前，相关负责人公开表示，这些零售店都是宣传推广十五运会和残特奥会的窗口。 " 苏超 " 赛事线下唯一的快闪门店，也已经于 8 月 6 日在南京南站开业，店内汇集了 72 个品类、103 款周边产品，涵盖赛事周边文创、纪念 品、潮玩盲盒以及融合江苏非遗元素的特色商品。 IP 衍生品的产销， ...

今年夏天，十五运会和残特奥会官方特许商品旗舰店在广州开设，选址在日均客流量超10万的正佳 广场，不远处正是在2017年以84.4万人次成为全国单日客流量最高站点的体育西路地铁站。 2025.08. 21 本文字数：3626，阅读时长大约6分钟 作者 | 第一财经 宋婕 当前，IP衍生品已经成为传播文化内容、提供独特体验、聚集线上线下受众的重要载体。 第一财经观察到，这种将IP衍生品商店设在"商业地标+交通枢纽"的区位，以最大程度来扩大受众面 的经营模式，已在多类文体旅活动中得以应用。在AI技术和社交文化的推动下，IP衍生品销售在这 一基础上又呈现出新的发展趋势。 十五运会和残特奥会官方特许商品旗舰店 摄/宋婕 IP衍生品推动情绪消费需求抬升 如今，十五运会和残特奥会官方特许商品零售店就已在包括北京在内的全国多个城市开设了两百余 家，大多位于地标、景区、机场、高铁站和地铁站。此前，相关负责人公开表示，这些零售店都是宣 传推广十五运会和残特奥会的窗口。 "苏超"赛事线下唯一的快闪门店，也已经于8月6日在南京南站开业，店内汇集了72个品类、103款周 边产品，涵盖赛事周边文创、纪念品、潮玩盲盒以及融合江苏非遗元素的 ...