Core Viewpoint - In the first half of 2025, China's Pop Mart has surpassed Disney and Bandai Namco in toy revenue, becoming the second-largest toy company globally, only behind LEGO, with a revenue of 138.76 billion RMB, marking a significant growth in the industry landscape [1][5]. Revenue Performance - Pop Mart achieved a revenue of 138.8 billion RMB in the first half of 2025, representing a year-on-year growth of 204.4%, while adjusted net profit reached 47.1 billion RMB, up 362.8% [1]. - The core IP "THE MONSTERS," represented by Labubu, contributed 48.1 billion RMB in revenue, accounting for 34.7% of total revenue [3]. - The plush toy category saw revenue of 61.4 billion RMB, a staggering increase of 1276.2%, surpassing the figure for figurines for the first time [3]. Comparison with Competitors - Disney's consumer products division reported a revenue of 138.6 billion RMB in the first half of 2025, with a growth of approximately 3.5%, while Bandai Namco's toy revenue is estimated at 134.4 billion RMB [5]. - Pop Mart, Disney, and Bandai Namco are closely matched in toy revenue, with only a few hundred million RMB separating them [5]. IP Strategy and Market Position - Pop Mart's success is attributed to its unique approach, leveraging its own IPs without relying on traditional media narratives, unlike Disney and Bandai Namco, which depend on strong content ecosystems [7][9]. - Pop Mart's IPs, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, all generated over 10 billion RMB in revenue, indicating a robust portfolio [9]. - The recent opening of Pop Mart's city park in Beijing signifies a strategic move to enhance IP value through physical experiences [10]. Future Outlook - Despite Pop Mart's rapid growth, traditional giants like Disney and Bandai Namco still hold advantages in IP diversity and global reach, leaving the future competitive landscape uncertain [12].

凤凰网科技讯 9月28日，从金山体系内的发行团队，到独立运营的IP运营商，金山世游的转型之路 正悄然启程。近日，金山世游副总裁刘异接受凤凰网科技等媒体采访，首次系统阐述了这家从金山体系 独立出来不到三年的游戏公司的定位与未来规划。 "虽然我们位于小米科技园，也隶属于金山集团，但从我们的视角看，它更像是一个体系内的创业 公司。"刘异这样定义金山世游的现状。 然而，一个随之而来的问题是：为何在已有西山居的情况下，金山集团还要拆分出另一个游戏公 司？这是业内许多人好奇的问题。 刘异解释道，雷军回到金山后做的第一件事，就是将金山旗下的几块业务分别做了管理层持股计 划，单独拆分成几家子公司。游戏板块方面，将全国各地的工作室，包括大连、北京、武汉、成都、珠 海的工作室进行整合，对外统一品牌叫西山居。 "西山居的游戏发行团队一直在北京。我们是基于雷总的信任及集团领导的支持，让团队有新的一 轮机会。"刘异说，"所以我们从西山居体系之内再做一轮拆分，相当于是把原有的大连、武汉、北京的 工作室和北京的发行团队整合成立金山世游。" 至此，金山整个集团下有了两个游戏板块的公司：一个是西山居，一个是金山世游。刘异特别强 调，之前西山居 ...

记者丨刘婧汐 编辑丨高梦阳 童年记忆里的卡牌纷纷奔赴资本市场。 继"行业老大"卡游向港交所递交招股书之后，有消息称，成立仅四年的卡牌公司Hitcard也开始推进上 市进程，集换式卡牌市场将迎来"变现时代"。 Hitcard是由上海骑形网络科技有限公司于2021年创办的潮玩IP卡品牌，专注于成人收藏卡领域。此前， 公司已经获得上海联创投资创始人冯涛、泡泡玛特、红杉中国种子基金、千岛潮玩族、日本头部娱乐集 团CyberAgent以及阅文集团等机构与产业方的多轮融资。 记者搜索到，在Hitcard的淘宝官方旗舰店中，影视剧《嘘，国王在冬眠》联名卡牌以销量7000+位列店 铺销量第一，超越了一众二次元知名IP。 据36氪，Hitcard去年已经实现了约4亿元的收入，同比增长超600%，今年预计还会有同比100%的增 长，且已经实现盈利。 不过，对比目前的"行业老大"卡游，Hitcard在营收和市场份额上与其仍相距甚远。 根据华西证券研究所测算，按商品交易总额计，2024年中国集换卡式牌行业中前五大公司占总市场份额 的 82.4%，卡游以71.1%的市场份额位居第一位。2024年，卡游实现了100.57亿元的营收，经调 ...

格隆汇9月26日丨据港交所9月26日披露，TOP TOY International Group Limited(简称：TOP TOY)向港交 所主板递交上市申请，摩根大通、瑞银、中信证券为其联席保荐人。 财务方面，于2022年、2023年、2024年及2025年截至6月30日止六个月，公司实现收入分别约为6.79亿 元、14.61亿元、19.09亿元及13.60亿元人民币；同期，年度/期间利润分别约为-3838.3万元、2.12亿元、 2.94亿元、1.80亿元人民币。 此次融资所得款项预计将用作如下：预计约将用于进一步丰富公司多元化IP矩阵，增强IP运营能力；将 用于深化全球化的全渠道布局；将用于品牌建设、消费者互动及营销计划；将用于提升供应链实力和强 化全流程数字化能力；将用于营运资金及一般企业用途。 自2020年12月开设首家门店以来，公司已建立潮玩全产业链一体化平台。凭藉对潮玩爱好者的深刻洞 察，公司已形成行业领先、贴近消费者的产品设计与IP运营能力。公司成功构建了一个由自有IP、授权 IP及他牌IP协同驱动的多层次IP矩阵，以及一个由多样化产品矩阵构成的极具吸引力的潮玩世界。公司 的产品矩阵涵盖手 ...

Core Viewpoint - TOP TOY International Group Limited has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan, UBS, and CITIC Securities as joint sponsors [1] Company Overview - TOP TOY is recognized as the largest and fastest-growing潮玩 (trendy toy) collection brand in China, achieving a GMV of RMB 2.4 billion in 2024, with nearly 50% of revenue coming from self-developed products, the highest among Chinese潮玩 brands according to Frost & Sullivan [4][5] - The company has established a comprehensive潮玩 industry chain platform since opening its first store in December 2020, demonstrating strong product design and IP operation capabilities [4] Market Position and Consumer Engagement - As a leader in the潮玩 collection brand sector, TOP TOY has built significant brand influence and a diverse customer base, being the preferred潮玩 brand among consumers according to Frost & Sullivan [5] - The company utilizes private domain operations and multi-platform fan interactions to engage customers effectively, ensuring high-quality content dissemination [5] Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 678.8 million, RMB 1.46 billion, RMB 1.91 billion, and RMB 1.36 billion respectively, with corresponding profits of approximately RMB -38.4 million, RMB 212.4 million, RMB 293.5 million, and RMB 179.7 million [6][7]

潮玩，作为融合潮流文化、创意和艺术的时尚玩具，深受年轻人热爱。近年来，东莞的潮玩产业迅猛崛起，已成为全国潮玩生产的重要基地，85%的潮玩产 品都源自这里。尤其是石排镇，这个原本低调的小镇，凭借独特的"国潮"主题潮玩，成功将传统文化与现代设计完美结合，推动国潮文化走向新高度。 东莞市石排镇某潮玩企业负责人肖森林：这是东莞的特色菜，给你搞个烧鹅吃一吃。烧鹅配这个濑粉，濑粉是东莞的，这是烧鹅肉，这个是青菜。这是口 红，这是香水，粉扑、镜子。 在东莞，万物皆可潮玩，从传统化妆品、广式烧鹅再到冻柠茶，石排镇的这家潮玩企业从传统文化汲取灵感，推出了毛绒玩具和挂件等创意产品，让年轻人 在玩儿的过程中了解传统文化。 东莞市石排镇某潮玩企业负责人肖森林：我们在设定这个项目之前，有很多的论证，但是并不代表每个人都会认同我们这种创新的玩法。所以我们就进行了 一个尝试，在深圳的潮玩展上首次亮相，没想到它反应非常火爆，就更坚定了我们的信心，认为这个思路是对的。 在石排镇，以国风为灵感的潮玩企业并不少见。在这家专门制造金属拼装玩具的企业，负责人熊毛正展示一款以"中秋小团圆"为主题的盒子灯。这家企业最 初做金属玩具代加工，直到2006年开 ...

Market Overview - The total revenue from in-app purchases (IAP) in the Japanese mobile gaming market is projected to be $11 billion (approximately 78.2 billion RMB) from August 2024 to July 2025, reflecting a year-on-year decline of 2.2% [1] - Despite a slight market contraction and a 2.5% decrease in downloads, the market remains stable due to a high average revenue per user (ARPU) and effective monetization strategies, maintaining annual revenue above 1.6 trillion yen (approximately 77.2 billion RMB) since 2021 [1] Category Performance - RPG games continue to dominate the Japanese mobile gaming market, contributing 37.4% of total revenue, with titles like "Uma Musume," "Monster Strike," and "FGO" leading the revenue charts [3] - Strategy games rank second with a 21.8% revenue contribution, driven by 4X strategy games like "Last War: Survival" and "Whiteout Survival," which saw a 35% revenue increase, and the card battle game "Pokémon TCG Pocket," which achieved a 305% revenue surge [5] - Casual puzzle games are the primary drivers of download volume, accounting for 33.2% of total downloads, with games like "Car Jam" and "Screw Sort 3D" experiencing over 70% year-on-year growth in downloads [5] IP Importance - Local IPs play a crucial role in the Japanese gaming market, with the "Pokémon" IP achieving a 32% year-on-year revenue increase due to the success of "Pokémon TCG Pocket" [10] - The "Gundam" IP, through the new release "SD Gundam GGENERATION ETERNAL," saw over 800% year-on-year growth, highlighting the effective operational strategies that enhance IP value [10][12] Publisher Landscape - Japanese publishers dominate the market, contributing over 52% of total IAP revenue while accounting for only 31% of downloads [14] - Major Japanese companies like Bandai Namco, Sega, and Capcom rank among the top ten global publishers on Steam, indicating strong influence in the PC and console gaming markets [14] - Overseas publishers adopt differentiated strategies to penetrate the Japanese market, focusing on core paying users and launching casual games that appeal to a broader audience [16][18] Advertising Strategies - The gaming sector is a leading category for digital advertising in Japan, with significant ad spending and display volume [19] - LINE is the most prominent channel for game advertising, with successful campaigns often aligning with major in-game events [19][20] - Targeted advertising strategies are employed, such as "Whiteout Survival," which focuses on male users aged 25-34, utilizing platforms like TikTok and Instagram to resonate with younger audiences [22]

毛绒品类方面，公司正加速孵化多元化产品线，近期全新研发的"面包 超人"经典 IP 系列与"初音未来"二次元偶像系列毛绒挂件，已在线 上线下渠道同步发售。上述产品搭配还原 IP 特色的萌系造型设计，既 能作为日常穿搭的潮流配饰，也可成为居家场景的治愈系摆件，进一步 强化了公司在软萌潮流品类中的市场影响力。 此外，公司同步拓展的生活周边系列，以"潮流融入日常"为核心理念， 推出涵盖高颜值水杯、个性家居饰品等在内的多元单品，通过将二次元 元素、潮流设计与实用功能深度融合，为消费者打造兼具颜值与实用性 的生活方式解决方案，引领年轻群体的潮流消费新风向。 证券代码：002103 证券简称：广博股份 广博集团股份有限公司 投资者活动记录表 编号：2025012 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 建信养老：刘洋，周文菁 长江证券：章颖佳 时间 2025 年 9 月 25 日 地点 公司会议室 公司接待人员 姓名 董事会秘书、副总经理：江淑莹 证券事务代表：王秀娜 投资 ...

Core Insights - Hitcard is advancing its IPO process and may become the first publicly listed card company in China, focusing on adult collectible cards [3][4] - The company has seen significant growth, with revenue reaching approximately 400 million yuan in the previous year, a year-on-year increase of over 600%, and is expected to achieve another 100% growth this year [3][6] - The collectible card market in China is projected to grow from 26.3 billion yuan in 2024 to 44.6 billion yuan by 2029, making it the fastest-growing category in the broader entertainment sector [3][6] Market Position and Strategy - Hitcard differentiates itself by signing a diverse range of IPs, increasing its signed IP count to over 60 this year, which is comparable to larger competitors [6][8] - The company emphasizes limited releases and high-frequency product launches to maintain product scarcity, with an average of 10 new products introduced monthly [7][8] - Hitcard's production process includes advanced printing techniques, such as a 14-color printing machine, enhancing the visual appeal of its cards [8] User Demographics and Sales Channels - The primary target demographic for Hitcard is young women aged 18 to 28, which overlaps with the customer base of popular brands like Pop Mart [8][9] - Live streaming on platforms like Douyin has become a key sales channel, contributing over 60% of Hitcard's sales, while offline channels have also expanded, accounting for 40% of sales [12][13] Competitive Landscape and IP Strategy - The competitive environment is intensifying, with companies vying for new IPs, and Hitcard has recently secured a significant licensing agreement with Disney, positioning itself as a major player in the card industry [16] - The company aims to enhance its IP interpretation and content extension capabilities to prolong the lifecycle of its IPs and achieve differentiation [15][16] Future Outlook - Hitcard is exploring international markets, with aspirations to increase overseas revenue from single digits to over 10%, focusing on mature markets like North America and Japan [16]

这一战略入股，标志着巨星传奇率先抢占稀缺文体地标场景的制高点，依托"超级IP+超级场景"双轮驱 动，公司有望撬动更大规模的产业协同与商业化空间，其背后的战略价值值得深入探究。 9月16日，巨星传奇（06683.HK）发布公告称，其全资子公司星创艺（昆山）文娱有限公司收购国家体 育场有限责任公司约1.17%股权，成为这座"双奥"场馆的唯一民企股东。 同时，Z世代对线下沉浸式体验的需求持续释放。2024年，全国大型演唱会覆盖30个省份、180座城 市，跨城观演率保持在60%以上；除票房外，带动的综合消费规模已突破2000亿元。可见，文体消费正 成为推动区域经济和消费升级的重要引擎。 一、 IP为核场景为势，产业协同关键落子 长期以来，巨星传奇的核心竞争力在于以超级明星IP为引擎的一体化运营能力。 以周杰伦IP为例，公司为周杰伦打造其官方二次元IP形象——周同学，在周杰伦"嘉年华"巡回演唱会的 举办城市同期举行"寻找周同学"文旅活动，不断放大IP势能，成功制造出现象级流量；同时，借助"周 同学"主题快闪、机器人商店等线下触点实现商业化承接，高效打通IP创造、运营及商业化的全链路。 而真正的IP价值释放，有赖于与更具 ...