Core Insights - The article highlights the significant rise of the collectible toy industry, particularly driven by the success of Pop Mart's LABUBU, which has become a global phenomenon since 2024, leading to increased market interest and investment in the sector [2][5][8]. Company Performance - Pop Mart's LABUBU has contributed to a remarkable financial performance, with its revenue from the THE MONSTERS series exceeding 30 billion yuan in 2024, and the company achieving a market capitalization of over 330 billion HKD [5][8]. - The stock price of Pop Mart surged from below 10 HKD in Q4 2022 to 252.6 HKD by June 2025, marking an increase of over 24 times [5][8]. - Other companies in the collectible toy space, such as Blokku, have also seen significant stock price increases, with Blokku's stock rising 40.85% on its debut and reaching new highs [6][8]. Market Trends - The collectible toy market has grown nearly tenfold from 63 billion yuan in 2015 to 600 billion yuan in 2023, with projections estimating it will reach 1,101 billion yuan by 2026 [8]. - The main consumer demographic for blind box toys consists of individuals born in the 1990s and 2000s, who represent 78% of the market and exhibit strong purchasing power [8]. IP Development and Competition - The success of LABUBU is attributed to its unique design and the influence of celebrities, which has helped it break into mainstream culture [4][6]. - Companies are increasingly focusing on IP development, with Pop Mart and others needing to continuously innovate to avoid becoming obsolete [9][10]. - The competitive landscape is shifting, with companies like 52TOYS and KAYOU also exploring overseas markets and developing their own IPs to enhance their market positions [12][15]. International Expansion - Pop Mart's overseas revenue reached 50.66 billion yuan in 2024, a 375.2% increase, with Southeast Asia being the most lucrative market [14][15]. - Other companies, such as KAYOU and 52TOYS, are also expanding internationally, with plans to open stores in Hong Kong and Macau, and to establish a presence in North America and Southeast Asia [15]

Investment Rating - The report indicates a positive investment outlook for the Chinese art toy industry, highlighting significant growth potential driven by various factors [5][6][8]. Core Insights - The Chinese art toy industry has transitioned from a niche luxury market to a broader, affordable market, expanding its core consumer base beyond early adopters to include a wider demographic [5][6]. - The market is expected to reach a scale of 74.7 billion yuan by 2024, with growth rates surpassing traditional toy industries, positioning it as a new highland for cultural export and industrial revitalization [6][8]. - The competitive landscape is characterized by a "one strong, many strong" pattern, with Pop Mart leading in revenue, while TOPTOY achieves rapid growth through differentiated strategies [7][57]. Summary by Sections Industry Overview - The Chinese art toy industry has evolved significantly, moving from a niche market to a mass-market appeal, with a core consumer demographic expanding to include younger audiences and diverse user groups [5][6]. - The industry is experiencing a trend of refined division of labor and full-chain integration, driven by the rise of Generation Z's purchasing power and accelerated IP commercialization [6][8]. Market Dynamics - The competitive environment is intense, with Pop Mart projected to achieve revenues of 11.99 billion yuan in 2024, while TOPTOY's revenue and store count are expected to grow at compound annual growth rates (CAGR) of 115.4% and 45.8%, respectively [7][57]. - The consumer base is predominantly young and female, with high concentrations in first-tier cities, indicating a strong alignment with emotional and purchasing needs [7][52]. Policy Environment - Recent government policies have been favorable, promoting consumption and intellectual property protection, which are crucial for the high-quality development of the art toy industry [15][17]. Consumer Insights - The primary consumer demographic for art toys is individuals aged 20-39, with a significant female representation, indicating a strong demand for products that cater to personal expression and cultural identity [52][56]. - The purchasing motivations are driven by individual expression, collection value, and self-satisfaction, with a notable presence of secondary market sales for limited editions [13][56]. Financial Performance - The financial landscape shows that Pop Mart leads the industry with substantial revenue, while TOPTOY's differentiated approach has resulted in impressive growth metrics [57][59].

转自：中国质量报 潮玩是指以艺术设计为核心，兼具潮流文化属性和收藏价值的玩具或收藏品。与传统玩具不同，潮玩更 具社交化、礼品化，更强调文化共鸣、创意表达和审美情趣。因其社交属性和情绪价值契合当代人的需 求，很受消费者认可，行业市场在短期内获得快速发展。近些年，我国潮玩产业进入高增长阶段，2023 年市场规模达到600亿元，预计到2026年，市场规模将突破1000亿元。 我国潮玩不仅在国内市场表现亮眼，一些潮玩企业积极"出海"，在海外市场也取得可喜成绩。以泡泡玛 特为例，该企业2018年起在海外开设实体店，进入日本、韩国、新加坡、马来西亚及美国、英国、澳大 利亚、法国等地市场，海外市场影响力持续上升。截至2024年底，泡泡玛特旗下IP全球营收130.4亿 元，海外业务营收50.7亿元，同比增长375.2%。泡泡玛特之外，布鲁克、卡游等众多中国潮玩品牌也在 加快"出海"步伐。 我国潮玩之所以能够吸引全球目光，有多方面原因。重视IP、创造IP、运用IP，这一点非常重要，泡泡 玛特就是围绕IP作为"消费者情感纽带"这一核心精准发力而大获成功的。泡泡玛特注重打造IP生态，以 形象IP为主导，并结合联名合作等方式，为潮玩 ...

Group 1: Industry Overview - The潮玩 economy has evolved from a niche market to a mainstream consumer trend, driven by the Z generation's emotional connection and identity recognition through products [1] - The潮玩 market in China has surpassed 100 billion yuan in scale, with projections to exceed 200 billion yuan by 2029 [5] -潮玩 products emphasize cultural resonance, creative expression, and aesthetic value, appealing primarily to adult collectors and trend enthusiasts [4] Group 2: Company Performance - 泡泡玛特 (09992.HK) has seen its stock price increase by 1070.65% in 2024, reaching a market cap of 314.2 billion HKD, surpassing several established consumer brands [2] - 泡泡玛特 reported a revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.92%, with a net profit of 3.403 billion yuan, up 185.86% [2] - Other潮玩 brands like 布鲁可 (00325.HK) and TOP TOY have also shown significant growth, with 布鲁可's stock price rising 173.07% since its IPO and a revenue increase of 155.61% [2][3] Group 3: Market Dynamics - The潮玩 market is characterized by a rapid increase in the number of related enterprises, with 22,300潮玩 companies registered by May 2025, reflecting a 30.18% year-on-year growth in 2024 [5] - The rise of情绪经济 and盲盒经济 has created a favorable environment for潮玩 brands, with a strong consumer base among the 20-35 age group [12] - The market is expected to see a shift from "experiential purchasing" to "habitual consumption," with the number of paying consumers projected to reach 40 million by 2025 [12] Group 4: Global Expansion - 泡泡玛特 has accelerated its global strategy, achieving a revenue of 3.041 billion yuan from its international operations in 2024, a 726.56% increase [10] - The company has localized its products and signed local artists to enhance its global presence, with significant success in markets like Thailand and North America [10][11] - The潮玩 industry is witnessing a collective move towards international markets, driven by the demand for quality IP and products [11] Group 5: Challenges and Opportunities - Despite the growth potential, the潮玩 economy faces challenges such as immature business models and evolving consumer preferences [12][14] - The industry must balance the niche value of潮玩 as collectibles with the mass production aspect to sustain profitability [14] - Technological advancements like 3D printing and AI are expected to enhance product interactivity and market expansion [13]

Core Viewpoint - The forum highlighted the vast opportunities for Chinese companies to expand internationally, while also addressing the challenges posed by tariffs, geopolitical factors, and the need for international talent and supply chain management [1][5][6]. Group 1: Industry Insights - The automotive industry is viewed positively for international expansion due to its large scale, ongoing development, and high technical complexity, which creates significant barriers to entry for competitors [2][17]. - The gaming industry faces intense competition but also presents differentiated opportunities across various global markets, with specific strategies needed for each region [3][8][19]. - Companies like Wentech are focusing on global talent, technology, and supply chain integration to implement a "Local For Local" strategy, which has proven effective in navigating global challenges [3][11][10]. Group 2: Investment Opportunities - Investment in companies with high profit margins, rapid growth, and significant market potential is emphasized, while also considering external risks such as tariffs and market uncertainties [2][4][30]. - The cultural and entertainment sectors, particularly in areas like emotional consumption and AI applications, are seen as having substantial growth potential, driven by strong domestic supply chains and large consumer bases [4][28][29]. - The importance of IP and product strength in the cultural export sector is highlighted, with successful examples of Chinese IP gaining global traction [28][35]. Group 3: Strategic Recommendations - Companies are advised to optimize their balance sheets and enhance collaboration with upstream and downstream partners to better navigate uncertainties [32][36]. - A multi-faceted approach to risk management is recommended, including preparing for various market scenarios and maintaining flexibility in product offerings [32][33]. - Emphasis is placed on the need for a global perspective in both investment and operational strategies, recognizing the importance of understanding macroeconomic trends and industry dynamics [35][36].

Core Insights - The global toy market is entering a golden era, with significant growth opportunities for Chinese brands in overseas markets, particularly in Southeast Asia and Europe [3][4][6] - The market size of the global toy industry is projected to reach approximately 773.1 billion yuan in 2023, with a CAGR of about 5.1% from 2024 to 2028 [4] - The transformation in consumer demographics and preferences is driving the demand for collectible toys, with notable growth in the 12+ age group in the US and Europe [5][7] Group 1: Market Dynamics - The global toy market is experiencing a profound transformation characterized by changes in consumer demographics, marketing strategies, and distribution channels [5][6] - The collectible toy segment is rapidly gaining market share, with companies like LEGO and MGA Entertainment seeing significant increases in their market shares [4][5] - The rise of social media and online shopping has facilitated the growth of new brands, allowing them to bypass traditional retail monopolies [5][7] Group 2: Regional Insights - Southeast Asia is witnessing rapid growth in the toy market, driven by a young population and strong entertainment consumption trends [7] - The North American and European markets present substantial opportunities for growth, with high consumer spending and acceptance of diverse cultures [7] - Chinese brands are successfully localizing their marketing strategies in Southeast Asia, leveraging influencer collaborations and e-commerce platforms [7] Group 3: Competitive Landscape - The emergence of new collectible toy brands is reshaping the competitive landscape, with domestic brands like Pop Mart and Blokko gaining international traction [4][5] - The shift from traditional toy consumption to a focus on collectibles is creating a new market dynamic, where emotional and social factors play a significant role in purchasing decisions [5][6] - The ability of Chinese brands to innovate in product design and quality is enhancing their competitiveness on a global scale [4][5]

2025.05. 20 本文字数：813，阅读时长大约2分钟 板块方面，美容护理、宠物经济、重组蛋白、培育钻石、谷子经济板块走强，港口航运板块跌幅居 前，化学纤维、成飞概念、军工电子板块走低。 据证券时报，机构表示，宠物市场近年持续保持高增速，头部上市公司受益于国产替代效应的推进以 及产品力、品牌力的不断提升，带动销量同比显著高增，且产品价格带同步上移，国内自主品牌稳定 盈利且毛利净利不断改善，实现量、价、利三升。 机构观点 中信证券表示，展望后续，预计海外需求稳健，国内市场国货替代持续，2025年宠物板块业绩有望 持续增长。宠物经济是稀缺赛道，需求韧性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集 中程度进一步提升，看好龙头通过产品创新、品牌和渠道建设不断提升市场份额。 5月20日，A股三大指数早盘集体上涨。截至午间收盘，上证指数报3380.45点，涨0.38%，深成指 报10251.9点，涨0.79%，创业板指报2053.99点，涨1.04%。 | 沪深300 | 中证500 | 中证A500 | | --- | --- | --- | | 3901.01 | 5748.13 | 4581.00 | ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [10]. Core Insights - The report highlights that the潮玩 (trendy toys) industry is entering a golden era of international expansion, with significant growth opportunities in Southeast Asia and Europe [3][6]. - The global toy market is projected to reach approximately 773.1 billion yuan in 2023, with a CAGR of about 5.1% from 2024 to 2028 [4][24]. - The report emphasizes the competitive advantages of Chinese trendy toy brands, which have made substantial progress in product design, IP operation, and supply chain management [3][4]. Summary by Sections Global Toy Market Overview - The global toy market is expected to grow steadily, with North America, Europe, and Asia accounting for the majority of consumption [24]. - The collectible toy segment is rapidly gaining market share, with projections indicating a market size of 57.1 billion USD in 2023, expected to reach 69.6 billion USD by 2028, reflecting a CAGR of 4.0% [25]. Consumer Demographics and Trends - The consumer base for toys is shifting from children to a broader audience, with 25% of toy consumption in the U.S. and 29% in Europe coming from individuals aged 12 and older [5][6]. - The rise of social media and e-commerce has transformed toy marketing and sales channels, allowing for greater reach and engagement with consumers [5][6]. Regional Market Insights - Southeast Asia is highlighted as a rapidly growing market due to its young population and strong entertainment consumption culture, with local marketing strategies proving effective [6]. - The report notes that the U.S. and European markets present significant opportunities for Chinese brands, with increasing acceptance of diverse cultural products [6]. Competitive Landscape - The report identifies a shift in market dynamics, with traditional toy companies facing challenges from new entrants and collectible brands like LEGO and MGA Entertainment gaining market share [45][49]. - The competitive landscape is characterized by a transition from traditional toys to collectible and trendy toys, with brands like泡泡玛特 (Pop Mart), 布鲁可 (Blok), and 名创优品 (Miniso) positioned for growth [8][56]. Investment Recommendations - The report recommends investing in leading companies such as泡泡玛特, 布鲁可, and 名创优品, which are well-positioned to capture market share through strong IP operations and comprehensive value chain strategies [8][15]. - It also suggests monitoring emerging players in niche segments, such as 卡游 (KAYOU), which are actively expanding into international markets [8].

点击图片▲立即试听 " 只有当一件商品能同时承载情感共鸣、文化认同与社交价值时，它才真正具备了穿透国界、扎根本地的力量。这种力量不仅推动着企业营收增长，更能重塑着世界 对中国文化的认知。 " 文 / 巴九灵（微信公众号：吴晓波频道） 哪个中国商品能无惧特朗普的 关税，依然畅销美国？ 正在排队的美国人民会告诉你，那就是拉布布（ Labubu） 。 随着4月25日 推出了新品 第三代搪胶毛绒产品，拉布布掀起了一股全球抢购潮。 尽管在关税影响下，拉布布在美国的售价从22美元涨到了28美元，但在美国洛杉矶门店，排队人数依然多得看不到队尾；到了英国伦敦的牛津 街，抢购粉丝则排得 "转角再转角"；意大利米兰的抢购队伍甚至排出了近两条街道。 国内也不例外，许多媒体报道了多地人们排队购买买拉布布新品的情形，有的人甚至排队近两个小时。 一时之间，全世界都在排队购买拉布布，上一次见证这样排队，还是iPhone新机首发 。 当线下人群搭帐篷、搬折叠椅排队时，更多人拿出手机在线上"拼手速"。4月25日， 拉布布所属公司——泡泡玛特 （POP MART）的App登顶美 国App Store购物榜，并且单日排名飙升114位排在免费总榜第 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and market potential of Chinese companies like Pop Mart and Card Game in the overseas market, driven by cultural elements and effective market strategies [1][4]. - Pop Mart's stock price has surged over 120% this year, with a remarkable increase of 349.60% in 2024, outperforming the Hong Kong Hang Seng Index, which rose by 17.67% during the same period [1]. - The popularity of Pop Mart's IP LABUBU has led to its app reaching the top of the US App Store shopping chart, indicating strong consumer engagement and demand [1]. Group 2 - The emergence of the secondary market for IP-based products, such as blind boxes and trading cards, has seen a rapid increase in the number of related companies, exceeding 6.67 million, with 96.7% established in the last five years [2]. - Card Game's revenue reached a historical high of 10.057 billion yuan in 2024, with a significant increase in sales volume of collectible cards, indicating strong market performance [3]. - Pop Mart's overseas revenue accounted for nearly 40% in 2024, with Southeast Asia and North America showing exceptional growth rates of over six times and five times, respectively [4]. Group 3 - The strategic focus on overseas expansion is evident, with Card Game collaborating with Hasbro for global licensing of the "My Little Pony" series, targeting markets in Japan, South Korea, and Southeast Asia [4]. - The overseas sales revenue of Blokku increased by 518.2% in 2024, although it still represents a small portion of overall revenue, indicating potential for future growth [4]. - Analysts emphasize the need for innovation in manufacturing and technology for cultural IP products to succeed in international markets, reflecting a shift from mere manufacturing to brand creation [5].