Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the潮玩 (trendy toy) sector [4]. Core Insights - The潮玩 industry is characterized by its integration of various cultural elements, including art, design, and popular IPs, leading to a unique product offering that appeals to consumers [2][3]. - The Chinese潮玩 market is experiencing rapid growth, driven by increasing disposable income, the rise of emotional consumption, and the emergence of quality domestic IPs [3][4]. - The competitive landscape is fragmented, with new domestic players leading market growth, while established international brands maintain a significant presence [4][5]. Summary by Sections 1.潮玩 Industry Overview and Value Chain -潮玩 is defined as toys that incorporate trendy culture, featuring high visual recognition and limited release mechanisms [2]. - The value chain consists of three segments: upstream (IP supply and operators), midstream (manufacturers), and downstream (retailers and consumers) [2][3]. 2. Comparison with the Japanese Toy Industry - The Japanese toy industry serves as a reference for China, having evolved through economic cycles, with a notable shift towards virtual entertainment during economic downturns [3][19]. - Despite challenges like declining birth rates, the Japanese market has seen growth in related sectors such as animation and gaming, which has positively impacted the潮玩 industry [3][22]. 3. Growth of the Chinese潮玩 Market - The Chinese潮玩 market is projected to grow from 229 billion yuan in 2020 to 763 billion yuan by 2024, with a CAGR of 35.11% [3][33]. - The market remains fragmented, with the top five players holding a combined market share of 23.7%, indicating potential for consolidation [4][52]. 4. Investment Recommendations - The report suggests focusing on潮玩 companies that cover the entire value chain and possess quality IP resources, as they are likely to outperform in the competitive landscape [4][7].

我国拥有超大规模的市场优势，这一优势正从供需两端为经济发展带来源源不断的内生动力。今年以来，我国消费领域新风尚、新体验不断涌现，新科技成 果正逐步走出实验室和展厅，转变为触手可及的"生活伙伴"， "科技+"不断催生消费新产品新场景。 扫码点单，机械臂精准冲泡，机器人"店员"稳稳递上醇香咖啡。只需三分钟，科技与日常完美相融。 更潇洒的是音乐玩家！无需拨弦，按照乐谱亮灯提示 按下琴键，智能伴奏就即时跟上，0基础都能轻松成为焦点。 陶朱新造局负责人 叶芊：我们店面用了一半以上的面积去做了三个新的体验区域，让大家能够充分地在场域里边尽可能多地去体验感受这些产品、这些科 技。共性的特点就是大家对于新的技术，新的产品非常感兴趣。 消费者：看到了一些以前没有看过的，还是有开眼界的感觉。 0:00 谁说表演一定要"脚踏实地"？一场空中悬浮钢琴音乐会就在喷泉广场上演，游客们纷纷举起手机记录下梦幻时刻。 消费者 赵先生：这个东西把痛点解决了，乐器有一定的门槛，怎么样能把门槛降下来，还符合我审美的精神需求。 赵先生是一家智能产品体验店的常客，不光是自己对这些黑科技产品很"上瘾"，还经常带着亲朋好友来"组团购买"。 消费者 赵先生： ...

Core Insights - Emotional consumption has emerged as a new trend among young consumers, with over 90% recognizing "emotional value" and nearly 60% willing to pay for it [1][3] - The report indicates a significant increase in the proportion of individuals choosing to spend on emotional value, rising by 16.2 percentage points to 56.3% compared to the previous year [3] Group 1: Consumer Behavior - Young consumers exhibit a tendency to spend small amounts for significant emotional returns, as evidenced by the popularity of "happy gift shops" in urban areas like Shanghai [1] - The top five categories for emotional value purchases include physical items (plush toys, aromatherapy, stress relief toys), experiential consumption (concerts, stand-up comedy, psychological counseling), social consumption (Disney playdates), digital consumption (digital avatars, digital pets), and collaborative/brand consumption [3][5] Group 2: Market Trends - Data from a specific e-commerce platform shows a 100% year-on-year increase in orders for trendy toys during a promotional period, with a notable 15-fold increase in sales for a flagship store [3] - The popularity of original designer postcards has surged in a cultural and creative store in Shanghai, indicating a shift towards unique, artistic products [6] Group 3: Wellness Consumption - There has been a marked increase in self-care consumption, with searches for "hair dye group purchases" rising over 145% and "therapeutic wellness" searches increasing by over 188% this year [8][9]

央视网消息：我国拥有超大规模的市场优势，这一优势正从供需两端为经济发展带来源源不断的内生动力。今年以来，我国消费领域新风 尚、新体验不断涌现，新科技成果正逐步走出实验室和展厅，转变为触手可及的"生活伙伴"，"科技+"不断催生消费新产品新场景。11月13日 的《新消费图鉴》聚焦科技与消费的深度融合。 谁说表演一定要"脚踏实地"？一场空中悬浮钢琴音乐会就在这个喷泉广场上演，音符随水幕流转，游客们纷纷举起手机记录下梦幻时刻。 扫码点单、机械臂精准冲泡，机器人"店员"稳稳递上醇香咖啡。只需3分钟，科技与日常完美相融。更潇洒的是音乐玩家，无需拨弦，按 照乐谱亮灯提示按下琴键，智能伴奏就即时跟上，0基础都能轻松成为焦点。 赵大爷是这家智能产品体验店的常客，不光是自己对这些"黑科技"产品很"上瘾"，还经常带着亲朋好友来"组团购买"。赵大爷说："我觉 得科技真是改变人的生活，原来是不能想象的，我今年65岁了，对我们来讲也在不断求新的过程。" 这家店里没有传统卖场的拥挤货架，取而代之的是四处巡游的机器狗、能连续对话的陪伴机器人，以及让孩子们亲手组装机器兔的DIY工 坊。负责人介绍。这个店面用了一半以上的面积做了三个新的区域，让 ...

Core Insights - "Emotional consumption" has emerged as a new consumer trend in fast-paced urban life, with over 90% of young people recognizing "emotional value" and nearly 60% willing to pay for it [1][8] Group 1: Consumer Behavior - Consumers are increasingly adopting a mindset of spending small amounts for significant emotional satisfaction, as evidenced by the popularity of "happy gift shops" in urban areas like Shanghai [4] - A notable consumer, Ms. Wang, highlighted that product color schemes that evoke dopamine are particularly appealing [3] Group 2: Market Trends - The "2025 Generation Z Emotional Consumption Report" indicates that 56.3% of respondents are willing to spend for emotional value or interests, marking a 16.2 percentage point increase from 2024 [8] - Popular product categories that fulfill emotional value include plush toys, aromatherapy, stress relief toys, experience consumption like concerts and therapy, digital pets, and collaborative IP products [8] - Data from a specific e-commerce platform shows a 100% year-on-year increase in orders for trendy toys from October 10 to 20 [8] Group 3: Product Popularity - In a creative store in Shanghai, postcards, especially designer originals, have become the best-selling online product recently [10] - There has been a significant increase in self-care consumption this year, with searches for "hair perm and dye group buying" up over 145% and "therapeutic wellness" searches up over 188% [10]

Group 1 - The core viewpoint of the articles highlights the rise of "emotional consumption" among young consumers, with over 90% recognizing its value and nearly 60% willing to pay for it [1][9] - A significant trend is observed where young consumers prefer to spend small amounts for greater happiness, as evidenced by the popularity of stores like "Happy Gift House" in Shanghai [3] - The "2025 Generation Z Emotional Consumption Report" indicates that 56.3% of respondents engage in "happy consumption" for emotional value, marking a 16.2 percentage point increase from 2024 [9] Group 2 - Popular product categories that satisfy emotional value include plush toys, aromatherapy, stress relief toys, and various experiential and digital consumption options [9] - Data from a specific e-commerce platform shows a 100% year-on-year increase in the number of orders in the trendy toy category from October 10 to 20 [9] - The demand for self-care and wellness-related consumption has surged this year, with searches for "hair dye group buying" and "therapeutic wellness" increasing by over 145% and 188%, respectively [13]

Core Viewpoint - The company, formerly known as Quantum Song Group, has rebranded to HERE Qimeng Island Group, shifting its focus from online education to trendy toys, marking a significant strategic pivot in its business model [1][3]. Group 1: Strategic Shift - The company aims to establish itself as the first publicly listed entity on NASDAQ focused on the "trendy toy ecosystem" [1]. - Chairman Li Peng believes that the demand for emotional consumption is reshaping business logic, with the trendy toy industry experiencing a growth rate exceeding 20% [3][4]. - The company has transitioned from selling courses to focusing on products that bring joy, indicating a shift in its core business strategy [3][4]. Group 2: Financial Performance - In the fourth quarter of fiscal year 2025, the trendy toy business generated revenue of 65.78 million yuan, accounting for approximately 10.6% of total revenue, with a gross profit of 22.81 million yuan [4]. - The overall revenue for the company reached 2.726 billion yuan, with a net profit of 357 million yuan for the fiscal year 2025 [4]. - The financial report indicates that the trendy toy sector is now considered the company's main business [4]. Group 3: Market Potential and Challenges - The trendy toy market in China is projected to reach 110.1 billion yuan by 2026, with an annual growth rate exceeding 20% [8]. - The company faces challenges in sustaining original intellectual property (IP) and differentiating its products in a highly competitive market [8]. - High marketing costs and the need for continuous investment in promotional activities pose risks to the profitability of the trendy toy business [8]. Group 4: Cultural and Consumer Insights - Li Peng emphasizes the importance of cultural confidence and the potential of Chinese cultural narratives in appealing to global consumers [6]. - The shift in consumer behavior, particularly among Gen Z and young millennials, indicates a willingness to pay for emotional connection and aesthetic expression rather than just functionality [8]. - The company aims to create products that resonate with consumers on an emotional level, moving from price sensitivity to value sensitivity in the market [8].

Core Insights - The rise of "pain gold" as a luxury item reflects a shift in consumer behavior, particularly among younger demographics who are willing to pay a premium for products associated with popular IPs [2][3][9] - The trend indicates a broader change in emotional consumption, where consumers seek value and emotional connection in their purchases, moving beyond mere price sensitivity [9][10] Group 1: Market Trends - "Pain gold" has gained popularity, with significant sales growth observed in the IP gold category, achieving a three-digit percentage increase year-on-year [4] - The average price of "pain gold" products can reach thousands of yuan, significantly higher than traditional gold prices, indicating a strong market demand [3][4] - The number of collaborations between gold brands and IPs has exceeded 50 in the first three quarters of the year, showcasing the potential for further market expansion [7] Group 2: Consumer Behavior - Young consumers aged 18 to 24 show a high ownership rate of gold jewelry at 62%, a notable increase from 37% in 2019, indicating a growing interest in gold as an investment [9] - Emotional consumption is becoming a key driver, with consumers like Chen Ying viewing "pain gold" purchases as a strategic asset rather than just impulsive spending [9][10] - The trend of purchasing gold is attracting consumers who previously bought luxury goods, with many now preferring gold for its perceived value retention [10] Group 3: Future Opportunities - There is potential for brands to innovate by combining IP elements with various materials, including precious metals and jade, to create new product lines [11] - The emotional consumption trend is not limited to young consumers; it is expanding across all age groups, presenting new marketing opportunities for brands [11] - Brands are encouraged to find a balance between emotional value and practical utility in their offerings to meet evolving consumer expectations [11]

Core Viewpoint - The rise of "pain gold," a type of gold product associated with popular IPs, reflects a shift in consumer behavior towards emotional spending, particularly among younger demographics, during the 2025 Double Eleven shopping festival [2][10]. Group 1: Market Trends - "Pain gold" prices can reach two to three thousand yuan per gram, indicating a strong consumer interest despite high costs [2]. - The popularity of "pain gold" has led to significant growth in sales, with a three-digit percentage increase in transaction volume for IP gold products on platforms like Taobao and Tmall [4]. - The consumer demographic for gold has expanded, with at least half of the new gold buyers on Tmall previously purchasing luxury goods, highlighting a shift in spending habits [10]. Group 2: Consumer Behavior - Young consumers are increasingly purchasing "pain gold" not primarily for its gold value but for the associated IP, demonstrating a willingness to accept high premiums for emotional connections [3][9]. - The ownership rate of gold jewelry among consumers aged 18 to 24 has risen to 62%, up from 37% in 2019, indicating a growing trend in gold investment among younger individuals [7]. - Emotional spending is becoming a significant driver of purchases, with consumers seeking value in their emotional investments, leading to a preference for gold over traditional luxury items [10][11]. Group 3: Future Opportunities - There is potential for further development in the "pain gold" market, with many niche IPs still waiting to be explored, suggesting opportunities for brands to innovate and expand their offerings [6]. - The trend of emotional spending is not limited to younger consumers; it is emerging across all age groups, presenting new opportunities for brands to create products that resonate emotionally while also providing practical value [11].

Core Insights - The article highlights the emergence of "wishful consumption" during the 2025 Double 11 shopping festival, where consumer demands directly influence product offerings, showcasing a shift in consumer power and brand responsiveness [1][11]. Group 1: Consumer Behavior - The new generation of consumers, particularly those born after 1995, is shifting from passive acceptance to active customization, demanding brands to create products based on their wishes [3][4]. - A significant 62% of Generation Z consumers prioritize product uniqueness in their purchasing decisions, with many willing to pay a premium of 15%-30% for customized services [4][10]. - Emotional value is becoming a core driver of consumer behavior, with young consumers seeking products that fulfill emotional needs rather than just functional ones [6][10]. Group 2: Brand Response and Supply Chain - Brands are increasingly adopting a responsive approach to consumer demands, with examples like Procter & Gamble quickly producing a transparent laundry detergent container based on consumer requests [9][10]. - The flexibility of China's supply chain and manufacturing capabilities allows for rapid product development and delivery, exemplified by brands like White Elephant responding to consumer requests for specific products [10][11]. - The integration of live-streaming e-commerce has created a feedback loop where consumer demands can be captured and acted upon in real-time, enhancing the overall shopping experience [10][11]. Group 3: Market Trends - The market for personalized customization services is projected to exceed 500 billion yuan by 2025, indicating a significant growth opportunity for brands that can effectively meet consumer demands [10]. - The success of "wishful consumption" during the Double 11 festival reflects the vitality of the Chinese consumer market and the resilience of its supply chain [11].