出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 王毓婵 头图 | IC photo Busy Money 周六福通过港交所主板上市聆讯 "仙饼嫂"品牌获千万级天使轮融资 6月5日，"仙饼嫂餐饮"宣布其核心品牌"仙饼嫂"已成功完成千万级人民币天使轮融资。本轮融资金 额达1000万元人民币，由国内知名投资机构领投。资金将用于供应链升级、仙饼嫂门店拓展及数字 化建设，加速地方美食现代化。 传笛亚壳获千万元A轮投资 近日，传笛亚壳千万元A轮投资，投资方为奇成资本。传笛亚壳是一家潮流文化品牌提供商，以潮 流、艺术与文化为内核，整合展会与策划、短期与长期实体运营、创意IP孵化设计及线上传播矩阵布 局，首创打通营销、运营、IP孵化及流量的潮流文化次元全域型公司，公司自有的潮流展会 IP"T&ARTCON潮博会"。 康渡酒业集团获数千万元A轮融资 近日，康渡酒业完成数千万元的A轮融资。此次融资将助力康渡酒业在酒业市场持续深耕，进一步巩 固其行业领先地位，并加速新零售模式的推广。康渡酒业是一家酒类生产商，该公司主要从事酱酒、 清新果酒及特色露酒研发、生产、销售业务，以满足消费者需求。 ...

Group 1 - Jay Chou released a new song titled "Impromptu" on June 6, which quickly topped QQ Music's charts, marking a significant return after three years since his last album "The Greatest Works of Art" [1][5] - The song "Impromptu" was initially performed during his self-produced variety show "Travel with Jay Chou," showcasing his creative process and connection to iconic music history [4][5] - The release of "Impromptu" has reignited discussions about the generational clash between Jay Chou and younger artists like Cai Xukun, reflecting the evolving landscape of pop culture and fan engagement [4][7] Group 2 - Jay Chou's previous album sold over 5.99 million copies, generating nearly 1.8 billion yuan in revenue, but faced criticism for having only six new songs out of twelve [7] - The competition between Jay Chou and Cai Xukun's fanbases highlights the differences in cultural recognition and participation methods across generations [7][9] - Jay Chou's commercial ventures, including collaborations in the gaming and metaverse sectors, indicate his efforts to adapt to the interests of Generation Z, although some initiatives have not met expectations [9][10] Group 3 - The upcoming album from Jay Chou is anticipated to be a collaboration with lyricist Fang Wenshan, which is crucial for maintaining his influence among both older and younger fans [7][10] - Jay Chou's IP expansion includes various projects, such as theme parks and exhibitions, but some have struggled to achieve success, raising questions about the sustainability of his brand in a changing market [10][14] - The "Hua Qiao Dream World" project, which aimed to leverage Jay Chou's IP, has faced challenges, indicating the difficulties in executing large-scale entertainment ventures [13][14]

01. 继泡泡玛特、布鲁可之后，又一个潮玩公司——52TOYS递交IPO，赴港上市。 尽管在多个场合中，52TOYS称自己不想做泡泡玛特，但二者仍有许多相似之处：同处于风口的潮玩行业，同样做着IP生意的商业模式，甚至有着都选择 在"品牌建立10年"这个时间节点上市的巧合。 与泡泡玛特当初上市时大相径庭的是，如今提交招股书的52TOYS，备受资本市场的青睐，就连万达影业这种看似和潮玩不沾边的企业也参与了52TOYS 的融资。 这里面，有一部分是泡泡玛特的功劳。 这几年，labubu等头部潮玩IP给泡泡玛特带去几十亿的营收，不光让整个市场看到了IP生意翻倍增长的可持续性，更是让整个资本市场见识到了潮玩行业 的巨大潜力：当初那个不被资本们看好的泡泡玛特，今年市值屡创新高，如今甚至超过了安踏和小鹏。 在竞争激烈的潮玩市场，泡泡玛特已经证明了自己的能力，但眼下依旧靠外部授权IP盈利的52TOYS，还需要在盈利和孵化IP上做出成绩，证明自己。 行业不会只有一个泡泡玛特，但都想压中下一个泡泡玛特。 来源：略大参考 作者：付饶 被看好的"潮玩第三股" 主要的原因在于，泡泡玛特用过去几年成倍增长的营收，充分证明了其商业化潜力和 ...

Core Viewpoint - The article discusses the rise of 52TOYS as a potential competitor in the trendy toy market, following the success of Pop Mart and other companies, highlighting the similarities and differences in their business models and market conditions [1][2][3]. Group 1: Market Context - The trendy toy market is experiencing significant growth, with the Chinese market expected to reach nearly 90 billion RMB by 2024, maintaining a compound annual growth rate of 14% over the next three years [5][6]. - 52TOYS is entering the market at a favorable time, capitalizing on the growing popularity of emotional consumption trends such as blind boxes and collectible toys [6][7]. Group 2: Company Performance - 52TOYS has shown revenue growth, with projected revenues of 463 million RMB, 482 million RMB, and 630 million RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 16.7% [15]. - Despite revenue growth, 52TOYS has faced continuous losses, with losses increasing from 1.71 million RMB in 2022 to 122 million RMB in 2024 [15][18]. - The company's profitability is challenged by high costs associated with IP licensing, which accounted for 12.1% of sales costs in 2024, leading to a decline in gross margin from 40.5% in 2023 to 39.9% in 2024 [21][22]. Group 3: Competitive Landscape - 52TOYS is compared unfavorably to competitors like Pop Mart and Blucol, which have demonstrated stronger financial performance, with Blucol achieving over 1 billion RMB in revenue in the first half of 2024 [17][18]. - The company relies heavily on licensed IP products, which constituted 64.5% of its total revenue by 2024, raising concerns about sustainability and profitability [18][23]. Group 4: Growth Strategies - 52TOYS aims to leverage film IP derivatives and international expansion as key growth strategies, having entered over 10 countries since 2017, with a focus on Southeast Asia [31][33]. - The company has had some success with film-related products, such as the collaboration with "The Wandering Earth 2," which generated significant pre-sale revenue [27][30]. Group 5: Future Outlook - The company faces intense competition in the trendy toy market, with over 50,000 related enterprises in China, making differentiation and successful IP development crucial for its future success [34]. - 52TOYS needs to develop its own successful IPs to compete effectively and achieve the same level of market recognition as Pop Mart's labubu [34].

在以Z世代为主力的新消费群体持续崛起下，潮玩经济已由一小撮人的"圈地自萌"，逐渐演变为大众消 费，也成为文化经济新的增长极。从IP盲盒，到毛绒玩具，再到动漫周边的卡牌、积木等，这一源自二 次元文化的消费现象，正悄然成为年轻人情感投射与身份认同的新载体。 业绩与股价齐飞 随着情绪经济、盲盒经济在消费市场掀起热潮，国内潮玩板块的领军企业——泡泡玛特（09992.HK)， 正经历"高光时刻"。 2024年以来，泡泡玛特股价在二级市场持续上涨，至今累计涨幅高达1070.65%。6月3日，泡泡玛特盘 中股价再创历史新高，达到235.6港元/股，最新收盘价为234港元/股，总市值为3142亿港元，超越中国 联通，市值在港股排名第42位，也超越海天味业（603288）、山西汾酒（600809）、安踏体育等一众老 牌消费股。 泡泡玛特股价上涨的背后，是业绩的强力支撑。2024年公司实现营收130.38亿元，同比增长106.92%； 经调整净利润为34.03亿元，同比增长185.86%；毛利率与净利率也进一步提升，分别为66.79%和 25.38%。 其他潮玩品牌市场表现同样不俗。以拼搭角色类玩具为核心产品的布鲁可(00325 ...

Group 1 - The core viewpoint of the articles highlights the global rise of the Chinese潮玩 (trendy toy) culture, particularly through the success of LABUBU from Pop Mart, which has gained significant popularity among young consumers and celebrities alike [1][2] - LABUBU's products, including figurines and blind boxes, have become highly sought after, with notable figures like BLACKPINK's Lisa and football star David Beckham endorsing them, leading to a phenomenon where LABUBU's global releases are hard to come by [1] - The潮玩 market is characterized by a shift in consumer preferences, where emotional value and unique designs are prioritized over material possessions, appealing to the psychological needs of younger generations [1] Group 2 - Despite the booming潮玩 market, challenges such as price gouging by resellers, the emergence of counterfeit products, and difficulties in consumer rights protection pose significant risks to brands [2] - The primary consumer base, consisting of millennials and Gen Z, is discerning and willing to pay for meaningful stories but is cautious about investing in products that may lack substance [2] - Industry experts suggest that潮玩 companies should focus on enhancing IP design, content creation, and brand management to build cultural significance and emotional value in their products, while also catering to a broader age demographic [2]

Group 1 - The article highlights the growing interest of capital in companies that resonate with younger consumers, exemplified by successful IPOs like Blokus and card game companies backed by major investors [1][2] - The market is witnessing a surge in the collectible toy economy, with Pop Mart's stock price soaring and its market capitalization reaching HKD 300 billion, indicating strong investor enthusiasm [1] - Traditional companies are adapting to the younger demographic's consumption patterns, with strategies like "white liquor + X" from Kweichow Moutai and the youth-oriented initiatives from brands like Quanjude and Zhou Dasheng [2] Group 2 - The article emphasizes that the shift towards younger consumer engagement is not merely about price cuts or superficial branding but requires a comprehensive restructuring of products and precise market positioning [2] - The ongoing popularity of trendy toys reflects the robust consumption capacity and emotional needs of Chinese consumers, suggesting a significant market potential in the "new" economy [2] - Embracing the youth consumer trend is seen as a necessary evolution for brands, marking the beginning of a new era in consumer engagement [2]

【导读】"年轻人的茅台"再创新高，利空袭来，汽车股普跌 中国基金报记者 安曼 关键时刻，突传变数。 当地时间5月26日，德国总理默茨表示，德国和其他欧盟国家不希望关税争端升级。加征关税会损害德国的利益，如果欧美谈判无法达成一致，德国没有 选择，将对美国关税政策进行反击。现在的欧美谈判正在努力避免局势升级，德国也希望避免关税战的出现。 默茨警告称，美国科技公司在欧盟享有有利的税收环境。如果与特朗普政府的贸易冲突进一步升级，欧盟可能会对美国科技公司采取报复措施。 5月27日早盘，日韩股市以及A股、港股震荡走低。截至午间收盘，上证指数跌0.33%，深证成指跌0.87%，创业板指跌0.98%。 盘面上，机器人、CPO、消费电子、锂电池、光伏、AI应用、算力题材跌幅靠前；培育钻石、跨境电商、谷子经济、黄金、创新药概念股走强。 港股方面，截至发稿，三大主要指数集体翻绿。 "年轻人的茅台"创历史新高 今日早盘，有"年轻人的茅台"之称的泡泡玛特再创历史新高，带动谷子经济概念股震荡走强。 截至发稿，港股名创优品微涨，盘中一度涨超3%。昨日曾因业绩下滑，股价暴跌超18%。 | < 日 | 05-27 11:43:25 通 | 名 ...

Core Insights - The 7th GH Shanghai Gift Expo will be held from July 17-19, 2025, at the Shanghai New International Expo Center, focusing on the gift and home industry in East China [1] - The expo aims to create a comprehensive gift ecosystem by gathering global suppliers and addressing corporate gift procurement, brand marketing, and supply chain upgrades [1][2] Group 1: Event Overview - The expo will cover an area of 50,000 square meters, featuring 1,500 exhibitors and showcasing 100,000 trendy products [2] - It will focus on four major consumer hotspots: Mid-Autumn gifts, fragrances, designer brands, and emerging brands, attracting various professional buyers from East China and nationwide [2] Group 2: Market Trends - The rise of the Z generation's purchasing power has made IP culture and trendy products key growth drivers in the gift industry [3] - The expo will feature over a thousand new products from leading IP licensors and independent design brands, targeting the young consumer market [3] Group 3: Customization and Services - The expo will provide full-category customization services and one-stop procurement solutions to meet the increasing demand for corporate customization [4] - Advanced technologies such as 3D printing and digital laser engraving will be demonstrated to enhance customization capabilities [4] Group 4: Industry Connectivity - The expo aims to connect the entire industry chain, facilitating supply-demand matching between manufacturers, gift companies, and e-commerce platforms [5][6] - It will feature a diverse range of exhibitors, including full-service providers, independent creative brands, and source factories, to support various business needs [6] Group 5: Future Growth - The GH Shanghai Gift Expo serves as a platform for product display and industry trend insights, aiming to help businesses overcome homogenization and explore new market opportunities [7] - The event invites global buyers to witness the evolving landscape of the gift industry, emphasizing the theme "Everything Can Be a Gift" [7]

"这款好不好卖？" "仅其中1天的下单量，就欠货1100多单。"咔得乐智能科技董事长张衡清楚地记得这个数字，那时候即 使注明到货需要等20多天，客人也还是源源不断下单。"我们第一次体验到了美国圣诞节的购物高 潮。"他随即决定开足马力提升产能。 在美线上火爆，线下订单也走俏。但很快，随着4月初美国加征所谓"对等关税"，市场出现了变化。因 为关税的原因，美国线下经销商为了保住利润提议涨价，被张衡果断拒绝。 "在亚马逊美国站常断货！" 5月17日上午10点，满载河北石家庄采购商的一辆大巴停在了山东国际会展中心5号馆门前，玩具采购商 陶先生一下车便直奔馆内。很快，陶先生被展馆"C位"的一家名为山东咔得乐智能科技有限公司（简 称"咔得乐智能科技"）的外贸积木玩具展台吸引。 "色泽、质感以及拿在手上的分量，一点也不次于乐高。"同样在这家公司玩具展台前，手办发烧友刘乐 拿着一只积木拼搭的足球看了又看。在网上刷短视频看到展会消息的他，直呼此番探展被刷新了认 知："没想到这么棒的积木手办，出自咱们山东外贸企业之手！" "我是河北玩具经销商，加下好友。""足球我要了。"加上好友，买下爆款，采购商和消费者"扎堆儿"在 展台与商家交 ...