潮玩火爆。 作者 I 周佳丽 报道 I 投资界PEdaily 昨天（8月2 1日），名创优品罕见宣布了一则融资消息—— 旗下潮玩品牌TOP TOY收获来自淡马锡领投的战略融资，投后估值约1 0 0亿港元。 这是202 0年名创优品IPO上市后，叶国富操刀的全新兴趣消费版图：今年二季度，TOP TOY营收4亿元，目前门店总数达2 9 3家。现在，名创优品正评估它分拆上市的可能性。 这意味着，潮玩江湖又一个IPO要来了。 今天上午，名创优品大涨超20%，市值飙涨1 0 0亿港元至5 7 0亿港元。 另一边，泡泡玛特刚刚创造了史上最好业绩，股价不断刷新历史，最新市值已冲破4200 亿港元。IP潮玩，这个曾经让人看不懂的生意，如今火爆程度令人惊叹不已。 淡马锡领投 TOP TOY估值100亿 时间回到2020年10月，名创优品敲开了纽交所的IPO大门，来自湖北十堰的叶国富圆了 上市敲钟梦。 两个月后，名创优品推出一个全新品牌TOP TOY。定位为潮流玩具集合店，TOP TOY 聚焦新一代消费群体，截至去年底已拥有超万个SKU，覆盖了手办、3D积木、搪胶毛绒 和其他潮流玩具等主要潮流玩具品类。 虽由名创优品孵化推向市场 ...

你可能很难想象，在今天的抖音平台，新锐国货香水品牌直播间能吸引万人同时在线，有商家能通过抖音电商卖出10万只宠物龟，创立仅10个月的汉服品 牌日销售额过150万……这些在我们眼中稍显小众的"冷门生意"，在抖音等短视频平台的带动之下，正在成为电商行业的新风口。 无论是水族小宠、香水沉香还是潮玩盲盒、新中式女装，这些兴趣品类曾经只是电商行业的涓涓细流，如今却正奔涌澎湃。过去，兴趣消费之所以一直未 能成为主流，首先是因为它们有着明显的圈层属性，圈层内外存在信息差，很难从小众走向大众；其次，兴趣类商品的生产、销售有明显的地缘聚集性， 特色好物大都深藏于全国各地的产业带中，很难触达更广的消费人群。 随着年轻一代日益注重精神需求与情绪价值，将兴趣消费作为自我表达、寻找同好的出口，兴趣品类也正在迎来春天，以产业集群之跻身电商行业舞台中 央。抖音电商的出现，正在打破兴趣品类发展障碍，助力兴趣产业带商家集体突围。 在抖音电商，商家可以通过优质内容触及难以企及的目标用户，持续扩展消费人群，不仅使各地爱好者聚沙成塔，更让众多圈外人因兴趣而入坑，为实体 经济发展创造了全新的消费动能。通过抖音电商，众多产业带实体企业能够获得大量稳定订 ...

Core Insights - Douyin E-commerce launched the "Interest Industry Belt Support Plan" in Guangzhou, marking a significant step in integrating digital economy with the real economy, aimed at fostering new consumption dynamics and driving industrial upgrades [1][6] Group 1: Interest Consumption Rise - The concept of "Interest Industry Belt" refers to geographic clusters of products that fulfill consumers' emotional and spiritual needs, characterized by niche, cultural, and social aspects [3] - In the past year, five interest industry belts on live-streaming e-commerce platforms achieved a payment GMV exceeding 10 billion, with 57 belts surpassing 100 million, and Guangzhou's related order volume exceeding 340 million [3] Group 2: Digital Empowerment and Upgrading - The growth of interest industry belts is facilitated by live-streaming e-commerce platforms, which have lowered operational barriers for small and medium-sized businesses through policies like zero-cost entry and zero-commission on product cards [4] - The complete industry chain for the Guangzhou water pet industry belt includes "pet breeding + equipment maintenance + knowledge payment," showcasing a successful transition from traditional offline models to online integration [4] Group 3: Building a Guangzhou Model - Guangzhou has been designated as a key area for pet consumption, with Douyin E-commerce providing services such as traffic subsidies and operational training to stimulate local industry vitality [6] - Douyin E-commerce's initiatives have reached 130 cities across 27 provinces, helping 332 industry belts achieve order volumes exceeding 10 million and 830 belts with sales over 100 million [6] Group 4: Economic Growth through Interest Consumption - Interest consumption is identified as a crucial direction for consumption upgrade, transforming niche interests into new growth for the real economy [7] - The ongoing implementation of the "Interest Industry Belt Support Plan" is expected to deepen the integration of digital and real economies, contributing to the construction of a new development pattern and fostering new productive forces [7]

Core Viewpoint - The growth of Pop Mart has been accompanied by skepticism, particularly regarding the breakout of LABUBU and its lifecycle, with the company focusing on seeking "certainty" in uncertain consumer interests [1] Group 1: Company Development - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity, now aiming for global expansion [2] - The company has established an IP matrix, with the leading IP THE MONSTERS projected to generate over 3 billion yuan in revenue by 2024, alongside four IPs generating over 1 billion yuan each and thirteen IPs generating over 100 million yuan each [2] - The revenue contribution from various product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion yuan, with contributions from Southeast Asia (47%), East Asia (27%), Greater China (14%), and North America and Europe (11%) [2] Group 2: Operational Strategy - The company has built a comprehensive operational system, focusing on IP discovery through systematic mechanisms, product-driven IP operations, a direct sales system for better market control, and a centralized supply chain for quality assurance [3] - The company is exploring opportunities in international markets, with North America entering a rapid growth phase, Europe poised for expansion, and Southeast Asia expected to maintain strong performance [3] - LABUBU has the potential to become a global super IP, with the company leveraging its platform-based IP operation system to scale its second and third-tier IPs [3] - The company is also looking to diversify its business, with figurines and plush toys still in the growth phase, while other categories like building blocks, accessories, and content ecosystems are expected to enhance overall business limits [3] Group 3: Financial Outlook - The company maintains its profit forecast, with the current stock price corresponding to 32/25 times adjusted P/E for 2025/2026 [4] - The company continues to hold an outperform rating with a target price of 330 HKD, reflecting a potential upside of 33% based on 43/33 times adjusted P/E for 2025/2026 [4]

Group 1 - Emotional value is driving consumer growth, with 99.9% of respondents willing to pay for emotional value, particularly for "emotional support" services [1] - The domestic healing economy market has reached 10 trillion yuan, growing at an annual rate of 10% globally, with healing home products seeing sales growth exceeding 40% [1][5] - The rise of emotional consumption is influencing retail business models, with shopping centers needing trendy brands to attract more foot traffic [1] Group 2 - Emotional consumption is becoming a necessity, with the proportion of spending on emotional consumption increasing by nearly 8 percentage points among those spending 21%-30% of their total [3] - The distribution of trendy toy brands is widespread, with over 350 stores operating in Shanghai, reflecting structural changes in the Chinese consumer market [3] - The healing economy is a significant segment of "new Chinese consumption," with a focus on cultural narratives and the aesthetics of slow living [5] Group 3 - The global healing economy is expected to reach $7 trillion by 2025, with the essential oil massage industry projected to reach $34.6 billion by 2030 [5] - The rise of the healing economy is driven by a shift from functional needs to emotional healing, particularly among Generation Z [5] - The market for aromatherapy is rapidly growing, with annual consumption growth rates of 20%-30%, and a "SPA + retail" model emerging [5]

Core Insights - The rise of pop-up stores, particularly themed IP collaborations, is reshaping consumer experiences and driving foot traffic in shopping malls [1][2][3] - These pop-up stores create a sense of urgency and exclusivity, attracting young consumers and generating significant online and offline engagement [2][3][5] - The integration of cultural elements and local identity into pop-up experiences enhances brand resonance and community engagement [6][7] Group 1: Pop-up Store Dynamics - Pop-up stores are characterized by limited-time offerings, exclusive product launches, and immersive experiences that resonate with younger audiences [1][2] - The "MINITEEN limited-time party space" at Jiangning Jingfeng Center exemplifies the popularity of these stores, with long queues and high consumer excitement on opening day [2][3] - Successful pop-up events, such as the "Butter Bear" and "Pingu" exhibitions, have generated millions in online exposure and attracted hundreds of thousands of fans [3] Group 2: Brand and Cultural Integration - Brands like Miniso leverage pop-up stores as a strategic tool for global expansion and consumer engagement, collaborating with over 150 well-known IPs [5] - The introduction of international art and culture through pop-up events, such as the ComplexCon Hotel in Nanjing, broadens the cultural landscape and enhances local consumer experiences [6] - Local cultural initiatives, like the "Forest Spirit Wild Market," extend the reach of Nanjing's cultural symbols to other cities, promoting regional identity [6][7] Group 3: Economic Impact - The Jingfeng Center reported a sales revenue of 4.28 billion yuan, a 15.5% increase year-on-year, demonstrating the economic benefits of pop-up stores [3] - The foot traffic at Jingfeng Center reached 29.6 million visitors, a 12% increase, indicating the effectiveness of pop-up stores in driving consumer engagement [3] - Pop-up stores contribute to a positive cycle of commercial activity, boosting sales across various sectors, including dining and entertainment [3]

Core Insights - The article emphasizes the importance of aligning brand marketing with consumer interests and leveraging AI technology to enhance marketing efficiency in a rapidly changing landscape [1][20]. Group 1: Consumer Behavior and Trends - Consumers are increasingly driven by interests that directly influence their purchasing decisions, as evidenced by trends like outdoor enthusiasts buying camping gear after watching related content [1]. - The "enjoyment of life" has become a dominant theme in consumer behavior, with over 60,000 brands doubling their sales during the 618 shopping festival, indicating a shift towards emotional and interest-driven purchases [2][3]. - Users on platforms like Douyin (TikTok) engage with a wide variety of content, averaging 50-300 videos daily across multiple categories, which reflects their diverse interests and the potential for brands to connect with them [3][5]. Group 2: Marketing Strategies - Brands must understand the "interest-first, scene-integration" trend to effectively engage consumers and transform marketing from passive outreach to active attraction [5]. - Emotional resonance, identity recognition, and community belonging are key types of topics that can drive consumer engagement and sales, as seen with brands like L'Oréal and the rise of "Guochao" (national trend) products [8][9][12]. - Brands can capitalize on natural trends by responding quickly and accurately to emerging topics, which can lead to significant increases in customer engagement and sales [11][12]. Group 3: AI Integration in Marketing - The rapid development of AI technology is reshaping marketing strategies, allowing brands to keep pace with fast-moving consumer trends and optimize their marketing efforts [13][14]. - AI capabilities, such as automated content generation and streamlined advertising processes, enable brands to enhance their marketing efficiency and effectiveness [17][18]. - The integration of AI into marketing strategies allows brands to break traditional barriers of cost and efficiency, facilitating a more dynamic and responsive approach to consumer engagement [19][20].

Group 1 - The core viewpoint of the articles highlights the successful launch of MINISO's IP collaboration with the "Jurassic World" theme, featuring over 50 new products in their upgraded store [1][2] - The premiere event in Shanghai showcased MINISO's IP collaboration products, which gained significant social media traction when director Gareth Edwards was spotted purchasing a dinosaur-themed toy, demonstrating the effective integration of IP with movie promotion [2] - MINISO has established a long-term collaboration mechanism with over 150 international IPs, covering various fields such as animation, film, and gaming, indicating a robust IP collaboration ecosystem [3] Group 2 - The upcoming MINISO SPACE in Nanjing, set to launch in 2025, aims to elevate IP collaborations through themed shopping experiences and limited edition releases, creating a "shoppable theme park" [3] - Analysts note that MINISO's approach to IP collaboration has achieved breakthroughs in product design, thematic space construction, and cross-cultural communication, showcasing a model of internationalization [3] - The company plans to continue expanding its interest-driven consumer segment through high-profile international IP collaborations, redefining the commercial value and cultural significance of IP partnerships [3]

Core Insights - MINISO SPACE, the first global store of MINISO, opened in Nanjing, emphasizing "IP collaboration + experiential retail" to stimulate consumer interest [1] - The launch of limited edition WAKUKU products attracted young consumers, leading to a rapid sell-out on the opening day [1] Group 1: IP Collaboration and Retail Innovation - MINISO leverages over 150 top global IP collaborations, integrating brands like Disney and Harry Potter into the MINISO SPACE design [2] - The store features a narrative flow of "exhibition-experience-retail," creating a multi-functional landmark for shopping, socializing, and engagement [2] - The founder of MINISO highlighted the necessity of a closed-loop methodology in IP collaboration, from exclusive contracts to product development and store data validation [2] Group 2: Global Expansion and Market Positioning - MINISO has expanded its IP collaboration strategy as a core engine for global growth, with stores in 112 countries and regions, totaling over 7,768 locations [3] - The opening of MINISO SPACE in a high-end shopping area challenges the dominance of international luxury brands and redefines high-end retail with a youthful expression [3] - The annual sales of the Nanjing Deji Plaza reach 24.5 billion yuan, and MINISO SPACE's presence revitalizes the luxury shopping district while enhancing brand value through a dual traffic model [3] Group 3: Interest Consumption and Market Potential - MINISO introduced the concept of "interest consumption" in 2021, with IP collaboration as a key strategy to break down consumer barriers [4] - The successful sell-out of limited edition products reflects the effectiveness of the IP collaboration strategy in stimulating consumer desire for collection and social sharing [4] - The company plans to replicate the MINISO SPACE model in more high-potential global shopping areas, aiming to leverage IP collaboration to tap into the trillion-yuan interest consumption market [4]

Core Viewpoint - The article discusses the transformation of "What Worth Buying" (SMZDM) from a traditional e-commerce guide tool to an AI-driven interest-based consumption platform, emphasizing the need to balance efficiency with user trust and content quality [1][18][21]. Group 1: Company Background and Development - "What Worth Buying" started as a blog in 2010 by founder Sui Guodong, aimed at alleviating consumer fears about e-commerce and providing trustworthy product recommendations [2][4]. - The platform officially launched in October 2011, focusing on real recommendations and addressing information asymmetry in e-commerce [4][5]. - The company received its only funding of 100 million yuan from Huachuang Capital in September 2015 and went public in July 2019, becoming the first A-share e-commerce guide stock [4][7]. Group 2: Business Model and Revenue Structure - The primary revenue model is based on information promotion services, including commission from referrals and advertising, with referral commissions making up a significant portion of the income [7][8]. - From 2016 to 2018, the share of information promotion services in total revenue decreased from 98.91% to 80.22%, while advertising revenue increased significantly [7][8]. - User-generated content (UGC) has been a key advantage, with UGC accounting for over 70% of total content, leading to high trust and engagement among users [8][10]. Group 3: Market Position and Challenges - As of June 2024, the platform had approximately 29.64 million registered users, with a year-on-year growth of 7.02%, indicating a stable user base [8]. - The e-commerce guide market in China is projected to grow significantly, with a transaction scale of 433.1 billion yuan in 2022 [11]. - The platform faces challenges from increased competition, including social media platforms like Xiaohongshu and Douyin, which attract consumer attention through different engagement methods [10][13]. Group 4: Strategic Transformation and Future Outlook - The launch of the GEN2 version represents a strategic shift towards an interest-based community, focusing on personalized user needs and AI-driven content recommendations [18][19]. - The platform aims to enhance user engagement while maintaining trust, which is critical given the rise of AI-generated content and advertising [21]. - The future success of "What Worth Buying" hinges on its ability to adapt to the evolving e-commerce landscape and maintain a sustainable narrative amidst growing competition [21].