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断货的WAKUKU,救不动主业崩塌的量子之歌? | BUG
Xin Lang Cai Jing· 2025-07-08 00:20
Core Viewpoint - WAKUKU has rapidly gained popularity among Generation Z, driven by its unique branding and effective celebrity marketing strategies, while Quantum Song, the parent company, faces significant challenges in its core education business despite the surge in interest for WAKUKU products [2][4][10]. Group 1: WAKUKU's Market Performance - WAKUKU's blind boxes are sold out across various online and offline channels, with reports of a half-month stockout period and limited restocking quantities [2][4]. - The price of certain WAKUKU items, such as the "Sweetheart Rabbit" tag, has seen significant increases, with second-hand prices rising from approximately 150 RMB to around 320 RMB, reflecting a 1.5 times increase from the original price of 129 RMB [5][9]. - WAKUKU's marketing strategy includes collaborations with celebrities, which has effectively boosted brand visibility and appeal among consumers [4][10]. Group 2: Quantum Song's Business Challenges - Quantum Song's core education business has been declining, with a reported 39.6% drop in revenue year-over-year for the third quarter of fiscal year 2025, amounting to approximately 571 million RMB [8][9]. - The number of paid students has drastically decreased from 1.7 million in June 2024 to 300,000 in early 2025, indicating a loss of nearly 1.5 million users within a year [10][13]. - Complaints regarding misleading marketing practices have surged, with significant refund requests reported, highlighting a growing trust issue among consumers [10][13]. Group 3: Market Outlook and Strategic Moves - The Chinese collectible toy market is projected to grow from 174.2 billion RMB in 2024 to 335.7 billion RMB by 2029, presenting a potential growth avenue for Quantum Song through its acquisition of WAKUKU [7]. - Despite the initial market excitement following the acquisition, Quantum Song has yet to see substantial financial contributions from WAKUKU, raising questions about the sustainability of its business model [7][10]. - The company is at a crossroads, needing to rebuild trust in its education services while effectively managing the dual focus on both education and the emerging toy market [13].