作为潮玩IP赛道的头部玩家，恒生活通过前瞻性布局电影IP热门产品，早已提前抢占市场先机。在《疯 狂动物城2》上映首周，5款电影IP产品同步上架"奇点BOX"。不仅贡献了60%的总销售额，且销量持续 遥遥领先，其中扭蛋类商品上架两日即告售罄，充分展现了恒生活在选品策略与整合营销方面的系统化 能力。 2026年元旦假期，电影市场迎来"开门红"。迪士尼出品的《疯狂动物城2》不仅夺得2026年元旦档票房 冠军，更以近43亿国内票房持续刷新市场纪录。而与此同时，一场围绕IP衍生品的新消费争夺战早已硝 烟弥漫。 恒生活在电影院布局"奇点BOX" 全球潮玩大爆发 引领消费新趋势 近年来，潮玩产业迎来爆发式增长。以迪士尼、泡泡玛特、52TOYS等为代表的头部品牌风靡全球，推 动市场持续扩容。据弗若斯特•沙利文数据显示，2015年至2024年，全球潮玩市场规模从87亿元跃升至 448亿元，年复合增长率高达23%。欧美、日韩与中国等主要市场齐头并进，共同构筑起这一现象级消 费浪潮。 潮玩的崛起折射出当代消费理念的深刻转变，即从对"实物占有"的追求，转向对"情绪价值"的渴望。那 些能够激发情感共鸣、彰显个性表达、传递文化认同的产品 ...

12月2日，广东省玩具协会第九届二次会员大会在广州东方宾馆成功举办。广东省玩具协会会长兼潮玩分会会长陈黄漫现场重磅发布《2026中国潮玩消费 需求洞察报告》（下称《报告》），引发业界关注。 引言 《报告》由广东省玩具协会潮玩分会精心编撰，是国内首份系统性梳理中国潮玩消费需求新趋势、新特征的专业报告，对帮助业界同仁在产品创新、IP培 育、渠道建设、用户体验等方面精准发力，激发中国潮玩产业更大潜能，推动中国潮玩产业迈向高质量发展新征程等方面较强的参考价值。 ▍来源：中外玩具网 文/编辑：秦粤/Salas 为什么做？ 竞争加剧 突围须以需求为导向 经过数年的发展，潮玩已经成为中国玩具产业的重要组成部分。综合多家机构的调研数据，中国潮玩市场规模从2020年的200多亿元飙升至2024年的700多 亿元，年均复合增长率超过30%；2025年的市场增速虽然开始放缓，但预计仍将保持在20%左右的水平。到2026年，中国潮玩市场规模将稳步迈向千亿级 别。 伴随着市场规模的急速扩大，中国潮玩产业亦面临着同质化竞争加剧、IP生命周期缩短、消费者忠诚度难以维系等现实挑战。在此背景下，深入理解消费 行为背后的逻辑、把握市场演进规律， ...

Core Insights - The report titled "How to Ride the Trend - Analysis of Urban Trend Toy Industry Development" explores the evolution of the trend toy industry from a subculture phenomenon to a trillion-yuan industry ecosystem, emphasizing its significance in urban cultural and economic development [1] Industry Overview - The trend toy industry, centered around intellectual property (IP), is characterized by light assets, high added value, and strong extensibility, linking various sectors such as design, manufacturing, and retail, while also integrating with content industries like anime, gaming, and film [2] - The Chinese trend toy market is projected to exceed 110.1 billion yuan by 2026, with a consumer base expected to reach 40 million by 2025, indicating substantial growth potential despite lower per capita spending compared to the US and Japan [2] Successful Models - The report identifies three successful models from leading cities globally and domestically, providing insights for urban development in the trend toy sector [3] Japan: "Natural Nutrient Reservoir for IP" - Japan's advanced anime content industry creates a robust ecosystem for trend toy derivatives, forming a mature closed loop of content, IP, and derivatives, leading to a highly segmented and mature market [4] Shanghai: "Creative Brain and Consumption Trendsetter" - Shanghai, with a creative design industry worth over 1.6 trillion yuan and major cultural enterprises, serves as a trendsetting hub for the trend toy industry, hosting significant industry events and acting as a convergence point for global creative elements [5] Dongguan: "World-Class Manufacturing Center" - Dongguan produces approximately 25% of global anime derivatives, supported by over 4,000 toy manufacturers and a strong industrial chain, positioning itself as a key player in the global trend toy manufacturing landscape [6] Key Elements for Urban Development - The report outlines three essential elements for cities to develop their trend toy industries, using Chengdu as a case study [7] Element 1: Mature and Active Consumer Market - Chengdu is highlighted as a testing ground for new brands and consumption scenarios, fostering innovation and transforming casual consumers into core fans, which is crucial for the trend toy business [8] Element 2: Historical and Modern IP Supply Capability - Chengdu showcases strong IP creation capabilities, drawing from both traditional cultural themes and modern phenomena, supported by a strong talent attraction effect that fuels continuous IP innovation [9] Element 3: High-Density and Collaborative Industrial Ecosystem - Chengdu's development of high-density industrial parks enhances collaboration efficiency, while its relaxed and inclusive urban atmosphere inspires creativity, leading to the production of emotionally resonant products [10] Conclusion - The report concludes that nurturing world-class Chinese IP requires collaborative efforts across regions and the entire industry chain, emphasizing the need for efficient interaction between creative hubs, manufacturing centers, and IP sources to transform local culture into globally resonant products [10]

Group 1 - The cultural tourism market in Ziyang has shown significant growth during the National Day and Mid-Autumn Festival holiday, with a total of 1.9684 million visitors and a tourism revenue of 752 million yuan, representing year-on-year increases of 20.57% and 27.03% respectively [2] - The success is attributed to the combination of the holiday and sporting events, particularly the Sichuan Provincial Urban Football League match held on October 3, which created a vibrant atmosphere across the city [2][3] - The football match directly generated over 8.5 million yuan in consumption, with various venues acting as "second viewing sites" for fans, enhancing the overall experience [4][5] Group 2 - The integration of sports events with tourism and shopping has proven effective, with preliminary statistics indicating that the football match attracted over 30,000 cross-regional visitors, who also engaged in local tourism activities [6] - Ziyang's tourism department offered promotional activities and discounts for ticket holders, which contributed to a 15% increase in restaurant revenues and a 10.63% rise in hotel occupancy rates during the holiday [6][7] - The average length of stay for overnight visitors in Ziyang has increased from 1.71 days in 2024 to 2.35 days, indicating a positive trend in tourism engagement [7] Group 3 - The launch of the football league's mascots, "Chao Ge" and "Chao Mei," has attracted attention and is part of Ziyang's strategy to develop the trendy toy industry, leveraging local manufacturing capabilities [8][9] - The trendy toy market in China is expected to grow significantly, with projections indicating a market size exceeding 58 billion yuan by 2025, highlighting the potential for Ziyang to capitalize on this trend [8] - Ziyang is actively integrating creative design resources from local institutions and manufacturing capabilities to enhance its position in the trendy toy industry, fostering a "cultural tourism plus" development model [9]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Views - The textile and apparel industry has shown mixed performance, with notable developments such as Miniso's proposal to spin off TOP TOY for independent listing in Hong Kong, which is expected to enhance operational and financial transparency [2][3][19]. - TOP TOY, a leading brand in the trendy toy sector, has demonstrated significant growth, with revenue increasing from RMB 679 million in 2022 to RMB 1.909 billion in 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [4][20]. - The report highlights the performance of various companies within the industry, with a focus on the growth of sports and entertainment products, which saw a year-on-year increase of 20.6% in the first eight months of 2025 [11]. Summary by Sections Market Performance - The SW textile and apparel sector declined by 2.59% in the week of September 22-26, 2025, underperforming the Shanghai Composite Index, which rose by 1.07% [8][21]. - The textile manufacturing sub-sector fell by 1.75%, while the apparel and home textile sub-sector dropped by 2.89% [21]. Company Developments - TOP TOY's gross margin improved from 19.9% in 2022 to 32.7% in 2024, with self-developed products contributing approximately 50% of revenue by 2025 [5][20]. - The number of TOP TOY stores increased from 117 in 2022 to 293 by mid-2025, indicating strong expansion [5][20]. Industry Data Tracking - In the first eight months of 2025, China's textile and apparel exports amounted to USD 94.513 billion and USD 102.761 billion, respectively, showing a slight increase and a decrease of 1.7% year-on-year [48]. - The retail sales of sports and entertainment products grew by 16.9% in August 2025, indicating robust consumer demand [55]. Industry News - Goyard, a luxury leather brand, reported a 64% increase in revenue to EUR 810 million for the fiscal year ending December 30, 2024, showcasing strong performance in both domestic and international markets [6][65][66]. - Xtep International opened its first overseas running club in Singapore, integrating high-performance running gear with community space, aimed at enhancing the running community [10][67]. - FILA renewed its partnership with the China Open, becoming the exclusive sports shoe and apparel sponsor, and announced initiatives to support youth tennis development [10][69].

Core Viewpoint - Yiming Pharmaceutical (002826) is undergoing a board restructuring following the completion of its third board term, marking the first adjustment since the entry of 58.com founder Yao Jinbo into the company [1][4] Group 1: Board Restructuring - The new fourth board will consist of 7 directors, down from 8, including 3 independent directors, 3 non-independent directors, and 1 employee director [2] - All independent and non-independent directors from the previous board will be replaced [2] - Candidates for non-independent directors include Fu Lihua, Huang Lingyi, and Yao Yan, with backgrounds in management and education technology [2][3] Group 2: Shareholding Changes - Beijing Fuhao is expected to secure all non-independent director positions, indicating a new era under Yao Jinbo's leadership [4] - In May, Beijing Fuhao signed a share transfer agreement to acquire 23% of Yiming Pharmaceutical's shares from the former controlling shareholder, Gao Fan, at a price of 15.10 yuan per share, totaling 662 million yuan [4] Group 3: Company Overview - Yiming Pharmaceutical primarily engages in drug sales and promotion services, with a focus on cardiovascular and diabetes-related products [4] - The company's core product, Miglitol tablets, holds a leading market share in the domestic Miglitol market for type 2 diabetes treatment [4] - The company has maintained stable annual revenues of approximately 650 million yuan over the past two years [4] Group 4: Market Implications - Yao Jinbo's entry into the pharmaceutical industry has generated significant market interest regarding the potential resources and advantages he may bring to the company [5] - Beijing Fuhao has expressed intentions to leverage its strengths in investment management and industry planning to empower the company's business development [5]

Core Insights - The toy industry in Shipaizhen, Dongguan, known as the "Capital of Trendy Toys," has an annual output value close to 12 billion yuan, with over 4,000 toy manufacturers and nearly 1,500 supporting enterprises [1][2] - The transformation from small workshops to leading enterprises has established Shipaizhen as a global leader in trendy toys, producing over 80% of China's trendy toys and nearly 30% of global anime derivatives [1][2] Industry Development - The trendy toy industry in Shipaizhen began in the 1980s, primarily focusing on OEM production for well-known brands like Disney and Marvel, leveraging the region's skilled labor and export market [2][4] - The number of pure OEM enterprises decreased from 31 to 26, while authorized secondary creation and independent brand enterprises increased from 14 to 22 from 2023 to 2024, indicating a significant shift towards brand development and market-driven production [6] Cultural and Emotional Engagement - The trendy toy industry is evolving to meet the emotional and social needs of young consumers, transitioning from traditional toys to culturally rich products that resonate with modern aesthetics and personal connections [7][8] - Innovative products like the "Bafengte" sheep toy, designed to provide emotional support, exemplify the integration of cultural storytelling into toy design, enhancing their interactive value [7][8] New Business Models - Companies are exploring immersive consumer experiences, such as themed hotels and interactive toy projects that combine traditional elements with modern trends, thereby expanding the industry’s reach and appeal [9][12] - The introduction of unique concepts like "Traditional Chinese Medicine-themed" toys offers consumers a novel purchasing experience, blending cultural elements with playful engagement [9][12]

Core Insights - Dongguan has announced measures to accelerate the development of the潮玩 (trendy toys) and animation industry, allocating 120 million yuan in support funds [1] - The city aims to enhance original design capabilities, promote cultural landmarks, and support the creation of top-tier original animation products [1][3] - Dongguan is positioning itself as a hub for global潮玩 and animation enterprises, offering financial incentives for companies to establish headquarters and R&D centers [1][2] Industry Overview - Dongguan is home to over 4,000 toy manufacturing companies and nearly 1,500 supporting enterprises, making it the largest toy export base in China [2] - The潮玩 industry in China accounts for approximately 20% of the global market, with Dongguan producing about 85% of the country's潮玩 products and 25% of global animation derivatives [2] - Recent successful潮玩 products, such as the Beijing Winter Olympics mascot and the film "Nezha 2," highlight Dongguan's manufacturing capabilities [2] Challenges and Opportunities - Despite its strengths in production, Dongguan's潮玩 industry primarily relies on OEM (original equipment manufacturing) with low value-added processes [2][3] - There is a structural mismatch in talent supply, particularly in design and sales, which poses challenges for the industry [2] - Dongguan is actively working to extend its潮玩 industry towards higher value-added areas, including original IP development and design capabilities [3][4]

Group 1: Policy Initiatives - Dongguan plans to allocate 120 million yuan in industrial support funds to promote the high-quality development of the trendy toy and animation industry through five key areas: industrial ecology, market expansion, content creation, animation industry, and factor assurance [1] - The policy aims to enhance the original design capabilities of trendy toy and animation companies, encourage the creation of cultural landmarks, develop "trendy toy+" industrial tourism, and support the production of top-quality original animation [1][3] - Dongguan is actively inviting global leading trendy toy and animation companies, well-known IPs, and platform giants to establish headquarters, regional centers, and R&D bases in the city, with a maximum subsidy of 5 million yuan [1] Group 2: Industry Overview - Dongguan hosts over 4,000 toy manufacturing companies and nearly 1,500 upstream and downstream supporting enterprises, making it the largest toy export base in China [2] - Approximately 85% of trendy toy products in China are produced in Dongguan, which accounts for about 20% of the global trendy toy market value [2] - Dongguan's trendy toy industry is primarily focused on OEM production, with a low value-added structure, contributing only 10% to 20% of the overall industry value [2][3] Group 3: Development Challenges - The industry still relies heavily on production capabilities, with significant gaps in creative R&D and IP incubation [3] - There is a structural mismatch between the supply of design and sales talent and the industry's demand, highlighting the need for better talent attraction platforms [2][3] - Dongguan has previously introduced policies to strengthen original IP development and enhance original design capabilities, indicating ongoing efforts to address these challenges [3]

Core Insights - The event on August 10, 2025, highlighted the development of the animation film industry in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on Dongguan as a hub for trendy toys [1][3] - Dongguan produces approximately 85% of China's trendy toys, with 50% of that production coming from the Shipaizhen area, showcasing its significant role in the global trendy toy market [3] Industry Overview - The trendy toy industry is characterized by creativity and cultural elements, with one-quarter of global anime derivatives produced in Dongguan [3] - Dongguan's "Trendy Toy Center" has attracted 30 companies across various sectors, including IP incubation, brand operation, product design, and e-commerce [1] Company Highlights - Notable companies in the Dongguan trendy toy sector include 52TOYS, Yan Chuang Culture, and DAMTOYS, which are involved in brand operation and product design [1] - The company Mo Dong He, known for its anime IP "Star Armor Soul Transmission," has gained popularity for its unique storytelling and design [5] - Toycity, a subsidiary of Chengshi (Dongguan) Cultural Technology Co., has developed several proprietary IPs and is recognized as a key player in the trendy toy industry [9][18] Market Trends - The market share of Chinese trendy toys in overseas markets has increased from 3% in 2020 to 18% in 2025, indicating robust growth and international recognition [20] - Dongguan is leveraging technologies like AI and blockchain to enhance IP operations and establish itself as a core distribution center for the trendy toy supply chain [20]