Core Viewpoint - The rapid introduction of new IPs has become a norm in the trendy toy industry, with companies like Pop Mart accelerating their IP launches to capitalize on the average popularity cycle of 3-5 years for trendy toy IPs [1][3]. Group 1: New IP Launches - Pop Mart announced the launch of a new IP, "After School Merodi," just over two months after the previous IP, indicating a significant acceleration in their IP release strategy [1][3]. - The "After School Merodi" series includes 12 regular figures and 1 hidden figure, with a regular figure probability of 1:12 and a hidden figure probability of 1:144, priced at 69 yuan per blind box and 828 yuan per full box [3]. - The number of new IPs released by Pop Mart has surged from 29 in 2024 to 57 in the previous year, nearly doubling [3]. Group 2: Competitive Landscape - Other companies like Qimengdao and TOP TOY are also increasing their IP reserves, with Qimengdao acquiring Letsvan and establishing a matrix of 17 IPs, including 11 self-owned and 6 licensed [3][4]. - TOP TOY, a sub-brand of Miniso, is pursuing a differentiated strategy by integrating self-owned, licensed, and third-party IPs, with its self-owned IP count reaching 17 [4]. Group 3: Revenue Generation - Pop Mart has successfully diversified its revenue sources, with 13 IPs generating over 100 million yuan each, including THEMONSTERS, which achieved 4.81 billion yuan in revenue [5]. - Qimengdao's WAKUKU IP has rapidly gained traction, generating 42.96 million yuan in revenue within three months of its launch [5]. - TOP TOY's Nommi series is projected to increase its revenue from 250 million yuan last year to 600 million yuan this year [5]. Group 4: Market Dynamics - The trendy toy market in China is expanding, with over 21,000 related companies and approximately 7,100 new companies established last year [9]. - The blind box market is expected to reach 52 billion yuan by 2024, with trendy toy blind boxes accounting for 58% of this market, reflecting an 18% year-on-year growth [9]. Group 5: Consumer Sentiment and Challenges - Despite the rapid launch of new IPs, some have not performed well, with the Supertutu series selling only about 900 units on Tmall, raising concerns about market saturation and consumer fatigue [7][8]. - Industry experts suggest that to retain consumers, trendy toys must evolve from mere products to cultural companions, emphasizing the importance of storytelling and emotional connection [7][10].

Core Insights - The rapid pace of new IP launches has become a norm in the trendy toy industry, with companies like Pop Mart announcing new IPs such as "After School Merodi" just two months after the last release, indicating a strategic acceleration in IP development [1][3] - The average popularity cycle of trendy toy IPs is only 3-5 years, which justifies the need for frequent releases, although not every IP will achieve significant success [1] Group 1: New IP Launches - Pop Mart's "After School Merodi" features a school and youth theme, with 12 regular and 1 hidden figure, priced at 69 yuan per blind box and 828 yuan per full box, set for online release on February 26, 2026 [3] - The number of new IPs launched by Pop Mart has surged from 29 in 2024 to 57 in 2025, nearly doubling [3] - Other companies like Qimengdao and TOP TOY are also increasing their IP portfolios, with Qimengdao acquiring Letsvan and establishing a matrix of 17 IPs, while TOP TOY is diversifying its approach with self-owned, licensed, and third-party IPs [3][4] Group 2: Revenue Generation - Pop Mart has successfully diversified its revenue sources, with 13 IPs generating over 100 million yuan each, including THEMONSTERS, which achieved 4.81 billion yuan in revenue [4][5] - Qimengdao's WAKUKU IP generated 42.96 million yuan in revenue in just three months, while TOP TOY's Nommi series is projected to earn 250 million yuan in 2025 and 600 million yuan in 2026 [5] - The trend of IP-driven revenue generation has led to a surge in IPO activities among trendy toy companies, with several firms like 52TOYS and TOP TOY filing for listings [5] Group 3: Market Dynamics - The trendy toy market is expanding, with over 21,000 related companies in China and an expected market size of 52 billion yuan for blind boxes in 2024, with trendy toys accounting for 58% of that market [8] - The shift from product consumption to emotional consumption is driving demand for original toys, supported by China's design capabilities and cultural depth [8] - The competitive landscape is intensifying, requiring companies to focus on the narrative and content surrounding their IPs to ensure longevity and consumer engagement [8][9] Group 4: Consumer Reception - New IPs like Supertutu have received mixed reviews, with sales figures falling short of expectations, indicating that not all new releases resonate with consumers [6][7] - The success of IPs is increasingly tied to their uniqueness and emotional value, with industry experts suggesting that the narrative behind the IP is crucial for consumer connection [6][9]