Core Viewpoint - The global toy market is projected to exceed $100 billion in 2024, surpassing the global film market and accounting for about half of the global gaming market [5][6][12]. Industry Overview - The production of toys is heavily concentrated in Chenghai District, Shantou, Guangdong, which accounts for nearly one-third of global toy production [5][9]. - Despite high production volumes, profit margins for manufacturers in Chenghai are minimal, with major profits being captured by international brands like LEGO, Hasbro, and Mattel [5][11][13]. Historical Context - Historically, Hong Kong was a major hub for toy manufacturing until the 1980s when rising costs prompted a shift to Guangdong, particularly Chenghai [9][10]. - Chenghai adopted a "front shop, back factory" model with Hong Kong handling orders and Chenghai managing production [10]. Current Challenges - The toy manufacturing industry is characterized as a low-profit, labor-intensive sector, making it vulnerable to relocation to lower-cost regions in South Asia and Southeast Asia [6][10]. - Chenghai's toy industry is largely composed of small family-run workshops, which are resilient but may struggle to adapt to changing market conditions [10][11]. Market Dynamics - The most lucrative segments of the toy industry are intellectual property (IP) and brand premiums, with manufacturing being less profitable [13]. - LEGO's revenue for 2024 is projected to grow by 13% to 7.43 billion Danish kroner (approximately 83.1 billion RMB), with a net profit of 1.38 billion Danish kroner (approximately 15.4 billion RMB) [13][15]. Competitive Landscape - In comparison, Hasbro's revenue for 2024 is estimated at $4.136 billion (approximately 29.68 billion RMB) and Mattel's at $5.38 billion (approximately 38.6 billion RMB), indicating that LEGO's financial performance significantly outpaces its competitors [15][16]. - The success of LEGO is attributed to its innovative product offerings and strong brand engagement, particularly with adult consumers [17]. Future Trends - Chenghai's toy industry is moving towards higher-end and smart toys, with companies like Qunyu Interactive introducing programmable toys [11]. - Domestic brands are exploring differentiation strategies through strong IP collaborations and themes that resonate with Chinese cultural elements, such as military and aerospace topics [19][20]. - The quality of domestic building block products is improving, with companies like Gaodesi working to enhance the quality of building block materials [20]. Conclusion - The future of Chenghai's toy production may see a shift in capacity to other regions or countries, but design and R&D are likely to remain in Chenghai, potentially mirroring LEGO's dual focus on design and manufacturing [21].

经常带孩子或者曾经当过孩子的各位，应该都知道玩具的重要性。无论简陋还是高级，玩具对于童年都是记忆深刻的刚需，而且还是非常快消的那种。 2024年，全球玩具市场总价值突破千亿美元，高于全球电影市场，大致是全球游戏市场的一半。 而在生产环节，单单中国广东汕头市澄海区，就拿下了全球近三分之一的产量，是毋庸置疑的太阳系最大玩具工厂。但与这极高的产量相比，我们能赚到 的利润其实微乎其微。 乐高、万代南梦宫、孩之宝、美泰等国际巨头占据了营收与利润的大头，而我们基本还是相对不挣钱的制造与代工。 玩具的本质是售卖快乐，莫非澄海只是生产了海量的"产品"，却并不能创造和销售快乐本身？ 玩具制造，是不是落后产能？ 其实，早期香港的支柱产业之一就是玩具。而澄海继承了香港的衣钵，且又发扬光大了。 纵观历史，玩具制造往往会不断流向更低成本的生产中心。那么我们可以因此说玩具制造业是一种落后产能，以及会进一步流向南亚、东南亚吗？ 说起澄海擅长的塑料玩具制造这个行当，其实涵盖了非常宽泛的类别，从低端的注塑玩具到可编程STEAM教育玩具都有。 这之间的技术含量其实差距很大，像低端的塑料小车、人偶就很廉价，本质上是对聚丙烯（PP）、聚氯乙烯（PV ...