" 合作大IP到底是捷径还是歧途？ " 作者丨吴优 编辑丨刘伟 2025年AI陪伴硬件赛道究竟有多火？用两个小故事就足以说明。 故事之一是，某头部投资机构内部有9个团队先后考察过同一家AI陪伴硬件公司，项目还在内部评审时， 该机构的第10个团队得知这家公司跟其他投资机构签了SPA，于是越级将项目汇报给了老板。老板当即跳 过立项直接给了TS，并亲自联系了这家公司的高层致歉，表示因身体原因差点错过了这个项目，是自己的 过失。靠着真诚的态度，该投资机构最终成功拿到了份额。 另一个故事则更广为流传：金沙江创投创始人朱啸虎仅考虑了10分钟，就给一家做AI陪伴硬件的公司—— 珞博智能（Robopoet）递了TS，决定投资数千万…… AI陪伴硬件赛道的火热并不意外。 上个世纪90年代，日本经济泡沫破裂时期，一只黑白屏的蛋——拓麻歌子——上市售价120元，8个月卖 出了超1000万台。28年后，这只"蛋"更新到了第37代，全球出货量累计1亿台。如今，AI陪伴硬件只是 试图用AI的模板，把拓麻歌子这样的养成式电子宠物的故事再讲一遍。 在部分投资人看来，AI陪伴硬件的底层技术是具身智能和大模型，未来有很好的延展性，同时它又比真正 ...

Core Viewpoint - Here Group Ltd. (奇梦岛) has significantly increased its revenue through the expansion of its newly acquired toy business, with a quarterly revenue nearly doubling compared to the previous quarter, indicating strong growth potential in the collectible toy market [1][6]. Group 1: Business Transformation - The company announced the sale of its original adult education business and will now operate solely as a toy company, rebranding itself from "量子之歌" to "奇梦岛" effective November 11 [4]. - The transition appears cautious as the education sector has become increasingly sensitive to policy changes, unlike the more stable toy industry [4]. - The toy industry is characterized by rapid changes, requiring companies to continuously innovate and promote new intellectual properties (IPs) to maintain sales momentum [4]. Group 2: Financial Performance - For the quarter ending September, the company reported a revenue of 127 million yuan (approximately 18 million USD), with 97% of this revenue coming from three proprietary IPs, primarily the Wakuku series, which contributed 71% [5][6]. - The company expects revenue for the quarter ending December to rise to between 150 million to 160 million yuan, indicating continued growth but a projected quarterly growth rate slowdown to about 22% [7]. - The anticipated revenue for the fiscal year ending next September is projected to reach between 750 million to 800 million yuan, suggesting a significant increase in the second half of the fiscal year compared to the first half [8]. Group 3: Market Position and Valuation - The company's stock price has shown volatility, initially surging fivefold before experiencing a decline of over 60%, yet it remains more than double its value from the beginning of the year [8]. - In terms of valuation, the company currently has a price-to-sales (P/S) ratio of approximately 2.5, significantly lower than its competitor Bubble Mart's P/S ratio of 10.3, indicating potential for stock price appreciation if growth targets are met [8]. - The company has opened its first offline stores in Beijing and Chongqing, with plans for further expansion, while establishing a business foundation in 20 other markets for future global growth [9]. Group 4: Profitability and Margins - The gross margin for the toy business improved to 41.2% in the latest quarter, up from 34.7% in the previous quarter, although it remains below Bubble Mart's projected gross margin of 66.8% for 2024 [9]. - The company reported an adjusted operating net loss of 17.1 million yuan in the latest quarter, showing slight improvement from a loss of 19.3 million yuan in the previous quarter, indicating ongoing challenges in achieving profitability [9].