短短一年间，量子之歌通过剥离教培资产、控股潮玩公司、更名重塑三步走的资本操作，脱胎换骨为奇梦岛。这家曾扎根成人教育的美股上市公司，如今摇 身一变成为"纳斯达克潮玩第一股"。 12月2日，奇梦岛公布了2026财年第一季度财报，这也是其更名、全面转向潮玩业务的首个财季。截至9月30日，本财季奇梦岛实现潮玩业务总业务1.271亿 元，环比激增93.3%，超业绩指引上线。 其中，WAKUKU(哇库库)营收8,973万，ZIYULI(又梨)营收2,076万，7月中下旬推出的SIINONO(赛诺诺)营收达到了1,289万。 奇梦岛看中了"下一个泡泡玛特"的生意。 值得注意的是，这已不是奇梦岛首次更名，每一次更名都伴随着业务重心的调整。此次全面转型潮玩赛道，很大程度上是因为泡泡玛特的"珠玉在前"。 WAKUKU，"速成版Labubu" Labubu的爆红出圈，把泡泡玛特的业绩和市值一并推上高点，叠加"谷子经济"概念的持续点燃，"寻找下一个泡泡玛特"一度成为二级市场的显性主题。 奇梦岛目前重点资源集中的WAKUKU、ZIYULI与SIINONO三大旗舰IP。除了公司早期的IP ZIYULI外，2024年推出的WAKUKU和今 ...

Core Insights - In the first half of 2025, Pop Mart achieved revenue of 13.876 billion RMB, surpassing Disney's toy business to become the second-largest player in the global toy industry, only behind Lego [1] - Pop Mart's success is attributed to its unique business model that relies on popular IPs and a strong social media presence, rather than traditional storytelling and content-driven strategies [7][8] Revenue and Market Position - Pop Mart's revenue of 13.876 billion RMB in the first half of 2025 marks a significant milestone, allowing it to overtake Disney in the toy sector [1] - The company's stock price has increased by over 165% in the past year, driven by the popularity of its IP "Labubu" [7] Product Demand and Market Dynamics - New product launches often sell out quickly, with significant price increases in the secondary market; for example, a blind box originally priced at 1,272 RMB is reselling for 1,900 RMB, reflecting a 49% increase [3] - The offline stores are experiencing similar demand, with many products out of stock and no immediate restock plans [4][5] Innovation and Business Strategy - Pop Mart has shifted from a content-driven IP development model to a data-driven approach, focusing on user engagement and real-time market feedback to optimize product design [8] - The company has successfully created emotional connections with consumers through its IPs, allowing them to express their identities and emotions through the products [9]