Group 1 - The global潮玩 market is experiencing rapid growth, with China's market showing particularly strong potential, achieving a compound annual growth rate (CAGR) of 34.1% from 2015 to 2021, and expected to reach 763 billion yuan by 2024 [1][11] - Blind boxes are the core growth category within the潮玩 industry, with over 60% of潮玩 users preferring blind boxes. The market size for blind boxes was approximately 139.1 billion yuan in 2021 and is projected to exceed 300 billion yuan by 2024 [1][12] - The sales channels for blind boxes remain predominantly offline, accounting for nearly 70%, but online sales are steadily increasing, rising from 7.0% in 2015 to 32.2% in 2022 [1][15][18] Group 2 - The潮玩 industry is characterized by active financing, with 506 new companies registered in 2021, reflecting a 95.4% year-on-year increase. Numerous brands have secured investments [1][19][22] - The competitive landscape of the潮玩 retail market is relatively low in concentration, while the blind box segment shows higher concentration, with the top five brands accounting for 69.0% of the market share in 2021 [1][29][32] - The industry is primarily driven by Generation Z consumers, with those aged 18-24 making up 32% of the user base, and their purchasing motivations largely centered around the element of surprise and favored IPs [1][12][30] Group 3 - The潮玩 industry is witnessing a trend towards increased regulation, as indicated by the implementation of the "Guidelines for Blind Box Business Operations (Trial)" which aims to promote standardized development [1][12] - The value distribution within the潮玩 industry chain shows that IP creation and operation have the highest profit margins at 50%, while channel sales account for 40% of the value distribution [1][26][28] - Leading companies like泡泡玛特 focus on proprietary and exclusive IPs, with over 90% of their revenue coming from self-owned IP products, and they have increasingly shifted towards online sales channels [1][37][38]

Core Insights - The company, Giant Star Legend (06683.HK), has signed a sales contract with Taiwanese company ADATA Technology for the procurement of 1,000 quadruped robots, with a total value exceeding 20 million RMB [4] - The contract signifies substantial progress in the IP (Intellectual Property) commercialization of quadruped robots, aligning with the company's strategic direction in IP business development [4] - The company has established a strategic partnership with Yushu Technology, focusing on the development and commercialization of companion and social quadruped robots, particularly in the entertainment sector [4] Company Overview - Giant Star Legend specializes in IP creation and operation, with a core competency in developing star-driven iconic IPs [5] - The company has successfully developed two flagship IPs, CHOUCHOU (a virtual image of Jay Chou) and Coach Liu (a fitness coach), which have a combined global fan base of 280 million [5] - Since its launch in 2019, the CHOUCHOU IP has collaborated with over 200 global brands, generating cumulative sales exceeding 1 billion RMB in licensed merchandise [5]