本公司一直致力于透过积极寻求新商机令收入来源多元化，从而加强本集团的业务模式与营运以及财务 状况，同时促进具增长潜力的可持续业务模式的发展，此举符合本公司股东的最佳利益。 本集团将继续关注云端运算能力及智能运算支援解决方案等AI解决方案的市场发展，探索合适商机以 推动可持续增长。 随着AI技术广泛应用于本集团各营运范畴，本集团正在探索建立其AI基础设施及软件即服务(SaaS)能 力，以支持其AI驱动业务计划。为探索AI基础设施与软件的开发与实施的商机，本公司已分别与知名 的AI技术、运算能力与解决方案供应商(均为独立于本集团的第三方)订立合作谅解备忘录。这些AI服务 供应商专精于云端运算能力、绿色能源AI数据中心、源网荷储整合式智能运算支援解决方案、客制化 核心演算法及特定产业模型训练。透过这些战略合作伙伴关系，本集团将能够推动其AI技术发展，并 在市场中探索商业解决方案与商机。 本公司董事会认为，本次策略性进军AI解决方案，符合本集团的长期发展策略。本集团透过结合AI发 展与自身的核心竞争力及资源，务求提升营运效率、优化供应链流程，为客户创价增值。 来源：智通财经网 应星控股(01440)发布公告，凭藉本集 ...

Core Concept - The article emphasizes the shift from pursuing superficial metrics like follower count and public domain views to focusing on conversion rates and private domain engagement, suggesting that businesses should build their IP assets within private social networks like WeChat [1][6] Group 1: Core Idea - The concept of "private domain" is gaining traction as it addresses the market's transition from "traffic growth" to "deepening user retention," highlighting the importance of certainty in growth and the value of customer relationships [7] - Private domain users exhibit a repurchase rate of 40%-60% and a conversion rate of 6%-10%, significantly higher than public domain metrics, indicating a need for brands to focus on user stickiness and conversion efficiency [7] - Brands can create real digital assets by nurturing customer relationships and interaction data within private domains, as opposed to relying on volatile public metrics [7] Group 2: Implementation Strategies - Effective private domain operations require systematic methods, including creating traffic entry points, user segmentation, and personalized outreach strategies [10] - Brands should utilize smart channels to efficiently convert public traffic into private domain users while implementing tagging for refined user segmentation [10] - Providing valuable content and designing altruistic sharing mechanisms can stimulate private domain engagement and sharing [10] Group 3: Limitations of the Concept - The article warns against completely dismissing the value of public domains, as they serve as a brand's influence radar and new customer reservoir, suggesting a collaborative approach between public and private domains [15] - Over-reliance on employees for distribution can lead to increased burdens and potential damage to personal social credibility if not managed properly [15] - The accumulation of user data in private domains poses significant security and compliance challenges, and there is a risk of rising customer acquisition costs within private domains [15] Group 4: New Perspectives in a Smart Society - In a connected and AI-driven society, the focus should shift from merely adding friends to understanding users deeply through AI and big data, enabling hyper-personalized services [17] - The role of employees will evolve from mere distributors to emotional connectors and problem solvers, aided by AI in content generation and optimal engagement timing [17] - Advanced IP operations will involve the fluid exchange of IP value across various platforms and scenarios, enhancing the overall brand ecosystem [17] Conclusion - The article concludes that businesses must transition from chasing vanity metrics to cultivating user value, positioning private domain conversion and relationship building as foundational strategies while leveraging public influence and cross-platform IP development as complementary efforts [18]

Core Insights - The article highlights the rapid growth of the trendy toy sector, driven by the consumption power of Generation Z and the evolving consumption structure, with TOP TOY emerging as a significant player in this market [1][2]. Company Overview - TOP TOY, established in 2020 and incubated by Miniso, focuses on selling licensed IP toys, proprietary IP toys, and third-party brand toys, covering various categories such as blind boxes, building blocks, figurines, and dolls [2]. - The company has shown impressive financial performance, with revenue increasing from 679 million RMB in 2022 to 1.909 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 67.7% [2]. - TOP TOY achieved a net profit of 212 million RMB in 2023, further increasing to 293 million RMB in 2024, indicating a successful turnaround from previous losses [2]. Market Position - By 2024, TOP TOY captured a market share of 2.2%, positioning itself as a notable player in the trendy toy industry, although still significantly behind competitors like Pop Mart and LEGO [3]. - Despite its growth, TOP TOY's profitability remains low compared to Pop Mart, with a net profit of 294 million RMB in 2024, which is less than one-tenth of Pop Mart's earnings [3]. Financial Performance - TOP TOY's gross margin improved from 19.9% in 2022 to 32.7% in 2024, although it slightly decreased to 32.4% in the first half of 2025 [2]. - The company faces challenges with rising sales and distribution expenses, which increased by 102.4% in the first half of 2025, outpacing revenue growth of 58.5% [3]. Cash Flow Analysis - The company maintains positive operating cash flow, but its investment and financing cash flows are negative due to store expansion and debt repayments, indicating a reliance on external financing [4]. IP and Product Strategy - TOP TOY's IP strategy relies heavily on licensed IPs, with 43 licensed IPs contributing 889 million RMB in revenue in 2024, while its proprietary IPs generated only 6.8 million RMB [5][6]. - The company faces risks associated with its dependence on licensed IPs, as the expiration of key licenses could impact product supply and profitability [6]. Channel Strategy - TOP TOY's distribution strategy is primarily based on a franchise and distribution model, with a significant portion of revenue coming from offline distributors [8]. - The company has 293 stores, with a notable reliance on Miniso for channel support, which could limit its long-term growth potential if Miniso alters its partnership terms [9]. Long-term Outlook - While TOP TOY has demonstrated strong growth and potential in the trendy toy market, structural issues such as IP dependency and channel reliance pose significant challenges to its independent growth [10]. - The company's long-term valuation will depend on its ability to enhance its IP autonomy, reduce channel dependency, and optimize its financial structure, alongside the overall growth trends in the trendy toy industry [10].