Core Viewpoint - The mobile game "Goose Goose Duck," developed by Jinshan Shiyou, has officially launched its new testing phase in China, achieving 6 million pre-registrations and is a deeply localized version rather than a simple PC port [1][2]. Group 1: Company Strategy and Development - Jinshan Shiyou, an independent game company from Jinshan Group, aims to find its position in the competitive gaming industry, focusing on international and trendy content [2]. - The company has undergone restructuring, forming two game divisions: Xishanju and Jinshan Shiyou, with the latter focusing on internationalization [2]. - The choice of "Goose Goose Duck" as a key IP project is strategic, leveraging its previous success in the PC market to reduce market education costs [3][4]. Group 2: Localization and Collaboration - Jinshan Shiyou engaged in a "code-level cooperation" with Gaggle Studio to obtain original code and art resources for deep localization, which increases initial investment but lays a foundation for long-term operations [4]. - The company has spent nearly three years developing the mobile version and planning related content, which is why the game is only now entering large-scale testing [4]. Group 3: Commercialization and Growth Strategy - The commercialization strategy consists of three phases: focusing on game operations to achieve a million daily active users (DAU), developing derivative content like variety shows, and expanding into offline scenes and merchandise [5]. - Jinshan Shiyou will assess the health of the "Goose Goose Duck" IP using various metrics, including social spread index and content reproduction volume, to expand its influence sustainably [5]. - The shift from product operation to IP operation is a trend among game manufacturers, and for mid-sized companies like Jinshan Shiyou, this approach may provide a pathway to breakthrough amid competition [5].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1][57]. Core Insights - The company, as a wholly-owned subsidiary of Miniso Group, is the largest and fastest-growing trendy toy collection brand in China, actively building an IP matrix and significantly increasing the proportion of self-developed products [4][5]. - The global market for trendy toys is expected to reach $213.3 billion by 2030, with the Chinese market projected to grow from 82.5 billion yuan in 2025 to 213.3 billion yuan by 2030 [22][24]. - The company has established a diverse IP matrix through collaborations with top global IPs like Sanrio and Disney, enhancing its product offerings and consumer engagement [33][35]. Summary by Sections 1. Development History - The company began its trendy toy business in 2020 and has since established a comprehensive store network in mainland China, with plans to expand internationally by the end of 2024 [9]. 2. Industry Overview - The rise of emotional value and the expansion of IP influence are driving rapid growth in the pan-entertainment product industry, with the global market expected to grow from $44.8 billion in 2019 to $194.8 billion by 2030 [15][18]. - The trendy toy industry, characterized by high collectible value and driven by IP, is projected to grow significantly, with the Chinese market expected to reach 825 billion yuan by 2025 and 2,133 billion yuan by 2030 [22][24]. 3. Company Profile - The company is recognized as the largest and fastest-growing trendy toy collection brand in China, achieving a GMV of 2.4 billion yuan in 2024, with self-developed products contributing nearly 50% of revenue [32][33]. - Revenue has increased from 678.8 million yuan in 2022 to 1.9088 billion yuan in 2024, with a compound annual growth rate (CAGR) of 67.7% [32][47]. 4. Financial Analysis - The company's revenue grew from 678,800 yuan in 2022 to 1,908,800 yuan in 2024, with a CAGR of 67.7%, and a revenue of 1,360,200 yuan in the first half of 2025, representing a year-on-year growth of 58.5% [47][48]. - The gross margin has improved significantly, rising from 19.9% in 2022 to 32.7% in 2024, maintaining 32.4% in the first half of 2025 [47][49].

Core Viewpoint - The opening of MINISO LAND in Xi'an marks a significant step for MINISO in expanding its brand presence in the northwest region of China, aligning with the trend of "interest consumption" and enhancing local consumer engagement [1][6][11] Group 1: Store Features and Design - MINISO LAND in Xi'an features a three-story immersive space of nearly 1,200 square meters, designed to create a vibrant shopping experience with a focus on popular IP themes [3][5] - The store incorporates over 6,000 product types, with more than 80% being IP-related products from well-known franchises such as Disney and Pokémon, enhancing its appeal to consumers [5][9] - The store's design includes a prominent WAKUKU theme area, which serves as a key attraction, featuring exclusive merchandise and interactive installations [9] Group 2: Sales Performance and Consumer Engagement - During its trial operation, the store attracted significant foot traffic, achieving an average daily sales of 300,000 yuan, with expectations for increased performance during the National Day holiday [6][11] - The strategic positioning of MINISO LAND aligns with the youthful demographic of the surrounding area, which is characterized by a high concentration of universities and young consumers [3][6] Group 3: Strategic Implications and Future Plans - The opening of the Xi'an store exemplifies MINISO's innovative model of "super IP + super store + super experience," aimed at driving commercial upgrades and enhancing the cultural atmosphere [11] - MINISO plans to continue expanding its MINISO LAND concept across the country, leveraging its dual strategy of top-tier licensed IP and exclusive self-owned IP to build a robust IP ecosystem [9][11]

周杰伦"嘉年华"世界巡回演唱会即将在上海迎来收官，其超过百场的精彩瞬间将被浓缩于一套收藏卡之 中。 10月9日，Etersource品牌宣布推出官方授权周杰伦"嘉年华"世界巡回演唱会系列收藏纪念卡，"周杰伦 概念股"巨星传奇作为该品牌全球发售的全球总代理。该系列产品作为周杰伦出道25周年的首款官方授 权收藏卡，于周杰伦"嘉年华"演唱会上海收官站期间，在Etersource淘宝旗舰店开启限量预售。 周杰伦"嘉年华"世界巡回演唱会自2019年启动以来，持续六年热度不减，屡屡开票即售罄，单站抢票人 数常突破数百万，累计观演人次已达百万量级，且形成"一场演唱会带动一座城"的经济效应。 业内认为，此次Etersource品牌推出收藏纪念卡，既是为周杰伦六年"嘉年华"巡演画下注脚，也是对周 杰伦25年音乐生涯的里程碑致敬。 巨星传奇进军卡牌赛道，成为该系列收藏卡的全球总代理，是其IP运营战略的自然延伸，也是其布局收 藏经济的关键一步。 作为周杰伦官方二次元IP形象——周同学的版权方，自2019年推出以来，"周同学"IP已经通过多元授 权、数智人开发、文旅融合等创新模式，与全球超过200个品牌授权联名，实现了超过10亿元的 ...

Core Viewpoint - TOP TOY, which opened its first store in 2020, is now aiming for an IPO within five years, positioning itself as a platform for various products and IPs, contrasting with Bubble Mart's closed ecosystem approach [2][14]. Market Valuation - As of July 2025, TOP TOY completed a Series A funding round of approximately $60 million, resulting in a post-money valuation of $1.3 billion (approximately HKD 10.2 billion) [2]. - In comparison, Bubble Mart's market capitalization exceeds HKD 350 billion, making it 35 times larger than TOP TOY [2]. Financial Performance - TOP TOY's revenue for 2022, 2023, and 2024 was CNY 679 million, CNY 1.461 billion, and CNY 1.909 billion, respectively, with net profits of -CNY 38.38 million, CNY 212 million, and CNY 294 million [2]. - In the first half of 2025, TOP TOY reported revenue of CNY 1.36 billion and a profit of CNY 180 million, reflecting year-on-year growth of 58.5% and 26.8%, respectively [2][7]. Comparison with Bubble Mart - Bubble Mart's revenue for the first half of 2025 was CNY 13.88 billion, with a year-on-year growth of 204.4%, and a net profit of CNY 4.57 billion, showing a growth of 396.5% [3]. - Bubble Mart's revenue and profit are 10 times and 25 times that of TOP TOY, respectively [3]. Membership and Store Count - As of mid-2025, Bubble Mart had 59.12 million registered members, while TOP TOY had over 10 million [3]. - Bubble Mart operates 571 stores globally, with 443 in China and 128 overseas, in addition to 2,597 vending machines [3]. - TOP TOY has 299 stores, with 15 located overseas, covering markets such as Thailand, Malaysia, Indonesia, and Japan [4]. Revenue Sources - TOP TOY's revenue is primarily generated from franchisees and distributors, accounting for 74.3% of its income in the first half of 2025 [4]. - In contrast, Bubble Mart's revenue is mainly from direct sales [4]. Profitability Metrics - For the first half of 2025, Bubble Mart's gross margin exceeded 70%, and net margin surpassed 30%, while TOP TOY's gross margin was 32% and net margin only 13% [6]. - TOP TOY's self-developed IP products generated CNY 6.1 million in revenue in the first half of 2025, accounting for less than 1% of total revenue [12]. IP Strategy - TOP TOY has 17 proprietary IPs and 43 licensed IPs, while Bubble Mart's proprietary products accounted for 99.1% of its total revenue in the first half of 2025 [8][10]. - The scarcity of Bubble Mart's IPs allows for higher pricing power compared to TOP TOY's broader but less impactful IP portfolio [8][10].

常青IP版权格局：历史脉络与市场现状 在近期热闹看展的背后，不少消费者却感到困惑："哪家奥特曼展才是真正的官方展览？" 近日，"追光之旅·展望奥特曼60周年主题展"在上海新世界城举办。这场由圆谷制作株式会社在中国 大陆官方认可的全版权总代理——新创华全程监修的展览，被誉为中国大陆超大规模、超高规格的奥 特曼系列主题展览，吸引了全国各地的粉丝前来观展。而另一家公司奇奥天尊，也同期在上海举办了 奥特曼相关展览。 消费者不禁困惑："哪一个才是真正的奥特曼？ "这种困惑源于中国市场错综复杂的奥特曼版权现状 ——新创华与奇奥天尊均声称拥有奥特曼版权。 这场持续近半个世纪的IP版权纠纷，也牵动着这个 跨越60年、影响数代人的经典IP在中国市场的情感认同与商业未来。 △图为新创华《追光之旅 · 展望奥特曼60周年主题展》现场 奥特曼这一经典IP已经走过了60年辉煌历程。自从1966年首次亮相以来，奥特曼系列作品逐渐扩展 至商品快消、漫画、电影、游戏、线下主题空间等领域。在中国市场，奥特曼已经从单纯的儿童向IP 迭代成为成年人也喜爱的常青IP。据数据显示，2024年奥特曼以74亿美元总收入位列全球最赚钱IP 第53位，显示出 ...

在MINISO LAND西安原力场店，WAKUKU主题专区成为核心亮点，围绕WAKUKU系列打造专属打卡 墙、限定商品区与互动装置，吸引大量消费者前来打卡互动，展现出原创IP与场景融合所带来的情绪共 鸣与商业吸引力。 名创优品通过"顶级授权IP+独家自有IP"的双轮驱动，持续拓展其IP生态版图。名创优品不仅与迪士 尼、三丽鸥等国际IP巨头合作借势，更在全球挖掘孵化原创IP，以此构建了协同发展的IP矩阵，提升了 沉浸式消费体验。这一战略成效卓著，截至2025年9月，名创优品已在全国开设多家MINISO LAND， 其中位于上海南京东路的全球壹号店创下"9个月销售额破亿、单月1600万元"的业绩纪录，充分验证了 其IP商业模式的强大动能。 西安首店的开业，标志着名创优品"超级IP+超级门店+超级体验"创新模式的深化，随着高势能门店在全 国的持续布局，名创优品正通过打造MINISO LAND这样的"城市新地标"推动商业升级与潮流氛围的双 向赋能。 名创优品表示，未来，将坚定围绕"兴趣消费"战略轴心，以店态创新构筑品质商业新生态。 记者注意到，作为西安最具活力的年轻消费聚集区，原力场商业综合体以其高校密集、客群年轻化 ...

"昨天抢了一晚上3.0，今天又要抢星星人。"成为孙琳口中"泡玛人"这两天的日常。 9月28日，泡泡玛特旗下潮玩IP Labubu3.0前方高能系列迎来大量补货，作为泡泡玛特的经典IP之一，Labubu凭借其独特的设计风格和可爱的形象积累了大量 忠实粉丝，此次补货自然也引起了粉丝的抢购。 但或许是因为前方高能系列放量了，最近二手价格降了，孙琳在一些买家群里能看到跌破原价的前方高能系列，"99元原价，抢到不喜欢的或者重复的，现 在有的85元就出，千岛均价也降到120元了。" 这一价格变化，使得抢购Labubu3.0前方高能系列的难度大幅降低。孙琳告诉观察者网，"在昨天泡玛的官方开盒直播间，热门款出了很多，也出了好几个隐 藏款，我朋友昨天晚上在泡玛的官方开盒直播间几乎搞了个整端。" 但想要抢购第二日上新的潮玩IP"星星人美味时刻系列"就没有那么容易了。"我朋友只抢到个手机链，啥啥都没有。"孙琳说道。 事实上，在泡泡玛特全新潮玩IP"星星人美味时刻系列"上新前夕，该系列便已未售先火，受到了广大消费者的热烈追捧。 有媒体报道，据得物APP显示，计划9月29日晚上10点发售的"星星人美味时刻系列-现烤小饼干毛绒挂件盲盒" ...

近日，"追光之旅·展望奥特曼60周年主题展"在上海新世界城举办。这场由圆谷制作株式会社在中国 大陆官方认可的全版权总代理——新创华全程监修的展览，被誉为中国大陆超大规模、超高规格的奥 特曼系列主题展览，吸引了全国各地的粉丝前来观展。而另一家公司奇奥天尊，也同期在上海举办了 奥特曼相关展览。 消费者不禁困惑："哪一个才是真正的奥特曼？ "这种困惑源于中国市场错综复杂的奥特曼版权现状 ——新创华与奇奥天尊均声称拥有奥特曼版权。 这场持续近半个世纪的IP版权纠纷，也牵动着这个 跨越60年、影响数代人的经典IP在中国市场的情感认同与商业未来。 △图为新创华《追光之旅 · 展望奥特曼60周年主题展》现场 常青IP版权格局：历史脉络与市场现状 在近期热闹看展的背后，不少消费者却感到困惑："哪家奥特曼展才是真正的官方展览？" △ 图为奇奥天尊《呼唤光的名字吧·经典奥特曼主题展》现场， 左右滑动查看更多 奥特曼这一经典IP已经走过了60年辉煌历程。自从1966年首次亮相以来，奥特曼系列作品逐渐扩展 至商品快消、漫画、电影、游戏、线下主题空间等领域。在中国市场，奥特曼已经从单纯的儿童向IP 迭代成为成年人也喜爱的常青IP。据数 ...

在日前的雷军年度演讲上，《愤怒的小鸟》经典画面的出现，意味着其即将重新回归中国市场。据悉， 这款游戏的IP运营权已经被金山世游从芬兰Rovio公司手中拿下。另外，Steam最火派对游戏《鹅鸭杀》 IP也已经被金山世游收入囊中，正在尝试手游、综艺、线下授权等多种IP运营模式。 这家从西山居拆分而来的的游戏公司，正在尝试脱离单款游戏的发行思路，转向更长期的IP化运营模 式。金山世游副总裁刘异在近日的媒体沟通会上透露，目前《鹅鸭杀》手游全网的真实预约量已经超过 600万，为期1个月的10万人规模测试之后，能够做到1000万的全网预约；至于配套的综艺节目《鹅斯卡 之夜》，一两期之后就可以进行独立招商，很快就会产生商业价值价值。 与众不同的是，除了手游之外，金山世游还为之配套了一档官方自制综艺《鹅斯卡之夜》，将在10月2 日正式亮相，大司马等多位头部游戏主播参与，以助推《鹅鸭杀》手游IP破圈；另外，金山世游也在同 步开始为密室逃脱、潮玩店等线下实体授权做相关准备。 在刘异看来，任何内容IP都具备两个属性，一是链接价值，是IP与用户建立情感链接的内容载体；二是 商业变现价值。他认为，游戏是一个非常能兼顾二者的内容载体，它 ...