Investment Rating - The report indicates a positive investment outlook for the building blocks industry, highlighting its robust growth potential and expanding market reach across various age groups [5]. Core Insights - The building blocks market has shown significant growth, driven by increasing consumer demand for educational and entertaining products, with a projected market size increase from 33.249 billion RMB in 2019 to 52.943 billion RMB in 2024, and further to 78.542 billion RMB by 2029 [9]. - The industry is evolving from traditional toys to educational tools, integrating STEAM education principles and innovative designs to enhance children's logical thinking and creativity [27]. - The market is characterized by a competitive landscape where international brands dominate the high-end segment, while local brands rapidly gain market share through innovation and cultural relevance [15]. Market Background - The building blocks market is a vital part of the educational, artistic, and entertainment product manufacturing industry, experiencing notable growth due to the strengthening of educational attributes, IP collaborations, and sustainable material transitions [5]. - The evolution of the building blocks industry has transitioned from its inception in China in 1983 to a globalized market by 2023, marked by technological innovation and diverse strategies [7]. Market Status - The market size of the building blocks industry in China is expected to grow significantly, with a compound annual growth rate driven by the educational applications of building blocks and their integration into family and school education [9]. - The supply side of the market is increasingly incorporating eco-friendly materials, with a projected 40% penetration of biodegradable plastics by 2025, reflecting a shift towards sustainability [10]. - The demand side shows a diverse consumer base, with 11.3% of consumers being middle-aged and older, and online sales channels becoming a major growth driver, particularly through platforms like Taobao [11]. Market Competition - The competitive landscape is defined by a multi-dimensional evaluation model focusing on product innovation, brand influence, and sales channel effectiveness [12]. - Local brands are rapidly emerging, leveraging cost-effectiveness and cultural understanding to compete with established international brands like LEGO [15]. - The report recommends ten leading brands in the market, including Qimiao Building Blocks, LEGO, and Blokus, each with unique strengths and market strategies [16][17][18]. Development Trends - The integration of educational attributes into building blocks is accelerating, with products designed to support STEAM education becoming increasingly popular among educational institutions [27]. - IP collaborations are a key growth driver, with local brands partnering with popular cultural properties to enhance product appeal and consumer engagement [28]. - The adult market segment is expanding, with over 30% of consumers being adults who prefer high-precision and complex building sets, indicating a need for tailored product lines and diversified sales channels [30].

传统婴幼儿玩具龙头，IP+ AI 相关业务持续突破 20260626 摘要 伟易达 2025 财年总收入同比增长 1%，其中电子学习产品业务增长 2%，EMS 业务因需求疲软而下降。欧洲市场收入增长 8%，北美市场 略降 3%，亚太地区占比 14%。 伟易达财务稳健，过去五年分红率接近 100%，当前股息率约为 9%， 反映了其核心业务的稳定经营。 伟易达在全球玩具市场占有率接近 2%，排名第六，但与乐高、美泰等 头部企业 10%以上的市场份额相比仍有差距。 为应对关税影响，伟易达分散生产基地，计划 2026 年完成对美国市场 相关产品产能的转移，已在马来西亚、墨西哥和德国设立生产基地。 伟易达预计 2026 财年电子学习产品业务将受美国关税影响下降，电讯 产品业务受益于收购实现增长，EMS 业务持续承压。 伟易达积极拓展 AI 玩具领域，如推出五合一探索机器人和计划推出 AI 婴儿监护器，并与"汪汪队立大功"和迪士尼等 IP 合作。 伟易达作为婴幼儿玩具龙头企业，面临关税政策带来的经营波动，但随 着产能转移完成，传统业务预计将趋于稳定。 Q&A 伟易达的成立背景、发展历程以及当前的核心业务构成是怎样的？ 伟 ...