转自：北京日报客户端 中国潮流玩具展会风向标之一——PTS国际潮流玩具展今年再度焕新升级。 2025年5月19日，在"精彩北 京 畅游京城"主题活动启动仪式上，北京市文旅局、新加坡旅游局和泡泡玛特三方联合发布了"北京×新 加坡POP TOY SHOW双城计划"。据悉，今年PTS将在北京、新加坡两地集中呈现，并迎来全面升级。 "我们希望将潮玩文化注入两城知名地标，让参与者在打卡过程中近距离感受到来自这两座城市的魅力 风情。"PTS国际潮流玩具展相关负责人表示。 以新加坡为代表的东南亚市场，已成为中国IP潮玩企业"出海"的重要版图，并正迸发出澎湃的消费动 力。2023年9月，首届海外PTS潮流玩具展就落地在新加坡滨海湾金沙会展中心。仅展会主办方泡泡玛 特披露的最新业绩显示，其海外及港澳台业务营收达50.7亿元，同比激增 375.2%。其中，新加坡所在 的东南亚市场贡献了近半数收入，增速高达619.1%。 来源：北京日报客户端 这是PTS国际潮流玩具展首次启动双城计划。潮流玩具是以潮流文化为主题，由设计师和艺术家设计制 作、拥有丰富的文化和时尚创意的玩具。据悉，该展会自2017年首次在北京举办以来，已在全球成功举 ...

Core Viewpoint - The recent divestment of all Pop Mart shares by Fengqiao Capital has sparked significant discussion, with the company's stock price rising despite the sell-off, indicating strong underlying value and market confidence in Pop Mart's long-term prospects [1][2]. Group 1: Stock Performance and Market Reaction - Following the initial share reduction on April 30, Pop Mart's stock price only dipped by 0.3% before rebounding by 4.7% the next day, demonstrating resilience [2]. - The stock experienced a cumulative increase of 6.3% over three trading days after the second reduction, and a further rise of 3.85% on May 9, indicating a trend of "selling leading to rising" [2]. - Year-to-date, Pop Mart's stock has surged over 100%, with a market capitalization of HKD 257.3 billion as of May 9 [1]. Group 2: Financial Performance and Growth - In 2024, Pop Mart achieved revenue of CNY 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of CNY 3.4 billion, up 185.9% [3][4]. - The first quarter of 2025 saw revenue growth of 165% to 170%, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [3]. Group 3: Market Position and Future Outlook - Analysts highlight Pop Mart's strong IP operation capabilities and global expansion potential as key competitive advantages, with overseas revenue expected to account for nearly 40% in 2024 [4]. - The company plans to expand into the European and American markets in 2025, aiming to replicate its Asian growth trajectory [4]. - Recent reports indicate that over 20 investment banks have issued "buy" ratings for Pop Mart, reflecting high market confidence in its growth prospects [4].

Core Insights - The rise of domestic products in China, particularly in Shanghai, is driven by their quality, unique design, and cultural significance, making them a key player in fashion consumption and a bridge for international dialogue [1][5][6] - Traditional culture innovation is emerging as a new growth point in consumer spending, with "Chinese-style romance" injecting vitality into consumption upgrades [1][6] Group 1: Domestic Products and Consumer Trends - Domestic trendy toys are gaining popularity, with consumers actively seeking out these products to connect with traditional Chinese culture [1][5] - New Chinese-style clothing is becoming a fashionable choice for both local and international consumers, showcasing a blend of Eastern philosophy and modern aesthetics [1][2] Group 2: Retail Strategies and Consumer Engagement - The "immediate buy and return" policy has enhanced the purchasing desire of overseas consumers, leading to increased interest in promoting new Chinese-style clothing abroad [2] - The establishment of a tax refund store for new Chinese-style clothing has attracted many international customers, with plans for workshops and exhibitions to further educate consumers about the beauty of these products [2] Group 3: Urban Development and Cultural Confidence - The transformation of historical spaces into "national trend laboratories" reflects a shift from isolated successes to a collaborative ecosystem for domestic products [5][6] - Future plans for the Hengfu Historical Preservation Area include creating multiple commercial clusters and a brand center to enhance urban innovative consumption experiences [5][6]

Group 1 - Chinese toy manufacturer Pop Mart has topped the shopping category in the US Apple App Store, indicating strong interest from American consumers in Chinese trendy toys and showcasing the influence of Chinese e-commerce apps in the US market [3] - Chinese shopping platforms like Dhgate and Alibaba's Taobao Mall are favored by American consumers for their high cost-performance ratio, becoming important channels for direct purchases of Chinese goods amid changes in tariff policies under the Trump administration [3] Group 2 - There is a growing trend of American consumers traveling to China for shopping, with many forming groups to purchase Chinese products, driven by the advantages shared on overseas social media [6] - Popular items on American shoppers' lists include creative goods from Yiwu International Trade City, trendy clothing from Hangzhou's Sijiqing, and smart accessories from Huaqiangbei, highlighting the variety and affordability of Chinese products [6] Group 3 - Increasing numbers of foreign tourists are seeking deep cultural experiences in China, with interests in traditional activities like Tai Chi and calligraphy, as well as visits to filming locations of popular Chinese dramas [8] - Foreign tourists are also engaging in local cultural experiences, such as cycling tours and participating in community activities, reflecting a strong interest in the daily lives of local residents [8]

Core Insights - The trend of collectible toys, particularly blind boxes and designer figures, is shifting from niche interests to mainstream markets, attracting a younger demographic [1][2][3] - The Chinese collectible toy market is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [1][8] Market Growth - The number of active collectible toy-related companies in China exceeds 50,000, with approximately 3,100 new registrations expected in 2025 [3] - In 2024, the leading brand, Pop Mart, achieved revenue of 13.04 billion yuan, marking a 106.9% year-on-year increase, with domestic revenue reaching 7.97 billion yuan, up 52.3% [3] Consumer Behavior - Young consumers, particularly those aged 20-35, are increasingly drawn to collectible toys for their aesthetic appeal, playability, and value for money [6] - Emotional connections and cultural significance associated with collectible toys enhance their appeal, as they serve as social symbols and expressions of individuality [6][9] Product Trends - Popular product types include IP collaboration items, artist partnerships, and limited editions, which maintain consumer interest through unique designs and cross-industry collaborations [4] - The demand for gift sets and themed collections has surged, with notable examples including collaborations with major brands like Disney and McDonald's [5] Industry Dynamics - The collectible toy industry is expanding globally, with Pop Mart opening stores in over 20 countries and achieving nearly 30% of its revenue from international markets [7] - The integration of technology, particularly AI, is expected to influence product design and consumer interaction, enhancing personalization and market responsiveness [9][10] Future Outlook - The industry faces challenges such as design homogenization and pricing controversies, necessitating a focus on product quality and the development of proprietary IP [9][10] - Continued collaboration with cultural and tourism sectors is anticipated to broaden the consumer experience and market reach [9]

内容概要：近年来，随着人均GDP的提升，消费者对精神文化产品的需求不断增加。Z世代作为消费主 力，对潮玩的需求主要集中在治愈、颜值、IP和社交等方面，推动了潮玩行业的发展。据统计，中国潮 流玩具行业市场规模从2020年的300亿元增长至2023年571亿元，估计2024年中国潮流玩具行业市场规模 达到764亿元，同比上涨33.8%。 相关上市企业：泡泡玛特（09992）、奥飞娱乐（002292）、高乐股份（002348）、沐邦高科 （603398）、名创优品（09896）、金运激光（300220）、元隆雅图（002878）、顺网科技 （300113）、星辉娱乐（300043）、实丰文化（002862）等 相关企业：宁波酷乐潮玩文化创意有限公司、北京乐自天成文化发展股份有限公司、北京必有回响科技 有限公司、上海萌特兮网络科技有限公司、北京华彩光影传媒文化有限责任公司、深圳市魔力互联网科 技有限公司、苏州工业园区若态科技有限公司、上海晨光文具股份有限公司、玩偶一号(武汉)科技有限 公司等。 | | 目标受众 | 用能与用途 | 设计理念 | 蕴含的价值 | | --- | --- | --- | --- | -- ...

Core Viewpoint - Bubble Mart is experiencing significant growth in both domestic and international markets, driven by its strong IP strategy and localized operations, with a remarkable 375.2% increase in revenue from Hong Kong, Macau, Taiwan, and overseas markets in 2024 compared to 2023 [3][4]. Group 1: Market Performance - In 2024, Bubble Mart's revenue from Hong Kong, Macau, Taiwan, and overseas reached 5.07 billion RMB, marking a 375.2% increase from 2023 [3]. - The Southeast Asian market, particularly Thailand, has shown impressive growth, with single-store average efficiency increasing by 160% year-on-year [3]. - The plush toy category saw over 1200% year-on-year growth, becoming one of the fastest-growing product categories [4]. Group 2: Strategic Initiatives - Bubble Mart has successfully entered five new markets in 2024, including Vietnam, Indonesia, the Philippines, Italy, and Spain, enhancing its global reach [4]. - The company is focusing on expanding its e-commerce channels and live-streaming business to improve global consumer engagement and conversion efficiency [7]. - Plans for 2025 include a target of 50% overall growth, with international markets expected to exceed 100% growth [5]. Group 3: IP and Product Innovation - Bubble Mart emphasizes its IP-driven business model, integrating products, services, and experiences to attract and retain fans globally [3][8]. - The company has established collaborations with renowned brands like Disney, enhancing the global appeal of its IPs [7][8]. - The company is exploring diverse applications of its IP, including launching jewelry stores and animated short films to enrich its commercial value [7].

智研咨询专家团队倾力打造的《2025-2031年中国潮流玩具（潮玩）行业市场现状调查及投资前景研判报告》（以下简称《报告》）正式揭晓，自2018年出 版以来，已连续畅销7年，成功成为企业了解和开拓市场，制定战略方向的得力参考资料。报告从国家经济与产业发展的宏观战略视角出发，深入剖析了潮 流玩具行业未来的市场动向，精准挖掘了行业的发展潜力，并对潮流玩具行业的未来前景进行研判。 作为商业和艺术的结合，潮流玩具经历了不同的发展阶段。2005年，中国出现潮玩相关的个人工作室和独立设计师；然而2008年的金融危机使刚刚发展起来 的潮玩行业遭受重创；经过两年的恢复和修养，自从2010年开始，泡泡玛特、19八3和酷乐潮玩等公司先后成立，并开始进行线下销售渠道的布局；2016 年，盲盒玩法的推出成功帮助潮玩行业龙头泡泡玛特扩大了市场规模；2017年以后，展会成为了下游销售市场的另外一条重要路径，且2021年以来行业持续 升温，资本不断下注，潮玩行业进入了迅猛发展的时期。 近年来，随着人均GDP的提升，消费者对精神文化产品的需求不断增加。Z世代作为消费主力，对潮玩的需求主要集中在治愈、颜值、IP和社交等方面，推 动了潮玩行业的 ...

Core Viewpoint - The article highlights the strong performance of new consumption companies listed in Hong Kong, with many achieving significant stock price increases and attracting investor attention amid ongoing market fluctuations [2][4][13]. Group 1: Stock Performance - On March 27, several new consumption companies saw substantial stock price increases, including Wei Long (up 11.43%), San Sheng Pharmaceutical (up 10.91%), Pop Mart (up 9.24%), Lao Pu Gold (up 9.23%), and Mao Ge Ping (up 9%) [5][6][7][8]. - Wei Long's stock has risen 92.22% year-to-date, driven by its inclusion in the Hong Kong Stock Connect and strong sales performance, with a 30% sales growth in early 2025 [5][9]. - San Sheng Pharmaceutical's stock has increased 97.37% year-to-date, with a reported revenue of 9.108 billion yuan for 2024, a 16.5% increase year-on-year [9][10]. - Pop Mart's stock has surged over 71% year-to-date, with a market capitalization of 206.4 billion HKD and a revenue of 13.04 billion yuan for 2024, reflecting a 106.9% year-on-year growth [10][11]. - Lao Pu Gold's stock has nearly doubled year-to-date, with a projected net profit of 1.4 to 1.5 billion yuan for 2024, representing a 236% to 260% increase [12][13]. Group 2: Industry Trends - The "self-indulgent consumption" sector, including spicy snacks, unique gold jewelry, trendy toys, cosmetics, and male grooming products, is gaining traction among investors [14][15]. - Investment firms are increasingly focusing on the new consumption sector, with some managers already allocating positions to these companies, indicating a shift in consumer behavior towards non-essential purchases [16][17]. - The article notes a K-shaped recovery in domestic consumption, where sectors like pet food and self-indulgent consumption are thriving, while traditional consumer goods face pressure [14][15].

泡泡玛特 以下是泡泡玛特 FY24 H2 的财报电话会纪要，财报解读请移步《 泡泡玛特：出海封神！泡泡玛特一路 "狂飙" 》 一、财报核心信息回顾 | | | | | | 泡泡玛特财务数据概览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位:亿/CNY | 1H21 | 2H21 | 1H22 | 2H22 | 1H23 | SH23 | 1H24 | 2H24 | 2H24e | 实际 VS 换期 | | 整体收入 | 17.7 | 27.2 | 23.6 | 22.6 | 28.1 | 36.7 | 45.6 | 84.8 | 76.7 Beat | 10.5% | | VOV | 117% | 85% | 33% | -17% | 19% | 62% | 62% | 131% | | | | 大陆 | 17.1 | 25.9 | 22.0 | 19.6 | 24.4 | 29.8 | 32.1 | 47.6 | 41.8 Beat | 14.0% | | 浅下 | 6.7 | 12. ...