城市战争 广州版"大疆"、广州版"泡泡玛特"，都要去香港上市了 广州的产业开始暗自发力了！大家有没有发现？广州在每个赛道都有点东西，只是缺少第一名。 TOP TOY今年7月宣布完成5942.6万美元的A轮融资，目前估值为102亿港元，是泡泡玛特之外中国潮玩 领域最具知名度的品牌之一。 TOP TOY母公司名创优品，是一家位于广州的知名零售企业，其总部位于琶洲西区。目前，名创优品 在资本市场表现亮眼，总市值约550亿港元。 可以说，广州的产业生态是非常宽广的，几乎在每个赛道都有一两个种子选手，只是缺少第一名。 而且，广州不少优秀的公司做到一定规模，往往就卖给巨头了，比如UC浏览器卖给了阿里、酷狗音乐 卖给了腾讯音乐，开发出现象级游戏《鸣潮》的库洛也被腾讯入股……… 广州的企业为啥普遍做不大？大家怎么看，欢迎到评论区探讨。 近日，有着大疆最强竞争对手之称的农业机器人公司——极飞科技正式递表港交所。 极飞科技是一家总部位于广州黄埔区的无人机企业，其主攻农业赛道，分别以10.7%、17.1%的占有率 在全球农业机器人、农业无人机排名全球第二。 2024年，极飞科技营收突破10亿元，同比大增73.4%，实现扭亏为盈，根 ...

榜单数据说明：统计对象为理财公司发行的3-6个月（含）投资周期的公募混合类产品，同系列同投资 周期产品保留一只，统计区间为近6月，截至时间为2025年9月18日。 混合类理财优势凸显，兴银理财"兴合汇景1号"断层第一 今年以来，在固收资产收益持续下行，权益市场回暖的背景下，混合类理财产品优势凸显，凭借亮眼的 业绩表现快速走俏，受到不少投资者青睐。南财理财通数据显示，混合类理财今年前8个月的平均净值 涨幅为3.36%，同期固收类理财产品平均净值增长率仅1.68%，混合类理财产品大幅跑赢纯债类产品。 以泡泡玛特为例，该个股是在2024年四季度进入产品的前十大持仓。随着"谷子经济"的兴起，新消费概 念备受市场关注，泡泡玛特股价也随之大幅上涨，今年以来累计涨幅已超过200%。2025年一季度末， 泡泡玛特为产品的第一大持仓，占资产比例的6.37%，2025年二季度末，泡泡玛特占比提升至6.40%。 此外，产品也在持续增持黄金股。相比2025年一季度末，产品二季度增持了紫金矿业，资产占比从 3.94%增长到5.17%，同时湖南黄金新进产品二季度末前十大持仓，占比达到3.85%。今年以来，在美联 储降息靴子落地、美元指数 ...

Investment Rating - The report rates the investment outlook for the toy industry as positive, highlighting the growth potential of TOP TOY as a leading player in the market [3]. Core Insights - TOP TOY, a brand under Miniso, has established a comprehensive integrated platform for the toy industry, achieving significant growth since its inception in 2020. The company has expanded its store count to 293 and increased its self-developed product ratio to 47.2%, resulting in substantial revenue and profit growth [3][4]. - The Chinese toy industry is experiencing rapid growth, with retail sales projected to rise from 207 billion yuan in 2019 to 587 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 23.2%. This growth is driven by consumer demand for identity recognition and emotional resonance through products [3][4]. - TOP TOY has built a diverse IP matrix and a robust multi-channel sales strategy, enhancing its competitive advantage. The company has developed 17 proprietary IPs and collaborates with 43 licensed IPs, alongside over 600 external IPs, to strengthen its market presence [3][4]. Summary by Sections Company Performance - TOP TOY has demonstrated strong performance, with revenue increasing from 6.79 billion yuan in 2022 to 19.09 billion yuan in 2024, achieving a record growth rate of 115.3% in 2023. The company turned a profit in 2023 with a net profit of 2.12 billion yuan, and further growth is expected in 2024 [18][21]. - The company's gross margin improved significantly, reaching 32.4% in the first half of 2025, driven by an increase in self-developed products [21][24]. Industry Growth - The global entertainment merchandise industry is expanding, with the market size projected to grow from $44.8 billion in 2019 to $82.2 billion in 2024, and further to $194.8 billion by 2030, indicating a CAGR of 12.9% [35][36]. - The Chinese toy industry is expected to grow rapidly, with retail sales projected to reach 2.133 trillion yuan by 2030, driven by emotional connections and social interactions among consumers [35][36]. IP and Product Strategy - TOP TOY has developed a comprehensive IP matrix, including proprietary, licensed, and external IPs, enhancing its product offerings and market reach. The company has successfully launched popular self-developed IPs, contributing significantly to its revenue [53][57]. - The product matrix includes diverse categories such as figurines, 3D models, and plush toys, with figurines expected to dominate the market share, projected to reach 51.2% by 2030 [43][60]. Sales Channels and Marketing - The company has established a mature multi-channel sales network, with significant contributions from offline distributors and franchisees. Online sales are also growing rapidly, with a notable increase in revenue from e-commerce platforms [66][70]. - TOP TOY employs a comprehensive marketing strategy that includes immersive in-store experiences and online engagement through social media and e-commerce, enhancing customer interaction and brand loyalty [84][90].

本文字数：1003，阅读时长大约2分钟 作者 |第一财经 揭书宜 0:00 10月14日，第一财经记者来到苹果CEO蒂姆·库克（下称"库克"）昨日现身的上海THE MONSTERS十周 年巡展，了解了展览现场的相关情况。 今年是LABUBU诞生十周年，泡泡玛特为包括LABUBU在内的THE MONSTERS举办了为期一年的全球 巡回纪念展览，首站已登陆上海，此次巡展公开了迄今为止数量最多的龙家升手稿和最完整的THE MONSTERS历代公仔，现场引来大量粉丝驻足，并打卡拍照留念。 2025.10.14 2015年，龙家升以北欧神话为灵感，先后推出《神秘的布卡》、《柏度与少女》及《米罗安魂曲》等绘 本，构建THE MONSTERS精灵天团的系列形象。2019年4月，泡泡玛特携手龙家升推出首套潮玩产品 ——"THE MONSTERS森林音乐会系列"。凭借古灵精怪的形象与温暖治愈的风格，THE MONSTERS迅 速点燃了潮玩圈。2025年，LABUBU第三代搪胶毛绒挂件"前方高能"发售后在全球引起抢购热潮，带动 泡泡玛特APP首次登顶美国APP STORE购物榜第一名。 在很长的一段时间内，LABUBU的部分产品 ...

2025.10. 14 本文字数：1003，阅读时长大约2分钟 展区内不仅有龙家升亲自在墙上画出的LABUBU手稿，还有挂满约2000只LABUBU的墙，都吸引了不 少参观者拍照。此外，在展区的最后一个环节，陈列了自2015年以来几乎所有上市的LABUBU相关产 品，包括一些罕见的隐藏款。 2015年，龙家升以北欧神话为灵感，先后推出《神秘的布卡》、《柏度与少女》及《米罗安魂曲》等 绘本，构建THE MONSTERS精灵天团的系列形象。2019年4月，泡泡玛特携手龙家升推出首套潮玩 产品——"THE MONSTERS森林音乐会系列"。凭借古灵精怪的形象与温暖治愈的风格，THE MONSTERS迅速点燃了潮玩圈。2025年，LABUBU第三代搪胶毛绒挂件"前方高能"发售后在全球引 起抢购热潮，带动泡泡玛特APP首次登顶美国APP STORE购物榜第一名。 作者 | 第一财经 揭书宜 10月14日，第一财经记者来到苹果CEO蒂姆·库克（下称"库克"）昨日现身的上海THE MONSTERS 十周年巡展，了解了展览现场的相关情况。 今年是LABUBU诞生十周年，泡泡玛特为包括LABUBU在内的THE MONSTERS ...

Core Insights - The article highlights the 10th anniversary of LABUBU and the global exhibition "THE MONSTERS," showcasing a significant collection of artworks and figures, attracting a large number of fans [1][3] Group 1: Exhibition Details - The exhibition in Shanghai features the largest collection of LABUBU manuscripts and THE MONSTERS figures to date, drawing considerable public interest [1] - Visitors are required to make reservations a week in advance, with the earliest available entry on October 21 [3] - The exhibition includes approximately 2000 LABUBU figures and showcases nearly all LABUBU-related products launched since 2015, including rare hidden editions [3] Group 2: Product and Market Performance - LABUBU products have experienced high premiums, yet demand has led to challenges in availability, prompting the company to expand production capacity [5] - As of August 20, the monthly production capacity for plush toys has increased to over ten times that of the previous year, reaching around 30 million units [5] - In the first half of the year, the popularity of LABUBU and other IPs significantly boosted the company's performance, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [5] - The revenue from THE MONSTERS, including LABUBU, amounted to 4.81 billion yuan, accounting for 34.7% of total revenue, while the plush category generated 6.14 billion yuan, surpassing the figure for figurines for the first time [5]

Core Insights - The event "潮玩总动员•2025成都文创产业（粤港澳大湾区）合作对接会" highlights the collaboration between Chengdu's cultural IP and creative design resources with the manufacturing capabilities of the Guangdong-Hong Kong-Macao Greater Bay Area [2][20] - Chengdu's consumer market is thriving, with significant growth in tourism and retail, making it a key player in the潮玩 (trendy toys) industry [3][5] Group 1: Event Overview - The high-level meeting gathered top minds from China's潮玩 industry, showcasing Chengdu's cultural depth and digital creative vitality [2] - Over 20 projects were signed at the event, with a total investment exceeding 10 billion yuan, and the establishment of the "Chengdu-Greater Bay Area潮玩 Collaborative Innovation Development Alliance" [2] Group 2: Market Dynamics - Chengdu serves as a major consumption hub, attracting tourists and leading in various consumer rankings, with 28.6 million visitors and a tourism expenditure of 29.35 billion yuan during the "Golden Week" [3][5] - The city surpassed 1 trillion yuan in total consumption in 2023, becoming the second provincial capital to achieve this milestone [5] Group 3: Youth Engagement - Chengdu is a magnet for young people, fostering a vibrant market for潮玩 and creative design industries, with significant contributions from local gaming and animation companies [7][8] - The city has hosted nearly 80 large concerts in the first eight months of the year, generating around 4 billion yuan in consumption, indicating a strong cultural engagement among youth [8] Group 4: Industry Ecosystem - Chengdu's潮玩 industry benefits from a rich cultural heritage, including major cultural IPs like "Pandas" and "Three Kingdoms," and successful digital content like "Honor of Kings" [13] - The city has established 42 industrial parks, attracting over 900 digital creative enterprises, which enhances the ecosystem for潮玩 development [16] Group 5: Economic Performance - In the first half of 2025, Chengdu's cultural industry achieved an added value of 187.2 billion yuan, reflecting a year-on-year growth of 7.4% [20] - The event signifies a significant step in Chengdu's efforts to develop its潮玩 industry, showcasing its commitment to enhancing its digital creative sector [20]

Core Insights - Tim Cook's recent visit to China signifies a strategic shift for Apple, focusing on emotional connections with the younger consumer demographic through cultural engagement [2][5][6] - The collaboration with LABUBU represents a marketing strategy that enhances Apple's brand image while providing cultural relevance in the Chinese market [3][4] Group 1: Tim Cook's Engagement in China - Tim Cook's visit included participation in the 10th anniversary exhibition of THE MONSTERS, showcasing a deeper involvement in local pop culture rather than just corporate meetings [2][5] - This visit is part of a series of frequent trips to China, indicating Apple's commitment to understanding and connecting with the local market [2][5] Group 2: Marketing Strategy and Brand Positioning - The partnership with LABUBU allows Apple to inject a youthful and approachable image, countering competitive pressures from local brands like Huawei [3][4] - By aligning with LABUBU, Pop Mart has elevated its status from a toy manufacturer to a recognized cultural symbol, gaining significant brand endorsement and access to high-net-worth demographics [4] Group 3: Market Performance and Challenges - Apple's revenue in Greater China reached $15.37 billion, marking a 4% year-over-year increase, the first growth since Q4 2023 [5] - Despite short-term gains, Apple faces long-term challenges, including the need for innovation and integration of AI to maintain market position against rising local competitors [5][6]

Core Insights - Apple's CEO Tim Cook is visiting China, starting with an exhibition in Shanghai, indicating the company's focus on the Chinese market [1] - Cook's surprise appearance in a live-streaming event on Douyin suggests a strategy to boost consumer confidence ahead of the annual Double 11 shopping festival [3] - The announcement of the iPhone Air's official release in China, along with a demonstration during the live stream, highlights Apple's commitment to engaging with the Chinese consumer base [5] Group 1 - Tim Cook's visit to China includes interactions with local artists and entrepreneurs, showcasing Apple's interest in local culture and innovation [1] - The live-streaming event marks Cook's first direct engagement with Chinese consumers, reflecting a shift towards digital marketing strategies [3] - The iPhone Air will be available for pre-order starting October 17, with Cook emphasizing its lightweight design during the demonstration [5]

Core Viewpoint - Apple CEO Tim Cook's visit to Shanghai for the 10th anniversary of Pop Mart's THE MONSTERS exhibition highlights the growing influence and recognition of Pop Mart in the consumer market, particularly with its LABUBU character gaining significant popularity [1][5][9]. Company Overview - Pop Mart's market capitalization has recently fallen to approximately HKD 350 billion after experiencing a stock price correction, yet it remains one of the most remarkable consumer companies of the year [3][12]. - The company has seen a substantial increase in revenue, with a reported income of HKD 13.88 billion for the first half of 2025, representing a year-on-year growth of 204.4% [9]. - LABUBU, as the fastest-growing IP under Pop Mart, contributed approximately HKD 4.814 billion to the total revenue, increasing its share from 13.7% in 2024 to 34.7% in 2025 [9]. Market Dynamics - Following a peak in stock price, Pop Mart's shares have experienced a decline of over 25% from their record high, with the current stock price around HKD 265 [10][12]. - The launch of Pop Mart's jewelry brand, popop, has not met the same level of excitement as its toy products, indicating a potential shift in consumer interest [10]. - Despite concerns over declining prices in the secondary market for LABUBU, analysts suggest this is a result of rapid production expansion rather than a decrease in IP popularity [11].