Core Viewpoint - Quantum Song (NASDAQ: QSG) is undergoing a strategic transformation focusing on the trendy toy business, which has shown growth potential in its first disclosure, marking a clear path towards this focus [2][3] Financial Performance - For the fiscal year 2025, the company achieved a total revenue of 2.726 billion yuan and a net profit of 357 million yuan; in Q4, revenue was 618 million yuan with a net profit of 108 million yuan [2] - The newly disclosed trendy toy business generated revenue of 65.78 million yuan in Q4, accounting for approximately 10.6% of total revenue [2] Strategic Focus - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island," while restructuring its non-trendy toy business to concentrate resources on high-growth areas [2] - The chairman emphasized that the fourth quarter marks a critical phase in the company's strategic transformation, with a focus on product-driven development and brand strength [3] IP Development and Product Strategy - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [3] - The star IP WAKUKU generated revenue of 42.96 million yuan in Q4, with its plush product achieving over 1 million units sold since its launch [3] - The new IP SIINONO showed explosive performance, selling 10,000 units in just 10 minutes on Douyin, with total sales exceeding 300,000 units [3] Market Penetration and Partnerships - The company is enhancing its IP reserve and market penetration through three strategies: increasing original investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [4] - Notable partnerships include WAKUKU becoming the official trendy toy for the 2025 China Tennis Open and collaborations with Universal Studios and popular series [4] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV surged to over 18 million yuan by August, a ninefold increase [6] - The company is expanding its offline presence through distributor partnerships, with over 10,000 terminal networks and plans to open at least three self-operated stores by the end of December [6] - Internationally, the company has entered North America and Southeast Asia through platforms like TikTok and Shopee, with a distribution network expanding to over 20 countries [6] Future Growth Projections - The company projects Q1 2026 revenue from the trendy toy business to be between 100 million and 110 million yuan, with total revenue for fiscal year 2026 expected to be between 750 million and 800 million yuan [7] - The focus will remain on trendy toys, product-driven growth, and international expansion, aiming to become a global symbol of trendy culture [7]

Core Viewpoint - Quantum Song (NASDAQ: QSG) demonstrates strong growth potential in its newly disclosed潮玩 (trendy toy) business, marking a strategic transformation for the company [2][7]. Financial Performance - For the fiscal year 2025, Quantum Song achieved total revenue of 2.726 billion yuan and a net profit of 357 million yuan. In Q4, revenue was 618 million yuan with a net profit of 108 million yuan. The潮玩 business contributed 65.78 million yuan, accounting for approximately 10.6% of total revenue [4][6]. Strategic Focus - The company is concentrating on the潮玩 sector, having fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island." This strategic focus aims to enhance resource allocation towards high-growth areas [6][7]. IP Development and Product Strategy - Quantum Song has established a diverse IP matrix with 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush toy products. Notable IPs like WAKUKU and SIINONO have shown rapid sales growth, with WAKUKU generating 42.96 million yuan in Q4 and SIINONO selling 100,000 boxes within 10 minutes of launch [8][12]. Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original content investment, advancing IP licensing collaborations, and deepening cross-industry partnerships. Collaborations include partnerships with major events like the 2025 China Tennis Open and brands such as Universal Studios and元气森林 [12][13]. Channel Expansion and Internationalization - Since April 2025, the company has seen a significant increase in GMV, surpassing 18 million yuan in August, a ninefold increase since April. The online marketing efforts have resulted in over 690 million total exposures across platforms. The company is also expanding its offline presence with plans to open at least three self-operated stores by the end of December [14][16]. Supply Chain and Growth Projections - Quantum Song has significantly increased its production capacity, with plush product output exceeding 1 million units in August 2025, a growth of over 20 times since the beginning of the year. The company projects潮玩 business revenue of 100 to 110 million yuan for Q1 2026 and total revenue of 750 to 800 million yuan for the fiscal year 2026 [16].

Core Viewpoint - Quantum Song (NASDAQ: QSG) is undergoing a strategic transformation focusing on the潮玩 (trendy toy) business, which is now entering a critical implementation phase, as evidenced by its financial performance and operational developments [1] Financial Performance - For the fiscal year 2025, the company reported total revenue of RMB 2.726 billion and a net profit of RMB 357 million, with Q4 revenue at RMB 618 million and net profit at RMB 108 million [1] - The潮玩 business generated revenue of RMB 65.78 million in Q4, accounting for approximately 10.6% of total revenue [1] - The company has cash reserves of RMB 1.041 billion, providing sufficient funding for IP development, channel expansion, and internationalization [1] Strategic Focus - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island" [1] - A restructuring of non潮玩 businesses is underway to concentrate resources on high-growth areas, further clarifying the strategic focus [1] IP Development and Product Strategy - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [2] - The star IP WAKUKU generated revenue of RMB 42.96 million in Q4, while the plush product "Fox Rabbit Diary" sold over 1 million boxes since its launch in May [2] - The new IP SIINONO achieved explosive sales, with 10,000 boxes sold out in 10 minutes on Douyin, and cumulative sales exceeding 300,000 boxes [2] Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three strategies: increasing original content investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - WAKUKU has become the first and only official潮玩 partner of the 2025 China Tennis Open, marking a significant integration of潮玩 with top international sports events [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has surged, surpassing RMB 18 million in August, which is over nine times the figure from April [4] - The company is negotiating to open at least three self-operated stores in top shopping centers in first-tier cities by the end of December [4] - Internationally, the company has entered North American and Southeast Asian markets through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Growth Guidance - The company projects潮玩 business revenue of RMB 100 million to RMB 110 million for Q1 of fiscal year 2026, with total revenue expectations of RMB 750 million to RMB 800 million for the entire fiscal year [5] - The focus will remain on潮玩 strategy, emphasizing product-driven growth, full-channel self-operation, and international expansion [5]

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992 HK) with a target price of HKD 396.00 [2][6]. Core Viewpoints - Recent stock price corrections of Pop Mart, which have dropped nearly 25% from the August 26 high, are primarily driven by market concerns over the decline in second-hand prices of certain popular products and the sustainability of their popularity. However, the report argues that second-hand prices are not a reasonable measure of popularity, as the current price adjustments are mainly driven by supply expansion rather than changes in demand [2][3]. - The company is expected to achieve a successful path of "artistic equity," which lays a solid foundation for sustainable long-term growth. The report suggests that investors should actively seize the opportunity to position themselves for future gains [2][3]. Summary by Sections Second-Hand Price Fluctuations and Supply-Demand Dynamics - The recent fluctuations in the second-hand prices of Labubu are attributed to increased supply rather than changes in demand. The report highlights that the second-hand prices of products unaffected by capacity changes, such as Labubu blind box figures, have remained stable or increased, indicating strong IP popularity [3][12]. - Pop Mart's unique brand positioning and supply control in the artist IP toy market provide it with a competitive edge, reducing the likelihood of new entrants causing supply excess and price instability [3][14]. New Product Launches and Pricing Strategies - Recent product launches, such as Mini Labubu, have generated significant fan engagement and strong sales performance in North America. The company demonstrates flexibility in pricing strategies, allowing for differentiated pricing across various IPs and series [4][5]. - The upcoming Q3 earnings report is anticipated to reflect positive impacts from new product releases and the holiday season, with expectations for continued high growth in Q4 [4][5]. Long-Term Growth Drivers - The report outlines several growth drivers for Pop Mart's performance through 2026, including rapid capacity expansion in plush toys, a diverse range of new product categories, and the potential for significant revenue growth from major IPs like The Monsters [5][23]. - The company is expected to continue expanding its store presence, particularly overseas, which will enhance brand influence and customer acquisition [5][23]. Profit Forecast and Valuation - The report projects adjusted net profits for 2025-2027 to be RMB 116 billion, RMB 170 billion, and RMB 220 billion, respectively, reflecting an upward revision of 14% for 2025 [6][9]. - The target price is set at HKD 396, based on a PE ratio of 42x for 2025, which is higher than the average PE of comparable companies [6][33]. Unique Business Model and Market Position - Pop Mart's unique business model, characterized by strong control over the entire industry chain, allows for both IP innovation and product category innovation, reinforcing its market position [31][34]. - The establishment of a global fan ecosystem enhances the company's ability to transmit heat across regions and IPs, further solidifying its competitive advantage [34].

题图 / 《甄嬛传》BJD盲盒 谈及"年轻人因何消费"的话题，大家除了会联想到二次元的谷子、商场随处可见的盲盒摆件，如今也因LABUBU大火，开始关注搪胶毛绒挂件。 然而消费市场瞬息万变，为了寻找到下一个有潜力的商品品类，诸多品牌已经展开多方位尝试，其中可动人偶隐约有发力的迹象。 今年暑假，潮玩品牌SIMONTOYS趁着《罗小黑战记2》在映，推出联名的12分可动人偶，实物已经在线下展会上放出。 另一品牌COME4FREE则发布了 《哈利波特》新品预告。这两条消息，使得越来越多网友关注到了一个新领域——BJD盲盒。 要知道，BJD过去一直和昂贵挂钩，以至于在国内很长时间里都属于小众爱好。为其增加了盲盒的销售思路之后，又为它添上IP衍生品的属性，看样子， 品牌们已经将目标聚焦"年轻人的第一款BJD"。 当高端玩具开始卷低价 可动人偶是玩具大类，包含兵人、BJD（球型关节人偶）、MJD（机械关节人偶）等多种细分类型。BJD/MJD消费者多以女性为主，由于娃娃们尺寸不 同，价格各有高低，前文提及的"12分"便是市面上的常见尺寸，娃娃实际高度约在15CM左右。 尽管品牌提供成品娃娃可供选择，许多消费者依然愿意自主搭配， ...

Core Viewpoint - Quantum Song announced its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic transformation towards the collectible toy business, which has shown strong growth potential [2] Financial Performance - For fiscal year 2025, the company achieved total revenue of RMB 2.726 billion and a net profit of RMB 357 million [2] - In the fourth quarter, revenue reached RMB 618 million with a net profit of RMB 108 million [2] - The collectible toy business generated revenue of RMB 65.78 million in the fourth quarter, accounting for approximately 10.6% of total revenue [2] Strategic Focus - The company is focusing on the collectible toy sector, aiming to enhance brand strength and user engagement through an IP matrix expansion, deepening self-operated channels, and international expansion [2] - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. and rebranded it as "Qimeng Island" [2] IP Development and Product Strategy - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [3] - The star IP WAKUKU generated revenue of RMB 42.96 million in the fourth quarter, with over 1 million units sold since its launch [3] - The new IP SIINONO sold out 10,000 units in 10 minutes on Douyin, with total sales exceeding 300,000 units [3] - The company is enhancing its IP reserve and market penetration through increased original investment, IP licensing cooperation, and cross-industry collaborations [3][4] Channel Expansion and Internationalization - Since launching online self-operated channels in April 2025, the company's GMV surpassed RMB 18 million in August, a ninefold increase [5] - The company has established a distribution network covering over 10,000 terminals and is negotiating flagship store openings in major cities [6] - Internationally, the company has entered North America and Southeast Asia through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [6] Supply Chain and Future Outlook - The company has significantly increased its production capacity, with monthly output of plush products exceeding 1 million units as of August 2025, a growth of over 20 times since the beginning of the year [6] - The company projects collectible toy revenue of RMB 100 to 110 million for the first quarter of fiscal year 2026 and total revenue of RMB 750 million to 800 million for the entire fiscal year [6]

Core Viewpoint - Huatai Securities reports that Pop Mart's capacity ramp-up leads to a rebalancing of supply and demand, indicating a successful path for the company's "art equality" strategy, establishing a solid foundation for sustainable long-term growth [1] Group 1: Company Performance - The report suggests that the adjustment in the shareholding structure is likely to become more long-term oriented, recommending investors to actively seize layout opportunities and maintaining a "buy" rating while raising the target price by 14% to HKD 396 [1] - The company possesses significant pricing power over its vinyl plush products, allowing it to implement differentiated pricing strategies across various IPs and series, thereby maximizing profitability [1] Group 2: Future Expectations - Anticipation for the upcoming Q3 results is high, driven by pre-sale shipments and new products like Mini Labubu, with expectations for continued strong performance in the fourth quarter due to the overseas peak season and anniversary series new products [1] - Huatai Securities has raised its adjusted net profit forecasts for 2025 to 2027 by 14%, 12%, and 12%, reaching CNY 11.6 billion, CNY 17 billion, and CNY 22 billion respectively [1] Group 3: Market Dynamics - The diversity in target audience, product categories, and experiential formats is seen as the three pillars supporting the longevity of Pop Mart's IP [1]

Core Viewpoint - The article emphasizes the importance of macroeconomic policies and industry trends in investment strategies, highlighting the ability to identify investment opportunities through careful analysis of policy changes and market dynamics [1][3][17]. Group 1: Investment Philosophy - The investment philosophy of the company is characterized by a balance between aggressive and defensive strategies, adapting to market conditions through a dynamic asset allocation approach [6][11]. - The company focuses on capturing economic cycles and industry rotations, selecting 3 to 5 high-prospect industries for investment each year [6][7]. - The investment strategy includes a mix of long-term holdings and opportunistic trades, with a keen eye on emerging trends and sectors [15][17]. Group 2: Historical Context and Experience - The company’s investment manager, Yin Tao, has a rich background in macroeconomic research and media, which has shaped his investment acumen over 27 years [3][4]. - Yin Tao transitioned from journalism to investment management in 2008, where he developed skills in asset allocation and risk management during the global financial crisis [4][5]. - The company has successfully navigated multiple market cycles, demonstrating resilience and adaptability in its investment approach [5][12]. Group 3: Performance Metrics - The company’s managed funds have shown significant performance, with a net value growth rate of 19.18% over the past six months and 18.70% over the past year [5]. - According to data from Galaxy Securities, the company’s products ranked in the top 5% of their category over the past two years, indicating strong competitive performance [5]. Group 4: Sector Focus - The company identifies key sectors for investment, including AI, innovative pharmaceuticals, and new consumption, which are seen as the main drivers of future growth [17]. - Yin Tao has successfully invested in leading stocks within these sectors, capitalizing on trends such as the rise of electric vehicles and innovative consumer products [14][15]. Group 5: Research and Analysis - The company employs a rigorous research methodology, including in-depth analysis of financial statements and market conditions, to identify high-quality growth stocks [10][9]. - Yin Tao emphasizes the importance of patience and thorough investigation in investment decisions, often revisiting companies to validate investment theses [9][10]. Group 6: Market Adaptation - The company adapts its strategies based on market conditions, employing a flexible approach to portfolio management that allows for quick adjustments in response to market volatility [12][13]. - Yin Tao’s strategy includes a focus on maintaining a balanced portfolio, with adjustments made to stock allocations based on performance and market signals [12][13].

本次《浪浪山小妖怪》的合作，开启了捷成股份在IP商品化领域的探索，目前公司还与《蓝精灵》等多 个国内外的头部IP达成深度合作，公司围绕这些优质内容和热门IP，正在开展系统化、多形态的商品开 发，以创新的衍生品形态加速IP价值的进一步释放，不断提升市场声量与用户黏性。 捷成股份是国内领先的数字版权分销商、全媒体文化传播服务提供商、数字生活内容运营商，公司集版 权采购、数字分销、内容运营于一身，已构建了上、中、下游全产业融合式服务的视频数字版权供应链 平台。在不断夯实传统影视剧版权业务的同时，捷成股份也依托自己的版权资源和渠道优势，积极探索 以影视、动漫IP为核心的多元商品化路径，以优质内容为根本，辅以创新的商品形态与高效的渠道策 略，持续完善从内容到商品的全链路开发体系，致力于打造更具生命力的IP商品化生态，探索激发IP长 效价值的关键路径。 在此次《浪浪山小妖怪》IP的衍生品开发中，捷成股份与上影元文化深度合作，紧密围绕IP内容内核进 行创意延伸。一方面，创新推出国风非遗陶瓷盲盒系列，将传统工艺与现代潮流设计语言相结合，打造 具有收藏价值的商品线；另一方面，也适时推出大众化路线的塑料盲盒，覆盖更广泛的消费群体 ...

Core Viewpoint - The Ministry of Commerce and nine other departments have released a set of policies aimed at expanding service consumption, highlighting 19 measures across five areas, with a focus on high-quality service supply [1] Group 1: Policy Measures - The document outlines initiatives such as launching a "Service Consumption Season" to promote consumption activities [1] - It supports collaboration between quality consumption resources and well-known IPs [1] - The plan includes expanding pilot programs in telecommunications, healthcare, and education sectors [1] - There is a proposal to gradually expand the list of countries with unilateral visa exemptions [1] - The document suggests optimizing student holiday arrangements and improving related policies [1] Group 2: New Consumption Models - The document introduces the concept of pilot cities for new consumption formats, models, and scenarios [1] - It emphasizes the importance of attracting more foreign visitors for consumption and encourages travel agencies and online platforms to create tailored travel routes for foreigners [1] - The proposal includes adjusting academic calendars to create more opportunities for service consumption, particularly in tourism [1] Group 3: Cultural and Entertainment Focus - The document highlights the potential of traditional cultural IP markets and the creation of new service consumption scenarios [3] - It supports local initiatives that leverage quality performances, animation, gaming, and film to drive innovation in offline experiences [3] - The report suggests focusing on tourism performance concepts such as Songcheng Performance and Fengshang Culture, as well as trendy toy concepts like Pop Mart [3]