Core Viewpoint - The collaboration between Letsvan Qimeng Island and Beijing Fashion Week represents a significant breakthrough in the integration of the toy industry and the fashion sector, creating a new paradigm of "IP empowering fashion consumption" [3]. Group 1: Strategic Collaboration - Letsvan Qimeng Island, a leading brand in China's original toy industry, has established a strategic partnership with Beijing Fashion Week, leveraging its full-chain capabilities in IP planning, character development, 3D modeling, and multi-channel sales [3]. - The partnership aims to inject high-end fashion genes into toy IPs while bringing youthful and playful consumer vitality to the fashion industry, enhancing brand penetration among Generation Z [3]. Group 2: Event Highlights - During the opening ceremony, Letsvan Qimeng Island's "Toy Legion" became the focal point, with its popular IPs WAKUKU and SIINONO showcasing customized images on the red carpet, attracting significant attention and interaction with attending celebrities [5]. - The event featured a high-fashion show by designer Guo Pei, where the soft-sculpture gown silhouettes cleverly echoed the dynamic qualities of the toy IPs, creating a visually stunning experience for the audience [5]. Group 3: Product Launch - A limited edition doll clothing line celebrating the 10th anniversary of Beijing Fashion Week was unveiled, merging the fashion week’s aesthetic with the characteristics of WAKUKU and SIINONO, utilizing high-end custom fabrics and intricate embroidery [6]. - This product line exemplifies the concept that toys are not just collectibles but also vehicles for fashion lifestyle, providing a delightful experience for both toy enthusiasts and fashion consumers [6]. Group 4: Support for Young Designers - Letsvan Qimeng Island is committed to supporting original design by participating in this season's fashion week’s young designer support program, integrating WAKUKU and SIINONO IP elements into the works of young designers [8]. - This initiative aims to provide a broader platform for young design talents and enhance the recognition of their creative works through the popular influence of toy IPs, fostering a collaborative trend ecosystem [8]. Group 5: Future Outlook - The collaboration aims to infuse the unique healing and surprise elements of toys into high-end fashion shows, making "joy" a vibrant theme of this season's fashion week [10]. - Looking ahead, Letsvan Qimeng Island plans to expand its deep collaborations across fashion, sports, and cultural tourism sectors, building new consumer scenarios centered around IP and promoting the innovative development of China's cultural and creative industries [10].

Core Insights - The rise of LABUBU has made the trendy toy industry a darling of the capital market, with significant attention at the 2025 Service Trade Fair in Beijing [1] - The event showcased popular original IPs from companies like Pop Mart, Letsvan, and 52TOYS, highlighting the innovative strength of Chinese original trendy toys and the cultural confidence of the industry [1][2] Company Highlights - Pop Mart participated as the exclusive trendy culture brand partner, featuring major IPs like LABUBU and MOLLY at two exhibition booths, and created an interactive experience with a large art installation [2] - 52TOYS presented a diverse range of products, including collaborations with the China National Museum's cultural brand, showcasing the integration of creativity and cultural significance in toys [3] - Letsvan's WAKUKU series gained immense popularity, driven by celebrity endorsements, leading to high foot traffic and sales at the fair [2][3] Industry Trends - The trendy toy sector is evolving from niche markets to mainstream culture, with increasing global exposure through events like the Service Trade Fair [4] - The industry's growth is fueled by a shift towards emotional and experiential consumption, with consumers valuing the cultural and emotional aspects of trendy toys [3][4] - The trend of "going global" is evident, with companies like Pop Mart and Letsvan expanding their international presence and showcasing Chinese cultural creativity on a global stage [5][6] Market Performance - Pop Mart's overseas revenue surged by 375% to 5.07 billion yuan in 2024, with a significant expansion of its global store network [6] - The company aims to leverage international platforms to enhance the visibility and diversity of trendy toy IPs, contributing to its global strategy [6][7] - Letsvan has initiated localized operations in Southeast Asia and North America, marking a significant step in its global strategy [6][7]

Core Insights - The current trend in entertainment consumption emphasizes emotional value, social attributes, and self-expression, with younger generations favoring live experiences over digital entertainment [1][16][18] - Major entertainment companies are shifting strategies to develop more IP derivatives beyond traditional film business, as seen with the transformation of Alibaba Pictures into Damai Entertainment [3][20] - The live performance market, particularly concerts, is experiencing significant growth, with ticket sales and attendance numbers reaching new heights [6][11][12] Group 1: Industry Trends - The summer concert season has seen a remarkable turnout, with ticket sales for live performances reaching 10.556 billion, of which concerts accounted for 86.4% [6][11] - The rise of "real-life experiences" in entertainment is driven by a desire for emotional connection and immediate gratification, as consumers seek to escape the uncertainties of digital life [2][20][24] - The success of large-scale events, such as concerts and music festivals, indicates that the offline entertainment market has not yet reached its limit [6][8][12] Group 2: Company Developments - Damai Entertainment, previously Alibaba Pictures, has rebranded and expanded its offerings to include a comprehensive range of entertainment services, resulting in a 140% increase in stock price over six months [3][22] - The introduction of new membership systems and mascots, like "Mai Bao," reflects the company's commitment to enhancing brand consistency and customer engagement [3][20] - The company's revenue from its Damai division reached 2.057 billion, showcasing strong growth and profitability in the entertainment sector [22] Group 3: Consumer Behavior - A significant portion of consumers are willing to pay for emotional resonance, with nearly 40% valuing shared experiences and over a third using consumption to alleviate negative emotions [16][18] - The trend of "returning to reality" highlights the importance of in-person social interactions, with live events providing a unique sense of community and emotional fulfillment [18][24] - The demand for immersive experiences is driving the growth of various entertainment forms, including concerts, theater, and interactive events, which cater to the emotional needs of consumers [11][16][24]

Core Insights - The latest update of the richest individuals in various provinces shows a significant shift towards younger, technology-driven entrepreneurs, indicating a generational change in wealth creation [1][3] Group 1: New Wealth Dynamics - The average age of the richest individuals has decreased significantly, with new billionaires like Wang Ning from Pop Mart (38 years old) and Chen Tian Shi from Cambricon (40 years old) leading the list [3] - Traditional wealth sources such as real estate are being overshadowed by sectors like AI, pharmaceuticals, and trendy consumer products, reflecting a shift in economic drivers [3] Group 2: Characteristics of New Billionaires - New billionaires are characterized by a focus on hard-core innovation, with examples including Zhu Yi's work on ADC cancer drugs and Chen Tian Shi's advancements in AI chips [3] - Revenue growth for these new ventures is exceptionally high, with some companies experiencing increases of 50% or even 900%, showcasing the lucrative potential of these sectors [3] - These entrepreneurs have a deep understanding of consumer behavior, targeting young people's desires for health solutions, novelty, and emotional connections through their products [3] Group 3: Economic Transition - The current economic landscape is described as a "change of engines," where the focus is on new productive forces, emphasizing the importance of hard-core technology and understanding human nature for success [3] - The narrative suggests that the new wealth opportunities lie in sectors like AI, pharmaceuticals, and trendy consumer products, which are now seen as the new wealth frontiers [3]

Core Viewpoint - The recent launch of the "mini LABUBU" by Pop Mart has generated significant attention but has not positively impacted the secondary market, leading to a sharp decline in prices for LABUBU series products [1][3]. Group 1: Product Performance and Market Reaction - The average transaction price of the third generation LABUBU products has dropped by 80% from its peak over the last 90 days, with the new "mini LABUBU" experiencing a 30% price decline for its best-selling L model [3]. - Pop Mart's stock price fell over 19.5% within two weeks, from HKD 339.8 to HKD 273.4, reflecting market concerns [3]. - The company's supply chain revolution has resulted in a tenfold increase in plush toy production capacity, reaching 30 million units per month by August 2025 [3][4]. Group 2: Business Model Shift - Pop Mart has shifted its business model from maintaining product scarcity to ensuring consumer rights, explicitly stating a focus on selling "good products" rather than "investment products" [4]. - The large-scale replenishment strategy has disrupted the speculative behavior of resellers, leading to panic selling in the secondary market [4]. Group 3: Financial Performance - For the first half of 2025, Pop Mart reported revenues of RMB 13.75 billion from self-owned products, accounting for 99.1% of total revenue, with significant contributions from various IPs [5]. - The financial data indicates a heavy reliance on specific IPs, with the THE MONSTERS series contributing RMB 4.81 billion, nearly one-third of total revenue [6]. Group 4: Market Challenges - The expansion of the supply chain has led to a decline in prices for other IP products, with significant drops observed in various series, such as a 35% decrease for the "Good Dream Meteorological Bureau" series [5]. - The price restructuring, while temporarily suppressing stock prices, has created a more favorable purchasing environment for genuine consumers [5].

Core Viewpoint - The popularity of trendy toys, such as blind boxes and figurines, is rising among young consumers, with the trendy toy market exceeding 90 billion yuan, showcasing both social and IP value [1] Industry Summary - The trendy toy market has surpassed 90 billion yuan, indicating significant growth and consumer interest [1] - The ongoing trend of trendy toys raises questions about its sustainability and whether it is a short-term fad [1]

Core Viewpoint - The recent decline in Pop Mart's stock price is linked to fluctuations in the secondary market for its popular LABUBU products, with prices dropping significantly for earlier generations and showing volatility for the newly released mini version [2][3]. Group 1: Market Dynamics - The drop in secondary prices is associated with Pop Mart's expansion of production capacity, which has increased supply significantly, with the current month's plush toy production equating to the previous year's total [3]. - The short-selling data for Pop Mart has surged, with shorted shares rising from nearly 300,000 on August 29 to over 6 million within a week, and the short-selling amount increasing from under 1 billion to nearly 2 billion [3]. - Similar market conditions were observed in June, where a buying frenzy for LABUBU led to stock price declines and increased short-selling, prompting Pop Mart to replenish stock and causing secondary market prices to drop [3]. Group 2: Stock Performance and Index Inclusion - Despite the recent stock price peak, which reached a new high on August 20, the launch of the new LABUBU series did not lead to a corresponding increase in stock price, with a decline of 20% noted by September 10 [4][5]. - On September 8, Pop Mart was included in the Hang Seng Index, which is expected to attract more investors and capital inflow, but also subjects the company to greater scrutiny [5]. Group 3: Long-term Strategy and IP Development - Pop Mart's strategy to increase production capacity aims to mitigate the chaos caused by scalpers, although this could impact long-term revenue and the company's commitment to "long-termism" [5]. - The CEO emphasized the importance of LABUBU becoming a world-class IP, suggesting that the true commercial value of an IP begins once it achieves global recognition [6]. - In 2024, Pop Mart's revenue reached 13.04 billion, with the LABUBU series alone generating 3.04 billion, reflecting a year-on-year growth of 726.6% [6]. Group 4: Competitive Landscape - Competitors like TOP TOY are beginning to capture market share, with TOP TOY reporting a revenue of 742 million in the first half of the year, a 73% increase, indicating a growing challenge for Pop Mart [7]. - The founder of TOP TOY highlighted that scalpers have become the primary customers in the collectible market, which complicates the supply-demand dynamics [7]. - The industry faces a long-term challenge of moving away from being "held hostage" by scalpers and returning to a business model focused on genuine consumer value [8].

Core Viewpoint - The success of Pop Mart is attributed not just to selling toys, but to understanding and leveraging emotional value, which has become a key competitive advantage in the era of material abundance [1][11][19]. Group 1: Emotional Value - Emotional value is defined as the emotional benefits derived from products and services, driving positive consumer emotions and influencing purchasing decisions [12][28]. - The rise of emotional value is linked to societal changes, including ecological crises and economic instability, leading consumers to seek emotional fulfillment through products [45][46]. - Pop Mart's products serve as a means for consumers to escape reality and fulfill emotional needs, particularly among younger generations [29][60]. Group 2: Pop Mart's Business Model - Pop Mart's business model focuses on creating a community around collecting blind box toys, which fosters emotional connections and encourages repeat purchases [30][32]. - The company has successfully developed multiple IPs, reducing reliance on any single product and mitigating operational risks [32][33]. - Pop Mart's strategy includes a strong emphasis on social currency and community building, appealing to the emotional needs of its primary consumer base, the younger generation [37][39]. Group 3: Market Position and Growth - Pop Mart has expanded rapidly, with significant revenue growth, achieving 138.76 billion yuan in the first half of 2025, surpassing the total revenue of the previous year [19][28]. - The company has established a global presence, with plans to open 100 stores overseas by 2024, indicating a strategic approach to international market penetration [17][19]. - Pop Mart's unique approach to product development includes localizing designs to resonate with different cultural contexts, enhancing its appeal in international markets [55][57]. Group 4: Consumer Behavior and Trends - The primary consumer demographic for Pop Mart consists of the post-90s and post-95s generations, who prioritize emotional value and self-expression over traditional materialistic values [35][37]. - The shift in consumer behavior reflects a broader trend towards valuing emotional connections and community engagement, particularly in the context of social media and online interactions [39][40]. - Pop Mart's success is partly attributed to its ability to tap into the emotional and social needs of younger consumers, creating a vibrant community around its products [37][39].

Core Insights - The rise of LABUBU has made the trendy toy industry a darling of the capital market, with significant attention at the 2025 Service Trade Fair in Beijing [2] - The event showcased popular original IPs from companies like Pop Mart, Letsvan, and 52TOYS, highlighting the innovative strength of Chinese original trendy toys and the cultural confidence of the industry [2][3] Company Highlights - Pop Mart participated as the exclusive cultural brand partner at the fair, featuring major IP products like LABUBU and MOLLY, and created interactive experiences for attendees [3][7] - Letsvan's WAKUKU series gained immense popularity, driven by celebrity endorsements, leading to high foot traffic and sales at the event [3][6] - 52TOYS presented a diverse range of products, including collaborations with the National Museum of China, emphasizing the cultural and creative aspects of their toys [4][5] Market Trends - The trendy toy industry is evolving from niche markets to mainstream culture, with increasing global exposure through events like the Service Trade Fair [5][6] - The demand for emotional value and spiritual consumption is rising, positioning IP toys as a burgeoning industry with vast development potential [4][5] Global Expansion - Companies like Pop Mart are successfully expanding overseas, with a reported 375% increase in international revenue, and opening stores in key global locations [6][7] - Letsvan is also accelerating its international strategy, having entered Southeast Asia and North America, and successfully hosted its first overseas pop-up event [7][6] Cultural Significance - The trendy toy sector is transitioning from mere collectibles to cultural symbols, reflecting a broader trend of integrating toys into lifestyle and fashion [7][5] - The participation in international events like the Service Trade Fair is crucial for Chinese trendy toy companies to gain global recognition and compete effectively [5][7]

本报讯 （记者袁传玺）9月10日，以"潮塑新生"为主题的SS2026北京时装周在国家会议中心二期盛大开幕。作为本季北京 时装周官方指定潮玩合作伙伴，Letsvan奇梦岛携旗下潮流IP WAKUKU、SIINONO亮相开幕盛典，通过红毯互动、秀场植入、 联名产品首发等多元形式，开启"潮玩+时尚"跨界融合的全新篇章。 正如Letsvan奇梦岛的使命——"创造触动心灵的潮流体验，传递快乐与美好"，此次携手北京时装周，正是把潮玩独有的治 愈力与惊喜感注入高端秀场，让全球来宾在镁光灯下收获一份童真心动，也让"快乐"成为本季时装周最鲜活的注脚，这不仅是 一场跨界的内容盛宴，更是中国潮流文化生态演进的重要标志。未来，奇梦岛将继续拓展与时尚、体育、文旅等领域的深度合 作，构建以IP为核心的新消费场景，助力中国原创走向世界，推动中国文化创意产业的创新发展。 （编辑 郭之宸） （Letsvan奇梦岛旗下现象级IP WAKUKU与新晋热门IP SIINONO）（企业供图） 此次Letsvan奇梦岛与北京时装周达成战略合作，不仅是潮玩行业与时尚领域的一次突破性联动，更开创了"IP赋能时尚消 费"的新范式。作为中国原创潮玩领军厂牌，L ...