消息上，群兴玩具10月20日晚发布公告称，因未能就交易价格、交易方案等核心条款达成一致，所以终止收购天宽科技不低于51%股权，终止筹划重大资产 重组，这场"蛇吞象"式并购戛然而止。 群兴玩具在公告中称，未来公司将继续围绕既定的战略目标，有序开展各项经营管理工作，积极地通过内生式与外延式发展相结合的模式，推动公司长期健 康发展，持续提升公司发展质量和公司价值。 群兴玩具(002575.SZ)跌停，目前封单金额超1亿元，报6.35元刷新阶段新低，总市值不足40亿元。 ...

以下文章来源于创业板观察 ，作者付静 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 群兴玩具（002575.SZ）20日深夜突发公告，决定终止以现金方式收购杭州天宽科技有限公司（以下简称"天宽科技"）不低于51%的股权 的重大资产重组事项。 实际上，在今年2月26日晚间披露这一计划之后，群兴玩具曾收获一波三连板，随后其逐月披露进展公告给投资者吃 下定心丸，引得牛散扎堆跻身公司前十大股东榜单，不料近8个月的算力故事却讲到了头。 截至今日发稿，群兴玩具股价封死跌停。 | 群兴玩具(002575) 10-21 09:41:31 深 融 | | | Q Q | | --- | --- | --- | --- | | 6.35 | 所属行业:房地产 +0.21% > | | 查看所属板块 > | | -0.70 -9.93% +0.21% | 白酒 | 区块链 -0.25% | | | 今 开 | 6.35 最 高 | 6.60 成交量 | 27.1万手 | | 昨 收 | 7.05 最 低 | 6.35 成交额 | 1.72亿 | | ...

新华财经北京10月21日电四大证券报内容精华摘要如下： 中国证券报 ·三季报加速披露科技类公司业绩持续向好 A股三季报披露呈现加速态势。数据显示，截至10月20日19时，A股共有125家上市公司对外披露2025年 三季报，93家实现归母净利润同比增长，占比为74.4%。同时，截至目前，A股共有140家上市公司对外 发布前三季度业绩预告，117家预喜，预喜比例约为83.57%。无论从三季报还是三季报业绩预告来看， 半导体、人工智能、消费电子、通信等科技类公司业绩都持续向好。另外，截至目前，A股共有6家上 市公司对外发布2025年三季度分红方案。此外，10月20日晚，工业富联对外披露2025年半年度利润分配 方案，方案显示，公司拟向全体股东每10股派发现金红利3.3元（含税）。 ·人形机器人企业频获大单工业场景进入技术验证期 近期，具身智能机器人企业纷纷宣布获得制造业大单：智元机器人获得龙旗科技数亿元订单；智平方与 深圳慧智物联达成合作，未来三年部署超过1000台具身智能机器人进入生产基地；优必选与富士康云智 汇合作，推动机器人落地与交付。业内人士认为，机器人进工厂可帮助完成高强度繁重工作，同时有助 于获得真实场 ...

Core Insights - The AI toy industry is experiencing rapid transformation, becoming a new consumer hotspot across all age groups and entering a "golden era" of development [1][9] - AI toys cater to the dual needs of education and entertainment for children, provide emotional companionship for Generation Z, and serve as memory aids for the elderly, leveraging advanced technologies like multimodal interaction and emotional computing [1][2] Market Trends - AI toys are perceived as "screen-free educational tools" by parents, significantly enhancing children's learning experiences through interactive and engaging methods [2] - Sales of AI toys surged dramatically, with a reported sixfold increase in sales in the first half of 2025 compared to the previous period, and over 200% year-on-year growth [2] - The global AI toy market is projected to grow from $18.1 billion in 2024 to $60 billion by 2033, with a compound annual growth rate (CAGR) of approximately 14% [1] Consumer Demographics - The target audience for AI toys has expanded beyond children to include the Z generation and older adults, indicating a broadening market appeal [2][3] - AI toys are designed to provide emotional support and companionship, particularly for young professionals and the elderly, enhancing their quality of life [2][3] Capital Investment - The AI toy sector has seen a significant increase in the number of companies and investment activities, with nearly a hundred investment institutions entering the market [4] - The market size for AI toys in China is expected to reach 29 billion yuan in 2025 and further grow to 85 billion yuan by 2030 [4] Competitive Landscape - The AI toy market is characterized by low industry concentration and diverse competition, with traditional toy companies beginning to integrate AI technologies into their products [6] - Companies are focusing on developing high-value products that emphasize emotional companionship and personalized growth, moving beyond basic entertainment functions [6] Challenges and Innovations - The industry faces challenges such as product homogenization and reliance on similar AI service providers, necessitating innovation to differentiate offerings [7][8] - Companies are encouraged to invest in research and development to create unique features and enhance user experience, thereby improving product competitiveness [9] Conclusion - The rise of AI toys represents a fusion of technology and human emotion, reshaping the toy industry and addressing societal emotional needs, marking the beginning of a new era in consumer products [9]

在2025年消费市场中，AI玩具正以超乎想象的速度重塑产业格局，不仅成为了横跨各年龄段的消费新 热点，也开启了AI玩具产业发展"黄金时代"。契合儿童"教育+娱乐"双重需求的产品，适配Z世代偏好 的情感陪伴潮玩，服务老年群体的记忆助手，AI玩具凭借多模态交互、情感计算等技术，打破传统玩 具的场景边界，为这一"黄金时代"的开启奠定了坚实的产品与技术基础。 今年以来，《证券日报》记者在商超卖场与行业会议活动中，频繁见到AI玩具的身影。这些宛如"科技 精灵"的产品，不仅能与孩子畅快对话、绘声绘色地讲述故事，更具备强大的记忆能力——能精准记住 对话者的声音与喜好，化身贴心的智能伙伴。如今，它们已稳稳占据不少玩具店铺的黄金C位，成为孩 子们眼中当之无愧的"新宠"。 AI玩具不仅能为使用者带来前所未有的新奇体验，更为玩具行业发展带来了全新的机遇。根据咨询公 司IMARC的预测，到2033年，全球AI玩具市场规模有望从2024年的181亿美元，上升至600亿美元， 2024年至2033年复合增长率约14%。这为被视为传统行业的玩具产业，描绘出一片蓝海。 市场热潮 全龄覆盖掀消费新风 在85后、90后父母眼中，AI玩具是当之无 ...

Core Viewpoint - The company has decided to terminate the major asset restructuring plan to acquire at least 51% of Hangzhou Tiankuan Technology Co., Ltd. due to failure to reach an agreement on key terms such as transaction price and scheme [1] Group 1 - The company initially planned to acquire a significant stake in Hangzhou Tiankuan Technology Co., Ltd. through a cash transaction [1] - The termination of the acquisition was a result of insufficient consensus among parties involved regarding core terms of the deal [1] - The company conducted thorough research and engaged in friendly negotiations with relevant parties before deciding to terminate the restructuring [1]

孩之宝全球授权高级副总裁玛丽安·詹姆斯称："在这个特殊的市场上，许多趋势都源自中国，我们正在积极与我们的主要合作伙伴合作， 以扩大规模。" 英国参展商卢西奥称："因为这是一个正在增长和扩大的市场。我们刚刚参观了这里，这里的游客和买家的数量令人印象深刻。" 央视网消息：近日，中国玩具协会举办的第二十三届CTE中国玩具展等四项展览在上海举行，作为规模最大的行业盛会，本届展会共吸引 全球41个国家和地区的2629家展商、5426个品牌参展，全面展现了中国市场的强大吸引力与产业创新动能。 这四项展览包括CTE中国玩具展、CLE中国授权展、CKE中国婴童用品展和CPE中国幼教展，总展览面积达23万平方米，国际化水平显著 提升。境外展商数量实现大幅增长，其中CLE中国授权展国际展商同比增长65%，凸显中国市场的全球影响力。 中国玩具和婴童用品协会会长梁梅称："我们今年也吸引了1200家出口型的展商，他们不仅仅是原来帮国外品牌做加工，现在也更多的有 自主设计，更重要的是他们有自主的品牌，充分体现了中国玩具行业的柔实力，也带动了更多潮玩品牌出海用自己的品牌。" Funko（丰高）亚太区销售副总裁安迪·克莱姆森称："中国是我们 ...

"用养乐多来做叉烧""包场KTV站着唱4小时减肥""学英语直接把小红书切换成英文版"……前段时间， 一系列听起来像段子、做起来却高效的"邪修妙招"，在社交媒体上疯狂刷屏。 年轻人追捧"邪修"现象，根源在经济与社会环境的深刻变化。在物质丰富的当下，青年群体对情感的需 求更深更广，更加重视情绪消费，倾向于在消费中寻找情感补偿。他们购买的往往不是产品功能，更多 是附着其上的情绪解决方案。 新的热潮为品牌营销指明了新的发展方向。一方面，品牌与消费者的关系正从"价值传递"转向"价值共 创"。传统的"厂商研发—市场推广"模式正在被颠覆。品牌开始主动融入社区，倾听并吸纳用户的创 意。这种"反向创新"在贴近消费者真实需求的同时，更显著降低了产品试错成本。 另一方面，品牌营销需更加重视提供情绪价值和身份认同。传统的品牌营销侧重于功能宣传和品牌形象 塑造，而当情绪消费成为热点，品牌文案和内容需要理解这背后的发展指向。诸如将降噪耳机定义 为"办公室摸鱼神器"，把空气炸锅包装成"懒人米其林邪修装备"……这样的营销，成功让消费者在"花 小钱买乐子"的同时，实现与品牌的深度链接。 当然，对于品牌而言，在与流行文化共舞的同时，也需设立"创 ...

在众多AI的应用场景中，玩具可以说是最具增长潜力的领域之一。因为它在我们生活中随处可见、随时可用 ——它的形态不受限制，或摆在家中，或随身携带；它老少咸宜，孩童通过它启蒙，青年借助它彰显时尚，老 人有时也需要它来陪伴。玩具广泛的目标人群覆盖以及多样化的功能定位，也使其有望成为我们学习"与AI智能 共处"的第一教练。 从"AI + 玩具"到"AI x 玩具" 说起AI玩具产业，大多数人下意识会认为就是在传统的玩具上植入AI大模型，让其能与人类进行简单的对 话与沟通。这其实只是AI玩具产业的冰山一角。随着底层大模型能力正经历跨越和突破，以及硬件端架构 的快速发展， AI玩具不仅是"AI + 玩具"的简单嫁接，而是向着更多具有创新性的深度融合的"AI x 玩具"发 展 ——这里的"x"，既是技术层面的乘法效应，也是体验层面的跨界重构，更是关系层面的共生互联。 从 技术侧 来看，"AI x 玩具"的产品，大模型不是单纯的语音对话模块，而是与玩具的硬件结构、交互设 计、内容生态深度绑定：通过语音识别合成、人脸识别、表情分析、手势识别、触觉感知与反馈、图像识 别、自然语言处理、深度学习、情感分析等技术，实现玩具和人的自然 ...

Core Insights - The article highlights the significant impact of intellectual property (IP) on sales in the Chinese toy industry, emphasizing that 91.4% of licensed businesses believe IP licensing drives sales, with 22.7% reporting sales doubling compared to 2023 [2] - The Chinese toy market is projected to surpass 155 billion yuan in retail sales in 2024, reflecting a 10.7% increase from 2023, indicating a robust growth trajectory for licensed products [2] Group 1: Market Trends - During the National Day holiday, the average daily foot traffic at Jing'an Joy City exceeded 100,000, with sales reaching over 92 million yuan, driven by the popularity of My Little Pony merchandise [1] - The diversification of product offerings by companies like Card Game has led to a decrease in reliance on collectible card sales, which dropped from 95.1% in 2022 to 81.5% in 2024 [3][4] - The retail sales of Card Game's stationery business reached 513 million yuan in 2024, capturing a 24.3% market share, indicating successful cross-industry expansion [3] Group 2: IP Strategy - Card Game holds 69 licensed IPs, including popular franchises like Ultraman and Harry Potter, which allows for a diversified revenue stream and mitigates risks associated with relying on a single IP [6][7] - The revenue contribution from Card Game's top five core IPs has decreased from 98% in 2022 to 86% in 2024, showcasing a healthier distribution of income across multiple IPs [7] - The licensing market is characterized by high costs, with top IPs commanding substantial upfront fees and sales royalties, which can limit the ability of smaller companies to diversify their IP portfolios [6] Group 3: Consumer Behavior - A survey indicates that 63.4% of consumers plan to increase their budget for licensed products in 2024, reflecting a growing enthusiasm for IP-related merchandise [2] - The success of new products, such as the plush My Little Pony, is attributed to effective marketing strategies that resonate with younger consumers [4] Group 4: Long-term IP Development - The article emphasizes the importance of developing original IPs, as seen with Card Game's success in creating its own IPs like the Three Kingdoms series, which has gained significant traction in the market [9] - Companies are encouraged to adopt a long-term perspective in IP development, focusing on building emotional connections with consumers rather than seeking quick profits [12][13]