文 | 娱乐资本论 李富阳 "日本地偶正在进入爆发期，内地资本看在眼中，准备下场。"地偶资深从业者老雷向河豚君表示。在他 看来，目前地偶经纪国内大概有2亿市场规模，其中男女地偶各占一半。 地偶是指不在主流媒体露出，在小剧场、livehouse演出的偶像团体。日本是地偶的发源地，这些在地下 演出的偶像们往往没多少粉丝，生存困难是常态。如今，随着流媒体的发展，越来越多的日本地偶团体 开始在短视频网站如tiktok上曝光，开始冲击传统偶像团体。头部地偶团体如fruits zipper更是在出道三 年时间内实现了从livehouse到武道馆再到东京巨蛋的三级跳。 在海的这边，国内地偶数量已经连续三年实现百支以上数量的增长，相较地偶元年"2023年"总数147支 翻了2倍多（注：地偶统计数据实时更新）。"可以说，国内的地偶也想走日本的路"。不仅有大量民间 资本涌入，一些传统娱乐经纪公司和平台也纷纷下场，如白色系正招募地偶，B站也做了地偶综 艺，"听说乐华也有计划要做地偶"，老雷透露。 到了2025年，相比大家印象中的女地偶团体，男地偶经纪更是直接起飞，不止有创造营系选秀艺人如陆 定昊、刘夏俊等加入，在社媒上，也到处充斥 ...

Core Viewpoint - The disbandment of X玖少年团 marks a significant turning point for 哇唧唧哇, as it loses its last idol boy group and top star,肖战, indicating a potential decline in its influence in the idol industry [1][8]. Group 1: History and Development of X玖少年团 - X玖少年团 was formed as a result of the transition from traditional television talent shows to internet-based idol selection, becoming 哇唧唧哇's first boy group [2]. - The group was created after the failure of the initial "X-FIRE" plan, with five trainees, including肖战, being brought together to form the group [2]. - 哇唧唧哇 was established by 龙丹妮 in 2017, marking a shift towards internet media and solidifying the group's status as the "first son" of 哇唧唧哇 [2][4]. Group 2: 哇唧唧哇's Business Model and Success - 哇唧唧哇's initial success was built on the idol economy, with the launch of the talent show "明日之子" in 2017, which became a major IP for the company [4][5]. - The company gained recognition for its ability to produce and operate idol groups through successful talent shows, establishing itself as a key player in the idol market [5]. Group 3: Challenges and Decline - The "倒奶事件" in 2021 led to a halt in idol selection shows, significantly impacting 哇唧唧哇's business model, which relied heavily on idol groups [7]. - Following the disbandment of X玖少年团 in 2025, 哇唧唧哇 no longer has any idol groups, indicating a decline in its market position [8]. - The company has been seeking transformation opportunities since the idol market cooled, attempting to expand its content production beyond idol-centric projects [9][10]. Group 4: Transition to Content Production - 哇唧唧哇 has started to focus on producing content that appeals to a broader audience, such as the successful reality show "毛雪汪" [10]. - The company has collaborated with platforms like 优酷 to create dramas that target general audiences, moving away from solely producing content for its own artists [12]. - Despite some successes, the quality of content produced has faced criticism, and the company needs more successful projects to strengthen its market position [14].

Core Insights - The collaboration between Lehua Entertainment and Wakuku aims to create a "star IP-scarce trendy toys-fan economy" golden loop, potentially leading to a new path for successful product incubation [3][17] - The "Guzi economy" is expected to reach a scale of 168.9 billion yuan in 2024, driven by popular IPs and the rapid expansion of offline "Guzi stores" [5][7] - Lehua Entertainment's stock price has surged by 342.42% over the past month, reflecting investor confidence in its cross-industry trendy toy strategy [8][17] Group 1: Collaboration and Market Strategy - Lehua Entertainment's partnership with Wakuku leverages top-tier artists to enrich the IP pool, enhancing emotional value in product design [3][4] - Wakuku's platform operations utilize advanced technology and community engagement to create a comprehensive sales funnel, leading to rapid sell-outs of limited edition products [3][4] - The collaboration is expected to expand into a "Lehua Trendy Toy Universe," diversifying product offerings and extending product life cycles [4][17] Group 2: Economic Trends and Growth Potential - The "Guzi economy" is anticipated to grow by 40.63% year-on-year, with significant contributions from the idol industry and innovative business models [5][6] - Lehua Entertainment's "Guzi" series, which includes exclusive merchandise linked to its artists, has shown strong sales performance, indicating a successful integration of traditional fan consumption with the new economy [6][7] - The company's focus on high-margin, standardized production of "Guzi" items presents substantial profit growth opportunities [6][7] Group 3: Stock Performance and Investor Sentiment - Lehua Entertainment has actively repurchased shares, with a total expenditure of 18.63 million HKD in May, indicating a strategy to bolster market confidence [10][12] - The concentration of shares is increasing, with institutional holdings rising to 25.32% as of June 11, 2025, suggesting a positive outlook from institutional investors [12][14] - The company's diverse strategies, including the trendy toy market and virtual idols, are expected to provide robust growth momentum in the long term [14][17]