乐高的成功，根植于近百年持续的产品创新与系统化构建。从早期确立"乐高系统"和积木的螺柱管专利，到不断推出城市、太 空、海盗等经典系列，再到与星球大战、哈利·波特等全球顶级IP联名，乐高始终围绕"无限创造"的核心理念。即便曾因盲目扩 张陷入困境，也能通过聚焦核心业务、优化产品线、构建粉丝共创生态（如LEGO Ideas平台）重获增长。其业务还成功拓展至 媒体游戏、主题公园、教育等领域，实现了IP价值的深度裂变。 今天分享的是：2025年IP+商业专题研究：剖析乐高、三丽鸥及万代经营之道，解锁IP潮玩龙头常青路 报告共计：45页 IP潮玩行业迎来多维红利期，海外龙头经验揭示常青密码 国信证券最新发布的专题研究报告深入剖析了乐高、三丽鸥及万代南梦宫三大国际IP玩具巨头的经营之道，为中国正处快速发 展期的IP潮玩行业提供了宝贵借鉴。研究显示，在情感消费升级、国产IP产业成熟、AI技术赋能及出海机遇拓展等多重因素催 化下，国内IP潮玩行业正迎来"内容+渠道+全球化"的全新机遇期。 行业驶入快车道，本土力量加速崛起 数据显示，2023年中国玩具市场整体规模已达1049亿元，同比增长超过9%。其中，IP类玩具占比突破60% ...

Core Viewpoint - The LEGO Group is making significant strides in sustainability by introducing eco-friendly materials and reducing carbon emissions, aiming to create a better future for children while minimizing environmental impact [1][2][3] Group 1: Sustainable Materials - LEGO has showcased various components made from sustainable materials at the China International Import Expo, including bio-PE derived from Brazilian sugarcane and arMABS used for over 900 transparent elements [1] - The company has tested over 600 different materials to ensure they meet high standards of quality, durability, and safety before production [1] - By the end of 2025, LEGO aims for 60% of the materials used in its products to come from sustainable sources, maintaining strict quality control throughout the process [1] Group 2: Carbon Emission Reduction - LEGO is committed to decoupling business growth from carbon emissions, with a goal to reduce carbon emissions by 37% by 2032 (compared to 2019 levels) and achieve net-zero carbon emissions by 2050 [2] - The company is implementing measures such as increasing solar panel capacity, phasing out natural gas, and launching supplier sustainability programs to reduce greenhouse gas emissions from its operations [2] Group 3: Renewable Energy Initiatives - The Jiaxing factory, a key production base for LEGO in the Asia-Pacific region, has installed over 20,000 solar panels since 2020 and plans to expand this capacity by 2026 [3] - The factory has signed a renewable energy power purchase agreement (PPA) to achieve 100% renewable energy operations and has passed the ISO 50001 audit for five consecutive years, demonstrating its commitment to energy management and sustainability [3] - LEGO is focused on integrating sustainability into every production aspect, continuously investing in sustainable materials and packaging, and enhancing energy efficiency [3]

Group 1: Kao Corporation - Kao Corporation participated in the 8th China International Import Expo with the theme "Co-creating Beauty, Quality for the Future," showcasing its global innovation and local integration achievements [3] - The company presented a range of products tailored for the Chinese market, including upgraded cleansing oils and sunscreen solutions, emphasizing its commitment to high-quality living for Chinese consumers [4] Group 2: Nippon Paint and GAC Aion - Nippon Paint and GAC Aion announced a strategic partnership during the expo, focusing on the development of coatings for flying cars and lightweight material protection, aiming to enhance the quality of China's low-altitude economy [6] - GAC Aion's AirCab is in the civil aviation certification phase, with plans for mass production in late 2026 and manned flights in 2027, while Nippon Paint introduced a comprehensive coating solution for low-altitude flying vehicles [6] Group 3: LEGO Group - LEGO Group showcased an immersive "City of Play" at the expo, featuring eight themed areas and a model of Shanghai made from nearly 100,000 bricks, promoting cultural connection and sustainability [8][10] - The company hosted multiple activities during the event, including global product launches and sustainability discussions, reinforcing its commitment to engaging with Chinese consumers [8] Group 4: Bayer - Bayer launched the "Allergy Star Survival Guide" during the expo, focusing on the prevention and treatment of allergic diseases, which affect nearly 250 million people in China [11] - The initiative aims to shift from passive treatment to proactive management of allergies, emphasizing the importance of early intervention and appropriate medication [11] Group 5: Herbalife - Herbalife introduced its MultiBurn supplement at the expo, targeting weight management through a blend of plant extracts that support metabolism and fat reduction [14] - The company highlighted the importance of a scientific approach to weight management, aligning with consumer demands for effective and sustainable health solutions [14]

Core Insights - The article discusses the evolving consumer trends observed at the China International Import Expo (CIIE), highlighting a shift towards self-pleasure and emotional value in purchasing decisions, particularly in luxury goods and lifestyle products [5][10]. Group 1: Consumer Trends - The motivation for purchasing luxury goods has shifted from showcasing status to seeking personal happiness, with "self-pleasure" and "emotional value" becoming key drivers in consumer decision-making [5]. - The rise of the "pet economy" is evident, with a dedicated pet-themed exhibition area at CIIE, reflecting the growing demand for pet-related products and services [9]. - The trend of "active health management" is emerging, with consumers increasingly seeking products that offer tangible health benefits rather than just marketing concepts [10]. Group 2: Company Innovations - Bulgari introduced "Connected Jewelry," allowing consumers to trace the origins and quality of gemstones, enhancing trust and experience [6]. - Pop Mart showcased immersive experiences with popular IPs, indicating a global trend towards emotional value in consumer products [7]. - LEGO created a "City Walk" experience at CIIE, emphasizing play as a universal language and appealing to both local and international audiences [8]. Group 3: Health and Wellness - Inne, a German nutrition brand, reported significant growth in children's nutritional products, indicating a shift towards proactive health management among consumers [10]. - The introduction of innovative health products, such as liquid calcium, reflects the changing focus from traditional supplements to more comprehensive health solutions [10]. - The demand for high-quality, personalized healthcare solutions is increasing, particularly among the aging population, as seen in the offerings from Edward Lifesciences [13][14]. Group 4: Aging Population - The CIIE highlighted the "silver economy," showcasing products designed for the elderly, including safety and wellness solutions [12]. - Companies are increasingly focusing on the unique healthcare needs of older adults, with innovations aimed at improving their quality of life [14]. - The introduction of AI-driven interactive robots for elderly care reflects the growing emphasis on emotional support and safety monitoring for seniors [14].

Group 1: Consumer Trends - The core consumer motivation has shifted from showcasing wealth to seeking personal happiness, with "self-pleasure" and emotional value becoming key drivers in purchasing decisions [2][3] - The pet economy is thriving, with the establishment of a dedicated pet-themed exhibition area at the expo, reflecting the growing demand for pet-related products and services [5] - The trend of "self-pleasure" and emotional value is also evident in the rise of immersive experiences and personalized products, as seen with brands like LEGO and Brother [4][6] Group 2: Health and Wellness - Consumers are increasingly proactive about health management, moving from passive responses to active engagement, as demonstrated by the success of innovative health products at the expo [7][8] - The demand for high-quality, effective health products is rising, with a notable increase in inquiries about clinical efficacy at the expo [7] - The introduction of new health products, such as liquid calcium for both mothers and infants, indicates a shift towards comprehensive health solutions [7] Group 3: Aging Population - The expo highlighted the "silver economy," showcasing products and services tailored for the aging population, including rehabilitation aids and home safety solutions [9][10] - Companies are focusing on personalized treatment options for age-related health issues, particularly in the field of cardiac care, to meet the unique needs of Chinese patients [10][11] - Innovations like interactive robots aimed at providing companionship and safety for the elderly reflect the growing attention to emotional and practical needs in the aging demographic [11]

11月5日，深秋的黄浦江畔，迎来了全年中最绚烂的时刻。这天，第八届进博会在国家会展中心（上 海）正式开幕。 作为党的二十届四中全会胜利召开后举办的首场重要经济外交活动，特殊节点赋予特殊意义，本届进博 会以"开放共创新机遇，合作共享新未来"为主题，再次向世界彰显中国扩大高水平开放的决心。 本届进博会有155个国家、地区和国际组织参与，4108家境外企业参展，其中包括290家世界500强和行 业龙头企业，整体展览面积超过43万平方米，不管是展览面积还是企业总数均创历史新高，且美国企业 参展面积连续7年保持第一。国际社会对于"进博机遇"和中国经济的信心由此可见一斑。 八年来，进博会不断吸引新朋友的到来，同时越来越多"老朋友"成为进博会"常驻客"，包括德国科技巨 头贺利氏、全球知名家具及家居用品品牌宜家在内的多企业连续八年参会。 作为连任六届的展盟主席和今年的日化消费品专委会会长单位，欧莱雅是进博会的老朋友，连续八 年"全勤"参展，今年更是携旗下25个品牌参展，带来历届最强"首发"新品阵容。"但当首次来到这里， 真正站在现场时，我依然被进博会的宏大规模、蓬勃创新和旺盛活力深深震撼——这在全球充满不确定 性的当下，尤显 ...

Core Insights - The report focuses on the current status and strategies of Chinese潮玩 (trendy toys) brands going global, analyzing the global market situation and competitive landscape [1][6] - The潮玩 market is characterized by limited editions, artistic designs, and cultural symbolism, appealing to consumers' self-expression, curiosity, social needs, and the pursuit of artistic creativity and collectible value [1][10] Market Overview - The global潮玩 market is projected to grow from $8.7 billion in 2015 to $41.8 billion in 2024, indicating over 100% growth from 2020 to 2024 [1][18] - The Chinese潮玩 market is expected to reach approximately 764 billion yuan in 2024, with projections to exceed 1.1 trillion yuan by 2026 [1][20] Market Dynamics - The潮玩 market is driven by the rise of the Z generation, who value individual expression, social recognition, and emotional connections [1][23] - The IP economy is a significant driver, with the Chinese IP licensing market projected to reach 156.1 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 13% [1][26] Consumer Insights -潮玩 products fulfill emotional consumption needs, with 90% of Chinese consumers willing to pay a premium for emotional satisfaction [1][24] - The trend of "healing economy" is driving demand for adult emotional consumption, with the global healing economy market valued at $5.61 billion in 2022 and expected to grow to $8.47 billion by 2027 [1][15] Product Categories - Popular潮玩 categories include blind boxes, artistic toys, and IP-derived models, with brands like泡泡玛特 leading in the domestic market [1][11][36] - The blind box market is projected to reach $13.5 billion globally by 2031, with a CAGR of 5.5% from 2024 to 2031 [1][39] Competitive Landscape - Major global潮玩 companies include Disney, LEGO, and Bandai, with significant revenues and diverse distribution channels [1][33] -泡泡玛特 is a leading Chinese brand, with expected revenue of nearly 8 billion yuan in 2024 and presence in 23 overseas markets [1][1]

Group 1: Industry Trends - The core trend in the toy modeling industry is the integration of IP as a value core, driven by emotional and cultural demands, as seen in brands like LEGO, Disney, and 卡游 [2] - Successful brands are moving beyond just products to build ecosystems around "IP × culture × community," enhancing user loyalty through emotional and cultural connections [2] Group 2: Product Innovation - The demand for educational toys is driving innovation in building block products, with brands like 弥鹿, 布鲁可积木, and 森宝积木 focusing on parents' needs for cognitive development and skill-building [3] - 弥鹿 emphasizes "open-ended toys" and integrates technology like the "AI bilingual enlightenment board" to cater to parents' focus on art education and safety [3] - 布鲁可积木 targets younger children with large particle blocks that ensure safety and are backed by STEM education, while 森宝积木 leverages Chinese cultural IP to engage youth and adults [3]

Core Viewpoint - The article highlights the historical significance and evolution of the LEGO Group, emphasizing its commitment to sustainability and innovation in toy manufacturing, rooted in the vision of its founder, Ole Kirk Christiansen [5][18]. Group 1: Historical Background - The LEGO Group's origins trace back to a small woodworking shop established by Ole Kirk Christiansen in 1932, initially producing wooden toys during the Great Depression [6][8]. - The name "LEGO" was officially adopted in 1936, derived from the Danish phrase "Leg Godt," meaning "play well" [9]. - The company transitioned from wooden toys to plastic products after acquiring an injection molding machine in 1946, leading to the creation of the first LEGO bricks [12][19]. Group 2: Innovation and Product Development - The introduction of the stud-and-tube coupling system in 1958 allowed for more stable and versatile constructions, which became a cornerstone of LEGO's product design [14][17]. - The "LEGO System in Play" concept was developed to encourage creativity and extend the product lifecycle through standardized, compatible components [12][13]. Group 3: Sustainability Efforts - LEGO Group has committed to sustainability by investing in research for alternative materials, with a focus on reducing carbon emissions in production processes [18][19]. - The company has tested over 600 materials to find sustainable options, including bio-based polyethylene and recycled materials, aiming to replace traditional ABS plastic [19][20]. - Initiatives like the LEGO Replay program aim to recycle and donate used bricks, promoting a circular economy within the toy industry [21][22].

Core Insights - The article discusses the significant changes in the global toy industry, highlighting the revenue rankings of toy companies for the first half of 2025, which reflect evolving consumer trends and business models in the post-pandemic era [5][6]. Group 1: Market Overview - The global toy market showed a notable recovery in the first half of 2025, with an average year-on-year sales growth of 7% across 12 major markets excluding China [6]. - Specific categories such as "games and puzzles" and "collectibles" experienced explosive growth, with increases of 36% and 35% respectively [7]. Group 2: Revenue Rankings - The top toy companies by revenue for the first half of 2025 include: - LEGO Group: 38.45 billion RMB - Pop Mart: 13.88 billion RMB - Disney: 13.86 billion RMB - Bandai Namco: 14.44 billion RMB - Hasbro: 13.34 billion RMB - Mattel: 13.18 billion RMB - Sega Sammy: 6.64 billion RMB - Asmodee: 5.77 billion RMB - Tomy: 5.55 billion RMB - Pokémon: 5.50 billion RMB - Spin Master: 5.21 billion RMB - MGA Entertainment: 3.93 billion RMB - Sanrio: 3.91 billion RMB - Ravensburger: 3.04 billion RMB - VTech: 2.89 billion RMB - Funko: 2.74 billion RMB - Simba Dickie Group: 2.71 billion RMB - Moose Toys: 2.68 billion RMB - JAKKS Pacific: 1.66 billion RMB - Blokees: 1.34 billion RMB - Dream International Limited: 1.21 billion RMB [12][11]. Group 3: Key Trends - The article identifies three major trends driving profitability and growth in the toy industry: 1. The rise of IP collectible toys and trading card games. 2. The increasing importance of adult consumers in the toy market. 3. The necessity for brands to excel in IP development and cross-platform value amplification [15][19]. Group 4: Company Strategies - Disney continues to leverage its strong content ecosystem to drive sales, with its consumer products division generating 13.86 billion RMB in revenue, a 3.5% increase year-on-year [21][26]. - Bandai Namco's toy sales are closely tied to its content, with significant contributions from popular franchises like "One Piece" and "Dragon Ball" [27][30]. - Mattel is transitioning from a traditional toy company to a content-driven entity, establishing Mattel Studios to enhance its IP narrative capabilities [39][42]. - Pop Mart has emerged as a leading player in the global trend toy market, achieving 13.88 billion RMB in revenue, with its core IP "THE MONSTERS" contributing significantly to its success [48][50]. Group 5: Trading Card Games - Trading card games (TCGs) have become one of the fastest-growing and most profitable segments in the toy market, with the global TCG market projected to reach $7.8 billion (approximately 55.5 billion RMB) in 2025 [56][59]. - Hasbro's "Magic: The Gathering: Final Fantasy" set a record for single-day sales, highlighting the potential of TCGs in driving revenue growth [61][66]. Group 6: Distribution and Market Dynamics - Asmodee has established itself as a major distributor in the TCG market, with approximately 64% of its revenue coming from card games [69][76]. - Bandai Namco has also made significant strides in the TCG space, with multiple titles dominating sales charts in Japan [77][80].