时面 秒 * * * * * * 型 语全球 回向未来 "十四五"新经济策划 把握"十五五"经济发展脉搏 在新一轮科技革命和产业变革中抢占先机 来自全球的十四位企业家 共同参与 . . . . . EITHS IL 4 封面新闻记者 雷强 从"又梨"潮玩IP，到"小野孩"标签的WAKUKU，再到携手中国年轻设计师共创的SIINONO，Letsvan奇梦岛作为国内潮玩新锐力量，不断丰富原创IP矩 阵，接连打造两款爆款IP，成为2025年潮玩行业的新亮点。 今年3月，量子之歌集团宣布对Letsvan达成并购投资合作，并创下2025年中国潮玩行业在一级市场的最高融资纪录。7月，量子之歌宣布，将通过现金与 股票组合对价方式，收购旗下控股公司深圳熠起文化有限公司（Letsvan）剩余全部股权。 今年是"十四五"规划的收官之年，五年来，互联网、科技与新消费三大产业交织演进，催生了一系列引人注目的变革。跨境电商逆势增长成为外贸新引 擎，智能汽车从电动化顺利转向智能化竞赛，新晋潮玩手办一经问世就在全球断货，AIGC和人形机器人则从实验室走向商业化应用前夜。 那么，潮玩赛道又将如何重塑消费习惯？在潮玩经济日益火热的当下，潮玩是 ...

Core Points - The 2025 "Integrity and Business" Beijing Theme Day event was successfully held, showcasing exemplary enterprises in integrity management [1][3] - The event aims to promote a culture of integrity and establish benchmark enterprises that adhere to integrity in business practices [3] Company Overview - Quantum Song is a well-known comprehensive service provider in China, focusing on the trendy toy sector and expanding its IP matrix [3] - The company has developed a diverse matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [3] Financial Performance - The WAKUKU IP achieved revenue of 42.96 million yuan within three months of Q4 2025 fiscal year, indicating rapid market penetration [3] - The newly launched SIINONO IP sold out 10,000 boxes in just 10 minutes on Douyin, with cumulative sales exceeding 300,000 boxes [3] - The original IP You Li generated revenue of 17.51 million yuan in the same three-month period, demonstrating long-term viability [3] Strategic Partnerships - Quantum Song has established deep collaborations with sports, entertainment, and consumer brands, including becoming the first and only official trendy toy partner for the 2025 China Open Tennis Tournament [4] - The company has also partnered with Universal Studios, Yuanqi Forest, Beijing Fashion Week, and the popular series "To the Mountains and Seas," further expanding its IP value [4] Industry Recognition - In September 2025, Quantum Song ranked 12th in the "Top 100 Private Cultural Enterprises in Beijing," highlighting its significant presence in the cultural industry [4]

Core Insights - Quantum Song is accelerating its transformation into the trendy toy sector, primarily through its full acquisition of Letsvan, which has rebranded from "Yiqi Culture" to "Qimeng Island" [2] - The WAKUKU trendy toy IP has achieved sales exceeding 400 million yuan within a single quarter [2] - The trendy toy market is expected to explode in 2025, with companies like Pop Mart seeing significant revenue and market value increases, positioning Quantum Song advantageously by acquiring Letsvan before the market surge [2] Group 1: Product Strength - Letsvan's team has successfully designed and launched popular IPs such as WAKUKU and Youli [3] - The merger has resulted in a quarterly revenue exceeding 600 million yuan for the trendy toy business, showcasing the combined strength of product, brand, and sales capabilities [2][4] Group 2: Brand Strength - Post-merger, Quantum Song has amplified its brand presence through cross-industry collaborations, such as the China Open Tennis and Fashion Week, leading to increased visibility and celebrity endorsements [3] Group 3: Sales Strength - Quantum Song's team possesses experience managing businesses at a scale of 4 billion, facilitating market entry for products [4] - The merger has transformed Letsvan from merely surviving to thriving, achieving significant growth [4] Group 4: Team Retention - Quantum Song ensures the retention of Letsvan's founding team by providing a platform for them to excel, focusing on their strengths in product development while addressing brand and sales gaps [5] - The mutual goals and trust between the companies foster a sense of achievement for both parties [5]

Core Viewpoint - The潮玩 (trendy toy) sector is experiencing significant growth globally, becoming a notable force in the consumer market, as evidenced by the market capitalization of leading companies like Bubble Mart surpassing HKD 400 billion, highlighting the lucrative potential of the industry [1][3]. Group 1: Industry Trends - The潮玩 market in China is projected to grow from RMB 22.9 billion in 2020 to RMB 76.3 billion by 2024, with a compound annual growth rate (CAGR) of 35.11%, while the global潮玩 industry is expected to increase from USD 20.3 billion to USD 41.8 billion during the same period, with a CAGR of nearly 20% [3]. - The shift in consumer motivation from functional satisfaction to emotional value acquisition is driving the demand for潮玩 products, particularly among younger consumers who prefer products that resonate emotionally and allow for personalized expression [3][4]. Group 2: Company Strategy - Quantum Song has fully acquired the潮玩 brand Letsvan and rebranded it as "奇梦岛," marking a strategic pivot towards the潮玩 sector, while also initiating the divestment of non潮玩 businesses to concentrate resources on this high-growth area [5][8]. - The company aims to transition from a "traffic-driven" to a "product-driven" model, focusing on潮玩 to unlock greater growth potential and shareholder value [8]. Group 3: Financial Performance - For the fourth quarter of the 2025 fiscal year, Quantum Song reported total revenue of RMB 618 million and a net profit of RMB 108 million, with潮玩 business contributing RMB 65.78 million, accounting for 10.6% of total revenue [2][8]. - The company anticipates潮玩 business revenue to reach between RMB 750 million and RMB 800 million for the entire 2026 fiscal year, indicating a projected quarter-on-quarter growth rate exceeding 50% [10]. Group 4: IP Development and Market Expansion - Quantum Song has developed a diverse IP matrix, operating 11 proprietary IPs and 4 licensed IPs, covering over 40 blind box product lines and 30 plush products, which enhances its market competitiveness [11][12]. - The company is expanding its IP portfolio through increased original investment, IP licensing partnerships, and cross-industry collaborations, such as partnerships with major events and brands to enhance brand visibility and emotional connection with consumers [12][14]. Group 5: Channel Strategy - Quantum Song employs a comprehensive channel strategy that includes online self-operated platforms, offline distribution, and international expansion, significantly increasing market coverage and consumer reach [14][16]. - The online self-operated channel has seen rapid growth, with GMV surpassing RMB 18 million by August 2025, reflecting the effectiveness of the self-operated model [14]. Group 6: Supply Chain Management - The company has optimized its supply chain management to enhance production capacity and responsiveness, achieving a monthly output of over 1 million plush products by August 2025, which is a more than 20-fold increase since the beginning of the year [17][19]. - This supply chain enhancement supports current operations and future business expansion, ensuring timely product availability and reducing potential sales losses due to stockouts [19]. Group 7: Conclusion - Quantum Song's commitment to潮玩 represents a strategic alignment with the emotional value consumption trend, leveraging IP, multi-channel strategies, and supply chain capabilities to drive sustainable growth [20]. - With a robust cash reserve of RMB 1 billion and clear performance guidance, the company is well-positioned for future growth and value re-evaluation as it expands its IP ecosystem and global presence [20].

Core Insights - Quantum Song (NASDAQ: QSG) has reported its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic shift towards the trendy toy business, which shows promising growth potential [1][2] Financial Performance - For the fiscal year 2025, the company achieved a total revenue of RMB 2.726 billion and a net profit of RMB 357 million; in the fourth quarter, revenue was RMB 618 million with a net profit of RMB 108 million [1] - The newly disclosed trendy toy business generated revenue of RMB 65.78 million in the fourth quarter, 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 is fully concentrating on the trendy toy sector, aiming to create a product-driven growth curve through an expanded IP matrix and deepened self-operated channels [2] - 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] IP Development and Market Penetration - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - Notable collaborations include WAKUKU becoming the first and only official trendy toy partner of the 2025 China Tennis Open, and partnerships with Universal Studios, Yuanqi Forest, and Beijing Fashion Week [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has rapidly increased, surpassing RMB 18 million in August, which is over nine times the amount in 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 America and Southeast Asia through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Supply Chain and Future Outlook - The company 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 [4] - The company aims to continue focusing on the trendy toy strategy, emphasizing product strength, all-channel self-operated expansion, and international growth, aspiring to become a global symbol of trendy culture [4]

Core Viewpoint - The company Quantum Song has reported its financial results for the fourth quarter and the full year of fiscal year 2025, indicating a strategic shift towards the trendy toy business, which has shown growth potential and marks a clear focus on this sector [2][9]. Financial Performance - For the fiscal year 2025, the company achieved total revenue of 2.726 billion yuan and a net profit of 357 million yuan; in the fourth quarter, revenue was 618 million yuan with a net profit of 108 million yuan [9]. - The newly disclosed trendy toy business generated revenue of 65.78 million yuan in the fourth quarter, accounting for approximately 10.6% of total revenue [9]. - The company has cash reserves of 1.041 billion yuan, providing sufficient funding for IP development, channel expansion, and international layout [9]. Strategic Developments - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. (Letsvan) and completed a brand upgrade, renaming it "Qimeng Island" [9]. - A restructuring of non-trendy toy businesses has been initiated to concentrate resources on high-growth sectors, further clarifying the strategic focus [9]. Product and IP Development - 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 [10]. - The star IP WAKUKU generated 42.96 million yuan in revenue within three months of the fourth quarter, with over 1 million units sold since its launch in May [10]. - The new IP SIINONO has sold over 300,000 units since its launch in July, while the evergreen IP Youli has continued to grow through high-end brand collaborations, generating 17.51 million yuan in the fourth quarter [10]. Market Strategies - The company is enhancing its IP reserves and market penetration through three main strategies: increasing original investment by establishing design centers in Beijing, Hangzhou, and Shenzhen; advancing IP licensing cooperation; and deepening cross-industry collaborations with brands in sports, entertainment, and consumer sectors [12]. - The company has seen a rapid increase in GMV since launching its online self-operated model, surpassing 18 million yuan in August, which is over nine times the amount in April [12]. - Content marketing efforts have resulted in over 690 million total exposures on major platforms like Douyin and Xiaohongshu, with a follower count exceeding 250,000 [12]. Channel Expansion and Internationalization - The company has partnered with distributors to cover over 10,000 retail terminals and is negotiating to open at least three self-operated stores in major cities by the end of December [14]. - Internationally, the company has entered North American and Southeast Asian markets through platforms like TikTok and Shopee, and has conducted pop-up tests in Jakarta, expanding its distribution network to over 20 countries [14]. Future Projections - The company anticipates revenue from the trendy toy business to reach between 100 million to 110 million yuan in the first quarter of fiscal year 2026, with total revenue projected to be between 750 million to 800 million yuan for the fiscal year 2026 [14].

Core Viewpoint - The company has successfully transitioned to focus on the trendy toy business, demonstrating growth potential and marking a clear strategic shift towards this sector [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; in Q4 alone, revenue was RMB 618 million with a net profit of RMB 108 million [1] - The newly disclosed trendy toy business generated revenue of RMB 65.78 million in Q4, accounting for approximately 10.6% of total revenue [1] - The company holds cash reserves of RMB 1.041 billion, providing ample 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 "Qimengdao" [1] - A restructuring of non-trendy toy businesses has been initiated 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, with its plush product achieving over 1 million units sold since its launch [2] - The new IP SIINONO sold out 10,000 units in just 10 minutes on Douyin, with total sales exceeding 300,000 units [2] - The long-standing IP Youli has shown sustained growth, generating RMB 17.51 million in Q4 [2] Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original content investment, advancing IP licensing partnerships, and deepening cross-industry collaborations [3] - WAKUKU has become the first and only official trendy toy partner for the 2025 China Tennis Open, marking a significant integration of trendy toys with top international sports events [3] - Collaborations with Universal Studios, Yuanqi Forest, Beijing Fashion Week, and the popular series "To the Mountains and Seas" are expanding the IP's value boundaries [3] Channel Expansion and Internationalization - Since launching online self-operated channels in April 2025, the company's GMV has surged, surpassing RMB 18 million in August, which is over nine times the figure from April [5] - The company has achieved over 690 million total exposures across two major platforms, with Douyin accounting for over 550 million [5] - Offline, the company has partnered with distributors to cover over 10,000 terminals and is negotiating flagship stores in top-tier cities, aiming to open at least three self-operated stores by the end of December [5] Supply Chain and Future Outlook - The company is making steady progress in internationalization, entering North America and Southeast Asia through platforms like TikTok and Shopee, and expanding its distribution network to over 20 countries [6] - In August 2025, the monthly production of plush products exceeded 1 million units, a growth of over 20 times since the beginning of the year [6] - The company projects Q1 2026 revenue from the trendy toy business to be between RMB 100 million and RMB 110 million, with total revenue for fiscal year 2026 expected to reach RMB 750 million to RMB 800 million [6]

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]

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 Insights - The article discusses the evolving consumer behavior in the潮玩 (trendy toy) industry, emphasizing the shift from material satisfaction to self-pleasure consumption, particularly among younger generations [3][4][7] - Letsvan奇梦岛 (Letsvan Qimeng Island) focuses on creating emotional value through innovative IPs and product design, aiming to resonate with consumers' emotional needs [4][5][6] Consumer Behavior Trends - There is a generational shift in consumer logic, where older generations prioritize restraint due to past scarcity, while younger generations (90s, 00s) seek personalized and emotionally resonant products [3][4] - The demand for潮玩 products is driven by the need for companionship and emotional connection, aligning with the brand's mission to create meaningful experiences [4][5] IP Development Strategy - The潮玩 industry is characterized by a model where IPs lead brand development, with a focus on accurately conveying emotions through products [4][5] - Letsvan aims to create 100 distinct IPs, each representing different emotions to cater to diverse consumer needs, emphasizing user involvement in the design process [4][5] Product Quality and Detail - The emotional value of潮玩 products is achieved through meticulous attention to detail in design and production, ensuring that each product evokes a specific emotional response [5][6] - Successful product launches, such as the "WAKUKU" and "SIINONO" series, demonstrate the brand's commitment to creating lasting emotional connections with consumers [5][6] Long-term Strategy and Innovation - The company adopts a long-term approach to product development, focusing on iterative improvements and emotional resonance to maintain relevance in the market [7] - The competitive edge in the潮玩 industry lies in the ability to understand and meet consumers' emotional needs, positioning the brand as a cultural symbol of emotional value [7]