文 | 玩世代 从"卖网课"到"卖潮玩"、从服务银发族到拥抱Z世代，量子之歌在一年内完成了一次堪称"换脸式"的战 略转型，新名字是"奇梦岛（Here）"。 作为一家曾扎根教培赛道的美股上市公司，量子之歌采取了典型的资本操作路径：通过「剥离原有教培 资产、控股新赛道公司、更名重塑」三步走，在极短时间内完成赛道迁移。同年提出"纳斯达克潮玩第 一股"口号，对标泡泡玛特、自有IP WAKUKU高举高打。公司上市仅两年，就如此脱胎换骨大转型， 不免引发质疑。 切换赛道，登岛上岸 2024年LABUBU爆红出圈，将泡泡玛特的业绩和市值一并推上高点。资本市场开始对潮玩公司价值重 估。此后，"谷子经济"概念在年尾被持续点燃，"寻找下一个泡泡玛特"成为二级市场的显性主题。 在这样的背景下，多家上市公司开始评估进入潮玩赛道的可能性。量子之歌就是其一，并且出手更快。 当时公司核心在线培训业务每况愈下，银发经济板块未能挑起大梁，唯有消费品业务有较突出增长。这 给后来切换赛道埋下伏笔。量子之歌高层通过乐华方面锁定了一家初创潮玩公司"熠起文化 （Letsvan）" 。 彼时的熠起文化具备一定研产销基础，核心IP为"又梨"，在渠道中已有一 ...

新华财经上海12月1日电（记者魏雨田）11月30日，美股上市公司奇梦岛集团（HERE.US）跨年季限时 快闪活动在上海K11购物艺术中心启幕，该活动以首发的WAKUKU弗里达联名限定吊卡为亮点，搭配 丰富的线下互动体验，吸引大批潮玩爱好者到场打卡，折射出本土潮玩IP在体验式消费赛道的新探索。 这种资本加持+IP孵化+全渠道运营的模式，正成为本土潮玩品牌的主流发展路径。其中，快闪店以"限 时、限量、高体验"的核心特质，成为潮玩品牌推动IP破圈的重要载体。 （文章来源：新华财经） "我特意从浙江赶过来，一口气买了两个。WAKUKU的造型设计很有'反骨'感，很对我的胃口。"95后消 费者林晓告诉记者，她已收集WAKUKU系列产品20余件，"线下快闪的限时属性很有仪式感，和其 他'粉丝'们现场交流的体验是线上购物替代不了的。" 除了首发新品，奇梦岛同步公布"双城联动"，据品牌负责人介绍，2026年元旦期间，奇梦岛北京王府井 自营店将与上海K11快闪店以SIINONO和WAKUKU两大核心IP为载体，打造主题统一的"双城闪耀"跨 年场景，推出城市专属限定活动。该负责人透露，此前奇梦岛已在京、沪及印尼雅加达等多地布局快闪 ...

Core Viewpoint - Sony Pictures has acquired the film adaptation rights for Bubble Mart's LABUBU, which is still in the early stages of development, with no decision made on whether it will be a live-action or animated film [1] Group 1: Bubble Mart's Market Position - Bubble Mart has experienced a significant valuation fluctuation, particularly after its peak in August, reflecting a shift from a "blind box promotion + emotional economy" model to a more sustainable "IP blockbuster X global retail" approach [2][5] - The collaboration with Sony serves as a hedge against skepticism from overseas investors, particularly in the Hong Kong market [3] Group 2: Expansion and Growth Drivers - The primary growth driver for toy companies, including Bubble Mart and Miniso, is their expansion into the European and American markets, with many new toy brands focusing on this strategy [4] - The value of IP becomes more pronounced in international markets, as IP exports can support larger narratives in the capital market [4] Group 3: Capitalization Trends - The current wave of capitalization in the toy industry is characterized as a "mid-game battle," with several companies preparing for IPOs, indicating a potential shift in the industry landscape [6] - The toy industry has seen a significant increase in capital activity compared to the previous year, with at least seven financing events in the blind box sector from January to August [8] Group 4: Historical Context of Capitalization - The toy industry's capitalization began in 2015, experiencing three peaks corresponding to the overall development of the IP industry [9] - The first peak (2015-2018) saw toys viewed as a monetization segment of the IP industry, while the second peak (2020-2022) marked the emergence of the "toy" concept as an independent market value [10][12] Group 5: Future Outlook and Challenges - The toy industry is expected to see further differentiation between listed and non-listed companies, with a trend towards oligopolization among top companies that possess strong IP matrices and mature supply chains [47] - The rise of AI toys presents new opportunities, with the potential for rapid global expansion due to China's competitive supply chain capabilities [49][50]

Group 1 - Quantum Song Group officially rebranded as "Qimengdao Group" (HERE), shifting its strategic focus to the潮玩 (trendy toy) ecosystem [1] - The rebranding aims to convey the company's commitment to the潮玩 ecosystem and to serve as a platform for Chinese culture to reach a global audience [1] - The rebranding follows the acquisition of Shenzhen Yiqi Culture, which has been transformed into the "Qimengdao" brand, focusing on IP incubation, content creation, and global commercialization [1] Group 2 - In Q4 of FY2025, the star IP WAKUKU generated revenue of 42.96 million yuan, with its plush toy selling over 1 million boxes since its launch in May [2] - The new IP SIINONO launched in July, selling 10,000 boxes in just 10 minutes on Douyin, with total sales exceeding 300,000 boxes [2] - Qimengdao has established a mature IP incubation system covering the entire process from design and production to content marketing and global commercialization [2] Group 3 - The company has entered Southeast Asia and North America markets, gaining recognition through pop-up events and localized collaborations [2] - A strategic partnership with Beijing Radio and Television Station was announced, focusing on cultural and trendy media integration, including city-themed潮玩 and collaborative projects with young designers [2] - The original IP "WAKUKU" will be featured in the Beijing Spring Festival Gala, aiming to reach a global audience [2]

Core Insights - The article discusses the growth and transformation of the潮玩 (trendy toy) industry in China, highlighting the emergence of companies like Letsvan奇梦岛 as key players in this market [5][6][10] - It emphasizes the shift in consumer behavior from functional consumption to spiritual consumption, with cultural and creative elements driving new economic growth [10][12] - The article also outlines the strategic vision for the upcoming "十五五" (15th Five-Year Plan) period, focusing on cultural confidence, creativity, and global collaboration [13][15] Company Overview - Letsvan奇梦岛 has successfully developed a portfolio of original IPs, including WAKUKU and SIINONO, which have gained significant recognition both domestically and internationally [5][11] - The company has achieved a notable milestone by securing the highest financing record in the primary market for the潮玩 industry in 2025 through a merger and acquisition with量子之歌集团 [5][6] - The CEO of Letsvan, 战绘宇, rates the company's performance during the "十四五" period as 9 out of 10, indicating strong progress and a solid foundation for future growth [11] Industry Trends - The潮玩 industry is characterized by a unique role in the cultural economy, acting as a bridge between emotional value and industrial economy [12][14] - The article notes that潮玩 has transitioned from a niche collectible market to a broader consumer market, reflecting changing consumer habits [6][10] - The cultural industry is becoming a significant pillar of new consumption in China, with潮玩 playing a crucial role in this transformation [12] Future Outlook - The "十五五" phase will focus on integrating cultural creativity with urban economy, consumer growth, and manufacturing innovation [13][14] - Letsvan aims to deepen its domestic market presence while engaging with international cultural markets through collaboration and cross-border integration [13][15] - The company envisions itself as a model for high-quality development in China's cultural industry, balancing domestic strength with global outreach [15]

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].