今天分享的是：潮玩行业系列深度报告：穿越经济周期，拥抱潮流成长-万联证券 报告共计：21页 潮玩行业深度报告核心内容总结 潮玩是以潮流文化为核心，融合艺术、设计、IP等多元素的玩具，具有强视觉辨识度、限量发售、跨界联名等特征，涵盖盲 盒、手办、卡牌等多种形式，区别于传统玩具，更偏向15岁以上人群，兼具收藏价值、社交属性与情感连接功能。其产业链围 绕IP展开，上游为IP供给和运营商，议价能力取决于IP稀缺性与热度，IP分为自主运营的形象IP和依赖外部载体的内容IP；中游 是潮玩制造商，门槛低、竞争激烈，规模化与工艺稳定是突围关键；下游为终端零售商，议价能力取决于IP储备，拥有独家IP 的企业具备定价主导权。 对标日本玩具行业，其发展历程对中国极具借鉴意义。日本玩具行业初期随经济和婴儿潮兴起，泡沫经济破裂后，年轻人转向 动漫游戏寻求慰藉，推动优质IP集中爆发，助力玩具行业逆势成长。当下中国同样面临人口出生率下滑等问题，但随着人均可 支配收入提升，消费从生存型转向情绪型，潮玩等相关消费需求逆势增长。 中国潮玩行业正处于快速成长期，2020 - 2024年市场规模从229亿元增长至763亿元，CAGR达35.11%。 ...

Core Insights - The company reported a significant revenue growth of 28.2% year-on-year in Q3 2025, reaching 5.797 billion yuan, exceeding the previous guidance of 25% to 28% [2] - Despite the revenue increase, the net profit attributable to the parent company fell by over 30% to 441 million yuan compared to 642 million yuan in the same period last year [2][4] - The decline in net profit is attributed to increased costs associated with global expansion, particularly in sales and distribution expenses, which rose by 43.5% to 1.43 billion yuan [2][4] Store Expansion - As of September 30, 2025, the total number of stores reached 8,138, marking a milestone of over 8,000 stores, with a net increase of 718 stores year-on-year [3] - The number of MINISO stores specifically reached 7,831, with a net increase of 645 stores, including 4,407 in mainland China and 3,424 in overseas markets [3] - Overseas revenue for MINISO increased by 22.9% to 5.222 billion yuan, with overseas sales accounting for 44.3% of total brand revenue [3] Cost Structure and Profitability - The increase in sales and distribution expenses is linked to investments in direct stores, especially in strategic overseas markets [2][4] - Direct store revenue grew by 69.9%, while related expenses increased by 40.7%, indicating a significant rise in operational costs [4] - General and administrative expenses rose by 45.6% to 344 million yuan, primarily due to increased personnel costs related to business growth [4] TOP TOY Brand Performance - The TOP TOY brand saw a remarkable revenue increase of 111.4% in Q3 2025, reaching 575 million yuan, with a total revenue of 1.317 billion yuan for the first three quarters [5] - TOP TOY has submitted a prospectus to the Hong Kong Stock Exchange, aiming to raise approximately 300 million USD, while remaining a subsidiary of the parent company [5] - The brand focuses on collectible toys and has rapidly expanded since its establishment in 2020, with 307 stores as of September 30, 2025 [5]

潮玩品牌TOP TOY增长明显。 11月21日，名创优品公布的2025年第三季度业绩显示，第三季度实现营收57.97亿元，同比增长28.2%，超过了公司此前25%至28%指引范围的上限。 尽管公司营收实现超预期增长，但归属母公司的净利润出现下滑。今年第三季度归属母公司的净利润为4.41亿元，相比去年同期的6.42亿元下滑超30%。 营收增长而净利润下降的背后，或与公司全球化扩张等因素有关。今年第三季度，公司销售及分销开支为14.30亿元，同比增长43.5%。公司表示，销售及分销开支 同比增长主要归因于公司为推动业务未来发展而对直营门店的投资，尤其是美国市场等战略性海外市场。 门店超8000家 据了解，2025年9月30日，集团层面的门店总数达到8138家，实现8000家门店的里 程碑，同比净新开 718 家门店。 其中，截至2025年9月30日，名创优品门店数量为7831家，同比净新开645家门店。位于中国内地的名创优品门店数量为4407家，同比净新开157家门店。位于海外 市场的名创优品门店数量为3424家，同比净新开488家门店。 在海外扩张的背景下，今年第三季度，公司海外收入增长明显。数据显示，名创优品 ...

工业和信息化部消费品工业司司长何亚琼近日在新闻发布会上表示，近年来，以盲盒、手办为代表的， 具有情绪价值、收藏价值的玩具市场持续高速增长，在为年轻人提供情绪价值的同时，也成为玩具产业 新的经济增长点。据统计，2024年，国内市场潮流和收藏玩具及周边产品零售总额达到558.3亿元。一 批具有创新能力的本土企业在原创IP打造、品牌运营等方面展现出强劲实力，在满足国内消费需求的同 时，将中国原创力量推向世界舞台，有力提升了中国玩具行业的国际影响力。 风险提示: 投资涉及风险，证券价格可升亦可跌，更可变得毫无价值。投资未必一定能够赚取利润，反 而可能会招致损失。过往业绩并不代表将来的表现。在作出任何投资决定之前，投资者须评估本身的财 政状况、投资目标、经验、承受风险的能力及了解有关产品之性质及风险。个别投资产品的性质及风险 详情，请细阅相关销售文件，以了解更多资料。倘有任何疑问，应征询独立的专业意见。 沪上阿姨近日发布公告，建议采纳H股激励计划，该计划须经股东于临时股东会上审议批准后生效。计 划旨在促进公司长期可持续发展、完善激励机制以吸引和保留人才，并使激励对象与股东利益紧密联 系。另外，根据极海品牌监测数据显示， ...

Core Insights - The article emphasizes the growing significance of IP (Intellectual Property) in the潮玩 (trendy toys) market, highlighting its appeal to adults and the emotional and cultural value it brings to consumers [1][2][3] Group 1: Definition and Development of IP潮玩 - IP潮玩 refers to trendy toys with high recognition and independent IP attributes, primarily targeting adults rather than children, focusing on artistic value and collectability [2] - The潮玩 industry has evolved from its inception in the late 1990s to a mature phase, with significant growth driven by local designers and the rise of blind box formats [3][6] Group 2: Market Size and Growth Projections - The Chinese IP潮玩 market is projected to reach approximately 678 billion yuan by 2024, with a CAGR of about 13.8% from 2020 to 2024, and is expected to exceed 1 trillion yuan by 2027 [6] Group 3: Industry Chain and Key Players - The IP潮玩 industry chain consists of three main segments: upstream IP sources, midstream IP operation and production, and downstream sales channels, with some companies managing the entire chain [5] - 泡泡玛特 (Pop Mart) has transformed from a retail brand to a leading player in IP commercialization, achieving significant growth through innovative product offerings and strategic expansions [9][11] Group 4: Consumer Behavior and Trends - Over 60% of consumers frequently purchase blind boxes and figurines, with motivations centered around collection and stress relief, indicating a strong emotional connection to specific IPs [30] - Social media platforms have become the primary source for consumers to obtain information about潮玩, with immersive unboxing videos being the most effective marketing format [33] Group 5: International Expansion and Digital潮玩 - The overseas market presents new growth opportunities for Chinese潮玩 brands, with varying challenges in regions like Europe, Japan, and Southeast Asia [36] - Digital潮玩, supported by blockchain technology and the rise of the metaverse, is gaining traction among younger generations, although it faces challenges such as regulatory uncertainties and market volatility [38]

Core Insights - The Chinese domestic toy retail market is projected to exceed 100 billion yuan by 2025, with a retail total of 97.85 billion yuan expected in 2024, representing a 25.5% increase from 2020 [1] - China is a major player in both toy production and consumption, boasting a complete industrial chain and advanced production technologies [1] - The export value of toy products reached 39.87 billion USD in 2024, marking a 19.1% increase from 2020, with over 40% of products exported to the US and EU markets [1] Industry Trends - The variety of toy products in China has significantly increased, covering materials such as plush, fabric, wood, metal, and plastic [1] - Innovative products like educational and smart toys are leading new trends, with the AI toy market expected to grow from 24.6 billion yuan in 2024 to 29 billion yuan in 2025 [1] - The market for collectible toys, represented by blind boxes and figurines, is experiencing rapid growth and becoming a new growth point [1] Market Segmentation - The retail total for trendy and collectible toys and related products in the Chinese domestic market is projected to reach 55.83 billion yuan in 2024 [2] - Local companies with strong innovation capabilities are enhancing China's toy industry's international influence through original IP development and brand management [2]

Market Performance - On November 19, the Shanghai Composite Index rose by 0.18% and the ChiNext Index increased by 0.25%[2] - On November 20, the trading volume decreased to 1.74 trillion yuan, down approximately 210 billion yuan from the previous trading day[1] Sector Trends - Over half of the sectors experienced declines, with notable gains in non-ferrous metals, oil, and military industries[1] - Real estate, media, building materials, and computer sectors saw the largest declines[1] Investment Strategy - The market is showing a conservative trend, suggesting a focus on low-position stocks in sectors like computing power, semiconductors, and new energy that have undergone phase adjustments[1] - Investors are advised to avoid short-term strong sectors and maintain a cautious position[1] Capital Flow - On November 19, net inflows into the Shanghai Stock Exchange were 11.193 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 5.073 billion yuan[3] Industry Insights - The domestic market for trendy and collectible toys is projected to reach a retail total of 55.83 billion yuan in 2024, indicating a significant growth point for the toy industry[4] - As of October 2025, the total number of electric vehicle charging facilities in China reached 18.645 million, a year-on-year increase of 54%[9]

19日，在工信部举行的新闻发布会上，工业和信息化部消费品工业司司长何亚琼表示，我国建成了全球 最为完善的玩具产业链，生产技术先进、技术工人素质高，产业优势显著，能够为全球消费者提供优质 优价的玩具产品。据有关机构测算，预计2025年全年，我国国内市场玩具零售总额将超1000亿元。 中新网北京11月19日电(记者 吴涛)"据统计，2024年我国AI玩具市场规模约246亿元，预计2025年全年将 增至290亿元。" 据介绍，近年来，随着新材料、新工艺、新技术的不断应用，我国玩具产品的品种丰富度实现大幅提 升，玩具产品质量不断提高，标准体系不断完善。毛绒、布艺、木制、金属、塑胶等各种材质的玩具产 品基本实现全覆盖；益智玩具、智能玩具等创新产品引领潮流新趋势。 "尤其是人工智能及大模型的应用为玩具产品注入新灵魂，显著提升玩具产品交互体验，能互动、能养 成、有性格、有记忆的AI玩具深受年轻人喜爱，已成为行业竞争的新赛道。"何亚琼称。 另外，玩具产品更加注重价值体现。近年来，以盲盒、手办为代表的，具有情绪价值、收藏价值的玩具 市场持续高速增长，在为年轻人提供情绪价值的同时，也成为玩具产业新的经济增长点。 何亚琼表示，据统 ...

近年来，以盲盒、手办为代表的，具有情绪价值、收藏价值的玩具市场持续高速增长，在为年轻人提供 情绪价值的同时，也成为玩具产业新的经济增长点。 据统计，2024年，国内市场潮流和收藏玩具及周边产品零售总额达到558.3亿元。一批具有创新能力的 本土企业在原创IP打造、品牌运营等方面展现出强劲实力，在满足国内消费需求的同时，将中国原创力 量推向世界舞台，有力提升了中国玩具行业的国际影响力。 11月19日，工业和信息化部举行新闻发布会，介绍GB 6675《玩具安全》系列强制性国家标准修订情 况。 据介绍，我国建成了全球最为完善的玩具产业链，生产技术先进、技术工人素质高，产业优势显著，能 够为全球消费者提供优质优价的玩具产品。2024年，我国国内市场玩具零售总额达978.5亿元，比2020 年增长25.5%；玩具产品出口额达398.7亿美元，比2020年增长19.1%，超四成产品出口美国、欧盟市 场。据有关机构测算，预计2025年全年，我国国内市场玩具零售总额将超1000亿元。 ...

智通财经APP获悉，11月19日，工业和信息化部举行新闻发布会，介绍GB 6675《玩具安全》系列强制 性国家标准修订情况。工信部消费品工业司司长何亚琼表示，玩具产品的种类更丰富，质量标准更健 全。近年来，随着新材料、新工艺、新技术的不断应用，我国玩具产品的品种丰富度实现大幅提升，玩 具产品质量不断提高，标准体系不断完善。毛绒、布艺、木制、金属、塑胶等各种材质的玩具产品基本 实现全覆盖；益智玩具、智能玩具等创新产品引领潮流新趋势；尤其是人工智能及大模型的应用为玩具 产品注入新灵魂，显著提升玩具产品交互体验，能互动、能养成、有性格、有记忆的AI玩具深受年轻 人喜爱，已成为行业竞争的新赛道。据统计，2024年我国AI玩具市场规模约246亿元，预计2025年全年 将增至290亿元。 今天的发布会，邀请到了工业和信息化部消费品工业司司长何亚琼、一级巡视员(正局长级)冯海沧，国 家市场监督管理总局质量监督司副司长苗雨晨、标准技术司二级巡视员蔡彬，请他们来介绍我国玩具产 业发展、标准体系建设、质量安全监管等有关情况，并回答大家关心的问题。首先请工业和信息化部消 费品工业司何亚琼司长介绍一下我国玩具产业发展的整体情况。 " ...