Core Insights - The company Tanwan has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the collectible toy industry [1][2][3] Group 1: Strategic Cooperation - The agreement allows COEXIST Group to integrate resources from more than 200 artists, creating a unique IP matrix that combines artistic value with commercial potential [2] - Tanwan will have exclusive rights to develop, design, produce, and sell collectible toys based on the artists' works, including various product types such as sculptures, plush toys, and action figures [2][3] Group 2: Artistic and Commercial Integration - The collaboration aims to establish a new paradigm for "artist IP," providing comprehensive support from market assessment to product development and promotional activities [3] - Tanwan plans to explore further collaboration opportunities with artists and expand partnerships to include its own brands and internationally recognized IPs [3] Group 3: Future Strategy - The company is focused on building a new collectible toy ecosystem centered around the "IP ecosystem strategy," which includes classic IPs and artist IPs as key pillars [4] - The goal is to enhance user engagement and emotional connection through creative and fun collectible toys, ensuring that art becomes a part of daily life [4]

Core Viewpoint - The company, 贪玩 (TANWAN), has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the潮玩 (trendy toy) industry and integrating classic IP with artist IP [1][2][3] Group 1: Strategic Cooperation Agreement - The agreement involves the integration of resources from COEXIST Group, which will sign contracts with over 200 artists to obtain complete authorization for the project, creating a unique IP matrix that combines artistic value with commercial potential [2] - TANWAN will have exclusive rights to develop, design, produce, and sell trendy toy products based on the artists' works, including sculptures, plush toys, and other derivative products [2][3] Group 2: Full-Chain Support and Market Strategy - The cooperation aims to establish a new paradigm for "artist IP," with TANWAN leveraging its expertise in user insights, data analysis, and targeted marketing to support artists from initial creation to product launch [3] - Future collaborations may extend to TANWAN's own brands and internationally recognized classic IPs, enhancing the creative development of IP products [3] Group 3: IP Ecosystem Strategy - The company plans to build a new潮玩 ecosystem centered around an "IP ecosystem strategy," focusing on the integration of classic IP and artist IP, emotional interaction design, and social experience [4] - The brand's mission is to illuminate daily life with creativity and fun, aiming to resonate emotionally with users through trendy toys that serve as mediums for personal expression [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） （股份代號：9890） 自願公告 簽訂藝術家作品開發合作協定 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體1 ，統稱為「本集團」） 作出之自願公告，使其股東及潛在投資者知悉本集團之最新發展。 本公司欣然宣佈，於2025年11月27日，本集團專注於潮玩業務的全資附屬公司 廣州粒粒呀文化娛樂有限公司（「TANWAN」）與COEXIST CO., LIMITED（共凝文 化集團有限公司）及深圳市共藝斯文化有限公司（兩家公司合稱「COEXIST集 團」）簽訂戰略合作協議《藝術家作品開發合作協定》（「戰略合作協議」），整合 逾二百名潮玩藝術家（「藝術家」），共同開展藝術作品的衍生品開發、銷售及推 廣活動。合作期限（「合作期限」）為五年，自2025年11月27日至2030年11月26日。 此次合作標誌著本集團依託自身在 ...

Core Viewpoint - Company is experiencing a turning point in its main business operations, with management raising the annual guidance due to significant improvements in Q2 performance, both domestically and internationally [2] Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21% [2] - Operating profit reached 836 million, up 11.3% year-on-year, while adjusted net profit was 692 million, reflecting a 10.6% increase, with an adjusted net profit margin of 13.9% [2] - Management has raised the full-year revenue growth forecast from 22.8% to 25% [2] Domestic Market Strategy - Domestic revenue for the brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%, with same-store sales turning positive [3] - The company opened 30 new stores in Q2, reversing the previous trend of net store closures [3] - Same-store growth is driven by an increase in average transaction value, despite a slight decline in customer traffic [3] Growth Drivers - Key factors driving same-store growth include organizational improvements, product supply enhancements, and optimized holiday operations [4] - A "Chief Growth Officer" team has been established to streamline operations across various departments [4] International Expansion - Overseas revenue reached 1.94 billion, a year-on-year increase of 28.6%, with significant growth in North America and Europe [5] - The company plans to open over 500 new stores internationally this year, with a net increase of 189 stores in the first half [5] North America Market Strategy - The company focuses on large store formats in North America, with new stores expected to achieve 1.5 times the sales efficiency of older stores [6] - A cluster opening strategy is employed to enhance brand presence and marketing efficiency [6][7] TOPTOY Brand Performance - TOPTOY achieved revenue of 400 million in Q2, a year-on-year increase of 87%, with a net increase of 13 stores [8] - The brand aims to enhance sales contributions from proprietary brands and IPs, focusing on markets with high potential [8] Store Format and IP Strategy - The company continues to implement a large store strategy, with significant investments in MINISOLAND and flagship stores [9] - The IP strategy has evolved to include both proprietary and licensed IPs, with plans to launch self-owned IP products in overseas markets [10]

Core Viewpoint - The "Guzi" economy, centered around the consumption culture and economic form of secondary dimension IP peripheral products, is rapidly growing in China, with a market size projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029, raising concerns about product quality and safety [1]. Group 1: Quality Concerns - The quality of "Guzi" products is inconsistent, with reports of harmful substances and safety issues, particularly affecting young consumers [2][3]. - Complaints about "Guzi" products include issues such as stains, paint peeling, severe color differences, and material shrinkage, which could pose health risks, especially to minors [3]. Group 2: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often use unqualified materials and lack proper quality certifications, leading to potential health hazards from harmful chemicals like formaldehyde and heavy metals [4][6]. - Some products are produced without rigorous quality testing, resulting in unstable quality and potential safety risks [8]. Group 3: Sales and Market Dynamics - There is a market for "three-no" (no quality certification, no production license, no business license) "Guzi" products, driven by high profit margins and demand from minors [10]. - The curiosity of minors and their lack of ability to discern product quality create opportunities for unscrupulous sellers [11]. Group 4: Regulatory Challenges - New products in the "Guzi" economy often fall into regulatory blind spots due to unclear definitions and lack of applicable standards, complicating oversight [12][14]. - The absence of targeted quality standards for emerging products like AI dialogue toys makes it difficult to determine which regulatory body should oversee them [14]. Group 5: Regulatory Measures - Regulatory authorities in regions like Zhejiang and Beijing are taking steps to ensure the quality and safety of "Guzi" products, including regular inspections and the requirement for compliance with product quality laws [16]. - There is a call for the establishment of industry standards to ensure manufacturers have clear guidelines to follow, alongside increased scrutiny of sales channels, especially online platforms [16].

Core Viewpoint - The "Guzi" economy, referring to the consumption culture and economic form surrounding secondary dimension IP peripheral products, is rapidly growing in China, with a market size projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029. However, concerns regarding product quality and safety regulations are increasingly prominent [1][4]. Group 1: Market Overview - The "Guzi" economy is characterized by the popularity of products such as badges, standees, cards, and figurines among young consumers, particularly minors [1][2]. - The rapid growth of the "Guzi" economy has led to a significant increase in consumer interest, making it a noteworthy new consumption phenomenon [1]. Group 2: Quality Concerns - There are significant quality discrepancies in "Guzi" products, with reports of issues such as stains, paint peeling, severe color differences, and material shrinkage [2][4]. - Some consumers have raised health concerns, suspecting that certain "Guzi" products may contain harmful substances like excessive formaldehyde [4][5]. Group 3: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often result from the use of unqualified materials and lack of proper quality certification [5][6]. - Some products may contain harmful chemicals, including formaldehyde and heavy metals, posing health risks, especially to children [7][8]. Group 4: Regulatory Challenges - The emergence of new "Guzi" products has created regulatory blind spots, as they do not fit neatly into existing categories for children's or educational products [11][12]. - There is a lack of clear standards for these new products, complicating the determination of which regulatory body should oversee them [13]. Group 5: Regulatory Actions - Regulatory bodies in regions like Zhejiang and Beijing are taking steps to ensure the quality and safety of "Guzi" products, including regular inspections and the requirement for compliance with product quality laws [15]. - There is a call for the establishment of industry standards to ensure manufacturers have clear guidelines to follow, as well as increased scrutiny of online sales platforms to prevent the sale of substandard products [15][16].