潮玩和 IP 热度源于消费者对内心愉悦感的追求，包括产品喜爱、多巴胺 分泌和社交行为，如收集全套产品或向朋友推荐，这些因素驱动了新消 费潮玩产品的快速成长。 潮玩企业可分为渠道型（如名创优品）、第三方 IP 型（如布鲁可、卡 游）和自有 IP 型（如泡泡玛特）。自有 IP 公司因其稀缺性和持续性，最 具长期价值，通过授权与衍生品销售实现盈利。 为什么像泡泡玛特这样的潮玩能够快速崛起？ 潮玩新消费：从小浣熊到泡泡玛特，潮玩究竟在玩什么？ 20250613 摘要 潮玩市场受益于宏观经济发展，中国人均 GDP 突破 1.2 万美元，消费结 构从必选转向可选，为潮玩行业提供了增长动力，IP 玩具占据中国潮玩 市场约一半的销售份额，盲盒是主要驱动力。 潮玩品牌崛起的核心在于消费者自发营销，通过审美引导、第三方认证 （如上市）和社交传播，降低营销成本，并形成活跃的二手市场，使品 牌能够快速崛起并保持高利润率。 潮玩的核心竞争力包括审美 PUA、第三方认证和自我传播。泡泡玛特通 过独特设计吸引年轻人，上市获得第三方认证，并通过社交属性驱动用 户自发宣传，降低营销成本，促进二手市场发展。 暴力熊和蒙奇奇未能成功的部分原因是缺 ...

Q&A 购物中心的业态变化情况如何？ 根据赢商网大数据的研究，购物中心的业态竞争率自 2019 年以来首次出现整 体负增长，尤其在一线和二线城市的标杆购物中心中尤为明显。这表明线下经 营面临较大的压力和挑战。传统上，我们使用开关店比来衡量业态的上行或下 行趋势，即开店数除以关店数，大于 1 表示上行，小于 1 表示下行。尽管整体 业态竞争率呈现负数，但潮玩和二次元领域表现出色，保持了长期的开店增长 趋势。 潮玩与二次元市场在 2025 年的表现如何？ 截至 2025 年上半年，潮玩与二次元市场继续保持良好的开店势头。特别是 2024 年全年，这两个领域的开店数量显著增加。这些数据滞后于市场反应约 半年，因此可以推测 2023 年整个行业销售水平已经非常理想。潮玩的绝对开 二次元品牌集中度相对较弱，头部品牌单店月销售额约 40-50 万，非头 部品牌仅 10-20 万，差距显著。购物中心与二次元业态合作通常采用固 定租金与租售比两者取高的方式，二次元租金水平低于潮玩。 二次元业态对购物中心意义在于吸引远端客流，通过 IP 活动吸引城市范 围消费者，增量客流范围可达 10 公里以外。南京水游城通过引入二次 元业态 ...

Core Viewpoint - The company reported impressive financial results for 2024, with revenue reaching RMB 2.241 billion, a year-on-year increase of 155.6%, and a net profit of RMB -0.401 billion, up 94.59% year-on-year [1] Financial Performance - The company achieved a revenue of RMB 2.241 billion in 2024, reflecting a 155.6% increase compared to the previous year [2] - The net profit for 2024 was RMB -0.401 billion, which is a 94.59% increase year-on-year [1] Product and IP Focus - The company shifted its focus to character-building toys, with revenue from this segment reaching RMB 2.201 billion, a year-on-year increase of 186.22%, accounting for 98.2% of total revenue [2] - The four major IPs, Ultraman, Transformers, Hero Infinite, and Kamen Rider, contributed significantly to sales, with Ultraman generating RMB 1.096 billion (48.9% of total revenue) and showing a year-on-year growth of 96.83% [3] Sales Channels and Market Expansion - Offline sales through distributors accounted for the majority of revenue, with RMB 2.063 billion from offline channels, a 181.54% increase year-on-year, representing 93% of total revenue [3] - The domestic market saw revenue of RMB 2.177 billion, a 151.27% increase, while overseas revenue reached RMB 0.064 billion, a remarkable 518.16% increase year-on-year [3] Strategic Initiatives - The company introduced the concept of a "product ecosystem" at the global partner conference, emphasizing user needs and innovation in product development [4] - Plans for future growth include expanding product offerings to target female and adult consumers, deepening market penetration in lower-tier cities, and enhancing overseas market presence [4][5] Future Projections - Revenue projections for 2025-2027 are RMB 4 billion, RMB 6 billion, and RMB 7.8 billion, with year-on-year growth rates of 79%, 50%, and 30% respectively [5] - Expected net profits for the same period are RMB 0.95 billion, RMB 1.55 billion, and RMB 2.18 billion, with significant year-on-year growth rates [5]