Industry Overview - The toy industry has evolved from simple entertainment tools to multifaceted carriers of emotions, culture, and education, becoming an integral part of human growth [1] - Since the reform and opening up, China has become the world's largest toy producer and exporter, maintaining this status since the 1990s [1] - In 2022, China's toy exports reached a peak of $46.2 billion, representing over 67% of global toy exports, with an annual compound growth rate of 11.6% since joining the WTO [1] Market Dynamics - The rise of adult consumers in the toy market, driven by trends like "Kidult" culture, has led to the emergence of new consumption formats such as trendy toys and blind boxes [2] - China's trendy toy industry has gained international traction, with unique designs and cultural integration, exemplified by the global popularity of LABUBU [2] Export Performance - In 2024, China's exports of dolls and animal toys reached 47.63 billion yuan, a steady growth of 4.9% year-on-year, with significant exports to the US, EU, Japan, UK, and South Korea [3] - Guangdong and Zhejiang provinces are leading in toy exports, with Guangdong's exports growing from 27.33 billion yuan in 2001 to 105.37 billion yuan in 2024 [4][5] Regional Insights - Guangdong's toy export growth is supported by its integrated supply chain and technological innovation, maintaining its position as a key player since the 1990s [4] - Zhejiang has seen a remarkable increase in toy exports, growing 43.3 times since 2001, with a focus on cultural depth and design premium, achieving a compound annual growth rate of 17.9% [5] Future Trends - The Chinese trendy toy industry is transitioning from a "blind box craze" to a phase of "multi-dimensional value creation," indicating a shift towards cultural output and global recognition of Chinese design [6] - The industry is expected to become a pillar of cultural export, alongside animation and gaming, promoting Eastern aesthetics and innovation globally [6]