9月17日，头部潮玩企业量子之歌公布截至2025年6月30日的2025财年第四季度及全年财报。公司表示，随着全面聚焦潮玩业务，战略转型进入关键落地 期，潮玩业务首次披露即展现成长性，标志着向潮玩赛道全面聚焦的路径已清晰显现。 量子之歌集团董事长李鹏对上证报记者表示："第四季度标志着公司战略转型的关键落地，潮玩业务首次披露即展现强劲成长性，自营模式加速推进，公 司进入产品驱动发展阶段。未来我们将全面聚焦潮玩赛道，通过IP矩阵扩容、自营渠道深化与国际化拓展，持续构建品牌力和用户触达能力，为股东创造 长期价值。" 具体来看，在IP孵化与产品开发方面，公司已构建了涵盖11个自有IP和4个授权IP的多元矩阵，运营超过40个盲盒产品线与30款毛绒吊卡产品。其中，明 星IP WAKUKU自2024年底起快速破圈，2025财年四季度三个月内实现营业收入4296万元，其毛绒二代狐狐兔兔捣蛋日记自今年5月上市以来累计销量突 破100万盒；全新IP SIINONO自7月首发后，目前累计销量破30万盒；原创长青IP又梨通过高端品牌联名与内容焕新持续成长，2025财年四季度实现营业 收入1751万元。 中国网球公开赛与Letsvan奇 ...

Core Viewpoint - Quantum Song (NASDAQ: QSG) is undergoing a strategic transformation focusing on the trendy toy business, which has shown growth potential in its first disclosure, marking a clear path towards this focus [2][3] Financial Performance - For the fiscal year 2025, the company achieved a total revenue of 2.726 billion yuan and a net profit of 357 million yuan; in Q4, revenue was 618 million yuan with a net profit of 108 million yuan [2] - The newly disclosed trendy toy business generated revenue of 65.78 million yuan in Q4, accounting for approximately 10.6% of total revenue [2] Strategic Focus - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island," while restructuring its non-trendy toy business to concentrate resources on high-growth areas [2] - The chairman emphasized that the fourth quarter marks a critical phase in the company's strategic transformation, with a focus on product-driven development and brand strength [3] IP Development and Product Strategy - 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 [3] - The star IP WAKUKU generated revenue of 42.96 million yuan in Q4, with its plush product achieving over 1 million units sold since its launch [3] - The new IP SIINONO showed explosive performance, selling 10,000 units in just 10 minutes on Douyin, with total sales exceeding 300,000 units [3] Market Penetration and Partnerships - The company is enhancing its IP reserve and market penetration through three strategies: increasing original investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [4] - Notable partnerships include WAKUKU becoming the official trendy toy for the 2025 China Tennis Open and collaborations with Universal Studios and popular series [4] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV surged to over 18 million yuan by August, a ninefold increase [6] - The company is expanding its offline presence through distributor partnerships, with over 10,000 terminal networks and plans to open at least three self-operated stores by the end of December [6] - Internationally, the company has entered North America and Southeast Asia through platforms like TikTok and Shopee, with a distribution network expanding to over 20 countries [6] Future Growth Projections - The company projects Q1 2026 revenue from the trendy toy business to be between 100 million and 110 million yuan, with total revenue for fiscal year 2026 expected to be between 750 million and 800 million yuan [7] - The focus will remain on trendy toys, product-driven growth, and international expansion, aiming to become a global symbol of trendy culture [7]

Core Viewpoint - Quantum Song (NASDAQ: QSG) demonstrates strong growth potential in its newly disclosed潮玩 (trendy toy) business, marking a strategic transformation for the company [2][7]. Financial Performance - For the fiscal year 2025, Quantum Song achieved total revenue of 2.726 billion yuan and a net profit of 357 million yuan. In Q4, revenue was 618 million yuan with a net profit of 108 million yuan. The潮玩 business contributed 65.78 million yuan, accounting for approximately 10.6% of total revenue [4][6]. Strategic Focus - The company is concentrating on the潮玩 sector, having fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island." This strategic focus aims to enhance resource allocation towards high-growth areas [6][7]. IP Development and Product Strategy - Quantum Song has established a diverse IP matrix with 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush toy products. Notable IPs like WAKUKU and SIINONO have shown rapid sales growth, with WAKUKU generating 42.96 million yuan in Q4 and SIINONO selling 100,000 boxes within 10 minutes of launch [8][12]. Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original content investment, advancing IP licensing collaborations, and deepening cross-industry partnerships. Collaborations include partnerships with major events like the 2025 China Tennis Open and brands such as Universal Studios and元气森林 [12][13]. Channel Expansion and Internationalization - Since April 2025, the company has seen a significant increase in GMV, surpassing 18 million yuan in August, a ninefold increase since April. The online marketing efforts have resulted in over 690 million total exposures across platforms. The company is also expanding its offline presence with plans to open at least three self-operated stores by the end of December [14][16]. Supply Chain and Growth Projections - Quantum Song 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. The company projects潮玩 business revenue of 100 to 110 million yuan for Q1 2026 and total revenue of 750 to 800 million yuan for the fiscal year 2026 [16].

Core Viewpoint - Quantum Song (NASDAQ: QSG) is undergoing a strategic transformation focusing on the潮玩 (trendy toy) business, which is now entering a critical implementation phase, as evidenced by its financial performance and operational developments [1] Financial Performance - For the fiscal year 2025, the company reported total revenue of RMB 2.726 billion and a net profit of RMB 357 million, with Q4 revenue at RMB 618 million and net profit at RMB 108 million [1] - The潮玩 business generated revenue of RMB 65.78 million in Q4, 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 has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island" [1] - A restructuring of non潮玩 businesses is underway to concentrate resources on high-growth areas, further clarifying the strategic focus [1] IP Development and Product Strategy - 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] - The star IP WAKUKU generated revenue of RMB 42.96 million in Q4, while the plush product "Fox Rabbit Diary" sold over 1 million boxes since its launch in May [2] - The new IP SIINONO achieved explosive sales, with 10,000 boxes sold out in 10 minutes on Douyin, and cumulative sales exceeding 300,000 boxes [2] Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three strategies: increasing original content investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - WAKUKU has become the first and only official潮玩 partner of the 2025 China Tennis Open, marking a significant integration of潮玩 with top international sports events [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has surged, surpassing RMB 18 million in August, which is over nine times the figure from 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 American and Southeast Asian markets through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Growth Guidance - The company projects潮玩 business revenue of RMB 100 million to RMB 110 million for Q1 of fiscal year 2026, with total revenue expectations of RMB 750 million to RMB 800 million for the entire fiscal year [5] - The focus will remain on潮玩 strategy, emphasizing product-driven growth, full-channel self-operation, and international expansion [5]

全面聚焦潮玩打造产品驱动新增长曲线 截至财报发布之日，公司达成全资控股深圳熠起文化有限公司（"Letsvan"）的相关安排，并完成品牌 升级，中文品牌名焕新为"奇梦岛"。 在IP孵化与产品开发方面，公司已构建了涵盖11个自有IP和4个授权IP的多元矩阵，运营超过40个盲盒 产品线与30款毛绒吊卡产品。明星IP WAKUKU自2024年底起快速破圈，2025财年4季度三个月内实现 营收4,296万元，其毛绒二代狐狐兔兔捣蛋日记自今年5月上市以来累计销量突破100万盒；全新IP SIINONO7月首发即现爆发性表现，抖音自营店10分钟售罄1万盒，目前累计销量破30万盒；原创长青IP 又梨通过高端品牌联名与内容焕新持续成长，2025财年4季度三个月实现营收1,751万元，展示出长期生 命力。 公司通过三大策略持续增强IP储备与市场渗透：一是加大原创投入，于北京、杭州、深圳设立设计中 心，有效加速IP产品迭代与创意转化；二是推进IP授权合作，拓展不同风格、品类与区域的独家授权机 会，并与艺术家共创首发产品；三是深化跨界合作，公司已与体育、娱乐和消费品牌展开深度联动： WAKUKU成为2025中国网球公开赛首个且唯一官 ...