文 | 蓝鲨财经社 简安 随着大模型等AI技术取得突破式进展， AI玩具逐渐从概念走向市场。尤其今年以来，多款热门爆款AI玩具的出现，让其成为当下增速最快的赛道之一， 2025年也被视为 "AI玩具元年"。 然而，剥开光鲜的外衣，硬件困境、渠道短板、用户接受度低等一系列问题浮出水面。这些暗藏的问题和挑战，都昭示着一个无法回避的事实：AI玩具 市场看着很美，但离真正的成功还很遥远。 风口上的狂欢 AI玩具这场风，其实从去年就已经刮起来了。 据蓝鲨财经社不完全统计，2024年至今，国内AI玩具赛道已发生至少31起投融资事件，其中2025年以来的主要投融资就有16起，且不乏多起亿级、千万 级投资，投融资数量和金额双增长。 编辑 | 卢旭成 "所有行业都值得用AI重做一遍。"这句话在当下AI浪潮下重新得到印证，其中最典型的案例就是：AI玩具。 | 序号 | 企业 | 代表产品 | 融资金额 | 融资轮次 | 融资时间 | 投资方 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 跃然创新(Haivivi) | BubblePal | 未披露 | 未公开事件 | 2 ...

Group 1 - The core viewpoint of the article highlights that the company, Tom Cat, reported a significant decline in both revenue and net profit for the first three quarters of 2025, with revenue at 697 million yuan, down 19.77% year-on-year, and a net loss of 43.94 million yuan, a decrease of 152.61% compared to a profit of 83.51 million yuan in the same period last year [2] - In Q3 2025, the company experienced a net loss of 13.61 million yuan, representing a year-on-year decline of 234.06% [2] - The company operates as a comprehensive IP ecosystem operator centered around the "Talking Tom Cat Family" IP, focusing on both online and offline development to meet cultural and entertainment needs [2] Group 2 - The company has acknowledged that intense competition in the mobile internet sector, rising user acquisition costs, and the competition for user attention from emerging entertainment formats like short videos and short dramas have adversely affected the market performance of its existing casual game products [2] - Some of the company's products are nearing the end of their life cycle, while new business ventures are still in the cultivation phase, which collectively impacted the company's performance in the first half of the year [2] - The company is actively promoting its AI robot product, which has shown rapid growth in online channels, with transaction volumes increasing by 137%, 96%, and 163% from March to May [3]

Core Insights - The company is focusing on AI emotional companion robots, with significant sales growth in this segment, particularly during the "6·18" shopping festival, where the "Tom Cat AI Companion" achieved over 1.8 million yuan in sales in a single live stream [1] - The global AI companionship market is projected to grow from $30 million in 2023 to between $70 billion and $150 billion by 2030, with an annual growth rate of 200% to 236% [1] - The company is transitioning from a gaming-focused business model to include AI products, aiming to enhance user interaction and emotional value [5][11] Company Background - The company originated in the gaming industry, launching over 20 mobile applications since 2010, with cumulative downloads exceeding 25 billion and a peak monthly active user count of 470 million [2] - Revenue is primarily generated through in-app advertising and purchases, with advertising revenue accounting for 74.06% of total revenue in 2024 [2] Financial Performance - The company has experienced a decline in main business revenue and net profit due to increased competition and market saturation in the mobile internet sector [3] - In 2024, advertising revenue decreased by 18.18%, while game publishing revenue grew by 2.1% [3] AI Strategy - The company began developing AI voice interaction companion robots in 2023, collaborating with West Lake Heart to create emotional companion models [3] - The first consumer-grade AI hardware was launched in December 2024, with plans to expand the product line to include various IP characters and usage scenarios [4] Market Trends - The AI companionship market is expected to reach a trillion-dollar scale by 2027, covering various segments such as AI companionship for the elderly and children [4] - The company aims to capture at least 10% of the AI companionship market, which is anticipated to be a significant growth area [10] Product Development - The company is focused on creating AI products that resonate emotionally with users, particularly targeting children aged 3-8 [5][6] - The transition from "talking Tom Cat" to "chatting Tom Cat" reflects a strategic shift towards enhancing interactive capabilities and emotional engagement [11] Challenges and Innovations - The company faces challenges such as technological maturity and talent shortages but is actively investing in AI model development and recruiting industry experts [8] - Continuous investment in R&D is seen as crucial for long-term growth, with a focus on understanding user needs and avoiding pitfalls of overcomplication in product features [7]

Core Viewpoint - The collaboration between Tom Cat (300459) and Yushu Technology focuses on developing a companion robot that integrates AI voice interaction, emotional support, and environmental perception capabilities [1] Group 1: Company Collaboration - Tom Cat has confirmed its partnership with Yushu Technology to test the functionality of the robotic dog product [1] - The aim is to explore the integration of both companies' core functionalities to create a comprehensive companion robot [1] Group 2: Technological Development - The company possesses significant core advantages and technical reserves in AI voice interaction and emotional companionship [1] - Initial research and secondary development work have been conducted, including functional testing, interface adaptation, and system integration [1] - The robotic dog product has achieved voice control functionality in collaboration with Tom Cat's AI robots [1]

Group 1: Game Development and Revenue Growth - The in-app purchase revenue from the Tom Cat family IP games saw year-on-year growth of 27% in April and 24% in May [3] - The company is focusing on the development of new in-app monetization products, including "Jin Jie Cat Enlightenment Garden" and "Tom Cat Town," which are expected to further increase in-app revenue [3] - A new virtual pet game, "Tom Cat Mobilization 2," is set to launch in 2025, aiming to expand the user base and market influence [3] Group 2: AI Robot Sales Performance - The sales of Tom Cat AI robots have shown significant growth, with transaction volumes increasing by 137%, 96%, and 163% from March to May [4] - The company is expanding its offline sales channels, with the AI emotional companion robot now available in over 30 airport stores and other retail locations [4] Group 3: AI Robot Collaboration and Development - The company is collaborating with Yushu Technology on a robotic dog project, integrating voice control capabilities with the Tom Cat AI robot [6][5] - The AI robot's features include advanced movement capabilities and emotional support, targeting applications in elder care and home companionship [6] Group 4: Market Outlook and Competitive Advantages - A survey by Tencent Research Institute predicts the AI companionship market will reach a scale of 100 billion by 2027, highlighting the advantages of AI companionship over traditional methods [7] - The Tom Cat AI robot has several innovative features, including long-term memory and proactive interaction, enhancing user engagement [8] - The product leverages the Tom Cat IP, which has a large global fan base, and utilizes a specialized emotional support model for voice interaction [8][9] Group 5: Future Product Development Plans - The company has conducted over 480 updates to the first-generation Tom Cat AI emotional companion robot since December, indicating rapid iteration [10] - Future plans include launching AI robots with different IP characters, portable models, and AI solutions for data security and low-latency applications [10] Group 6: Programmatic Advertising Business - The company’s subsidiary, Aurion11, is exploring the commercialization of programmatic advertising services using machine learning and big data analytics [12] - Aurion11 aims to enhance advertising monetization for mobile application clients, currently engaging with potential clients in the gaming industry [12]