转自：前瞻产业研究院 行业主要上市公司：泡泡玛特(09992.HK);名创优品(09896.HK);奥飞娱乐(002292.SZ);高乐股份 (002348.SZ);元隆雅图(002878.SZ)。 本文核心内容：中国潮玩盲盒行业政策;各省市潮玩盲盒行业政策;政策解读 1、政策历程图 潮玩盲盒行业政策历经多阶段发展。2019年以前，依赖通用法规与市场自发调节，处于早期监管空白与 行业自律阶段。2020-2022年进入地方试点与专项整治期，地方先行探索，2021年上海发布首个地方指 引。2023年构建全国性规范体系，国家市场监督管理总局出台指引规范市场。2025年有文化赋能与出海 支持，提出"潮玩+非遗"模式;还推进标准细化与国际化接轨，如东莞借政策推动技术应用。 2、国家层面政策汇总及解读 | 发布时间 | 发布部门 | 政策名称 | 重点内容解读 | 政策性质 | | --- | --- | --- | --- | --- | | 2022年6月 | 工信部、人力资 源保障部等 | | 围绕健康、育幼、养老等迫切需求、大力发展 | | | | | | 功能食品、化妆品、休闲健身产品、婴童用品、 | | | ...

Core Insights - The Chinese潮玩盲盒 industry has experienced a decline in financing activity in recent years, with a peak of 17 financing events in 2021, dropping to only 2 events in 2024, but showing a slight recovery with 7 events from January to August 2025 [1][2] - The financing amounts have also fluctuated, peaking at 1.36 billion yuan in 2021, but dropping to 60 million yuan in 2024, with 283 million yuan raised in the first eight months of 2025 [2] - The industry is currently in a growth phase, primarily driven by A-round and angel investments, with a total of 30 A-round and 26 angel/seed round financing events [5] - Financing activities are concentrated in major cities such as Shanghai, Beijing, and Zhejiang, with Shanghai leading at 20 events, followed by Zhejiang with 16 and Beijing with 14 [6][8] - The investment focus is predominantly on cultural brands, which account for 54% of the investments, while trendy toys represent 35% [12] - The main investors in the潮玩盲盒 industry are investment firms, with notable participants including Sequoia Seed Fund and Alibaba Entrepreneur Fund, while operational companies like泡泡玛特 and 小红书 also play a role [15] - The industry is witnessing active mergers and acquisitions, with major players like Tencent,泡泡玛特, and万达电影 expanding their market presence through strategic acquisitions [17][19] Financing Trends - The潮玩盲盒 industry is in a growth phase, with A-round and angel investments being the primary focus [5] - The most frequent investment locations are Beijing and Shanghai, followed by Zhejiang [20] - Cultural brands are the main investment hotspots in the潮玩盲盒 sector [20] Mergers and Acquisitions - Large enterprises have a competitive advantage in mergers and acquisitions, with companies like Tencent and泡泡玛特 actively pursuing deals to expand their business footprint [20] - Recent acquisitions include strategic investments by阅文集团 in the毛绒潮玩 brand and万达电影's investment in52TOYS, enhancing their IP development capabilities [19]

Core Insights - Quantum Song (NASDAQ: QSG) has reported its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic shift towards the trendy toy business, which shows promising growth potential [1][2] Financial Performance - For the fiscal year 2025, the company achieved a total revenue of RMB 2.726 billion and a net profit of RMB 357 million; in the fourth quarter, revenue was RMB 618 million with a net profit of RMB 108 million [1] - The newly disclosed trendy toy business generated revenue of RMB 65.78 million in the fourth quarter, 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 is fully concentrating on the trendy toy sector, aiming to create a product-driven growth curve through an expanded IP matrix and deepened self-operated channels [2] - 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] IP Development and Market Penetration - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - Notable collaborations include WAKUKU becoming the first and only official trendy toy partner of the 2025 China Tennis Open, and partnerships with Universal Studios, Yuanqi Forest, and Beijing Fashion Week [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has rapidly increased, surpassing RMB 18 million in August, which is over nine times the amount in 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 America and Southeast Asia through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Supply Chain and Future Outlook - The company 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 [4] - The company aims to continue focusing on the trendy toy strategy, emphasizing product strength, all-channel self-operated expansion, and international growth, aspiring to become a global symbol of trendy culture [4]

Core Viewpoint - The company, 小黄鸭德盈, reported a significant increase in revenue and announced plans to acquire潮玩公司HIDDEN WOOO, aiming to enhance its IP matrix and expand its product line targeting the young consumer market [1] Financial Performance - For the first half of the year, the company achieved a revenue of 82.31 million HKD, representing a year-on-year growth of 37% [1] - The IP licensing business generated revenue of 38.44 million HKD, with a year-on-year increase of 46%, and the number of licensed partners grew to 577 [1] - The retail business revenue reached 43.87 million HKD, marking a 31% year-on-year growth, focusing on潮玩盲盒, plush toys, AI toys, and light home goods [1] Acquisition Details - The planned acquisition of HIDDEN WOOO is expected to enhance the company's IP matrix and expand its潮玩 product line [1] - After the transaction, HIDDEN WOOO's founder, 黄嘉乐, will become the Vice President of the group, responsible for the潮玩 business segment [1] - The collaboration aims to develop innovative潮玩 products, including盲盒, vinyl figures, collectible sculptures, and trendy accessories [1] Market Expansion Strategy - With the support of 小黄鸭德盈, HIDDEN WOOO plans to accelerate its overseas market expansion, particularly in Europe [1] - The strategy includes establishing brand flagship stores and creating immersive retail spaces combined with localized marketing activities to deepen brand recognition and emotional connection [1]

Core Viewpoint - The article discusses the supply situation of IPs in the trendy blind box market, highlighting three main sources of IPs: classic famous animation characters, current blockbuster film and animation characters, and original characters created by artists [2][12]. IP Supply - The three sources of IPs have distinct advantages: classic IPs rely on cultural accumulation, blockbuster IPs leverage content popularity, and original IPs thrive on design innovation [2][12]. - Companies like Pop Mart utilize a "self-owned IP + co-branding" strategy for revenue diversification, while 52TOYS focuses on authorized IPs to solidify its niche market [2][12]. Raw Material Supply - The raw material supply for trendy blind boxes is categorized into basic materials, special materials, and auxiliary materials, with a market characterized by dispersed basic materials and concentrated high-end materials [5][7]. - Major brands, such as Pop Mart, establish deep ties with core suppliers to create competitive advantages, while smaller players benefit from industrial clusters in regions like Dongguan to reduce costs [5]. Production Supply - China has a vast toy manufacturing industry with over 70,000 toy manufacturers, providing a solid supply chain for trendy blind boxes [8]. - The ability of manufacturers to quickly respond to market demands through flexible production capabilities helps lower costs and ensures stable product supply [8][12]. Sales Channel Supply - The sales channels for trendy blind boxes are characterized by a multi-channel integration, driven by IPs, policy regulation, and technological innovation [9][12]. - Pop Mart's strategy includes a combination of online and offline sales, with plans to expand its physical stores and robot stores significantly by 2025 [11]. - Innovative sales tactics, such as pop-up stores and limited-time offers, have proven effective in driving consumer demand and enhancing sales [11].

Core Viewpoint - The Chinese潮玩盲盒 (trendy blind box) industry is experiencing rapid growth, driven by a young consumer base and diverse product offerings, with a projected market size of approximately 280 billion yuan by 2024 [25][36]. Industry Overview -潮玩盲盒 are defined as designer original cartoon figures and artistic dolls, featuring various styles and often linked to popular IPs, enhancing their appeal [2][5]. - The潮玩盲盒 industry is segmented into ordinary and hidden款 (hidden versions) [3]. Industry Chain Analysis - The潮玩盲盒 industry chain includes upstream (raw materials, production equipment, packaging, and IP), midstream (design and manufacturing), and downstream (various sales channels) [5][7]. - Key players in the upstream include suppliers of raw materials like金发科技 and packaging suppliers like万华化学, while midstream players include泡泡玛特 and 52TOYS [7]. Industry Development History - The潮玩盲盒 industry has evolved through three stages: the萌芽阶段 (nascent stage),缓慢发展阶段 (slow development stage), and快速发展阶段 (rapid development stage) [10][12]. - The rapid development phase began in 2015, with泡泡玛特 focusing on IP creation and blind box production, leading to increased popularity [12]. Industry Policy Background - The current policy landscape emphasizes both regulation and innovation, with guidelines established to protect consumers and promote cultural integration [13]. - A notable initiative includes a 10 billion yuan fund to support潮玩 IP's global expansion, aiming for over 30% of revenue from overseas by 2030 [13]. Current Industry Status - Major潮玩盲盒 brands include泡泡玛特, 52TOYS, and TOP TOY, each with unique IP strategies [16][18]. - The consumer demographic is predominantly young, with 75% of buyers being female and the largest age group being 18-24 years old [22]. Market Size - The潮玩盲盒 market was valued at approximately 97 billion yuan in 2021, with projections indicating it could reach around 280 billion yuan by 2024 [25]. Competitive Landscape - The潮玩盲盒 industry is characterized by a tiered structure, with泡泡玛特 leading the market, followed by名创优品 and other companies like奥飞娱乐 and高乐股份 [26][28]. - The majority of潮玩盲盒 companies are concentrated in Guangdong, Hainan, and Shandong provinces [29]. Future Development Trends - The潮玩盲盒 industry is expected to see deeper market penetration, ecological operation models, and technological innovations such as AI and AR [31][36]. - The market is projected to grow to 576 billion yuan by 2030, with a compound annual growth rate of approximately 12.5% [36].

Core Viewpoint - The convenience of online shopping does not diminish the appeal of physical stores, which continue to attract consumers by offering unique experiences and services that cannot be replicated online [1] Group 1: Consumer Behavior - Consumers today are purchasing not only products but also experiences and emotions, seeking both cost-effectiveness and emotional value in their shopping [1] - The diverse needs of consumers can be understood through their shopping habits, indicating a broad opportunity for physical stores to cater to these demands [1] Group 2: Business Opportunities - Physical retail stores can enhance shopping experiences by leveraging their unique advantages, such as providing fresh and comfortable experiences and services [1] - By creating new shopping scenarios and models, physical stores can boost consumer engagement and contribute to economic growth [1]

Core Viewpoint - The retail landscape is experiencing a significant transformation, with physical stores becoming increasingly popular among consumers, particularly the younger demographic, due to enhanced shopping experiences and emotional value derived from in-store interactions [9][12][16]. Group 1: Retail Trends - The toy and trendy products industry is witnessing explosive growth, emerging as one of the most dynamic sectors in the new consumption landscape [4]. - Consumers are increasingly drawn to physical stores for the unique experiences they offer, such as fresh seafood selections in supermarkets and interactive shopping in toy stores [10][13]. - The trend of "eating goods" among the younger generation reflects a shift towards purchasing trendy toys as a form of social currency [13][14]. Group 2: Consumer Behavior - Young consumers are prioritizing convenience and quality, with supermarkets adapting their offerings to meet these demands, such as providing fresh seafood directly from supply bases [10][12]. - The emotional and interactive aspects of shopping in physical stores, such as observing live seafood or engaging with products, are key factors that online shopping cannot replicate [11][12]. - In the toy sector, the popularity of blind boxes and limited edition items has created a culture of excitement and community among young shoppers [13][14]. Group 3: Service and Experience - Physical stores, particularly in the mother and baby segment, are enhancing customer experiences through personalized services and professional guidance, which are highly valued by parents [15][16]. - The integration of additional services, such as child massage in mother and baby stores, is becoming a strategy to attract and retain customers [16]. - Retailers are focusing on optimizing service quality and product safety to convert first-time visitors into repeat customers [16].

Core Insights - The convenience of online shopping has not diminished the appeal of physical stores, which continue to attract consumers due to unique experiences and services [1] - Consumers today seek not only products but also experiences and emotions, emphasizing both cost-effectiveness and emotional value in their purchases [1] - Physical retail stores are leveraging their advantages to enhance shopping experiences, creating new consumption scenarios and models that contribute to economic growth [1] Group 1 - The rise of online shopping has made purchasing easier, yet physical stores remain vibrant and popular among consumers [1] - Consumers are increasingly valuing the experience and emotional satisfaction associated with shopping, beyond just the products themselves [1] - By creating engaging shopping environments and providing face-to-face services, physical retailers are enhancing customer experiences and driving consumer interest [1] Group 2 - The diverse needs of consumers can be understood through their shopping habits, revealing significant opportunities for physical retail [1] - By capitalizing on their unique strengths, physical stores can offer fresh and comfortable experiences, boosting consumer engagement and economic activity [1]

Core Insights - The Chinese consumer market is experiencing significant growth, driven by changing consumption patterns and the emergence of new consumption models such as trendy toys, jewelry, and pet-related products [1][3][10] - L Catterton, the largest private equity firm in the global consumer goods sector, has invested over $37 billion and completed more than 300 investments in the consumer industry, focusing on notable Chinese brands [1][10] - The investment environment in China is considered favorable, with a large middle class and increasing consumer spending potential, despite the current low percentage of consumption in GDP [10][11] Investment Trends - The younger generations, particularly those born in the 1990s and 2000s, exhibit strong consumption willingness, prioritizing emotional value over functional benefits [3][4] - Traditional consumption categories like liquor and tea are experiencing a decline, while sectors like dining and trendy products are thriving, indicating a shift in consumer preferences [4][10] - The investment strategy of L Catterton focuses on three main areas: consumer brands, consumer services, and consumer concepts, with a strong emphasis on high-quality domestic brands [8][10] Market Dynamics - Cities like Guangzhou and Chengdu are emerging as international consumption centers due to their industrial strengths and vibrant cultural scenes, respectively [6][10] - The collaboration between L Catterton and LVMH enhances the investment firm's ability to identify and support promising consumer brands through strategic resources and expertise [7][8] - The Chinese market is characterized by rapid innovation in business models, including the use of digitalization and AI in manufacturing and the growth of e-commerce and live-streaming platforms [11][12] Challenges and Opportunities - Foreign investment firms are encouraged to adopt a focused investment approach rather than a broad one, emphasizing the importance of industry expertise and value creation [12] - The potential for exit strategies is diversified, with over 50% of projects historically exiting through mergers and acquisitions, highlighting the importance of industry alignment [12]