Core Viewpoint - The popularity of the collectible toy brand Labubu has surged globally, with celebrities endorsing it, leading to a significant increase in demand and subsequent issues with scalpers [1][4][11] Company Developments - TOP TOY, a collectible toy brand under Miniso, is reportedly seeking to go public in Hong Kong, having engaged JPMorgan and UBS for its IPO process [1][4] - TOP TOY aims to introduce new investments from sovereign wealth funds before selling shares, marking its second attempt at an IPO since March [1][4] - The brand was established in December 2020 and has expanded its product offerings significantly, with around 11,000 SKUs by the end of last year [4] Financial Performance - TOP TOY's revenue for 2024 is projected to grow by 44.71% to 984 million RMB, with GMV increasing by 41.04% to 814 million RMB [4][5] - The total number of transactions increased by 56.71% to approximately 19.9 million, although the average transaction value decreased by 9.73% to 109.5 RMB [4][5] - Compared to competitors, TOP TOY's performance lags behind leading companies like Pop Mart, which reported revenues of 13.038 billion RMB in 2024 [4][6] Market Position and Strategy - TOP TOY's self-owned IP accounts for a low single-digit percentage of its revenue, relying heavily on third-party brand products [6][8] - The company plans to differentiate itself by focusing on global IPs rather than developing its own, aiming to create products through reinterpretation of existing popular IPs [8][9] - TOP TOY has ambitious plans to open over 1,000 stores globally within five years, with expectations that overseas sales will exceed 50% of total sales [9][10] Competitive Landscape - The collectible toy market is competitive, with companies like Pop Mart and 52TOYS also pursuing IPOs and expanding their market presence [1][11] - Pop Mart's revenue from overseas markets has seen significant growth, indicating a trend among collectible toy brands to expand internationally [10][11]

Core Viewpoint - The release of the "Guangdong Animation and Film Policy 15 Measures" is timely and aims to inject new momentum into the high-quality development of the animation industry, covering support for all segments of the industry chain [1][4]. Industry Overview - Guangzhou's animation industry has a strong foundation, with a total output value exceeding 300 billion yuan, accounting for about one-fifth of the national total. The city produces over 200 animated films annually, leading the country in both production and broadcast volume [2][3]. - Iconic IPs such as "Pleasant Goat and Big Big Wolf" and "Zhu Zhu Xia" have established benchmarks for the Chinese animation industry, contributing to a golden era of original animation in Guangzhou [2]. Government Support - The government has provided continuous support for the animation industry since 2006, with policies aimed at accelerating the development of software and animation. Recent plans include fostering digital IP in gaming, animation, and related sectors [3][4]. - The "Guangdong Animation and Film Policy 15 Measures" emphasizes the establishment of a "Guangdong-Hong Kong-Macao Greater Bay Area Animation and Film Industry Alliance," promoting collaborative development across the region [4]. Technological Advancements - The use of AI technology in animation production has created new opportunities, as seen in the film "Falling Dust," which features over 1,600 special effects and utilizes an in-house developed intelligent production engine to enhance efficiency [5][6]. Market Trends - There is a growing demand for high-quality original content, with the success of films like "Nezha 2" signaling a shift towards prioritizing content quality in the industry [7]. - The "Guangdong Animation and Film Policy 15 Measures" aims to create original IP content for all age groups, aligning with market trends and audience preferences [7]. Industry Collaboration - Companies like Aofei Entertainment are focusing on strengthening their core IPs while nurturing new talents and expanding into emerging content forms such as short videos and web series [8]. - The "Z economy," driven by manga, animation, and gaming IPs, has become popular among Generation Z consumers, with significant spending observed at events like the Guangzhou Firefly Comic Exhibition [9]. Event Impact - The Guangzhou Firefly Comic Exhibition has seen impressive attendance, with 181,000 visitors over three days and an average spending of 668.71 yuan per person, highlighting the economic potential of the animation and comic sectors [9].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair showcases the growth and potential of the Guangdong cultural industry, with Yongsheng Animation highlighting its original IPs and collaborations to enhance the cultural ecosystem in the region [1][3][4]. Group 1: Company Developments - Yongsheng Animation presented several original anime works and IP derivatives at the fair, attracting significant attention from exhibitors and visitors [1]. - The company signed important partnerships with JD.com and Miniso during the Guangdong key cultural industry project signing event, aiming to build a comprehensive anime industry ecosystem [3][9]. - The company focuses on creating high-quality original anime and restructuring its long-standing IPs to appeal to younger audiences, leveraging Guangdong's cultural resources [4]. Group 2: IP Strategy and Market Impact - The "Pig Pig Hero" IP, which has been popular for 20 years, has evolved into a cultural phenomenon, with its latest film generating high anticipation among audiences [6]. - The IP has achieved over 10 billion instances of its related emoticons being shared online, with topic views exceeding 35 billion, establishing itself as an emotional symbol for users [7]. - Yongsheng Animation's strategy includes age-segmented operations for its IP, creating emotional connections with younger consumers through innovative products and marketing [7][9]. Group 3: Industry Trends - Guangdong's cultural industry is experiencing a qualitative leap, transitioning from cultural output to industrial output, with a focus on interactive content and retail innovations [9]. - The collaboration with JD.com aims to enhance the toy industry through innovative marketing and product development, while the partnership with Miniso seeks to rapidly reach young consumers through a vast retail network [9]. - The overall strategy of Yongsheng Animation emphasizes a "content + industry" approach, extending IP from screens to everyday life, thus creating a sustainable commercial ecosystem [9].