7月19日，量子之歌(NASDAQ:QSG)在上海MINISO LAND全球壹号店线下首发全新的潮玩原创IP—— SIINONO(赛诺诺)。当天这家门店销售数千个SIINONO盲盒，拉动店铺单日销售额环比上涨31.3%。 李承儒认为，在资本的加持下，潮玩企业能否在"创意孵化—生产制造—终端触达"的全链条构建竞争护 城河，正成为他们产品能否快速接触消费者，迅速扩大市场份额的关键变量。 当前量子之歌入局潮玩产业，采取"专业的人做专业的事"的策略，即Letsvan继续专注于设计满足民众 情绪价值的潮玩IP，与乐华娱乐设立的合资公司负责明星代言与市场推广，量子之歌则聚焦结构优化与 提升资源效率，拓展多元消费场景和全球化布局，强化长期增长的质量与可持续性等模块。 转型征途 2023年初，量子之歌在美国纳斯达克证券交易所IPO上市。 这也是量子之歌向新消费领域转型、寻求第二增长曲线的最新尝试。 6月6日，量子之歌发布最新财报显示，截至一季度末，公司以2.35亿元现金完成对深圳熠起文化有限公 司(下称"Letsvan")约61%股权的控股收购。这既意味着后者经营业绩及现金流从4月1日起纳入量子之歌 集团合并财务报表，也显示 ...

Core Viewpoint - WAKUKU has rapidly gained popularity among Generation Z, driven by its unique branding and effective celebrity marketing strategies, while Quantum Song, the parent company, faces significant challenges in its core education business despite the surge in interest for WAKUKU products [2][4][10]. Group 1: WAKUKU's Market Performance - WAKUKU's blind boxes are sold out across various online and offline channels, with reports of a half-month stockout period and limited restocking quantities [2][4]. - The price of certain WAKUKU items, such as the "Sweetheart Rabbit" tag, has seen significant increases, with second-hand prices rising from approximately 150 RMB to around 320 RMB, reflecting a 1.5 times increase from the original price of 129 RMB [5][9]. - WAKUKU's marketing strategy includes collaborations with celebrities, which has effectively boosted brand visibility and appeal among consumers [4][10]. Group 2: Quantum Song's Business Challenges - Quantum Song's core education business has been declining, with a reported 39.6% drop in revenue year-over-year for the third quarter of fiscal year 2025, amounting to approximately 571 million RMB [8][9]. - The number of paid students has drastically decreased from 1.7 million in June 2024 to 300,000 in early 2025, indicating a loss of nearly 1.5 million users within a year [10][13]. - Complaints regarding misleading marketing practices have surged, with significant refund requests reported, highlighting a growing trust issue among consumers [10][13]. Group 3: Market Outlook and Strategic Moves - The Chinese collectible toy market is projected to grow from 174.2 billion RMB in 2024 to 335.7 billion RMB by 2029, presenting a potential growth avenue for Quantum Song through its acquisition of WAKUKU [7]. - Despite the initial market excitement following the acquisition, Quantum Song has yet to see substantial financial contributions from WAKUKU, raising questions about the sustainability of its business model [7][10]. - The company is at a crossroads, needing to rebuild trust in its education services while effectively managing the dual focus on both education and the emerging toy market [13].

Group 1 - The article highlights the rise of Liu Yuning as a significant figure in the entertainment industry, showcasing his evolution from a singer to a versatile artist who resonates with audiences through various media [1][5][7] - Liu Yuning's ability to connect with fans is emphasized, portraying him as a dedicated idol who values his audience, which contributes to his popularity and loyalty among fans [5][7] - The narrative illustrates Liu Yuning's journey as a metaphor for overcoming challenges and achieving success, likening it to a mythical tale of transformation and resilience in the face of adversity [7] Group 2 - The article discusses the impact of Liu Yuning's performances and his role in popular dramas, particularly noting his emotional engagement with the audience during significant moments [3][5] - It mentions the collective experience of fans during the farewell of the drama "A Thought on the Mountain," where Liu Yuning's leadership in a live-streamed reunion highlighted his commitment to the project and its cast [3] - The piece reflects on the broader cultural phenomenon of internet celebrities and their ability to captivate and influence public sentiment, with Liu Yuning serving as a prime example of this trend [1][7]

量子之歌为能够为服务赋能，通过技术创新优化服务流程，例如利用智能算法匹配用户学习进度、搭建 线上知识库与线下交流活动联动的服务机制，既保留了教育服务的温度，又提升了知识传播的效率。在 课程设计上，注重内容的趣味性与实用性平衡，通过模块化教学、案例解析等形式增强用户参与感，切 实帮助不同年龄层、不同需求的群体实现终身学习目标。 在巩固教育、健康消费等核心业务的同时，量子之歌基于对消费市场的深度洞察，积极探索新兴领域的 发展机遇。目前，公司已启动潮玩领域的初步尝试，后续将通过研究年轻消费群体的兴趣偏好，开发具 有文化内涵与收藏价值的创意产品。 未来，量子之歌将继续以创新为驱动力，在现有业务框架内持续优化产品与服务，通过技术赋能提升运 营效率，为更多用户创造价值。公司将始终秉持长期主义理念，稳步推进可持续的业务发展策略，逐步 实现成为"大人们最喜爱和信赖的长期伙伴"的愿景。 作为国内知名的综合服务提供商，量子之歌始终以用户需求为核心，通过旗下千尺学堂、启牛学堂、讲 真学堂等成熟业务板块，构建起覆盖终身教育、健康消费等领域的服务体系。公司依托"线上+线下"融 合模式，持续优化服务体验，并在既有业务框架内探索多元化发展 ...

以下文章来源于新经济IPO ，作者新经济IPO 新经济IPO . 新经济、新技术、新金融动向、趋势、IPO观察 作 者 | 新经济IPO 来源 | 新经济IPO 导 语：量子之歌目前的业务布局，已覆盖用户人生的各个阶段。 如果说，千尺学堂、芝秋堂是服务中老年用户，启牛学堂、讲真是服务成人用户，那Letsvan、 Kelly's Education（量子之歌2023年收购的香港在线教育品牌）就是服务青少年用户。不夸张地 说，量子之歌目前的业务布局，已覆盖用户人生的各个阶段。 量子之歌官网披露的集团业务包括：千尺学堂（银发兴趣学习平台）、Letsvan（原创潮玩商品）、 芝秋堂（健康养生产品）、启牛学堂（金融素养学习平台）。 其中，千尺学堂、启牛学堂均为在线学习平台，前者面向中老年人推出站桩、书法、钢琴课程，后 者面向成人推出金融素养知识，包括0基础训练营、精品课程、实战训练营。 值得注意的是，启牛学堂、伴财学堂曾是量子之歌起家的最大核心业务。如今，启牛学堂在量子之 歌的排位却在千尺学堂、Letsvan、芝秋堂之后，这是否意味着，曾经撑起量子之歌主要营收的财商 教育，如今已成为集团边缘业务？ 笔者注意到，伴财学堂 ...