Core Viewpoint - Quantum Song has diversified its business to cover various user demographics, including services for the elderly, adults, and teenagers, indicating a comprehensive approach to user engagement and revenue generation [1][3]. Financial Performance - For the second quarter of fiscal year 2025, Quantum Song reported revenue of approximately 730 million yuan, a year-on-year decrease of 25.89%, while net profit was about 130 million yuan, an increase of 17.8% [1]. - In 2024, Quantum Song achieved total revenue of 3.795 billion yuan, a year-on-year growth of 23.17%, and a net profit of 386 million yuan, marking a significant year-on-year increase of 455.21% [1]. Business Segments - The company's business includes various platforms such as Qianchi Academy (for elderly users), Letsvan (a trendy toy brand), Zhiqiu Academy (health and wellness products), and Qiniu Academy (financial literacy for adults) [3][5]. - Qianchi Academy and Qiniu Academy are online learning platforms targeting different age groups, with Qianchi focusing on the elderly and Qiniu on adults [5]. Brand Strategy and Acquisitions - Quantum Song acquired a 60% stake in Shenzhen Yiqi Culture Co., Ltd. (Letsvan) for 210 million yuan, integrating it into its financial reports [8]. - The acquisition of Letsvan is seen as a strategic move to tap into the growing trendy toy market, following the success of competitors like Pop Mart and Miniso [9][10]. Market Trends - The toy industry is experiencing significant growth, with Pop Mart reporting a revenue increase of 106.92% and Miniso's TOP TOY achieving a 45% revenue growth [10][11]. - Quantum Song's entry into the trendy toy market is expected to leverage its existing user base of nearly 140 million registered users by attracting more youth and adult consumers [12].

浅探量子之歌商业路径:从卖课卖保健品再并购潮玩的核心逻辑 在线教育平台，也开始卖潮玩了。 3月24，量子之歌宣布对深圳熠起文化有限公司（以下简称"Letsvan"）达成并购投资合作。由于此笔交易创下2025年中国潮玩行业在一级市场的最高融资 纪录，因此受到不小关注。 说到量子之歌，算是激进营销策略下吃到流量红利的典型代表，旗下拥有财商培训-启牛学堂、短视频培训-讲真学堂、中老年兴趣培训-千尺学堂等在线平 台。 流量红利之下，2023年1月25日，成立不到四年的量子之歌，成功登陆美国奈斯达克上市。 不过，翻开近年来量子之歌财报，随着流量红利的消退，企业的转型危机也如影随形。 据最新财报，2025财年二季报显示，量子之歌营收约为人民币7.27亿元，同比减少25.9%，环比减少10.3%。 市场对其价值评估，也反映在股价上，从发行价12.50美元/股，一路跌至目前不到3美元/股。 在传出并购Letsvan之前，量子之歌其实已经开始涉足中老年保健品、游学等业务；如今再布局潮玩，可见其转型心切。 与此同时，这些业务有着诸多共同点，都是毛利极高的产品，都需要巨额营销驱动，更为重要的，都是对"人性"的洞察。 营销驱动，主打 ...