萌趣的毛绒公仔，能变换表情，陪用户聊天解闷；一只机器狗，既会讲故事、实时回答问题，也是孩子的"成长搭子"……在2025年消费市场中，这些能互 动、能养成的AI玩具正悄然成为年轻人与儿童的新宠，不仅为传统玩具产业注入新活力，也成为撬动百亿级市场的新支点，吸引着多方"玩家"积极布局。 百亿级新赛道 11月19日，工业和信息化部举行新闻发布会，介绍GB 6675《玩具安全》系列强制性国家标准修订情况。 工业和信息化部消费品工业司司长何亚琼在发布会上表示，人工智能及大模型的应用为玩具产品注入新灵魂，显著提升玩具产品交互体验，能互动、能养 成、有性格、有记忆的AI玩具深受年轻人喜爱，已成为行业竞争的新赛道。据统计，2024年我国AI玩具市场规模约246亿元，预计2025年全年将增至290亿 元。 所谓AI玩具，是指集成了人工智能技术的玩具，其能通过语音识别、自然语言处理和情感分析等功能与用户进行互动，提供个性化的学习和娱乐体验。这 类玩具不仅限于传统的儿童玩具，而是通过搭载AI技术，具备智能交互性、个性化和教育功能性等特点。 甬兴证券研报显示，AI玩具在市场上呈现出三种主要形态，玩偶/毛绒玩具、智能挂件和机器人/机器狗 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached approximately $82.5 million, marking a 1.1% year-over-year increase, representing the ninth consecutive quarter of growth [10][4] - Gross margin remained above 48%, with a GAAP net margin of 18.2%, expanding by more than 23.6 percentage points year-over-year [5][17] - Non-GAAP net margin reached 24.4%, supported by improved gross margin and expense efficiency [5][17] - Total operating expenses declined to $36 million, down 34.1% year-over-year, while operating net cash flow grew to $30 million, a 25.7% increase year-over-year [17][18] Business Line Data and Key Metrics Changes - PaaS business generated $59.2 million, a 2.4% year-over-year increase, with 280 premium customers [11] - SaaS and others business generated $11.5 million, a 15.4% increase year-over-year, driven by growth in cloud software products [11] - Revenue from smart solutions reached $11.8 million, with a strategic focus on high-value solutions like AI energy management [12] Market Data and Key Metrics Changes - In the China market, AI Toy showed healthy growth with over 50 customers launching products powered by Tuya [12] - In the European market, demand for AI-powered solutions such as AI cloud storage and AI energy saving solutions continued to rise [13] - In North America, AI-enabled products like smart bird feeders recorded healthy growth [14] Company Strategy and Development Direction - The company continues to embrace AI, with smart devices equipped with AI capabilities accounting for 93.99% of total shipments [7] - A new AI Agent App is in global beta testing, aimed at developing a universal AI life assistant for users [8] - The company is focused on optimizing its expense structure while maintaining key investments in business development [6][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the external environment remains volatile, with cautious customer demand due to macro uncertainties [4] - For Q4 2025, management anticipates a soft demand environment compared to the previous year, but remains optimistic about long-term growth driven by AI adoption [25][27] - The company aims to lower barriers for new users to adopt smart devices through the introduction of an AI assistant [26][37] Other Important Information - The platform had 1.62 million registered developers, a 23% year-over-year increase, with over 12,000 AI agents created [18][19] - The company is focused on maintaining a strong cash position, with a net cash balance above $1 billion [18] Q&A Session Summary Question: Business outlook for Q4 and 2026 customer demand - Management expects soft demand in Q4 due to global macroeconomic uncertainties but is optimistic about growth in 2026 driven by AI adoption [25][27] Question: Details on the AI home agent and its impact - The AI assistant is designed to help users with various home tasks, aiming to simplify the user experience and lower barriers for new users [32][36] Question: Recovery progress in overseas markets, especially North America - Recent tariff agreements provide stability for importers, and management anticipates positive impacts on demand for the next year [47] Question: Latest progress on AI technology and commercialization - AI capabilities are being integrated across all product categories, with significant breakthroughs in sectors like toys [49][50] Question: Reasons for the decline in smart solutions revenue and growth outlook - Management expects a better year in 2026 with less market turbulence and increased AI adoption across various sectors [55][56]

今天分享的是：2025潮玩、谷子、AI玩具，拥抱年轻人爱玩之心-中国银河 报告共计：14页 潮玩、谷子与AI玩具：Z世代消费新浪潮席卷而来 【关于我们】 在当代消费图景中，年轻一代的"爱玩之心"正悄然重塑市场格局。潮玩、谷子与AI玩具作为新兴赛道，凭借其独特的情感价值 与互动体验，迅速成为Z世代追捧的对象。这一现象不仅反映了消费偏好的代际变迁，更揭示出情绪经济在轻工业领域的深远影 响。随着年轻人日益愿意为兴趣与情感买单，玩具不再只是儿童的专属，而是演变为连接社群、表达个性的重要媒介。 潮玩市场近年来展现出强劲的增长势头。以泡泡玛特为代表的品牌，通过IP运营与盲盒模式成功撬动消费者收藏欲望，复购率 持续攀升。数据显示，中国潮玩市场规模从2015年至2022年复合增长率高达34%，2024年预计突破760亿元。Z世代作为消费主 力，其月可支配收入超过3500元，消费力不容小觑。他们不仅追求产品的艺术性与独特性，还通过二手社群交易增强归属感与 认同感。与此同时，潮玩品牌加速线下布局，一线城市门店密集，而下沉市场仍具广阔空间，未来增长潜力显著。 "谷子"作为动漫、游戏衍生产品的统称，亦在年轻群体中掀起热潮。从徽章、海 ...

中信证券发布研报称，2025年Q1-Q3轻工板块收入、利润承压，但其中造纸、包装印刷率先修复，符合 年中的判断。展望2026年，反内卷、创新与出海将成为轻工行业的发展主线。国内市场，反内卷是主旋 律，造纸行业预计底部改善，金属包装行业将迎来春天。AI技术(AI眼镜、AI玩具等)将为行业注入新活 力，而传统赛道的新势能也值得关注，如IP消费、产品的跨界融合与功能性升级；国际市场，产能出海 步入提效阶段，具有性价比优势、技术优势的品牌出海将是重中之重。 中信证券主要观点如下： 业绩回顾：板块整体承压，造纸、包装印刷率先修复。 2025Q1-Q3家居板块净利润由正转负，板块盈利端压力较大；文娱轻工板块营业收入与净利润降幅Q3较 Q2均有所收窄；造纸板块盈利Q1亏损、Q2高增，Q3实现大幅增长，提前于收入修复；包装印刷板块 2025Q1-Q3营业收入同比增长9.6%，净利润同比增长12.7%，表现最亮眼。 展望一：反内卷改善行业供需格局。 金属包装：迎来行业春天。2025年奥瑞金（002701）收购中粮包装后，行业CR3集中度70%以上，我们 预计2026年二片罐行业总产能有望下降至约760亿罐，行业需求有望提升至接 ...

近年来，中国玩具产业规模不断提升，产品种类日益丰富，产品质量长期处于较高安全水平。但同时， 一些不符合标准、产品质量存在较大隐患的劣质玩具的出现，也给孩子们的健康成长带来负面影响。近 期，工业和信息化部牵头加紧对GB 6675.1至GB 6675.4《玩具安全》4项强制性国家标准进行了修订完 善，并于近日经国家市场监督管理总局（国家标准委）批准发布。 "2024年，我国国内市场玩具零售总额达978.5亿元，比2020年增长25.5%；玩具产品出口额达398.7亿美 元，比2020年增长19.1%，超四成产品出口美国、欧盟市场。据有关机构测算，预计2025年全年，我国 国内市场玩具零售总额将超1000亿元。"何亚琼说，新修订发布的标准，相当于以前及格分数线是60 分，现在提升到90分才算合格。 针对社会上较为关注的AI玩具问题，何亚琼说，将鼓励玩具企业和AI技术企业强强联合，融合市场需 求洞察和新技术集成应用的优势，把更多的优秀传统文化融入玩具中，打造更多AI玩具爆款，引领消 费潮流，让孩子们沉浸式体验AI科技、中国文化。同时，会同相关部门加强研判，在指导玩具企业加 强技术防护的同时，适时研究制定相关标准，切实 ...

Market Overview - The main board saw significant gains with notable stocks such as Wantong Technology (+10.04%), Guiguang Network (+10.04%), and Rongji Software (+10.01%) [1] - The ChiNext board led the gains with stocks like Zhongfu Circuit (+20.00%) and Junyi Digital (+14.27%) [1] - The Sci-Tech Innovation board also performed well, highlighted by Qingyun Technology-U (+10.76%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.10%) and SW Optical Components (+0.31%) [1] Domestic News - Semiconductor investment alliance, Xingdong Jiyuan, announced nearly 1 billion yuan in A+ round financing, launching products like the "e-sports hand" and service robots [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan as of September 29, a year-on-year increase of 34.10%, with expected revenue for 2025 between 6.5 billion to 7.1 billion yuan [1] - Jianghua Micro announced the successful completion of project filing for a 37,000-ton ultra-pure wet electronic chemical project, with a construction period of 16 months [1] - The Ministry of Industry and Information Technology noted that the AI toy market in China is expected to grow from 24.6 billion yuan in 2024 to 29 billion yuan in 2025 [1] Company Announcements - Zhongwei Company reported a share buyback and a reduction of 273 shares for a total amount of 78,078 yuan, maintaining a holding ratio of 0.33% [3] - Donghua Software announced a reduction in shareholding by its controlling shareholder from 11.24% to 10.90% [3] - Liard reported an internal restructuring of its cultural tourism night tour segment, with no change in actual control [3] - Ankai Micro announced an increase in financial derivatives trading limits, adding up to 45 million yuan for non-foreign exchange derivatives [3] International News - SK Hynix expects an investment of nearly 600 trillion won (approximately 410 billion USD) in the Longjin semiconductor industry cluster, a fivefold increase from 2019 [2] - Nvidia reported record revenue of 57.01 billion USD for Q3 2025, a 62% year-on-year increase, with data center revenue reaching 51.2 billion USD [2] - Samsung plans to expand its 10nm sixth-generation DRAM monthly production capacity to 200,000 wafers by the end of next year [2] - International DRAM prices have seen an overall increase, particularly in DDR4 components, with DDR4 8Gb rising by 3.68% to an average of 13.293 USD [2]

11月19日，工业和信息化部举行新闻发布会，介绍GB6675《玩具安全》系列强制性国家标准修订情 况。工业和信息化部办公厅副主任龚宪在发布会上表示，为更好促进玩具产业有序发展，保障孩子们的 身心健康，针对玩具产业发展过程中暴露出来的新问题，近期，工业和信息化部牵头加紧对GB6675.1 至GB6675.4《玩具安全》4项强制性国家标准进行了修订完善，并于近日经国家市场监督管理总局(国家 标准委)批准发布。 工业和信息化部消费品工业司司长何亚琼表示，我国建成了全球最为完善的玩具产业链，生产技术先 进、技术工人素质高，产业优势显著，能够为全球消费者提供优质优价的玩具产品。2024年，我国国内 市场玩具零售总额达978.5亿元，比2020年增长25.5%；玩具产品出口额达398.7亿美元，比2020年增长 19.1%，超4成产品出口美国、欧盟市场。据有关机构测算，预计2025年全年，我国国内市场玩具零售 总额将超1000亿元。随着玩具行业4项强制性国家标准的发布实施，我国玩具行业将更加有序增长、融 合创新步伐更快，"十五五"期间会实现更高质量发展。 新标准安全底线再提高 近年来，我国玩具产业规模不断提升，产品种类日 ...

Core Insights - The Chinese domestic toy retail market is projected to exceed 100 billion yuan by 2025, with a retail total of 97.85 billion yuan expected in 2024, representing a 25.5% increase from 2020 [1] - China is a major player in both toy production and consumption, boasting a complete industrial chain and advanced production technologies [1] - The export value of toy products reached 39.87 billion USD in 2024, marking a 19.1% increase from 2020, with over 40% of products exported to the US and EU markets [1] Industry Trends - The variety of toy products in China has significantly increased, covering materials such as plush, fabric, wood, metal, and plastic [1] - Innovative products like educational and smart toys are leading new trends, with the AI toy market expected to grow from 24.6 billion yuan in 2024 to 29 billion yuan in 2025 [1] - The market for collectible toys, represented by blind boxes and figurines, is experiencing rapid growth and becoming a new growth point [1] Market Segmentation - The retail total for trendy and collectible toys and related products in the Chinese domestic market is projected to reach 55.83 billion yuan in 2024 [2] - Local companies with strong innovation capabilities are enhancing China's toy industry's international influence through original IP development and brand management [2]

Core Viewpoint - The Ministry of Industry and Information Technology announced the revision of the mandatory national standard GB6675 for toy safety, highlighting the significant advancements in toy product quality and variety due to new materials, processes, and technologies [1] Industry Developments - The variety of toy products in China has significantly increased, with comprehensive coverage of plush, fabric, wooden, metal, and plastic toys [1] - Innovative products such as educational and smart toys are leading new trends in the industry [1] - The application of artificial intelligence and large models has enhanced the interactive experience of toys, making AI toys that can interact, develop personalities, and have memory particularly popular among young consumers [1] Market Outlook - The market size for AI toys in China is projected to reach approximately 24.6 billion yuan in 2024, with an expected increase to 29 billion yuan in 2025 [1]

有报道称内置AI的玩具提供危险不当指导后，OpenAI切断该开发者访问权限；此举加剧了针对AI的审 查压力。目前OpenAI的合作伙伴美泰（MAT）正在探索AI玩具。（新浪财经） 【观网财经丨智能早报 11月17日】 大疆辟谣"投资者活动"传闻：Avata 360仅为内部体验会 从大疆处获悉，11月中旬，大疆举行了一场内部产品体验活动，核心内容为尚未发布的全景无人机新品 Avata 360，活动性质为内部体验，并非外界所称的投资者会议。大疆指出，近期有媒体援引第三方信 息称公司"就待发布全景无人机召开投资者活动"，并引用了"全球消费级无人机盈利企业只有一家""大 疆不需要跟任何公司联合把这件事做大""Avata 360上市后，在价格上将直接和影石创新无人机影翎 Antigravity贴身肉搏"等表述。大疆表示，上述内容均与事实严重不符，公司保留追责权利。（智通财 经） OpenAI暂停玩具制造商权限，因AI泰迪熊不安全 公司发布的2025财年第三季度财报显示，无论是营收、利润还是对下一季度的展望，均显著高于市场预 期。财报公布后，公司股价在盘后交易中一度上涨4%，反映出资本市场对其AI周期延续的强烈信心。 英 ...