Core Viewpoint - The 2025 Beijing International Trendy Toy Expo (PTS) serves as a global platform for IP enthusiasts, featuring renowned international IP giants and attracting hundreds of global designers, promoting cultural exchange and interaction within the trendy toy industry [1][3]. Group 1: Event Highlights - The theme of this year's PTS is "Return of Playfulness, Seeking the Wilderness of the Heart," showcasing major IPs from Disney, Universal, Bandai, and others [1]. - Bubble Mart's well-known IPs, including LABUBU, MOLLY, and Xingxingren, were prominently featured, with numerous artists present for signings [3]. - The event aims to enhance fan engagement through upgraded interactive experiences, allowing deeper immersion into the IP world [3]. Group 2: International Participation - Attendees from various countries, such as Russia, expressed excitement about the event, highlighting the global appeal of specific IPs like Hirono [5]. - The presence of international designers and fans indicates a growing interest in trendy toys and IP culture beyond China [5]. Group 3: Market Expansion - Chinese original IPs are accelerating their international presence, with significant success noted for IPs like Labubu in the European market [7]. - The collaboration between Bubble Mart and the Beijing Cultural and Tourism Bureau aims to leverage cultural resources to enhance cultural innovation and economic benefits [7].

Core Viewpoint - The popularity of LABUBU has attracted counterfeit products, prompting the company to emphasize the importance of purchasing through official channels to avoid fraud [1]. Group 1: Counterfeit Product Characteristics - Counterfeit LABUBU products can be categorized into two types: "obvious fakes" and "refined fakes." Obvious fakes are poorly made and easily distinguishable due to flaws such as misaligned features and inferior materials [1]. - Refined fakes closely mimic the original, making them harder to identify. Consumers are advised to check multiple details, including anti-counterfeit codes, labels, and the quality of the brand logo [1]. - A notable feature of genuine LABUBU is the presence of nine teeth, which serves as a key distinguishing factor [1]. Group 2: Verification Methods - Consumers are warned that scanning a QR code on counterfeit products may lead to fake websites that resemble the official LABUBU site, misleading them into believing they are purchasing genuine items [2]. - The official verification methods for LABUBU products include scanning the anti-counterfeit code on the packaging, which should redirect to the official WeChat mini-program in mainland China or to the official customer service page for regions outside mainland China [2][3].

Industry Overview - The toy industry has evolved from simple entertainment tools to multifaceted carriers of emotions, culture, and education, becoming an integral part of human growth [1] - Since the reform and opening up, China has become the world's largest toy producer and exporter, maintaining this status since the 1990s [1] - In 2022, China's toy exports reached a peak of $46.2 billion, representing over 67% of global toy exports, with an annual compound growth rate of 11.6% since joining the WTO [1] Market Dynamics - The rise of adult consumers in the toy market, driven by trends like "Kidult" culture, has led to the emergence of new consumption formats such as trendy toys and blind boxes [2] - China's trendy toy industry has gained international traction, with unique designs and cultural integration, exemplified by the global popularity of LABUBU [2] Export Performance - In 2024, China's exports of dolls and animal toys reached 47.63 billion yuan, a steady growth of 4.9% year-on-year, with significant exports to the US, EU, Japan, UK, and South Korea [3] - Guangdong and Zhejiang provinces are leading in toy exports, with Guangdong's exports growing from 27.33 billion yuan in 2001 to 105.37 billion yuan in 2024 [4][5] Regional Insights - Guangdong's toy export growth is supported by its integrated supply chain and technological innovation, maintaining its position as a key player since the 1990s [4] - Zhejiang has seen a remarkable increase in toy exports, growing 43.3 times since 2001, with a focus on cultural depth and design premium, achieving a compound annual growth rate of 17.9% [5] Future Trends - The Chinese trendy toy industry is transitioning from a "blind box craze" to a phase of "multi-dimensional value creation," indicating a shift towards cultural output and global recognition of Chinese design [6] - The industry is expected to become a pillar of cultural export, alongside animation and gaming, promoting Eastern aesthetics and innovation globally [6]

Core Insights - The article highlights the increasing trend of intellectual property (IP) protection in Beijing, with a significant rise in customs protection applications and enforcement actions against counterfeit goods [1][2]. Group 1: Intellectual Property Protection - In the first five months of this year, Beijing reported 748 new IP customs protection applications, surpassing the total for the entire year of 2024 [1]. - Beijing Customs has seized 905 batches and 873,000 items of suspected infringing goods since last year [1]. Group 2: Impact of Domestic IP on Global Market - Domestic IP products, such as those from Pop Mart's IP LABUBU, are gaining popularity globally, leading to an increase in infringement issues [1]. - In June, over 20 infringement cases related to Pop Mart were reported, with more than 300 batches and nearly 2 million items intercepted in the past year [1]. Group 3: Support for Companies Facing Infringement - Companies like Pop Mart are encouraged to apply for IP customs protection to reduce the costs associated with rights protection during international trade [2]. - As of May this year, Pop Mart has successfully registered 61 effective copyright and trademark protections [2]. - Other popular IPs, such as "Nezha" and "Ao Bing," have also received guidance for rapid IP customs protection registration, totaling 56 items [2].

Core Viewpoint - The recent popularity of LABUBU from Pop Mart highlights the growing interest in aesthetic and commercially valuable products in the trendy toy IP sector, coinciding with the listing ambitions of companies in this field [1] Company Overview - Tongshifu, based in Hangzhou, is focusing on copper cultural and creative products and has made progress in its overseas IPO filing [2][4] - The company was founded in 2013 by Yu Guang, who previously led a bathroom products business, after realizing the high costs of acquiring copper statues [5] - As of May 2, 2025, Yu Guang holds approximately 26.27% of the voting rights, making him the largest shareholder, with significant stakes held by Shunwei and Xiaomi Group [5][7] Product Categories - Tongshifu's products are categorized into four main types: copper cultural products, plastic trendy toys, silver cultural products, and gold cultural products [7] - The core product line is copper cultural products, which accounted for over 95% of revenue during the reporting period, with copper figurines making up more than 85% of that revenue [9][10] Financial Performance - The company's revenue has shown slight growth, with figures around 503 million RMB in 2022, 506 million RMB in 2023, and an estimated 571 million RMB in 2024, while net profit has fluctuated [13] - The gross profit margins have improved from 32.2% in 2022 to an estimated 35.4% in 2024, despite challenges in net profit due to market conditions [13] Market Dynamics - The market for copper cultural products is small, with a projected market size of only 16 billion RMB by 2024, despite a compound annual growth rate (CAGR) of 7.3% from 2019 to 2024 [17] - The overall cultural and creative product market in China is expected to grow from 286.9 billion RMB in 2019 to 464.7 billion RMB by 2029, with plastic resin products experiencing the fastest growth [14] Competitive Landscape - The copper cultural product market is highly concentrated, with the top three players accounting for over 70% of total revenue, and Tongshifu leading with a market share of approximately 35% [20] - The company faces intense competition despite high entry barriers due to the complexity of product development and brand establishment [20] Sales Channels - Tongshifu relies heavily on online sales, with approximately 70% of revenue generated from platforms like Tmall, JD.com, and Douyin, while physical retail contributes a smaller portion [22][23] - The company plans to expand its market presence overseas, although its products are deeply rooted in Chinese cultural narratives, which may not resonate with international consumers [24]

Group 1: Trade Performance - In May, China's total goods import and export value increased by 2.7% year-on-year, with exports growing by 6.3% [1] - From January to May, trade with ASEAN, EU, and Belt and Road countries grew by 9.1%, 2.9%, and 4.2% respectively [1] - Private foreign trade enterprises in China showed strong market expansion capabilities, with their imports and exports growing by 7% year-on-year, including an 8% increase in exports and a 4.9% increase in imports [1] Group 2: Emerging Industries - The潮玩 (trendy toy) industry in Dongguan, Guangdong, is thriving, with products like the "Lion Dance" series gaining popularity in Europe, particularly in the UK, where 100,000 units were sold in a year [2] - Dongguan has over 4,000 toy manufacturing companies and 1,500 supporting enterprises, creating a robust industrial ecosystem for trendy toys [2] Group 3: Trade with Central Asia - Trade between China and the five Central Asian countries reached 286.42 billion yuan in the first five months, marking a 10.4% year-on-year increase [3] - Companies like Jianxing Special Vehicle Manufacturing Co. are successfully entering Central Asian markets, with orders exceeding 70 million yuan in the first quarter [3] Group 4: Regional Contributions - Zhejiang Province's foreign trade import and export value reached 2.24 trillion yuan from January to May, growing by 6.5% year-on-year, contributing 20.7% to national export growth [4] Group 5: Industrial Upgrades - Tianjin is redefining its port value as a new engine for industrial upgrades, with companies like Bomaike Ocean Engineering achieving significant project milestones [5] - Shandong's foreign trade enterprises are adapting to international market uncertainties through technological innovation and market diversification, exporting to over 50 countries [5]

Group 1: Industry Trends - The Chinese film industry is heavily reliant on box office revenue, with approximately 90% of income coming from ticket sales, compared to a 40% reliance on box office revenue in Hollywood [1] - Industry leaders emphasize the need to diversify revenue streams and reduce dependence on box office income, focusing on non-box office revenue growth [1][2] - The decline in box office performance after the peak of the Spring Festival has highlighted the challenges faced by the film industry in maintaining growth [1] Group 2: IP and Merchandise Development - The success of the film "Ne Zha" has led to significant sales in licensed merchandise, with one category exceeding 10 billion yuan, and projections for future sales to surpass 100 billion yuan [2] - Companies are actively developing various merchandise categories, including toys and collectibles, to capitalize on popular IP [2][3] - The Chinese潮玩 (trendy toy) market is experiencing rapid growth, with a market value of approximately 60 billion yuan in 2023, accounting for about 20% of the global market [3] Group 3: Strategic Initiatives - Wanda Film is implementing a "1+2+5" strategic framework to innovate and develop a new entertainment ecosystem, focusing on creating super IP and brands [2][5] - Light Media aims to transition from a high-end content provider to an IP creator and operator, with plans to develop a "Chinese Mythology Universe" [4] - Shanghai Film is enhancing its capabilities by integrating classic IP with cutting-edge technology, aiming to create a new model of industry convergence [4][5] Group 4: Consumer Experience and Engagement - The establishment of themed cinemas and interactive entertainment spaces is part of the strategy to enhance consumer engagement and emotional value through IP [5] - The integration of AI and digital platforms in merchandise development is expected to enhance consumer interaction and experience [3][5] - The focus on creating immersive entertainment experiences reflects a shift towards emotional consumption in the film industry [5]

Group 1 - The core viewpoint of the articles highlights the rise of the "emotional value" driven consumption in China, particularly in the context of the "trendy toy economy" and the shift towards personalized and experiential consumption among younger consumers [1][2] - The company Bubble Mart has successfully tapped into this trend by offering unique IP characters like LABUBU, which resonate with young consumers' aesthetic preferences and emotional needs, leading to a significant increase in demand [1] - In the first quarter of this year, Bubble Mart's overseas business revenue saw a remarkable year-on-year growth of over 475%, indicating strong international interest in its products [1] Group 2 - The shift in consumer behavior from a focus on practicality to an emphasis on emotional resonance and psychological satisfaction is driving the growth of new consumption models, including the trendy toy economy and "guzi economy" [2] - The emotional consumption market in China is projected to exceed 20 trillion yuan by 2025, reflecting the increasing importance of emotional value in consumer spending [2]

Core Viewpoint - The article emphasizes the importance of leveraging China's vast domestic market while addressing the complexities of the international trade environment, highlighting the need for companies to adapt their strategies to meet consumer demands and enhance their integrated operations [1]. Group 1: Market Adaptation and Strategy - Companies are increasingly focusing on the domestic market to reduce reliance on single foreign markets, with a notable example being Yue Li Group, which shifted from OEM to developing its own brand in response to market uncertainties [2]. - The rise of e-commerce platforms has provided new avenues for companies to penetrate the domestic market, allowing them to gather consumer data and tailor products to local preferences, as demonstrated by Yue Li's design adjustments based on consumer habits [3][4]. - The Ministry of Commerce has initiated activities to support foreign trade enterprises in utilizing domestic markets, facilitating connections between over 5,700 foreign trade companies and e-commerce platforms [4]. Group 2: R&D and Product Development - Companies like Xinbao Electric have emphasized the importance of R&D as a core competitive advantage, with a commitment to innovation reflected in their annual product launches and a significant portion of revenue allocated to R&D [5][6]. - Xinbao's dual market strategy has allowed it to leverage the complementary advantages of both domestic and international markets, enhancing operational flexibility [5]. Group 3: Consumer Insights and Trends - The evolving preferences of Chinese consumers, particularly among younger demographics, are shifting towards emotional value and personalized experiences, as seen in the success of brands like Pop Mart, which has capitalized on these trends through its IP-driven product offerings [7][8]. - Pop Mart's rapid growth and expansion into international markets underscore the importance of understanding consumer demands and adapting to new consumption patterns, with a significant increase in overseas revenue [8].

Core Viewpoint - The rapid rise of the trendy toy brand LABUBU, under the company Pop Mart, has not only captivated young consumers but also attracted significant investor interest, leading to substantial financial gains for the company and its founder Wang Ning [1][6]. Company Performance - Pop Mart's stock price reached 250.8 HKD per share on June 9, with a market capitalization nearing 340 billion HKD, marking a one-day increase of 8 billion HKD (approximately 7.3 billion RMB) [1]. - The company's market capitalization has surpassed 200 billion HKD and 300 billion HKD within a month, with a notable increase from 328.8 billion HKD to 336.8 billion HKD in just one trading day [1]. - For the year 2024, Pop Mart reported a revenue of 13.04 billion RMB, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion RMB, up 185.9% [6]. Founder’s Wealth - Wang Ning, the founder of Pop Mart, has seen his wealth exceed 20 billion USD, making him the new richest person in Henan province and placing him among the top ten in China's billionaire rankings [6]. - His personal wealth has increased significantly, with a ranking of 12th in China and 108th globally according to Bloomberg, and 10th in China according to Forbes [6]. Product Popularity - LABUBU, a character created by Hong Kong artist Long Jiasheng, has become a phenomenon, with its products experiencing extreme demand and high resale values, sometimes reaching 20 to 30 times their original price [11][12]. - The LABUBU series has generated 3.04 billion RMB in revenue, reflecting a staggering year-on-year growth of 726.6%, making it the top revenue-generating IP for Pop Mart [12]. Market Expansion - Pop Mart plans to expand its physical presence, having opened 38 new stores in mainland China, bringing the total to 401, with 2,300 robot stores [10]. - The overall market for trendy toys in China is projected to exceed 60 billion RMB in 2024, with significant contributions from the Guangdong-Hong Kong-Macau Greater Bay Area, which supplies over 70% of Pop Mart's production capacity [13]. Future Projections - Morgan Stanley forecasts that LABUBU's overseas sales will increase by 152% by 2025, with a compound annual growth rate of 42% from 2025 to 2027, potentially accounting for 65% of total sales by 2027 [16]. - The "Monsters" series, which includes LABUBU, is expected to generate sales of 14 billion RMB by 2027 [16].