Core Insights - A number of Chinese brands, including OHKU, are successfully penetrating the high-end markets in Europe and North America, diverging from the trend of focusing on Southeast Asia [1][7] - OHKU's revenue strategy is heavily reliant on the overseas market, with over 80% of its monthly revenue nearing 10 million yuan coming from Europe and North America [1] Strategic Breakthrough - OHKU adopts a differentiated strategy by targeting North American and European markets directly, avoiding the saturated Southeast Asian market [1] - The per capita toy consumption in North America is 12.1 times that of China, while in Europe it is 4.6 times, indicating a larger market potential [1] - The company's "direct sales + distribution" light asset model balances brand control and expansion speed, differing from traditional reliance on distributors and the full direct sales model of competitors [1][3] Channel Strategy - OHKU employs a "1+N" channel strategy, starting with a flagship store in Los Angeles and rapidly expanding to over 800 sales points [3] - The company has established a global sales network with over 3,000 terminal points, of which more than 2,500 are located overseas, focusing on core markets in Europe and North America [3] Product Strength and Emotional Resonance - OHKU's flagship IP "Fluffy Monster" has shown strong sales performance, with expectations of annual sales exceeding 100 million yuan [4] - The company has over 28 IPs in its portfolio, including "Fluffy Monster," "DREAM BOY," and "MOI," indicating a robust capability to create popular IPs [4] - OHKU utilizes AI throughout the IP lifecycle to enhance success rates, catering to the emotional consumption needs of the global youth [4] Localization Efforts - OHKU's localization strategy involves deep integration into local cultures, channels, and organizations, establishing local teams from its inception [6] - Participation in global industry events, such as the Cologne Game Show, helps connect with local consumers [6] Global Market Trends - The global toy industry is projected to exceed $15 billion by 2027, indicating a significant growth phase for the industry [7] - The competitive landscape is shifting from "shelf space" to "mind share," with brands increasingly focusing on direct consumer engagement through events and user-generated content [7] - OHKU's strategy of developing proprietary IPs and deep localization is seen as a challenging yet correct approach to overcoming market barriers [7] Future Plans - OHKU plans to accelerate store openings globally, particularly in key cities in Europe, North America, and the Asia-Pacific region [8] - The next few years are critical for Chinese toy brands to transition from "hot sales" to sustained success in the global market [8]

Core Insights - A number of Chinese brands, including the emerging brand OHKU, are successfully penetrating the high-end markets in Europe and North America, diverging from the trend of focusing on Southeast Asia [1][2] - OHKU achieved nearly 10 million yuan in monthly revenue within its first year, with over 80% of its income coming from the European and American markets [1] - The leading player, Pop Mart, reported a staggering year-on-year revenue growth of 1265%-1270% in the Americas and 735%-740% in Europe and other regions for Q3 2025, indicating that these markets are becoming new growth engines for Chinese toy brands [1] Strategic Approach - OHKU's strategy involves a differentiated approach by targeting North America and Europe directly, avoiding the saturated Southeast Asian market [2] - The North American toy consumption per capita is 12.1 times that of China, while Europe is 4.6 times higher, showcasing the vast market potential [2] - OHKU employs a "direct sales + distribution" light asset model, balancing brand control and expansion speed, which is key to its success [2] Channel Strategy - OHKU utilizes a "1+N" channel strategy, starting with flagship stores to drive regional networks, establishing over 800 sales points in the U.S. alone [4] - The company has built a global sales network with over 3000 terminal points, including more than 2500 overseas sales points covering core markets in Europe and North America [4] - OHKU has developed a comprehensive online and offline sales system in China [4] Product Development and Localization - OHKU's flagship IP "Fluffy Monster" has shown strong sales performance, with expectations of annual sales exceeding 100 million yuan [6] - The company has over 28 IPs in its portfolio, including key IPs like Fluffy Monster, DREAM BOY, and MOI, indicating a robust IP incubation capability [6] - OHKU's localization strategy involves deep integration into local markets through the establishment of local teams and participation in global industry events [8] Industry Growth and Competition - The global toy industry is projected to exceed $15 billion (approximately 1000-1100 billion yuan) by 2027, indicating a significant growth phase for the industry [9] - The competition is evolving from "shelf space" to "mind share," with brands increasingly focusing on direct consumer engagement through events and user-generated content [10] - Pop Mart reported overseas revenue of 5.59 billion yuan in the first half of 2025, a 440% year-on-year increase, with a gross margin of 70.3% [10] Future Outlook - OHKU plans to accelerate store openings globally, focusing on key cities in Europe, North America, and the Asia-Pacific region [12] - The next few years will be crucial for Chinese toy brands to transition from "hot sales" to "sustained success" in the global market [12]