李林的感受，正是诸多年轻人"入坑"潮玩的真实写照。正所谓"千金难买我乐意"，2025年，情绪消费成为消费领域一大热词。最直接的结果，就是让潮玩品 类在这一年全面爆发。 尽管潮玩行业已经发展数年，但真正将其推到大众眼中实现"破圈"，还是2025年5月LABUBU在全球的爆火。这个属于潮玩公司泡泡玛特的IP，经过多年运 营，在2025年迎来人气爆发，不仅带来了巨大的经济效益和流量，也让整个潮玩赛道变得火热起来。 从LABUBU的爆火最直接受益的，莫过于泡泡玛特。其在8月发布的2025年上半年财报显示，2025年上半年泡泡玛特营收为138.8亿元，同比增长204.4%；经 调整净利润为47.1亿元，同比增长362.8。其中，LABUBU所属的THE MONSTERS营收48.1亿元，超过2024年全年，实现668%的同比增长。 赛道的火热也让资本纷纷涌入。另外两大潮玩品牌52TOYS、TOP TOY都向港交所递交了招股书。押注情绪消费的也不只是潮玩，积木品牌布鲁可成功上 市，卡牌品牌卡游也开启了上市征程。 在泡泡玛特的机器人商店前，消费者正在选购商品。 《广州潮玩产业招商研究报告》显示，中国潮玩消费市场规模从202 ...

Core Insights - The Ministry of Industry and Information Technology and other departments have released a plan to enhance the adaptability of consumer goods supply and demand, aiming for significant optimization of the supply structure by 2027, with the creation of three trillion-level consumption sectors and ten billion-level consumption hotspots [2] Group 1: Consumption Hotspots - The ten billion-level consumption hotspots identified include baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national fashion [2] - The plan emphasizes the trend of "Guochao" (national trend) going global, with several leading companies in the trendy toy industry, such as Pop Mart, Miniso, and Blok, emerging as key players [2] Group 2: Pop Mart's Performance - Pop Mart's stock price surged nearly 15 times from March 2024 to August 2025, setting a new record for consumer stocks in Hong Kong [3] - The company's third-quarter operational data shows a revenue increase of 245% to 250% year-on-year, with domestic revenue growing by 185% to 190% and overseas revenue by 365% to 370% [3] - Notably, revenue from the Americas increased by 1265% to 1270%, while Europe and other regions saw a growth of 735% to 740% [3] Group 3: Cultural and Technological Integration - The trend of trendy toys going global reflects a shift in Chinese consumer brands from "manufacturing" to "creation," integrating traditional cultural elements with modern design to reshape global consumer perceptions [3][4] - The use of technologies such as 3D printing, eco-friendly materials, and AR virtual collectibles is driving the evolution of products from physical forms to a blend of "physical + digital," enhancing rapid iteration capabilities [3] - This dual empowerment of "culture + technology" positions trendy toys as new carriers of China's soft power [3] Group 4: Industry Evolution - The export of trendy toys signifies the deep integration of China's cultural and creative industries with the global consumer market, creating a new consumption ecosystem that combines commercial value with cultural recognition [4] - This phenomenon represents a microcosm of China's high-quality economic development and reflects the evolving demands of global young consumers for emotional value and cultural diversity [5] - The trendy toy industry cluster centered in Dongguan is upgrading traditional toy manufacturing into a full-chain industry covering IP incubation, design innovation, and mass production, moving away from the stereotype of "low price and low quality" to high-value cultural output [5]

Core Viewpoint - The article discusses the implementation plan released by six Chinese government departments aimed at enhancing the adaptability of consumer goods supply and demand, with a target to optimize the supply structure by 2027, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [3]. Group 1: Consumption Hotspots - The plan identifies key consumption hotspots including baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy jewelry, and national fashion apparel [3]. - The initiative also emphasizes promoting the international expansion of domestic trendy products [3]. Group 2: Trendy Products Industry - The trendy products industry has seen the emergence of leading companies such as Pop Mart, Miniso, and Blokus, which are driving the trend of going global [4]. - Pop Mart's stock price increased nearly 15 times over 17 months from March 2024 to August 2025, setting a new record for Hong Kong consumer stocks [4]. - Pop Mart reported a year-on-year revenue growth of 245% to 250%, with domestic revenue increasing by 185% to 190% and overseas revenue soaring by 365% to 370% [4]. Group 3: Cultural and Technological Integration - The export of trendy products represents a shift in Chinese consumer brands from "manufacturing" to "creation," integrating traditional cultural elements with modern design to reshape global consumer perceptions [4]. - Innovations such as 3D printing, eco-friendly materials, and AR virtual collectibles are driving the evolution of products from physical forms to a blend of "physical + digital," enhancing rapid iteration capabilities [4]. - The combination of culture and technology empowers trendy products to become new carriers of China's soft power [4]. Group 4: Economic Implications - The export of trendy products is seen as a natural outcome of the deep integration of China's cultural and creative industries with the global consumer market, reflecting the high-quality development of the Chinese economy [5]. - This trend signifies a transition in Chinese manufacturing from "OEM production" to "intelligent manufacturing + cultural creativity," with the Dongguan trendy product industry cluster leveraging a complete supply chain and flexible production capabilities [5]. - The "cultural IP + manufacturing aesthetics" model allows Chinese trendy products to break away from the stereotype of "low price and low quality," moving towards high value-added cultural output [5].

眼下，潮玩行业已经涌现出一批优秀企业，出海发展是当下的趋势。 中国城市发展研究院投资部副主任表示，潮玩出海是中国文化创意产业与全球消费市场深度融合的必然 产物，其本质是通过原创IP的全球化运营，构建兼具商业价值与文化认同的消费新生态。这一现象既是 中国经济高质量发展的微观映射，也是全球年轻消费群体对情感价值与文化多样性需求升级的集中体 现。从产业逻辑看，潮玩出海标志着中国制造业从"代工生产"向"智造+文创"的跃迁。以东莞为核心的 潮玩产业集群，凭借完整的供应链体系与柔性生产能力，将传统玩具制造升级为覆盖IP孵化、设计创 新、批量生产的全链条产业。这种"文化IP+制造美学"的模式，使中国潮玩突破了"低价低质"的刻板印 象，转向高附加值的文化输出。 眼下，潮玩行业已经涌现出一批优秀企业，出海发展是当下的趋势。其中，泡泡玛特、名创优品、布鲁 可等头部企业成为主力。 泡泡玛特（09992.HK）曾在2024年3月至2025年8月的17个月内，股价翻了接近15倍，创下了港股消费 股的新神话。泡泡玛特发布的三季度运营数据显示，整体收益(未经审核，指营收)同比增长245%～ 250%。具体来看，中国收益同比增长185%～1 ...

11月21日，名创优品（证券代码：MNSO，股价19.570美元，市值60.550亿美元）发布2025年三季度财 报。该财报显示，2025年三季度，名创优品集团总营收达58亿元，同比增长28%；经调整净利润（Non- IFRS）7.7亿元，同比增长12%。 《每日经济新闻》记者注意到，在11月21日晚间举行的业绩电话会上，名创优品创始人、董事会主席兼 首席执行官叶国富表示，2025年三季度收入增长更多来自同店销售的拉动，这意味着增长质量更高、可 持续性更强，而且经营风险更低，也反映了公司核心运营能力的不断提升。 据名创优品首席财务官张靖京在上述电话会上透露，公司计划在2026年把成功经验首先推广到东南亚市 场。"我们进入东南亚市场接近10年，以印尼为代表的东南亚市场每一年为公司贡献大量利润，但在 2025年，随着当地宏观经济下行和社会动荡，我们的确面临一定的经营挑战，例如渠道可能需要升级、 货盘需要调整、组织和人才也需要升级，这些是我们2026年工作的重点方向之一。"他表示。 谈IP战略：希望核心品类借助IP突破 这几年，名创优品持续推进IP生态，"国际授权IP+独家签约艺术家IP"的模式，也的确为公司贡献了 ...

Core Insights - MINISO reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28%, with adjusted net profit of 770 million yuan, up 12% year-on-year [2][4] - The growth in revenue was primarily driven by same-store sales, indicating higher quality and sustainability of growth, as well as reduced operational risks [2][4] Revenue Breakdown - Domestic business revenue grew by 19.3% year-on-year, largely due to same-store sales, while overseas revenue exceeded 2.3 billion yuan, up 28% year-on-year, with the largest overseas market, the U.S., seeing revenue growth of over 65% [4] - Overseas revenue now accounts for approximately 40% of MINISO's total revenue [4] International Expansion Strategy - The company plans to replicate successful experiences from the U.S. and China in Southeast Asia, focusing on sustainable profitability [4] - MINISO has been operating in Southeast Asia for nearly a decade, with Indonesia being a significant profit contributor, although it faces challenges due to local economic downturns [4] IP Strategy - MINISO is advancing its IP ecosystem, combining international licensed IP with exclusive artist IP, which has significantly contributed to its performance [5] - The company has developed multiple proprietary IPs, with its toy brand TOP TOY's IP "Nommi" rapidly gaining traction [5] - The new store format MINISO LAND features a high proportion of IP products, accounting for 70%-80% of offerings [5] Product Strategy and Consumer Perception - The shift towards IP products has led to higher prices, which may conflict with consumer perceptions of MINISO as a budget retailer [6] - The company emphasizes that the IP transformation does not abandon its core product advantages but aims to drive growth through a dual strategy of core categories and IP [6][7]

Core Insights - MINISO reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28%, with adjusted net profit of 770 million yuan, up 12% year-on-year [1] - The growth in revenue was primarily driven by same-store sales, indicating higher quality and sustainability of growth, as well as reduced operational risks [1][2] - The company aims to replicate successful experiences from the US and China in Southeast Asia, focusing on long-term sustainable profitability [2][3] Revenue and Sales Performance - Domestic revenue grew by 19.3% year-on-year, largely due to same-store sales, while overseas revenue exceeded 2.3 billion yuan, up 28% year-on-year, with the US market seeing over 65% growth [2] - Same-store sales showed a recovery trend, moving from a decline in Q1 to positive growth in Q2 and achieving mid-single-digit growth in Q3 [2] International Expansion Strategy - The company plans to prioritize the promotion of its successful strategies in Southeast Asia by 2026, addressing challenges such as local economic downturns and the need for channel upgrades [3] IP Strategy and Product Development - MINISO has been advancing its IP ecosystem, with a focus on both international licensed IP and exclusive artist IP, contributing significantly to its performance [4] - The company has signed contracts with 16 toy artist IPs, enhancing its self-owned IP matrix [4] - The product structure is increasingly leaning towards IP products, with new store formats featuring 70%-80% of IP products, which may lead to a mismatch with consumer perceptions of affordability [5] Product Strategy and Market Positioning - The company emphasizes that its IP transformation does not abandon its core product advantages but rather combines IP with core categories for dual growth [6] - Core categories such as daily necessities and beauty products provide stable customer flow and repurchase rates, while IP serves as a growth accelerator [6]

Core Viewpoint - Miniso reported a total revenue of 5.8 billion yuan for Q3 2025, marking a 28% year-on-year increase, with significant growth in both its main brand and TOP TOY segment [1] Revenue Performance - Total revenue for Miniso Group reached 5.8 billion yuan, up 28% year-on-year [1] - Revenue from the Miniso brand was 5.22 billion yuan, reflecting a 23% year-on-year growth [1] - TOP TOY brand revenue was 570 million yuan, showing a remarkable 111% year-on-year increase [1] Strategic Developments - Miniso is advancing the plan for a separate listing of TOP TOY on the Hong Kong Stock Exchange [1] - TOP TOY is currently positioned as a trendy toy collection store, primarily focusing on external IP retail, with a relatively small proportion of self-owned IP [1] Operational Insights - During the earnings call, the CEO highlighted that TOP TOY achieved single-digit same-store sales growth in Q3, with a significant improvement in gross margin [1] - The rapid expansion of the self-owned IP 'Nommi' contributed to the performance, and TOP TOY is enhancing store image to create more immersive experience scenarios [1] - The company aims to increase the sales contribution from its self-owned brands and IP [1]

Core Insights - Miniso Group (NYSE: MNSO, HKEX: 9896) reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The number of global stores surpassed 8,000, with same-store sales showing a mid-single-digit growth [1] Financial Performance - Total revenue for the group reached 5.8 billion yuan, marking a 28% increase compared to the previous year [1] - TOP TOY, a brand under Miniso, achieved a revenue of 570 million yuan in Q3 2025, a significant year-on-year increase of 111%, setting a new quarterly revenue record [1] Store Expansion - As of the end of September, TOP TOY's global store count increased to 307, with 15 of those located overseas [1] - The global store network continues to expand, enhancing the brand's market presence [1] Product Performance - The proprietary IP "Nommi" has been performing well globally, contributing significantly to revenue growth [1] - Both channel expansion and product operations have seen breakthroughs, driving overall performance [1]

Core Insights - The article highlights the significant growth of Chinese潮玩 (trendy toys) brands in overseas markets, particularly by泡泡玛特 (Pop Mart), which reported substantial revenue increases across various regions in Q3 2025 [1][4] - The trend of self-owned IPs going global is emphasized, with companies focusing on their own intellectual properties rather than licensed ones [1][4] Group 1: Revenue Growth - In Q3 2025,泡泡玛特's overseas revenue in the Asia-Pacific region grew by 170% to 175%, in the Americas by 1265% to 1270%, and in Europe and other regions by 735% to 740% [1] - The overall export of toys from China, including trendy toys, exceeded 500 billion yuan in the first three quarters of 2025, reaching over 200 countries and regions [1] Group 2: Self-Owned IP Expansion -潮玩 brand HERE奇梦岛 has accelerated the international expansion of its self-owned IPs like WAKUKU and SIINONO, successfully launching multiple pop-up stores in Dubai, Indonesia, and Thailand [2] - 52TOYS showcased its self-owned IPs at major international exhibitions, with its变形机甲猛兽匣 series gaining significant attention and sales in overseas markets [2][3] Group 3: Market Strategy and Localization - The transition from "product export" to "brand export" is noted, indicating a shift towards exporting IP, culture, and complete consumer experiences [4] - HERE奇梦岛 emphasizes the importance of deep localization for emotional resonance, which includes understanding local cultural symbols and social habits [5]