文 | 玩世代 从"卖网课"到"卖潮玩"、从服务银发族到拥抱Z世代，量子之歌在一年内完成了一次堪称"换脸式"的战 略转型，新名字是"奇梦岛（Here）"。 作为一家曾扎根教培赛道的美股上市公司，量子之歌采取了典型的资本操作路径：通过「剥离原有教培 资产、控股新赛道公司、更名重塑」三步走，在极短时间内完成赛道迁移。同年提出"纳斯达克潮玩第 一股"口号，对标泡泡玛特、自有IP WAKUKU高举高打。公司上市仅两年，就如此脱胎换骨大转型， 不免引发质疑。 切换赛道，登岛上岸 2024年LABUBU爆红出圈，将泡泡玛特的业绩和市值一并推上高点。资本市场开始对潮玩公司价值重 估。此后，"谷子经济"概念在年尾被持续点燃，"寻找下一个泡泡玛特"成为二级市场的显性主题。 在这样的背景下，多家上市公司开始评估进入潮玩赛道的可能性。量子之歌就是其一，并且出手更快。 当时公司核心在线培训业务每况愈下，银发经济板块未能挑起大梁，唯有消费品业务有较突出增长。这 给后来切换赛道埋下伏笔。量子之歌高层通过乐华方面锁定了一家初创潮玩公司"熠起文化 （Letsvan）" 。 彼时的熠起文化具备一定研产销基础，核心IP为"又梨"，在渠道中已有一 ...

值得一提的是，奇梦岛壹方城将于12月6日首发推出WAKUKU哇库库·圣诞粉萌萌限定款吊卡，该系列 以WAKUKU经典形象为基础，融入圣诞帽、雪花等节日元素，采用柔雾粉色调，萌趣十足。每款限量 1000只，每人限购2只，发售采取现场随机交付方式，不支持自选。 奇梦岛相关负责人表示，深圳作为粤港澳大湾区的创新高地，是品牌布局的重要城市，此次快闪店将品 牌"情绪价值×原创美学×都市生活方式"的定位进行可视化呈现，希望通过线下场景深化与消费者的连 接，探索潮玩艺术与城市文化的共生模式。对于奇梦岛而言，本次深圳壹方城快闪活动不仅是产品层面 的集中展示，更代表着品牌焕新后的线下体验策略逐步成形，2025年，奇梦岛已经在多个城市陆续落地 快闪店，包括北京朝阳大悦城快闪店、合生汇快闪店、印尼雅加达快闪店等等。2026年上半年，奇梦岛 将会在深圳开设自营门店。 12月5日，HERE奇梦岛在深圳壹方城B2层正式开启"童心「诞」梦奇遇"主题快闪店，作为奇梦岛"四城 闪耀"冬季联动计划的重要一环，此次活动将持续至2026年1月18日，为深圳市民带来一场融合节日氛围 与潮玩艺术的冬日体验。今年冬季，HERE奇梦岛以"IP新品首发""首 ...

Core Viewpoint - The company, Qimengdao (HERE.US), experienced a significant stock increase of over 5%, reaching $4.82, following a strong financial report for Q1 of FY2026, which exceeded revenue guidance expectations [1] Financial Performance - For Q1 FY2026 (July 1, 2025, to September 30, 2025), Qimengdao reported total revenue from its潮玩 (trendy toy) business of 127 million yuan, representing a remarkable quarter-on-quarter increase of 93.3%, surpassing the upper limit of the revenue guidance range of 100 million to 110 million yuan [1] - The company projects Q2 FY2026 revenue guidance to be between 150 million and 160 million yuan, indicating continued strong quarter-on-quarter growth [1] Key Revenue Contributors - The revenue from the star IP matrix has been a significant driver, with WAKUKU generating 89.73 million yuan, ZIYULI contributing 20.76 million yuan, and SIINONO, launched in mid to late July, bringing in 12.89 million yuan, which has injected momentum into Qimengdao's performance [1]

周四，奇梦岛(HERE.US)涨逾5%，报4.82美元。财报显示，2026财年第一季度(2025年7月1日至2025年9 月30日)，奇梦岛实现潮玩业务总营收1.27亿元，环比激增93.3%，远超1亿至1.1亿元的业绩指引区间上 限。 明星IP矩阵持续发力，WAKUKU哇库库营收8973万元，ZIYULI又梨营收2076万元，SIINONO赛诺诺自 7月中下旬推出后营收1289万元，为奇梦岛业绩注入动能。奇梦岛预计2026财年Q2营收指引为1.5亿— 1.6亿元，继续环比高增。 ...

Core Insights - Qimengdao Group reported a significant revenue increase of 93.3% in its潮玩 (trendy toy) business, achieving 127.1 million yuan in Q1 of FY2026 [2][3] - The company has successfully transformed its focus to the潮玩 sector, capitalizing on the current market dynamics characterized by demand upgrades and ecosystem expansion [2][3] Financial Performance - For the quarter ending September 30, Qimengdao's revenue from its key IPs included 89.73 million yuan from WAKUKU and 20.76 million yuan from ZIYULI, contributing to overall performance [3] - The company anticipates further revenue growth, projecting Q2 revenues between 150 million and 160 million yuan [4] Market Position and Strategy - Qimengdao has established a diverse IP portfolio, including 11 proprietary IPs and several exclusive and non-exclusive licensed IPs, enhancing its market presence [3] - The company is leveraging its supply chain efficiency, with a significant increase in production capacity, achieving over 1 million plush blind boxes in August alone, a 20-fold increase from earlier in the year [3] Industry Context - The潮玩 market is evolving into a phase of strong IP operation and comprehensive ecosystem competition, presenting both opportunities and challenges for new entrants [4][5] - Competitors like Pop Mart and Kayo are setting high revenue benchmarks, with Pop Mart projected to reach 13.04 billion yuan in 2024, indicating a competitive landscape [6] Future Outlook - Qimengdao's chairman emphasized the company's strategic focus on潮玩 and its dual-engine growth strategy of IP development and multi-channel expansion, which is expected to solidify its competitive edge [7] - The company possesses over 1 billion yuan in cash reserves, providing a strong foundation for supply chain expansion and strategic investments [6][7]

被市场誉为"下一个LABUBU"的顶流潮玩IP"WAKUKU哇库库"迎来重磅新品。 7.5亿至8亿元年营收指引的"含金量" 随着消费升级以及情绪消费的崛起，潮玩已超越亚文化圈层，成为一种文化消费浪潮席卷全球。数据显 示，从2020—2024年，全球潮玩市场规模由203亿美元增长至418亿美元，年复合增长率约20%，展现出 强劲的增长势头。 作为全球潮玩产业的重要增长引擎，中国市场表现尤为突出，2024年时的整体规模已攀升至763亿元人 民币，2020—2024年的年复合增速高达35.1%，持续领跑全球市场。 而二手市场的繁荣则是我国潮玩产业爆发的真实写照。据《2025闲鱼潮玩消费洞察报告》显示，2025年 第二季度，闲鱼平台潮玩订单量同比提升330.2%，交易额增长309.7%，月均消费人数同比增加43.4%， 人均单次消费达218元。 WAKUKU此次新品延续"撒野"核心主张，以"16+2+1"的丰富配置、可动关节与珠光工艺，在百元级价 位实现了品质突破，生动诠释了品牌"开挂前行吧"的寓意。 作为奇梦岛的核心IP之一，WAKUKU累计销量已破百万盒，并曾带动搜索量飙升6200%。而这一市场 热度，已直接转化 ...

Core Viewpoint - The company, formerly known as Quantum Song, has rebranded to HERE Qimeng Island Group and is fully committing to the trendy toy market, indicating a strategic shift from its original online education focus [1][2]. Group 1: Company Strategy - HERE Qimeng Island Group's current market value is approximately 2 billion RMB, and it plans to focus entirely on trendy toys after acquiring the Shenzhen-based company Letsvan [2]. - The management has signed agreements to sell its original online learning business, allowing the company to concentrate on its main business of trendy toys [2]. - The company aims to develop a strong portfolio of IPs, including WAKUKU, ZIYULI, and SIINONO, to enhance its market presence [2][7]. Group 2: Product Development - The WAKUKU brand is gaining popularity, with expectations to become the next big hit in the trendy toy market [3]. - The success of WAKUKU is attributed to its unique product design and high-quality standards, utilizing clothing materials for toy production [5]. - The company has created a matrix of 11 proprietary IPs and 4 licensed IPs, managing over 40 blind box product lines and 30 plush card products [7]. Group 3: Financial Performance - In the second quarter of 2025, the trendy toy business is projected to generate revenue of 65.78 million RMB, with WAKUKU contributing 60% of this revenue [9]. - The company anticipates a revenue of 7.5 to 8 billion RMB from its trendy toy business in the fiscal year 2026 [11]. Group 4: Marketing and User Engagement - The company emphasizes the importance of user engagement, viewing customers as part of its brand ecosystem [12]. - WAKUKU's visibility has significantly increased due to celebrity endorsements, leading to a 6200% surge in search volume on platforms like Taobao [10]. - The company plans to enhance its IP development through original investments, licensing collaborations, and cross-industry partnerships [13]. Group 5: Retail Expansion - As of October, HERE Qimeng Island's offline sales network covers over 10,000 terminals, with plans to open 3 to 5 self-operated stores by the end of December [16]. - The company aims to provide a unique user experience in its stores, differentiating itself from other toy brands by combining artistry and trendiness [17]. Group 6: Competitive Landscape - The trendy toy industry is highly competitive, with the company focusing on the integration of entertainment and scene penetration as key strategies for brand expansion [18]. - The company is exploring a business model that combines trendy toys with fashion, aiming to elevate the brand's cultural significance [19].

Core Viewpoint - The Chinese潮玩 (trendy toy) market is experiencing explosive growth, driven by the popularity of brands like泡泡玛特 (Pop Mart) and the emergence of new players, leading to increased competition and evolving consumer preferences [2][4][5]. Market Growth and Trends - The market value of the潮玩 industry in China has surged from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, with projections to reach 110.1 billion yuan by 2026, indicating a nearly tenfold increase [5]. - The rise of潮玩 has led to a proliferation of sales channels, with trendy toys now available in various retail formats beyond specialized stores, including stationery and grocery shops [1][5]. Consumer Behavior and Preferences - Consumers are increasingly viewing潮玩 not just as toys but as emotional companions and social currency, reflecting a shift from materialism to emotional and spiritual consumption [1][6]. - The popularity of blind box sales has tapped into consumers' "gambling psychology," further fueling the growth of the secondary market for潮玩 [1][6]. Competitive Landscape - The潮玩 market is characterized by a "one strong, many strong" competitive structure, with the top five companies holding only 20.8% of the market share, indicating a fragmented industry with significant opportunities for new entrants [7]. - Brands are focusing on creating distinctive IPs (intellectual properties) that resonate emotionally with consumers, emphasizing the importance of character design and storytelling [7][8]. Industry Developments - Recent mergers and acquisitions, such as量子之歌's acquisition of Letsvan and investments in潮玩 companies like52TOYS, highlight the increasing interest and capital flowing into the潮玩 sector [5][6]. - Companies are shifting towards self-developed IPs, with plans to increase the proportion of self-researched products, reflecting a broader industry consensus on the importance of proprietary content [8]. Marketing and Engagement Strategies - Successful潮玩 brands are leveraging social media, celebrity endorsements, and community engagement to enhance brand recognition and consumer loyalty [9][11]. - Innovative marketing strategies, including pop-up stores and immersive experiences, are being explored to attract a wider audience and deepen consumer engagement with潮玩 culture [10][12]. Future Outlook - The潮玩 market is still in its early stages of maturation, with ongoing challenges related to consumer perceptions and market saturation [12][13]. - As the industry evolves, there is a growing emphasis on product quality, storytelling, and emotional connection, which are expected to drive future growth and consumer acceptance [13].

Core Insights - The Chinese潮玩 (trendy toy) market has experienced explosive growth, with market value increasing from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, and projected to reach 110.1 billion yuan by 2026 [2][3] - The rise of Labubu has significantly influenced the潮玩 industry, attracting more consumers and capital, while also leading to increased competition among brands [2][3][4] - The潮玩 market is characterized by a shift from materialistic consumption to emotional and social value, with consumers seeking identity recognition and emotional connection through潮玩 products [1][4] Market Dynamics - The潮玩 market is becoming increasingly crowded, with new brands emerging and competition intensifying as established players like泡泡玛特 dominate [2][4] - The top five潮玩 IP companies hold only 20.8% of the market share, indicating a fragmented industry with no clear monopoly [4][5] - The trend of emotional connection and companionship is becoming central to潮玩 design, with companies focusing on creating relatable and emotionally resonant IPs [5][6] Investment and Mergers - Significant mergers and acquisitions have occurred in the潮玩 sector, including量子之歌 acquiring 61% of Letsvan and万达电影 investing 144 million yuan in 52TOYS [3][4] - The influx of capital and interest in潮玩 is expected to drive further industry development, although it may also lead to resource concentration on popular IPs [3][4] Consumer Behavior - The consumer base for潮玩 is expanding, with increased accessibility through various retail channels, including online platforms and physical stores [2][3] - Social media plays a crucial role in shaping潮玩 culture, with platforms facilitating community engagement and content creation around潮玩 products [3][6] Future Trends - Companies are increasingly focusing on self-developed IPs, with plans to enhance their proprietary product offerings [5][6] - The潮玩 industry is exploring innovative marketing strategies, including collaborations with celebrities and immersive experiences to enhance consumer engagement [6][8] - Despite the growth, the潮玩 market is still perceived as niche, with ongoing challenges in reaching broader consumer demographics beyond urban centers [8][9]