用IP连接情感，用场景创造快乐。这场从"卖货"到"造梦"的跨越，或许真的能诞生一个属于中国的"迪士尼"，但长路仍漫漫。 从2013年靠优质低价席卷市场的"十元店"，到2025年全球门店超8000家的零售巨头，名创优品靠渠道优势实现了规模的极致扩张。 然而，当大多数人为"渠道帝国"惊叹时，叶国富却清晰地看到繁荣背后的隐忧——存量博弈时代，单纯的规模优势难以为继。 于是，叶国富毅然选择"壮士断腕"，以承受短期转型阵痛为代价，押注IP生态赛道，试图完成从"卖商品"到"卖文化"的核心跨越。而这条承载着他IP野心 的转型之路，注定绕不开一个强劲对手——王宁麾下的泡泡玛特。 一个是从渠道端向上延伸的"零售巨无霸"，一个是从内容端向下生长的"潮玩鼻祖"，两者的交锋，将不仅是商业版图的争夺，更关乎"造梦权"的争夺。 叶国富十年布局 "家人们，我们正处在中国IP崛起的黄金时代……未来十年，我们要带领100个中国IP走向世界，亲手打造世界级的IP。" 叶国富在2026新年寄语《以IP为帆，向世界出发》中喊出了要成为"全球领先的IP运营平台"的口号，同时也为名创优品锚定了从"零售公司"到"文化创意集 团"的转型方向。 此前，10月 ...

Core Viewpoint - Jinma Amusement is undergoing a strategic transformation to integrate AI robotics into its business model, collaborating with partners to enhance its offerings in the cultural tourism sector [1][2]. Group 1: Strategic Collaboration - Jinma Amusement has partnered with Lehua Entertainment, Weifeng Electronics, Beifeng Technology, and Maoxiao Bole to establish a market-oriented operational platform and joint ventures [1]. - The collaboration aims to leverage each partner's strengths in cultural tourism technology, entertainment IP, smart products, and distribution channels to advance the development and application of intelligent robots in cultural tourism [1][2]. Group 2: Technological Adaptation - Jinma Amusement has developed core technologies that can be adapted for the production of embodied intelligent robots, with a strong overlap in target customer groups and application scenarios with its existing business [2]. - The company has initiated the mass delivery of over 1,000 embodied intelligent robots, which will serve various environments such as theme parks, commercial districts, and cinemas [2]. Group 3: IP Integration - Lehua Entertainment is enhancing product value through IP empowerment, addressing consumer motivations for purchasing [2]. - The collaboration has led to the establishment of the "YHT Smart Adoption Store" in Beijing, featuring humanoid robots that provide services and promote products from the "WAKUKU" IP [4]. Group 4: Market Expansion - Lehua Entertainment plans to open the first batch of 50 stores starting in January this year, expanding its market presence [5]. - The integration of IP embodiment with cultural tourism scenarios is showing promising prospects, as demonstrated by Disney's development of a robot based on the character "Olaf" from "Frozen" [6][7]. Group 5: Product Development - Jinma Amusement has outlined ten product series based on market demand, including sales series, guided tours, and various types of service robots [8]. - The company is focusing on creating immersive experience venues that combine service robots, performance robots, and parade robots with IP elements [8].

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 ...

奇梦岛聚焦潮玩艺术与原创文化生态构建，形成"自研原创+签约原创"的双引擎IP孵化模式。在IP生态 布局上，凭借清晰的战略定位，企业快速打造出多元化明星IP矩阵，其中核心IP WAKUKU持续热销； 全新IP SIINONO首发即引爆市场，展现出强大的IP孵化与商业转化能力。 渠道方面，奇梦岛"线上+线下"齐发力，推动潮玩业务驶入快车道。线上方面，2026财年Q1财报显示， 奇梦岛线上电商GMV突破4,460万元，品牌热度与渠道放量驱动结构性增长。线下方面，奇梦岛已覆盖 上百个重点渠道，并将在北京、上海、深圳、重庆等一线城市顶级商圈布局直营及主题快闪店；在国际 市场上，奇梦岛也正通过"线上+线下"稳步推进，在北美TikTok Shop平台上已成为收藏品类目头部玩 家，产品截至2026财年Q1期末已进入近20个国家，海外市场潜力持续释放。 此次斩获"杰出成长性企业"奖项，不仅是对HERE奇梦岛战略成效与成长实力的权威认证，更彰显了潮 玩文创作为文化产业新势力的蓬勃活力。未来，依托成熟的IP孵化体系与全球化布局优势，HERE奇梦 岛有望持续引领行业创新方向，以原创文化力量赋能产业升级，同时助力中国潮流文化走向世界舞 ...

今年3月，成人兴趣在线学习服务商"量子之歌"宣布对潮玩品牌熠起文化（Letsvan）并购投资，以2.35 亿元收购后者61%股权并完成并表。 随后在8月末，公司实现对熠起文化的全资控股，同步将其中文品牌名焕新为"奇梦岛"。 11月，公司正式宣布剥离在线教育业务，将上市公司名称更改为"HERE奇梦岛"，标志着其正式All in潮 玩业务。 潮玩市场目前仍处于分散度高、持续增长的阶段，竞争并非零和博弈。头部如泡泡玛特在中国玩具市场 的份额也仅有10%。 LABUBU之下仍有不小的探索空间。 三季度，奇梦岛潮玩相关收入1.27亿元，环比增长93.3%，超出此前业绩指引，毛利率提升6.5个百分点 至41.2%。 在北京合生汇B1层，奇梦岛首家线下门店已于近期开业。 奇梦岛是今年最高调进攻潮玩、搪胶毛绒市场的玩家之一，也是目前资本市场上除泡泡玛特外，唯一一 家以IP创作和运营、手办、搪胶毛绒为核心业务的潮玩上市企业。 转变源于一家美股上市公司的业务转型。 随着行业对IP价值的认知不断深化，渠道方与生产端也纷纷发力自有IP，竞争日趋激烈。 对于以WAKUKU为代表的后来者而言，在实现从0到1的突破后，依然面临漫长而艰巨的 ...

Core Insights - In 2025, the toy industry welcomes a new player, "HERE Qimengdao," which has transitioned from an online adult education service provider to a toy brand after acquiring the brand Yiqi Culture [2][3] Group 1: Company Transition and Performance - Qimengdao, formerly known as "Quantum Song," has rebranded after acquiring Yiqi Culture and divesting its education business, marking a full pivot to the toy sector [2] - The company reported a significant revenue increase in Q3, reaching 127 million yuan, a 93.3% quarter-over-quarter growth, exceeding previous performance expectations [2] - The gross margin improved by 6.5 percentage points to 41.2%, indicating strong operational efficiency [2] Group 2: Strategic Direction and Market Positioning - Management has set a revenue guidance of 750 million to 800 million yuan for the fiscal year 2026, reflecting confidence in continued growth [2] - The company plans to open its first six self-operated stores in major cities like Beijing, Chongqing, and Shenzhen by the end of 2025 to enhance brand presence and user experience [8] Group 3: Acquisition and Integration Strategy - The acquisition of Yiqi Culture was driven by its strong product development capabilities and alignment in values, with the integration completed in under a year [4] - The focus on IP and product-driven strategies is seen as essential for long-term value creation, with the team’s core competencies in operations, marketing, and traffic management [4][12] Group 4: Supply Chain and Production Challenges - Initial supply chain challenges were faced due to rapid demand growth, with production capacity initially falling short, leading to stockouts [5][6] - By the end of December, production capacity is expected to reach approximately 400,000 units, addressing previous supply constraints [7] Group 5: Marketing and Brand Development - Qimengdao employs a flexible marketing budget based on total revenue, allowing for adaptive strategies in celebrity endorsements and other promotional activities [11] - The company emphasizes the importance of emotional value in the toy industry, using self-operated stores to strengthen user connections and gather feedback [8][13] Group 6: Future Outlook and Industry Trends - The company anticipates that the toy industry will experience cyclical trends, focusing on product iteration and operational innovation to extend the lifespan of its IPs [15] - Qimengdao maintains a cautious approach to future investments and acquisitions, prioritizing strategic resource acquisition over indiscriminate spending [16]

为了强化旗舰店的"主场优势"，奇梦岛在开业期间发售多款限定产品。奇梦岛方面介绍，线下门店发售 限定IP意在通过"线下门店独家发售"的形式，有效提升了客流黏性，确立了旗舰店作为品牌"核心内容 首发地"的战略地位。 据悉，今年以来，奇梦岛加强了IP矩阵构建及供应链协同。北京首家旗舰店将与现有的渠道网络形成合 力，进一步夯实"线上爆款引流+线下体验沉淀"的全域增长模型。未来，该店将持续输出品牌文化，以 更多原创IP和创新体验，探索潮玩文化的可能性。 北京商报记者在现场了解到，奇梦岛合生汇旗舰店集结了集团旗下包括WAKUKU、SiiNONO、ZIYULI 在内的17大核心IP矩阵。通过差异化的陈列材质、风格化的场景搭建以及丰富的互动装置，消费者在这 里不仅能直观触碰产品细节，更能深度体验"首店"独有的沉浸式社交场景，形成"逛展-购买-社交晒 图"的体验闭环。 战绘宇表示，奇梦岛选择将全国首家旗舰店落户北京朝阳合生汇，也是看重了该商场客流大、年轻潮流 受众多，与潮玩客群高度重合，旨在打造一个集"潮玩探索+情绪共鸣+时尚社交"于一体的创新体验 场。 北京商报讯(记者刘卓澜)12月20日，奇梦岛集团(HERE)全国首家品牌 ...

发力自有IP生态建设，潮玩产业强化与多元创意资源的对接。 在优质IP的市场变现能力被进一步看见之时，基于IP稀缺性和市场热度，优质IP供应商在产业链的议价 能力得到强化。2025年，潮玩领域头部厂牌陆续在推进自有IP生态的建设，巩固自身在IP核心资产布局 的抗风险能力与话语权。 头部厂牌推动自有IP构成产品力核心 近几年，就IP衍生品销售来看，潮玩领域头部厂牌高歌猛进。伴随着自有IP盈利潜力的释放，潮玩领域 头部厂牌在建设自有IP生态的步伐正在加快。 今年，量子之歌集团正式宣布更名为奇梦岛集团（NASDAQ:HERE），战略重心全面转向潮玩生态布 局。12月初，该集团发布2026财年第一季度（截至2025年9月30日）财报。报告期内潮玩业务总营收 1.271亿元，环比激增93.3%。 2025.12.19 本文字数：3097，阅读时长大约5分钟 作者 |第一财经 宋婕 万联证券研报显示，中国潮玩企业新注册数量呈现爆发式增长。2020-2024年，我国潮玩企业新注册量 持续高速增加，新增数量从418家跃升至8543家，五年激增20倍。尽管同比增速从2021年峰值287.32% 逐步回调，但2024年仍保持30. ...

Core Viewpoint - The article emphasizes the strengthening of the IP ecosystem in the潮玩 (trendy toy) industry, highlighting the importance of proprietary IP for companies to enhance their market position and risk resilience as they seek to capitalize on the growing demand for unique and high-quality IP products [3]. Group 1: Development of Proprietary IP - Leading brands in the潮玩 industry are accelerating the construction of their proprietary IP ecosystems, with significant revenue growth reported. For instance, 奇梦岛集团 (formerly known as Quantum Song Group) reported a 93.3% quarter-on-quarter increase in潮玩 business revenue, reaching 127.1 million yuan for Q1 of FY2026 [5][6]. - 奇梦岛集团 has acquired 11 proprietary IPs and 6 exclusive licenses, with the WAKUKU IP contributing 70.6% of its total revenue in the latest quarter [6]. - Other companies like 泡泡玛特 (Pop Mart) and 名创优品 (Miniso) are also enhancing their proprietary IP capabilities, with 泡泡玛特's HIRONO IP generating 730 million yuan in revenue, a 106.9% year-on-year increase [10]. Group 2: Market Dynamics and Competition - The潮玩 industry has seen explosive growth in new registrations, with the number of new潮玩 companies increasing from 418 in 2020 to 8,543 in 2024, marking a 20-fold increase over five years [12]. - Despite a decline in growth rate from the peak of 287.32% in 2021, the industry is still expected to maintain a double-digit growth rate of 30.27% in 2024 [12]. - The demand for high-quality original IP is rapidly increasing, with consumers seeking to participate in design and express individuality, prompting companies to develop ecosystem platforms [13]. Group 3: IP Ecosystem and Consumer Engagement - The IP ecosystem consists of two main parts: production and operation at the front end, and design, manufacturing, and sales of derivative products at the back end. The sales of derivative products have significantly boosted the competition for proprietary IP reserves among潮玩 companies [11]. - The success of IPs like "大湾鸡" during events demonstrates the potential for IPs to evolve into permanent cultural assets, driving local economic development through tourism and retail [15]. - Continuous operation and user interaction are crucial for the longevity of an IP, requiring clear character design, visual symbols, and engaging narratives to maintain consumer interest [16][19].

头部厂牌在IP领域谋求更大的话语权。 发力自有IP生态建设，潮玩产业强化与多元创意资源的对接。 在优质IP的市场变现能力被进一步看见之时，基于IP稀缺性和市场热度，优质IP供应商在产业链的议价能力得到强化。2025年，潮玩领域头部厂牌陆续在推 进自有IP生态的建设，巩固自身在IP核心资产布局的抗风险能力与话语权。 头部厂牌推动自有IP构成产品力核心 近几年，就IP衍生品销售来看，潮玩领域头部厂牌高歌猛进。伴随着自有IP盈利潜力的释放，潮玩领域头部厂牌在建设自有IP生态的步伐正在加快。 今年，量子之歌集团正式宣布更名为奇梦岛集团（NASDAQ:HERE），战略重心全面转向潮玩生态布局。12月初，该集团发布2026财年第一季度（截至 2025年9月30日）财报。报告期内潮玩业务总营收1.271亿元，环比激增93.3%。 公开资料显示，该集团在3月控股并全资收购WAKUKU所在公司。截至9月30日，奇梦岛拥有包括WAKUKU在内的11个自有IP，以及SIINONO在内的4个独 家授权IP和2个非独家授权IP。其中，WAKUKU本季度营收8973万元，占总营收的70.6%。 奇梦岛集团执行总裁、联合创始人施广强在接受 ...