中经记者 黎竹 孙吉正 成都报道 在中国消费市场，潮玩行业正进入新的竞争周期。名创优品推出的自有潮玩品牌"WAKUKU"近日在全 国多地门店引发排队购买现象，其热度被业内视为对泡泡玛特长期主导潮玩行业地位的一次挑战。 近年来，国内潮玩市场规模持续增长，入局玩家不断增多，潮玩行业也将迎来新一轮竞争。中国社科院 财经战略研究院和中国动画学会发布的《中国潮玩与动漫产业发展报告（2024）》数据显示，中国潮玩 产业总价值预计到2026年将攀升至1101亿元，年均增速超过20%。 天眼查专业版数据显示，现存在业、存续状态的潮玩经济相关企业超5万家。 中国商业联合会专家委员会委员赖阳认为，LABUBU之类的中国原创IP的崛起，突出表现了中国设计的 原创性和文化深度，让中国品牌在国际时尚设计和知识产权领域获得了实质性的认可和竞争力。在全球 多元化的文化市场中，中国IP从单一制造转向充满文化张力和创新表达，成功吸引了国际消费者的目 光，逐渐在世界潮流中占据重要位置。 新玩家入局 中秋国庆假期，位于春熙路的名创优品MINISO LAND成都壹号店前排满了人。 《中国经营报》记者观察到，不少消费者是为WAKUKU而来，其搪胶毛绒 ...

9月28日，由北京市商务局主办的2025年"诚信兴商"北京主题日活动成功举办，现场发布了2025年诚信 兴商典型案例，并举行授牌仪式，展示了一批诚信经营的优秀企业。北京市商务局相关负责人表示，北 京市注重发挥诚信典型的榜样力量，打造了一批诚信经营、守信践诺的标杆企业，带动整个商贸行业的 诚信建设。量子之歌入选"诚信兴商"倡议企业候选名单。 2025年"诚信兴商"北京主题日活动以"诚实守信 利企惠民"为主题，旨在弘扬诚信文化，推广诚信理 念，引导市场主体树立诚信兴商经营理念，打造一批诚信经营、守信践诺的标杆企业，营造安全放心的 消费环境。 在IP孵化与产品开发方面，公司已构建了涵盖11个自有IP和4个授权IP的多元矩阵，运营超过40个盲盒 产品线与30款毛绒吊卡产品。明星IP WAKUKU自2024年底起快速破圈，2025财年4季度三个月内实现 营收4296万元；SIINONO全新IP 7月首发即现爆发性表现，抖音自营店10分钟售罄1万盒，目前累计销 量破30万盒；原创长青IP又梨通过高端品牌联名与内容焕新持续成长，2025财年4季度三个月实现营收 1751万元，展示出长期生命力。 公司已与体育、娱乐和消费品牌 ...

产品力：Letsvan团队原创设计并推出了WAKUKU、又梨等成功大IP。 品牌力：合并后，量子之歌通过中国网球公开赛、时装周等跨界合作放大品牌声量，许多明星自发同框露出。 销售力：量子之歌团队具备40亿级别生意的操盘经验，把产品推向市场并不难。这种互补让Letsvan从"活下来"到"活得好"，实现了跨越式发展。 雷递网 雷建平 9月29日 量子之歌正在加速向潮玩领域转型，背后的核心载体是Letsvan奇梦岛。量子之歌已完成Letsvan全资控股，原中文厂牌"熠起文化"焕新为"奇梦岛"，还捧 红了WAKUKU潮玩IP，WAKUKU一个季度做到销量超过4000万元。 2025年，潮玩市场大爆发，泡泡玛特营收和市值一路大涨，其他潮玩企业也水涨船高，量子之歌先知先觉，在市场还未爆发前就控股了Letsvan，这一步 踩得很准。 而为何Letsvan会选择卖身给量子之歌？对此，量子之歌CEO李鹏在与雷递网创始人雷建平的交流中做出了解答。 李鹏说，融资只能解决资⾦问题，解决不了结构性短板。Letsvan有很强的产品力，但品牌与销售体系相比之下不完整。量子之歌提供品牌调性与销售能 力，Letsvan提供原创力，合并后形成了 ...

朝外THE BOX与亮马河畔成为热门打卡地，设有WAKUKU与SIINONO的三只巨型人偶，吸引游客拍 照。傍晚游客还可在亮马河畔欣赏美景，并与潮玩装置合影。此外，奇梦岛与中国网球公开赛第二现场 合作，在798艺术区等中网活动区域设置打卡点，网球爱好者可观看中网直播，并与经典WAKUKU大型 玩偶合影。 北京商报讯（记者 赵述评）从朝外THE BOX的霓虹墙下，到亮马河畔的傍晚光影；从798艺术区的工 业风广场，到奥莱和运河西岸的休闲绿地……近日，奇梦岛IP WAKUKU、SINONO 现身京城多个地 标。 ...

继高盛下半年再发文唱多中国资产， 摩根士丹利 也在9月报告中表示， 美国投资者对 中国资产 的兴趣达到了2021年以来的最高水平，投资者 应关注新消费 、人形机器人/自动化 等主题投资机会 。 潮玩IP与银发经济（新消费）、AI与机器人（新科技），成为这轮新经济行情里的"四大金刚"。市场 动能转换 之下 ，企业能否 在新经济赛道 开辟 第二增长 曲线，已成为资本 重估 的 关键 。 作为美股首家全面聚焦潮玩的中概股，量子之歌用成绩单印证了新兴消费的成长潜力。 财报显示，2025财年，量子之歌实现营收人民币27.26亿元，净利润3.57亿元。其中第四季度首次纳入披露的潮玩业务实现营收6578万元，占当 季营收比重超过10%。 今年以来，中国资产迎来新一轮价值重估。 潮玩业务首次披露即展现成长性，量子之歌正在加速"IP生态+全球化"布局。目前，奇梦岛自营模式加速推进，公司进入产品驱动发展阶段。同 时，奇梦岛将开放沉淀多年的IP孵化和商业化能力，携手全球创意力量及产业伙伴，共同孵化具有文化影响力的世界级潮玩IP。 随着高盛、大摩吹响"买中国"号角，量子之歌这样基本面扎实、新经济领域全球布局领先的企业，或将成为资金关 ...

Core Viewpoint - Quantum Song (QSG) is diversifying its business by launching the WAKUKU brand in collaboration with Lehua Entertainment, targeting the young consumer market while continuing its focus on online investment education for the elderly [1][6]. Group 1: Business Strategy and Developments - Quantum Song has shifted its focus to younger consumers by introducing the WAKUKU brand, a trendy toy IP developed in partnership with Lehua Entertainment [1][6]. - The company acquired a 61% stake in Shenzhen Yiqi Culture Co., the parent company of WAKUKU, for 240 million yuan, and later announced a full acquisition [6][7]. - WAKUKU's branding and operations are fully managed by Lehua Entertainment, which holds a 51% stake in the joint venture established with Yiqi Culture [7][8]. Group 2: Market Performance and Financials - The toy market, particularly the trendy toy segment, has gained significant attention, with LABUBU's success boosting the market's profile [2][3]. - WAKUKU's plush blind box products are priced between 59-98 yuan, approximately two-thirds the price of LABUBU's products [5]. - In the second quarter of 2025, Quantum Song's toy business generated 65.78 million yuan in revenue, with WAKUKU contributing 43 million yuan in just three months [8]. - The company anticipates its toy business revenue to reach between 1 billion to 1.1 billion yuan in the first quarter of the 2026 fiscal year, and between 7.5 billion to 8 billion yuan for the entire fiscal year [8].

Core Viewpoint - Quantum Song (NASDAQ: QSG) has reported its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic shift towards the trendy toy business, which shows promising growth potential [1][2]. Financial Performance - For the fiscal year 2025, the company achieved total revenue of 2.726 billion yuan and a net profit of 357 million yuan. In the fourth quarter, revenue was 618 million yuan with a net profit of 108 million yuan [1]. - The newly disclosed trendy toy business generated revenue of 65.78 million yuan, accounting for approximately 10.6% of total revenue [1]. Strategic Focus - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimengdao," marking a significant step in its strategic transformation [1]. - A restructuring of non-trendy toy businesses has been initiated to concentrate resources on high-growth sectors, further clarifying the company's strategic focus [1]. Growth Strategies - The chairman of Quantum Song, Li Peng, emphasized the importance of the fourth quarter as a pivotal moment for the company's strategic transformation, aiming to enhance brand strength and user engagement through an expanded IP matrix and international outreach [2]. - The company is implementing three main strategies to enhance its IP reserves and market penetration: increasing original content investment by establishing design centers in Beijing, Hangzhou, and Shenzhen; promoting IP licensing collaborations; and deepening cross-industry partnerships with sports, entertainment, and consumer brands [2]. International Expansion - Quantum Song is negotiating to open at least three self-operated flagship stores in top-tier shopping centers by the end of December, with a goal of more than five stores [3]. - The company is making steady progress in international expansion, having entered North America and Southeast Asia through platforms like TikTok and Shopee, and has launched a North American independent site [3].

Core Viewpoint - The潮玩 (trendy toy) sector is experiencing significant growth globally, becoming a notable force in the consumer market, as evidenced by the market capitalization of leading companies like Bubble Mart surpassing HKD 400 billion, highlighting the lucrative potential of the industry [1][3]. Group 1: Industry Trends - The潮玩 market in China is projected to grow from RMB 22.9 billion in 2020 to RMB 76.3 billion by 2024, with a compound annual growth rate (CAGR) of 35.11%, while the global潮玩 industry is expected to increase from USD 20.3 billion to USD 41.8 billion during the same period, with a CAGR of nearly 20% [3]. - The shift in consumer motivation from functional satisfaction to emotional value acquisition is driving the demand for潮玩 products, particularly among younger consumers who prefer products that resonate emotionally and allow for personalized expression [3][4]. Group 2: Company Strategy - Quantum Song has fully acquired the潮玩 brand Letsvan and rebranded it as "奇梦岛," marking a strategic pivot towards the潮玩 sector, while also initiating the divestment of non潮玩 businesses to concentrate resources on this high-growth area [5][8]. - The company aims to transition from a "traffic-driven" to a "product-driven" model, focusing on潮玩 to unlock greater growth potential and shareholder value [8]. Group 3: Financial Performance - For the fourth quarter of the 2025 fiscal year, Quantum Song reported total revenue of RMB 618 million and a net profit of RMB 108 million, with潮玩 business contributing RMB 65.78 million, accounting for 10.6% of total revenue [2][8]. - The company anticipates潮玩 business revenue to reach between RMB 750 million and RMB 800 million for the entire 2026 fiscal year, indicating a projected quarter-on-quarter growth rate exceeding 50% [10]. Group 4: IP Development and Market Expansion - Quantum Song has developed a diverse IP matrix, operating 11 proprietary IPs and 4 licensed IPs, covering over 40 blind box product lines and 30 plush products, which enhances its market competitiveness [11][12]. - The company is expanding its IP portfolio through increased original investment, IP licensing partnerships, and cross-industry collaborations, such as partnerships with major events and brands to enhance brand visibility and emotional connection with consumers [12][14]. Group 5: Channel Strategy - Quantum Song employs a comprehensive channel strategy that includes online self-operated platforms, offline distribution, and international expansion, significantly increasing market coverage and consumer reach [14][16]. - The online self-operated channel has seen rapid growth, with GMV surpassing RMB 18 million by August 2025, reflecting the effectiveness of the self-operated model [14]. Group 6: Supply Chain Management - The company has optimized its supply chain management to enhance production capacity and responsiveness, achieving a monthly output of over 1 million plush products by August 2025, which is a more than 20-fold increase since the beginning of the year [17][19]. - This supply chain enhancement supports current operations and future business expansion, ensuring timely product availability and reducing potential sales losses due to stockouts [19]. Group 7: Conclusion - Quantum Song's commitment to潮玩 represents a strategic alignment with the emotional value consumption trend, leveraging IP, multi-channel strategies, and supply chain capabilities to drive sustainable growth [20]. - With a robust cash reserve of RMB 1 billion and clear performance guidance, the company is well-positioned for future growth and value re-evaluation as it expands its IP ecosystem and global presence [20].

Core Insights - Quantum Song (NASDAQ: QSG) has reported its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic shift towards the trendy toy business, which shows promising growth potential [1][2] Financial Performance - For the fiscal year 2025, the company achieved a total revenue of RMB 2.726 billion and a net profit of RMB 357 million; in the fourth quarter, revenue was RMB 618 million with a net profit of RMB 108 million [1] - The newly disclosed trendy toy business generated revenue of RMB 65.78 million in the fourth quarter, accounting for approximately 10.6% of total revenue [1] - The company has cash reserves of RMB 1.041 billion, providing sufficient funding for IP development, channel expansion, and internationalization [1] Strategic Focus - The company is fully concentrating on the trendy toy sector, aiming to create a product-driven growth curve through an expanded IP matrix and deepened self-operated channels [2] - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [2] IP Development and Market Penetration - The company is enhancing its IP reserve and market penetration through three main strategies: increasing original investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - Notable collaborations include WAKUKU becoming the first and only official trendy toy partner of the 2025 China Tennis Open, and partnerships with Universal Studios, Yuanqi Forest, and Beijing Fashion Week [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has rapidly increased, surpassing RMB 18 million in August, which is over nine times the amount in April [4] - The company is negotiating to open at least three self-operated stores in top shopping centers in first-tier cities by the end of December [4] - Internationally, the company has entered North America and Southeast Asia through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Supply Chain and Future Outlook - The company has significantly increased its production capacity, with plush product output exceeding 1 million units in August 2025, a growth of over 20 times since the beginning of the year [4] - The company aims to continue focusing on the trendy toy strategy, emphasizing product strength, all-channel self-operated expansion, and international growth, aspiring to become a global symbol of trendy culture [4]

Core Viewpoint - The company Quantum Song has reported its financial results for the fourth quarter and the full year of fiscal year 2025, indicating a strategic shift towards the trendy toy business, which has shown growth potential and marks a clear focus on this sector [2][9]. Financial Performance - For the fiscal year 2025, the company achieved total revenue of 2.726 billion yuan and a net profit of 357 million yuan; in the fourth quarter, revenue was 618 million yuan with a net profit of 108 million yuan [9]. - The newly disclosed trendy toy business generated revenue of 65.78 million yuan in the fourth quarter, accounting for approximately 10.6% of total revenue [9]. - The company has cash reserves of 1.041 billion yuan, providing sufficient funding for IP development, channel expansion, and international layout [9]. Strategic Developments - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. (Letsvan) and completed a brand upgrade, renaming it "Qimeng Island" [9]. - A restructuring of non-trendy toy businesses has been initiated to concentrate resources on high-growth sectors, further clarifying the strategic focus [9]. Product and IP Development - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [10]. - The star IP WAKUKU generated 42.96 million yuan in revenue within three months of the fourth quarter, with over 1 million units sold since its launch in May [10]. - The new IP SIINONO has sold over 300,000 units since its launch in July, while the evergreen IP Youli has continued to grow through high-end brand collaborations, generating 17.51 million yuan in the fourth quarter [10]. Market Strategies - The company is enhancing its IP reserves and market penetration through three main strategies: increasing original investment by establishing design centers in Beijing, Hangzhou, and Shenzhen; advancing IP licensing cooperation; and deepening cross-industry collaborations with brands in sports, entertainment, and consumer sectors [12]. - The company has seen a rapid increase in GMV since launching its online self-operated model, surpassing 18 million yuan in August, which is over nine times the amount in April [12]. - Content marketing efforts have resulted in over 690 million total exposures on major platforms like Douyin and Xiaohongshu, with a follower count exceeding 250,000 [12]. Channel Expansion and Internationalization - The company has partnered with distributors to cover over 10,000 retail terminals and is negotiating to open at least three self-operated stores in major cities by the end of December [14]. - Internationally, the company has entered North American and Southeast Asian markets through platforms like TikTok and Shopee, and has conducted pop-up tests in Jakarta, expanding its distribution network to over 20 countries [14]. Future Projections - The company anticipates revenue from the trendy toy business to reach between 100 million to 110 million yuan in the first quarter of fiscal year 2026, with total revenue projected to be between 750 million to 800 million yuan for the fiscal year 2026 [14].