中证报中证网讯(记者连润)9月17日，量子之歌公布截至2025年6月30日的2025财年第四季度及全年财 报。财报显示，2025财年，公司全年实现营收27.26亿元人民币，净利润3.57亿元；第四季度营收6.18亿 元，净利润1.08亿元。 值得关注的是，本季度首次纳入披露的潮玩业务实现营收6578万元，占总营收约10.6%。公司现金储备 达10.41亿元，为潮玩业务的IP开发、渠道拓展及国际化布局提供充足资金保障。 截至本公告发布之日，公司达成全资控股深圳熠起文化有限公司("Letsvan")的相关安排，并完成品牌升 级，中文品牌名焕新为"奇梦岛"。与此同时，公司已启动对原有非潮玩业务的重组，以集中资源深耕高 成长赛道，战略聚焦进一步明晰。 深化渠道布局加速国际化发展进程 渠道拓展方面，自2025年4月整合资源启动线上自营以来，GMV(商品交易总额)快速提升，8月已突破 1800万元，是4月的9倍以上。内容营销同步发力，两大平台总曝光量突破6.9亿(其中抖音超5.5亿，小红 书1.4亿)，粉丝数超25万，有效助推线上销量增长。 线下渠道通过分销商合作伙伴，网络覆盖超1万家终端，并借助潮玩展与快闪店提升品牌声 ...

Letsvan以更有竞争力的价格摸着LABUBU过河，如愿爆火了。 LABUBU、ZIMOMO、MOKOKO、TYCOCO…… 和WAKUKU。相似的ABB式命名、同样具有反差感的外表，它们出自"同一家族"？ 事实上，前四个来自泡泡玛特旗下，最后一个的出品方是深圳熠起文化有限公司（以下简称Letsvan）。 在日趋拥挤的潮玩赛道，泡泡玛特凭借成熟的IP孵化与商业模式成为行业标杆，引来众多追随者。Letsvan以更有竞争力的价格摸着LABUBU过河，如愿 爆火了。 WAKUKU被不少消费者称为"LABUBU平替"，甚至被看作最有潜力成为下一个泡泡玛特的IP。它推出仅一年多，爆火只花了不到半年。 但复制路径易，复制灵魂难。WAKUKU的成功是一种商业策略的胜利，而潮玩不再只关乎外形，更关乎故事、情感与认同，这也侧面暴露出行业"创新稀 缺"的困境。 当WAKUKU刚尝到复制LBUBU的爆火甜头时，泡泡玛特已经进入Next Level了。 近乎像素级的对标 在潮玩行业，泡泡玛特早已不只是作为"品牌"的存在，也是一套被验证可行的"爆火公式"，吸引众多追随者入场，战绘宇或许是最忠实的那一位。 战绘宇是Letsvan的创始 ...

Core Viewpoint - WAKUKU has rapidly gained popularity among Generation Z, driven by its unique branding and effective celebrity marketing strategies, while Quantum Song, the parent company, faces significant challenges in its core education business despite the surge in interest for WAKUKU products [2][4][10]. Group 1: WAKUKU's Market Performance - WAKUKU's blind boxes are sold out across various online and offline channels, with reports of a half-month stockout period and limited restocking quantities [2][4]. - The price of certain WAKUKU items, such as the "Sweetheart Rabbit" tag, has seen significant increases, with second-hand prices rising from approximately 150 RMB to around 320 RMB, reflecting a 1.5 times increase from the original price of 129 RMB [5][9]. - WAKUKU's marketing strategy includes collaborations with celebrities, which has effectively boosted brand visibility and appeal among consumers [4][10]. Group 2: Quantum Song's Business Challenges - Quantum Song's core education business has been declining, with a reported 39.6% drop in revenue year-over-year for the third quarter of fiscal year 2025, amounting to approximately 571 million RMB [8][9]. - The number of paid students has drastically decreased from 1.7 million in June 2024 to 300,000 in early 2025, indicating a loss of nearly 1.5 million users within a year [10][13]. - Complaints regarding misleading marketing practices have surged, with significant refund requests reported, highlighting a growing trust issue among consumers [10][13]. Group 3: Market Outlook and Strategic Moves - The Chinese collectible toy market is projected to grow from 174.2 billion RMB in 2024 to 335.7 billion RMB by 2029, presenting a potential growth avenue for Quantum Song through its acquisition of WAKUKU [7]. - Despite the initial market excitement following the acquisition, Quantum Song has yet to see substantial financial contributions from WAKUKU, raising questions about the sustainability of its business model [7][10]. - The company is at a crossroads, needing to rebuild trust in its education services while effectively managing the dual focus on both education and the emerging toy market [13].