2025潮玩行業市場規模、發展空間、品類及龍頭公司競爭力分析報告（43頁）.pdf

1、2 0 2 5 年深度行業分析研究報告目_C O N T E N T S潮業狀1o潮模z間？2_o潮業p勢？010203潮品分1哪品？2O品W業模式_？潮公司競爭分1yw潮公2O公競_？N公？Og公y花？3nN等公y花？304投資議01Partone4潮業狀：o精神消費代點本節針o潮狀分，：1o潮?？臻g？2o潮業比海_N段？_？添標模：樂2O，樂品1500，潮9001.15據沙文灼咨詢，樂業2024計2O，19-24CAGR14%2業W括數孒o/動漫/播等1品W括w/n籍/w/o裝等Q動W括u/網/公園等5CAGRVo15%112%110%2據灼咨詢，樂品業2024計1500，19-24CAG

2、R12%2品W括w/w/o裝等5CAGRVo12%124%19%2據灼咨詢，潮2024模計900元，19-24CAGR12%，計o來3CAGR14%，2027達r1300元2數字娛樂數字娛樂產品產品線下活動線下活動數據g源灼詢招股nt招股n浙Wx|究2024o樂計1.8O元，5CAGR14%20241.3OS5CAGR15%20243681S5CAGR10%20241590S5CAGR12%模：潮IP_延，授權1500，編50006潮營的y花o塑IP，以通過授權編打_了品售以_更的空間2據沙文，IP授權2024計1561元，5CAGR 13%2IP授hW括W品授hz間授hW品授hgIPpQ授h

3、于IP_售品品比瑞啡等z間授hg以IP進動vz間裝飾會11店公園比尼園1城園等2據沙文，IP編2024計5867元，5CAGR 14%2IP式W括數孒o1u1劇集u1動w等比夢園k高u等21.1數據g源招股n浙Wx|究48.555.565.673.284.477.396.4115.7135.7156.1020406080100120140160180201520162017201820192020E 2021E 2022E 2023E 2024EIP授h業模SS74.994.5117.6131.6150.5183.4190.4211.4233.8256.118.921.730.135.742.

4、712.656.068.679.190.030.140.650.461.673.586.8102.9121.1141.4162.816.121.728.035.041.347.654.662.370.077.80100200300400500600700201520162017201820192020E 2021E 2022E 2023E 2024E數字游戲電影劇集及電視節目動畫片oIP模SS添標95%業：IP作能z缺，IP營節71.2潮業本由IPz權1IP營1IP授權1供工廠1終售商5n部分p2IPxhIP作IP值高z缺g壘高IP營IPW品|營常IPxh營授h角色IP授hV通常_拓廠業值gP

5、IP營式售W品售w勢售WP溯rIP營VIP營_會營模式以延伸售業2數據g源瑞詢浙Wx|究37.72%48.08%40.05%35.8%48.25%68.10%61.32%37.63%67.3%52.9%28.65%31.34%38.73%4.78%16.08%10.00%13.0%10.0%25.96%18.76%14.06%29.6%27.9%6.33%14.14%16.08%0%10%20%30%40%50%60%70%80%奧飛娛樂閱文團阿影業迪士尼羚邦團樂高泡泡瑪特姚記科技t游a魯華立科技京華激光_品毛利率經調凈利率業：IP作能z缺，IP營節81.2注以P_2024o報_vX公2023

6、數據g源瑞詢公公公網浙Wx|究IPz權IP授權IP營終售商潮業由5n部分p：1IPz權：高壘節，以/o等公授h業純oOIPp本n30-40%5-15%之間2IP授權oo羚/o棉花muse/阿等IPg日本)以羚50%10%3IP營業x品間_30-70%O等5-30%O等IPxh營公/集/阿業4供工廠華激Zt廠31%/14%5售商IP營售W品/52TOYS以品40%/16%2授權授權權益授權代v授權權益供工廠品售品品售手添標95%業段：ok精神消費代點91.3需求：o均GDP 20191O元，k精神消費代點2ywWo業源合o手t毛絨2y據灼詢t招股n2027o潮業模1289Svoo/k/t/絨模V

7、407/348/310/154So模g2模差_由O品目標均價s22增：t手積o毛絨2y據灼詢t招股n2022-2027o潮業合13.3%vot/k/o/絨合20.6%/15.0%/13.4%/4.3%tg2增差_P品在o的p熟度有s2問1：潮業哪品更優？2.219數據g源g數t招股n公浙Wx|究t：t游翻倍高增手：特再掀熱潮t/t搜g數2023nW單位百萬元單位百萬元2021A2022前3前3Q2022A2023前3前3Q營業總收入營業總收入2298.863654.394135.141955.87YOYYOY79.9%-46.5%歸母凈利潤歸母凈利潤-153.18-115.25-296.032

8、60.16YOYYOY93.3%-187.9%經調整凈利潤經調整凈利潤795.401567.601619.70578.10YOYYOY97.08%103.63%-64.31%毛利率毛利率58.10%69.84%68.80%67.35%期間費用率期間費用率17.46%20.14%25.31%45.23%v中銷售費用181.25283.46375.02296.19銷售費用率7.88%7.76%9.07%15.14%v中費用218.38448.82666.48583.29費用率9.50%12.28%16.12%29.82%v中費用1.863.875.255.25費用率0.08%0.11%0.13%0

9、.27%歸母凈利率歸母凈利率-6.66%-3.15%-7.16%13.30%經調整凈利率經調整凈利率34.60%42.90%39.17%29.56%t數據一k/搜g數持3000以P高O數據一WOOS2019A2019A2020A2020A2021A2021A2022A2022A2023A2023A2024H12024H1營業收入營業收入1683.42513.54490.74617.36301.04557.8yoy227%49%79%3%36%62%內地銷售收入1656.52439.34306.94163.45234.93206.4yoy222%47%77%-3%26%32%境外銷售收入26.9

10、74.2183.7453.91066.11351.5yoy176%148%147%135%260%毛利潤1090.31594.12758.62654.53864.12919.1毛利率64.8%63.4%61.4%57.5%61.3%64.0%歸母凈利潤451.1523.5854.3475.71082.3921.3凈利率26.8%20.8%19.0%10.3%17.2%20.2%調整凈利潤469.1590.51001.6573.51190.51017.6調整凈利率27.9%23.5%22.3%12.4%18.9%22.3%問1：潮業哪品更優？2.220數據g源_招股n公公S浙Wx|究毛絨：Jel

11、lycat引，特勢u積o：樂高穩健增，_魯爆增_爆0.540.650.600.851.462.0022%-7%41%72%37%-20%-10%0%10%20%30%40%50%60%70%80%011223201820192020202120222023營收億英鎊YOYJellycat高靡329.8325.6876.7465.51046.2-1%169%224%238%-50%0%50%100%150%200%250%0200400600800100012002021202220232024Q12024H1營收億人民_yoy40.8446.1051.4%9.8%0%2%4%6%8%10%12

12、%0501001502002503003504004505002023H12024H1泡泡瑪特毛玩w收入百萬元收入s比絨10高絨kz高企159k261 159k502 38.543.755.364.665.96.6767.8579.90710.4869.15813.5%26.5%16.8%2.0%17.7%26.1%5.8%-12.7%-15%-10%-5%0%5%10%15%20%25%30%01020304050607020192020202120222023全球收入十億麥克朗亞太地區收入全球收入yoy亞太收入yoy高穩u問1：潮業哪品更優？2.221數據g源歐睿t招股n浙Wx|究3競爭格

13、k頭部集o度：積ot手毛絨立2O品的格差_本P由商業模式壘差_決2積o格：TOP1 50-70%，CR5 70-80%t格：TOP1 50-70%，CR5 80-90%ow他集換式t公司：2022o集換式tz2023日本TCGtz售s比oozywoz65.6%69.3%72.0%73.7%72.7%26.3%22.9%20.3%18.7%19.5%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023樂高美泰萬代啟蒙積木Spin Master其他37.2%46.4%51.7%53.7%47.2%4.

14、4%5.1%5.3%5.8%6.6%1.0%3.0%4.4%4.0%4.9%2.2%2.1%2.6%3.0%4.5%0.8%1.1%1.6%3.0%3.8%54.4%42.4%34.4%30.6%33.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023樂高啟蒙積木布魯可萬代森寶文化其他問1：潮業哪品更優？2.222注動作v通常g_wg向k漫英/Z等kv通常g_g向k娃娃芭比娃娃/尼公/z/等數據g源歐睿O謙浙Wx|究3競爭格k頭部集o度：積ot手毛絨立2O品的格差_本P由商業模式壘差_決2手

15、格：TOP1 20-40%，CR5 50-70%ywkvz19.1%18.9%19.1%18.7%24.0%16.9%18.1%18.3%17.2%16.5%15.2%14.2%13.3%13.1%7.8%5.5%5.7%5.4%5.2%4.9%1.9%3.0%4.9%4.7%5.1%41.4%40.2%39.1%41.1%41.8%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023美泰MGA之寶Moose泡泡瑪特其他yw動作vz25.8%25.7%25.0%24.3%22.8%10.1%9.4

16、%12.7%15.6%13.5%11.8%12.5%11.7%11.0%10.6%7.9%7.8%8.1%8.7%8.7%4.5%4.8%4.5%4.3%4.4%39.9%39.7%38.0%36.1%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023之寶FunkoGeobra Brandsttter美泰萬代其他okvzo動作vz47.5%36.4%34.9%37.1%41.3%11.8%12.6%12.5%13.1%13.3%8.3%7.6%7.0%7.6%7.5%2.7%2.4%2

17、.8%3.6%4.1%1.3%1.8%2.2%2.7%4.1%1.4%1.3%1.3%1.3%3.2%26.9%37.9%39.3%34.6%26.6%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023奧飛娛樂之寶靈動創想萬代Geobra BrandsttterVTech其他39.2%37.5%45.0%41.3%44.1%5.8%3.2%2.3%1.9%2.3%6.1%3.8%3.8%2.1%2.2%4.8%2.4%1.8%1.7%1.6%1.0%0.9%0.7%0.7%0.7%43.1%52

18、.2%46.5%52.3%49.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023泡泡瑪特美泰精英動漫樂吉兒VTech其他問1：潮業哪品更優？2.223數據g源歐睿O謙浙Wx|究3競爭格k頭部集o度：積ot手毛絨立2O品的格差_本P由商業模式壘差_決2格：度分散毛絨格：TOP1 5-20%,CR5 20-40%5.1%6.7%12.0%18.6%06.5%7.5%8.6%4.5%6.4%6.1%4.1%0.6%1.0%1.2%2.7%0.5%0.5%0.9%2.2%2.0%1.4%1.4%1

19、.8%87.3%77.5%70.9%61.9%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2021202220232024M1-M10Jellycat迪士尼度假區迪士尼名創優品babycare問童子其他o絨_zuWyw絨_z8.0%7.6%6.4%5.6%3.4%4.8%5.1%5.1%6.6%6.1%5.6%5.0%4.4%4.2%3.9%4.0%2.9%3.0%2.7%2.9%74.6%74.2%76.2%77.4%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%

20、2020202120222023之寶Build-A-BearSpin MasterTy迪士尼其他w立品WV散初音og品WV散問2：潮O品的商業模式差_？2.224潮商業模式壘：q們x_IP營兩點營Z_Wz間_比品IP/立等_2Dsw品IPpW獨Wo壘2otoTCGv于獨g動g營壘g高ov壘2k1絨y據IPgVkSvv營n高2由l決競爭格：IPwpV散g了IP品集o頭需pIPWm/立/pg絨V散營獨獨s動gwp集效業集o高mt/ozg集o頭需p穩u營持推效v2IP營潮商業模式潮品/立積o手集o度P高次元手潮流手于IPy脂/PVC等_模裝模型毛絨有性娃性娃tCCGtTCGtO酯/棉花等作Upwwp

21、費w1交換1z動_tvo頭1塑等wvpw1wR1ww于kSIP等v作W品廣股/晨Z股/等尼/Jellycat/Squishmallows品/等夢/航/O智/ot/集t/魂等O/之/泰/Funko/獨角/等高/O/_/啟蒙等潮公司競爭分03Partone25本節yw潮品公司分，以：1O公司競爭差_？2N公司能？O特性公司y花？3怎N看特等公司y花？yw潮公司263.1注尼FY24(j249o)高FY23(j2312o)OFY24(j243o)FY24(j243o)FUNKOFY23(j2312o)之FY23(j2312o)泰FY23(j2312o)夢FY24(j242o)資g源公公彭浙Wx|究公

22、司公司迪士尼迪士尼樂高樂高萬代萬代孩之寶孩之寶美泰美泰寶夢寶夢Funko所屬家所屬家美麥日本美美日本美p立時間p立時間1923193219501926196819981998公司簡介公司簡介全球最大的綜性娛樂公司全球頭部木玩w品牌商全球頭部潮流玩w及游o娛樂品牌商全球頭部玩w和游o公司，旗Q著品牌包括龍P地Q城1NERF1變形金Z等全球最大的玩w公司之N，著品p風火輪HotWheels1芭比娃娃等全球頭部IP授權商，營游o，畫，t牌等2全球頭部潮流玩w品牌商，以人形玩偶如POP！系W著收入體量收入體量億美元億美元913.6195.6667.0050.0354.4119.8410.96收入增速收

23、入增速2.77%1.96%6.07%-14.57%0.12%26.85%-17.13%收入近收入近5CAGR6.92%12.62%7.72%1.17%3.85%25.48%(近4)6.63%毛利率毛利率35.75%68.06%35.32%65.90%47.48%/30.38%經營利潤率經營利潤率經調經調13.04%25.96%8.63%9.53%10.32%29.81%-9.47%收入構收入構分地區分地區美洲/歐洲/亞太s比78.98%/11.25%/9.76%美/歐中非/亞太s比46.5%/38.5%/14%日本/美/歐洲/亞洲s比59.47%/15.78%/12.28%/12.47%北美/

24、歐洲/亞太/拉O美s比57%/23%/9%/11%北美/美女孩部s比55%/41%/4%/美/歐洲/v他地區s比69%/24%/7%收入構收入構分品分品娛樂/體育/體驗s比45.08%/19.29%/37.38%品銷售/授權業99%/1%玩wt趣/數碼/IP品/娛樂/v他s比48.55%/35.48%/7.85%/11.39%玩w等消費品/游o/娛樂s比58%/29%/13%玩偶/學前玩w/作人偶/賽車模型s比44%/18%/20%/30%/POP玩偶/LONGEFLY潮流服飾/v他s比73%/20%/7%IP自pIP，米老鼠1維尼熊1球大戰1迪士尼公位W全球價值最高的IP TOP5授權IP著

25、IP包括高達(自p)，龍珠1航海王1奧特曼1假騎士(授權)，TOP5 IP銷售額s比91.5%既p自pIP(變形金Z1特種部隊1小馬寶莉1小佩奇)，也p大牌授權IP如戰1漫威Barbie;Fisher-Price andThomas&Friends,andPowerWheels;Hot Wheels等自pIP寶夢以授權IP，迪士尼1漫威和ut影業銷售額s比38%，TOP5 IP/長青IPs比17%/67%渠道渠道直營(迪士尼商店1樂園)+授權2023總門店1031家195直營+836授權游o門店1121家直營318+v他803玩w門店經銷代理模式經銷代理，公司前五大零售客戶收入s比34%，2B

26、最大客戶沃爾瑪和亞馬遜，各s收入11%2經銷代理，O大客戶沃爾瑪/Tar/亞馬遜收入s比44%授權經銷，直營門店包括寶夢中心和寶夢商店代理商收入s比79%，零售作伴p塔特1沃爾瑪等，DTCs比21%供鏈供鏈代工廠自p工廠,分a全球現p5家，2家建中代工廠代工廠自p工廠+代工廠，代工廠要位于中/印尼/馬來西亞/墨西哥/泰自p工廠(22收購Millennium Print Group負t牌印w)+代工廠代工廠,要分a在中及越南玲娜貝兒玩偶 瘋狂物城手辦樂高球大戰系W龍珠手辦&高達模型變形精工模型&蜘蛛俠手辦芭比娃娃寶可夢集換式卡牌FUNKO-球大戰-格洛熱銷品示例熱銷品示例迪尼：畫電影，迪尼IP宇

27、+ya營27迪尼以畫電影，x有IP部孵化機v，并通過w形pIP宇，并打影1樂園1游o1售商品，IP授權，出z，音樂，舞劇等yIPa224迪尼營w達913.6元，yw頭部IP包括老鼠1尼熊1wz1迪尼公等2IP研，擅世界價值引，畫設計深：1923尼T_vw廠p立作鼠動zotoQ傳精pywIP1937一動:公POn_矮;nlOz邪惡P即w獲1.84Sy持推:睡;1:_;等尼公W:冰_;調gvP:瘋狂動城;go2資勁，持w，形p迪尼IP宇：2006w皮表作:w總動;/:總動;2009w漫:鋼鐵俠;2012wut:wz;/:_u;2019w:阿;:泰w尼;:X z;:;等22006w皮2009w漫業2

28、012wut業2019Pm_Disney+wS世紀2018P_育m_ ESPN+2023w了著m_ hulu2016P尼園_業2005o尼園_業2001w庭頻 ABC 庭2016g Freeform=1998華尼動_業3.3注jr9ov10o初數據g源公網公公浙Wx|究28p打IPya營：IP影，樂園，游o，售商品，IP授權，出z，音樂，舞劇r電1流_等渠道21930Wz費向尼了_妮w1n籍o裝Ph1952尼p立WED公_始園1955尼園_業1956尼uw公p立80_始o塊1996資190SwABCPESPNu延傳播渠2018尼P_育m_ ESPN+2019以713完pV資wW含u1u公FX1

29、wvu網30%m_Hulu股h39%歐uSkyTV股hsStaru費uz傳22019Pm_ Disney+_始m_23.3尼業x數據g源公網公公浙Wx|究迪尼：畫電影，迪尼IP宇+ya營樂高：yw積o龍頭，品壘深，獨設計語言3.4樂高精耕積o品，打深品v壘，獨設計語言，樂高q_圈，品即品，積oyws70%22023樂高營w659麥w折合96元2公司歷史分3段：1崛(1932-1987)1958推高o雛w請_pO品幼o得高xo高IP_裝2t(1988-2004)o_r競劇out搶w業擴V激進(W括o/u/教育o/o飾/公園/品W店等)u虧損t臨|3蛻售s業(W括公園u子o)_注xo品|2數據g源

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33、動v作公Sunrise21996Qu子寵w拓o子爆火o業拓1999_黑oO敵y堂22005O_PY夢宮合22010公業股W睫2段2010煥2010OY夢宮R闊調un確IP值gW22015-2021進了Ok逐n走向l2前Ot手毛絨立2q們認潮公司競爭由IP1品1營O部分p，IP品決公司y花，營決公司Q限2梳v潮業，q們認IPz權IP營n節1IP營：選ppIPv頭IP資源IP營vs據勢品公推薦特IPy業營z缺標pIP向Pp效IP營v_業高g優品IP+售模式標g頭IP+高效+模勢+IP營_業高晨Y股份頭渠壘p潮售品_og潮品_s注_魯o拼搭角色w頭t游o集換式t頭oP姚記科技os頭o業企穩向ty業_

34、W括wt/tk/夢to/魂品等廣股份_注域初音og1柯Y等頭IP合作華立科技o_頭1夢to售高2IPz權：高壘1資源z缺延z間廣點s注奧樂p喜Ppz狼1巴啦啦_仙1鎧甲勇等IPw業蘊p潮子品點限o品o 1文集團o網頭p潮品1阿影業參P熱u品v作Q阿pO麗鷗ov售品獨授hp潮品鯉等2注標黑浙Wxo標wind一oj20251o8日w數據g源wind公公浙Wx|究382023A2024E2025E2026E2023A2024E2025E2026E2024E2025E2026E泡泡瑪特泡泡瑪特9992.HK1,13563.45120.03166.85218.8710.8228.9740.7454.25

35、41.729.622.3yoy36%89%39%31%128%168%41%33%_品_品9896.HK604114.73153.91193.37233.6317.6924.4931.8840.4526.320.215.9yoy14%34%26%21%177%38%30%27%晨光股份晨光股份603899.SH263233.51253.55276.33300.4315.2715.3717.2219.2017.115.313.7yoy17%9%9%9%19%1%12%11%姚記科技姚記科技002605.SZ10443.0742.7746.8251.005.626.227.358.2916.714

36、.112.5yoy10%-1%9%9%61%11%18%13%華立科技華立科技301011.SZ368.1610.0211.7213.180.520.821.081.3344.633.927.4yoy35%23%17%12%-173%57%32%23%奧飛娛樂奧飛娛樂002292.SZ12227.3928.9431.8435.160.941.312.223.1193.455.139.2yoy3%6%10%10%-155%40%69%41%閱文團閱文團0772.HK25070.2378.0381.8286.298.0511.4313.4414.5121.918.617.3yoy-8%11%5%5

37、%32%42%18%8%阿影業阿影業1060.HK14135.2350.4062.7675.90-2.912.855.768.8249.624.516.0yoy-4%43%25%21%-271%-198%102%53%股票代碼股票代碼股票股票總值總值(億元億元/港_港_)營業收入營業收入(億元億元)歸母凈利潤歸母凈利潤(億元億元)PE特：潮y路營，效IP營機v，海_擴張39資g源 Wind公公浙Wx|究4.2o潮龍頭，y路營z缺標的2于2010p立于X業IP-IP營-IP售y立效IPW營vW壘o公業績高y本21IP營機v確立，爆款IP出O，IP|延2018公IPMOLLYwus比高42%持推P

38、UCKY/DIMOO/THE MONSTERS/SKULLPANDA等j前IPwu貢WWIP熱24頭IP THE MONSTERS爆2019推MOLLY高2016推銳IP CRYBABY勢xIP PCUKY翻2018推延r絨品24H1絨wus比1%Wr10%wu10vIP營vo撐2供店營n優化2o撐SKUP公W高售o確推動潤W2頭IPwus比數據一單位單位百萬元百萬元2020A2021A2022A2023A2024H1營業收入營業收入2513.474490.654617.326301.004557.83YOY49.31%78.66%2.82%36.46%61.98%歸母凈利潤歸母凈利潤523.

39、50854.34475.661082.34921.33YOY16.04%63.20%-44.32%127.55%93.32%調整凈利潤調整凈利潤590.511001.64573.541190.521017.63YOY25.87%63.20%-42.74%107.57%90.08%毛利率毛利率63.42%61.43%57.49%61.32%64.05%期間費用率期間費用率36.56%36.88%46.09%41.50%37.38%v中銷售費用630.071106.081470.752004.711353.21銷售費用率25.07%24.63%31.85%31.92%29.69%v中管理費用279

40、.97557.51686.28707.30434.41管理費用率11.14%12.41%14.86%12.00%9.53%v中費用8.99-7.36-29.10-151.88-83.78費用率0.36%-0.16%-0.63%-2.42%-1.84%歸母凈利率歸母凈利率20.83%19.02%10.30%17.18%20.21%調整凈利率調整凈利率23.49%22.30%12.42%18.89%22.33%40資g源 Wind公_浙Wx|究點：公司IP營能，品突破打_wy花，境_擴張初,計境_售高景氣延，營模式Q店效提升帶來潤優化性，持推薦2w業：店效高O穩健，品業a貢增2顧24，Q店效比O數

41、W進帶動P高屢24IP爆火(LABUBUm/MOLLY/PUCKY翻等)品|絨/o/t業a延園/o/飾品/甜品本公p效IP營vnW225q們w業持O數品延n絨/o/t等業延貢yk/園_/甜品/飾品/等2看公效IP推營vwpg效g品業as_營y花_店z間Up穩u2境_業：線P線Qp，yw影響提升2顧24，_wup幅源于1_營p熟_店uW_拓_始貢2IPywWpIP LABUBU爆火Y泰店日營w|1000OS3本_WIP營模式跑通CRYBABY叛桃等w熱225q們_業持高vo_店泰熱潮傳Y_店集o店效Y歐店效Wpo撐傳uW拓爆(進uLazada/Amazon/Shopee/TikTok等IPywW

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43、92.17YOYYOY-36.67%扭虧扭虧扭虧扭虧扭虧扭虧毛利率毛利率37.40%37.90%47.30%52.00%52.93%期間費用率期間費用率136.23%87.68%27.39%15.59%50.24%v中銷售費用388.65232.89189.2853.23120.76銷售費用率117.85%71.53%21.59%11.44%11.54%v中研發費用83.0298.4494.6630.7876.02研發費用率25.17%30.24%10.80%6.61%7.27%v中費用58.2951.0049.2318.98403.95費用率17.67%15.67%5.62%4.08%38.

44、61%v中費用2.321.571.650.370.89費用率0.70%0.48%0.19%0.08%0.09%歸母凈利率歸母凈利率-152.41%-128.97%-23.51%9.39%-24.65%經調整凈利率經調整凈利率-107.89%-69.21%8.31%26.12%27.93%_數據一_品o拼搭色x龍頭2_于2014p立于P于ow2019_始|拼搭角色w前p推兩款pIP獲得50nIP授hW括1Z等2j24H1公營w10.46S/比+237.6%調27.9%拼搭角色w/owVswu97.8%/2.2%pIP/授hIPwus比16.5%/81.3%vo/Zwus比57.4%/18.7%2

45、以2023GMV_o拼搭角色wOW一s30%yw拼搭角色wOWOs6%2_魯：o拼搭色x龍頭，頭部IP，渠道網_42資g源 公招股n公網浙Wx|究4.3_VIP_V渠頭部IP，有IP表優_2公IP_前獲得50nIP授hW括1Z1火忍1漫1_1夢1W騎1柯Y等p將10n授hIP W業Wj24H1公p134n售SKU64nZSKU2IP授h間范圍廣2021獲得授h2027rZ獲得o11歐1Y等品售授h2m_公推了兩款pIP即_英限動W播152_500Oj24H1_p50款售SKU英限p53款售SKU2渠道網_2j24H1公p511W15OnQ網點W括p一1城以 80%O以Q城P型W_業網點合作售W

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47、115.25-296.03260.16YOYYOY93.3%-187.9%經調整凈利潤經調整凈利潤795.401567.601619.70578.10YOYYOY97.08%103.63%-64.31%毛利率毛利率58.10%69.84%68.80%67.35%期間費用率期間費用率17.46%20.14%25.31%45.23%v中銷售費用181.25283.46375.02296.19銷售費用率7.88%7.76%9.07%15.14%v中費用218.38448.82666.48583.29費用率9.50%12.28%16.12%29.82%v中費用1.863.875.255.25費用率0.

48、08%0.11%0.13%0.27%歸母凈利率歸母凈利率-6.66%-3.15%-7.16%13.30%經調整凈利率經調整凈利率34.60%42.90%39.17%29.56%品品類品品類定價定價品示意品示意換式t牌1-99元人偶10-25元v他玩w5-70元文w5-30元t游：o集換式t龍頭，頭部IP，渠道網_44資g源 公招股n浙Wx|究4.4tVIPtV渠yw頭部IP深度，有IP蓄2j23Q3公IPq44nW括1羅麗1羅動1蛋1火忍1柯Y等IP合作5-14O等m_公于234o推npIPtO品2渠道網_2j23前3Q公W渠/營渠/售渠wus比Vo81.0%/9.8%/9.0%公p230nW

49、V_y31nwpo17nw31Qt艦店以11P營店P頭售W合作W括MINISO1酷潮1KKV17-11便店1|輝等2IPIP來源來源要品類型要品類型權利性質權利性質要品類型要品類型的p效期限的p效期限PPIP作伴開作伴開始s系的份始s系的份奧特曼獲得授權換式t牌及文w中內地的設計和開發1生1銷售和營銷權利20292018葉羅麗獲得授權換式t牌及文w中內地的設計和開發1生1銷售和營銷權利20332019斗羅大畫獲得授權換式t牌中內地的設計和開發1生1銷售和營銷權利20252020蛋仔派獲得授權換式t牌及文w中內地及東南亞的設計和開發1生1銷售和營銷權利20252019t游O自p權換式t牌O適用O適用O適用