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潮玩风云：一半神话，一半泡沫

The world of潮流玩具—commonly known as "chill toys" or "pop culture collectibles"—is experiencing a seismic shift. Once dismissed as niche novelties, these expressive, design-driven figures have exploded into a global phenomenon, blending art, emotion, and commerce in unprecedented ways. Yet beneath the glittering surface lies a turbulent reality: soaring valuations, volatile demand, and fierce competition. This is not just a trend—it’s a high-stakes game where mythology and market bubbles collide.

The Rise of Pop Culture Toys: From Niche to Global Craze

Pop culture toys have evolved from simple plastic figures into cultural symbols. Driven by emotional resonance and social validation, they’ve become central to youth identity and digital expression. In 2024, China’s broader entertainment toy market reached 101.8 billion yuan, with projections estimating 2.121 trillion yuan by 2029—a compound annual growth rate that rivals the early days of new tea饮 chains.

Yet unlike food trends, which rely on repeat consumption, pop toys thrive on scarcity, fandom, and virality. The turning point came in 2024 when Labubu, a quirky character from Pop Mart, ignited a global frenzy—first overseas, then back home. Its success wasn’t just about design; it was about narrative engineering, celebrity influence, and cross-border cultural appeal.

👉 Discover how digital culture fuels real-world collectible mania

This momentum sparked a wave of IPO ambitions across the industry:

But behind the headlines lies a harsh truth: many of these companies are not yet profitable.

Profitability vs. Hype: The IPO Mirage

While the IPO race heats up, financial fundamentals remain shaky. 52TOYS reported cumulative losses of nearly 200 million yuan over three years (2022–2024) and generated only one-fifth of Pop Mart’s annual revenue in 2024. Despite aggressive expansion—Top Toy aims for “1,000 stores in five years”—its total revenue still falls short of one-third of Pop Mart’s.

Why the rush? Fear. Fear that the emotional economy is fleeting. Fear that consumer sentiment may shift overnight. When Pop Mart increased Labubu production, shares plummeted 15%, wiping out over 50 billion HKD in market value.

Still, investor appetite remains strong. Second-tier brands now trade at price-to-earnings ratios of 15x, up from 8x in 2024. Entry barriers have soared—Wanda and Ruyi jointly invested 144 million yuan in 52TOYS, matching the scale of high-profile investments in beverage giants.

This capital surge isn’t driven solely by product—it’s fueled by IP potential.

IP Is King: Why Ownership Defines Survival

In the pop toy ecosystem, intellectual property (IP) is everything. Without it, brands risk becoming mere distributors—replaceable conduits in a saturated market.

Consider Miniso’s Top Toy: leveraging Miniso’s global supply chain, it releases nearly 3,000 new products annually, capturing over 80% of licensed IP collaborations. But without original storytelling or emotional depth, its offerings lack differentiation.

Even 52TOYS, despite strong sales from licensed IPs like Crayon Shin-chan (which contributed 60% of revenue), faces shrinking cash flow due to high licensing fees and sales guarantees. In contrast, Pop Mart is investing heavily in content creation—launching an in-house film division and releasing an official Labubu animated series in June 2025.

The lesson? Successful IPs don’t start with products—they begin with stories.

LINE FRIENDS succeeded because it emerged alongside mobile messaging culture, embedding itself in daily communication before expanding into merchandise. Today’s pop toy makers are trying to reverse-engineer this model: launching figures first, then scrambling to build narratives through scripts and animations.

One rising contender? WAKUKU.

Developed by Letsvan and backed by Yuehua Entertainment, WAKUKU gained viral traction after being shared by celebrity Yu Shuxin in January 2025. Within months, it replicated Labubu’s celebrity endorsement playbook—enlisting stars like Quan Hongchan, Chen Meng, and even posting photos with David Beckham via杜华.

Result? The “Fox Rabbit” series sold out within hours in Shanghai. A Wang Yibo collaboration blind box resold at 300% above retail. On Tmall’s 618 shopping festival, WAKUKU dominated the top three spots in blind box sales.

Quantum Group acquired a controlling stake for 235 million yuan—a bet on IP scalability beyond China.

👉 See how global fandom shapes tomorrow’s collectibles

The Hidden Frontier: Pop Toys Going Global

While domestic markets fluctuate, international expansion has become a survival strategy.

China’s toy exports from Dongguan alone exceeded 12 billion yuan from January to July 2024, reaching over 100 countries. Southeast Asia—once seen as fertile ground—saw a correction in late 2024 as oversupply led smaller players to retreat from Thailand.

But the winners adapted:

Notable successes include:

Even the Middle East—long considered inhospitable due to low population density—is opening up.

BTS performed in Riyadh in 2019 to a sold-out crowd of 70,000. Tickets originally priced at 1,161 RMB resold for nearly 6,916 RMB. In 2023, Blackpink’s concert turned Riyadh pink—literally—as fans lit up the city skyline.

These events signal a deeper truth: cultural connection drives consumption, regardless of geography.

Metastat Insight forecasts the global pop toy market will reach $62.1 billion by 2030. For Chinese brands, this isn’t just about selling toys—it’s about exporting culture.

Frequently Asked Questions (FAQ)

Q: Is the pop toy market sustainable long-term?
A: Yes—but only for brands with strong original IP and global storytelling capabilities. Market consolidation is inevitable; short-term hype won’t sustain value without emotional depth.

Q: Why did Labubu lose value after restocking?
A: Scarcity drives desirability. When Pop Mart increased supply, perceived rarity dropped—triggering resale market collapse and investor concern over future margins.

Q: Can non-Chinese brands compete with Chinese pop toys?
A: Absolutely. However, Chinese firms currently lead in manufacturing agility, e-commerce integration, and celebrity-driven marketing—key advantages in fast-moving consumer trends.

Q: What makes WAKUKU different from other new IPs?
A: Strategic alignment with celebrity culture and rapid monetization via Miniso’s retail network allowed WAKUKU to scale faster than typical grassroots IPs.

Q: Is investing in pop toy startups risky?
A: Extremely. While valuations are high, profitability lags. Investors are betting on future IP dominance—not current earnings.

Q: Will AI impact pop toy design and marketing?
A: Already happening. Generative AI accelerates character prototyping and personalized marketing campaigns—giving tech-savvy brands a significant edge.

👉 Explore how digital ecosystems power physical collectibles

Conclusion: Myth or Market? The Future of Pop Culture Toys

The pop toy industry stands at a crossroads. It’s no longer enough to create cute figures and hope for virality. The future belongs to those who can weave compelling narratives, own their IP, and resonate globally—not just locally.

From Labubu to WAKUKU, from Bangkok to Riyadh, the story is clear: emotion sells, but only if it lasts.

And for those watching closely—the next big thing might already be trending on TikTok.