Guotai Haitong Securities released a research report stating that the trendy toy collectibles sector continues to develop rapidly. Although the number of primary market investment and financing projects has declined from its peak period, it has remained relatively stable in recent years. Secondary market players are also intensifying their efforts to expand related businesses, including stationery and cultural creative enterprises, IP holders, and others.

With the rapid expansion and intensified competition in related industries, leading companies with high-quality IP portfolios, strong supply chain control capabilities, and excellent operational and channel development capabilities are better positioned to stand out. The firm recommends Chenguang Stationery (603899.SH), BLOKS (00325), and Qixin Group (002301.SZ), with related targets including Guangbo Co. (002103.SZ) and Trony Solar Holdings (300703.SZ).

**Trendy Toy Investment Peaked in Mid-2010s, Now Maintains Relative Stability**

According to IT Orange data, from 2015-2018, driven by the launch of Pop Mart's blind box products and rapid development of the entertainment industry, annual primary market investment events in trendy toy collectibles exceeded 40 cases. After 2022, the number declined and gradually stabilized, with 19, 9, and 11 cases recorded in 2022, 2023, and 2024 respectively. As of July 10, 2025, 11 cases have already been recorded.

**Derivative Peripherals Attract Most Attention, Investment Institution Participation Gradually Increases**

In investment layouts within the trendy toy collectibles sector, invested companies can be clearly divided into three core directions: IP content direction, derivative peripheral direction, and platform direction. Among these, derivative peripheral companies receive the most attention, with derivative peripherals, IP content, and platform-type invested projects accounting for 60%, 40%, and 0% respectively in 2024.

Investors mainly consist of two core forces: investment institutions and IP industry chain-related companies. In recent years, the proportion of projects invested by investment institutions has gradually increased, with investment institutions, industry chain capital, and other investments accounting for 45%, 45%, and 9% respectively in 2024.

**Primary Market Core Project Valuation Changes in Trendy Toy Collectibles**

1) Hitcard trendy toy cards showed volatile valuation history: received angel round investment from Feng Tao and Fire Phoenix Capital in 2021 with a valuation of 30 million yuan. Subsequently received multiple rounds of investment from Pop Mart, Sequoia, Qiandao, Cygames, Akatsuki, Goodsmile, and China Reading Group. Valuation reached 500 million yuan at its 2022 peak and fell back to 150 million yuan in 2024.

2) Yiqi Culture experienced rapid valuation growth: received Pre-A round investment from Hongchuanyuan Capital in 2022 with an initial valuation of 100 million yuan. In February 2025's A-round financing, Quantum Song and Shangde Heli jointly led an investment of nearly 100 million yuan, raising its valuation to 500 million yuan.

3) 52TOYS maintains leading sector valuation, preparing for secondary market listing: angel round led by Aussino Capital in 2015 with a valuation of 75 million yuan. Subsequently received multiple rounds of investment institution funding from 2018-2021. In May 2025's C+ round, Wanda Film made a strategic investment of 23.27 million yuan, increasing valuation to 4.273 billion yuan. On May 22, 2025, its main company Lezitianchen published a prospectus on the Hong Kong stock market, officially preparing for secondary market listing.

4) KAYOU maintains high valuation, preparing for secondary market listing: received A-round investment from Sequoia China and Tencent in 2021 with a valuation of 900 million USD. KAYOU published prospectuses on the Hong Kong stock market on January 26, 2024, and April 14, 2025, preparing for secondary market listing.

5) Star Reading Holdings maintains unchanged valuation, preparing for secondary market listing: received A-round investment from CYzone Ventures, Chengdu Hi-Tech Investment, and Beiying Investment Fund in 2021 with a valuation of 1.5 billion yuan. B-round investment from Sichuan Cultural Industry Equity Investment Fund in 2022 maintained the 1.5 billion yuan valuation. On January 29, 2025, Star Reading Holdings published a prospectus on the Hong Kong stock market, also preparing for secondary market listing.

**Risk Warning** Risk of errors in third-party statistical data and limitations in sample scope.