On July 28th, Goldman Sachs released a research report stating that compared to mature markets such as North America and Japan, the current scale of IP spending in China is still significantly lower, but emotional value gives IP a higher premium, and convenient media channels such as short videos and live broadcasts also expand their audience. The Chinese IP toy market is still a blue ocean. ”Yang Huaiyu, a senior researcher and analyst in the big consumer industry at Shanghai Xiazhi Liangshi Consulting Management Co., Ltd., told reporters that "Chinese domestic IP toy brands are showing a fully competitive situation. The total market share of the top five IP toy companies in the market is only 20.8%, with the rest scattered among small and medium-sized manufacturers, which also means that there are still opportunities for the industry to overtake on the curve. ”Goldman Sachs research report believes that the Chinese IP toy market has great potential for further growth, with stronger driving factors appearing on both the supply and demand sides. On the supply side, a diversified IP matrix is expected to continue expanding the customer base, while carefully designed products and category expansion provide a carrier for IP monetization. From the perspective of domestic products, the trendy toy category has expanded from blind boxes to more types such as plush toys, movable dolls, and dolls. At the same time, the speed of original IP releases is accelerating. For example, 52TOYS has launched three original IPs, CiCiLu, PoukaPouka, and NINNIC, this year, and Letsvan has launched a new original IP, SiiNONO. Sun Yuanwen, founder and CEO of the trendy toy brand TOP TOY, also announced plans to increase the proportion of self-developed products from 40% to 70%. While the domestic market is booming, Chinese companies are catching up rapidly overseas. According to public data, the overseas market share of China Chaoplay has soared from 3% in 2020 to 18% in 2025. According to the latest revenue data disclosed by the global IP toy giants LEGO, Bandai Namco, and Sanrio, LEGO's revenue in 2024 is 78.6 billion yuan, Bandai Namco's revenue in the fiscal year 2024 (April 1, 2024 to March 31, 2025) is about 60 billion yuan, and Sanrio's revenue in the fiscal year 2024 (April 1, 2024 to March 31, 2025) is about 7.1 billion yuan. And the top Chinese IP toy company, Pop Mart, will achieve a revenue of 13 billion yuan in 2024, surpassing Sanrio. According to the profit forecast released by Bubble Mart on July 18th, in the first half of 2025, Bubble Mart's revenue will increase by no less than 200% compared to the same period last year, and its net profit will increase by no less than 350% compared to the same period last year. Continue to maintain high-speed growth. Yang Huaiyu believes that the potential of Bubble Mart in overseas markets will enhance its competitiveness in the global market. Faced with the global trend of IP toy competition, it is inevitable for Chinese companies to confront global giants head-on in the future, and it has become inevitable for brands to go global on a large scale. ”Domestic brands are facing global competition. In the context of global competition, the global layout of overseas giants is an important development advantage for them. For example, LEGO has over 1000 global stores, with 500 of them located in China; Bandai Namco's performance goal for the toy business in the next fiscal year is to "break the record for the highest performance in the past", hoping to achieve a revenue of 29 billion yuan and a net profit of 5.1 billion yuan in the 2025 fiscal year. And this confidence is also due to the company's performance growth in North America and Asia in the 2024 fiscal year. In this context, the speed of domestic enterprises' "going global" has begun to accelerate further. The report released by JPMorgan in July predicts that Bubble Mart's overseas sales will increase by 234% year-on-year in 2025. A person in charge of a trendy toy company told reporters that the globalization of Pop Mart has played a positive driving role in the subsequent "going global" of Chinese brands. For example, after the popularity of Pop Mart, many trendy audiences in Thailand have a high acceptance of Chinese brands. Nowadays, many domestic brands' direct stores will choose to open in Thailand first. "Li Peng, founder of Quantum Song Group, mentioned during the third quarter financial report conference of the 2025 fiscal year that Quantum Song has launched localized operations in Southeast Asia and North America markets, and launched its first overseas flash sale event in Bangkok, Thailand in early June, verifying its ability to" go global "for IP content and brand acceptance in the international market. Looking ahead, the company will continue to focus on structural optimization and resource efficiency, steadily advance key business rhythms, and strengthen the quality and sustainability of long-term growth. The relevant person in charge of card games told reporters that in terms of overseas market expansion, card games announced in October 2024 that they would "go global" and have reached more than ten "go global" IPs. In terms of regional selection, card games prioritize expanding into the Southeast Asian market. Based on mature IPs and product categories in China, combined with the acceptance of different IPs in various regions, they will make differentiated adjustments to expand the market and achieve a transition from "product going global" to "cultural going global". In the future, the company will combine IPs with advantages in different overseas markets or popular local IPs for product research and development. (New Society)