近几年来，潮玩行业发展迅猛，引发了强烈的市场反响，也获得了资本的密切关注，潮玩产业链各环节众多玩家涌现，百花齐放，热闹非凡。然而，拂去表象，探究本质，中国潮玩行业的前景如何？潮玩行业的核心竞争力又是什么？泡泡玛特如何才能突破成长天花板？成为“中国的泡泡玛特”。想要回答这些问题，都需要全面客观的分析以及理性综合的判断。本文首先对中国潮玩行业的历史进行回顾，结合国民收入水平的提高，主流消费人群的变迁以及产业基础的完善等宏观因素，得出中国的潮玩行业将会迎来高速发展，市场空间十分广阔的结论。然后，本文对国内潮玩龙头企业泡泡玛特的发展历程、优势劣势、市场定位、战略选择、财务表现等方面进行综合分析，指出其发展潜力巨大但经营效率及产品线丰富度有待提升、IP生命周期不确定，故事类IP尤其欠缺的现状。并通过对国际IP综合娱乐巨头——日本万代及美国迪士尼发展历程的回顾分析，总结出两种不同的战略发展路径供泡泡玛特参考借鉴。在此基础上，本文结合泡泡玛特自身特点给出以下建议，短期战略应侧重提升渠道渗透率及产品线多元化，增强对国内下沉市场的布局，以及线上流量的运营转化。同时，以联名形式为产品线多元化切入点，进行品类扩充，增加收入来源。而研发方面则应在人力设计资源的基础上，充分借助科技赋能，提升IP的创作及运营效率，进一步增强公司的核心竞争力；长期战略应侧重IP培育，IP产业延伸及推进海外增长，建议采用投资方式提前布局优秀的IP内容生产商，如游戏公司或动漫影视公司，进行深度绑定，战略合作。IP产业延伸上建议围绕IP价值最大化原则设计多轮次变现方式，形成IP综合娱乐生态，生态内部彼此赋能与支撑，泡泡玛特则重点把控IP文化输出及商业化变现。最后，本文指出拓展海外市场不仅要靠产品，更要靠文化。在IP文化输出上，泡泡玛特需要继续寻找自己的语言体系，创造更多属于自己的元素和意象，只有这样，泡泡玛特才能形成自己的风格，拥有中国品牌自己的文化影响力。
In recent years, the trend of pop toy industry has developed rapidly, causing strong market feedback and attracting close attention from investors. Many companies have emerged in every aspect of the industry chain, and competition is therefore becoming fierce. However, see through the appearance to the essence, what is the prospect of China‘s pop toy industry? What is the core competitiveness of this industry? How could Pop Mart break through its growth ceiling and become "China‘s Pop Mart". Comprehensive analysis and rational judgment is required if we want to answer these questions.The article firstly reviewed the history of China‘s pop toy industry and concluded that China‘s pop toy industry will experience high-speed development with a broad market space in future, considering macro factors such as the increase in per capita income, changes in mainstream consumer groups, and the improvement of the industrial base.Then, the article conducted a comprehensive analysis of the development process, advantages and disadvantages,?marketing positioning，strategic choices, and financial performance of Pop Mart, the domestic leader in pop toy industry, pointing out that it has great potential for development, but its operating efficiency and product variety need to be improved, the life cycle of its IP is not sure, and their ability of creating IP with stories is especially lacking. After that, by reviewing and analyzing the development processes of the international industry leaders, Bandai of Japan and Disney of the United States, the article pointed out two different strategic paths for Pop Mart to refer to and learn from.Combining Pop Mart‘s own characteristics, the article gave the following suggestions. In terms of short-term strategy, they should focus on enhancing the penetration capacity of the channels and enriching the product categaries. Specifically, they should increase distribution channels of the domestic sinking market, and improve the operation and conversion performance of online traffic. At the same time, IP collaboration could be used as a breakthrough point for product diversity, which is in order to expand categories and increase revenue sources. As for research and development, based on human design resources, Pop Mart should make full use of technology to improve the efficiency of IP creation and IP operation, which would finially enhance the core competitiveness of the company. In terms of long-term strategy, they should focus on IP cultivation, IP industry extension, and overseas market expansion. It is recommended to cooperate with outstanding IP content producers, such as game companies or animation and film companies, through investment, for deep binding and strategic cooperation. As to IP industry extension, it is recommended to design multi-round profit model under the principle of IP value maximization to form an IP integrated entertainment ecology, where everyone inside supports and empowers each other, while Pop Mart should focus on the output of IP culture and IP commercialization. Finally, the article pointed out that expanding overseas market depends not only on products but also on culture. In terms of IP culture output, Pop Mart needs to find its own language system and create its own elements and imagery, only in this way could Pop Mart form its own style and have chinese brands‘ own cultural influence.
