Collectible toy sector entering more dynamic growth phase

Beyond blind boxes

Unlike Pop Mart International, which has built its success on stylized figurines and blind boxes, 52toys is pursuing a broader product strategy and investing in incubating IPs. Its catalog includes nearly hundreds of stock-keeping units, with more than 1,000 new SKUs introduced annually across categories such as static figures, action figures, and plush toys.

The company is also targeting more specialized audiences. Product lines include BeastBox, an animal-inspired designer robot line with dynamic beast modes, and Lighting Dance action figures designed to appeal to serious collectors, a segment less penetrated by mainstream collectible and blind-box brands.

Distribution is being upgraded alongside product expansion. Domestically, 52toys operates a hybrid network combining online and offline channels, as well as direct retail and third-party distribution. Chen said the company plans to expand flagship stores, roll out pop-up events and refine dealer policies to improve user experience.

Recent initiatives include a flagship outlet at Beijing Capital International Airport and collaborations with cultural institutions, including museums, aimed at integrating toys with cultural consumption scenarios.

International markets are becoming a central pillar of growth. Since entering overseas markets in 2017, 52toys has expanded into Southeast Asia, North America, Europe, Japan and South Korea.

But Chen said that exporting toys requires more than distribution. "Toys carry cultural attributes," he said, pointing to the need for localization to resonate with consumers in different markets. The company has introduced region-specific editions such as a durian-themed plush PoukaPouka in Thailand and a Merlion-inspired figure CiCiLu in Singapore, while partnering with local artists to build brand recognition.

Push into storytelling

While 52toys scales product categories, Pop Mart International is extending its IP into entertainment. The Beijing-based company said on March 19 that it will partner with Sony Pictures to develop a live-action animated film based on its flagship IP, The Monsters, featuring Labubu. The move marks a new phase in its cross-media strategy, which has expanded from figurines into theme parks, food and jewelry.

The shift underscores a broader industry transition. Competition is no longer defined solely by character design, but increasingly by storytelling depth and multi-platform IP development. While Pop Mart's characters have gained popularity through consumer interpretation and emotional projection, the absence of a fully developed narrative universe remains a relative weakness compared with established global franchises.

Offline, the company has been testing immersive formats. Its Pop Land theme park, which opened in Chaoyang Park in Beijing in 2023, is undergoing upgrades and is expected to reopen fully this summer.

Newer entrants are also gaining traction. Here Group reported revenue of 177 million yuan for the fiscal second quarter ended Dec 31, up 39.4 percent from the previous quarter, marking its first full quarter after pivoting to trendy toys.

Growth was driven by a handful of flagship IPs. Wakuku generated 129 million yuan in revenue. The company has built a portfolio of 11 proprietary IPs and seven licensed properties, spanning styles from cuteness and fantasy to "healing" aesthetics aimed at younger consumers.

Leveraging these IPs, Here has expanded its product range across plush blind boxes, pendants, figurines and lifestyle goods, with the aim of creating a closed-loop ecosystem that integrates content, products and consumer experiences, said the company.