36Kr Exclusive | Yuewen Makes Exclusive Strategic Investment in Plush Toy Brand "Super Yuanqi Factory"
Text | Wang Yuchan
Editor | Qiao Qian
According to exclusive information obtained by 36Kr, the well - known domestic plush trendy toy brand "Super Vitality Factory" has exclusively opened strategic investment to Tencent's Yuewen Group. After the transaction is completed, Yuewen, as the only external investor, will acquire a 10% stake in the company.
The parent company of the "Super Vitality Factory" brand, Hangzhou Lecheng Brand Management Co., Ltd., is a company in the plush toy industry. This investment is the first publicly - raised case in the domestic vertical plush toy industry that can be traced and has received investment from a mainstream investment institution.
Public information shows that Super Vitality Factory was formerly a plush toy supply - chain company with its own factory. It has long provided one - stop plush product solutions for international events, global IPs, and leading domestic brands.
The products of Super Vitality Factory use the innovative composite material of "plush + everything". Its products cover various forms such as composite - material plush blind boxes and PPF high - quality plush figurines, including the currently popular vinyl plush dolls. The company has design capabilities, masters complex plush production processes, and owns multiple original IPs such as "Cino", "Adou", and "Alber". In 2024, many of its products ranked among the top 10 best - selling trendy toy IPs.
Cino Magic Chessboard Paradise Series Plush Blind Box Dolls
A person close to Yuewen who is familiar with the matter said that after the investment is completed, the two parties will conduct in - depth and close cooperation on original trendy toy IPs in the future. They will not only cooperate in developing Yuewen's IPs but also jointly incubate and develop new original IPs. "It is expected that a new product line will be launched in the second half of the year," the person said.
This investment is part of Yuewen's expansion of its derivative business. In recent years, Yuewen has been promoting the commercialization of IPs at the derivative level through self - building and investment. This investment is not only one of Yuewen Group's layouts in the IP derivative business but also the beginning of in - depth cooperation between the two parties in the field of IP commercialization.
In terms of self - building, Yuewen has launched the IP derivative brand "Yuewen Goodies", which mainly deals in soft peripherals, cards, figurines and other products. It has currently opened offline self - operated stores in Xi'an, Hangzhou, Beijing, Nanchang, Shanghai, Hefei, Chongqing and other places. In addition, the opening of stores in cities such as Guangzhou, Shenzhen, Wuhan, Chengdu, and Nanjing is also in progress.
In 2024, Yuewen's derivative GMV exceeded 500 million yuan, reaching a record high. The main IPs such as "The King's Avatar", "Joy of Life", "Lord of Mysteries", "One Piece", and "Fox Spirit Matchmaker" all achieved record - high revenues.
In addition, Yuewen is also increasing its scale and enriching its product line through intensive investments in trendy toy companies. Yuewen and Super Vitality Factory have jointly launched the "Yuewen All - Star Island Party" plush products. In addition, multiple series of IPs such as "Lord of Mysteries", "The King's Avatar", and "One Piece" are also under joint development.
The "Report on the Development of the Trendy Toy Industry" predicts that by 2026, the retail market size of trendy toys in the Chinese mainland will reach 110.1 billion yuan, with a compound annual growth rate of 24%.
As a cultural content platform at the upstream of the IP industry chain, Yuewen is also entering popular industries such as plush trendy toys and cards through its IP derivative business. This year, Yuewen Group has for the first time proposed to make "IP commercialization" a key direction for the group.