全球玩具巨头上半年赚了35亿！

作者：Jane 文章来源：中外玩具网

2026-07-24 08:55

作者：Jane 文章来源：中外玩具网

2026-07-24 08:55

邦小白快读

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本文分享了全球百年玩具巨头孩之宝的最新业绩，以及当前玩具行业的转型趋势，核心干货如下：

1. 核心业绩信息：2026年上半年孩之宝营收约144.9亿元人民币，营业利润约35.4亿元，同比增长15%；二季度营收约77.2亿元，同比增长16%，增长核心来自威世智和数字游戏业务，核心IP《万智牌》单季度收入超5亿美元，复合年均增长达17%，运营利润率近50%，已经成为企业增长支柱。

2. 可参考的行业变化：如今玩具行业早已不是靠爆款铺货冲量就能持续增长，行业核心已经转向打造可持续运营的IP用户生态，企业需要把单次产品交易变成长期用户关系，才能获得稳定增长。

本文通过孩之宝的转型案例，总结了当前玩具行业的发展趋势，对玩具品牌商的经营有较高参考价值，干货如下：

1. 当前消费趋势变化：现在消费者购买玩具不只是买实物产品，更看重产品背后的IP故事、社群体验和身份认同，需求已经从一次性消费转向长期陪伴，过去靠铺渠道冲销量的玩法已经难以为继。

2. 品牌转型方向：品牌商可借鉴孩之宝的转型路径，从传统玩具制造商逐步向IP+游戏+娱乐生态公司转型，将策略重心放在高价值IP运营和数字游戏内容开发上，通过跨界合作、内容更新、赛事运营、社群运营拉长IP生命周期，提升品牌长期价值。

3. 传统业务调整思路：传统玩具业务可聚焦核心品牌，强化IP联动，发力GEM²品类实现复苏增长。

本文梳理了全球玩具行业的最新变化，能帮助玩具卖家判断趋势、抓住机会、规避风险，核心干货如下：

1. 当前市场机会：目前玩具行业高增长品类集中在IP关联、带有社群属性的产品，其中策略型集换式卡牌品类增速达到103.9%，是明显的增长机会点；行业增长核心已经从打造爆款转向IP生态运营，绑定成熟IP的产品更容易获得长期稳定的收入。

2. 风险提示：传统靠铺货冲量的经营模式已经失效，当前消费者消费更谨慎，娱乐选择多，除北美外全球多数地区传统玩具增长疲软，卖家需要及时调整经营逻辑。

3. 可学习的经营思路：可以借鉴孩之宝的做法，把产品作为吸引用户进入品牌社群的入口，通过持续更新内容、运营用户关系，把一次性交易转化为长期复购，提升经营稳定性。

本文分析了全球玩具行业的转型方向，给玩具工厂的转型和业务拓展提供了不少启示，核心干货如下：

1. 产品生产设计的需求变化：现在市场对玩具的需求已经不只是合格的实物产品，更要求产品匹配IP内容、适配社群运营场景，工厂需要调整生产设计方向，关注策略型集换式卡牌等高增长品类的生产需求，匹配品牌方的生态化运营需求。

2. 可挖掘的商业机会：国内多数玩具工厂原本就有供应链优势，现在可以主动对接拥有IP运营能力的品牌方，围绕高增长IP品类开展生产合作，获得更多稳定订单，发挥自身优势。

3. 长期转型启示：工厂不能只停留在代工制造环节，有条件的企业可以逐步尝试搭建自有IP，从单纯生产转向产品+品牌+用户运营的全链路布局，探索数字化运营，拓展自身增长空间。

本文梳理了玩具行业的转型趋势和企业痛点，给玩具行业相关服务商指明了业务方向，核心干货如下：

1. 行业发展整体趋势：当前全球玩具行业正在从传统产品制造销售，整体向IP生态运营方向转型，行业企业的需求已经从原来的生产、供应链端，拓展到内容建设、用户运营等新领域。

2. 客户的核心痛点：大量传统玩具企业，尤其是中国本土玩具企业，原本擅长制造和供应链，但是普遍缺乏IP开发、品牌运营、用户社群运营的能力，在传统铺货模式失效后，面临转型难的问题。

3. 服务商的业务机会：服务商可以针对性开发IP孵化运营、数字内容制作、用户社群搭建运营等服务，帮助传统企业完成转型，还可以围绕高增长的集换式卡牌等品类，提供供应链优化、渠道对接等配套服务，拓展自身业务。

本文分析了玩具行业的最新变化和企业需求，给玩具相关平台商的运营调整提供了参考，核心干货如下：

1. 商家对平台的新需求：现在玩具商家已经不满足于平台只提供铺货卖货的渠道，还需要平台支持IP内容展示、玩家社群活动对接、线上线下流量联动，帮助商家完成长期用户留存。

2. 平台招商和布局方向：平台可以调整招商重心，重点引入拥有成熟IP运营能力、布局“实体产品+数字游戏+内容运营”模式的企业，加大对策略型集换式卡牌、核心IP衍生玩具等高增长品类的招商力度，抓住品类增长红利。

3. 需要规避的风向：平台需要调整资源扶持逻辑，减少对单纯靠低价铺货冲量商家的资源倾斜，规避传统模式增长乏力带来的风险，同时引导商家做长期IP运营，降低短期爆款带来的不确定性。

本文以全球玩具巨头孩之宝的最新业绩为样本，展现了全球玩具产业的最新转型动向，给产业研究提供了丰富的素材，核心干货如下：

1. 产业发展新动向：当前全球玩具产业的竞争核心已经从传统的产品研发、渠道铺货，转向可持续IP生态运营，传统一次性产品销售的商业模式，正在被长期用户运营的生态化商业模式替代，“IP+游戏+娱乐+社群”已经成为行业认可的新增长路径。

2. 典型研究案例：百年传统玩具企业孩之宝的转型验证了新商业模式的可行性，其核心IP《万智牌》经过三十余年运营，实现复合年均增长17%，运营利润率近50%，成为企业第一增长曲线，为研究传统制造企业转型提供了鲜活样本。

3. 中国产业研究启示：国内玩具企业拥有供应链优势，但普遍存在IP运营、用户沉淀能力不足的短板，产业升级的核心方向是从爆款制造向长期IP运营转型，该结论也为产业政策研究提供了参考方向。

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

This article shares the latest financial results of Hasbro, the century-old global toy giant, and the ongoing transformation trends in the toy industry, with key takeaways as follows:

1. Core performance highlights: In the first half of 2026, Hasbro posted approximately 14.49 billion yuan in revenue and 3.54 billion yuan in operating profit, representing a 15% year-over-year increase. Revenue in the second quarter reached around 7.72 billion yuan, up 16% year-over-year, with growth primarily driven by Wizards of the Coast and its digital gaming business. Its core IP *Magic: The Gathering* generated over $500 million in revenue in the single quarter, with a 17% compound annual growth rate and nearly 50% operating margin, making it the core driver of the company’s growth.

2. Key industry shift to note: The toy industry can no longer sustain growth through simply pushing mass volumes of hit products. The industry’s core focus has shifted to building sustainably operated IP user ecosystems. Companies need to convert one-off product transactions into long-term user relationships to achieve stable growth.

Through the case study of Hasbro’s transformation, this article summarizes current development trends in the toy industry, offering valuable insights for toy brand operators. Key takeaways are as follows:

1. Shifting consumer trends: Today’s consumers do not only purchase physical toys—they value the IP story, community experience and identity behind products far more. Demand has shifted from one-off consumption to long-term engagement, making the old strategy of pushing volume via broad channel distribution no longer viable.

2. Direction for brand transformation: Brands can learn from Hasbro’s transformation path, shifting gradually from traditional toy manufacturing to an "IP + gaming + entertainment ecosystem" business model. Brands should refocus their strategy on high-value IP operation and digital game content development, extending IP lifecycle and boosting long-term brand value through cross-industry collaboration, content updates, tournament operation and community management.

3. Adjustment strategy for traditional businesses: Traditional toy businesses can focus on core brands, strengthen IP cross-linking, and pursue recovery and growth by leaning into the GEM² product category.

This article sorts out the latest changes in the global toy industry, helping toy sellers identify trends, seize opportunities and avoid risks. Key takeaways are as follows:

1. Current market opportunities: High-growth toy categories today are concentrated in IP-linked, community-focused products. The strategic trading card category, in particular, has recorded a 103.9% growth rate, making it a clear high-potential opportunity. The core of industry growth has shifted from creating one-off hits to IP ecosystem operation, and products tied to established IP are far more likely to generate long-term, stable revenue.

2. Risk warnings: The traditional business model of pushing volume via mass distribution is no longer effective. Consumers are now more cautious with spending and have more entertainment options, and traditional toy growth is sluggish in most regions outside North America. Sellers need to adjust their operating logic promptly.

3. Actionable operating insights: Sellers can follow Hasbro’s example by using products as an entry point to attract users into their brand communities, converting one-off transactions into long-term repeat purchases through continuous content updates and user relationship management, and improving operational stability.

This article analyzes the transformation direction of the global toy industry, providing useful insights for the transformation and business expansion of toy factories. Key takeaways are as follows:

1. Shifts in product design and manufacturing demand: The market now demands more than just qualified physical toys—products are expected to align with IP narratives and fit community operation scenarios. Factories need to adjust their product design and development direction, pay attention to production demand for high-growth categories such as strategic trading cards, and meet the ecosystem operation requirements of brand clients.

2. Underexplored business opportunities: Most Chinese toy factories already have inherent supply chain advantages. They can now proactively partner with brands that have strong IP operation capabilities, take on production cooperation for high-growth IP-linked categories to secure more stable orders and leverage their existing strengths.

3. Insights for long-term transformation: Factories should not limit themselves to contract manufacturing. Where conditions allow, companies can gradually build their own IP, expand from pure production to full-value-chain operation covering products, brand and user management, explore digital operation, and unlock new growth space.

This article sorts out the transformation trends and enterprise pain points in the toy industry, clarifying business directions for toy industry-related service providers. Key takeaways are as follows:

1. Overall industry development trend: The global toy industry is collectively shifting from traditional product manufacturing and sales to IP ecosystem operation. The demand of industry players has expanded from original production and supply chain needs to new areas such as content development and user operation.

2. Core pain points of clients: A large number of traditional toy companies, especially local Chinese toy firms, have long excelled at manufacturing and supply chain management, but generally lack capabilities in IP development, brand operation and user community management. After the traditional mass distribution model became obsolete, they face significant transformation barriers.

3. Business opportunities for service providers: Service providers can develop targeted services such as IP incubation and operation, digital content production, and user community establishment and management to help traditional enterprises complete transformation. They can also offer supporting services including supply chain optimization and channel docking around high-growth categories such as trading cards to expand their own business.

This article analyzes the latest changes and enterprise demand in the toy industry, providing a reference for operational adjustments for toy-related marketplace platforms. Key takeaways are as follows:

1. New merchant demand for platforms: Toy merchants now are no longer satisfied with platforms only providing channels for mass product sales. They also need platforms to support IP content display, player community event matchmaking, and online-offline traffic linkage to help them achieve long-term user retention.

2. Direction for merchant recruitment and platform layout: Platforms can adjust their recruitment focus to prioritize introducing enterprises with mature IP operation capabilities and a "physical product + digital gaming + content operation" business layout. They should increase recruitment efforts for high-growth categories such as strategic trading cards and core IP derivative toys to capture category growth dividends.

3. Risks to avoid: Platforms need to adjust their resource allocation logic, reduce resource allocation to merchants that rely solely on low-price mass distribution to avoid risks from stagnant growth of the traditional model, and guide merchants to focus on long-term IP operation to reduce uncertainty brought by short-lived one-off hits.

Taking the latest performance of global toy giant Hasbro as a sample, this article presents the latest transformation trends of the global toy industry, providing rich materials for industrial research. Key takeaways are as follows:

1. New industrial development trends: The core of competition in the global toy industry has shifted from traditional product R&D and channel distribution to sustainable IP ecosystem operation. The traditional business model of one-off product sales is being replaced by an ecological business model centered on long-term user operation, and "IP + gaming + entertainment + community" has become an industry-recognized new growth path.

2. A representative research case: The transformation of century-old traditional toy company Hasbro verifies the feasibility of the new business model. After more than 30 years of operation, its core IP *Magic: The Gathering* has achieved a 17% compound annual growth rate and nearly 50% operating margin, becoming the company’s primary growth engine. This provides a vivid case for research on the transformation of traditional manufacturing enterprises.

3. Insights for China’s industrial research: Domestic toy companies have supply chain advantages, but generally face shortcomings in IP operation and user accumulation capabilities. The core direction of industrial upgrading is transforming from hit product manufacturing to long-term IP operation, and this conclusion also provides a reference direction for industrial policy research.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

孩之宝发布2026年第二季度及上半年业绩，再次释放出一个清晰信号：这家拥有百年历史的玩具企业，正在加速从传统玩具制造商向“IP+游戏+娱乐生态公司”转型。

业绩稳定增长

通过品牌运营提升长期价值

数据显示，2026年第二季度，孩之宝实现营收11.4亿美元（约合人民币77.2亿元），同比增长16%；营业利润达到2.53亿美元（约合人民币17.1亿元）。增长主要来自威世智和数字游戏业务，业务收入同比增长27%，《万智牌》（Magic:The Gathering）收入增长32%，首次实现单季度超过5亿美元收入。与此同时，消费品业务收入同比增长5%，显示传统玩具业务自上季度开始逐步恢复增长。娱乐业务受项目周期影响同比下降20%。

2026年上半年营收21.4亿美元（约合人民币144.9亿元），同比增长15%；营业利润达到5.23亿美元（约合人民币35.4亿元）。其中，威世智和数字游戏业务收入同比增长27%，消费品业务收入同比增长2%。

上述业绩说明，孩之宝已经摆脱过去几年由于消费环境变化、库存调整以及品牌重组带来的压力，重新建立增长轨道。但更值得关注的是，业绩增长背后的结构变化：未来孩之宝押注的已经不只是“卖更多玩具”，而是打造能够持续产生商业价值的IP生态。孩之宝CEO Chris Cocks也表示，未来公司将继续围绕游戏、IP和娱乐业务推进增长，通过核心品牌运营提升长期价值。

竞争核心

从产品转向IP生态

如果只看上述财务数据，孩之宝在今年二季度和上半年，无论是收入体量还是增长贡献，大头都来自威世智和数字游戏业务。但如果跳出报表，放到整个行业里看，这件事其实透露出一个更根本的变化：竞争核心从“开发一个好产品”，升级为“打造一个可持续运营的用户生态”。

以前玩具公司的增长主要靠推新品、铺渠道、冲销量。一款玩具火了，赶紧铺到各大零售店，短期内就能卖不少钱。但现在消费者的口味变了，能玩能看的东西太多了，光靠一款产品火那么一阵，想撑起持续的增长，已经很难了。再回头看孩之宝这几年的动作，它经过艰难的转型阵痛，能明显感觉到策略重心已经转向两个方向：一个是高价值的IP运营，一个是数字游戏和线上内容。

这次二季度业绩里最亮眼的就是威世智和数字游戏业务。尤其是《万智牌》，增长势头很猛。CEO Chris Cocks表示：经过《万智牌》三十多年的积累，现在已经形成了良性的品牌“飞轮”效应，新系列一出，玩家的热情就跟着上来。根据财报发布的《万智牌》2009-2026年度收入图表可见，《万智牌》的复合年均增长趋势达到17%之高。尤其从2024年开始，增长快速，增速几乎都是两位数起，运营利润率更是近50%，目前已经超越玩具消费品，成为孩之宝的收入和增长的扛把子。

需要注意的是，《万智牌》并非只是把卡牌摆上货架卖出去那么简单。它既有实体卡牌，也有线上游戏，还有线下比赛和庞大的玩家社区。通过跨界IP合作吸引新玩家，持续新品推出和内容更新，搞规则设计、办赛事、经营玩家社群强化用户参与，优化渠道和供应链承接市场需求，通过持续运营，把一次买卖变成长期的用户关系。换句话说，孩之宝把卡牌本身慢慢变成了一个入口——让用户进入这个品牌、这个社群的入口。

这个趋势在整个玩具行业也在发生。消费者现在买的，不光是那个实物玩具，更是一整套围绕角色、故事和同好圈子展开的体验，这种体验可以持续很久。以后企业能不能站稳脚跟，不只是看你能不能押中下一个爆款，更要看你有没有能力围绕一个IP持续做内容、留住用户，把这个IP的寿命拉长。

传统玩具机会

从爆款铺货转向品牌运营

除了游戏业务，孩之宝消费品业务第二季度同比增长5%，传统玩具板块在逐步回升。其中，北美地区复苏明显：今年第二季度和上半年净收入分别同比增长17%和5%。其他地区均有不同程度的下降。

玩具消费品业务销售受到娱乐内容的发行以及GEM²（游戏化、娱乐驱动、多复购、全龄跨代际）品类的良好势头推动，获得不错的复苏势头。截至今年5月，可动人偶及配件类增长6.7%，游戏类（不含策略型集换式卡牌游戏）增长2.6%，策略型集换式卡牌游戏更是增长了103.9%。此外，今年上半年星球大战、漫威、小猪佩奇和特种部队等品牌表现强劲。

但同时不可否认，传统玩具市场整体压力不小。消费者花钱更谨慎，儿童数量在减少，娱乐方式也越来越多样，过去那种靠铺渠道、铺货冲销量的玩法，越来越难走通。所以孩之宝对消费品业务的调整，重点不是扩大产品数量，而是把重心放在品牌资产和IP联动上。变形金刚、小马宝莉、培乐多这些核心品牌，这几年都在通过影视、游戏、授权合作等方式不断强化消费者认知，拉长生命周期。

事实上，这也是近年来全球玩具行业的重要趋势。无论是收藏玩具、潮玩，还是儿童玩具，消费者购买的不只是产品本身，而是产品背后的故事、角色和身份认同。背后的核心是让玩具从一次性消费变成长期陪伴。

中国企业

从爆款制造到长期运营仍需突破

对国内玩具企业来说，这个趋势值得关注。很多国内企业强在制造和供应链，但在品牌运营、内容建设和用户沉淀上还有差距。未来的竞争不再只是“生产什么”，而是“怎么让消费者一直愿意关注这个品牌”。最大的挑战在于，如何让IP从一个产品符号，成长为具有持续生命力的品牌资产。这并不意味着传统玩具会被淘汰，而是意味着产品需要被赋予更多价值。

中国玩具企业供应链优势依然重要，但企业需要逐步建立自己的品牌资产，培养消费者认知，并探索从产品销售走向用户运营。未来，属于那些既懂产品，也懂内容；既懂制造，也懂用户的企业。（中外玩具网）

注：文/Jane，文章来源：中外玩具网(公众号ID：ctoy-gdta)，本文为作者独立观点，不代表亿邦动力立场。

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