南方周末发布2026年度文教、工美、体育和娱乐用品制造业科创力报告，成立12年并于2025年上市的拼搭角色玩具品牌“布鲁可”夺得该行业科创榜首 1。尽管头部企业研发投入显著，但数据显示，2026年度收录的36家上市玩具企业在2025年合计营收为1734.03亿元，平均净利润同比缩水3.42%，其中四成企业处于亏损状态 1。在研发资源分布上，前五大企业的研发投入合计达11.45亿元，占全部披露额的65% 1。
当前中国玩具行业正处于换挡期，呈现出内销增长（特别是潮流收藏玩具）与出口下行并存的态势 1。Circana报告显示，截至2026年6月的12个月里，全球玩具销售额同比增长9.5%，2026年上半年增幅扩大至14% 1。《2026年中国玩具和婴童用品行业发展白皮书》显示，2025年中国玩具零售总额为1035.3亿元，同比增长5.8%，其中潮流与收藏玩具零售总额676.9亿元，同比增长45.4% 1。然而，中国玩具出口额自2022年峰值后连续三年下跌，2025年不足2500亿元，较峰值减少22.8% 1。
从整体规模来看，2023年年末，中国文教、工美、体育和娱乐用品制造业共有企业法人单位15.1万个，实现营业收入17281.4亿元 1。文章指出，虽然布鲁可等头部企业研发投入显著，但整体行业仍面临缺乏单一品类话语权、自有顶级IP及复合技术壁垒的挑战 1。与国际巨头相比，营收差距依然巨大：乐高营收约为布鲁可的28倍；泡泡玛特营收371亿元，而布鲁可和奥飞娱乐均不足30亿元 1。
Southern Weekly News has released its 2026 innovation report for the manufacturing sector covering cultural education, arts and crafts, sports, and entertainment supplies. In this ranking, Bloomke, a block toy brand established 12 years ago that listed on the stock market in 2025, secured the top position for industry innovation capability 1. The report highlights that while leading firms like Bloomke have significantly increased their research and development expenditures, the Chinese toy industry as a whole is undergoing a critical transition period characterized by diverging domestic and international trends 1.
The data reveals a stark contrast between rising domestic consumption of trend-based collectibles and declining export volumes. According to the "2026 White Paper on the Development of China's Toy and Baby Products Industry," total retail sales of toys in China reached 103.53 billion yuan in 2025, marking a year-on-year increase of 5.8%. Within this growth, the retail value of trend and collectible toys surged by 45.4% to 67.69 billion yuan 1. Conversely, China’s toy exports have fallen continuously for three years after peaking in 2022. By 2025, export figures dropped below 250 billion yuan, representing a 22.8% decline from the peak level 1.
Financial metrics among listed companies indicate intense pressure and concentration in R&D investment. Among the 36 listed toy enterprises included in the 2026 database, combined revenue in 2025 totaled 173.403 billion yuan, but average net profit shrank by 3.42% year-on-year, with 40% of these companies reporting losses 1. The top five firms invested a combined 1.145 billion yuan in R&D, accounting for 65% of all disclosed R&D spending across the group 1. Despite these efforts, significant gaps remain when compared to global giants; LEGO’s revenue is approximately 28 times that of Bloomke. Meanwhile, Pop Mart recorded revenues of 37.1 billion yuan, whereas both Bloomke and Alpha Group reported less than 3 billion yuan each 1.
Broader industry statistics show that as of the end of 2023, there were 151,000 enterprise legal entities in China’s relevant manufacturing sector, generating 1.728 trillion yuan in operating income 1. Globally, the market appears to be recovering or growing despite local challenges. A Circana report indicated that worldwide toy sales grew by 9.5% over the 12 months ending in June 2026, with the growth rate expanding to 14% in the first half of 2026 1. However, the Southern Weekly News analysis notes that the Chinese industry still lacks dominance in single categories, proprietary top-tier IPs, and complex technical barriers, hindering its ability to produce world-leading players comparable to international counterparts 1.
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