第38届国际玩具和潮玩（深圳）博览会

2026年4月9-11日 深圳国际会展中央（宝安区）

弁言

就于咱们欢度春节时期，北美三年夜玩具巨头——美泰、孩之宝、斯平玛斯特别离发布了2023年财报（或者事迹预报）。整体来讲，第四序度的圣诞节稍稍挽回了前三季度的部门丧失，但只有美泰委曲持平（按浮动汇率算还有是有1%的稍微吃亏），其余两家均未能实现整年增加。瞻望2024，总体立场审慎。

▍来历：中外玩具网（ctoy-gdta） 文/编纂：Jane/Salas

01圣诞发卖有改善，但未几

老惯例，先上数据：

三年夜巨头2023年第四序度和整年数据

单元：亿美元

从上表可以发明，除了孩之宝外，美泰及斯平玛斯特的圣诞季事迹环境同比2022年都有所好转，但只能是稍稍挽回前三季度的丧失，整年净收入/净发卖额依然未能实现同比正增加。美泰好歹是赚钱了，2023年整年2.14亿美元的利润，有1.47亿美元是第四序度孝敬的，占比高达68.69%，但比起2022年，还有是有所降落。

孩之宝吃亏惊人，整年收入50亿美元，同比降落15%；吃亏达14.89亿美元（2022年整年净利润2.03亿美元）。重要是因为公司专注焦点品牌规划，造成年夜量边沿品牌营业的退出，还有有鼎力大举清算冗余供给链环节所酿成的（详见下面的计谋走向部门）。

02

欧洲不振，拉美潜力凸显

再来看分地域收入数据：

美泰vs孩之宝各地域（玩具）收入

单元：亿美元

* 美泰的欧洲数据含非洲地域，但体量不年夜，可纰漏

从上表可以看出，欧洲可以说是重灾区。于孩之宝的事迹表中，该区是跌幅最年夜的；同时该区也是美泰独一一个事迹下滑的地域。按照国际市场调研机构Circana的数据，欧洲地域2023年的各项玩具相干经济指标已经经倒退回2019年的程度。

但于表单中也有一个地域引起了小编的留意。那就是拉美地域。于两家巨头的表单上，拉美地域的数据都已经经赶超了亚太地域。翻查过往记载，美泰于拉美地域的玩具发卖体量一直比亚太地域的年夜，而近两年，特别是2023年，拉美的增幅也比亚太地域高；而孩之宝2022年亚太及拉美两区的玩具发卖体量差未几，但2023年拉美地域已经经跨越了亚太地域，且差距进一步拉年夜。这忍不住使人遐想到自疫情发作以来，泰西巨头掀起的全世界供给链近岸化结构，拉美地域恰是结构的重点。不解除巨头们于本地增长产能的同时，趁便扩展市场发卖份额的可能。而于最新的事迹传递会上，美泰的高管就于问答环节吐露，成心于本年末或者来岁从中国的一家工场撤出，将中国制造的比例降低到50%如下。

图源：千图网

03

三巨头的计谋走向

之以是有上述体现，无疑是及三家巨头的公司计谋分不开的。有关这三家的计谋区分，特别是美泰及孩之宝今朝的事迹较着分解，可以回首《四年夜玩具巨头：这两家继承吃亏》这一篇，如下小编就来会商下旧文中没有触及、而年度财报新吐露以和近期市场动态中发生的环境。

▌美泰：泛文娱走向

“IP驱动（IP-driven）”这个计谋是自Ynon Kreiz担当美泰CEO以来提出的计谋。2023年，美泰电视部分推出了包括芭比、精灵高中、风火轮、口袋波利、托马斯、救火员山姆等于内的12个IP衍生剧集、尤其节目的试播。《芭比》首部院线影戏的年夜爆也证实了这一计谋的乐成，动员美泰公司事迹从第三季度最先逆风翻盘，而芭比本身，同样成为了2023年全世界12国发卖额第一的娃娃品牌、玩具品牌第二，仅次在宝可梦。主营美泰IP高端衍生品的Mattel Creations于2023年的用户流量数据同比增加了90%。

不外，除了了芭比以外，风火轮也是不成或者缺的元勋，该品牌已经经持续6年发卖额破纪录。于全世界市场查询拜访公司Circana的12国玩具发卖榜单上，美泰拿下了13个榜首，此中7个是风火轮。它别离得到了全世界12国、巴西及墨西哥全品类玩具热销榜榜首，美国、加拿年夜、巴西、墨西哥玩具车分类榜单榜首；别的6个别离是芭比梦幻娃娃屋3个（美国、加拿年夜、巴西娃娃类榜单榜首）、精灵高中2个（欧洲、墨西哥娃娃热销榜单榜首）及费雪1个（巴西婴幼学龄前玩具榜单榜首）。

芭比vs风火轮品牌收入

单元：亿美元

可见，风火轮的品牌收入体量已经经直逼芭比。这也患上益在其IP化的泛文娱走向。2023年，美泰成立了风火轮宇宙，最先体系打造风火轮IP。好比针对于铁粉的各种巡回赛事、合金保藏版模子，还有有面向儿童的滑板系列；推出游戏《风火轮发作2》（Hot Wheels Unleashed 2: Turbocharged）。于2024，行将有主题动画片《Hot Wheels Let s Race》于流媒体奈飞首播。

风火轮新动画片《Hot Wheels Let s Race》海报

美泰的文娱化走向虽以影视文娱为主，但游戏、出书也没有落下。于2023年，主营游戏的美泰163合资公司收入直逼2亿美元，同时，美泰也成立了出书营业Mattel Press。可见，美泰正坚定地一步步实现其IP驱动蓝图。

▌孩之宝：继承轻资产转型之路

自从新CEO上任后，孩之宝的公司计谋就从泛文娱化，走向了以游戏主导、品牌轻资产化、周全紧缩的标的目的（可回首《百年孩之宝的厘革年夜计》一文）。

孩之宝2023年游戏营业的体现也没有孤负这一计谋的指望。威世智和数字游戏部分是2023年公司三年夜板块中独一赚钱的板块，第四序度和整年别离收入3.63亿美元（+7%）及14.58亿美元（+10%）。此中，孩之宝授权Scopely建造的《豪富翁GO！》成为美国有史以来数据最佳的手机游戏，它逾越了《宝可梦GO》及《糖果传奇》等风靡全世界的手机游戏，成为美国最快得到10亿美元收入的手机游戏——仅于2023年第四序度，该游戏就为Scopely于全世界规模内带来了跨越8亿美元的收入。此外，《龙与地下城》卡牌于第四序度及整年收入别离得到54%及76%的惊人增幅，《万智牌》整年仅增加2%。

但品牌轻资产化转型的价钱就是营收降落，叠加经济年夜情况不睬想，成果就是事迹惨不忍睹（见上文表格），除了年头年尾前后两次年夜裁人外，于收入布局方面，除了对于外授权收入有所增长外，其他部门由于触及营业退出，体现都不算精彩。

为了瘦身及降本增效，孩之宝于2023年花鼎力大举气对于供给链举行了周全梳理。据财报吐露，到2023年年底，公司的库存货值从2022年底岑岭时的6.77亿美元削减到了3.32亿美元，降幅高达51%，甚至比2019年底还有要少26%。此中，玩具库存削减了56%，卡牌削减了30%。这波并不是简朴的清库存，由于这是孩之宝精简产物布局的此中一步，乘隙清算失冗余、吃亏的SKU，据相识，这些被清失的SKU，所带来的收益仅占公司收入的2%，但各类成本却不少。

图源：千图网

承袭品牌瘦身、重投焦点资产的政策，于2024年，宠物伴侣（FURREAL FRIENDS）及便捷烤箱（EASY-BAKE OVEN）将对于外授权运营。孩之宝称：虽然这类模式改变会对于收入孕育发生短时间影响，但公司终极可以从授权中得到更年夜的业务利润，并将资源集中到焦点品牌上创造更年夜好处。

▌斯平玛斯特：三年夜创意中央齐发力

比拟起孩之宝转型的艰巨、美泰的重心凸起，体量只有它们一半不到的斯平玛斯特好像成长患上更为平衡一些。玩具、文娱、游戏的三年夜架构也各施其职：

1.玩具板块作为公司的营业盈利基础，为公司品牌设置装备摆设及立异提供坚实后援。2.文娱板块为公司长青品牌富厚内容，将其打造成多平台的IP，从而为授权等贸易化摊平门路。3.游戏板块（以面向中幼童的益智游戏为主）则对于新旧IP举行变现。4.末了，公司再使用“钞能力”并购为三年夜创意中央提供成长助力。

从各板块2023年的体现来看，也确凿云云，玩具卖力“赚钱养家”，文娱及游戏卖力“锦上添花”，于授权火爆之时，文娱板块甚至体现凸起，为公司事业“添砖加瓦”：

斯平玛斯特三年夜营业板块收入表

单元：亿美元

2024年，斯平玛斯特将采纳近似孩之宝的品牌聚焦计谋，以和美泰的IP驱动计谋，不外差别的是，自立打造新IP，还有有开拓新市场。

品牌聚焦：将2023年高价收购的学龄前品牌Melissa Doug融入到学龄前板块，成为与汪汪队立年夜功并驾齐驱的学龄前类目焦点品牌。其余类目的焦点品牌有：勾当类的动力沙、游戏类的鲁比克魔方、载具玩具类的手指滑板、毛绒类的GUND及互动类的哈驰邪术蛋系列。

IP驱动计谋：开拓汪汪队宇宙，推出以原片主要汪汪警官为主角的衍活泼画片《小砾与工程家族》（Rubble Crew），还有有《邪术独角兽学院》(Unicorn Academy)、《维达小兽医》（Vida the Vet）等。

《邪术独角兽学院》(Unicorn Academy)

此外，斯平玛斯特还有规划开拓达乐（Dollar General）、五美元店（Five Below）等综合百货平价渠道，开拓拉美市场。

04

瞻望2024：审慎前行

虽然几家巨头都对于2024做出了足够的计划，但整体而言还有是有些决定信念不足的。最少美泰及孩之宝是明确暗示了审慎前行。

只管于2023年下半年打了美丽的翻身仗，但美泰对于2024年的整年事迹预期是与2023年持平，对于事迹增加其实不抱指望，同时，公司还有公布了新一轮的省钱规划，筹算于2024-2026三年间省下2亿美元；同时也会从本钱投资回报的角度，追求并购或者股分回购，以得到收益最年夜化。

而处于转型敏感期的孩之宝，更是预期2024整年事迹稍微吃亏，是以一样没有放松省钱的动机，于2023年省下了2.2亿美元，接下来一直到2025年末，省钱方针再度进级，从本来的3.5亿-4亿美元，年夜幅晋升到7.5亿美元，险些翻了一倍。它接下来的动作，惹人存眷。

▍来历：中外玩具网（ctoy-gdta） 文/编纂：Jane/Salas

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CONNECT:[ UseTime:0.006006s ] mysql:host=hdm721885362.my3w.com;port=3306;dbname=hdm721885362_db;charset=utf8mb4SHOW FULL COLUMNS FROM `ta_system` [ RunTime:0.004127s ]SELECT * FROM `ta_system` ORDER BY `id` DESC LIMIT 1 [ RunTime:0.003617s ]SHOW FULL COLUMNS FROM `ta_settings` [ RunTime:0.003876s ]SELECT * FROM `ta_settings` ORDER BY `id` DESC LIMIT 1 [ RunTime:0.003481s ]SELECT * FROM `ta_system` ORDER BY `id` DESC LIMIT 1 [ RunTime:0.003457s ]SHOW FULL COLUMNS FROM `ta_field` [ RunTime:0.003827s ]SELECT `type`,`field` FROM `ta_field` [ RunTime:0.003404s ]SHOW FULL COLUMNS FROM `ta_cate` [ RunTime:0.003823s ]SELECT `id`,`cate_name`,`cate_folder`,`module_id` FROM `ta_cate` ORDER BY `sort` ASC,`id` ASC [ RunTime:0.003371s ]SHOW FULL COLUMNS FROM `ta_module` [ RunTime:0.003774s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003484s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003410s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003372s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003419s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003402s ]SELECT * FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.008165s ]SELECT `module_id` FROM `ta_cate` WHERE `cate_folder` = 'news' LIMIT 1 [ RunTime:0.003431s ]SELECT `table_name` FROM `ta_module` WHERE `id` = 19 LIMIT 1 [ RunTime:0.003367s ]SELECT * FROM `ta_field` WHERE `module_id` = 19 ORDER BY `sort` ASC,`id` ASC [ RunTime:0.003503s ]SELECT `id` FROM `ta_cate` WHERE `cate_folder` = 'news' LIMIT 1 [ RunTime:0.003369s ]SELECT * FROM `ta_cate` WHERE `id` = 21 LIMIT 1 [ RunTime:0.003496s ]SELECT `id`,`parent_id` FROM `ta_cate` [ RunTime:0.003336s ]SELECT * FROM `ta_module` WHERE `table_name` = 'article' LIMIT 1 [ RunTime:0.003478s ]SHOW FULL COLUMNS FROM `ta_article` [ RunTime:0.003856s ]SELECT * FROM `ta_article` WHERE `id` = 270 LIMIT 1 [ RunTime:0.008866s ]SELECT * FROM `ta_module` WHERE `table_name` = 'article' LIMIT 1 [ RunTime:0.003457s 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