全球玩具巨头 上半年赚了35亿！

This article centers on the 2026 latest performance of 100-year-old toy giant Hasbro and the transformation trends of the global toy industry, with key takeaways summarized below:

1. Core performance data: In the first half of 2026, Hasbro posted approximately RMB 14.49 billion in revenue and RMB 3.54 billion in operating profit, representing a 15% year-over-year overall growth. The company has emerged from its earlier adjustment phase and returned to a growth trajectory, driven primarily by Wizards of the Coast and its digital gaming business. Magic: The Gathering recorded over $500 million in quarterly revenue, with a 17% compound annual growth rate and an operating margin of nearly 50%, making it Hasbro’s core growth engine.

2. Underlying industry shifts: The toy industry has shifted from its traditional growth model of pushing new products and expanding distribution to hit volume targets, to a model centered on building long-term user ecosystems around intellectual property (IP). Consumers now place greater value on the storytelling experience and community identity that toys bring.

3. Insights for Chinese industry players: Domestic toy companies have strong supply chain advantages, but generally lack long-term IP operation capabilities. They need to shore up weaknesses in user operation and content development going forward.

This article shares transformation experience from global toy leader Hasbro and outlines the latest industry consumer trends, offering key insights for toy brands, summarized below:

1. Shifts in consumer trends: Consumers no longer purchase toys solely for the physical product itself; they increasingly value the IP story behind products, character connection and long-term community experience with like-minded fans. Demand has shifted from one-off purchases to long-term engagement, requiring brands to adjust their operational logic.

2. Core direction for brand transformation: Brand competition has evolved from developing great products to building sustainable IP ecosystems. Two high-priority areas are long-term operation of high-value IP, and development of digital games and online content. For example, Magic: The Gathering has built a healthy growth flywheel through its integrated model of physical products, online gameplay, organized tournaments and IP collaborations.

3. Adjustment strategies for traditional brands: Traditional brands do not need to blindly expand their product lines. Instead, they should focus on core brands, extend brand lifecycles through IP collaborations and film and television licensing, and steadily build brand equity over time.

This article analyzes the latest changes in the global toy industry and outlines clear opportunities, risks and directions for toy sellers, with key insights summarized below:

1. Current shifts in market structure: The old traditional model of driving volume through mass distribution of hit products is no longer viable. IP-linked high-repeat-purchase categories are growing noticeably: in the first half of this year, the strategic trading card category grew more than 103%, action figures and accessories grew 6.7%, and game-related products grew 2.6%. All new growth is concentrated in IP ecosystem products.

2. Clear growth opportunities: The track combining IP operation, digital entertainment and offline experience has high growth certainty, with leading players posting profit margins of nearly 50% for this segment, far higher than traditional toy businesses. This is a rewarding growth direction to enter.

3. Risk warnings: Traditional non-IP toys face strong growth pressure: traditional toy revenue has declined in all regions except North America, with consumers becoming more cautious about spending. The model of relying solely on production capacity and mass distribution is obsolete. Sellers need to adjust their strategies early and build user operation capabilities.

This article shares transformation trends in the global toy industry, offering key insights for transformation and business expansion for Chinese toy manufacturers, summarized below:

1. Shifts in product design and production demand: Market demand for high-repeat-purchase, IP-linked products is growing extremely fast. The strategic trading card category grew more than 100% in the first half of the year, far outpacing growth of traditional toy categories. Factories can adjust capacity allocation based on this demand shift to align with new relevant needs.

2. Untapped business opportunities: Domestic factories already have mature supply chain advantages, while most domestic toy companies currently lack IP operation capabilities. Factories can leverage their production strengths to partner with brands that have strong IP operation capabilities, to stabilize their core business.

3. Insights for digital transformation: Factories should not limit themselves to OEM manufacturing. They can gradually adapt to the demand for continuous updates of new IP products, with small-batch, multi-batch production, build flexible digital supply chains, increase their value in the industrial chain, and move upstream in the value chain.

This article outlines transformation trends in the global toy industry, identifies core pain points of industry clients, and points out clear service directions for toy industry service providers, with key takeaways summarized below:

1. Industry development trends: The entire toy industry is currently undergoing a transformation from traditional product manufacturing and sales to overall IP ecosystem operation. The core industry logic has shifted from one-off product transactions to long-term user value operation, leading to sharp growth in demand for IP content development, digital game building, community operation and tournament operation services.

2. Core client pain points: Most domestic toy companies built their businesses around supply chains, and generally lack capabilities in IP development and operation, content production, and user community operation. They face capability gaps during transformation, and even leading traditional enterprises are adjusting their business structures, with clear unmet service demands.

3. Solution directions: Service providers can develop targeted offerings such as IP collaboration matching, content production, community operation tools, and flexible supply chain management systems to help traditional toy companies complete their transformation and capture the industry’s new growth opportunities.

This article analyzes transformation demands of toy industry merchants, and provides directional reference for merchant recruitment, operation and risk mitigation for toy-related platforms, with key insights summarized below:

1. New merchant demands for platforms: Traditional offline channels that only provide distribution booths, and online platforms that only provide transaction entry points, no longer fit the new industry trend. Merchants now need comprehensive platform services that support IP content display, user community interaction, and the execution of online and offline events and tournaments.

2. Adjustment direction for platform merchant recruitment: Platforms should prioritize onboarding merchants with IP operation capabilities that combine digital entertainment with physical products. These merchants grow faster and are more profitable; leading players’ IP ecosystem businesses have profit margins of nearly 50%, and can bring new growth increments to platforms.

3. Operational adjustments and risk mitigation: Traditional categories are facing stagnant overall growth. Platforms can adjust resource allocation to increase support for IP-related and high-repeat-purchase categories, while opening up platform resources to help traditional merchants connect with IP resources, drive merchant transformation, and mitigate platform growth risks brought by broader industry slowdown.

This article uses the latest performance of global toy giant Hasbro as a case study to outline the latest transformation trends of the global toy industry, offering high reference value for industrial research, with key findings summarized below:

1. Latest industry developments: The core of competition in the global toy industry has shifted from product development to IP ecosystem operation, and the business model has also shifted from one-off product sales to long-term user value operation. Leading enterprises have completed initial transformation and reaped high returns: Magic: The Gathering has delivered a 17% compound annual growth rate and an operating margin of nearly 50%, and has become Hasbro’s first growth curve.

2. New challenges facing the industry: The traditional toy industry faces multiple pressures from weak consumer demand, falling birth rates, and competition from alternative forms of entertainment. The old growth model of hit product mass distribution is no longer viable. China’s toy industry has a structural contradiction of strong supply chains paired with weak brand and IP operation capabilities, leading to heavy transformation pressure.

3. Future industry development direction: Long-term IP operation capability will be the core competitiveness of the industry going forward. The ultimate winners will be integrated enterprises that understand manufacturing and product development, as well as content creation and user engagement.