Kayou launches original IP Hari&Hacci, plans August debut of plush toys under new OYYO brand

Kayou has announced the launch of its first independently incubated original trendy toy IP, Hari&Hacci, co-created with artist Meng Mei. The IP comprises two characters, Hari and Hacci. Kayou has signed Meng Mei as an exclusive artist and established the trendy toy brand OYYO. At the Bilibili World event, the full Hari&Hacci product line was exhibited for the first time at Kayou's booth, with artist Meng Mei holding a signing and sketching session. In August, Kayou will debut Hari&Hacci products at the Qiandao QDF Shanghai International Trendy Collection Exhibition.

Kayou has long relied on licensed card brands such as Ultraman and My Little Pony as its core business. Its only previous in-house IP was "Kayou Sanguo," which primarily consisted of trading cards. The debut product for Hari&Hacci is an enamel plush doll, not a card. According to its prospectus, in 2024 Kayou's doll revenue was RMB 321 million, accounting for 3.2% of total revenue; other toy revenue was RMB 1.023 billion, or 10.2%; and stationery revenue was RMB 513 million, or 5.1%. In its stores, plush keychains for licensed IPs such as My Little Pony and Spy x Family are priced between RMB 25 and RMB 59. In 2024, Kayou's revenue exceeded RMB 10 billion, representing a year-on-year increase of nearly 300%, and the gross margin on trading cards was 71.3%.

Previously, Kayou expanded licensed IPs into product forms such as stationery, badges, card sleeves, and standees, but these licensed IPs are not exclusive. By signing an artist to incubate an original IP, Kayou is attempting to fill its gap in proprietary IPs. This model is similar to the approach of trendy toy company Pop Mart. Trading cards and trendy toys share similarities in blind box unboxing, hidden-item rarity, social sharing, and secondary markets.

In the trendy toy market, some regular editions of Pop Mart's LABUBU series have fallen below their official retail prices on the secondary market, while hidden editions still command a high premium. More consumers now treat trendy toy keychains as low-barrier fashion accessories and emotional decorations, with limited collectible value. Consumer preferences for doll designs vary.

Kayou's original card-player base tends to be younger, while trendy toys typically target an older demographic. Kayou cannot simply funnel its card players to trendy toys. Its trendy toy brand OYYO needs to build independent user recognition from scratch. The current trendy toy market is already oversupplied, with numerous similar enamel plush products available.