Shenzhen Chuangxiang Xinghe Technology

Shenzhen Chuangxiang Xinghe Technology Co., Ltd., operating under the brand name Heyone (also known as 黑玩, hēi wán), is a designer art toy company founded in 2020. An interview with the company's post-95 founder, known as Raymond, reveals he entered the art toy sector in 2022, identifying a shift in youth consumption from functional purchases to those driven by emotion and a sense of belonging. The company has positioned itself within what Raymond terms the "emotional economy," a market he estimates at over 300 billion RMB with an annual growth rate exceeding 20%.

Heyone's business model centers on the creation and operation of original intellectual properties (IPs), which are then marketed as collectible art toys, primarily through blind boxes. The company's philosophy is not just to design appealing characters but to create IPs that resonate with and respond to the genuine emotions of young consumers, such as loneliness, sensitivity, and cultural identity. This strategy has led to the development of a matrix of over 10 original IPs, including successful characters like 'Ozai' (哦崽) and 'MIMI'. These two IPs alone have each generated over 100 million RMB in annual gross merchandise volume (GMV), demonstrating significant market traction.

The company manages its product lifecycle from concept to market. A key criterion for launching a new IP is its ability to connect with users and make them feel understood. To ensure design integrity translates to the final product, Heyone involves its craft and supply chain teams from the initial sketch phase. Revenue is generated from the sale of its toy products, which include blind boxes, vinyl plush dolls, and other collectibles, through online channels like its official website (heyone.cn), Tmall, and AliExpress, as well as through a network of offline retailers and pop-up events. The company is actively expanding its global presence, targeting markets in Europe, America, Japan, and South Korea, and has already seen success in Southeast Asia, with a retail scale exceeding 100 million RMB in the region in 2024.

In late 2025, Heyone secured a significant Series A funding round of over 100 million RMB, co-led by Jinding Capital and Vertex Ventures. This capital is earmarked for enhancing its online and offline sales channels and building localized teams to drive its international expansion. The company aims to evolve from merely exporting products to engaging in a deeper "cultural dialogue," using its art toys as a medium to share contemporary Eastern aesthetics and emotions with a global youth audience.

Keywords: art toys, designer toys, blind box, intellectual property, character IP, collectibles, emotional economy, pop culture, Ozai, MIMI, youth consumer market, IP creation, character goods, collectible figures, toy brand, Heyone, vinyl toys, plush dolls, Asian art toys