Capital Vision Investor Report #004
by Arthur Chang · Authentic Taiwan, Singapore
Authentic Taiwan Brand Merchandise: One Character Per Episode, Two Production Waves, S$150,022 Modelled At 2.31x In 36 Months
Published on: Wed, Nov. 11, 2026 (SGT) · Previous issue #003 · Get the next report
- The product. Six apparel pieces and 21 characters: Xiao You, three family characters and 17 local friends. Each local friend is a place and a food already on our shelf: A Feng Bo is Hsinchu rice noodles, Dou Zai is Xiluo soy sauce, Mi Bing is Chishang rice.
- The show. Xiao You Around Taiwan airs every Monday at 8pm SGT on YouTube. Episode 1 premiered on 9 Nov; ten episodes are made and run weekly to 11 Jan, and every one of them stars a character that is already in the shop as plush and charm.
- The capital. S$150,022 released through four gates, modelled at payback in month 21 after launch, annualised ROI 88.3% and 2.31x in 36 months. At steady state the line sells 685 units a month for S$11,039 monthly contribution.
- The risk sits in turnover, not design or price. A local character sells about five main plush a month, so 300 units would last 60 months. The first batch of main plush is therefore 100 per character, and charms go out three ways: on their own, beside the food they stand for, and wholesale to the producer.
- Since the model launched on 29 Oct: toy-safety and textile testing now carry real quotes, the envelope moved from S$153,365 to S$150,022, a baseball-jersey maker and a label printer have also quoted, and the remaining factory quotes are due on 12 Nov.
1. One episode, one character, one shelf
The show is where a character is met. The shop is where the same character is bought. Each episode follows the same five steps, and the episodes carry no product cards; the shop page carries the episode.
-
① The episodeXiao You visits one town on Monday night and asks its local friend a single question.
-
② The local friendThe friend is the place and its food in one figure. Episode 1 is A Feng Bo, Hsinchu rice noodles.
-
③ The charmThey swap a charm and tie one knot on the season's red thread. The same charm is listed in the shop.
-
④ Beside the foodIn the store the charm hangs next to the food it stands for, at S$18 with that food instead of S$22 alone.
-
⑤ The producerThe producer behind the food can buy its character wholesale for its own counter, or co-fund the run for regional rights.
After each premiere the episode is added to that character's product page, and the collection page switches the card from its premiere date to play in place.
| Episode | Premiere (8pm SGT) | Place and food | Local friend |
|---|---|---|---|
| 1 | Mon 9 Nov · aired (watch) | Hsinchu · rice noodles | A Feng Bo |
| 2 | Mon 16 Nov | Xiluo · soy sauce | Dou Zai |
| 3 | Mon 23 Nov | Beipu · lei cha | Chun Mei Po |
| 4 | Mon 30 Nov | Sanxing · spring onion | A Xing |
| 5 | Mon 7 Dec | Tamsui · iron eggs | Granny A Xiu |
| 6 | Mon 14 Dec | Yilan · ox-tongue pastry | Da Niu |
| 7 | Mon 21 Dec | Jiufen · ginger tea | Xiao La Mei |
| 8 | Mon 28 Dec | Pingtung · sugar apple | Jia Jia |
| 9 | Mon 4 Jan | Guanmiao · sun-dried noodles | A Xiao Shi |
| 10 | Mon 11 Jan | Tainan · coffin bread | A Guan |
Episodes 11 to 15 (Madou, Hengchun, a New Year reunion, Baihe, Meishan) are written and go into production on a weekly cycle.
2. Seven product lines, 685 units a month
| Line | Designs | Price | Contribution per unit | Steady units a month |
|---|---|---|---|---|
| Racing jersey (COMPUBILITY black, crimson and gold; SIGHTREAD pearl and cobalt) | 2 | S$69 | S$43.19 | 40 |
| Racing cap | 2 | S$88 | S$69.59 | 30 |
| Authentic Taiwan baseball jersey (cream and navy; black, crimson and gold) | 2 | S$79 | S$45.40 | 30 |
| Family plush (Yi Tiao Gen Grandpa, Ginger Tea Granny, Xiao La Mei) | 3 | S$45 | S$25.22 | 75 |
| Local character plush | 14 | S$45 | S$24.56 | 70 |
| Xiao You bag charm | 1 | S$22 | S$13.26 | 60 |
| Local character charms | 14 | S$22 | S$14.62 | 160 |
| Charm bought with its food | – | S$18 | S$13.60 | 120 |
| Producer-partner wholesale, from month 7 | – | S$9 | S$4.84 | 100 |
| Total | Steady monthly contribution after fixed costs: S$11,039 | 685 | ||
The model prices main plush at S$45; the shop lists them at S$39 today and the price is locked once factory quotes are in. Model 18 counts the original 14 local characters. A Feng Bo, Chun Mei Po and A Xiao Shi joined the family this month and sit outside the envelope.
3. What each gate buys
| Gate | What it pays for | Released against | Timing | Amount |
|---|---|---|---|---|
| G0 | Design freeze, technical packs, pattern and embroidery set-up, trademark filing in classes 25 and 28 | 24 technical packs and artwork frozen under one version; trademark filing receipt | months 0–2 | S$25,520 |
| G1 | Samples, toy-safety and textile tests, compliance matrix, sample acceptance, labels and packaging | Two or more factory quotes per package: set-up fee, sample fee, minimum order, and 50, 100 and 300-unit prices | months 2–4 | S$38,056 |
| G2 | Launch batch W1: 1,800 units (6 apparel designs × 100, 3 family plush × 300, 300 Xiao You charms) and product IDs | First samples pass the acceptance sheet item by item; toy-safety report in hand | months 4–6, launch is month 1 | S$29,412 |
| G3 | W2 local characters: 2,800 units (7 main plush × 100, 7 charms × 300), launch content, working capital | First 60 days of W1 sales measured and written back into the model | 2–3 months after launch | S$37,466 |
| Total | Base S$130,454 + 15% reserve S$19,568 | S$150,022 | ||
Before any stock is ordered, capital at work is G0 plus G1: S$63,576, or 42% of the envelope. The remaining seven local characters (W3, 2,800 units) are paid from operating cash in month 10, S$18,466, and are not part of the envelope.
4. The number that carries the capital
A local character sells about five main plush a month. Ordering 300 of each would tie up stock for five years, so the batch sizes are set by how long the stock lasts.
Local charms reach 11 months because they sell three ways: on their own, with their food in store, and wholesale to producers from month 7.
The table shows how payback moves when one assumption changes. The envelope stays the same unless stated.
| If this happens | Monthly contribution | Payback |
|---|---|---|
| Base case | S$11,039 | month 21 |
| Main plush stays at S$39 | −S$790 | month 23 |
| Factory quotes land one band high (envelope +S$10,986) | −S$1,265 | month 25 |
| Factory quotes land one band low (envelope −S$6,824) | +S$792 | month 19 |
| Charms sold only on their own, never with food | −S$1,632 | month 24 |
| Producers take 200 more charms a month | +S$968 | month 20 |
| Sales at 60% of plan | −S$5,616 | month 36 |
| Taiwan partners and Japan from year 2 (sales ×1.6) | +S$8,423 | month 17 |
Sensitivities computed on Model 18 on 29 Oct 2026.
5. Where the quotes stand
On 29 Oct, 14 quote requests went out across seven packages: racing tops, caps, baseball jerseys, family plush, local plush and charms, labels and packaging, and third-party testing. Replies are due on 12 Nov.
Two cost lines now carry real quotes: toy-safety testing at S$8,114.69 for 32 designs (estimated at S$9,500) and textile testing at S$278. Together they moved the envelope from S$153,365 to S$150,022 with payback unchanged at month 21. The baseball-jersey and label quotes came in after that and are not in the model yet. The next number to land is the plush unit price, which decides whether main plush stay at S$45.
6. What exists today
Nothing in this line is on sale yet and no deposits are being taken. The next thing to exist is the first round of samples, which G1 funds.
See all 21 characters »Watch Xiao You Around Taiwan
7. Three ways in
8. All 21 projects: status on 11 Nov 2026
| Project | Where it stands | Capital model |
|---|---|---|
| Authentic Taiwan Brand Merchandise | 27 products listed as coming soon; show episode 1 premiered 9 Nov, nine more weekly to 11 Jan; testing, baseball jerseys and labels quoted; other factory quotes due 12 Nov | M18 · S$150,022 · 88% · 21 mo |
| SIGHTREAD™ PageWeaver | Film and 21 scenes live; 18 R&D packages planned; packaging computed; prototype round 1 is next | M17 · S$418,054 · 113% · 17 mo |
| SIGHTREAD APP / Product Rendering | APP live and installable from a QR code; 17 objects registered | M02 platform · S$2,599,000 · 36 mo |
| SIGHTREAD Market (unmanned stores) | Store, shelves and checkout running as an online simulation | M01 · S$7,609,235 · 75% · 17.6 mo |
| HEARO | Live on App Store and Google Play | M12 · S$60,848 · 124% · 14.2 mo |
| FUN SQUEEZER | Live on Google Play; App Store 1.0 in an open review exchange with Apple | M10 · S$51,244 · 73.5% · 24.0 mo |
| Zhang Ji Fu Mian 張記福麵 | Packaging production files for 9 SKUs; supplier page with brand story | M06 · S$171,985 · 158% · 9.6 mo |
| METABOLISM RESET | 28 SKUs listed and priced S$59–76 | M07 · S$409,860 · 78% · 17.9 mo |
| ROOTSOUL × METABOLISM RESET | ODM route set; brand, engineering spec and packaging v1 done | M14 · S$169,689 · 154% · 9.8 mo |
| KAFEMANOR Utility Core | Plug-in utility core in R&D (mechanism gate); engineering cover live | M11 · S$3,599,747 · 235% · 6.6 mo |
| Tian Sui SPICA 天穗 | 12 concept packs; OEM quote fixed | M03 · S$368,926 · 173% · 8.4 mo |
| ATITUDE 态度 | Bubble-tea machine concept; brand identity and R&D cost lines done | M04 · S$2,984,139 · 13.5 mo |
| FANTASIES × patent fabric | Concept, LAB and app live | M05 · S$896,196 · 67% · 19.5 mo |
| CARE EASE | Brand, mechanism and price set; transaction paths open | M08 · S$201,157 · ~25 mo |
| ROPE 繩子繞 | 30 designs; own winding-machine route | M09 · S$98,246 · 44% · 28.8 mo |
| PD-01 KEELFOOT | Research and mechanism route done | M13 · S$96,963 · 105% · 12.9 mo |
| MASOGIA | Eight signet-ring designs; brand story live | M16 · S$110,849 · 33% · 38.5 mo |
| Taiwan Rice 台灣米 | 5 concept SKUs; first-buyer commitment of 90 packs | M15 · S$14,139 · 16% · 74.8 mo |
| Vital Fruit 果本味 | 4 SKUs in stock and 20 concept packs | Model in preparation |
| Chang Bakery 張記餅家 | 12 co-brand gifts listed as coming soon in the shop | Model in preparation |
| TEASOME ELIXIR | 6 SKUs listed | Model in preparation |
Capital model: capital envelope · annualised ROI · payback in months after launch. Engines recomputed 11 Nov 2026.
9. Get the next report
10. Where to go next
Open the Brand Merchandise capital account »See the charactersOpen Capital Vision
Every figure in Sections 2 to 4 can be changed on the Brand Merchandise capital account and recomputes as you go. To discuss it, reply to the report email or write to arthur@authentictaiwan.com.