Core Viewpoint - The recent launch of the "Starry Dream Meteorological Bureau Series" blind box by Pop Mart reflects the willingness of Generation Z to pay for emotional value, but their loyalty depends on continuous innovation to avoid over-marketing and trust depletion [1][6]. Product Launch and Market Response - Pop Mart's new products, including the "Starry Dream Meteorological Bureau Series" blind box priced at 79 yuan each and 474 yuan per box, sold out quickly, indicating high demand [1]. - The overwhelming traffic caused some e-commerce platforms to experience temporary crashes, with users reporting that items were sold out before they could complete their purchases [1][3]. - The blind box's popularity led to a significant price increase in the secondary market, with a complete box selling for 1350 yuan, representing a 300% markup, and individual items averaging 150 yuan, a 200% markup [3][5]. Market Dynamics and Consumer Behavior - The demand for the "Starry Dream" IP is compared to the previous success of the LABUBU 3.0 series, suggesting it may become the next big hit for Pop Mart [5]. - The company has not implemented specific policies to manage price inflation in the secondary market, advising consumers to purchase through official channels [5]. - Pop Mart's adjusted net profit for the first half of 2025 is projected to be 4.71 billion yuan, a 362.8% year-on-year increase, with the "Starry Dream" series generating 390 million yuan in revenue [5]. Industry Insights - Experts note that the success of these products is a typical case of combining IP economics with scarcity marketing, appealing to the emotional needs of young consumers [6][7]. - The blind box mechanism enhances the excitement of randomness, while limited releases create a sense of scarcity, driving rapid purchasing behavior [7]. - The current premium pricing is attributed to short-term supply-demand imbalances, while long-term value will depend on the development of the IP ecosystem and community engagement [7].

（原标题：成倍激增！中国潮玩，全球买单） 21世纪经济报道记者 刘婧汐 实习生 陈晗章 广州报道 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前，布鲁可海外 ...

年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 海外市场全面开花 2024年前，布鲁可海外收入占比长期维持在2%上下，截至2024年下半年，仍只占总收入的2.9%。进入 2025年，布鲁可海外业务增速陡然加快，今年上半年海外营收突破1亿元，占据布鲁可总收入的8.3 ...

1 0 产品创新设计 IP驱动与品类突破 中国玩具行业正从"制造驱动"向"设计驱动"的转型升级。泡泡玛特与布鲁可作为行业标杆，通过IP生态构建、技术壁垒突破等，实现从本土品牌到全球玩 家的跨越式发展。 ▋泡泡玛特：IP矩阵与创新设计并行 IP生态构建。2025年上半年，泡泡玛特自主产品分为艺术家IP和授权IP，其中艺术家IP表现强劲。2025年上半年，共有 13个艺术家IP收入过亿，其中 THE MONSTERS、MOLLY、SKULLPANDA、CRYBABY 和 DIMOO 在报告期内分别实现收入人民币48.1 亿元、13.6亿元、12.2亿元、12.2亿元和11.1亿元营 收，分别同比增长668.0%、73.5%、112.4%、248.7%和192.5%。THE MONSTERS家族中的LABUBU凭借其独特的风格魅力，跻身世界级IP行列，成为 2025年上半年全球最热门的IP之一。公司通过"一超多强"的IP格局，实现IP价值的深度挖掘与全球化破圈。 日，泡泡玛特与布鲁可分别发布财报，2025上半年泡泡玛特实现营收138.8 亿元，同比增长 204.4%，经调整净利润达47.1亿元，同比增长 362.8 ...

2025年8月曼谷，潮湿闷热的午后。在当地地标性商场ICONSIAM门前，年轻人们正排着长队，等待一场不同寻常的"盛典"。这并非歌手见面会或电子产 品发布，而是一家来自中国的潮玩品牌旗舰店开业。伴随着音乐和欢呼，泡泡玛特全球最大的旗舰店揭幕，760平方米的沉浸式空间涌入了如潮的人群。 这一幕，正是当下中国潮玩品牌出海热潮的缩影。 几乎在同时，香港资本市场上也在上演另一场狂欢。2025年8月20日，泡泡玛特公布了堪称"史上最强"的半年报：上半年营收138.8亿元人民币，同比增长 204.4%；经调整净利润47.1亿元，同比增长362.8%。财报发布后，泡泡玛特股价几天内快速拉升并创下历史新高。截至8月26日港股收盘，股价报收每股 326港元，市值突破4300亿港元。 更令人瞩目的是，泡泡玛特业绩发布仅一天后，另一份重磅公告接踵而至——名创优品披露旗下潮玩品牌TOP TOY获得了由主权基金淡马锡领投的新一 轮投资，投后估值约100亿港元。淡马锡此时入场被认为既能在IPO定价时抬升TOP TOY估值，又能顺带将其在东南亚的渠道资源、政府关系乃至ESG （环境、社会和公司治理）体系打包赋能给TOP TOY。这次投资既 ...

多IP的均衡发展不仅是公司长期、稳健经营的体现，也是塑造全球流行文化的基础。 从公司经营维度，多IP的均衡发展有利于规避高度依赖单一IP带来的风险，是当下业绩稳健性的重要体现；兼顾新、老IP，多IP的同步增长是泡泡玛特IP 打造和运营能力的突出体现，这一能力建立在其对零售、供应链、品类、内容等多个领域的深度积累上，成为其未来长期、可持续发展的动力来源。 另一方面，跳出具体的公司业务和经营数据，中国文化消费品牌的出海不再只是产能外溢的结果，而是基于新的内容形态，真正制造全球流行文化，而一 种文化的诞生不会只有一个爆款，我们需要更多LABUBU。 除了LABUBU，还有哪些IP值得关注 作者 | 张一童（上海） 不可否认，在本周举办的泡泡玛特中期业绩发布会上，LABUBU依然是最引人瞩目的话题中心。THE MONSTERS系列2025H1收入达到48.1亿元，同比增 长668%，新品MINI LABUBU即将发售的消息也在海内外社媒引发巨大反响。 尽管位列所有IP第一，THE MONSTERS系列在总收入中的占比也刚刚接近35%。2025年H1，泡泡玛特自有IP中有5个收入超10亿，收入过亿的IP更是达到 13个 ...

Core Points - The 2025 China International Service Trade Fair will feature a cultural tourism service section from September 10 to 14, focusing on "Technology Empowerment and Creative Leadership" [1][3] - The event will showcase 456 participating companies, including 85 Fortune 500 and industry-leading firms, highlighting the integration of cultural technology and creativity [1][3] Group 1: Exhibition Highlights - The "Beijing Audio-Visual Exhibition" will occupy a central position at the fair, covering 541 square meters and featuring four key areas: premium creations, new business scenarios, ultra-high-definition audio-visual, and emergency broadcasting [3][4] - Attendees can experience immersive technologies such as cinema-grade naked-eye 3D and advanced AIGC applications, enhancing the interaction with cultural content [4][5] Group 2: Cultural and Technological Integration - The "Cultural Heritage and Technology" indoor exhibition will present breakthroughs in Beijing's cultural heritage sector, including interactive experiences and digital cultural products [5][6] - The outdoor section will feature a "Cultural Heritage Life Experience" area, allowing visitors to purchase cultural products and engage in various educational activities [6][7] Group 3: Tourism and Travel Innovations - The fair aims to promote Beijing as a preferred destination for inbound tourism, showcasing services related to visas, transportation, and technology [9][10] - Key players in the tourism sector, including major airlines and travel agencies, will present innovative products and services to enhance the travel experience for international visitors [10][11]

Group 1 - On August 26, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with a trading volume of 5.01 billion, SMIC (00981) with 3.86 billion, and Alibaba-W (09988) with 3.29 billion [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, the top three companies were Alibaba-W (09988) with a trading volume of 2.19 billion, SMIC (00981) with 1.95 billion, and Tencent Holdings (00700) with 1.81 billion [1] Group 2 - The top active companies in the Southbound Stock Connect (Hong Kong) included Yingfu Fund (02800) with a net buy of 4.997 billion, Alibaba-W (09988) with a net buy of 448 million, and Tencent Holdings (00700) with a net buy of 911 million [2] - In the Southbound Stock Connect (Shenzhen), Alibaba-W (09988) had a net buy of 897 million, while SMIC (00981) and Tencent Holdings (00700) had net sells of 275 million and 240 million respectively [2]

Summary of Key Points Core Viewpoint - As of August 26, a total of 135 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the sector [1]. Stock Performance Highlights - The top three stocks with the highest increase rates are: - 恒基发展 (Hengji Development) at 69.72% with a closing price of 0.335 and a peak of 0.370 [1] - 中国智能交通 (China Intelligent Transportation) at 68.89% with a closing price of 0.305 and a peak of 0.380 [1] - 桦欣控股 (Hua Xin Holdings) at 54.26% with a closing price of 17.000, reaching its peak at the same price [1] Additional Notable Stocks - Other significant performers include: - 绿色经济 (Green Economy) at 22.16% [1] - 米兰站 (Milan Station) at 21.83% [1] - 永义国际 (Yongyi International) at 21.21% [1] - 金界控股 (Golden Realm Holdings) at 18.11% [1] 52-Week Low Rankings - The stocks that reached their 52-week lows include: - 鸿盛昌资源股权 (Hongsheng Chang Resources) at a low of 0.010, down 37.50% [4] - 德商产投服务 (DeShang Investment Services) at a low of 0.830, down 17.00% [4] - 新华联合投资 (Xinhua United Investment) at a low of 0.092, down 15.60% [4]

中信里昂：维持泡泡玛特跑赢大市评级 升目标价至368港元 智通财经8月26日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 高盛：维持东方甄选沽售评级 升目标价至9港元 高盛就东方甄选(01797.HK)发布研报称，下调公司2026至2027财年GMV预测1%至3%，受益于自营品牌 产品GMV贡献提升，将收入预测上调最多10%，2026至2027财年经调整净利润率预测上调0.2%和1%， 目标价上调至9港元。因基本面持续疲软，加上估值较贵，该行维持沽售评级。 中金公司就布鲁可(00325.HK)发布研报称，公司2025年上半年收入同比增长27.9%至13.4亿元，经调整 净利润同比增长10%。尽管利润率因低毛利产品占比提升及费用投入加大而承压，但海外业务收入同比 大增899%，产品结构持续优化，IP商业化进程稳步推进。中金公司看好其全人群、全价位、全球化战 略带来的长期成长潜力，维持"跑赢行业"评级，目标价135港元。 海通国际：维持金斯瑞生物科技优于大市评级 海通国际就金斯瑞生物科技(01548.HK)发布研报称，公司2025年上半年收入同比增长81.9%至5.19亿美 元，持续经营业务经 ...