曾经"一娃难求"的LABUBU，目前二手价正在全线下跌。 在一些二手平台上，一些隐藏款一度炒到过万元，比如隐藏款"本我"。9月10日，智通财经查阅得物APP发现，过去90天，这款隐藏款"本我"的确认款，从 最高约4356元降至834元。 | | 得物售价始终来自当时最低出价商家,平台保障全新正品,请按需购买 | | | | --- | --- | --- | --- | | 是大 | 确认款-隐藏款-本我ID(拆盒拆袋) | #839 | | | 是* | 确认款-隐藏款-本我ID(拆盒拆袋) | #839 | न | | | 确认款-隐藏款-本我ID(拆盒拆袋) | ¥801 还价 | 7 | | 图 得* | 确认款-隐藏款-本我ID(拆盒拆袋) | #839 | (TJ | | 1 / * | 确认款-隐藏款-本我ID(拆盒拆袋) | #839 | 5 | | 山元米 | 确认款-隐藏款-本我ID(拆盒拆袋) | #888 | 5 | | 画 得* | 确认款-隐藏款-本我 ID (拆盒拆袋) | #839 | | | | 确认款-隐藏款-本我ID(拆盒拆袋) | #889 | | 受此影响，泡泡玛特股 ...

LABUBU第四代迷你系列刚发售就价格暴涨，却不到一周二手市场跳水，黄牛开始止损拒收，往年神 话瞬间破灭。或许如何让IP价值超越价格曲线，仍是泡泡玛特们必须作答的长期命题。 ...

老铺黄金午后直线拉升，现涨超7%。今日午间，老铺黄金公告，截至2025年6月30日止六个月，营业收入为123.54亿元，同比增长251.0%；期内利润为22.68 亿元，同比增长285.8%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | | | E9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 773.000 | | | | 6181[老铺黄金] 13:11 价 770.500 涨跌 52.000(7.24%) 均价 741.688 成交量 6.23万 成交金额 4624万 | | | | | | | 763.917 | | | | | | | | | | | 754.833 | | | | | | | | | | | 745.750 | | | | | | | | | | | 736.667 | | | | Mynn | | | | | | | 727.583 | | | | | | | | | | | 718.500 | | | WN | | | | | | | | ...

Core Viewpoint - The secondary market prices for all products of Pop Mart have declined, particularly for the LABUBU series, despite the company reporting impressive revenue growth for the first half of 2025 [1] Group 1: Market Performance - The price of LABUBU hidden figures has dropped from nearly 1,000 yuan to 679.7 yuan, with some less popular models priced below the official price of 79 yuan [1] - The overall transaction price for the third generation LABUBU complete set has significantly decreased, currently ranging between 600 to 700 yuan [1] Group 2: Financial Performance - Pop Mart reported a remarkable revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - The adjusted net profit increased by 362.8% to 4.71 billion yuan [1] Group 3: Market Expansion - The importance of overseas markets for Pop Mart is growing, contributing nearly 40% to the revenue, marking the first time that overseas market share has surpassed that of the Chinese market [1]

Summary of Conference Call Notes Industry Overview - The gaming industry is currently valued at approximately 20-21 times earnings, with historical rebounds to around 30 times, indicating significant growth potential [1][4] - Emerging consumer trends are driving the gaming market, particularly among young people who are enthusiastic about console games, mobile games, and platforms like Roblox [5] Key Companies and Performance - Huatuo has evolved into a platform-based gaming company, similar to Tencent and NetEase, with a market capitalization nearing 150 billion RMB and multiple games generating over 5 million USD each [3] - Other notable companies include Giant with its game "Supernatural Action Group," which has shown strong performance even post-summer, and Jibite, which reported better-than-expected mid-year results leading to a 20%-30% stock price increase [3] Investment Opportunities - The gaming sector is characterized by low valuations and high dividends, with Jibite having distributed nearly 7 billion RMB in dividends despite initial financing of only a few billion [4] - The industry is expected to benefit from supportive policies and relaxed regulations, enhancing the overall outlook [3] AR Applications - AR applications are seen as a crucial future development area, with companies like Nvidia benefiting from the demand for AR/VR applications [6] - Meitu and Kuaishou are highlighted as key players in the AR space, with Meitu having a strong position in the female photography market and potential collaborations with tech giants like Google [12] Emerging Consumer Trends - The collectible toy market, represented by Pop Mart, is gaining popularity, especially among young women, with significant success in international markets like Thailand [7][8] - Pop Mart's overseas revenue has reached 60% of total income, with expectations for further growth as the company expands its IP offerings [9] Challenges and Strategies - Pop Mart faces challenges in timely product launches to meet consumer demand, but maintaining a focus on user needs and high-quality production can sustain its competitive edge [10][11] Future Investment Recommendations - Strong emphasis on sectors such as gaming, collectible toys (like Pop Mart), and AI applications (like Meitu and Kuaishou) is advised, with expectations for significant growth in the coming years [13]

Core Viewpoint - The article emphasizes the significance of brand globalization for Chinese companies, using Pop Mart as a case study to illustrate how a company can successfully transition from traditional manufacturing and e-commerce to becoming a globally recognized brand that resonates with consumers emotionally and culturally [3][5][39]. Group 1: Company Overview - Pop Mart, founded 15 years ago, has gained attention recently due to the popularity of its Labubu character, showcasing its evolution from a startup to a significant player in the global market [4][5]. - The company reported impressive financial results, with revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and a profit of 4.71 billion yuan, up 362.8% [5]. Group 2: Globalization Strategy - Pop Mart's globalization strategy is divided into three phases: online testing, offline expansion, and local integration [18][26]. - The first phase involved using cross-border e-commerce and developing partnerships with local distributors to gauge market interest and consumer preferences [20][19]. - The second phase focused on opening physical stores in prime locations globally, emphasizing the importance of in-person brand experiences [24][25]. - The third phase included localizing products and operations by collaborating with local artists and hiring local teams to better understand cultural nuances [26][27]. Group 3: Brand Philosophy - Pop Mart views its brand as centered around intellectual property (IP), with characters like Molly and Dimoo serving as emotional connectors to consumers rather than mere products [14][16]. - The company aims to create a cultural impact by managing artists and hosting global events, positioning itself as a leader in the cultural toy market [16][38]. Group 4: Challenges and Solutions - Pop Mart faces challenges such as cultural differences, global supply chain complexities, and organizational structure [30][32][34]. - The company addresses cultural barriers by focusing on universal aesthetics and emotional resonance in its IP designs [31]. - To manage supply chain issues, Pop Mart has implemented a robust digital information system for real-time inventory and sales tracking across its global stores [32]. - The organizational structure balances centralized control over brand identity with decentralized decision-making for local market strategies [34][35].

Core Insights - Recently, Pop Mart Supply Chain (Guangdong) Co., Ltd. was established with a registered capital of 10 million RMB, focusing on supply chain management services and wholesale and retail of clothing and accessories [1] Company Overview - The legal representative of the newly established company is Yuan Junjie [1] - The company is wholly owned by Beijing Pop Mart Trading Co., Ltd. [1]

Group 1 - The establishment of Pop Mart Supply Chain (Guangdong) Co., Ltd. was registered on September 8, with a registered capital of 10 million RMB [1] - The legal representative of the new company is Yuan Junjie, and it is wholly owned by Beijing Pop Mart Trading Co., Ltd. [1] - The business scope includes supply chain management services, wholesale and retail of clothing and accessories, general cargo warehousing services, domestic cargo transportation agency, non-residential real estate leasing, network technology services, and information technology consulting services [1]

Core Viewpoint - Recently, Pop Mart Supply Chain (Guangdong) Co., Ltd. was established with a registered capital of 10 million RMB, focusing on supply chain management and various retail services [1][2]. Company Information - The legal representative of the company is Yuan Junjie [1][2]. - The company is wholly owned by Beijing Pop Mart Trading Co., Ltd. [1]. - The registered capital is 10 million RMB [1][2]. - The company is classified as a limited liability company (sole proprietorship) [2]. Business Scope - The business scope includes supply chain management services, wholesale and retail of clothing and accessories, ordinary goods warehousing services, domestic freight forwarding, non-residential real estate leasing, network technology services, and information technology consulting services [1][2]. - Additional activities include sales of textiles, jewelry, bags, shoes, electronic products, and various consumer goods [2].

Summary of Pop Mart Conference Call Company Overview - **Company**: Pop Mart - **Date**: September 8, 2025 Key Points Industry and Market Performance - **Pricing Strategy**: The new mini Labubu series is priced at 79 yuan, making it less favorable for scalpers and more accessible for regular consumers [2][3] - **Sales Growth**: In August, Pop Mart's Douyin channel experienced significant year-on-year growth, matching the absolute values of January's peak season, driven by restocking and new product launches [2][4] - **Offline Store Performance**: The company reported a nearly 60% year-on-year growth in offline store efficiency, outperforming other brands in the industry, indicating strong offline operational capabilities [2][4] Product Development - **New Product Launches**: August saw a notable increase in new product releases compared to July, with popular items including the "Big Wind Day" plush doll and the mini Labubu series, which features 28 products [3] - **Future Products**: Upcoming releases include anniversary products, Halloween specials, and region-specific items, which are expected to generate positive market responses [2][6] Channel Strategy - **Douyin Channel Success**: The Douyin channel's performance is attributed to successful product launches and influencer-driven consumption, with innovative attempts from the Helono Home account also performing well [4] - **Store Adjustments**: Ongoing adjustments in domestic offline stores include relocating shops to better positions and consolidating smaller stores into larger ones, which is expected to enhance store efficiency and brand visibility in the long term [7] International Expansion - **Overseas Market Growth**: The company is rapidly expanding internationally, with new store openings in North America and Southeast Asia in August, indicating a proactive global strategy [2][8] - **Global Brand Interest**: Google Trends data shows sustained high search interest in the Pop Mart brand globally, particularly in the UK, where related keywords have surged [9] Organizational Changes - **Structural Adjustments**: In April, Pop Mart restructured its organization to enhance market responsiveness, with a focus on local product development and a strengthened middle office to support various market segments [10] - **Global Product Strategy**: Currently, 95% of products are global, with plans to increase local product offerings to 10%-15% in the future [10] Future Directions - **Strategic Focus**: The company aims to integrate domestic and international IPs through a global channel strategy, which is expected to unlock greater growth potential [11] - **Investment Outlook**: Given the recent adjustments and product/channel performance, there is a high certainty of future earnings growth, suggesting that investors should continue to monitor the company's developments [12]