点击图片▲成为会员 1. 本文内容精选自2025年6月23日《每天听见吴晓波》的音频，会员可收听全部内 容，非会员可试听前1分钟。 【点击此处，收听音频】 2. 6月24日—7月25日，期间购买《每天听见吴晓波》，可享"买1年得2年"的福利， 还送定制笔记本1本。 【点击此处，参与活动】 口述 / 吴晓波 （微信公众号：吴晓波频道） 最近这段时间，全球消费圈都被泡泡玛特的一款玩偶刷屏了，哪怕你不关注潮玩，也肯定已经 听说过它了。它就是拉布布，长着九颗尖牙，笑容狡黠。 我身边很多年轻的朋友都为它着了迷，而且经常还有人问我说吴老师，你知不知道拉布布？你 怎么看拉布布在全球爆火这件事呢？今天就来和大家聊一聊。 拉布布有多火呢？ 我专门去查了一下数据，2024年，拉布布系列收入超过30亿元，同比增长726%。今年4月，拉 布布的盲盒在美国和欧洲的销售额分别同比增长了8倍和5倍。 看到这条新闻，我就想起了之前很多年轻人跑到迪士尼，排上几个小时的队伍就为了买一个玲 娜贝儿的毛绒玩具。 无论是拉布布还是玲娜贝儿，今天的年轻人对玩偶可以说是情有独钟。以前我们认为说迪士尼 乐园是给小朋友玩的，现在成了年轻人的快乐老家。 我看到 ...

108万初代藏品级薄荷色的LABUBU拍卖锤声刚落，618一补货价格就跳水了，腰斩起步！ 究竟什么情况？ 欢迎收看《2025惨烈金融事故》——塑料郁金香泡沫爆破全记录！ 6月18日下午3点，泡泡玛特突然向市场投放500万颗"核弹"，大量补货之下Labubu价格瞬间崩了，整盒回收价从2800元跌到650元，比双十一打折还狠！隐藏 款"本我"从4000多块跌到2000多，跌得比A股还刺激！黄牛已经哭晕在厕所，有人单日亏5万，有人含泪摆地摊。 之前labubu有多火呢，今年4月Labubu 3.0发售当天美国大妈凌晨排队，英国人为抢Labubu大打出手，韩国因为太疯狂暂停了线下销售！爆火离不开明星效应 的加持和社交媒体的传播。贝克汉姆和蕾哈娜等众多明星晒出自己的Labubu，跟风的粉丝们更加狂热。原价594元的盲盒，被黄牛炒到2800元；原价599元 的联名款转手就能卖出24倍高价。一款初代藏品级薄荷色的LABUBU甚至拍出108万元的天价。 如果你喜欢Labubu就买回家玩，别指望靠它赚钱。如果把它当投资品，最后大概率是"花钱买教训"。 出品丨21世纪资管研究院 策划 | 方海平 但是泡沫破灭的过程也比想象中更快 ...

文｜一财商学院 要说2025年最火爆的赛道，潮玩绝对算一个。 大厂背景的创业者带着一线基金的投资扎堆进军，曾要批量退出人形机器人投资的朱啸虎也转身入局， 投了Fuzozo母公司Robopoet珞博智能。据一财商学院统计，目前这条赛道上至少有30家公司，如跃然创 新、萌友智能、优必选、TCL等等。 但是，热闹之下真正实现产品商业化落地的并不多。 AI潮玩能跑出下一个Labubu吗？ 潮玩的壳子，AI陪伴的里子和做IP的心 AI潮玩到底算不算是潮玩，这是一个问题。从几家定位"AI潮玩"的公司产品上来看，它们与AI陪伴硬 件、AI宠物并无区别。 那么到底什么是AI潮玩？它和泡泡玛特、Jellycat这类潮玩有什么区别？ Labubu作为新晋顶流闪亮登场，泡泡玛特股价一度上涨近15倍，以超过3500亿港元的市值助力创始人 王宁成为河南新首富。与此同时，名创优品也传出消息，将旗下的潮玩品牌TOPTOY分拆到香港IPO， 融资目标约3亿美元。 除了潮玩头部玩家，IP快闪店、二手交易市场、拆盒直播，甚至给玩偶定制衣服、妆容的"小作坊"，都 分到了一杯羹。 然而，随着越来越多的玩家涌入，盲盒、联名、限量款早已卷到"天花板"， ...

Core Viewpoint - The recent popularity of Pop Mart's LABUBU dolls represents a successful global expansion of Chinese trendy toys, driven by long-term brand building and effective IP management [1][4]. Group 1: Brand Success Factors - Pop Mart's success is attributed to its ability to create visually distinctive IPs that resonate with Generation Z, such as Molly and LABUBU, which cater to the emotional value and self-expression needs of young consumers [4][10]. - The company has effectively utilized new retail strategies, including pop-up stores, live-streaming sales, and influencer marketing, to capture consumer attention in the mobile internet era [4][12]. - The transformation of trendy toys from niche culture to mainstream products is a result of localized re-creation and refined brand operations [8][9]. Group 2: Globalization Insights - Pop Mart's success indicates that domestic original IPs can achieve cross-cultural aesthetic resonance, allowing Chinese brands to move beyond traditional OEM paths and realize global premium pricing through originality [9][10]. - The development of short videos and social networks has accelerated the global popularity of trendy toy IPs, highlighting the importance of digital marketing in contemporary consumer engagement [12][13]. - Localized strategies, such as opening physical stores abroad and adapting IPs to fit local preferences, are crucial for successful international expansion [12][13]. Group 3: Business Model and Competitive Edge - The core logic of the trendy toy industry involves multi-IP matrix operations, as relying on a single hit IP is insufficient for long-term brand sustainability [15][16]. - Pop Mart's approach emphasizes continuous operation of new characters to meet diverse consumer preferences, reflecting the varied aesthetic demands across different cultural backgrounds [15][16]. - The company's business model innovation and operational capabilities are key to its market penetration and consumer loyalty, as evidenced by increased purchase frequency following blind box experiences [15][16].

LABUBU，这个看上去丑萌丑萌的玩具娃娃，彻底火爆了。 从中国到日韩，从日韩到欧美，无数人都在疯抢这款看上去平平无奇的玩具娃娃。世界各地的黄牛们，把这款原价最低只要几十元的塑料玩具炒到了二手 都要成千上万元的高度，某些特别的款式，价格甚至已经飙到了百万级。 我懂你要说什么： 因此，"如何让人心甘情愿掏钱，或者说如何优雅地割韭菜？"这件事儿本身不仅是一门技术，也是一种艺术。 不就是个玩具么？ 不就是跟风么？ 不过就是有钱没地方花烧得慌， 不过就是跟风凑热闹当韭菜...... 从咱们中国传统的价值观来看，这个思维当然不能说是有错——咱祖祖辈辈就讲究一个节俭，花几百上千买一个没有什么实际作用只能摆着看的东西，确 实是钱多了烧的慌。 但经济是一个关于流通的学问，人民群众一个个都把钱攒在手里不愿意花，那这日子也就过不下去了。 说到底，你不能一边嫌弃中国产业内卷，一边又在批判LABUBU割韭菜。 车企价格战、电商平台各种"仅退款"......这些事儿，你还没有看够吗？ 这也正是泡泡玛特创始人王宁所说："所有的消费行为都是在解决两件事情：一是满足感，二是存在感。这算是潮玩的"无用之用"。能真正让人花钱去买 一个纯粹的、没 ...

汇丰控股：将泡泡玛特(09992.HK)目标价由215.50港元上调至331.50港元。 ...

Core Viewpoint - HSBC significantly raised the target price for Pop Mart, citing the effectiveness of its multi-IP strategy and the healthy adjustment of Labubu pricing, with a target price increase from HKD 215.50 to HKD 331.50, representing a 53.8% increase and a 32% upside potential from the current stock price [1] Group 1: Financial Projections - HSBC raised the 2025 net profit forecast for Pop Mart by 24%, driven by strong performance in overseas markets and the successful launch of Labubu 3.0 [1][5] - The revenue forecast for 2025 was increased by 34% to RMB 14.325 billion, with an expected year-on-year growth of 183% [2] - The net profit forecast for 2025 is now projected to be RMB 7.856 billion, a 131% increase year-on-year, which is 23% higher than previous estimates [5] Group 2: Market Performance - Labubu 3.0 series launched in April 2025 gained unprecedented attention due to promotion by international celebrities and KOLs, leading to strong product momentum [2] - The resale prices of Labubu 3.0 have normalized, which is beneficial for maintaining the brand's health and reducing speculative hoarding [5] - The U.S. market revenue forecast was significantly raised from RMB 3.547 billion to RMB 5.509 billion, reflecting the positive outlook for overseas markets [2] Group 3: Multi-IP Strategy - The success of Pop Mart is not solely dependent on the Labubu IP, as new series releases and other IPs continue to engage consumer interest [3] - In Thailand and other Asian markets, these regions account for over 40% and 30% of overseas revenue, respectively, indicating a diverse revenue stream [3] - The Google search index for Crybaby, the company's fourth-largest IP, surged in the quarters following the peak interest in Labubu, demonstrating the sustainability of the company's IP operations [3]

Core Viewpoint - Macquarie has raised the target price for Pop Mart (09992.HK) to HKD 360, maintaining an outperform rating, driven by strong demand for its IP products, particularly The Monsters [1] Group 1: Revenue and Growth Projections - Pop Mart's overseas revenue is expected to increase by 145% year-on-year to RMB 17.5 billion, accounting for 57% of total revenue [1] - The company anticipates a compound annual growth rate (CAGR) of 56% in earnings from 2024 to 2028 [1] Group 2: Market Demand and Product Performance - The Labubu series currently has a secondary market price that is 2.6 times higher than the official retail price, indicating strong market demand [1] - The collaboration and licensing experience with Sanrio is expected to extend the IP lifecycle and strengthen the fan base, enhancing monetization opportunities [1] Group 3: Earnings Forecast Adjustments - Macquarie has increased its earnings per share forecasts for Pop Mart by 60% and 61% for the current and next year, respectively, reflecting stronger-than-expected demand and a predicted reduction in expenditure ratios [1]

Core Viewpoint - The blind box economy, particularly the LABUBU series from Pop Mart, has experienced extreme fluctuations, with a recent auction fetching 1.08 million yuan and a market drop of 22.3 billion HKD in a single day, highlighting the volatility and demand in this sector [2][12]. Group 1: Market Dynamics - The LABUBU blind boxes have seen a massive surge in demand, with secondary market prices skyrocketing, such as a 99 yuan box selling for as much as 2548 yuan, indicating a profit margin exceeding 20 times [5][12]. - The phenomenon has led to significant involvement from scalpers, who capitalize on the limited supply, with one scalper noting that prices remain high as long as there is no restock [3][5]. - Pop Mart's initial underestimation of the LABUBU's popularity has resulted in a supply-demand imbalance, which has been misinterpreted as a strategy of "hunger marketing" [3][12]. Group 2: Sales and Revenue Growth - The blind box market in China is projected to exceed 58 billion yuan by 2025, capturing 65% of the global market share, with a compound annual growth rate of 28% [17]. - Pop Mart's overall revenue is expected to grow by 165%-170% year-on-year in Q1 2025, with domestic revenue increasing by 95%-100% [18]. - International revenue has also seen remarkable growth, with a 475%-480% increase, particularly in the Americas, which surged by 895%-900% [19]. Group 3: Product and IP Strategy - The LABUBU series has significantly contributed to Pop Mart's revenue, generating 3.04 billion yuan, which accounts for 23.3% of total revenue, marking a year-on-year increase of 726.6% [19]. - Pop Mart is actively developing new IPs, such as the Crybaby series, which is projected to grow by 1537.2% in revenue in 2024, aiming to diversify beyond reliance on a single IP [20]. - The company plans to expand production capacity in Vietnam and Indonesia by the second half of 2025 to address ongoing supply shortages of LABUBU plush products [20].

Group 1 - Amazon's global anti-counterfeiting team has expanded from operating in two countries to twelve, including the US, China, France, India, and the UK over the past five years [1] - The team has initiated over 200 civil lawsuits against bad actors and has facilitated more than $180 million in related compensation and enforcement penalties [1] - More than 65 individuals have been sentenced to prison as a result of Amazon's anti-counterfeiting efforts, which have also encouraged law enforcement agencies to pursue lawsuits and criminal penalties against counterfeiters [1] Group 2 - Amazon successfully collaborated with Chinese cultural brand POP MART to combat a supplier selling counterfeit products, specifically the THE MONSTERS LABUBU toys [2] - The counterfeit supplier was identified after months of tracking and investigation by Amazon's global anti-counterfeiting team, leading to a local enforcement action that seized over 700 counterfeit LABUBU keychains and thousands of packaging materials [2] - This partnership helped protect POP MART's brand reputation and intellectual property, aiding its expansion into international markets [2]