Core Viewpoint - China Eastern Airlines (CEA) launched the "DIMOO China-Thailand Diplomatic Relations 50th Anniversary" themed aircraft, symbolizing the friendship between China and Thailand, on July 4, 2023, from Beijing Daxing International Airport to Bangkok [1][6]. Group 1: Aircraft and Design - The themed aircraft is an Airbus A320, designated as B32EP, featuring a design that integrates cultural symbols from both China and Thailand, with the popular DIMOO character from Pop Mart dressed in traditional Thai attire [6]. - The aircraft's design includes elements like a lotus flower, symbolizing wisdom in Chinese culture, and a playful elephant representing Thailand, reflecting the deep friendship established over 50 years of diplomatic relations [6]. Group 2: Launch Event - A grand inaugural ceremony was held at Beijing Daxing International Airport, transforming the check-in area into a cultural hotspot where passengers received specially customized boarding passes and gifts [6]. - During the boarding phase, a light display symbolizing the fusion of friendship and trendy art was unveiled, and passengers enjoyed themed broadcasts and photo opportunities onboard [6]. Group 3: Strategic Goals - As part of China's cultural strategy, CEA aims to promote the DIMOO character as a cultural ambassador, enhancing brand youthfulness and international appeal [7]. - The airline plans to leverage the 240-hour visa-free transit policy to attract foreign travelers, enhancing the international influence of both brands and exploring new paradigms for cultural and aviation industry integration [7].

当下的泡泡玛特，正处于其上市以来的第二个巅峰。核心 IP Labubu 风靡全球，公司的股价也从 2022 年的最低点大幅反弹，重新回到了资本市场的聚光灯下。 一切看起来都很好，正如同它刚上市时候一样。那时泡泡玛特也成了资本和舆论的宠儿，直到 2022 年，它股价比起先前的最高点，下跌 90%。 在先前的文章里，我梳理了泡泡玛特内在的商业模式。这次我想要再远一点，要真正理解泡泡玛特今天 为何如此强大，不能只停留在那些光鲜的成果上，而是要回到它先前的低谷，回到被市场中"盲盒退 潮"、"智商税"等论调所包围，几乎被彻底抛弃的那个"至暗时刻"。 这种从"濒死"到"重生"的 V 型反转，无法用常规的商业周期来完全解释。要理解它，我们需要引入一个 更根本的视角，来审视一个系统在面对冲击时的不同反应。 有些系统是脆弱的，如同一个瓷杯，在压力下会直接碎裂。有些系统是强韧的，如同一个石块，能抵抗 冲击，但自身不会发生改变。而另一些系统，则是反脆弱的。它们像传说中的九头蛇，在砍掉一个头 后，能长出两个新头。它们不仅能抵抗混乱，还能从混乱和不确定性中汲取能量，变得更强大。 2022 年之前的泡泡玛特，就是一个设计精美、但在特定压 ...

主题乐园为文旅市场注入强劲动力 随着暑期的来临，文旅市场迎来了一年一度的消费旺季，各地旅游景区、热门商圈消费活力持续高涨。 在这场出游热潮中，亲子客群正以强劲的需求重塑市场格局。途牛报告显示，今年，亲子客群是暑期出 游的主力军，出游人次占比达42%。 亲子游热门主题中，主题公园凭借丰富的娱乐设施、沉浸式的游玩体验，占据预订热度前列。 据途牛数据，珠海长隆海洋王（002724）国、广州长隆野生动物世界、上海迪士尼度假区、北京环球度 假区、常州中华恐龙园等主题公园预订火爆。 此外，各地的欢乐谷、方特、融创以及海昌海洋公园、三亚亚特兰蒂斯水世界等，也是亲子游的热门选 择。 值得关注的是，即将于7月5日正式开园的上海乐高乐园度假区，在未开园时便已掀起一阵旅游热潮。 去哪儿旅游平台数据显示，6月以来，上海乐高乐园搜索量环比暴增5倍，7月门票预订量强势跻身上海 热门景区前五。 这座以乐高积木为核心元素的主题公园，将积木搭建的奇趣世界搬进现实，无论是巨型乐高建筑，还是 充满创意的互动体验区，都令人充满期待。其强大的吸引力也带动了周边消费市场的繁荣。截至7月4 日，乐园所在地金山区暑期酒店预订量同比激增3.5倍。 另据途家数 ...

Core Viewpoint - Analysts believe that Pop Mart International, known for its Labubu dolls, will continue to be a leading consumer brand in China despite regulatory concerns regarding "blind box" toys [1][7]. Regulatory Environment - China's state media has called for stricter regulations on selling blind-box toys to children under eight, including age verification and parental approval for online purchases [2][3]. - The commentary on blind-box toys mirrors past regulations on video games aimed at reducing gaming addiction among minors, which significantly impacted the gaming industry [5]. Market Performance - Pop Mart's share price fell by 12.1% for the week ending June 20, marking its largest decline since late 2023, although it has since recovered to near all-time highs [4]. - The company experienced a remarkable 600% increase in share price over the past year, despite recent regulatory concerns [4]. Consumer Demographics - Pop Mart primarily targets Gen Z and millennials, which may insulate it from regulatory scrutiny aimed at younger children [7]. - The company is increasingly focusing on overseas markets, with projections indicating that its revenue from China will decrease to about 30% over the next decade [8]. Revenue and Growth - In 2024, Pop Mart derived approximately 61% of its revenue from mainland China, with significant growth in North America, where sales increased by over 550% year-on-year [9]. - HSBC Bank forecasts that Pop Mart's overseas revenue will more than double to 14 billion yuan ($1.95 billion) in 2025, accounting for over half of its projected revenue [10]. Consumer Behavior - The popularity of blind-box toys is growing among younger consumers, who seek "affordable exclusivity" through toy collections [11]. - Prices for Pop Mart's blind-boxed toys range from about 59 yuan to 5,999 yuan, with collectors often spending substantial amounts on rare models [12]. Challenges - Analysts caution that while Pop Mart's current popularity is strong, there is no guarantee that it will remain relevant in the long term [14]. - The company faces challenges such as delivery delays, scalping, and counterfeit products, which could harm its reputation [15][16]. Strategic Initiatives - To maintain brand freshness, Pop Mart is expanding its intellectual property portfolio and launching initiatives like pop-up stores, a film studio, and a theme park [17]. - However, these initiatives require significant investment and expertise beyond toy sales [18].

Core Viewpoint - Pop Mart is expanding its reach beyond trendy toys into various industries, including jewelry and potentially home appliances, indicating a strategic diversification of its business model [1][20]. Group 1: Jewelry Expansion - Pop Mart has launched an independent jewelry brand, POPOP, focusing on fashion jewelry with a price range from 319 yuan to 26,990 yuan, with the most expensive item being an 18k gold necklace weighing 8.65g [1][16]. - The jewelry line aims to leverage existing IPs like Labubu and Molly, but faces challenges in design and material quality, with mixed consumer feedback regarding pricing and aesthetics [3][11]. - The company is exploring the integration of its IPs into jewelry, but the execution has been criticized for lacking originality and clarity in design, which is crucial for success in the fashion jewelry market [14][19]. Group 2: Market Reception and Challenges - Initial market reception for POPOP has been lukewarm, with reports of low foot traffic and consumer interest compared to the more popular toy lines [10][27]. - Consumers have expressed concerns about the pricing of jewelry, with some feeling it is too high, while others who are fans of Pop Mart's products find it acceptable if the quality is sufficient [3][10]. - The design complexity of jewelry items has led to some products being oversized or lacking detail, which detracts from their appeal [5][7]. Group 3: Future Directions and Industry Context - Pop Mart is also venturing into the home appliance sector, hiring experts in the field, which reflects a broader strategy to diversify its product offerings and tap into established manufacturing capabilities in China [20][24]. - The company aims to create a lifestyle brand similar to luxury brands that have successfully expanded into various product categories, leveraging its existing IPs to enhance consumer engagement [18][27]. - The potential for Pop Mart to become a significant player in the jewelry and home appliance markets is supported by the growing consumer interest in unique, story-driven products, which aligns with the company's brand identity [8][28].

2024年2月的泡泡玛特，股价还在16港元徘徊，令人没有想到的是，到了2025年6月12日，泡泡玛特创下283.4港元/股的历史新高，总市值最高达到了3661亿 港元（约3350亿元人民币）。两年时间，泡泡玛特以超过10倍增长的成长速度占据市场热点，被股民戏称"年轻一代的茅台"。 泡泡玛特的成功究竟是"资本与明星助推"下的昙花一现，还是新消费时代情感工业的范式革命？其商业模式的核心竞争力何在？面对股价波动、IP生命周期 与持续盈利风险，这家成立15年的"潮玩帝国"如何持续增长？ 情感符号的工业化：从"玩具"到"社交货币"，创造现象级消费热潮 2024年财报显示，泡泡玛特用户平均单次消费达228元，其中62%用于重复购买同系列盲盒。开盲盒是一种极具情绪价值的"期待-惊喜/落空"体验机制，较低 的隐藏款比例激发收藏欲望和购买成瘾性，可以说泡泡玛特的成功是情感符号的工业化消费带来的必然结果。 然而，"情感符号玩具+盲盒机制"还只是发挥了产品购买的上瘾性，不具备发动大规模狂欢的产业效应。泡泡玛特在社交层面掀起的流行，离不开明星效应 的加持。 2024年，Blackpink成员Lisa发布LABUBU马卡龙系列自拍，泰 ...

软着陆涉及到新的路径选择和能力建设，迪士尼、三丽鸥等IP公司，Nike、Supreme等消费品公司都可以是参照系。 泡泡玛特应该会承认，LABUBU成为全球顶流，是个概率事件，不可复制。 这基于泡泡玛特作为一个IP公司，拥有从IP孵化、运营营销、商品开发生产、独特销售机制、店铺运营能力等在内的一系列能力，碰到了明星带货、出海 趋势、毛绒爆火、包挂热潮等时代趋势，迅速成为一个席卷全球的爆款IP。 但如果顶流塌方，会给一个公司带来巨大的风险。如何平缓的戳破这个泡沫，实现软着陆，是泡泡玛特目前遇到的核心挑战。 二级高溢价打破了圈层平衡 不论Molly还是LABUBU，它们的底色都是泡泡玛特杰出的IP潮玩孵化能力。投资人王京对此的看法就是，这家公司的本质就是在于持续打造IP的能力、 持续运营IP的能力和线下店铺的运营能力，基于这套能力，跑出来的到底是Molly、LABUBU还是Cryingbaby，其实是个概率事件。 潮玩IP的稀缺性特征，进一步放大了市场对于泡泡玛特的想象空间。稀缺性在消费品领域已经是一套常见的玩法，高奢品牌做配货机制、Nike等品牌通过 限量联名带动日常款的销量，都是体现。潮玩的稀缺性则源自一套复 ...

消费者在一家泡泡玛特门店购物 马来西亚店庆活动，"雪王"玩偶与当地小朋友互动 ◎记者 郑俊婷 王乔琪 近日，在2025年《新财富》杂志"500创富榜"榜单上，蜜雪冰城创始人张红超、张红甫兄弟以1179亿元 身家成为河南首富。而在之前的6月8日，在福布斯实时富豪榜上，泡泡玛特创始人王宁以203亿美元的 身家超越牧原股份创始人秦英林，坐上河南新首富宝座。 分析人士认为，尽管蜜雪冰城（现制茶饮）、泡泡玛特（潮流玩具）以及胖东来（商超零售）分属不同 赛道，但却有个共同特点——它们都抓住了平替消费的时代红利，深谙"以慢制快"之道，深耕产业链、 供应链，且创始人身上都洋溢着"诚信为本、义利并举"的豫商文化基因。 许昌胖东来天使城店 以"高质平价"战略紧抓消费红利 欲分析消费，必先分析人口结构。根据东吴证券研报，2010至2018年，20至39岁人口是消费增长的第一 动能，贡献了30.3%的消费增长，超过其他年龄段；但2018至2022年，20至39岁人口反而成为消费增速 下降的主要原因，贡献了44%左右的消费增速降幅，其中主要是20至30岁人口的消费下降引致。 20至30岁人口既是"Z世代"（95后），也是新消费企业主要 ...

2个月前，我写"中产正在把海关拍卖蹲成捡漏圣地"，花28万在这里拿下735个迪士尼玩偶。 没想到，《海关有好物》这么快就变成了《每日海关》，由公众号"海关发布"制作的【关关的连续剧】正在火热上演。 主角从"上海滩女明星"迪士尼玩偶变成了风靡全球的labubu，不过，此labubu非彼labubu，而是各种丑的、怪异的、与lafufu相似的假货，有人称其为祖国 版labubu，也有人叫lafufu。 "海关发布"在6月12日发布《你不是Labubu，你像容嬷嬷》一文后，对lafufu的关注便一发不可收拾。连续剧《每日海关》日日上线，各地海关人员轮流上 场，统统剑指"头号通缉犯"lafufu。 "你在柜台抢你的labubu，我在海关蹲守我的lafufu，我们都有光明的未来。" 虽然labubu的假货形态各异，有的嘴歪眼斜，有的好似无量仙翁拥有锃光瓦亮的大脑门，甚至还有长着类labubu脑袋的电子狗，能发光能唱歌被赐名 lagogo，但无论是哪个版本都有一个统一的名字——lafufu，专指假货labubu，"F"来自英文单词"Fake"（假货）。 打工人跟着海关欣赏形态各异的lafufu，吃瓜摸鱼长知识都到位，"每 ...

在Lazada平台发售。 数据显示，预计到2030年，AI可以给东南亚电子商务带来1310亿美元市场增量，作为东南亚电商AI领 军者，Lazada的AI数据洞察系统也为泡泡玛特的本地化策略提供了强有力的支持。Lazada通过AI分析不 同市场的用户偏好，帮助泡泡玛特实现精准选品与内容投放。 Lazada平台打造的"网红达人创作者生态"也是拉动品牌销售增长的重要引擎。数据显示，Lazada上超过 三分之一（34%）的泡泡玛特销量来自本地联名创作者，包括带货主播、潮玩达人及和各种网红。 新浪科技讯 7月1日上午消息，Lazada成为泡泡玛特出海东南亚的关键渠道。数据显示，泡泡玛特（POP MART）自2023加入Lazada旗下品牌商城LazMall后，在东南亚市场销售额增长超过5倍，成为Lazada平 台上迅速增长的品牌之一。 据悉，为延续这一增长势头，泡泡玛特于近期在Lazada LazMall独家发售两款全球限量版潮玩—— MOLLY和Zsiga，并同步推出第二代SKULLPANDA毛绒玩具系列。据了解，泡泡玛特该系列产品仅限 Lazada表示，将持续加大对创作者的投入，并计划联合头部网红，展开更多针对出海 ...