小摩认为，泡泡玛特引领中国快速增长的IP商品市场。其公司拥有强大的100多个自有及授权IP组合， 经营521家自有零售店和2,472个机器人商店，遍布30多个国家，并充分利用主要线上平台。小摩看好泡 泡玛特的主要原因包括：(1)其强大的IP产品(负担得起的商品，建立情感与社会联系，需求与IP成功推 出高度相关而非GDP，Labubu成为正在崛起的"超级IP");(2)其全球扩张野心与执行能力(2025年海外销售 同比增长214%，2025至2027年年均复合增长率38%，预计2027年海外销售贡献67%)。 小摩预测，泡泡玛特2024至2027年销售及盈利年均复合增长率分别为51%和65%，净利润率达31.9%， 净资产收益率达45.9%(2027年)，受强大IP、新店开设、生产力提升、品类扩展和利润率扩张推动。该 行对泡泡玛特的每股盈利预估比市场共识高出近25%。 智通财经APP获悉，摩根大通发布研报称，泡泡玛特(09992)主要目标客群为18至45岁，与主要面向中小 学生的盲卡不同年龄层，预期零售商将更严格执行年龄控制要求，但不太可能影响泡泡玛特的销售，予 泡泡玛特"增持"评级，使用市盈增长率(PEG)方 ...

花旗：仍对泡泡玛特增长动力仍保持建设性看法 金十数据6月23日讯，花旗发表报告指，泡泡玛特(09992.HK) 近期股价疲软的主要原因可能是市场对以 下两点的担忧，分别是LABUBU V3二手价格下滑及人民日报6月20日呼吁对盲卡、盲盒产品进行更严 格的监管。该行认为，LABUBU V3二手市场价格下滑是由于供应量增加所致，而非IP受欢迎程度下降 的迹象。 尽管经过一轮轮补货，LABUBU V1和V2仍然供不应求，IP热度持续攀升。花旗认为人民日报 文章主要是提醒大家不要盲目刷卡，因为它在未成年人中很受欢迎，而泡泡玛特的顾客主要是成年人。 因此对泡泡玛特的增长动力仍保持建设性看法，股价调整提供了更多的入市机会。 ...

港股新消费概念低开高走，老铺黄金(06181.HK)涨超7%，毛戈平(01318.HK)涨超4%，泡泡玛特 (09992.HK)、蜜雪集团(02097.HK)等跟涨。 ...

在当今中国消费市场，蜜雪冰城、泡泡玛特和胖东来已成为现象级的存在。 这三家看似毫无关联的企业，却有着惊人的共同点——它们都由河南籍企业家创立，从低门槛的传统行业起步，却成功撬动了全球中产阶级的消费热情。 蜜雪冰城用4元柠檬水击穿茶饮底价，泡泡玛特以59元盲盒创造千亿市值，胖东来则凭借"超市乌托邦"模式成为零售业的精神图腾。 这三家河南企业为何能引领时尚潮流？它们的崛起不仅折射出中国消费市场的深层变革，还让河南经济哲学走到台前，在慢与快、土与潮、利与义之间， 找到征服现代消费者的黄金平衡点。 四个河南人的创新商业模式 更颠覆性的是其利润分配机制：员工月均收入9000多元，远高于当地水平；每年30天带薪假、委屈奖等福利让胖东来被称为"打工人的天堂"。这种"高工 资-高服务-高客流-高利润"的良性循环，打破了零售业"压榨员工换取低价"的恶性竞争怪圈。于东来的经营哲学很简单："你对老百姓好一点，就啥都有 了"。正是这种朴素的理念，让胖东来虽然仅在许昌、新乡开了13家门店，却成为全国零售业争相学习的标杆。 这三家企业看似选择了完全不同的路径——蜜雪冰城的规模效应、泡泡玛特的IP溢价、胖东来的服务至上，但本质上都在做同一 ...

【#labubu高溢价劝退老玩家#，泡泡玛特4款IP年营收超10亿】 财报数据显示，2024年，MOLLY实现营收20.9亿元，同比增长105.2%；SKULLPANDA营收13.1亿元， 同比增长27.7%；CRYBABY营收11.6亿元，同比增长1537.2%，是增长最快的新锐IP和销售额最快突破 10亿元的IP之一。 据时代财经报道，LABUBU爆火后，买到它的难度却越来越高。 "蹲发售像抢春运票。"玩家Ella如是形容。不仅线上盲盒秒罄、线下门店被黄牛整盒扫货，海外甚至出 现"为抢搪胶公仔大打出手"的场景。6月18日，二手平台数据显示，LABUBU快闪店入场券被炒至2400 元，初代搪胶公仔溢价超20倍。 高溢价劝退了一些老玩家，小玛就表示，"想要LABUBU火，但不想被黄牛炒价格"。合理范围的溢价能 接受，但Ella认为没有必要购买黄牛手中溢价几十倍的娃娃。对于现在LABUBU在二手市场的交易行 为，ELla一方面害怕买到仿品，另一方面她更喜欢自己随机抽盲盒的惊喜感，她更看重与娃娃的缘分。 这个名叫LABUBU的潮玩IP，是中国香港艺术家龙家升创作的MONSTERS精灵天团成员，2018年入市 即成 ...

Group 1 - The core viewpoint highlights the rapid development of the commercial aerospace industry in Beijing, with over 300 high-tech enterprises and a significant concentration of rocket and satellite manufacturing capabilities [1][3] - Beijing has established a "South Arrow North Star" pattern, with the southern region focusing on rocket development and the northern region specializing in satellite manufacturing, leading to a comprehensive industrial chain [1][3] - The Haidian District is recognized for its leading satellite manufacturing capabilities, with a complete industrial chain and a focus on key technology advancements in the aerospace sector [3][5] Group 2 - The "Action Plan for Building a Commercial Aerospace Innovation High Ground in Haidian District (2024-2028)" aims to accelerate core technology breakthroughs and establish a trillion-level industrial cluster [3][5] - The construction of "Rocket Street" in the Economic Development Zone has attracted nearly 60 related enterprises, while other districts are developing specialized aerospace parks and innovation clusters [5][6] - Companies like Xinghe Power and Blue Arrow Aerospace are exploring new commercial avenues, including collaborations with popular brands for unique space-themed products [6][8]

出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 虎嗅独家获悉，近期泡泡玛特创始人、CEO王宁在公司内部针对Labubu的火爆现象进行了一次分享， 王宁直接表达了"居安思危"的态度："近期，公司被推到了一个备受关注的位置。热度越高，意味着外 界期待越高，风险也随之上升。这既是机遇，更是对我们的考验。" 在谈及近期火爆的Labubu时，王宁认为"从产品层面看，我们的目标不是让 Labubu 成为一时爆红的流 行符号，而是打造一个具备长期生命力的IP。" 一位在北京经营潮玩店的资深从业者告诉虎嗅，618全球预售和一系列补货动作后，她经手的Labubu 3.0系列产品溢价情况出现了明显变化。"之前，一度溢价幅度超过200%，现在溢价幅度大概在 75%。"她向虎嗅解释道，溢价是指藏家买到正品后，卖到收藏店或者通过闲鱼等平台出售的"二手市场 价"。但她认为，这个溢价回调从长远看是比较健康的。 "那些恶意囤货的黄牛会因此收敛，这会让真正喜欢娃的消费者获得更多的货源。"该资深人士认为，这 一幕在几十年前万代等日本公司凭借模型玩具、动漫IP玩具火爆时也曾出现。"一方面是品牌方加大供 给，另一方面是在不同价格带、不同玩具类型 ...

Core Insights - The recent quarterly review by FTSE Russell has led to significant changes in several indices, including the FTSE China A50 and FTSE China 50, which are crucial benchmarks for foreign investment in China [1][3] - The inclusion of Jiangsu Bank and Pop Mart highlights the focus on financial stability and new consumption trends, respectively, reflecting foreign capital's assessment of China's economic transformation [1][3] Group 1: Index Changes - The FTSE China A50 index has added Jiangsu Bank and removed Great Wall Motors, with companies like BeiGene, Yili, SAIC Motor, and others on the watchlist [1] - The FTSE China 50 index has included Pop Mart and SF Holding while excluding China Merchants Securities and China Railway [1] - Other indices such as FTSE China A150, A200, and A400 have also undergone adjustments, with notable inclusions and exclusions based on market capitalization and performance [3] Group 2: Investment Appeal - Jiangsu Bank and Pop Mart are attractive to international capital due to their high growth potential and unique market positioning, which can enhance valuation premiums [2] - The focus on high-growth companies and sectors with technological barriers or innovative business models is crucial for optimizing investment portfolios [2] Group 3: Market Trends - The adjustments in FTSE Russell indices indicate a growing emphasis on new economy sectors, such as biotechnology and renewable energy, while traditional high-carbon industries face stricter scrutiny [3][4] - The trend towards technology and consumer sectors, particularly in AI and semiconductors, is evident, with financial stocks being favored for their high dividends [4]

电商平台"618"购物节刚过，你抢到LABUBU了吗？早在这个"潮玩圈顶流"走红之前，泡泡玛特的创始人王宁就曾说过，要成为中国的迪士尼，更希望未来 能成为"世界的泡泡玛特"。 "一布难求"的LABUBU能否令泡泡玛特加速发展？泡泡玛特离"中国迪士尼"还有多远？南都娱乐将从销量、IP打造、知识产权保 护、线下消费场景等角度为您分析。 1 LABUBU如何成为"潮玩圈顶流" 资料显示，LABUBU是由香港艺术家龙家升创作的卡通形象，诞生于2015年，起初作为童书绘本《神秘的布卡》中的角色登场。2019年与泡泡玛特达成授 权合作后才正式推出摆件系列进行商业化，近年来因"名人效应"等多个原因越来越受到关注。 自从与泡泡玛特合作以来，以LABUBU为主力的THE MONSTERS系列已衍生出超过300个系列版本。财报显示，2024年，LABUBU系列的销售额达到了12.7 亿元，占泡泡玛特总营收的31%。同年THE MONSTERS系列营收涨了七倍（726%），其中LABUBU的贡献率接近四分之一。目前LABUBU家族搪胶系列产 品，例如可乐小天使、大小春野、前方高能、坐坐派对等产品在二手市场的溢价率普遍在300%-5 ...

Core Viewpoint - The article discusses the contrasting trajectories of Bubble Mart and Moutai, highlighting Bubble Mart's rapid rise in popularity and market value, while Moutai faces challenges in maintaining its status as a leading consumer stock amidst changing market dynamics [3][11][40]. Group 1: Bubble Mart's Growth and Popularity - Bubble Mart's flagship store in Chengdu is experiencing high foot traffic, with consumers eagerly purchasing blind boxes, indicating a surge in interest and demand for its products [1][2]. - The Labubu blind box, a popular item from Bubble Mart, has seen its market price soar from an original price of 99 yuan to at least 240 yuan, showcasing significant markup and attracting resellers [2][3]. - In a single day, over 750,000 Labubu blind boxes were sold across various platforms, generating sales exceeding 1 billion yuan, demonstrating the brand's strong market presence [5][6]. Group 2: Investment Trends and Market Comparisons - Fund managers are increasingly favoring Bubble Mart over traditional consumer stocks like Moutai, with many funds reallocating their investments towards Bubble Mart, reflecting a shift in investment narratives [7][11][17]. - As of the first quarter of this year, 207 funds held shares in Bubble Mart, a significant increase from just 8 funds at the time of its IPO, indicating growing institutional interest [11][12]. - The article raises the question of whether Bubble Mart can sustain its growth trajectory and become a long-term investment comparable to Moutai, which has a more established market presence [40][41]. Group 3: Business Models and Market Strategies - Bubble Mart's business model relies on the appeal of its IPs and the uncertainty of blind boxes, which encourages repeat purchases and creates a vibrant secondary market [19][20]. - The company has successfully expanded its international presence, with revenue from overseas markets increasing by 375% to 50.66 billion yuan, accounting for 35% of its total revenue [24][25]. - In contrast, Moutai's traditional business model focuses on maintaining product quality and brand loyalty, which has allowed it to command high profit margins and a stable consumer base [34][41]. Group 4: Challenges and Future Outlook - Despite Bubble Mart's impressive growth, it still lags behind Moutai in terms of revenue and profitability, with its net profit only accounting for less than 4% of Moutai's last year's net profit [41][42]. - The sustainability of Bubble Mart's business model is questioned due to its reliance on continuous product innovation and the need to keep consumers engaged with new IPs [46]. - Moutai is exploring ways to attract younger consumers, recognizing the importance of adapting to changing demographics and consumer preferences [35][39].