面对市场巨变，玩家群体呈现分化态势。广州收藏者阿杰认为："迷你LABUBU本质是大众消费品，官方持续补货导致稀缺性消 失，价格回归理性是必然。"在社交平台，玩家自发组织的"互换活动"日益活跃，某小红书帖子下的评论区已演变为虚拟交换市 场。有玩家表示："14款不同造型的套装，没必要为收集全套支付溢价，互换才是理性选择。" 对于价格波动，泡泡玛特官方尚未作出正式回应。但据接近企业的消息人士透露，公司正在调整生产策略，未来可能通过控制 产量和丰富产品线来稳定市场。业内专家指出，潮玩市场需要建立更健康的消费生态，过度依赖稀缺性营销的模式难以持续。 但市场热度持续不到三个月便急转直下。截至9月8日，得物平台最新交易数据显示，LABUBU迷你系列整盒价格已回落至1446 元，较峰值下跌55%。隐藏款"爱心"从近千元跌至595元，跌幅达40.5%。北京玩家小林向记者透露："发售当晚我转手两整盒赚 了5600元，现在同样规格的套装在二手平台挂1500元都无人问津。" 价格崩盘直接导致黄牛群体撤离。多位从业者表示，目前已暂停收购LABUBU系列产品。"市场上突然涌现大量货源，但买家都 在持币观望。"从事潮玩交易三年的黄牛老张透 ...

Core Viewpoint - The trading prices of Labubu products in the second-hand market are experiencing significant fluctuations, with a general downward trend in average transaction prices and a higher number of bearish sentiments among traders [1]. Group 1: Market Trends - The average transaction price for Labubu products has decreased, with a notable drop of ¥3 from the previous week, currently standing at ¥105 [3]. - The "hidden" version of the Labubu product, known as "Ben Wo," which was once priced at nearly ¥5000 in the secondary market, has seen its price fall to the range of ¥700-800, indicating a clear downward trend over the past 30 days [6]. - The "mini version Labubu," launched on August 28, 2025, has also seen a decline in average transaction prices, now ranging from ¥80-650, down from previous high premiums [13]. Group 2: Company Actions - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with an estimated total replenishment of 4-5 million units across various platforms, leading to a significant drop in secondary market prices [15]. - Following the restock, the prices for complete sets of Labubu blind boxes plummeted from ¥1500-2800 to ¥650-800, with some individual hidden versions dropping from ¥250 to ¥100 [16]. - The company's stock price has been on a continuous rise this year, reaching a market capitalization of approximately HKD 370 billion, although it has recently experienced a decline, falling below HKD 300 to HKD 270 [16].

该行看好泡泡玛特，因1)发掘及变现IP能力强；2)IP组合多元(预计2027年Labubu占集团销售31%)；3)国 际化(预计2027年海外销售占比61%)，泡泡玛特仍是中国消费板块首选，维持"增持"评级及目标价400港 元。 摩根大通发表报告，从泡泡玛特双周品牌热度分析显示：1)Labubu现时搜索热度只有7月高峰的60%， 预期随着Labubu与朋友动画及Labubu4.0版本推出，未来搜索热度将回升。(2)6月起Mini Labubu搜索热 度上升，现时与Skullpanda及Dimoo相当。3)Skullpanda过去两周搜索指数回落25%，但仍较5月高40%， 因预计6月有新毛绒玩具系列推出。4)Crybaby的8月平均搜索指数与7月持平。5)泡泡玛特全球社交平台 官方账户互动量过去两周升3%(尤其TikTok与X，对比上次追踪期升2%)。 该行强调，搜索热度下跌并不等于产品生命周期终结。当超级IP变得广为人知，忠实消费者会直接浏览 公司网页、会员计划、大型平台的在线旗舰店等，而非依赖Google或百度搜索。历史数据显示，知名IP 的搜寻热度最终会回落至高峰的15%至20%，但销售增长仍可保持强劲 ...

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]

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]