除了暑期热门的亲子研学、长线深度游等主题外，情绪价值驱动下的"愉悦经济"让主题乐园成为年轻人 和学生党们放松压力的理想去处。在近期火爆全网的Labubu（拉布布，泡泡玛特旗下IP）的带动下，泡 泡玛特城市乐园门票订单大幅增长，热度上涨114%。即将于7月5日正式开园的上海乐高乐园同样被众 多游客列为暑期打卡头号目标，近一周热度上涨108%。 在毕业游大军的带动下，音乐节、演唱会、漫展等丰富的活动同样是暑期出行的一大动力。不少以参加 活动顺带旅游为目标的游客选择利用马蜂窝的"AI小蚂"帮助自己量身推荐目的地景点、住宿、美食，并 围绕自己观看演出等活动的行程制定旅行路线，极大地提高了决策效率。 （文章来源：北京商报） 北京商报讯（记者吴其芸）6月20日，马蜂窝大数据显示，近一周，"夏日避暑好去处"搜索热度环比增 长133%，"暑假出国游"热度上涨150%。境内长线和亲子游产品占据消费主流，进山、玩水、拥抱草原 是今夏最受欢迎的几大避暑玩法。值得关注的是，情绪价值驱动下的"愉悦经济"对旅游消费决策的影响 不断加深，音乐节、演唱会、漫展，以及近期大火的泡泡玛特都是暑期出游的重要主题。 根据马蜂窝发布的2025年夏季" ...

智通财经6月20日电，北京泡泡玛特文化创意有限公司已申请注册多枚"CRYBABY"等商标，国际分类 涉及教育娱乐、啤酒饮料、机械设备等，目前部分商标已注册成功。与此同时，该公司已于今年登记 《LABUBU 与朋友们》动画剧集第一季剧本V1 作品著作权，作品类别为文字。 泡泡玛特已注册CRYBABY商标 ...

Core Viewpoint - The stock price of Pop Mart has shown significant volatility, reflecting the sensitivity of its business model, which relies heavily on consumer emotions and trends [2][3]. Group 1: Stock Performance - On June 19, Pop Mart's stock price dropped by 5.33%, and on June 20, it opened significantly lower with a decline of 6.19%, eventually narrowing to a 5.55% drop [1]. - The short-selling volume of Pop Mart shares surged from 1.438 million shares in early April to 3.692 million shares by June 17, marking a 157% increase and reaching a new high since March [3]. Group 2: Business Model and Market Dynamics - Pop Mart's business model is characterized as an "emotional business," which is subject to the fickleness of consumer preferences. The popularity of the Labubu series has led to market saturation and aesthetic fatigue among consumers [2]. - The presence of scalpers and counterfeit products in the secondary market has intensified the "bad money drives out good" phenomenon, undermining consumer trust and Pop Mart's pricing power [2]. Group 3: Comparison with Disney - Pop Mart aims to emulate Disney's success but faces challenges due to the shorter lifecycle of its IPs compared to Disney's classic characters, which have enduring appeal across generations [3][4]. - Disney maintains strict control over its IP image and has established a comprehensive anti-counterfeiting system, highlighting the need for Pop Mart to strengthen its brand protection [4]. Group 4: Future Outlook - Pop Mart is recognized as a pioneer in China's trendy toy market and is striving to enhance its content infrastructure, including plans to launch an animated series titled "LABUBU and Friends" [4]. - The company must be cautious about the rapid commercialization of its IPs and the influence of scalpers, as these factors could deplete consumer enthusiasm and trust, posing a significant threat to its business model [5].

在永乐2025春季拍卖会上，泡泡玛特的一只初代薄荷色的Labubu，以108万元落槌成交。 这个已经不是"潮玩"的价格，而是艺术品的身价。 为了买到Labubu，韩国泡泡玛特机器人商店前，有人连夜席地而睡，以在开门一刻可以率先破门而入；在英国伦敦，几名男子扭打在一起，在泡泡玛特 码头前爆发了斗殴事件。 当然，Labubu是一个炒作出来的"塑料茅台"，泡泡玛特可以批量补货，其价格很容易崩塌。但这不影响泡泡玛特创始人王宁的财富增长。 在Labubu爆火的同一时间，王宁以208亿美元身家，超越牧原股份的秦英林，成为河南新首富，并位列中国富豪榜前十（注：6月17日，泡泡玛特股价单 日暴跌 6.04%，市值蒸发 223 亿港元）。 牧原股份是卖猪肉的，猪肉是大众消费品，覆盖用户人群广，复购率高，而泡泡玛特做的潮玩，虽然面向垂类人群，但也有很强的复购率，截至2024年 底，泡泡玛特国内会员超过4608万，会员复购率达49.4%，其粘性可见一斑。 泡泡玛特并非一路顺风。 泡泡玛特的股价在近几年里，如过山车一样翻滚，其市值从最高峰的超1200亿港元，跌至200亿港元出头，蒸发近千亿。 这主要是因为潮玩用户的口味变得太快，IP ...

成熟的IP认知度大幅降低了消费者的决策门槛。POPOP的定价策略直指轻奢珠宝市场。以Mega Space Molly为例：素链499元，串珠319元，吊坠459元，集齐一套接近1300元。Skullpanada声音系列项链售价 达2699元，但材质仅为S925银、天然淡珍珠、红玛瑙、黑曜石。 开业即断货的盛况背后，是粉丝狂热追捧与"收割韭菜"质疑并存，更暗藏着一个潮玩巨头摆脱"盲盒依 赖"、构建IP商业帝国的宏大野心。 千元银饰的IP溢价逻辑：情绪价值如何转化为真金白银 泡泡玛特珠宝业务的核心武器，是其庞大的IP矩阵与忠实粉丝群体。POPOP店内所有饰品均融入 Molly、小野、Skullpanada、Labubu等泡泡玛特旗下大热IP形象，这些形象已在全球积累了深厚的情感 连接。 从几十元的"盲盒快乐"到千元级的银饰珠宝，泡泡玛特正在突破边界。今年6月，其珠宝品牌POPOP北 京首店正式营业，全球首店已在上海港汇恒隆广场开业。北京门店货量充足，但LABUBU、Hirono、 MOLLY等爆款系列已经出现断货。 店内最贵产品是一条纯金项链，售价达1.98万元，整体货重9.04g，金重8.65g。其他饰品材质多 ...

港股今日高开高走，科技股、金融股多数反弹，恒生科技指数涨0.88%，中国人寿涨超4%，舜宇光学科 技涨近4%；泡泡玛特收跌超3%，盘中一度跌超6%，连续两日走低。 ...

港股收盘，恒指收涨1.26%，科指收涨0.88%，泡泡玛特(09992.HK)逆市跌3.6%。 ...

事实上，Labubu 撬动的商业一角还远不止于此，如娃娃衣、保护套、展示盒等衍生二创商品也顺势长出了茂密的商业脉络。 热流量下必须冷思考： 这是一个为情绪价值买单的时代，看不懂的人直呼"这代年轻人疯了"，然而敏锐的商业者，已经开始研究如何通过情绪释放来影响年轻人的消费决策。 但危机同样在暗流涌动，6月15日，泡泡玛特杭州某店，开业没多久就宣布闭店，理由是消费者与黄牛涌动，现场过于混乱，这有些魔幻的一幕让不少人 直呼不理解；6月18日，Labubu第三代搪胶毛绒产品Labubu 3.0 "前方高能" 系列首次开启全球范围线上预售，全渠道预计补货量在400-500万左右，二级市 场回收价暴跌，黄牛群里大量抛售订单无人问津，完全没了昔日的光彩。 泡泡何时破？ 封面 I 泡泡玛特 报道 I 本文由李东阳朋友圈和网易号联合共创 如果你还没听说过、刷到过一只咧着九颗尖牙、面带邪魅笑容，名叫Labubu 的丑玩偶，那么我严重怀疑你是三体人！ 咱们生活的这颗星球啊，从社交媒体上的"盲盒狂欢"，到世界各地消费者为争抢 Labubu不惜大打出手，再到初代収蔵品 Labubu 拍出108万天价，把合作 方泡泡玛特的创始人推上了河南 ...

在理财过程中，实际利率的计算需要考虑通货膨胀率。一位业内人士举例：比如存款利率约3%，通胀 率0.6%，实际利率为2.4%。在当下的大环境里，假设存款利率为1.7%，通胀率-0.7%，实际利率仍有 2.4%。这说明，尽管利率下降，但存款的实际购买力并未受损。 业内人士看来，他行代销理财产品值得关注，比如在A银行App上购买B银行理财子公司的理财产品。 银行存款利息持续走低，普通人靠躺平获得年化3%的无风险利率变得不再可能，人们纷纷寻找投资理 财新机会。 6月19日，融360数字科技研究院发布的报告显示，5月银行定期存款利率全面下跌，中长期利率进入"1 时代"。在网点定期存款方面，5月，银行整存整取存款3个月期平均利率为1.004%，6个月期为 1.212%，1年期、2年期、3年期、5年期分别为1.339%、1.428%、1.711%、1.573%。 年化利率在3%以上的理财产品变得极为抢手，其额度紧张程度堪比抢购演唱会门票。在此背景下，银 行加大理财产品创新力度，挖掘新的业务增长点。2024年，理财业务成为多家银行的收入增长点，理财 公司净利润同比增长8.56%。 部分股民转向港股市场，试图找到被低估的优质资 ...

Core Insights - The article analyzes the phenomenon of LABUBU under the new consumption wave, highlighting its rise as a cultural symbol and its impact on the toy industry [1][8]. Group 1: LABUBU's Phenomenon and Market Performance - LABUBU has become a global sensation, with significant sales growth, particularly in overseas markets, where revenue accounted for 38.9% of the total, marking a year-on-year increase of 375.2% [2][13]. - The product's popularity has led to a surge in the second-hand market, with prices significantly exceeding original retail prices, reflecting its scarcity and high demand [11][12]. - LABUBU's success has attracted attention from capital markets, with its parent company, Pop Mart, experiencing a stock price increase from under 10 HKD to over 244 HKD, representing a growth of over 20 times [13][14]. Group 2: Consumer Insights and Behavior - The primary consumer demographic for LABUBU consists of young individuals aged 15-35, with over 70% belonging to Generation Z, who are drawn to its unique design and blind box purchasing model [15][16]. - Female consumers represent approximately 65% of the customer base, often sharing their collections on social media, which further drives LABUBU's popularity [16]. - Consumers are motivated by collecting, social interaction, and emotional attachment, with LABUBU serving as a form of "social currency" and a means of emotional expression [17][18]. Group 3: LABUBU's Development and Growth - LABUBU was created in 2015 and initially struggled for recognition until its unique "ugly-cute" design began to resonate with consumers, leading to steady sales growth [20][21]. - The brand experienced explosive growth between 2024 and 2025, driven by key events such as endorsements from global celebrities like Lisa from BlackPink and Rihanna, which significantly boosted its visibility [22][23]. - In 2024, LABUBU's revenue reached 30.4 billion CNY, a staggering year-on-year increase of 726.6%, making it the top revenue-generating IP for Pop Mart [36]. Group 4: Marketing Strategies and Innovations - LABUBU employs a blind box marketing strategy that leverages the psychology of surprise and uncertainty, enhancing the shopping experience and encouraging repeat purchases [28][29]. - The brand's unique aesthetic and diverse series themes cater to consumer desires for novelty and personalization, with collaborations with other brands further expanding its appeal [26][27]. - Social media plays a crucial role in LABUBU's marketing, with platforms like TikTok and Xiaohongshu facilitating user-generated content that amplifies brand awareness and consumer engagement [32][33]. Group 5: Impact on Pop Mart and Industry Trends - LABUBU has significantly contributed to Pop Mart's revenue growth, accounting for over 23% of the company's total revenue in 2024 [36][37]. - The brand's success has reshaped Pop Mart's image, positioning it as a leader in the trendy toy market and attracting a broader audience [39]. - The rise of LABUBU reflects broader trends in consumer behavior, emphasizing emotional value and experiential consumption over mere materialism [35].