财经观察｜Labubu“吹”起“泡泡”，谁在催生IP新消费？

Core Insights - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan, replacing the founder of Muyuan Foods, Qin Yinglin, as of June 8, according to Forbes' real-time billionaire rankings [1] - The popularity of Pop Mart's Labubu has surged, leading to high demand and significant sales, with some limited edition items selling for tens of thousands of yuan [1][2] - Labubu has become a symbol of emotional consumption among young people, reflecting a shift towards valuing symbolic and experiential purchases [1][9] Group 1: Company Performance - Labubu has topped the search rankings on Alibaba's AliExpress platform ahead of the overseas 618 shopping festival, indicating strong international interest [2] - Pop Mart's stock price has shown an upward trend, closing at 244.8 HKD per share on June 6 and rising to 248.8 HKD by June 9 [2] - The gross merchandise volume (GMV) for Pop Mart's toys on AliExpress has increased by 300% year-on-year in the first half of the year [2] Group 2: Market Trends - The trend of emotional consumption is driving the success of products like Labubu, which provide significant emotional value at relatively low prices [2] - The number of registered toy-related companies in China has reached 22,300 as of May 2025, with a notable increase in registrations since 2021 [9] - The number of paying consumers in the Chinese toy market is projected to reach 40 million by 2025 and 49 million by 2030, indicating a shift from experiential to habitual consumption [9] Group 3: Competitive Landscape - Companies like 52TOYS and Tong Shifu are entering the market with different strategies, focusing on licensed IPs and targeting middle-aged consumers, respectively [4][5] - 52TOYS aims to differentiate itself by emphasizing collectible toys rather than trendy toys, while Tong Shifu focuses on copper cultural products appealing to a mature demographic [5] - The competition in the trendy toy industry is intensifying, with many new brands and designers emerging [9] Group 4: Cultural Integration - Museums are becoming new consumption models, with institutions like the British Museum exploring private e-commerce in China [7] - Pop Mart is actively integrating traditional cultural elements into its products, collaborating with cultural IPs like the Palace Museum and Dunhuang [7]