当不了Labubu的盲盒，堆满好特卖

Core Viewpoint - The rise of discount blind boxes at "Hao Te Mai" reflects the oversaturation of the blind box market, indicating structural contradictions within the industry. The ability of companies to maintain high-value IPs is crucial for their survival and growth in market valuation [5][14]. Group 1: Discount Blind Boxes - "Hao Te Mai" has become a popular destination for young consumers seeking discounted blind boxes, with prices significantly lower than market rates, often around 50% to 70% off [6][10]. - The low prices come with trade-offs, as many blind boxes available are outdated or less popular, leading to a perception of "picking up trash" rather than valuable collectibles [7][10]. - Despite the low prices, some consumers have found value in older or less common IPs, but the overall experience can be hit or miss due to inconsistent stock across locations [10][11]. Group 2: Implications for Blind Box Companies - The influx of blind boxes into discount channels like "Hao Te Mai" can signal failure for those products, negatively impacting the gross margins of the companies involved [15][18]. - Successful companies like Pop Mart have differentiated themselves by developing proprietary IPs, achieving high gross margins of 70.3% and significant revenue growth, while others struggle with lower margins due to reliance on external IPs [15][18]. - The ability to create successful IPs is critical, as evidenced by the rapid revenue growth of certain IPs under Pop Mart, which have seen increases of up to 668% year-on-year [18][19]. Group 3: Market Dynamics and Consumer Behavior - The relationship between blind box companies and discount retailers is complex, as companies may benefit from clearing unsold inventory but risk damaging their brand image if too many products are seen as failures [23][26]. - "Hao Te Mai" has shifted its focus to include more blind boxes and related products, aiming to capitalize on the growing trend while managing its brand perception [26][27]. - The challenge remains for "Hao Te Mai" to establish itself as a reliable source of quality products while avoiding the stigma of selling counterfeit or low-quality items, which could undermine consumer trust [26][27].