6月10日，在永乐2025春季拍卖会上，一款显示为初代藏品级薄荷色的Labubu最终以108万元的价格完成竞拍。这款有九颗尖牙、圆脑袋、大 眼睛、长耳朵的潮玩Labubu，自2024年以来，再一次掀起文化出海的热潮。 这段时间，东莞市鼎艺创意文化有限公司创始人王卫平格外忙碌。作为泡泡玛特商场美陈供应商，他也跟着Labubu不断出国，在海外各大商场 布置展览，为泡泡玛特出海贡献着东莞力量。 今年上半年，Labubu从东南亚一路火至全球。在纽约世贸中心、伦敦牛津街、东京街头，无数年轻人排着长队，眼睛紧紧盯着门店橱窗里那个 龇着小尖牙，有着强烈反差感的森林小精灵。 但很少有人知道，在这股潮玩出海热潮背后，是"中国潮玩之都"东莞的制造业加持。 2010年，泡泡玛特创始人王宁在北京中关村创办泡泡玛特。到2017年，泡泡玛特签下自己的IP，并先后推出Molly和Labubu形象潮玩。而来自 东莞的潮玩，开始以潮玩制造大市的身份介入其中。 为了解决供应链问题，王宁曾在东莞各个工厂之间奔波。当时的东莞，已是全球最大的玩具产业带聚集地。 相关数据显示，到2020年时，已 有超过30家东莞代工厂、合作企业为泡泡玛特供货。 此次L ...

Core Insights - The article highlights the significant rise of the collectible toy industry, particularly driven by the success of Pop Mart's LABUBU, which has become a global phenomenon since 2024, leading to increased market interest and investment in the sector [2][5][8]. Company Performance - Pop Mart's LABUBU has contributed to a remarkable financial performance, with its revenue from the THE MONSTERS series exceeding 30 billion yuan in 2024, and the company achieving a market capitalization of over 330 billion HKD [5][8]. - The stock price of Pop Mart surged from below 10 HKD in Q4 2022 to 252.6 HKD by June 2025, marking an increase of over 24 times [5][8]. - Other companies in the collectible toy space, such as Blokku, have also seen significant stock price increases, with Blokku's stock rising 40.85% on its debut and reaching new highs [6][8]. Market Trends - The collectible toy market has grown nearly tenfold from 63 billion yuan in 2015 to 600 billion yuan in 2023, with projections estimating it will reach 1,101 billion yuan by 2026 [8]. - The main consumer demographic for blind box toys consists of individuals born in the 1990s and 2000s, who represent 78% of the market and exhibit strong purchasing power [8]. IP Development and Competition - The success of LABUBU is attributed to its unique design and the influence of celebrities, which has helped it break into mainstream culture [4][6]. - Companies are increasingly focusing on IP development, with Pop Mart and others needing to continuously innovate to avoid becoming obsolete [9][10]. - The competitive landscape is shifting, with companies like 52TOYS and KAYOU also exploring overseas markets and developing their own IPs to enhance their market positions [12][15]. International Expansion - Pop Mart's overseas revenue reached 50.66 billion yuan in 2024, a 375.2% increase, with Southeast Asia being the most lucrative market [14][15]. - Other companies, such as KAYOU and 52TOYS, are also expanding internationally, with plans to open stores in Hong Kong and Macau, and to establish a presence in North America and Southeast Asia [15]

Investment Rating - The report indicates a positive investment outlook for the Chinese art toy industry, highlighting significant growth potential driven by various factors [5][6][8]. Core Insights - The Chinese art toy industry has transitioned from a niche luxury market to a broader, affordable market, expanding its core consumer base beyond early adopters to include a wider demographic [5][6]. - The market is expected to reach a scale of 74.7 billion yuan by 2024, with growth rates surpassing traditional toy industries, positioning it as a new highland for cultural export and industrial revitalization [6][8]. - The competitive landscape is characterized by a "one strong, many strong" pattern, with Pop Mart leading in revenue, while TOPTOY achieves rapid growth through differentiated strategies [7][57]. Summary by Sections Industry Overview - The Chinese art toy industry has evolved significantly, moving from a niche market to a mass-market appeal, with a core consumer demographic expanding to include younger audiences and diverse user groups [5][6]. - The industry is experiencing a trend of refined division of labor and full-chain integration, driven by the rise of Generation Z's purchasing power and accelerated IP commercialization [6][8]. Market Dynamics - The competitive environment is intense, with Pop Mart projected to achieve revenues of 11.99 billion yuan in 2024, while TOPTOY's revenue and store count are expected to grow at compound annual growth rates (CAGR) of 115.4% and 45.8%, respectively [7][57]. - The consumer base is predominantly young and female, with high concentrations in first-tier cities, indicating a strong alignment with emotional and purchasing needs [7][52]. Policy Environment - Recent government policies have been favorable, promoting consumption and intellectual property protection, which are crucial for the high-quality development of the art toy industry [15][17]. Consumer Insights - The primary consumer demographic for art toys is individuals aged 20-39, with a significant female representation, indicating a strong demand for products that cater to personal expression and cultural identity [52][56]. - The purchasing motivations are driven by individual expression, collection value, and self-satisfaction, with a notable presence of secondary market sales for limited editions [13][56]. Financial Performance - The financial landscape shows that Pop Mart leads the industry with substantial revenue, while TOPTOY's differentiated approach has resulted in impressive growth metrics [57][59].

转自：中国质量报 潮玩是指以艺术设计为核心，兼具潮流文化属性和收藏价值的玩具或收藏品。与传统玩具不同，潮玩更 具社交化、礼品化，更强调文化共鸣、创意表达和审美情趣。因其社交属性和情绪价值契合当代人的需 求，很受消费者认可，行业市场在短期内获得快速发展。近些年，我国潮玩产业进入高增长阶段，2023 年市场规模达到600亿元，预计到2026年，市场规模将突破1000亿元。 我国潮玩不仅在国内市场表现亮眼，一些潮玩企业积极"出海"，在海外市场也取得可喜成绩。以泡泡玛 特为例，该企业2018年起在海外开设实体店，进入日本、韩国、新加坡、马来西亚及美国、英国、澳大 利亚、法国等地市场，海外市场影响力持续上升。截至2024年底，泡泡玛特旗下IP全球营收130.4亿 元，海外业务营收50.7亿元，同比增长375.2%。泡泡玛特之外，布鲁克、卡游等众多中国潮玩品牌也在 加快"出海"步伐。 我国潮玩之所以能够吸引全球目光，有多方面原因。重视IP、创造IP、运用IP，这一点非常重要，泡泡 玛特就是围绕IP作为"消费者情感纽带"这一核心精准发力而大获成功的。泡泡玛特注重打造IP生态，以 形象IP为主导，并结合联名合作等方式，为潮玩 ...

在以Z世代为主力的新消费群体持续崛起下，潮玩经济已由一小撮人的"圈地自萌"，逐渐演变为大众消 费，也成为文化经济新的增长极。从IP盲盒，到毛绒玩具，再到动漫周边的卡牌、积木等，这一源自二 次元文化的消费现象，正悄然成为年轻人情感投射与身份认同的新载体。 业绩与股价齐飞 随着情绪经济、盲盒经济在消费市场掀起热潮，国内潮玩板块的领军企业——泡泡玛特（09992.HK)， 正经历"高光时刻"。 2024年以来，泡泡玛特股价在二级市场持续上涨，至今累计涨幅高达1070.65%。6月3日，泡泡玛特盘 中股价再创历史新高，达到235.6港元/股，最新收盘价为234港元/股，总市值为3142亿港元，超越中国 联通，市值在港股排名第42位，也超越海天味业（603288）、山西汾酒（600809）、安踏体育等一众老 牌消费股。 泡泡玛特股价上涨的背后，是业绩的强力支撑。2024年公司实现营收130.38亿元，同比增长106.92%； 经调整净利润为34.03亿元，同比增长185.86%；毛利率与净利率也进一步提升，分别为66.79%和 25.38%。 其他潮玩品牌市场表现同样不俗。以拼搭角色类玩具为核心产品的布鲁可(00325 ...

海外消费者在泰国曼谷尚泰世界购物中心的泡泡玛特门店选购商品。新华社记者 孙玮彤摄 一款来自中国潮玩品牌的小精灵风格潮玩LABUBU（拉布布），在海外社交平台上的短视频经常获得 数十万次观看；欧美明星抱着中国潮玩合影，粉丝竞相购买……中国潮玩在海外火起来。 线下，从巴黎卢浮宫到伦敦牛津街，欧洲多个城市的黄金地段出现中国潮玩门店，外国粉丝们排队数小 时只为将心仪的玩偶收入囊中。线上，中国潮玩APP登顶苹果美国应用商店购物类榜首。 中国潮玩何以掀起全球消费热潮？ 顾客在泡泡玛特泰国曼谷LABUBU主题店购物。马涛摄 近期，第137届广交会落下帷幕，共有来自219个国家和地区的28.89万名境外采购商到会。图为境外采 购商在广交会玩具展区浏览商品。新华社记者 王瑞平摄 海外门店排长队，外国粉丝专程打卡中国门店 4月，位于法国巴黎拉德芳斯中心商务区的泡泡玛特新店开业。早在正式营业时间开始前，店门口就排 起了数百人的长队。在海外社交平台上，有法国博主发布视频记录下了当天的热闹景象，她在视频中表 示："猜猜我上午10点到的时候前面已经排了多少人？场面太疯狂了，人山人海！"评论区还有当地网友 表示："我早上7点半到的，前面排 ...

"外国人凌晨排队抢购中国玩具"，近日的社交媒体上，类似有图有真相的分享帖非常多。 没错，出海的国产潮玩正越来越得到市场的关注。接连的爆款更让市场意识到了出圈不只是偶然。某种意 义上，潮玩领域人货场的变化，是国货潮玩出海现象背后更值得关注的深刻变革。 "人"，也就是玩家人群的变化，尤其是海外大龄玩具消费者渗透率的提升，或许是首先要关注的情况。 华泰证券的报告中提到， 青年及成人消费正成为玩具市场主要增量。 海外玩具消费客群中儿童仍占主 流，但份额逐步下降，成年人及青少年的份额却逐步提升，在欧美尤为明显。据Circana数据，12+岁消费 者贡献美国玩具市场约25%销售额，超90亿美元，同时也贡献了2021-22年增量市场的60%，2023年成年人 玩具销售额同比增加8%，占美国玩具市场总销售的7.3%；2023年欧盟五国12+岁消费者的玩具消费额同比 增加2.5%，占欧洲5国整体玩具消费的28.5%。 开源证券的报告中更新了2024年的情况，尽管受制于全球少子化趋势，2024年G12（美、英、西、荷、 墨、意、德、法、加、澳、巴西、比利时）玩具市场销售额同比下降0.6%，但同年小型收藏品（公仔盲 盒）、TCG卡 ...

Core Viewpoint - The forum highlighted the vast opportunities for Chinese companies to expand internationally, while also addressing the challenges posed by tariffs, geopolitical factors, and the need for international talent and supply chain management [1][5][6]. Group 1: Industry Insights - The automotive industry is viewed positively for international expansion due to its large scale, ongoing development, and high technical complexity, which creates significant barriers to entry for competitors [2][17]. - The gaming industry faces intense competition but also presents differentiated opportunities across various global markets, with specific strategies needed for each region [3][8][19]. - Companies like Wentech are focusing on global talent, technology, and supply chain integration to implement a "Local For Local" strategy, which has proven effective in navigating global challenges [3][11][10]. Group 2: Investment Opportunities - Investment in companies with high profit margins, rapid growth, and significant market potential is emphasized, while also considering external risks such as tariffs and market uncertainties [2][4][30]. - The cultural and entertainment sectors, particularly in areas like emotional consumption and AI applications, are seen as having substantial growth potential, driven by strong domestic supply chains and large consumer bases [4][28][29]. - The importance of IP and product strength in the cultural export sector is highlighted, with successful examples of Chinese IP gaining global traction [28][35]. Group 3: Strategic Recommendations - Companies are advised to optimize their balance sheets and enhance collaboration with upstream and downstream partners to better navigate uncertainties [32][36]. - A multi-faceted approach to risk management is recommended, including preparing for various market scenarios and maintaining flexibility in product offerings [32][33]. - Emphasis is placed on the need for a global perspective in both investment and operational strategies, recognizing the importance of understanding macroeconomic trends and industry dynamics [35][36].

1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证 机构，致力于"为企业战略决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业 计划书专业解决方案"的专业咨询顾问机构。 2）专精特新"小巨人"&单项冠军市场占有率、市场排名认证服务-中金企信国际咨询。 3）项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询： 集13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、 战略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提 升项目单位申报项目的通过效率。 4）中金企信国际咨询定制服务-依托自建数据库、专业自建调研团队及官方&各领域专家顾问、国内外官方及三方数据渠道资源 等为各领域客户提供专属定制类全套解决方案。 一、潮玩出海具备天时地利人和，步入黄金时代 第一节 全球新消费市场总体情况分析 一、全球新消费行业市场规模分析 二、全球新消费行业供需 ...

2025.05. 20 本文字数：813，阅读时长大约2分钟 板块方面，美容护理、宠物经济、重组蛋白、培育钻石、谷子经济板块走强，港口航运板块跌幅居 前，化学纤维、成飞概念、军工电子板块走低。 据证券时报，机构表示，宠物市场近年持续保持高增速，头部上市公司受益于国产替代效应的推进以 及产品力、品牌力的不断提升，带动销量同比显著高增，且产品价格带同步上移，国内自主品牌稳定 盈利且毛利净利不断改善，实现量、价、利三升。 机构观点 中信证券表示，展望后续，预计海外需求稳健，国内市场国货替代持续，2025年宠物板块业绩有望 持续增长。宠物经济是稀缺赛道，需求韧性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集 中程度进一步提升，看好龙头通过产品创新、品牌和渠道建设不断提升市场份额。 5月20日，A股三大指数早盘集体上涨。截至午间收盘，上证指数报3380.45点，涨0.38%，深成指 报10251.9点，涨0.79%，创业板指报2053.99点，涨1.04%。 | 沪深300 | 中证500 | 中证A500 | | --- | --- | --- | | 3901.01 | 5748.13 | 4581.00 | ...