比3.0更晚推出的LABUBU 4.0心底密码系列，似乎更早与"稀缺"无缘。早在该系列发售初期，便有消费 者向第一财经记者表示，只要保持对门店补货动态的关注，即使是4.0系列端盒也并非难事。12月30 日，第一财经记者走访泡泡玛特广州某门店时，就有店员表示，店内有LABUBU 4.0心底密码系列的现 货，"现场买了就可以直接带走。" 在LABUBU转售价大跳水的同时，在两年时间里股价翻了十余倍的泡泡玛特，在8月触及高点339.8港 元/股后，股价便进入了下行区间，截至目前累计跌幅约40%，总市值蒸发超过2000亿港元。 产业时评人张书乐认为，给LABUBU降温，让其价值回归厂商定价本身，是泡泡玛特成为真正全球IP研 运公司的一种刚需。稀缺是人为创造的，刚需是消费自发的，这是短期牟利和长期运营的差别。此番连 续打压LABUBU的二手价格，本身就体现出了泡泡玛特成为真正全球潮流巨头的野望。"短期的股价涨 跌和LABUBU二手价格波动，无论变化多大，只要创始人不套现、厂商不炒股，不过是一个虚拟的估 值而已。" LABUBU已从理财产品回归为普通消费品。 1月3日，第一财经记者发现，泡泡玛特天猫旗舰店里，LABUBU ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Suplay Inc. （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代 表閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長 登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約 或邀請，準投資者務請僅依據呈交香港公司註冊處處長登記的本公司招股章程作出投資決定； 有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； ( ...

而近期，在闲鱼、得物等二手交易平台上，LABUBU相关商品的上架数量呈现出明显增多的态势，与此同时，其成交价格却出现了下调的情况。 值得注意的是，市场看空情绪持续升温。Wind数据显示，自12月2日至8日，卖空股数从111.06万股增至539.46万股，同期卖空金额也从2.41亿港元大幅上升 至10.92亿港元。12月30日，泡泡玛特卖空金额达4.58亿港元，卖空股数239.22万股。 这一现象背后，是泡泡玛特核心IP产品LABUBU在二手市场价格的显著回调。12月29日，"泡泡玛特开始五折甩卖"话题迅速攀升至微博热搜第一。对此，记 者联系泡泡玛特并发送采访函，截至发稿尚未收到回复。 LABUBU二手市场遇冷 部分款式成交价低于官方价 LABUBU作为泡泡玛特THE MONSTERS家族的核心形象，自2018年推出以来，通过盲盒、毛绒、MEGA（收藏级潮玩）等多品类布局，已形成完整的IP生 态。2024年，THE MONSTERS系列营收达30.4亿元，同比增长726.6%，成为泡泡玛特旗下营收第一的IP。 2025年4月，在泡泡玛特中国内地线上平台，LABUBU第三代搪胶毛绒产品一上线便迅速被抢光，秒速售罄 ...

Core Insights - The gaming industry is entering a critical year-end phase as companies aim to boost annual performance with new game releases, including major players like Tencent, NetEase, and ByteDance [1][2] - December alone sees 13 new games set to launch, with a focus on classic IP adaptations and innovative gameplay to capture user attention amid fierce competition [2][3] Group 1: Major Players and Strategies - Major companies are leveraging classic IP adaptations to attract players, with Tencent releasing significant titles like "All-Star Awakening" and "Wangzhe Wanxiangqi" to capitalize on nostalgia and user familiarity [3][4] - Other leading firms, such as Lingxi Interactive and Kingsoft, are also focusing on classic IPs, with games like "Ragnarok: Rebirth" and "Goose Duck Kill" aiming to tap into established fan bases [4][5] Group 2: Innovation and Market Trends - The gaming market is witnessing a shift towards innovative gameplay and category diversification, particularly in life simulation games, which are gaining popularity among players [5][6] - Companies are increasingly integrating AI technology to enhance gameplay experiences, with features like NPC interactions and dynamic environments becoming more prevalent [8][9] Group 3: Upcoming Opportunities and Challenges - The year-end gaming releases are strategically aligned with the upcoming Spring Festival, as companies aim to leverage increased player engagement during this peak period [10][11] - Successful games during the Spring Festival are likely to establish a strong user base for long-term retention, making this period a critical test for new titles [14][15]

Core Viewpoint - The article discusses the rapid rise of the new IP "Star People" under Pop Mart, highlighting its successful collaboration with Heytea and the overwhelming consumer demand for related products, indicating a strong market presence and potential for future growth [4][5][7]. Group 1: Product Launch and Market Response - On December 22, the collaboration products between "Star People" and Heytea were launched, leading to immediate sellouts, particularly for the popular tea bowl priced over 78 yuan [4]. - The products achieved the highest popularity on Meituan, surpassing other notable collaborations, indicating strong consumer interest [5]. - A store employee noted that "Star People" and LABUBU are currently the best-selling IPs, with many products frequently out of stock [6]. Group 2: Financial Performance and Projections - By the first half of 2025, 13 artist IPs under Pop Mart are expected to generate over 100 million yuan in revenue, with "Star People" contributing approximately 400 million yuan, making it the fastest-growing new IP [7]. - Morgan Stanley predicts that "Star People" will account for 8% of the company's total sales by 2027, up from 2.8% in the first half of 2025 [7]. Group 3: Market Dynamics and Pricing - The article highlights the high demand for "Star People" products, with significant price premiums in the secondary market, such as a plush accessory priced at 929 yuan, reflecting a 16-fold increase before its release [10]. - The resale prices for blind boxes have also surged, indicating strong market speculation and consumer interest [10][11]. Group 4: Marketing and Brand Strategy - Pop Mart's marketing strategy includes placing "Star People" prominently in stores and developing a dedicated theme song to enhance brand visibility and consumer engagement [15]. - The company has effectively utilized celebrity endorsements to boost the IP's popularity, with various stars promoting "Star People" [15]. Group 5: Operational Strategy - Pop Mart employs a testing approach for IPs, assessing their performance across different regions and stores, which allows for rapid feedback and scaling of successful products [20][21]. - The company's extensive network of direct stores enables it to minimize costs and receive timely market insights, facilitating the growth of successful IPs like "Star People" [20].

Core Insights - In 2025, the toy industry welcomes a new player, "HERE Qimengdao," which has transitioned from an online adult education service provider to a toy brand after acquiring the brand Yiqi Culture [2][3] Group 1: Company Transition and Performance - Qimengdao, formerly known as "Quantum Song," has rebranded after acquiring Yiqi Culture and divesting its education business, marking a full pivot to the toy sector [2] - The company reported a significant revenue increase in Q3, reaching 127 million yuan, a 93.3% quarter-over-quarter growth, exceeding previous performance expectations [2] - The gross margin improved by 6.5 percentage points to 41.2%, indicating strong operational efficiency [2] Group 2: Strategic Direction and Market Positioning - Management has set a revenue guidance of 750 million to 800 million yuan for the fiscal year 2026, reflecting confidence in continued growth [2] - The company plans to open its first six self-operated stores in major cities like Beijing, Chongqing, and Shenzhen by the end of 2025 to enhance brand presence and user experience [8] Group 3: Acquisition and Integration Strategy - The acquisition of Yiqi Culture was driven by its strong product development capabilities and alignment in values, with the integration completed in under a year [4] - The focus on IP and product-driven strategies is seen as essential for long-term value creation, with the team’s core competencies in operations, marketing, and traffic management [4][12] Group 4: Supply Chain and Production Challenges - Initial supply chain challenges were faced due to rapid demand growth, with production capacity initially falling short, leading to stockouts [5][6] - By the end of December, production capacity is expected to reach approximately 400,000 units, addressing previous supply constraints [7] Group 5: Marketing and Brand Development - Qimengdao employs a flexible marketing budget based on total revenue, allowing for adaptive strategies in celebrity endorsements and other promotional activities [11] - The company emphasizes the importance of emotional value in the toy industry, using self-operated stores to strengthen user connections and gather feedback [8][13] Group 6: Future Outlook and Industry Trends - The company anticipates that the toy industry will experience cyclical trends, focusing on product iteration and operational innovation to extend the lifespan of its IPs [15] - Qimengdao maintains a cautious approach to future investments and acquisitions, prioritizing strategic resource acquisition over indiscriminate spending [16]

智通财经记者 | 李欣媛 智通财经编辑 | 姜妍 2025年的文娱行业正站在一个全新的十字路口。 动画电影以颠覆性的票房表现证明其已占据市场核心，《哪吒之魔童闹海》里那句"因为我们都太年轻，不知天高地厚"某种程度上，说的也是动画电影的未 来。突飞猛进的短剧在经历爆发式增长后，迈入追求品质与深度的精品化时代，而融合了AI技术的漫剧则被视为下一个潜力巨大的新风口。与此同时，视 频播客试图打破视听界限，罗永浩、鲁豫等人在探索深度内容的新可能，大洋彼岸的好莱坞正经历着流媒体巨头与传统制片厂之间的收编与整合，行业规正 在被重新书写，"八大"彻底成为了历史。 这些趋势背后意味着文娱行业正经历着传统与新兴形态的碰撞，技术与内容的深度融合，以及全球市场格局的剧烈演变。或许，这五大趋势，不仅定义了 2025年，更将深远地塑造未来文娱产业的走向。 01 动画电影带动IP市场高歌猛进 2025年的电影主角无疑是"动画电影"。 《哪吒之魔童闹海》（以下简称《哪吒2》）用154.46亿的成绩，彻底颠覆了外界对于动画行业的传统认知，更是改变了从业者对中国电影天花板的想象。 在《哪吒2》之后，动画电影接连出彩，《浪浪山小妖怪》以17.19 ...

越来越挑剔的观众 2025年中国电影总票房已突破500亿大关，其中动画电影贡献了近一半的惊人份额。 这可能是过去一年中国电影市场最值得关注的现象：真人电影遭遇创作瓶颈与市场疲软，动画电影却迎来现象级爆发。 为何独宠动画电影？ △ 截至12月21日，今年国内市场的动画电影总票房突破250亿 国产动画《哪吒之魔童闹海》超154亿的票房成绩，不仅刷新了本土纪录，更一举登顶全球动画电影票房榜首，超越《冰雪奇缘2》成为全球影史动画电影 票房冠军。 紧随其后的是迪士尼的《疯狂动物城2》，以超38亿的票房登顶进口片年度冠军，同时它也是好莱坞的全球票房冠军。 《浪浪山小妖怪》，一部动画短片孵化出的长片作品，一出手就拿下17亿+的票房，在暑期档的表现仅次于《南京照相馆》。 还有《熊出没·重启未来》《鬼灭之刃：无限城篇》《罗小黑战记2》等一众口碑与票房双丰收的动画佳作，它们曾让寒冷的电影市场一度回暖，也让不 少"雷声大雨点小"的真人电影黯然失色。 为什么？ 在行业整体处于低谷期时，动画电影做对了什么，可以这样逆势而上？ 内容？技术？宣发？或者纯粹是观众变了？ 破解了这个秘密，电影人的2025年才算没白忙。 01 李安"吐槽"新片 ...

2025年，中国电影迎来诞生120周年的重要节点。在年初的市场喧嚣与年中的行业沉淀之间，中国电影 行业挣脱固有边界，走出了一条兼具突破力与生命力的"惊喜"之路。 截至12月25日，我国电影市场2025年票房已超过510亿元。年度票房前十名的影片分别为《哪吒之魔童 闹海》《疯狂动物城2》《唐探1900》《南京照相馆》《731》《浪浪山小妖怪》《捕风捉影》《封神第 二部：战火西岐》《熊出没·重启未来》和《长安的荔枝》，其中国产影片占据九席，合计票房超410亿 元。 张大伟 制图 ◎记者 杨翔菲 中国电影家协会联合大麦娱乐灯塔研究院发布的《2025中国电影市场及观众变化趋势报告》（简称《报 告》）显示，预估全年观影人数达5.13亿，创下2020年以来新高。 这一年，电影不再只是单纯的娱乐选项，已成为承载情感共鸣、文化认同与极致体验的消费新载体，既 激活了消费新活力，也筑牢了文化自信的根基。 动画电影： 从亲子专属到全龄共鸣 2025年，中国动画电影实现了历史性跨越，体现了我国文化创意产业的蓬勃生机。 截至12月25日，动画电影票房已超251亿元，创下历史新高，占据全年总票房的近半壁江山，从"儿童专 属"的银幕"配菜 ...

华源证券发布研报称，巨星传奇(06683)致力于将IP情感价值融入多元化的实体场景与创新产品中，为 用户打造可触达、可感知的幸福体验。正通过一系列战略布局，从传统的"IP创造与运营商"跃迁为"幸 福感的传播者"，首次覆盖，给予"增持"评级。 华源证券主要观点如下： 第一站，快速成长的巨星传奇，基于时间的能力修炼 1)周同学IP的塑造："周同学"IP以周杰伦为原型设计为二次元风格化身，由公司与杰威尔音乐共同开 发。公司通过制作《周游记》系列真人秀节目扩大IP影响力，目前公司在快手平台创立"周同学"官方账 号的粉丝数量超过4800万。2)刘畊宏的塑造：2021年，公司孵化刘畊宏IP。2022年，运营团队抓住疫情 期间居家健身需求快速增长的契机，从传统艺人经纪模式下的品牌活动、广告代言、节目演出切入，通 过打造"刘教练"超级头部健身IP实现升级突破，并延伸至电商带货、短视频定制、直播合作等新业务。 刘畊宏抖音账号的粉丝数量2022年4月至2022年5月实现十倍增长，新增粉丝接近6000万人。3)新消费商 品的塑造：2019年4月，公司推出核心产品魔胴咖啡，通过深度绑定周杰伦IP实现市场破局。2020年 《周游记》的 ...