LABUBU产品外包装明确标注"适用于8岁以上人士"，而排队的多是青年人，不少不是给孩子买的，而是给自己买的。 你玩得挺嗨，可是你知道吗，你每买一个LABUBU，可能就是给一个财富超过500亿元的超级富豪，贡献一份财富。 而你可能更不知道的是，正是这些仅仅给你提供"情绪价值"的小玩具，却给一些人提供了"财富价值"。 在不久前发布的2025年胡润全球富豪榜上，至少有4个中国富豪，凭借卖玩具榜上有名，财富总额超过1000亿元。 LABUBU背后的富豪，如今财富超过了500亿元。 文|龙溪 来源|商业传奇 今天是六一国际儿童节！ 朋友圈很欢乐，很多人祝小朋友、大朋友儿童节快乐！ 历尽千帆，归来仍是少年。谁心中没有一个儿童梦？这不，最近一个叫LABUBU的玩具卖疯了，世界各地都出现了排队抢购的情形。甚至一群大人为了玩 具都动起手了。 他就是LABUBU的出品方泡泡玛特的王宁，在2025年胡润全球富豪榜上的财富达505亿元， 如今他的财富更是达千亿元以上。 其实，泡泡玛特不是主要给儿童造玩具的，他们的核心目标是大朋友——年龄段18-35岁的年轻人。 而王宁也算是个"大朋友"，1987年出生，还不到40岁。 他是新乡人， ...

对于企业定价策略与全球化经营挑战，司德表示，每个企业都有自己的定价逻辑和成本考量，特别是在 产品开发初期，公司需根据成本倒推毛利，以维持良性经营和消费者能接受的价格，长期稳定经营的企 业应保持合理的毛利水平。 "要努力把门店开到全球具有地标性的商场" 6月8日下午，北京大学光华管理学院官方微信公众号发布了题为《泡泡玛特走进北大光华，与师生对话 中国潮玩企业全球化之路》的文章。文章披露，近日，泡泡玛特执行董事、副总裁、首席运营官司德向 北大光华师生分享了公司从本土品牌成长为全球潮玩巨头的传奇历程，以及其全球化战略背后的文化洞 察与商业智慧。 司德强调了线下门店对于品牌形象和潮流感建立的关键作用，并称要努力把门店开到全球具有地标性的 商场。 从2024年3月至今15个月多的时间，泡泡玛特股价最高涨幅达12倍，引起市场广泛关注。截至6月6日收 盘，泡泡玛特股价为244.8港元/股，最新市值为3288亿港元。 线下门店具有关键作用 据介绍，泡泡玛特的发展主要分为三个阶段：第一阶段是2010年—2016年，属于企业发展初期；第二阶 段是2016年—2020年，泡泡玛特聚焦潮流玩具品类，作为领先企业推动行业发展，海外业务 ...

Core Insights - The article discusses the rising popularity of Labubu, a character designed by Hong Kong artist, and its impact on both the toy and real estate markets, highlighting a case where a player spent significant amounts on toys and real estate due to the character's influence [1][9]. Company Overview - Labubu is a character created by a Hong Kong artist, inspired by Nordic monsters, and is produced by Pop Mart, which has leveraged its global sales network to market the character [1]. - In 2024, Pop Mart is projected to achieve revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, with overseas and Hong Kong/Macau/Taiwan business revenue reaching 5.07 billion yuan, a staggering increase of 375.2% [1]. Market Trends - Labubu has become a significant cultural phenomenon, influencing real estate marketing strategies, with developers and agents using the character in promotional materials, such as offering Labubu-themed children's rooms [1][6]. - The character's popularity extends to high-end markets, as evidenced by a social media influencer associating Labubu with luxury real estate, indicating its crossover appeal [3][6]. Consumer Behavior - Labubu has created a strong fan community, enhancing user engagement through shared experiences and discussions about the character, which has turned it into a form of "social currency" among fans [9]. - The secondary market for Labubu products shows significant price inflation, with items originally priced at 599 yuan being resold for up to 30,000 yuan, indicating high demand and speculative trading behavior [9][10].

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 王毓婵 头图 | IC photo Busy Money 周六福通过港交所主板上市聆讯 "仙饼嫂"品牌获千万级天使轮融资 6月5日，"仙饼嫂餐饮"宣布其核心品牌"仙饼嫂"已成功完成千万级人民币天使轮融资。本轮融资金 额达1000万元人民币，由国内知名投资机构领投。资金将用于供应链升级、仙饼嫂门店拓展及数字 化建设，加速地方美食现代化。 传笛亚壳获千万元A轮投资 近日，传笛亚壳千万元A轮投资，投资方为奇成资本。传笛亚壳是一家潮流文化品牌提供商，以潮 流、艺术与文化为内核，整合展会与策划、短期与长期实体运营、创意IP孵化设计及线上传播矩阵布 局，首创打通营销、运营、IP孵化及流量的潮流文化次元全域型公司，公司自有的潮流展会 IP"T&ARTCON潮博会"。 康渡酒业集团获数千万元A轮融资 近日，康渡酒业完成数千万元的A轮融资。此次融资将助力康渡酒业在酒业市场持续深耕，进一步巩 固其行业领先地位，并加速新零售模式的推广。康渡酒业是一家酒类生产商，该公司主要从事酱酒、 清新果酒及特色露酒研发、生产、销售业务，以满足消费者需求。 ...

Group 1 - Jay Chou released a new song titled "Impromptu" on June 6, which quickly topped QQ Music's charts, marking a significant return after three years since his last album "The Greatest Works of Art" [1][5] - The song "Impromptu" was initially performed during his self-produced variety show "Travel with Jay Chou," showcasing his creative process and connection to iconic music history [4][5] - The release of "Impromptu" has reignited discussions about the generational clash between Jay Chou and younger artists like Cai Xukun, reflecting the evolving landscape of pop culture and fan engagement [4][7] Group 2 - Jay Chou's previous album sold over 5.99 million copies, generating nearly 1.8 billion yuan in revenue, but faced criticism for having only six new songs out of twelve [7] - The competition between Jay Chou and Cai Xukun's fanbases highlights the differences in cultural recognition and participation methods across generations [7][9] - Jay Chou's commercial ventures, including collaborations in the gaming and metaverse sectors, indicate his efforts to adapt to the interests of Generation Z, although some initiatives have not met expectations [9][10] Group 3 - The upcoming album from Jay Chou is anticipated to be a collaboration with lyricist Fang Wenshan, which is crucial for maintaining his influence among both older and younger fans [7][10] - Jay Chou's IP expansion includes various projects, such as theme parks and exhibitions, but some have struggled to achieve success, raising questions about the sustainability of his brand in a changing market [10][14] - The "Hua Qiao Dream World" project, which aimed to leverage Jay Chou's IP, has faced challenges, indicating the difficulties in executing large-scale entertainment ventures [13][14]

速卖通曾帮泡泡玛特全球投广告。 作者丨 梁辰 编辑丨林觉民 6月6日，阿里旗下跨境电商平台速卖通AliExpress披露，"LABUBU"已成为该平台搜索热门词汇第一名。 来自英国、澳大利亚、巴西等市场的消费者，涌入速卖通，只为抢购LABUBU。 "在海外电商平台里，泡泡玛特最早入驻了我们"，速卖通相关负责人告诉雷峰网，速卖通是目前跨境电 商"出海四小龙"中唯一目前泡泡玛特以官方身份入驻的平台。此前，速卖通为泡泡玛特在英国、澳大利 亚、日本、西班牙等国家投放了公交站、地铁广告、快闪等广告资源，累计实现千万级的曝光。 与此同时，雷峰网还独家获悉，速卖通将推动与泡泡玛特的合作。2025年"海外618"期间，速卖通将邀请 海外平台网红在位于北京的泡泡玛特城市乐园直播带货LABUBU。该主题乐园主打IP深度沉浸氛围体验， 通过IP节目演出与用户互动，增强用户对IP的黏性。此前，LABUBU同系列的ZIMOMO"大首领之舞"在社 交媒体上实现破圈传播。 "LABUBU"已成为平台搜索热门词汇第一名 来源：阿里巴巴 LABUBU是由香港艺术家龙家升创作的IP形象，过去几年以其古灵精怪的造型席卷全球。尤其是在拥有上 亿粉丝 ...

这场以"首发+限定+互动"为核心的快闪活动，展现出强大的流量虹吸效应，形成"线下排队—线上裂变—二次传播"的完整闭环。许多到现场的潮玩爱好者坦 言，"抢到虞书欣同款WAKUKU的瞬间，感觉自己参与了一场潮玩界的'仪式感事件'。"这场以"首发+限定+互动"为核心的快闪活动，不仅为潮玩行业带来 了线下流量的成功范本，更展现了潮玩IP与快闪经济融合的巨大潜力。 不同于传统潮玩的"治愈系"路线，WAKUKU以"野孩子""捣蛋鬼"的人设切入市场。其标志性的歪嘴笑、夸张肢体动作，精准契合年轻人对"非对称萌感"的偏 好。在沉浸式互动空间内，消费者不仅能与玩偶合影，还能通过扭蛋机解锁"隐藏款彩蛋"，这种"未知性+趣味性"的组合，激发了强烈的收藏欲。 与此同时，为了进一步拓展IP传播，活动期间乐华娱乐旗下BOYHOOD、NAME组合成员空降现场，与粉丝进行"盲盒拆箱挑战"，相关片段在微博获得超千 万次播放。正如《经济观察报》评论指出："WAKUKU通过'潮玩IP+偶像经济'的跨界联动，构建了Z世代的新型社交货币。" 这场快闪并非简单的流量狂欢，而是潮玩产业升级的缩影。国元国际数据显示，全球玩具市场规模从2019年的6312亿元 ...

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]

01. 继泡泡玛特、布鲁可之后，又一个潮玩公司——52TOYS递交IPO，赴港上市。 尽管在多个场合中，52TOYS称自己不想做泡泡玛特，但二者仍有许多相似之处：同处于风口的潮玩行业，同样做着IP生意的商业模式，甚至有着都选择 在"品牌建立10年"这个时间节点上市的巧合。 与泡泡玛特当初上市时大相径庭的是，如今提交招股书的52TOYS，备受资本市场的青睐，就连万达影业这种看似和潮玩不沾边的企业也参与了52TOYS 的融资。 这里面，有一部分是泡泡玛特的功劳。 这几年，labubu等头部潮玩IP给泡泡玛特带去几十亿的营收，不光让整个市场看到了IP生意翻倍增长的可持续性，更是让整个资本市场见识到了潮玩行业 的巨大潜力：当初那个不被资本们看好的泡泡玛特，今年市值屡创新高，如今甚至超过了安踏和小鹏。 在竞争激烈的潮玩市场，泡泡玛特已经证明了自己的能力，但眼下依旧靠外部授权IP盈利的52TOYS，还需要在盈利和孵化IP上做出成绩，证明自己。 行业不会只有一个泡泡玛特，但都想压中下一个泡泡玛特。 来源：略大参考 作者：付饶 被看好的"潮玩第三股" 主要的原因在于，泡泡玛特用过去几年成倍增长的营收，充分证明了其商业化潜力和 ...

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].