Group 1: Core Insights - The phenomenon of "first store economy" is reshaping consumer markets, acting as a core engine for brand activation and redefining commercial value through innovative experiences [2][5] - The launch of Kidswant Ultra, a flagship store in Shanghai, emphasizes emotional value and shared growth in parenting, catering to the evolving needs of modern parents [3][4] Group 2: Market Trends - The "precise parenting" trend is colliding with "consumer rationality" in the trillion-dollar maternal and child market, calling for new solutions in the first store economy [3][8] - Z-generation parents are redefining necessities, willing to pay a premium for emotional value and personalized experiences [8][11] Group 3: Kidswant Ultra Store Features - Kidswant Ultra store features over 550 solutions and nearly 4000 product SKUs, collaborating with over 21 short-chain suppliers to meet diverse consumer needs [21] - The store includes unique thematic areas such as the "AI Smart Toy Zone" and "Health Snack Pavilion," enhancing the shopping experience through interactive and educational elements [16][17] Group 4: Strategic Initiatives - Kidswant's "three expansion" strategy focuses on expanding product categories, service boundaries, and operational formats to maximize user lifecycle value [23][24] - The company aims to open over 20 new Ultra stores in first and new first-tier cities, leveraging the success of the Kidswant Ultra store as a model for future expansions [23][24]

Core Insights - The EDC (Everyday Carry) market is experiencing significant growth, with transaction volume on Taobao surpassing 150 million, particularly among male consumers aged 18-24 [2] - The rise of EDC toys reflects broader trends in emotional value, IP materialization, male consumerism, and AI toys, indicating a shift towards tactile experiences and mechanical aesthetics [2] - During the 618 shopping festival, EDC category sales on Taobao increased by 250% year-on-year, driven by a strong male consumer base, with over 80% of users being male [2] Market Trends - The high-end EDC toy segment is growing, with products priced over 1500 yuan seeing a 112% increase during the 618 festival, highlighting a trend towards premiumization [3] - Material upgrades are evident, with zirconium and titanium alloys becoming mainstream choices for high-end EDC products, alongside advancements in 3D printing technology [3] - EDC toys are evolving beyond mere stress relief items to become expressions of individuality and culture, incorporating traditional designs and multifunctional features [3]

Core Viewpoint - The article emphasizes the importance of emotional value in products, particularly in the automotive industry, highlighting how LABUBU's success reflects a shift from "Made in China" to "Created by China" and the need for brands to connect with consumers emotionally rather than relying solely on technical specifications [1][37]. Group 1: Emotional Value and Branding - LABUBU's appeal lies in its unique design that combines "cute" and "edgy" elements, evoking both affection and excitement, which is crucial for emotional engagement [4][37]. - Successful brands like MINI and smart have established strong emotional narratives that resonate with consumers, while many domestic brands lack this depth and uniqueness [11][12]. - The article critiques the tendency of some brands to create products without a solid cultural foundation, leading to a lack of distinctiveness and emotional connection with consumers [11][13]. Group 2: Market Strategies and Consumer Engagement - Companies like Bubble Mart have successfully utilized consumer feedback to drive product development and marketing strategies, ensuring that their offerings align with user preferences [18][19]. - The automotive industry has examples of brands that have effectively engaged with consumers, such as Geely and Wuling, which have created products that resonate well with their target audience [22]. - The article warns against a self-centered approach to product development, where companies ignore consumer feedback and instead impose their vision, which can lead to commercial failure [25][27]. Group 3: Cultural and Emotional Depth - The success of LABUBU illustrates that true emotional value is rooted in cultural identity and shared values, rather than superficial trends [37][39]. - The article argues that products that can transform from mere commodities to cultural assets will ultimately succeed in a competitive market [39][41]. - It calls for the automotive industry to develop brands that embody emotional value and cultural significance, moving beyond price competition to create meaningful connections with consumers [41][42].

Core Viewpoint - The rise of new consumption, driven by technology and policy, is reshaping consumer behavior and market dynamics, particularly among the Z generation [1][2]. Group 1: Drivers of New Consumption - The dual drivers of policy and technology, including the "trade-in" policy and the application of AI and big data, are accelerating the integration of online and offline channels [2]. - The demand for consumption upgrades, particularly from the Z generation, is pushing the growth of emotional value sectors such as trendy toys and pet economy [2]. - The potential of lower-tier markets is being unlocked, with high-cost performance domestic brands optimizing supply chains to penetrate these areas, leading to significant growth for certain industries and companies [2]. Group 2: Differences from Traditional Consumption - New consumption is characterized by a focus on "emotional value" and "supply creating demand," catering to the self-satisfaction and social needs of the Z generation, contrasting with traditional consumption that relies on material needs and demographic dividends [3]. - In terms of valuation methods, new consumption's high growth potential supports higher valuations, while traditional consumption is anchored by stable cash flows and dividend yields [4]. - The risk characteristics differ, with new consumption being highly volatile and sensitive to market emotions, whereas traditional consumption is more defensive but shows weak demand growth [4].

Core Insights - Pop Mart has become a sensational topic in the secondary market, being labeled as "the most astonishing consumer story of the year" [1][2] - The company's success is attributed to its unique approach to retail, focusing on emotional value rather than functional value [4][28] Group 1: Business Philosophy - The motto "Respect time, respect management" is fundamental to Pop Mart's operational philosophy, emphasizing the importance of long-term thinking [5][20] - The founder, Wang Ning, believes in the concept of "delayed gratification," where success is achieved through patience and strategic planning [6][20] Group 2: Key Success Factors - Pop Mart has successfully executed four key strategies: 1. Industrial and commercial reform of trendy toys to make them more accessible to the general public [9] 2. Shifting the target audience from predominantly male to female consumers, recognizing an untapped market [10] 3. Leveraging channel advantages by placing stores in prime locations to attract trend-conscious consumers [11] 4. Capitalizing on favorable market conditions, such as the rise of the post-80s and 90s generations as mainstream consumers [13] Group 3: Market Positioning - Pop Mart positions itself as a leader in the trendy toy market, claiming to be the best globally, particularly due to its unique blend of art and commerce [51][53] - The company has adopted a "slow company" philosophy, focusing on steady growth rather than rapid expansion, which has allowed it to withstand market pressures [23][68] Group 4: International Expansion - In the first half of 2024, Pop Mart's overseas revenue grew by 259.6%, with international sales accounting for 50% of total revenue [57] - The company strategically enters markets with cultural similarities, starting with nearby regions like South Korea and expanding to Southeast Asia [58] Group 5: Emotional and Psychological Value - Pop Mart's products are designed to resonate emotionally with consumers, creating a sense of psychological value that goes beyond mere functionality [28][45] - The brand aims to create a "dream" for consumers, similar to luxury brands, by attaching emotional significance to its products [24][28] Group 6: Leadership and Consensus - Wang Ning emphasizes that true leadership is about guiding others towards the right direction, which is rooted in making correct choices [30] - The concept of "consensus value" is crucial, as the perceived value of products is built through collective agreement among consumers [31]

Core Viewpoint - The popularity of Labubu from Pop Mart indicates a new consumption era where young consumers are willing to pay for emotional value [1] Group 1: Market Trends - Labubu's global success has led to the emergence of gold-plated "Labubu" accessories in Shenzhen's Shui Bei market, with prices ranging from 28 to 100 yuan [2][4] - Many of these gold accessories are not authentic and are primarily mobile phone charms, with low gold content [4][6] - The demand for these accessories reflects a shift towards expressing emotional value in consumer purchases, even at lower price points [4][7] Group 2: Consumer Behavior - Consumers are increasingly interested in small, design-oriented gold items, such as necklaces and bracelets, as well as affordable products under 100 yuan [7] - The emotional value associated with IP toys like Labubu is driving immediate consumer satisfaction, with a notable increase in product circulation and attention [7][8] - Labubu has been referred to as a "gold substitute" for young consumers, indicating its rising status in the market [7] Group 3: Risks and Speculation - There are warnings about the risks of speculation surrounding trendy toys, with some industry insiders advising caution against being the last to invest [8]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Pop Mart (9992.HK), which has increased nearly sevenfold from its low of HKD 36 to HKD 266.8 as of June 12, indicating its status as a "super bull stock" [1] - Pop Mart's blind box sales model is considered a key component of its business strategy, creating an addictive purchasing experience for consumers, similar to the excitement of participating in IPOs [3][4] - The company has transitioned from a low point to a market capitalization exceeding HKD 200 billion, driven by a new narrative of international expansion and a growing trend among young consumers [7][8] Group 2 - The article discusses the generational shift in consumer preferences, comparing Pop Mart to traditional consumer stocks like Moutai, suggesting that Pop Mart represents the current generation's taste [6][7] - The author reflects on the challenges of understanding the valuation of a company like Pop Mart, which has a high market capitalization and price-to-earnings ratio, making it difficult for traditional investors to grasp its potential [5][6] - The recent auction of a Labubu collectible for HKD 1.08 million indicates that Pop Mart may be moving beyond traditional financial metrics, entering a realm of collectible assets that defy conventional valuation [8]

一系列消息如同一颗重磅炸弹，将泡泡玛特推上了资本市场的 风口浪尖，也刺痛着无数缺席这场盛宴的基金经理的神经。 作者：洪小棠 封图：CFP "一个卖塑料玩具的公司，凭什么比茅台还值钱！"在上海某中型私募机构的晨会现场，资深投资经 理王海涛拍着桌子对同事们说。 近3年前的这个场景，历经多年市场牛熊周期的王海涛如今仍旧历历在目。 这家"卖塑料玩具的公司"，不仅时时让基金经理们为之纠结、困惑，也让街头巷尾的民众对其直 呼"看不懂！" 这家公司，就是以盲盒走进人们视野，又以Labubu在泰国和北美消费市场火爆走红而"出尽风 头"的泡泡玛特。 6月10日，永乐2025春季拍卖会上，一款初代藏品级薄荷色的Labubu以108万元人民币的高价成 交。同一时刻，泡泡玛特（09992.HK）股价飙升至246港元，市值突破3300亿港元。 随着泡泡玛 特的股价在二级市场上持续飙升，其创始人王宁的身家也水涨船高，甚至取代牧原股份创始人秦英 林，成为河南新首富。 一系列消息如同一颗重磅炸弹，将泡泡玛特推上了资本市场的风口浪尖，也刺痛着无数缺席这场盛 宴的基金经理的神经。 然而，就在2年前，泡泡玛特还处于股价的低谷，一批基金经理纷纷"割 ...

Core Viewpoint - The rise of new consumption sectors such as trendy toys and pet economy is driven by younger consumers seeking better quality-price ratios, leading to significant market opportunities and investment potential [3][4][5]. Group 1: New Consumption Trends - The new consumption economy is characterized by the emergence of sectors like trendy toys, pet economy, and beauty products, which are performing strongly in the secondary market [3][4]. - The shift in consumer demographics from older generations to Generation Z has resulted in a focus on individual experiences and emotional value, with consumers willing to pay for personal interests [5][6]. - The concept of "quality-price ratio" has become a priority for consumers, contrasting with previous trends where brand prestige was more important [5][6]. Group 2: Investment Opportunities - The pet economy is highlighted as a significant area of growth, with the market size for pet food expected to reach approximately 100 billion by 2030, doubling in size [6]. - New consumption brands are successfully capturing consumer demand by offering unique products that provide emotional value, leading to higher profit margins [7][8]. - The marketing strategies of these brands have shifted towards social sharing and community engagement rather than traditional advertising, enhancing brand influence [8][9]. Group 3: Market Dynamics and Risks - While some new consumption companies have seen substantial stock price increases, many have also delivered on performance, suggesting that valuations are not excessively inflated [4][14]. - The potential for market differentiation exists, as some companies may face risks of overvaluation due to their recent market entries and the volatility of investor sentiment [4][14]. - The investment approach should focus on identifying companies with sustainable performance and managing portfolio risks through selective stock picking and position sizing [14][15].

在一个万物过剩的年代，啥都是过剩的，只有情绪不是过剩的，照顾好情绪，呼应好情绪， 那真是：生意兴隆通四海，财源茂盛达三江。 作者：今纶 一个娃108万，一个娃82万，卖了！一共190万。 6月10日举办的永乐2025春季拍卖会上，一款"身高"131cm、全球仅此一个的初代薄荷色Labubu，以108 万的天价拍卖成交。 ▲全球唯一一只的薄荷色Labubu落槌价为108万元，含佣金成交价达124.2万元。 一款棕色Labubu，也出现在了拍卖会上，落槌价为82万元，是当日拍卖会落槌价第二名。 为什么卖娃成为好生意？而且Labubu被称为"塑料茅台"，那么真正的茅台呢？ 6月11日，智通财经在第三方检测平台今日酒价上看到，2025年53度飞天茅台（散瓶）批价达1990元/ 瓶，较昨日出现下跌；53度飞天茅台（原箱）批价为2080元/瓶。 我去扫了一眼股价，泡泡玛特股价创新高，一年半涨近13倍，而茅台股价一直在下跌。 虽然两家公司完全不搭边，但是因为Labubu被称为"塑料茅台"，而且有基金经理宣称卖了茅台，买了泡 泡玛特，所以，你说完全不沾边，也不是。 01 几十年的逻辑貌似牢不可破 茅台为什么能起来？ 有故事， ...