多位消费者表示，潮玩、"谷子"的购买者很多时候只青睐特定的角色或IP形象，这意味着潮玩市场对爆 款IP的依赖程度较高。数据显示，在布鲁可去年的总营收组成中奥特曼单一IP销售就占的48.9%。即便 是泡泡玛特，也是因为去年LABUBU这一爆红IP，才得以进一步破圈并实现了百亿元营收。文娱产业分 析师张书乐对记者表示，无论是盲盒还是其他潮玩产品，主要是靠其IP来增益价值，加上隐藏款的稀有 性来提升价值，更多的提供是给粉丝赏玩的情绪价值。 在IP运营上，多家企业选择了着重布局。林俊透露，其公司已构建"矩阵式"IP 布局，"头部IP要力争全 部签约，看好的IP要争取独家授权"。泡泡玛特相关负责人则表示，泡泡玛特颠覆了过去传统的IP运营 生产关系，公司既是一个IP公司，又与所有头部IP公司开展合作。"我们可以让我们的IP穿上米奇、 Hello Kitty的衣服。此外，过往旧有的家居日用品不具备IP属性，但我们会用IP的逻辑对同样的生产资 料进行重新打造，从而占领年轻人的生活空间"。 国产玩具从白牌向品牌进化 今年春节，广东杰森娱乐发展有限公司推出了"哪吒 2"系列收藏卡，仅用一周时间，全渠道销售额便突 破了1亿元大关。 ...

随着240小时过境免签、区域性入境免签、"港车北上""澳车北上"等一系列免签政策的持续优化及港珠澳大桥、广 深港高铁等交通等便捷交通的落成，"五一"假期，"China Travel"（中国游）持续火爆。 据携程数据，"五一"假期，广东旅游订单量同比增长15%，入境游订单量同比增长187%。 主要客源地为：上海、 北京、长沙、杭州、武汉；当地热门景区：南越王博物院(王墓展区)、广州博物馆、世界之窗、长隆野生动物世 界，赤坎·广东华侨国际旅游度假区等。 "五一"假期，广东文旅市场持续火爆，城市游、生态游、乡村游、主题公园游都有长足的增长，在广东的假期， 既有硬核科技浪漫，又有山水里度假的自然慢时光，还有"粤式新潮流"的格调生活。与往年黄金假期相比，广东 文旅在入境游、便民惠民方面更有亮眼的表现。 据广东省文旅厅初步测算，2025年"五一"假期五天（5月1日至5月5日），全省接待游客4608.2万人次，同比增长 18.7%；实现旅游收入295.0亿元，同比增长20.3%。全省4A级及以上景区接待游客1629.9万人次，同比增长 14.3%；纳入监测的14段古驿道沿线重点区域接待游客238.5万人次，同比增长13.5 ...

点击图片▲立即试听 " 只有当一件商品能同时承载情感共鸣、文化认同与社交价值时，它才真正具备了穿透国界、扎根本地的力量。这种力量不仅推动着企业营收增长，更能重塑着世界 对中国文化的认知。 " 文 / 巴九灵（微信公众号：吴晓波频道） 哪个中国商品能无惧特朗普的 关税，依然畅销美国？ 正在排队的美国人民会告诉你，那就是拉布布（ Labubu） 。 随着4月25日 推出了新品 第三代搪胶毛绒产品，拉布布掀起了一股全球抢购潮。 尽管在关税影响下，拉布布在美国的售价从22美元涨到了28美元，但在美国洛杉矶门店，排队人数依然多得看不到队尾；到了英国伦敦的牛津 街，抢购粉丝则排得 "转角再转角"；意大利米兰的抢购队伍甚至排出了近两条街道。 国内也不例外，许多媒体报道了多地人们排队购买买拉布布新品的情形，有的人甚至排队近两个小时。 一时之间，全世界都在排队购买拉布布，上一次见证这样排队，还是iPhone新机首发 。 当线下人群搭帐篷、搬折叠椅排队时，更多人拿出手机在线上"拼手速"。4月25日， 拉布布所属公司——泡泡玛特 （POP MART）的App登顶美 国App Store购物榜，并且单日排名飙升114位排在免费总榜第 ...

Core Viewpoint - The recent sale of approximately 4.1 million shares by a major shareholder of Pop Mart at a slight discount has raised concerns among investors about whether the company's stock price has been overly inflated, despite a significant increase in stock value over the past year [1][3]. Group 1: Stock Performance and Market Reactions - A major shareholder sold around 4.1 million shares at HKD 192.95 each, realizing approximately USD 101 million, which was about 2.5% lower than the previous closing price [1]. - Following the news, Pop Mart's stock experienced a decline of up to 3% during trading but later narrowed the loss to 1.9%, closing at HKD 193.9 per share [1]. - Over the past 12 months, Pop Mart's stock price has surged by over 470%, making it the best-performing stock in the MSCI China Index [1]. Group 2: Product Launch and Market Expansion - The recent launch of the third generation of the LABUBU plush toy series has significantly boosted Pop Mart's visibility and sales, with long queues reported at stores in major cities worldwide [3]. - The LABUBU product release led to Pop Mart's official app reaching the top of the shopping charts in the US App Store and fourth overall [3]. - In the first quarter, revenue from the Americas increased by an astonishing 895%-900%, while Europe saw a growth of 600%-605%, indicating that these markets are becoming new performance hotspots after the Asia-Pacific region [3]. Group 3: Future Revenue Projections - The Chairman and CEO of Pop Mart, Wang Ning, projected that revenue from North America could reach the level of the entire group's revenue in 2020 (approximately RMB 2.513 billion) by 2025 [4].

2025.04. 29 作者 | 第一财经 揭书宜 近日，随着旗下LABUBU3.0系列的发售，泡泡玛特在全球持续引起抢购热潮。在海外的许多国家和地 区，泡泡玛特线下门店出现了排队长龙，在美国洛杉矶，排队购买LABUBU的队伍被消费者称"找不到 队头也看不到队尾"；在英国伦敦，牛津街门店的队伍排到了"转角再转角"。 近期，泡泡玛特APP还首次登顶美国APP STORE购物榜。 LABUBU为THE MONSTERS系列旗下IP，由中国香港艺术家、泡泡玛特签约艺术家龙家升创作，灵 感来自北欧森林精灵。随着THE MONSTERS在全球迅速走红，赢得了全球粉丝的喜爱，相关收入在 去年实现了726.6%的同比大幅增长。 本文字数：1287，阅读时长大约2分钟 导读 ：今年一季度，泡泡玛特海外业务收益同比增长475%-480%。其中美洲市场收入同比增长达到895%-900%，欧 洲市场增长600%-605%，亚太地区增长345%-350%。 LABUBU"前方高能"系列每个售价为99元人民币，上线即被抢购，国内二手交易平台显示，新品最高 叫价10万元人民币，但不排除只是故意标价吸睛或者有价无市的情况。当然，大部分的二 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and market potential of Chinese companies like Pop Mart and Card Game in the overseas market, driven by cultural elements and effective market strategies [1][4]. - Pop Mart's stock price has surged over 120% this year, with a remarkable increase of 349.60% in 2024, outperforming the Hong Kong Hang Seng Index, which rose by 17.67% during the same period [1]. - The popularity of Pop Mart's IP LABUBU has led to its app reaching the top of the US App Store shopping chart, indicating strong consumer engagement and demand [1]. Group 2 - The emergence of the secondary market for IP-based products, such as blind boxes and trading cards, has seen a rapid increase in the number of related companies, exceeding 6.67 million, with 96.7% established in the last five years [2]. - Card Game's revenue reached a historical high of 10.057 billion yuan in 2024, with a significant increase in sales volume of collectible cards, indicating strong market performance [3]. - Pop Mart's overseas revenue accounted for nearly 40% in 2024, with Southeast Asia and North America showing exceptional growth rates of over six times and five times, respectively [4]. Group 3 - The strategic focus on overseas expansion is evident, with Card Game collaborating with Hasbro for global licensing of the "My Little Pony" series, targeting markets in Japan, South Korea, and Southeast Asia [4]. - The overseas sales revenue of Blokku increased by 518.2% in 2024, although it still represents a small portion of overall revenue, indicating potential for future growth [4]. - Analysts emphasize the need for innovation in manufacturing and technology for cultural IP products to succeed in international markets, reflecting a shift from mere manufacturing to brand creation [5].

Core Insights - Pop Mart's APP has reached the top of the US App Store shopping chart, indicating a significant surge in popularity driven by the release of the Labubu "Frontline High Energy" plush series [1][6] - The Labubu brand has become a must-have item among global fashion trends, particularly due to its association with luxury items and social media presence [3][6] - Pop Mart's financial performance shows impressive growth, with a projected revenue increase for Q1 2025 and significant contributions from its various IPs, particularly Labubu [6] Group 1: App Performance - On April 25, Pop Mart's APP climbed 114 positions to rank fourth in the free overall chart on the US App Store [1] - The surge in ranking is attributed to the global release of the third-generation plush product series "Frontline High Energy" [1] Group 2: Product Popularity - Labubu, launched in 2015, has gained traction as a trendy item, with its accessories being sold at prices ranging from 99 to 159 yuan, and the "Frontline High Energy" series selling out quickly [3] - The blind box versions of Labubu are experiencing price premiums, with hidden variants priced between 1389 and 1699 yuan [3] Group 3: Financial Performance - In 2024, Pop Mart reported a revenue of 13.038 billion yuan, a year-on-year increase of 106.92%, with 13 IPs generating over 100 million yuan [6] - The "Monsters" series, which includes Labubu, contributed 3.04 billion yuan with a year-on-year growth of 726.6% [6] - For Q1 2025, Pop Mart anticipates a revenue growth rate of 165%-170%, with overseas revenue expected to grow by 475%-480% [6] - Morgan Stanley analysts project a 47% growth in Pop Mart's performance for 2025, driven by the success of plush products and expansion in overseas markets [6]

点击上图 ▲立即预约 一季度规上工业企业利润由降转增 一季度小米手机登顶中国区销冠 4月28日消息，根据IDC发布的数据，2025年第一季度，中国智能手机市场前五大厂商出货量及市场份额分别为：小米出货量1330万台，市场份 额 18.6% ， 同 比 增 长 39.9%； 华 为 出 货 量 1120 万 台 ， 市 场 份 额 15.7% ， 同 比 增 长 10%；OPPO 出 货 量 1110 万 台 ， 市 场 份 额 15.5% ， 同 比 增 长 0.5%；vivo出货量1080万台，市场份额15.0%，同比增长4%；苹果出货量980万台，市场份额13.7%，同比下降10%。时隔十年，小米手机中国 区销量再次登顶。 4月 27日，国家统计局公布数据显示，1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比增长0.8%，去年全年同比下降3.3%。 3月份，规模以上工业企业利润由1—2月份下降0.3%转为增长2.6%，企业当月利润有所改善 。 具体来看，近六成行业利润实现增长，制造业改善明显。一季度，在41个工业大类行业中，有24个行业利润同比增长，增长面近六成；有24个 行业利润增速 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5]. Core Views - The report highlights the rapid advancements in AI applications and the significant growth in the millet trading volume, with a 105% year-on-year increase in 2024 [2][4]. - The first quarter of 2025 saw record-high millet trading volumes, indicating a strong upward trend in the IP millet industry [2][4]. - The report emphasizes the importance of performance in the gaming sector and the recovery of the domestic film industry, recommending specific companies for investment [4][41]. Summary by Sections Industry Performance - The media sector experienced a slight increase of 0.14% during the week of April 19-25, underperforming compared to the CSI 300 index (0.38%) and the ChiNext index (1.74%) [12][19]. - Notable gainers included companies like Shengyi Technology and Happiness Blue Sea, while major decliners included Rebate Technology and Mango Super Media [12][19]. Key Developments - Manus AI, a general-purpose AI entity, successfully raised $75 million, quadrupling its valuation to nearly $500 million [2][16]. - Baidu launched its new Wenxin large model series, significantly improving processing speed and reducing costs by 80% [2][17]. - ByteDance's AI application platform "Kouzi Space" began internal testing, enhancing collaborative office capabilities [2][18]. - The "2025 Xianyu Millet Trend Report" indicated a substantial increase in domestic millet consumption, surpassing Japanese millet [2][18]. Important Data Tracking - The box office for the week of April 20-27 reached 191 million yuan, with "Nezha: The Devil's Child" leading at 51 million yuan [19][21]. - The gaming sector's top revenue generators in March 2025 were "Whiteout Survival," "PUBG Mobile," and "Gossip Harbor: Merge & Story" [28][29]. Investment Recommendations - The report suggests focusing on AI applications and IP trends, with specific recommendations for companies like Bubble Mart and others in the industry chain [4][41][42]. - It also highlights the gaming sector's recovery and recommends companies such as Kaiying Network and Giant Network [4][41]. - The report advises monitoring the media sector for advertising growth as the economy improves, recommending companies like Focus Media and Mango Super Media [4][41].

Core Insights - LABUBU has emerged as a new phenomenon-level IP, comparable to iconic brands like Hello Kitty and Ultraman, driven by its unique design and marketing strategies [3][5][12] - The recent launch of LABUBU products has generated significant consumer interest, with long queues forming globally, indicating a strong demand for the brand [1][4][10] - The success of LABUBU is attributed to effective celebrity endorsements and a robust online presence, leading to a substantial increase in sales and brand recognition [6][10][12] Sales Performance - LABUBU's latest product releases have consistently sold out within minutes, reflecting its popularity and consumer engagement [7][10] - In 2024, LABUBU's IP "THE MONSTERS" generated revenue of 30.4 billion yuan, marking a year-on-year growth of 726.6% [12] - The overall revenue for Pop Mart reached 130.4 billion yuan in 2024, with a year-on-year increase of 106.9%, showcasing the company's resilience amid economic uncertainties [10][12] Market Expansion - Pop Mart's overseas business has seen a remarkable growth rate of 475%-480%, with the Americas and Europe being the fastest-growing regions [10][12] - The brand's successful international strategy is evident as it captures significant market share in various countries, including the U.S., U.K., and Japan [1][4][10] - The company aims to achieve over 10 billion yuan in overseas sales by 2025, indicating ambitious growth targets [12] Cultural Impact - LABUBU's quirky design resonates with Gen Z's desire for "harmless rebellion," creating a cultural connection that transcends language barriers [9][10] - The brand has fostered a large fan community, leading to the emergence of related products and creative content, further enhancing its market presence [10][12] - The phenomenon of LABUBU reflects a broader trend of Chinese IPs redefining global cultural exchanges, showcasing their adaptability and appeal [13]