作 者丨易佳颖 编 辑丨包芳鸣 金珊 6月17日，一则#Labubu的竞争对手#的热搜引起网友热议。 据《时代报告》报道，来自英国的Fugglers可能接替Labubu成为最潮玩偶。 如今，Labubu的热度能维持多久？谁会是下一个现象级爆款 IP？ 泡泡玛特能否复制下一个 Labubu？正伴随着Labubu的火热成为大家关心追问的问题。 狂热的一周 La b u b u火爆背后 过去一周，Labubu持续刷屏社交媒体。 6月10日，全球唯一薄荷色 Labubu 在上海永乐春季拍卖会以108万元成交，限量15版的棕色 Labubu 以82万元成交，刷新潮玩拍卖纪录。6月12日晚上10点，泡泡玛特在线上小程序和官 方旗舰店发布系列新品。多地出现排队抢购该盲盒的现象，社交平台流传的视频显示，有人 为了抢购泡泡玛特盲盒而发生争执。6月15日，杭州西溪天街泡泡玛特新店开业，据悉因黄牛 组团"端盒"，商品两小时内售罄，门店紧急关闭。 不过， Labubu 火爆的背后，假货问题正成为阴影。从执法情况来看，上海浦东机场海关就在 对一批快件开展监管时，发现5961个"假泡泡玛特"未经授权使用"POP MART"标识，此举侵 ...

以下文章来源于泉果视点 ，作者泉果无限对话 泉果视点 . 泉果基金管理有限公司官方订阅号，第一时间分享泉果基金动态。以专业投研+专业服务，与您相伴在 长期投资的道路上。 很多人说，和王宁聊天，你会发现他说的东西，每次都有不同、都有进化。王宁自己也说，随着泡泡 玛特这些年的发展，自己与之前会有很大不同；随着商业模式的变化，对公司的理念，对市场的理 解，都有很大的不一样。 泡泡玛特的成功，可以说开阔了很多企业家和投资人对市场的观察视野和对商业模式的想象空间。它 以一己之力，将"潮玩"这个曾经非常垂直小众的爱好，推动成为一个产业，泡泡玛特甚至参与了百度 百科对于潮流玩具的词条定义。它还让市场意识到，原来玩具不是只能卖给孩子，叠加上艺术概念， 面向成人，可以涌现出如此惊人的市场需求。 来源丨 泉果视点 （ID：Origin_Fund） 作者丨泉果无限 图源丨泡泡玛特官方 泡泡玛特的创始人王宁今年35岁，就在两年前，还入选了《财富》杂志中国"40 under 40"青年商界 精英的榜单，但他自己对自己的定义，却是一名"创业老兵"。他曾提到，自己从刷墙开始，开出第一 家实体店，进入零售业，是在2008年5月13号。光是创 ...

【导读】灵魂拷问！真假IP运营？52TOYS的AB面 中国基金报记者 赵刚 被称为"探花"的52TOYS，与泡泡玛特的差距恐怕不仅是市占率。 泡泡玛特、布鲁可年内股价飙升超200%，引得52TOYS"跃跃欲试"。近期，北京乐自天成文化发展股份有限公司（以下简称52TOYS）向港交所递交招股 书，欲搭上潮玩风潮。 | 05/06/2025 | 北京樂自天成文化發展股份有限公司 | | --- | --- | | | 05/06/2025 整體協調人公告-委任（經修訂） PDF | | | 23/05/2025 申請版本（修訂版） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 22/05/2025 整體協調人公告-委任 E™ | | | 22/05/2025 申請版本（第一次呈交） 全文檔案 四El 多檔案 | 图源：港交所 尽管创始人明确表示"不希望成为泡泡玛特第二"，但在此时谋求上市，市场对其估值显然无法忽视泡泡玛特的存在。 仔细对比可以发现，52TOYS的核心竞争力与市场印象中的IP运营有很大区别。一方面，公司严重依赖外部授权IP，且无独家代理权；另一方面，公司产 品依赖经销商，触达消费者 ...

【导读】灵魂拷问！真假IP运营？52TOYS的AB面 中国基金报记者 赵刚 被称为 " 探花 " 的 52TOYS ，与泡泡玛特的差距恐怕不仅是市占率。 泡泡玛特、布鲁可年内股价飙升超 200% ，引得 52TOYS" 跃跃欲试 " 。近期， 北京乐自 天成文化发展股份有限公司（以下简称 52TOYS ） 向港交所递交招股书，欲搭上潮玩风 潮。 尽管创始人明确表示 " 不希望成为泡泡玛特第二 " ，但在此时谋求上市，市场对其估值显然 无法忽视泡泡玛特的存在。 仔细对比可以发现， 52TOYS 的核心竞争力与市场印象中的 IP 运营有很大区别。 一方面， 公司严重依赖外部授权 IP ，且无独家代理权；另一方面，公司产品依赖经销商，触达消费者 的能力在降低。 换言之，本应占据 " 微笑曲线 " 两端的 52TOYS ，却守在曲线的谷底。在潮玩市场竞争白 热化的当下，如果其战略不改，即便顺利上市，资本市场的助力也无法扭转其亏损态势。 依赖外部 IP 却自称 IP 运营 "52TOYS 目前上市的明显优势就是赛道红利和资本支持。 " 有券商人士直言， " 但公司依 赖授权 IP 且非独家，盈利、渠道效率低等问题依然显 ...

Core Insights - Labubu has become a significant phenomenon in the market, leading to a surge in the stock price of Pop Mart, which reached 246 HKD, resulting in a market capitalization exceeding 330 billion HKD [1][3] - The popularity of Labubu has also contributed to the rise of Pop Mart's founder, Wang Ning, who has become the new richest person in Henan [3] - Despite previous downturns, Pop Mart has successfully revitalized its brand through Labubu, which has become a new wealth narrative in the collectibles market [5][7] Sales and Market Performance - Pop Mart announced the suspension of Labubu's offline sales in South Korea due to safety concerns, reflecting challenges in overseas markets [1] - The sales of Labubu plush toys and keychains have been exceptionally high, with a notable auction sale of a rare Labubu reaching 1.08 million RMB [1] - In 2023, Pop Mart's revenue from its SKULLPANDA and MOLLY brands exceeded 1 billion RMB each, indicating strong sales performance despite market fluctuations [5] Brand and Product Development - Labubu, created by artist Kasing Lung in 2015, has undergone a successful rebranding, becoming a key product line for Pop Mart [9] - The revenue from Pop Mart's plush products grew by 1289% to 2.83 billion RMB, making it the fastest-growing category [11] - The Labubu brand has been strategically marketed through collaborations with well-known brands and limited editions tailored to local markets [14] Social Media and Cultural Impact - Labubu has gained immense popularity on social media platforms, with over 36 billion views on Douyin and nearly 60 billion on TikTok, indicating a strong cultural resonance [12] - The association of Labubu with celebrities, such as BLACKPINK's Lisa, has significantly boosted its visibility and desirability [12][18] - The phenomenon of Labubu reflects a broader trend among Gen Z consumers, who are actively engaged in the collectibles market, often driven by social media trends [21][22] Market Dynamics and Consumer Behavior - The secondary market for Labubu collectibles has seen significant price inflation, with some items selling for 20-30 times their original price [20] - The rise in Labubu's popularity has led to a surge in speculative buying, with consumers often facing high premiums due to market demand [21] - The current trend indicates that while some consumers may benefit from early purchases, many are caught in a cycle of inflated prices driven by resellers [22]

【文/观察者网 邓军 编辑/赵乾坤】 近期，泡泡玛特的爆品Labubu在全球年轻人群体中"一娃难求"，引发泡泡玛特销售业绩和股价双双上 涨。然而，其背后隐藏的诸多问题也逐渐浮出水面，为这家看似风光无限的企业的发展前景增添了变 数。 有一种声音认为"泡泡玛特正在成为'东方迪士尼'"。但也有一种声音认为泡泡玛特全是"泡泡"，背后"博 彩"底色难藏。 泡泡玛特2024年财报数据显示，虽然公司海外收入暴涨375%，但手办收入占比从70%降到53%，这也让 市场对于泡泡玛特新品毛绒玩具的爆发性增长能不能持续打了问号。此外，2025年以来，尽管泡泡玛特 的股价一路"高歌猛进"，但也经常出现"闪崩"的情况。 6月5日，泡泡玛特曾对外传出"公司坚持IP运营长期主义"的声音。然而，当天公司股票的收盘价较6月4 日下跌了3%。 泡泡玛特创始人王宁在公开回应"股价是不是泡沫的问题"时曾表示，任何企业都要经历周期也都要经历 冬天，但公司会用业绩，用不断的成长，去证明自己。但并未能因此打消市场对其股价存在泡沫的担 忧。 针对"如何看待外界有关'泡泡玛特正在成为东方迪士尼'"的评论""泡玛特城市乐园自开业以来销售、客 流量、综合复购率、 ...

Core Viewpoint - The strong sales performance of "Nezha: The Devil's Child" merchandise has significantly boosted the stock price of Light Chaser Animation, with expectations for future revenue growth from this IP reaching over 100 billion yuan [1][4]. Group 1: Financial Performance - As of June 16, "Nezha 2" has achieved a cumulative box office of 15.439 billion yuan, contributing to a substantial revenue increase for Light Chaser Animation in Q1 2025, with revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.016 billion yuan, up 374.79% [2][4]. - The company anticipates that the economic increment from "Nezha 2" will exceed 200 billion yuan, with merchandise sales potentially reaching hundreds of billions [2][4]. Group 2: Strategic Shift - Light Chaser Animation is transitioning from being a "high-end content provider" to an "IP creator and operator," aiming to reduce reliance on box office revenue and enhance the sustainability of its business model [5][6]. - The company plans to focus more on animated films, while still producing live-action films, emphasizing large-scale, genre-specific, and innovative projects [6][7]. Group 3: IP Development and Market Position - The company has identified key areas for IP operation, including games, cards, brand stores, and theme parks, with a focus on creating emotional value through merchandise [6][8]. - Light Chaser Animation is exploring the development of a 3A game, leveraging its animation resources, and is also in discussions for potential theme park collaborations [7][8]. Group 4: Market Challenges - The competition in the collectible toy market is intense, and maintaining the popularity of the "Nezha" IP will require continuous innovation and engagement with consumers [5][6]. - Previous attempts by other companies to enter the theme park sector have faced challenges, indicating that Light Chaser Animation's strategy may encounter significant hurdles [8].

LABUBU一只难求 大幅溢价 最近，LABUBU玩具风靡中外社交媒体，掀起抢购热潮。其实，LABUBU并不是刚出现，今年它已经10岁了，是中国香港艺术家龙家升创作的绘本中的 角色，经与泡泡玛特合作开发成了潮玩IP，如今已成为泡泡玛特IP中的"顶流"。 6月15日，多位网友发视频称，浙江杭州西溪天街泡泡玛特新店当天开业，但仅两小时商品就被买完，提前关门，消息冲上热搜榜首。 有网友称，杭州这家泡泡玛特新店开门后，一批疑似黄牛人员迅速涌入并"端盒"（整盒购买全部款式），导致普通消费者无法购得商品，两小时后门店就 关了。还有现场顾客透露，排了4小时队。 你可能还没拥有一只LABUBU，但很难没听说过它。这款来自泡泡玛特的小精灵风格潮玩，近日在世界各地掀起热潮。 网上平台显示，限量发售的VAS联名款炒至15200元，溢价数十倍，冷门款也大幅溢价。 溢价的不只LABUBU，还有进店资格。广州天环快闪店需提前在"泡泡玛特"小程序支付0.01元预约进店名额。6月12日开放预约后，13日的进店资格也已 经秒罄。二手平台上，进店资格被炒高至999元。 泡泡玛特财报显示，截至2024年底，泡泡玛特在全球30余个国家和地区共开设超 ...

潮玩IP火起来，离不开IP的长期运营。从国内市场看，无论是线上的盲盒机、线下的实体店，还是"出 片打卡地"泡泡玛特城市乐园，在长期给消费者带来感官"复合体验"中，逐渐形成并壮大该IP的互动社 群。从国际市场看，在不同国家和地区，开放的拉布布努力呈现出"地道"的文化联动，比如在新加坡推 出鱼尾狮限定款，在泰国则"身着"当地传统服饰。除了文化联动，拉布布也与不少知名品牌联名，吸引 了更多消费者的目光。名人效应以及中外社交媒体上的交流互动等，也助推着拉布布不断破圈、越来越 火。 充实自有IP储备、促进价值转化并开启全球化征程，是潮玩企业发展壮大的必经之路。我国虽已成为全 球最大的玩具生产和出口国，但潮玩产业起步较晚，不少正在发力的企业仍以授权IP为主，需要不断壮 大自有的IP储备。以泡泡玛特为例，其拥有众多潮玩IP，有与艺术家合作开发的自有IP，也有与迪士 尼、海绵宝宝等品牌合作的授权IP。相关企业应以敏锐的市场嗅觉去发现、用多元化的手段去运营、用 静待花开的耐心去守候，培养更多与用户共成长的自主IP，不断开拓国内外市场。 （文章来源：经济日报） 最近，拉布布玩具风靡中外社交媒体，掀起抢购热潮。其实，拉布布并不是刚 ...

Core Viewpoint - The LABUBU brand, a top-tier IP in the trendy toy industry, has recently gained significant popularity, raising questions about the sustainability of this trend and the reasons behind its sudden success [2][4]. Group 1: LABUBU's Success Factors - LABUBU's success is attributed to the emotional value consumption model, which combines emotional value, ecological closure, and industrial synergy to create a long-term lifecycle for the IP [2]. - The brand leverages community co-creation to enhance IP value, transforming consumers into IP dissemination nodes through various social activities, such as customizing toys and creating unboxing videos [2]. - A brand stratification strategy, along with global and local market adaptations, has laid a solid foundation for LABUBU's popularity, with product prices ranging from tens to thousands of yuan, catering to a broad consumer base [3]. Group 2: Market Expansion and Performance - In the past two years, LABUBU has adopted a localized "going global" strategy, launching region-specific limited editions that have garnered international attention, resulting in a 475% to 480% year-on-year increase in overseas business revenue in Q1 2025 [3]. - As of the end of 2024, the company has opened over 500 stores in more than 30 countries and regions, reaching over 90 countries through various cross-border e-commerce platforms [3]. Group 3: Supply Chain and Production Capacity - The Guangdong-Hong Kong-Macao Greater Bay Area provides a robust industrial chain support for LABUBU, with a complete toy supply chain in Dongguan ensuring stable production capacity, which has reached 10 million units per month by 2024 [3]. - The collaboration with artist Long Jia-sheng from Hong Kong infuses cultural elements into the IP, enhancing its appeal and marketability [3]. Group 4: Longevity and Cultural Transformation - Despite concerns about the lifecycle of trendy toy IPs, LABUBU's potential for longevity is linked to its narrative depth and the creation of a comprehensive universe that includes other characters, thereby extending user engagement [4]. - The success of LABUBU reflects a broader trend of Chinese manufacturing transitioning towards cultural creation, integrating design, manufacturing, and global operations to transform niche art into mainstream emotional symbols [4].