Core Insights - The article discusses the explosive popularity of the LABUBU series from Pop Mart, highlighting its transformation from a niche toy to a cultural phenomenon driven by celebrity endorsements and emotional value [1][8][12]. Group 1: Market Performance - LABUBU's revenue surged from 263 million yuan in 2022 to 3.68 billion yuan in 2023, and is projected to exceed 3 billion yuan in 2024, marking a year-on-year growth of 726.6% [5]. - Pop Mart's overall revenue reached 13.04 billion yuan in 2024, with LABUBU significantly contributing to this growth [5][7]. - As of June 6, Pop Mart's market capitalization was 328.8 billion HKD (approximately 301.2 billion yuan) [7]. Group 2: Celebrity Influence - The popularity of LABUBU was significantly boosted by Thai celebrity Lisa's social media posts, leading to increased demand in both domestic and international markets [8]. - Other celebrities, including Rihanna, have also been spotted with LABUBU products, further enhancing its status as a social currency [8]. Group 3: Emotional and Psychological Factors - The "variable reward mechanism" of blind boxes creates a gambling-like thrill, making the unboxing experience addictive [9]. - LABUBU's design features, such as its childlike characteristics, resonate with consumers' preferences for cute items, while its rebellious aesthetic connects with urban youth culture [9]. Group 4: Marketing Strategies - Pop Mart employs "hunger marketing" tactics, creating scarcity through limited releases, which has successfully positioned LABUBU as a luxury item [10]. - The brand's limited editions come with certificates and artist signatures, enhancing their perceived value and desirability [10]. Group 5: Ecosystem Development - The popularity of LABUBU has led to a self-sustaining commercial ecosystem, with secondary markets thriving and generating additional revenue streams [11]. - Social media platforms have become vital for promoting LABUBU, with unboxing videos garnering millions of views and driving consumer engagement [11]. Group 6: Challenges and Concerns - The surge in demand has led to incidents of violence and chaos during product launches, prompting Pop Mart to suspend sales in certain locations [14]. - Quality control issues have emerged, with numerous consumer complaints regarding manufacturing defects, raising concerns about the brand's reputation [15]. Group 7: Future Outlook - The article draws parallels between LABUBU and Bearbrick, suggesting that LABUBU may face similar challenges in sustaining its popularity amid market saturation and counterfeit products [16][17]. - Recommendations for sustainable growth include enhancing brand storytelling, improving anti-counterfeiting measures, and fostering community engagement among consumers [18][19][20][21].

日前，泡泡玛特（09992.HK）首次开启线上Labubu预售。当天全线产品瞬间售罄，创建的订单最晚发 货时间已至今年9月22日，这意味着消费者或需等待3个月之久才能拿到商品。与此同时，门店大量缺 现货，快闪店预约秒罄。 究竟是产能不足还是饥饿营销？如果是产能不足，那么为何市场上充斥着工厂生产的大量侵权商品？第 一财经记者对此展开多方采访。 2025.06. 24 本文字数：2563，阅读时长大约4分钟 作者 | 第一财 经 刘城 乐琰 南英 Labubu热度持续攀升。 看得到却买不到的Labubu 日前，第一财经记者进入名为"泡泡玛特抽盒机"的微信小程序，17:00左右，直播间正在进行专场直 播。直播期间，时不时有观众留言询问"Labubu什么时候能购买"。主持人反复强调"Labubu暂时没有 货""主播也不知道什么时候补货""一切等'突袭'"（"突袭"即在直播间里临时上架相关产品链接以供消费者 购买）。 在接下来的一个半小时里，直播间始终未上架Labubu产品。18:28，被网友称为Labubu第三代的"前方 高能"系列盲盒商品链接悄然上架。 记者在链接上架初始便迅速操作，从进入、选购、锁单到支付，整个环 ...

泡泡玛特Labubu系列商品热度持续攀升，线上预售开启后迅速售罄，发货时间延迟至9月22日。 Labubu热度持续攀升。 日前，泡泡玛特（09992.HK）首次开启线上Labubu预售。当天全线产品瞬间售罄，创建的订单最晚发货时间已至今年9月22日，这意味着消费者或需等待3 个月之久才能拿到商品。与此同时，门店大量缺现货，快闪店预约秒罄。 不仅是线上，在线下门店也是如此。第一财经记者走访了多地泡泡玛特门店，基本都没有Labubu现货，偶有水晶球款，但此类产品购买者甚少。更为夸张 的是Labubu主题快闪店——怪味便利店，要预约才能进店，而记者蹲点后发现，预约号码1秒钟就抢完了，根本没有机会入店。在上海的怪味便利店现场， 第一财经记者看到入店者并不多，排队的人也不多，但线上就是抢不到入店号码。就在6月24日，第一财经记者再次查询发现，部分Labubu主题快闪店已经 关闭线上预约，一些特别商品也已售罄，只能抢购普通款商品。 " 五品 B 0 9 ක crop I I by 看得到却买不到的Labubu 日前，第一财经记者进入名为"泡泡玛特抽盒机"的微信小程序，17:00左右，直播间正在进行专场直播。直播期间，时不 ...

Group 1 - Airbus secured orders worth $21 billion at the Paris Air Show, while Boeing did not disclose its sales figures [2] - Boeing dominates the global cargo aircraft market, particularly in China, despite facing challenges in the commercial passenger aircraft sector due to safety incidents [2] - China's focus on developing large passenger aircraft has led to a lack of attention on cargo aircraft, resulting in limited models and lower payload capacities for domestic cargo planes [2] Group 2 - Boeing's cargo aircraft shortage is emphasized, with estimates indicating a gap of approximately 60 aircraft needed to meet the projected fleet capacity demand by 2027 [4] - The largest cargo aircraft in China, the Y-20, has a maximum takeoff weight of 220 tons and a payload capacity of 66 tons, while Boeing's 747-8F has a maximum payload capacity of 133 tons [4] - The performance of Chinese cargo aircraft is hindered by insufficient engine power, necessitating significant improvements in aviation engine technology to compete with Boeing [4]

Core Viewpoint - The article discusses the collapse of the secondary market prices for new consumer products, particularly focusing on the Labubu collectibles, and highlights the speculative nature and risks associated with new consumption trends in the market [1][4]. Group 1: Market Dynamics - Labubu's secondary market prices have plummeted by approximately 50%, with the price of a complete set dropping from 1500-2800 yuan to 650-800 yuan [1]. - Similar price volatility has been observed in other collectible brands like Bearbrick and Molly, where prices have seen drastic reductions of 60%-80% over the years [5][6][8]. - The article notes that the trading behavior in the secondary market is often driven by speculative practices, including "hunger marketing" and the manipulation of perceived scarcity [14][16]. Group 2: Consumer Behavior - Consumers are encouraged to recognize the "scarcity illusion" and set rational spending limits, as many products are priced significantly above their actual production costs [22][23]. - The article emphasizes the importance of maintaining transaction records and engaging in legitimate trading environments to avoid falling victim to speculative bubbles [25]. Group 3: Industry Practices - The article points out that companies often engage in practices that create artificial scarcity, such as claiming limited releases while adjusting production dynamically [16]. - There is a call for the industry to establish transparent probability mechanisms and focus on the intrinsic value of products rather than marketing gimmicks to ensure sustainable growth [26][29]. - Regulatory changes are anticipated, with new guidelines set to limit sales to minors and enforce transparency in product pricing and probability disclosures [28].

Core Viewpoint - The recent pop-up store event by Pop Mart featuring the LABUBU IP in Shanghai aims to attract young consumers through limited-time offerings and exclusive products, enhancing brand engagement in the cultural and entertainment sectors [2][3]. Group 1: Pop-up Store Details - The pop-up store, named "THE MONSTERS Convenience Store," opened on June 13 and will run until July 30 in Shanghai [2]. - Pop Mart has established pop-up stores in cities like Shanghai, Shenzhen, and Chengdu, focusing on creating trendy spaces for young consumers [3]. - The pop-up store features city-exclusive products and limited-edition items, enhancing its appeal through scarcity and regional uniqueness [3]. Group 2: Sales and Consumer Behavior - The online and offline sales strategy includes products priced between 19 yuan and 553 yuan, with items like plush keychains and silicone ice trays available [3]. - Reservation slots for entry were fully booked on June 16, 17, and 18, with resale prices for entry ranging from 300 to 500 yuan on secondary platforms [4]. - The scarcity of products has led to a significant markup on secondary markets, with items originally priced at 99 yuan being resold for around 500 yuan [4][5]. Group 3: Marketing Strategies - The brand employs a "hunger marketing" strategy to create a sense of urgency and exclusivity, driving consumer demand [4][5]. - The presence of speculators on secondary platforms contributes to maintaining the brand's high visibility and desirability, albeit at the cost of ordinary consumers facing high resale prices [5]. Group 4: Expansion and Future Plans - Following the pop-up store visit, Pop Mart's independent jewelry brand POPOP was also explored, indicating the company's diversification into jewelry with products priced between 319 yuan and 2699 yuan [5]. - The introduction of the "POP MART COLLECTION" suggests potential future expansions in Pop Mart's business model [5].

Group 1 - The market price of Feitian Moutai has dropped below 2000 yuan, with its stock price falling from 1600 yuan to a low of 1200 yuan due to recent alcohol bans [3] - Meanwhile, Pop Mart, a trendy toy brand, has seen a surge in demand, with its market capitalization reaching 350 billion HKD, indicating a shift in consumer preferences [3] - Both Feitian Moutai and Pop Mart share similarities such as low-cost raw materials, high brand premiums, and social attributes, but they cater to different consumer segments [3][7] Group 2 - The alcohol consumption market, particularly high-end liquor, is facing challenges due to stricter regulations and changing social dynamics, which may hinder a rebound in sales for brands like Moutai [8][10] - The younger generation perceives traditional alcohol consumers as outdated, leading to a cultural shift towards products like Pop Mart that resonate more with their values [9] - Historical trends suggest that alcohol consumption has remained resilient over time, despite temporary bans, indicating its long-term significance in society [11][12]

Core Viewpoint - The LABUBU brand is actively expanding its presence in the trendy toy industry through various commercial operations and cross-industry collaborations, despite facing challenges from counterfeit products [1][12]. Group 1: LABUBU's Commercial Operations - LABUBU has launched a limited-time pop-up store called "THE MONSTERS怪味便利店" in Shanghai, with similar stores in Beijing, Guangzhou, and Chengdu, operating from mid-June to the end of July [3][4]. - The pop-up store requires customers to make reservations, which sell out within seconds, indicating high demand and effective marketing strategies [2][3]. - The store limits customer entry to prevent overcrowding, allowing only a small number of customers at a time, which enhances the exclusivity of the shopping experience [4][5]. Group 2: Cross-Industry Collaborations - Uniqlo announced a new collaboration with LABUBU, set to launch on August 29, featuring adult t-shirts priced at 99 yuan and children's t-shirts at 79 yuan, marking the fifth collaboration between the two brands [8][10]. - This partnership aims to broaden LABUBU's product range beyond toys, integrating into daily consumer goods, which can enhance brand visibility among younger audiences [10][11]. - The collaboration is seen as a strategic move for both brands, with LABUBU gaining access to a wider market and Uniqlo appealing to a younger demographic [11]. Group 3: Market Performance and Counterfeit Issues - LABUBU's parent company, Pop Mart, has seen a significant stock price increase of 100% since March, with a staggering 11-fold increase since the beginning of 2024 [13]. - The company's revenue for Q1 2025 surged by 165% year-on-year, with domestic revenue growing by 95% to 100% and overseas revenue increasing by 475% to 480% [13]. - Authorities are cracking down on counterfeit LABUBU products, emphasizing the need for proper licensing and the protection of intellectual property rights [14][15].

如果你了解的够多，你会发现故事只是在不同的时间重复发生，没有任何新意，即便是跳崖也一样。 当你苦口婆心的劝他们，前面是悬崖，赶紧刹车，但是他们情绪正高涨，置若罔闻。 此时，我只能苦笑。 从我上一篇文章《泡泡玛特历史大顶》后，又有的新的动向（想看数据分析的，重点看第一篇文章）： 1、泡泡玛特股价从262，最高涨到了283，现回落至266，涨幅1.5%。 2、一款131cm高的蓝色Labubu在香港永乐拍卖会上拍出108万的天价。 3、泡泡玛特说市场需求太大，自己产能跟不上。 大家看事情，得看到本质。比如，大家看到拍卖，一件艺术品或古董拍出了天价，动不动几个亿，不要 盲目上头。 其实，很多都是左手倒右手的游戏，古董是自己离岸公司的，古董是什么不重要，真假也不重要，重要 是它是自己的。自己用境内的钱拍下来，这样以来资金就合法出境了。 还有的操作是，把价值10万的东西，拿到拍卖场所，安排黑钱在不同拍卖场，用1000万的价格拍走。这 样拍卖的人钱就洗白了。 4、王宁当年上综艺节目融资路演的视频刷屏了，当时他讲了潮玩的逻辑。 我太了解资本市场里面"市值管理"的玩法了，也太了解新事物营销与价值的逻辑了，所以有时候就感 慨： ...

Core Viewpoint - The rise of counterfeit LABUBU products is challenging the IP protection of Pop Mart, as demand for the original products remains high while the counterfeit market flourishes [1][6][16]. Group 1: Market Dynamics - The LABUBU 3.0 series has seen a significant demand, with the original priced at 594 yuan per set, while counterfeit versions are sold for 300-750 yuan, sometimes even exceeding the original price [1][6][7]. - Counterfeit LABUBU products are being marketed aggressively, with some sellers claiming that high-quality fakes are nearly indistinguishable from the originals, thus catering to consumer demand [6][10]. - The secondary market for LABUBU products is thriving, with prices for original items skyrocketing; for instance, a hidden version originally priced at 99 yuan has been sold for as much as 3580 yuan [6][10]. Group 2: Legal and Regulatory Challenges - Legal experts indicate that producing counterfeit LABUBU products can lead to various forms of liability, including civil, administrative, and even criminal responsibilities [1][14]. - Regulatory bodies are intensifying efforts to combat counterfeit products, with reports of significant seizures of unregistered LABUBU items by customs [11][13]. - Despite the crackdown, some manufacturers continue to operate in the counterfeit market, indicating a persistent demand that outstrips supply for original products [9][10]. Group 3: Company Response and Strategy - Pop Mart is facing challenges in scaling production to meet the high demand for LABUBU, with plans to increase output significantly over a short period [15]. - The company is exploring strategies to enhance IP protection, including dynamic supply strategies and collaborations with creators to transform counterfeit interest into user-generated content [16]. - The complexity of IP enforcement is highlighted, as the company has faced numerous legal challenges, including 288 civil lawsuits and 11 administrative actions against counterfeit sources in 2024 alone [15].