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， ...

Core Insights - The popularity of Labubu plush toys has surged, becoming a trendy accessory among various demographics, especially among young adults and celebrities [3][35][41] - Labubu's appeal lies in its unique design and emotional comfort, resonating with consumers seeking companionship and nostalgia [21][32][34] Market Trends - The plush/toy market is projected to reach 4.24 billion yuan in 2024 and exceed 7.723 billion yuan in 2025, with over 70% of consumers being adults [21] - Labubu's limited editions have become sought-after collectibles, with prices on secondary markets soaring, sometimes exceeding ten times the original price [6][37] Celebrity Influence - High-profile endorsements from celebrities like Lisa from BLACKPINK and David Beckham have significantly boosted Labubu's visibility and desirability [35][25] - Labubu has been integrated into luxury fashion, with celebrities pairing it with high-end bags, transforming it into a fashion statement [27][25] Social Media Impact - The rise of Labubu has been amplified by social media platforms, where its popularity has led to significant online engagement and sales [17][37] - The phenomenon of "Kidult" culture reflects a growing trend of adults purchasing toys, with Labubu embodying this youthful spirit [34] Counterfeit Market - The surge in demand has led to a rise in counterfeit products, with imitations like "Lafufu" gaining unexpected popularity due to their unique flaws [38][37] - The presence of counterfeit goods may dilute the brand's value and consumer sentiment over time [41] Consumer Behavior - Many consumers are drawn to Labubu for its emotional support and the ability to personalize their accessories, reflecting a desire for individuality [29][23] - The phenomenon of "fear of missing out" drives consumers to purchase Labubu, despite the risk of market saturation and declining exclusivity [39][41]

Core Viewpoint - The luxury goods market is experiencing a shift as younger generations are increasingly favoring collectible toys (潮玩) over traditional luxury items, viewing them as a new form of self-expression and identity [1][4][20]. Group 1: Comparison of Luxury Goods and Collectible Toys - Collectible toys are seen as a new luxury system that resonates with the principles of traditional luxury goods, focusing on emotional connection and identity rather than mere price [2][20]. - Both luxury goods and collectible toys share similar underlying logic, such as non-utilitarian premium pricing, emotional attachment, identity differentiation, symbolic consumption, and scarcity mechanisms [3][20]. - The emotional and social functions of collectible toys are becoming increasingly important, as they provide a sense of belonging and personal expression for the younger generation [5][20]. Group 2: Cultural and Generational Shifts - The younger generation in China is moving away from traditional luxury brands, seeking unique cultural symbols that resonate with their personal experiences and social circles [4][5]. - Collectible toys are not merely imitations of luxury goods but represent a new cultural phenomenon that reflects local aesthetics and emotional expressions [10][20]. - The shift in consumer behavior indicates a broader cultural transformation where identity and emotional resonance take precedence over traditional markers of wealth and status [20][21]. Group 3: Brand and Narrative Construction - The branding of collectible toys is evolving to focus on character personality and emotional connections, moving away from traditional product-centric narratives [12][13]. - Collectible toys are creating expansive narrative universes that engage consumers beyond mere transactions, fostering community and shared experiences [13][20]. - The construction of a "spiritual luxury" through collectible toys emphasizes personal meaning and emotional investment rather than external validation from traditional luxury markers [20][21].

Core Viewpoint - The consumer sector experienced a significant surge, with major A-share indices closing higher and over 3,900 stocks in the market showing gains [1][10]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.42%, the Shenzhen Component Index increased by 0.87%, and the ChiNext Index climbed by 1.11% [1]. - The total market turnover reached approximately 1.18 trillion yuan, an increase of 136 billion yuan compared to the previous trading day [1]. Group 2: Sector Highlights - Key sectors that saw notable gains included beauty care, beer, copper cable high-speed connections, and clothing and home textiles [3][10]. - Specific stocks such as Wanbangde in the innovative drug concept and Huabao Co. showed strong performance, with Huabao Co. hitting a new high since October 9, 2024 [5][10]. Group 3: Company Insights - Huabao Co. focuses on the flavor and ingredient industry, providing solutions centered on natural technology, with main products including tobacco and food flavors [7]. - The company is set to participate as a cornerstone investor in the IPO of "Hushang Auntie" in 2025, showcasing a model of "capital empowerment + industrial synergy" [8]. - Huabao Co. has established stable partnerships across various sectors, including food, beverages, catering, and dairy [8]. Group 4: Consumer Trends - New consumption concept stocks in Hong Kong, such as Mao Ge Ping and Zhongyan Hong Kong, reached historical highs, indicating a robust market sentiment [14]. - Analysts are optimistic about the long-term opportunities in the consumer sector, particularly in areas like trendy toys, gold jewelry, and new tea beverages [14]. - The beer sector is entering a peak consumption season, with expectations for revenue growth and improved profitability due to product upgrades and cost advantages [14].

Core Insights - The article highlights the rapid growth and transformation of the Chinese toy industry, particularly in the collectible toy segment, driven by innovative products and strong IP collaborations [1][2][3]. Group 1: Market Performance - Pop Mart's app has reached the top of the US App Store shopping chart, with long queues observed at its physical stores in cities like Chicago and London [1]. - Card game manufacturer Kayo achieved over 10 billion yuan in revenue for the first time last year, marking a 278% year-on-year increase [1][2]. - The toy industry is witnessing a shift from low-cost manufacturing to high-value branded products, with a significant increase in brand recognition among consumers [2][3]. Group 2: Financial Metrics - Pop Mart reported a gross margin of 66.8%, Kayo's gross margin was 67.3%, and Blokus achieved a gross margin of 52.6%, all significantly higher than the traditional toy industry average [3]. - By 2024, the export share of China's toy self-brands is expected to rise to 65%, indicating a trend towards brand evolution in the industry [3]. Group 3: Consumer Trends - The collectible toy market is heavily reliant on popular IPs, with consumers often favoring specific characters or brands, which drives demand and sales [4]. - For instance, Ultraman accounted for 48.9% of Blokus's total revenue last year, showcasing the importance of strong IPs in driving sales [4]. Group 4: IP Strategy - Companies are increasingly focusing on building a "matrix-style" IP strategy, aiming for exclusive partnerships and comprehensive IP management [5]. - Pop Mart has redefined traditional IP operations, positioning itself as both an IP company and a collaborator with leading IP firms [5]. Group 5: Industry Growth Projections - The Chinese collectible toy market is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [6]. - The industry is attracting significant attention from both domestic and international investors, indicating a robust growth trajectory [6][7]. Group 6: Market Outlook - Analysts have raised target prices for Pop Mart, with Goldman Sachs increasing its target to 151 HKD, reflecting confidence in the company's growth potential [7]. - The collectible toy sector is seen as a driver of economic growth, with its innovative and interactive nature appealing to younger consumers [7].