信达证券发研报指，Letsvan专注于全球艺术家的IP 孵化、运营、版权商业化以及潮玩文化的推广与销 售，已构建以"WAKUKU"、"又梨 ZIYULI"等爆款IP为核心的产品矩阵，国内市场实现线上线下全渠道 覆盖，同时开启东南亚市场拓展。2025年5月17日，公司重要新品"WAKUKU 狐狐兔兔 CP"在名创优品 MINISO线下开启发售，5月20日开启线上多渠道发售，有望给公司IP业务带来增长。 此外，量子之歌6月6日盘前公布截至3月31日的2025财年第三季度业绩，期内实现营收约5.71亿元(人民 币，下同)，净利润约4114万元，连续八个季度实现盈利。量子之歌集团创始人、董事长李鹏表示，该 季度公司战略转型成果初步显现，在优化业务结构、提升运营效率的同时，打造潮玩业务发展增量。未 来，公司在稳步夯实'内容+服务'的在线学习基本盘基础上，持续以潮玩IP为核心发力点。绩后，花旗 集团将量子之歌评级从中立上调至买入，目标价从6.10美元上调至9.52美元。(格隆汇) 格隆汇6月12日｜谷子经济爆火带动港股泡泡玛特屡创新高的同时，美股中概股量子之歌(QSG.US)也迎 来连日大涨。该股昨日大幅收涨30.52% ...

6月8日，根据福布斯实时富豪榜，泡泡玛特（09992.HK）创始人王宁目前身家为203亿美元，牧原股份 （002714.SZ）创始人秦英林身家为163亿美元。王宁已取代秦英林，成为河南新首富。 近期，泡泡玛特旗下Labubu爆火，一娃难求，一些联名或限量款的Labubu更是卖出了几千上万元的天 价。 Labubu的爆火，直接带飞了泡泡玛特股价。6月11日，泡泡玛特股价再次大涨4.25%，市值达3623亿港 元（约合人民币3332亿元）。泡泡玛特2024年年报显示，王宁持有泡泡玛特股权占比为48.73%。也就 是说，目前王宁的持股市值约为1623亿元。 河南首富换人 王宁取代牧原的秦英林夫妇 此前，河南首富为牧原股份的秦英林、钱瑛夫妇。据胡润百富今年3月发布的《2025胡润全球富豪 榜》，秦英林、钱瑛夫妇以1300亿元财富蝉联河南首富。 近期，Labubu火遍全球，泡泡玛特股价也持续上涨。 截至6月11日收盘，泡泡玛特股价报269.8港元/股，总市值3623.26亿港元。今年以来，泡泡玛特股价已 上涨204%。若将时间线拉长，从2024年初至今，泡泡玛特的股价涨幅超过了13倍。 据泡泡玛特2024年年报，创始人 ...

Core Insights - The rise of Labubu reflects the changing consumption logic of Generation Z, emphasizing "social capital" over mere collection [1] - Labubu's auction price reached 1.08 million yuan, marking its entry into the "million club" of collectible toys [1] Pricing and Market Dynamics - Regular Labubu blind boxes are priced at 99 yuan, while special brand collaborations are priced at 159 yuan, with many products currently sold out [2] - Resale prices for Labubu items can exceed three times their original price, with some items selling for as much as 30 times their original price [9] - The secondary market shows significant price inflation, with a blind box price rising from 99 yuan to 349 yuan, and a rare collaboration item selling for 27,999 yuan, approximately 47 times its original price [9] Historical Context and Evolution - Previous collectible toys like Monchhichi and KAWS have paved the way for the current trend, each reflecting the emotional needs of their respective eras [10] - Labubu's design and marketing strategy, including low probability for hidden variants, caters to the social media-driven desire for exclusivity and status [11] Financial Performance - In 2024, the total revenue for Bubble Mart reached 13.04 billion yuan, with Labubu's IP "THE MONSTERS" generating 3.04 billion yuan, a staggering increase of 726.6% year-on-year [15] - Bubble Mart's business model focuses on product-driven growth, with a strong emphasis on IP development and operational efficiency [15] Consumer Behavior and Market Trends - The frenzy surrounding Labubu highlights a shift in consumer behavior, where the act of purchasing transcends the product itself, becoming a form of social expression and status [16] - The ongoing demand for Labubu and similar collectibles suggests a sustained interest in tangible symbols of value amidst economic uncertainties [16]

Core Insights - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan with a net worth of $20.3 billion (approximately 145.9 billion RMB) as of June 8 [1] - Pop Mart's stock surged over 3% on June 9, reaching a historical high of 253 HKD per share, with a market capitalization nearing 340 billion HKD (approximately 311.3 billion RMB) [1] - The stock price of Pop Mart has increased more than 11 times since the beginning of 2024, largely driven by the popularity of the Labubu character [1] Group 1: Market Demand and Consumer Behavior - The Labubu series is sold out, leading to online reservations and in-store pickups, indicating high consumer demand [1] - Despite rainy weather, consumers showed enthusiasm for Labubu, with many inquiring about restock times at the flagship store [1] - The secondary market for Labubu has seen prices soar, with some items being sold at over 30 times their original price, and ordinary versions seeing over 100% markup [1] Group 2: Resale Market Dynamics - Resellers are employing "technology" to secure products, using automated systems and multiple devices to increase their chances of purchase [4][6] - Paid membership groups provide more accurate restock information compared to free groups, with fees ranging from 15 to 18 RMB per month [6] - Resellers are also collaborating with others to maximize their chances of acquiring stock, sharing information and profits [7] Group 3: International Resale Opportunities - The Labubu character has gained international popularity, with celebrities showcasing it, which has attracted international resellers [9][10] - Resellers in Southeast Asia are capitalizing on the demand by purchasing Labubu products locally and selling them at a significant markup in China [12] - The high profit margins in the resale market are driving both domestic and international resellers to engage in this lucrative business [10][12] Group 4: Intellectual Property and Market Challenges - The production cost of Pop Mart's products is relatively low, with a gross margin of 66.8%, but the company faces significant challenges from counterfeit products [14] - Reports indicate that counterfeit versions of Labubu, known as "Lafufu," are being sold at a fraction of the cost, posing a threat to Pop Mart's brand integrity [14] - The rapid growth of Pop Mart mirrors challenges faced by established brands like Disney, as they navigate issues of intellectual property infringement [14]

Group 1 - The first auction of the original collectible Labubu art pieces took place, with a unique mint green Labubu selling for 1.242 million yuan, setting a new record for trendy toy auctions [1][3] - The auction featured a total of 48 lots, achieving a 100% sell-through rate and a total transaction amount of 3.7254 million yuan [3] - The buyer of the mint green Labubu expressed confidence in the future appreciation of this non-standard art piece [3] Group 2 - Labubu's popularity has significantly increased the wealth of its creator, Wang Ning, who became the richest person in Henan with a net worth of 20.3 billion USD, largely due to the rising stock price of Pop Mart [4][7] - Pop Mart's stock price surged from 19.8 HKD to 258.8 HKD, representing a cumulative increase of over 10 times, with a market capitalization exceeding 347.6 billion HKD [4][5] - In 2024, Pop Mart reported revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, with the THE MONSTERS series, including Labubu, generating 3.04 billion yuan, a staggering increase of 726.6% [7] Group 3 - Labubu's phenomenon extends beyond financial metrics, as it has successfully integrated modern trendy elements with traditional craftsmanship, exemplified by the "Zan Hua Labubu" project [8] - The LABUBU3.0 series has seen significant international demand, with sales in Europe and the US increasing by over 800% [8] - Concerns have been raised regarding the sustainability of the trendy toy IP lifecycle, with industry experts noting that new IP development is crucial before Labubu's popularity wanes [8] Group 4 - The current market valuation of Pop Mart, with a price-to-earnings ratio exceeding 98 times, raises questions about the sustainability of its valuation compared to international peers like Sanrio and Hasbro [8] - The Labubu phenomenon reflects a shift in consumer behavior among Generation Z, moving from material possession to emotional resonance and identity recognition [8] - Recent actions against counterfeit Labubu products highlight the commercial value of authentic IP, with Pop Mart actively building a robust intellectual property barrier [8]

Group 1 - The auction of the unique mint green LABUBU toy reached a final price of 1.242 million RMB, setting a new record after another LABUBU toy sold for 820,000 RMB just minutes earlier [1] - The auction event was part of the Yongle 2025 Spring Auction, specifically dedicated to LABUBU art pieces, with a total transaction amount of 3.7254 million RMB from 48 lots sold [1] - The auction attracted a younger audience, with a notable presence of female participants, and the youngest buyer was a 9-month-old child whose family purchased a collaborative LABUBU toy for 32,000 RMB [1] Group 2 - LABUBU, created by artist Kasing Lung in 2015, became an exclusive IP under Pop Mart in 2019, leading to significant fan engagement and capital influx [2] - In 2024, LABUBU's performance contributed to the "THE MONSTERS" series revenue exceeding 3 billion RMB, accounting for nearly 25% of Pop Mart's total revenue, a significant increase from 5.8% in 2023 [2] - As of June 10, 2023, Pop Mart's founder, Wang Ning, became the richest person in Henan with a net worth of 21.5 billion USD, ranking 99th on the Forbes real-time global billionaire list [2]

（图片来源：东方财富Choice数据，统计截至2025/6/9，不作投资推荐） 上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先 得！ 大牛股造就大富豪。 福布斯实时富豪榜显示，目前，泡泡玛特（09992.HK）创始人王宁家族以208亿美元的身家高居全球富豪榜第 101位，这一身家已超过牧原股份(002714.SZ)创始人秦英林（163亿美元，排名第133位），正式成为河南新首 富。 值得注意的是，王宁家族的财富规模在过去短短一年中暴涨，在福布斯2024中国富豪榜100人中，当时王宁家 族的身家仅有55亿美元左右，在国内富豪中排名第68位。 而若以王宁家族目前208亿美元的身家粗略比较，其在2024年的国内富豪榜中的排名有望排进前10。 王宁家族身家暴涨的原因并不复杂，在过去一年多时间中，泡泡玛特股价持续暴涨，2024年以来，其股价暴涨 超11倍。若以其间最低价和最高价计算，股价最高涨幅超过1400%。 而对于泡泡玛特所在潮玩行业的趋势，浙商证券研报显示，全球玩具市场空间广阔，预计将以5.34%的平均增 速稳步增长，至2028年市场空间接近万亿元。中国是全球玩具最 ...

据悉，这是平安银行近期在全国多地支行推出的一项面向"纯新客户"（之前未开立/销户满一年）的定期存款促销活动。新客户开立储蓄卡后， 存入超过5万元（人民币），定期3–6个月起，可获泡泡玛特热门潮玩IP"LABUBU"系列盲盒（1.0、2.0） 。 对此网友吵翻了，有人说"不敢苟同这设计""不明白稀缺性在哪里"，有人说"人家凭这个成了河南首富""稀缺性只体现个人意愿"。 | "二生 后, 河南 10小时前 | 78 FT | | --- | --- | | 不敢苟同这设计 | | | ■ 日光,黑龙江 10小时前 | 15 36 | | 人家凭这个成了河南首富 | | | ■ 10小时前 | 15 51 | | 能流水线生产的东西,不明白稀缺性在哪里。 | | | 。 医 北京 8小时前 | 14 14 | | 你要知道，这世界上真正稀缺的东西本来就没有。 | 稀缺性只体现在个人意愿,你没有你想 | | 要,它就稀缺。 | | 作 者丨易佳颖 张欣 编 辑丨骆一帆 周炎炎 江佩佩 存款5万元送La bubu引发热议！ 近日，社交媒体上有用户发文称，只要在银行存款就能获得La b ub u盲盒，吸引了大量关注。 据 ...

大牛股造就大富豪。 福布斯实时富豪榜显示，目前，泡泡玛特（09992.HK）创始人王宁家族以208亿美元的身家高居全球富豪榜第101位，这一身家已超过牧原股份(002714.SZ)创始人秦 英林（163亿美元，排名第133位），正式成为河南新首富。 值得注意的是，王宁家族的财富规模在过去短短一年中暴涨，在福布斯2024中国富豪榜100人中，当时王宁家族的身家仅有55亿美元左右，在国内富豪中排名第68 位。 而若以王宁家族目前208亿美元的身家粗略比较，其在2024年的国内富豪榜中的排名有望排进前10。 王宁家族身家暴涨的原因并不复杂，在过去一年多时间中，泡泡玛特股价持续暴涨，2024年以来，其股价暴涨超11倍。若以其间最低价和最高价计算，股价最高涨 幅超过1400%。 在2024年年报中，泡泡玛特表示，2024年集团旗下IP表现十分优异，首次实现THE MONSTERS、MOLLY、SKULLPANDA和CRYBABY四大IP营收超过10亿元，13 大IP营收破亿元。去年LABUBU爆火全球，推动THE MONSTERS收入突破30亿元，SKULLPANDA"温度"系列成为历史上最好的潮玩产品，CRYBABY ...

Core Insights - The article highlights the significant rise of the collectible toy industry, particularly driven by the success of Pop Mart's LABUBU, which has become a global phenomenon since 2024, leading to increased market interest and investment in the sector [2][5][8]. Company Performance - Pop Mart's LABUBU has contributed to a remarkable financial performance, with its revenue from the THE MONSTERS series exceeding 30 billion yuan in 2024, and the company achieving a market capitalization of over 330 billion HKD [5][8]. - The stock price of Pop Mart surged from below 10 HKD in Q4 2022 to 252.6 HKD by June 2025, marking an increase of over 24 times [5][8]. - Other companies in the collectible toy space, such as Blokku, have also seen significant stock price increases, with Blokku's stock rising 40.85% on its debut and reaching new highs [6][8]. Market Trends - The collectible toy market has grown nearly tenfold from 63 billion yuan in 2015 to 600 billion yuan in 2023, with projections estimating it will reach 1,101 billion yuan by 2026 [8]. - The main consumer demographic for blind box toys consists of individuals born in the 1990s and 2000s, who represent 78% of the market and exhibit strong purchasing power [8]. IP Development and Competition - The success of LABUBU is attributed to its unique design and the influence of celebrities, which has helped it break into mainstream culture [4][6]. - Companies are increasingly focusing on IP development, with Pop Mart and others needing to continuously innovate to avoid becoming obsolete [9][10]. - The competitive landscape is shifting, with companies like 52TOYS and KAYOU also exploring overseas markets and developing their own IPs to enhance their market positions [12][15]. International Expansion - Pop Mart's overseas revenue reached 50.66 billion yuan in 2024, a 375.2% increase, with Southeast Asia being the most lucrative market [14][15]. - Other companies, such as KAYOU and 52TOYS, are also expanding internationally, with plans to open stores in Hong Kong and Macau, and to establish a presence in North America and Southeast Asia [15]