从商业角度看，泡泡玛特的成长故事为创业者们提供了一种新的解题思路。显示出在产品功能趋同、渠道同质化的今天，真正的竞争优势往往不再来自"效 率"或"性能"，而是来自对人类情感的理解和共鸣。 在过去一年里，泡泡玛特频频登上热搜。从LABUBU引爆全球潮玩市场，到北京泡泡玛特城市乐园一票难求，再到最新财报显示，公司2025年上半年营收已超越 去年全年总和。 这一连串高光时刻，不仅让泡泡玛特成为投资者眼中的明星企业，更令公众好奇：一家看似"卖玩具"的公司，究竟凭什么能在短短十余年间，从小众潮流走向国 际舞台？ 答案或许不在于"玩具"，而在于"情绪"。 盲盒的不确定性所带来的猎奇与愉悦，LABUBU形象所唤起的共鸣与陪伴，同好社群所构建的归属与身份标签，这些都成为支撑其商业模式不断扩张的底层逻 辑。 为什么情绪价值变得如此珍贵？ 上周六的课程中，混沌创新领教、欧瑞吉国际创始人&CEO张乐用"一"思维深刻剖析了泡泡玛特为什么能取得今天的成就。 她不仅为创业者们提供了一条值得借 鉴的路径：如何在物质过剩的时代，通过洞察情绪构建可持续的商业竞争力。更为大家揭示了，情绪价值背后的底层成因。 扫描海报二维码 学习完整课程 物质过 ...

Core Insights - The transformation in corporate procurement is underway, with a projected total procurement amount of 188.3 trillion yuan in 2024, reflecting a 7.3% year-on-year growth, while digital procurement is expected to reach 21.7 trillion yuan, growing by 16.2% [1] - The emergence of Generation Z in the workforce is driving a shift towards "emotional value" in corporate management, posing challenges to traditional procurement models [1] - JD's government and enterprise business has launched the "Business Procurement Integration" solution, leveraging smart supply chain advantages to address procurement pain points and enhance employee care efficiency [1] Industry Trends - Over 80% of employees recognize the role of benefits in enhancing their sense of belonging, indicating a shift in employee expectations [1] - The integration of human needs into supply chain processes is seen as a crucial path to improving overall efficiency, as emphasized by industry experts [1] - Companies like China Construction Ecological Environment Group are prioritizing employee satisfaction in procurement, shifting from standard products to tailored supplies that meet emotional and health needs [1] JD's Innovations - JD is innovating from the supply side by establishing an efficient demand matching mechanism through data and technology, offering customized welfare services via platforms like "JD Jinli" [2] - The "Business Procurement Integration" model aims to transition procurement from a "price, quality, efficiency" triangle to a "cost, efficiency, experience" triangle, optimizing hidden costs and enhancing service throughout the procurement cycle [2] - JD's three-step methodology focuses on accurately understanding employee care and business needs, matching supply chain resources, and dynamically optimizing procurement outcomes, leading to significant improvements in employee satisfaction [2]

Group 1 - The 14th China (Guizhou) International Wine Expo opened in Guiyang with the theme "Gathering Global Fine Wines to Promote Open Cooperation" [1] - Moutai Group showcased its various subsidiaries, emphasizing the unique regional characteristics of Moutai liquor through traditional craftsmanship and microbiological technology [1][3] - Moutai is responding to market demands with its upgraded Guizhou Moutai liquor, incorporating a "heritage + innovation" concept while enhancing its packaging and production techniques [3] Group 2 - Moutai is focusing on consumer experience by reshaping emotional value and expanding product offerings for social drinking scenarios [3][4] - The company is committed to sustainable value creation, linking ecological protection, rural revitalization, and cultural IP development to its global market expansion strategy [4] - Moutai's chairman emphasized the company's core values and the launch of cultural initiatives to enhance brand engagement and consumer interaction [3][4]

Core Insights - The article discusses the evolution of consumerism, highlighting how modern consumerism has shifted from material possessions to lifestyle experiences, which are often framed as self-expression and personal fulfillment [6][8][21] - It emphasizes the paradox of emotional value in relationships and how it requires significant emotional labor, yet is often undervalued in economic terms [12][14][18] - The narrative suggests that individuals are caught in a cycle of consumption that prioritizes immediate gratification over sustainable wealth accumulation, leading to a misalignment between consumer behavior and productive value creation [21][25][26] Group 1: Consumerism and Lifestyle - Modern consumerism is no longer solely about material goods but has transformed into a pursuit of lifestyle experiences, which are often marketed as self-investment and personal growth [6][22][26] - The concept of "doing oneself" and pursuing desired lifestyles often masks the underlying consumerist nature of these choices, which are heavily influenced by social media trends [8][10][28] - The shift in focus from ownership to experiences reflects a broader societal change, where individuals are encouraged to spend on experiences rather than accumulate assets [21][22] Group 2: Emotional Value and Economic Implications - Emotional value has become a significant currency in personal relationships, yet it is often misunderstood as a free resource rather than a product of emotional labor [12][14][17] - The article points out that while emotional value is crucial for personal connections, it is challenging to convert this value into tangible assets like property or education [18][20] - Individuals who focus on acquiring emotional value without understanding the production aspect of it may find it difficult to achieve upward mobility or financial stability [20][21] Group 3: Capital and Consumption Dynamics - The methods of capital extraction have evolved, with a shift from traditional debt-driven consumption to lifestyle-oriented spending, yet the fundamental logic remains unchanged: directing resources towards consumption rather than production [21][26] - The blurring lines between production and consumption in the age of social media lead many to believe they are engaging in value creation when, in reality, they are often participating in a consumption-driven cycle [25][26] - The article warns that the framing of consumption as freedom can trap individuals in a cycle of spending without meaningful accumulation, echoing historical patterns of consumer behavior [26][27]

Core Viewpoint - The rise of health-oriented bottled water, leveraging traditional Chinese medicinal ingredients, is becoming a significant trend among young consumers, creating a rapidly growing market opportunity in the beverage industry [1][4][9]. Group 1: Market Dynamics - The health water segment has attracted significant investment from venture capital firms like ZhenFund and Meihua Venture Capital, indicating strong market interest [2]. - Traditional juice brands are pivoting to health water, with companies like Leyuan gaining traction by supplying health water to major retailers [2][5]. - The market for health water is projected to grow from 450 million yuan in 2023 to 10.8 billion yuan by 2028, suggesting a substantial growth trajectory [9]. Group 2: Product Development and Innovation - Leyuan has successfully introduced products like apple astragalus water and mulberry mint water, which have quickly gained popularity in retail channels [5][6]. - The health water market is characterized by a high degree of product similarity, with many brands relying on common ingredients like red beans and goji berries, leading to concerns about innovation [10]. - Companies are encouraged to enhance product differentiation through innovative formulations and high-quality raw materials to combat market saturation [10]. Group 3: Consumer Behavior and Market Perception - Health water serves as a vehicle for emotional consumption, providing a flavorful alternative to plain water while embodying traditional health concepts [3][9]. - The perception of health water as a lifestyle choice rather than a medicinal product is driving its popularity among younger consumers [3][9]. - Despite concerns about the sustainability of the health water trend, industry insiders remain optimistic about its long-term potential, viewing it as a significant market opportunity [9].

Core Viewpoint - The application of large models in the financial industry is entering a phase of accelerated implementation, transitioning from proof of concept to large-scale integration in business processes, customer service, and organizational structures [2][4]. Group 1: Current State of Large Models in Finance - The rapid development of domestic large models has led to significant changes in the financial sector, with a notable shift from concept validation to practical application [4]. - As of August this year, OpenAI released GPT-5, which, despite not fully meeting market expectations, has shown substantial improvements in its foundational model capabilities and reduced hallucination phenomena [4]. - Experts predict three major trends for large models by 2025: enhanced multi-modal deep reasoning capabilities, improved video generation abilities, and increased agentic capabilities for complex multi-step tasks [4][6]. Group 2: Challenges in Implementation - Despite advancements, challenges remain in adapting foundational models to banking logic, suppressing hallucinations, and ensuring that technology departments' developments resonate with business units [5]. - Key strategies for enhancing large models' effectiveness in solving professional problems include context engineering, enterprise-level knowledge management, and post-training [5]. Group 3: Future Development and Investment Opportunities - Future applications of generative models are expected to extend beyond digital content into physical environments, requiring models to possess greater adaptability and generalization capabilities [6]. - The potential for investment in areas such as embodied intelligence, life sciences, industry models, AI agents, and AI hardware is significant, with some sectors already generating revenue [6]. - The concept of "scene cognition" is highlighted as a crucial direction in the AI-first era, with a shift towards proactive AI that can autonomously understand and respond to its environment [7]. Group 4: AI Strategies in Banking - Many banks have initiated AI banking strategies, with examples including WeBank's transition to an AI-native bank and the launch of AI product matrices by MyBank tailored for small and micro enterprises [8]. - China Merchants Bank has adopted an "AI First" philosophy, prioritizing investments in talent, finance, and computing power, with a reported 10,800 R&D personnel, accounting for 9.13% of total employees, and an IT investment of 4.444 billion yuan, representing 2.93% of revenue [8].

Core Insights - The rise of plush toys like Jellycat and Labubu reflects a growing trend in emotional consumption among Generation Z, with significant increases in related social media engagement and search volume [1] - Emotional value is recognized as a psychological necessity for over 90% of young people, with a majority indicating that it helps alleviate stress and anxiety [1][2] - Nearly 60% of young consumers are willing to spend on emotional value, with a notable increase in those prioritizing "value for emotional experience" in their purchasing decisions [1] Emotional Consumption Trends - 90% of young people have engaged in emotional spending, with 40% identified as frequent consumers [2] - The average monthly expenditure on emotional consumption is 949 yuan, with nearly 20% willing to spend over 2000 yuan monthly for happiness [2] - There is a rising expectation for emotional value in purchases, with over 70% of youth feeling that the threshold for obtaining emotional satisfaction through consumption is increasing [2] Gender Differences in Emotional Spending - Motivations for spending on emotional value differ by gender, with women more inclined towards self-reward and premium purchases, while men seek recognition and a sense of identity [2]

Group 1 - The core viewpoint of the article highlights the rising trend of emotional consumption among Generation Z, with a significant increase in interest and spending on emotional value products [1][2]. - In the second quarter of 2025, Labubu-related content on the Soul APP saw a staggering year-on-year increase in post volume by 3133.2% and search volume by 2643.7%, indicating a strong market demand for emotional value products [1]. - Over 90% of young people recognize emotional value, with 60% willing to pay for it, reflecting a shift towards "happy consumption" where emotional value is prioritized over price [1][2]. Group 2 - The report indicates that nearly 90% of young people have experienced spending for emotional value, with 40% being frequent consumers, and an average monthly expenditure of 949 yuan, with nearly 20% willing to spend over 2000 yuan monthly for happiness [2]. - There is a growing perception among over 70% of young people that the threshold for obtaining emotional value through consumption is rising, with 35.7% stating that ordinary products no longer satisfy them [2]. - Gender differences in motivations for emotional spending are noted, with women leaning towards self-reward and premium purchases, while men seek recognition and a sense of identity [2].

Core Viewpoint - The article discusses the unique business model of Jellycat, a toy brand that combines plush toys with an immersive experience, creating emotional value for consumers rather than just selling toys [5][10]. Group 1: Business Model and Consumer Engagement - Jellycat has opened a themed café in Shanghai where all items are plush toys designed to look like food, creating a playful and immersive environment for customers [3][7]. - The café experience includes interactive performances during the checkout process, enhancing the emotional connection between consumers and the products [9][10]. - The pricing for Jellycat products ranges from 300 to 400 yuan for individual items, with limited edition sets costing over 2000 yuan, indicating a strong demand despite higher prices [9]. Group 2: Emotional Value and Market Trends - The success of Jellycat is attributed to its ability to provide emotional value, acting as a "spiritual ibuprofen" for adults seeking to fulfill their inner child and alleviate stress [10][11]. - The brand's products allow consumers to engage in a form of "no-pain parenting," where they can care for plush toys without the complexities of real-life parenting [10]. - Data from the China Toy and Baby Products Association shows that Jellycat's sales exceeded Disney's during the 2023 Double Eleven shopping festival, with an average transaction price of 465 yuan [12].

Core Viewpoint - The success of Jellycat's plush toys is attributed to the emotional value they provide, particularly through the immersive "play house" experience that resonates with adult consumers' desire to escape reality and fulfill their inner child [10][12]. Group 1: Product Offering - Jellycat offers a variety of plush toys, including common animal shapes and everyday objects, categorized into different series [4]. - The unique aspect of Jellycat's products is the incorporation of a "ceremonial" experience, such as the themed café where all toys resemble food items, enhancing the overall consumer experience [7]. Group 2: Consumer Engagement - The buying process at Jellycat includes interactive performances, such as candle lighting on plush cakes and tea preparation, creating a sense of ritual that appeals to consumers' nostalgia and emotional needs [10]. - Consumers perceive Jellycat toys not merely as playthings but as "children" that they care for, fulfilling a sense of purpose and control in their lives [11]. Group 3: Market Performance - During the 2023 "Double 11" shopping festival, Jellycat's sales surpassed Disney, establishing it as a leader in the plush fabric category, with an average transaction price of 465 yuan [12]. - In March 2024, data from Tmall indicated that products priced above 400 yuan accounted for 14.1% of sales, with Jellycat's "Pirate Dog" plush toy achieving a remarkable average transaction price of 2759 yuan, ranking as the best-selling item [12]. Group 4: Emotional Connection - The immersive "play house" environment created by Jellycat allows adults to temporarily escape their worries, fulfilling a psychological need for comfort and emotional healing [12]. - The appeal of Jellycat and similar brands lies in their ability to satisfy consumers' emotional needs, making them key players in the toy and IP economy [13].