每经记者｜杜蔚 毕媛媛 每经编辑｜杨夏 从17世纪等价于阿姆斯特丹运河畔一栋豪宅的郁金香球茎，到21世纪拍卖场槌声落定的百万元级潮玩LABUBU——不同的商品外壳下，唯一不变的是人类 对"稀缺性"的迷恋。 《每日经济新闻》记者历时两周，深入两场潮玩拍卖现场调查发现，LABUBU拍卖纪录正在不断刷新。在6月10日薄荷色LABUBU以108万元的天价落槌 后，6月22日晚，"LABUBUx衡山宏机甲飞行员"成交价为75.9万元，创下该IP（具有商业价值和可开发性的创意内容）联名款全球纪录。LABUBU带动两场 拍卖合计总成交额超893万元。 但问题也随之而来，记者注意到，拍卖过程中LABUBU不仅备受"过度溢价"的诟病，其拍卖价格也波动剧烈。其中，名为"LABUBU素描"的潮玩，在某 经"正品检验"的电商平台仅1.4万元即可买到，但其在拍卖市场的价格于23日凌晨被不断"举牌"后，被推高至4.3万元，溢价率超200%。同时，前一次拍出51 万元的LABUBU藏品，仅隔12天，同款拍品落槌价遭腰斩。 同样的拍品相隔12天价格悬殊（图左：6月10日；图右：6月22日） 图片来源：电商平台 拍卖场上剧烈波动、远超二手平台 ...

Core Viewpoint - The LABUBU craze, driven by its unique appeal and celebrity endorsements, has sparked significant consumer interest and market dynamics, raising questions about its sustainability and potential risks in the blind box economy [2][4][10]. Group 1: Product and Market Dynamics - LABUBU, created by Hong Kong artist Long Jiasheng, gained popularity after its commercial launch in collaboration with Pop Mart in 2019, leveraging celebrity endorsements to enhance its visibility [4][10]. - The product has seen extreme consumer behavior, including fights among buyers in the UK and long queues in the US, indicating a high demand and cultural impact [2][10]. - A sculpture of the original LABUBU sold for 1.08 million RMB, showcasing the product's high market value and collectible status [2]. Group 2: Investment and Financial Implications - Fund managers express confusion over the blind box economy, traditionally focusing on established brands like Moutai and Wuliangye, indicating a potential gap in understanding new market trends [5]. - The financialization of collectible toys like LABUBU is being compared to previous trends in sneaker and digital collectibles speculation, raising concerns about market stability and the potential for a bubble [12][14]. - The collectible nature of LABUBU is driven by a niche audience, primarily young consumers, who are motivated by passion rather than investment potential, suggesting a need for caution in treating these products as financial assets [12][14]. Group 3: Cultural and Social Impact - The LABUBU phenomenon is part of a broader trend in the "二次元经济" (secondary dimension economy), appealing to younger consumers through personalized and trendy products [9][10]. - Concerns about the addictive nature of blind box products and their impact on youth have been raised, although regulatory measures have been implemented to mitigate risks [16][20]. - The success of LABUBU reflects a growing trend of Chinese cultural products gaining global traction, emphasizing the need for innovative approaches to leverage China's manufacturing capabilities and creative potential [20].

Core Viewpoint - The recent popularity of the "WAKUKU" blind box toy in the潮玩 market is attributed to its perceived high cost-performance ratio compared to other popular IP products like LABUBU, with significant stock price increases for its parent companies, 乐华娱乐 and 量子之歌 [1][5]. Company Insights - WAKUKU is a collaboration between 乐华娱乐's subsidiary and 量子之歌, and it has gained traction through strategies similar to LABUBU, including celebrity endorsements and pop-up stores [2][3]. - 乐华娱乐's stock price has surged over 450% since May, while 量子之歌's stock in the US has seen a maximum increase of 110% during the same period, indicating strong market interest in IP assets [5]. - The company behind WAKUKU has successfully launched multiple products, with the 毛毛系列 blind box initially priced at 89 yuan, now trading at 144 yuan on resale platforms [2][3]. Industry Trends - The潮玩 market in China is projected to grow from 1,742 billion yuan in 2024 to 3,357 billion yuan by 2029, driven by rising disposable incomes and the emergence of new IPs [7]. - The trend of "financialization" in the IP sector is raising concerns, as the rapid increase in demand may lead to supply shortages and the transformation of IP products into speculative assets, posing potential bubble risks [7]. - Major players in the industry, such as 泡泡玛特, are leveraging extensive IP portfolios to drive revenue growth, with LABUBU alone contributing 30.4 billion yuan, reflecting a staggering year-on-year increase of 726.6% [6].

Core Insights - The popularity of LABUBU, a toy character launched by Beijing-based Pop Mart, has rapidly gained traction among global youth, showcasing the effective grasp of trends, cultural confidence, and advantages in China's industrial and supply chains [1][2][3] Product Evolution - LABUBU was first created by Hong Kong artist Long Jia Sheng in 2015 but gained significant attention after Pop Mart signed the IP in 2018 and launched it as a collectible figure [3][8] - The character underwent several iterations, with a major design shift occurring in 2020 when the MiniSeries3 series transitioned the design from "ugly monster" to "cute monster," enhancing its appeal [10][12] - The introduction of the "Heart Macaron" series in October 2023 marked a breakthrough in materials, combining PVC and plush to create a more tactile and visually appealing product [10][12] Market Expansion - LABUBU's international recognition surged after a social media post by BLACKPINK member Lisa in April 2024, leading to a significant increase in sales and the establishment of a LABUBU-themed store in Bangkok, which achieved over 10 million in single-day sales [17][19] - The character's association with high-profile celebrities has further propelled its popularity, with notable figures showcasing LABUBU in various contexts, leading to viral trends on social media platforms [17][19] Consumer Behavior - The primary consumer base, mainly Gen Z, is shifting from mere collection to self-expression, viewing LABUBU as a symbol of individuality and a social currency among peers [19][20] - The emotional connection with the product is emphasized, as consumers engage in customizing their LABUBU figures, enhancing the personal significance of the toys [19][20] Supply Chain and Production - The production of LABUBU involves over a hundred processes, reflecting the complexity and craftsmanship required to meet the high standards of adult collectors [21][22] - Pop Mart has established deep collaborations with factories in Guangdong, focusing on improving manufacturing processes and ensuring quality control, which highlights the advantages of China's supply chain [21][22]

以下文章来源于城市战争 ，作者小鱼 城市战争 . 孙不熟专栏，在这里读懂城市、学会买房。 中国供应链的胜利。 作者 | 小鱼 来源 | 城市战争 （ID：sunbushu123） 今年以来，泡泡玛特风靡全球，成为中国潮玩出海的现象级选手。 在l a bu bu等爆款产品的带动下，泡泡玛特股价狂飙，一年多的时间涨了12倍，目前总市 值为350 0亿港元，超过百度、快手、顺丰等巨型企业，创始人王宁也凭借2 0 0多亿美元 的身家成为河南新首富。 当时的东莞已是全球最大的玩具产业带聚集地，有超过4000家玩具企业和近1500家上下 游配套企业，全球近 1 / 4 的动漫衍生品、85%的潮玩都在这里生产。 2 0 23年，东莞就获得 "中国潮玩之都" 称号，是泡泡玛特产品大规模生产的坚实后盾， 早在2020年，东莞就有超过30家代工厂、合作企业为泡泡玛特供货。 有数据显示，目前东莞承担了泡泡玛特约70%的产能，对泡泡玛特的全球用户来说，如 果东莞一堵车，世界都要缺货。所以，在泡泡玛特的供应链地图上，东莞扮演者核心供 应链的角色。 当 然 ， 除 了 东 莞 ， 泡 泡 玛 特 的 供 应 链 ， 还 分 布 在 北 ...

LABUBU再创纪录！ 6月22日晚间， 继108万元的薄荷色LABUBU后， "LABUBU×衡山宏机甲飞行员"拍出 75.9万 元 ， 创下LABUBU联名款全球最高纪录。 凌晨3点，溢价2 0 0%拍卖成交 近两周LABUBU主力带动的两场拍卖合计成交总额达893.6万元，但拍卖中的溢价引发质疑。 其中，6月23日凌晨3点，LABUBU两件素描拍品拍出 4.3万元。 但某平台上，其相同款式在6月22日晚仅售 1.4万元 ，且随时可买，这意味着拍卖溢价超 200%。 La b u b u会重演暴力熊泡沫吗？ 6月19日，Labubu官方突然大补货，热门系列价格普遍腰斩，部分隐藏款价格缩水近四成，整 盒回收价最高狂跌2150元。 21君荐读 突然崩了！Labubu二手回收价狂跌近2000元 泡泡玛特一新店，开业2小时卖光闭店！黄牛不炒茅台炒Labubu，月入数万元 Labubu出现竞争对手？泡泡玛特能再复制下一个"顶流"吗？ 与此同时，泡泡玛特股价面临双重打击：一方面，重要股东清仓式减持；另一方面，二手市 场炒价崩盘。短短5天内，公司市值蒸发超475亿港元（折合人民币435亿元）。 对此你怎么看？欢迎评论区 ...

Core Insights - The rise of Chinese潮玩 (trendy toys) is transforming into a global phenomenon, driven by the strength of "Made in China" and cultural appeal [1][2][6] Group 1: Market Performance - In 2024, Pop Mart reported a revenue of 7.97 billion RMB in mainland China, a year-on-year increase of 52.3%, while overseas and Hong Kong, Macau, and Taiwan revenue reached 5.07 billion RMB, growing by 375.2% [3] - The Southeast Asian market saw a remarkable revenue growth of 619.1%, with North America and other regions also experiencing significant increases of 556.9% and 310.7% respectively [3] - MINISO's first global MINISO LAND store in Shanghai achieved a sales record of 12.03 million RMB in its first month of trial operation [3] Group 2: Supply Chain and Production Advantages - The efficiency of China's supply chain is highlighted, with a typical delivery time of 3 to 7 days for domestic markets and 20 to 30 days for overseas markets, significantly faster than other countries [4] - Chinese潮玩 companies can respond quickly to market demands, with new products designed and launched within two weeks [4] Group 3: Cultural Impact and Consumer Trends - The潮玩 industry is becoming a universal social language, with products serving as a medium for self-expression and social interaction among global youth [6] - The concept of "interest consumption" is gaining traction, reflecting a shift from material to emotional and cultural needs as GDP per capita rises [6][7] - The global acceptance of Chinese潮玩 is seen as a recognition of Chinese aesthetics and culture by the younger generation worldwide [7]

Core Insights - The report highlights the rapid expansion of Chinese trendy toy brands in global markets, particularly in Southeast Asia and Europe, reshaping the competitive landscape of the toy industry [1][2][6] - The global toy market reached a size of 773.1 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of 5.1% from 2024 to 2028, driven primarily by the rise of collectible toys [2][16] - The shift in consumer demographics towards adult collectors, termed "Kidult" culture, is a significant driver of this market transformation [2][3] Market Dynamics - The collectible toy segment has become a core growth engine, with the global market for collectible toys reaching 57.1 billion USD in 2023 and expected to exceed 69.6 billion USD by 2028, reflecting a CAGR of 4.0% [2][17] - Traditional toy giants like Mattel and Hasbro are facing challenges due to aging IPs and reliance on offline channels, leading to a decline in market share [3][37] - The competitive landscape is shifting, with new brands like Squishmallows and Funko gaining traction, while established brands struggle to maintain their positions [3][33] Competitive Advantages of Chinese Brands - Chinese trendy toy brands leverage a three-pronged advantage: designer talent, supply chain efficiency, and IP ecosystem development [4][5] - The number of art students in China has increased significantly, from 133,000 in 2004 to 647,000 in 2024, providing a robust talent pool for design innovation [4] - Chinese manufacturers are enhancing production precision and efficiency, exemplified by companies like Gaodesi, which produces over 10 billion building blocks annually [4] Regional Market Insights - Southeast Asia is identified as a key battleground for Chinese brands, with a toy market size of 4.1 billion USD in 2023 and a young population driving demand [6][7] - The U.S. market shows high consumer spending on toys, with an average of 136.8 USD per person, significantly higher than in China [7][8] - Chinese brands are successfully penetrating the U.S. market through localized strategies and partnerships with popular IPs, achieving notable sales growth [7][8] Strategic Developments - Companies like Pop Mart are adopting a dual strategy of original IP development and global licensing partnerships, enhancing their market presence [5][8] - The trend of "prosumer" engagement is emerging, where consumers actively participate in the creation and promotion of IPs, increasing brand loyalty [8][9] - The report emphasizes the transformation of the Chinese toy industry from a manufacturing base to a global brand powerhouse, with significant cultural implications [9]

江南时报讯 在全球潮玩市场，泡泡玛特旗下Labubu的崛起为中国原创IP树立了标杆，这个长着尖牙 的"小怪物"印证了潮玩经济的巨大潜力。拥有深厚文化底蕴和制造业优势的江苏，正迎来潮玩文创产业 的爆发期——从江苏企业若态科技旗下的"Nanci囡茜"系列成为现象级潮玩IP，再到近期"苏超"赛事带 动的文创热潮，江苏潮玩文创展现出惊人的市场号召力。 文化底蕴厚植创新基因 产业协同激活潮玩经济 从"叫南哥"到"恐龙妹妹"，"苏超"点燃潮玩经济 常州中华恐龙园迅速捕捉赛事热点，推出"萌动全苏·恐龙妹妹系列玩偶"。首批预售的恐龙妹妹系列玩 偶共有两个形象：穿着粉色小短裙、爪捧足球的霸王龙，以及拥有霸王龙外形、身穿粉色蓬蓬裙的拟人 化恐龙妹。两个形象均融入了网友们热评最多的霸王龙和粉色裙子元素。据悉，首批2万个玩偶已经在 加班加点生产中，预计7月中下旬到货。更早前，恐龙园还推出两款带有常州梗的帆布包，将城市特色 与赛事热度巧妙结合。 江苏发展潮玩产业具备先天优势。文化资源方面，全省有苏州园林、南京明孝陵等世界文化遗产，以及 昆曲、云锦等人类非物质文化遗产，为IP创作提供了丰富素材。 以若态科技为例，自2017年成立以来，若 ...

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