Core Viewpoint - The article discusses the skyrocketing popularity and market dynamics of Labubu, a character from Pop Mart, highlighting the extreme price inflation of its merchandise and the unpredictability of its market value [1][15][18]. Group 1: Event and Market Reaction - A themed pop-up event for Labubu in Chengdu saw its reservation tickets sell out instantly, with scalpers reselling them for 500 yuan, a staggering 50,000 times the original price of 0.01 yuan [1][2][3]. - The previous pop-up event in Shanghai also experienced overwhelming demand, leading to many fans missing out on reservations [3]. Group 2: Consumer Sentiment and Scalping Issues - Many consumers expressed discontent with scalping practices on social media, calling for stronger anti-scalping measures from the official organizers, such as real-name registration and facial recognition [8]. - Labubu merchandise, such as a rubber hanging ornament originally priced at 199 yuan, is being resold for over 1,000 yuan on secondary markets [8]. Group 3: Auction Prices and Historical Context - At an auction, a rare mint green Labubu sold for 1.08 million yuan, while a limited edition brown Labubu fetched 820,000 yuan [11]. - A previous owner of two Labubu figures sold them for over 300,000 yuan after initially purchasing them for just over 100,000 yuan, indicating significant price appreciation [12]. Group 4: Market Dynamics and Future Uncertainty - The article notes that the rise and fall of IPs like Labubu are unpredictable, with no clear patterns to forecast their popularity [15][17]. - The market for collectible toys often experiences volatility, with past trends showing that once-popular items can lose value significantly over time [18].

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% ...

Core Insights - Wang Ning, the founder of Pop Mart, has become the new richest person in Henan with a net worth of $20.3 billion, surpassing Qin Yinglin of Muyuan Foods, who has a net worth of $16.3 billion [1][4] - The popularity of Pop Mart's Labubu has significantly boosted the company's stock price, which rose by 4.25% on June 11, reaching a market capitalization of HKD 362.3 billion (approximately RMB 333.2 billion) [3][5] - Pop Mart's revenue for 2024 is reported at RMB 13.04 billion, a year-on-year increase of 106.9%, with adjusted net profit rising by 185.9% to RMB 3.4 billion [5] Company Performance - As of June 11, Pop Mart's stock price was HKD 269.8 per share, reflecting a 204% increase year-to-date and over 13 times growth since the beginning of 2024 [5] - The company's four major IPs (THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY) each generated over RMB 1 billion in revenue in 2024 [5] - THE MONSTERS IP alone achieved revenue of RMB 3.04 billion, marking a staggering year-on-year growth of 726.6% [6] Business Strategy - Pop Mart's business model focuses on emotional connections with consumers, leveraging the appeal of its IPs to meet the emotional needs of young consumers [8][13] - The company has adopted a cautious approach to expansion, with over 500 global stores and more than 100 overseas locations, contrasting with competitors like Adidas and Li Ning, which have rapidly expanded their store counts [14][15] - Wang Ning emphasizes the importance of sustainable growth over rapid expansion, prioritizing the health of store operations and the integrity of the brand's IP [14][15] Leadership and Culture - Wang Ning is characterized as a non-typical entrepreneur, valuing a calm and observant leadership style, which fosters a stable and cohesive team environment [18][19] - The company has maintained a relatively stable management team, with many core members joining before the company's significant growth [19][20] - Wang Ning's approach to decision-making is described as "fast decisions, slow execution," reflecting a methodical and thoughtful strategy in business operations [15][16] Future Outlook - For 2024, the company anticipates revenue to exceed RMB 10 billion, with a focus on improving store locations, product design, and marketing strategies to better meet consumer needs [21][22] - Despite recent successes, Wang Ning remains cautious, urging the team to stay grounded and attentive to operational challenges [21][22]

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]

Core Viewpoint - The article highlights the significant wealth increase of Wang Ning's family, the founder of Pop Mart, which has surged to $20.8 billion, making them the new richest family in Henan province, surpassing the founder of Muyuan Foods [1][2]. Company Performance - Pop Mart's stock price has skyrocketed over 11 times since the beginning of 2024, with a peak increase of over 1400% from its lowest to highest price [2]. - In 2024, Pop Mart achieved record revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% year-on-year [3]. - The company's IP products, particularly LABUBU, have gained immense popularity, with some limited editions selling for tens of thousands of yuan [3]. IP Development - Pop Mart reported that four major IPs (THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY) each generated over 1 billion yuan in revenue, with THE MONSTERS surpassing 3 billion yuan [3]. - The company emphasizes its ability to create successful IPs, showcasing its confidence in future growth as it celebrates the 10th anniversary of LABUBU and the 20th anniversary of MOLLY [3]. Global Expansion - In Q1 2025, Pop Mart's overall revenue is expected to grow by 165%-170% year-on-year, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [4]. - The company plans to expand its global presence, focusing on North America, Southeast Asia, and Europe, by opening physical stores in landmark locations and enhancing brand experience [4]. Industry Trends - The global toy market is projected to grow at an average rate of 5.34%, reaching nearly 1 trillion yuan by 2028, with China's toy market expected to grow at an average rate of 9.27% [5]. - The IP toy market in China is anticipated to grow from 57.8 billion yuan in 2025 to 91.1 billion yuan by 2028, with an average growth rate of 17.02% [5]. - The competitive landscape of the toy market is characterized by "dual-track competition," with traditional giants like LEGO and Bandai on one side and innovative Chinese brands like Pop Mart on the other [6].

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 ...