本报记者 许林艳 近日，受泡泡玛特IP手办LABUBU火爆影响，投资者对潮玩经济关注度骤升。6月16日，北京元隆雅图 文化传播股份有限公司（以下简称"元隆雅图"）再涨停，报收27.42元/股，而近12个交易日以来，该公 司共收获了8个涨停板。当日晚间，元隆雅图再次发布股票交易异常波动公告称，近期公司经营情况及 内外部经营环境均没有发生或预计将要发生重大变化。 "潮玩经济火热折射出消费市场正从'实用主义'向'情绪经济'转型，商家通过个性化产品满足大众精神需 求。"中国电子商务专家服务中心副主任郭涛如是说。 今年3月份，广东省韶关市武江区人民政府与韶关市阳威潮玩动漫有限公司举行签约仪式，总投资3000 万元的阳威塑胶制品生产基地项目正式落户武江城乡融合产业园。项目将建设集塑胶制品研发、生产、 销售于一体的现代化生产基地，主要生产潮流动漫手办、模型及扭蛋、盲盒等周边产品。项目投产后， 预计年产值将超过2亿元。 6月10日，浙江省商务厅等17部门联合印发了《关于支持游戏出海的若干措施》，围绕游戏产业提升、 平台支撑、生态优化、要素保障四个方面，提出20条具体措施，推动游戏产业做大做强、国际化发展。 当前，我国潮玩市场 ...

近期，LABUBU火遍全球，包括贝克汉姆、蕾哈娜等一众明星纷纷在社交媒体上晒出自己购得的 LABUBU产品。线上线下、国内国外，都掀起了"一娃难求"的抢购狂潮。 6月14日，泡泡玛特韩国（POP MART Korea）发布公告称，由于近期线下销售现场存在潜在安全事故 的担忧，本公司将顾客的安全置于首位，并致力于提供更优质的服务，因此决定暂时中止LABUBU毛 绒玩偶及LABUBU毛绒钥匙扣全系列产品的线下销售。公司将尽最大努力以更令人满意的服务恢复销 售。 팝마트코리아 판매 안내 공지 POP MART Korea Sales Announcement Notice 안녕하십니까 팝마트코리아 입니다. 당사 제품을 아껴주시고 사랑해주시는 고객 여러분께 진심으로 감사드립니다. 최근 오프라인 판매 현장에서의 안전사고에 대한 우려가 제기됨에 따라. 고객님의 안전을 최우선으로 고려하고 보다 나은 서비스를 제공해드리고자 라부부 전 시리즈 (인형 및 키링)의 오프라인 판매를 당분간 중단하게 되었음을 안내드립니다. 판매 제개 시에는 더욱 만족스러운 서비스로 찾아볼 수 있도록 ...

Core Viewpoint - The overwhelming popularity of Labubu has led to a surge in counterfeit products, with consumers struggling to obtain the original due to high demand and limited supply [1][3][32]. Group 1: Market Dynamics - The launch of Labubu 3.0 saw intense consumer interest, resulting in chaotic scenes at physical stores and online sales, with reports of violence and price gouging [1]. - The counterfeit market has flourished, with many "high-quality replicas" being sold under misleading pretenses, and some sellers openly labeling their products as "replicas" [2][4]. - The supply of counterfeit Labubu toys is currently outstripping demand, with factories reporting that they can sell products at any price due to high consumer interest [12][34]. Group 2: Consumer Behavior - The "hunger marketing" strategy employed by the original brand has created a perfect storm for counterfeits, as consumers are driven by a desire to own the product, often leading to impulsive purchases of fakes [13][16]. - The allure of blind box toys, where the exact item is unknown until purchase, heightens consumer curiosity and desire, further fueling demand [14][16]. - Social media plays a significant role in shaping consumer perceptions, with owning Labubu becoming a status symbol, especially after endorsements from celebrities [16][18]. Group 3: Counterfeit Characteristics - Counterfeit Labubu products are often of poor quality, with significant discrepancies in design and craftsmanship, yet they are still selling well, even overseas [26][28]. - The rise of "ugly" counterfeits has led to a unique subculture, where consumers share and showcase their fake Labubu products on social media [28][30]. Group 4: Legal and Economic Implications - The legal framework protects Labubu's design under copyright law, but enforcement remains challenging due to the decentralized nature of counterfeit production [39][41]. - Despite efforts to combat counterfeiting, including legal actions and increased surveillance, the economic incentives for counterfeiters remain high due to low production costs and high profit margins [46][49]. - To effectively combat counterfeiting, the original brand must innovate rapidly and create more collectible value in their products, while also educating consumers on the importance of avoiding counterfeit goods [50][52].

Core Viewpoint - The recent surge in popularity of the Labubu 3.0 series from Pop Mart has led to a global buying frenzy, significantly impacting the stock performance of related companies in the A-share market, particularly Yuanlong Yatu, which has seen a notable increase in its stock price [1] Group 1: Stock Performance - Pop Mart's stock has increased over tenfold in the past year [1] - Yuanlong Yatu's stock has achieved 7 consecutive trading limits in 11 days [1] Group 2: Company Collaborations - Ten listed companies have confirmed their collaborations with Pop Mart in the past three months, including Changlian Co., Yidian Tianxia, Debi Group, Qingmu Technology, and others [1][2] - Changlian Co. has established long-term strategic partnerships with multiple Fortune 500 companies, including Pop Mart [2] - Yidian Tianxia has identified Pop Mart as an important client, indicating a positive business relationship [2] - Debi Group has introduced Pop Mart vending machines in its properties [2] - Qingmu Technology serves as the operational service provider for Pop Mart's Tmall flagship store [2] - Zhongxin Tourism is one of the official ticketing agents for Pop Mart's city parks [2] - Hanshuo Technology's products and solutions are being utilized in Pop Mart's overseas stores [2] - *ST Yangguang has vending machines and stores for Pop Mart in its shopping centers [2] - Yuanlong Yatu is engaged in brand marketing and promotional projects with Pop Mart [2] - Wanda Film has collaborated with Pop Mart on numerous IPs, resulting in over a hundred related SKUs [2] - Nanling Technology has established a partnership with Pop Mart to provide integrated network security services for its global stores [2]

Group 1 - The core viewpoint of the articles highlights the rise of the "emotional value" driven consumption in China, particularly in the context of the "trendy toy economy" and the shift towards personalized and experiential consumption among younger consumers [1][2] - The company Bubble Mart has successfully tapped into this trend by offering unique IP characters like LABUBU, which resonate with young consumers' aesthetic preferences and emotional needs, leading to a significant increase in demand [1] - In the first quarter of this year, Bubble Mart's overseas business revenue saw a remarkable year-on-year growth of over 475%, indicating strong international interest in its products [1] Group 2 - The shift in consumer behavior from a focus on practicality to an emphasis on emotional resonance and psychological satisfaction is driving the growth of new consumption models, including the trendy toy economy and "guzi economy" [2] - The emotional consumption market in China is projected to exceed 20 trillion yuan by 2025, reflecting the increasing importance of emotional value in consumer spending [2]

最近，泡泡玛特创始人王宁以203亿美元身家超越牧原秦英林，成为河南新首富。这位年仅38 岁的"85后"创业者，用短短15年时间，将一家北京中关村的杂货铺打造成市值超3000亿港元 的潮玩帝国。 这些年里，泡泡玛特的股价跌宕起伏，市场在理解与质疑中不断循环。再后来，Labubu出圈 了。这个长着尖耳朵、九颗獠牙的毛绒小怪兽可以算得上是当今的潮玩顶流。在伦敦购物中 心，粉丝为抢购Labubu爆发斗殴，最终产品被迫紧急下架；洛杉矶门店外，消费者凌晨三点 排队，队伍长度堪比iPhone首发；二手市场溢价惊人——原价599元的联名款，被炒到2.8万 元，溢价高达46倍。 21君荐读 利润率不及4%！ 汽车业集体"反内卷" 60亿美元，又一单！ 中国创新药"大出海" 为什么Labubu能火成这样？本期《财经早察》带你读懂王宁和他的潮玩帝国。 出品：财经早察工作室 总统筹：邓红辉 执行统筹：陈晨星 祝乃娟 主播：董静怡 监制：洪晓文 曾婷芳 设计：王冰 SFC 本期编辑 黎雨桐 ...

Group 1 - The Labubu series by Pop Mart has sparked a buying frenzy both domestically and internationally, with products being hard to find [2][3] - On June 10, a unique mint-colored Labubu sold for 1.08 million yuan at the Yongle 2025 Spring Auction, highlighting the high demand and value of these collectibles [5] - In Jinan, all stores reported being out of stock, with consumers waiting in line and online for the products, which are often sold out within seconds [2][3] Group 2 - The Labubu 3.0 series saw significant sales growth in overseas markets, with an 8-fold increase in the US and a 5-fold increase in Europe in April [3] - The secondary market for Labubu products is thriving, with prices for original items skyrocketing; for example, a box originally priced at 594 yuan is now selling for 1,200 to 3,999 yuan [4] - The emotional value associated with Labubu products is a key driver of their popularity, particularly among younger consumers who are willing to pay for unique and expressive items [5] Group 3 - The rise of Labubu reflects a broader trend in the "潮玩经济" (trendy toy economy), where younger generations prioritize social sharing and personalized expression in their purchases [5] - The success of Labubu and similar Chinese IPs globally indicates a shift from mere product export to cultural recognition, showcasing the growing strength of Chinese original design [5]

Core Viewpoint - The article discusses the explosive popularity of the Labubu toy series from Pop Mart, highlighting its significant market demand and the emergence of scalpers profiting from its scarcity. The Labubu series is compared to "plastic Moutai," indicating its high value and desirability in the market [1][2]. Group 1: Market Performance - As of June 8, 2023, Pop Mart's stock price surged over 11 times since the beginning of 2024, with the Labubu series being a major contributor to this growth [2]. - On June 9, 2023, Pop Mart's stock closed at 253 HKD per share, reaching a market capitalization of approximately 340 billion HKD (about 311.3 billion RMB) [1]. Group 2: Scalper Activities - The Labubu series has become a lucrative target for scalpers, with some items being sold at over 30 times their original price in the secondary market [2]. - Scalpers utilize technology, such as automated clicking tools and multiple devices, to secure limited stock quickly, often sharing information in dedicated groups [5][6]. - The presence of paid membership groups provides faster and more accurate restock notifications, allowing scalpers to maximize their profits [6]. Group 3: International Market Dynamics - The Labubu series has gained international attention, with celebrities like Beckham and Rihanna promoting the product, further driving demand [10]. - Scalpers are engaging in reverse purchasing, acquiring Labubu toys from Southeast Asia and reselling them in China at significant markups, with some items priced at 1.5 to 2.3 times their original cost [12][13]. Group 4: Counterfeit Challenges - The rise of counterfeit products, referred to as "Lafufu," poses a significant challenge for Pop Mart, as these imitations are sold at much lower prices, impacting the brand's market integrity [15][16]. - The production cost of counterfeit items is minimal, leading to a substantial profit margin for counterfeiters, which could threaten Pop Mart's revenue and brand reputation [16][17].

Group 1 - The article discusses the rise of high-quality consumer brands and the establishment of the "2025 High-Quality Consumption Brand TOP 100" by Southern Metropolis Daily, focusing on various popular sectors such as beauty economy, sports and outdoor, food and health, and pet economy [2] - The "Guzi economy" and "trendy toy economy" are emerging as significant growth points in the consumer market, indicating a shift in consumer preferences and spending habits [2][3] - The article highlights the increasing demand for high-priced collectible toys, particularly the LABUBU brand, which has seen significant price increases in the secondary market, reflecting a broader trend in consumer behavior towards emotional value and social display [3][8] Group 2 - The LABUBU brand, created by Pop Mart, has become a top-selling IP, with its products experiencing a price increase from an original price of 99 yuan to a resale price of 4,140 yuan, showcasing the high demand for collectible toys [5][11] - The market for collectible toys is shifting towards higher price ranges, with a notable increase in the proportion of mid-range to high-end products, indicating consumers' willingness to pay more for quality and design [9][8] - The article notes that the trend of showcasing toys as fashion accessories has emerged, with consumers using LABUBU figures as decorative items on bags, enhancing their social media presence and driving further sales [13][16] Group 3 - High-end consumers are increasingly investing in accessories and clothing for their collectible toys, leading to a surge in related product markets such as doll clothing and protective cases [19][27] - The article mentions that the overseas expansion of Chinese toy brands, particularly Pop Mart, has seen significant revenue growth, with international sales reaching 5.065 billion yuan in 2024, accounting for nearly 40% of total revenue [33][34] - The article emphasizes the importance of innovative design and storytelling in the toy industry, suggesting that brands need to evolve beyond being mere collectibles to become cultural symbols [36][37]

Core Insights - The rise of Pop Mart's LABUBU 3.0 series has ignited global consumer enthusiasm, showcasing the success of the IP economy and the emergence of new consumption sectors despite negative CPI data [1][12] - The growth in niche markets like trendy toys and jewelry is outpacing the overall market with double-digit growth rates [1] Company Summaries - **Yutong Technology (002831.SZ)**: A leading packaging company providing unique 3D embossed and UV printing techniques for Pop Mart's products, with a projected 85% increase in revenue from trendy toy packaging in 2024, accounting for 12% of total revenue [5] - **Jieput (688025.SH)**: Specializes in laser marking technology with 0.1-micron precision, leading to a 150% increase in equipment orders in 2024, contributing to the digitalization of production standards [6] - **Aofei Entertainment (002292.SZ)**: Revitalizing classic IPs by licensing characters to Pop Mart, generating over 700 million yuan in revenue in 2024 with a 42% gross margin [6] - **Xinghui Entertainment (300043.SZ)**: A core manufacturer with a production capacity of 1 million units per month, expecting a significant revenue boost from the LABUBU plush series [8] - **Huali Technology (301011.SZ)**: Provides smart retail solutions, with a projected 200% increase in vending machine shipments in 2024, supporting Pop Mart's overseas expansion [8] - **Qingmu Co., Ltd. (301110.SZ)**: As the exclusive operator of Pop Mart's Tmall flagship store, it aims to double its GMV through live e-commerce by 2025, enhancing profitability through improved operational fees [8] Industry Trends - The investment landscape in the trendy toy industry focuses on companies with high barriers to entry, strong performance elasticity, and global collaboration potential [10] - The essence of the trendy toy economy lies in the Z generation's willingness to pay for emotional value, indicating a shift towards consumption upgrades [12]