传闻纷飞，严谨求证， 掌握权威、真实的声音。 随着风靡全球的玩偶labubu身价水涨船高，其生产商泡泡玛特（09992.HK）股价从一月份的最低点一路 飙升至6月12日的最高点，累计涨幅达到260%，最新收盘价为266.8港元，总市值超过3600亿，泡泡玛 特创始人王宁近期也成为河南新首富。 即便如此，德意志银行、建银国际、摩根士丹利、招商证券国际等多家投行仍继续看多泡泡玛特的目标 价，近日给出的价位最高看至303港元（德意志银行）。在A股市场上，相关概念股近期仍有强劲表 现，青木科技、德艺文创6月12日录得20cm涨停，元隆雅图10cm涨停。 投资者近期在互动平台上纷纷向上市公司询问与泡泡玛特的合作情况，部分公司对近况进行了披露，也 有部分公司对市场传言进行辟谣，全景为您精选来自上市公司最真实的声音。 （以下内容均摘自深交所 互动易、上证 e 互动、上市公司公告等） 泡泡玛特.jpg 贵公司有没有为泡泡玛特海外运营？ 青木科技 [301110] ：目前公司是泡泡玛特天猫旗舰店的代运营服务商。 请问贵公司进军c端与泡泡玛特有合作吗？ 元隆雅图 [002878] ：目前公司与泡泡玛特在一些品牌营销推广项目上开展 ...

丨 2025年8月12日星期二丨 NO.1抖音电商成立安全与信任中心 （文章来源：每日经济新闻） NO.2 立秋当天饿了么骑手平均收入为去年1.4倍 8月11日，淘宝闪购及饿了么发布的"立秋消费观察"数据显示，8月7日立秋当天，有30多万家餐饮小店 在淘宝闪购平台上成交突破峰值，饿了么骑手数量达到去年的3.5倍，平均收入是去年的1.4倍。其中，7 月收入超过1万元的骑手数量较去年同比增长了184%。立秋当天，有超过30万家餐饮夫妻老婆店在淘宝 闪购迎来成交破峰，同时有8万家非餐小店成交增速超过100%。 点评：在当下竞争激烈的外卖行业中，平台纷纷发力。继美团不发布"秋天第一杯奶茶"战报之后，饿了 么也更关注平台收入和餐饮夫妻老婆店的收入和增速，可以看出在集体承诺"规范促销"后，外卖平台竞 争正从单纯的价格战，逐步转向价值和高质量的角逐。 NO.3有赞今年上半年实现扭亏为盈 点评：有赞此次逆袭，源于其在AI应用、客户结构调整等方面发力，比如推出"智能体"与全托管服务， 降低商家运营成本。在对手如云的市场中，有赞靠此实现盈利，未来有望持续拓展市场份额。 8月11日，抖音电商发文称，抖音电商近日正式成立安全与信任中 ...

Core Viewpoint - The article discusses the booming popularity of Pop Mart's products, particularly the LABUBU series, and the challenges the company faces regarding supply capacity, counterfeit products, and the secondary market driven by scalpers [2][12]. Group 1: Market Demand and Scalping - Pop Mart's LABUBU series has become a hot commodity, leading to a significant increase in foot traffic in stores during the summer, especially among students [4]. - Consumers report difficulties in purchasing products due to high demand and limited availability, often resorting to waiting in online queues for drops [5]. - The scarcity of products has led to a thriving scalper market, where individuals quickly buy up stock to resell at a premium [6]. Group 2: Counterfeit Products - The rise in popularity of LABUBU has resulted in a surge of counterfeit products, with some sellers openly advertising fake items at lower prices [9]. - Counterfeit goods can be categorized into two types: those that openly declare themselves as fakes and those that are designed to deceive consumers into believing they are genuine [9]. - Pop Mart has limited ability to authenticate products purchased through third-party channels, complicating the issue of counterfeit goods [10]. Group 3: Financial Performance and Valuation - Pop Mart's sales have skyrocketed, with a projected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [13]. - The company's stock price has seen significant increases, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [13]. - Analysts express optimism about Pop Mart's long-term prospects, citing its strong retail foundation and competitive advantages in the market [12][15]. Group 4: Future Challenges and Opportunities - While Pop Mart's growth is promising, the volatility of its stock price is a concern due to the unpredictable nature of popular IP products [14]. - The company is seen as having the potential to become a global leader in the IP industry, akin to Disney, if it can enhance its content production capabilities [14]. - The community engagement fostered by Pop Mart enhances brand loyalty and encourages secondary market activity, which could be beneficial for long-term growth [15].

限量发售掀抢购潮 8月3日，由泡泡玛特主办的2025PTS北京国际潮流玩具展迎来收官，旗下LABUBU、MOLLY、星星人 等标志性IP悉数亮相，吸引众多观众驻足互动，现场气氛热烈，更有海外粉丝专程前来打卡，再次印证 了泡泡玛特作为中国潮玩领军品牌的全球影响力。 火爆背后，是泡泡玛特面临的产能挑战。泡泡玛特创始人王宁近日在接受央视采访时的一句调侃"我们 的缝纫机都踩冒烟了"，生动道出了当前产品供不应求的甜蜜烦恼。究竟有多火？为何如此紧俏？黄牛 如何搅局？假货问题何解？资本如何反应？带着种种疑问，证券时报记者展开了调查。 黄牛大行其道 眼下正值暑假，各大潮玩门店都迎来了学生客流高峰。有泡泡玛特门店工作人员向记者表示，店内暑假 人流会更旺一些，"如果是跟着家长来的，出手会更'阔绰'一些，家长一般都愿意花几十上百来满足孩 子的心愿"。 值得注意的是，作为泡泡玛特旗下"当红炸子鸡"的LABUBU，虽然被摆在"C位"，但在门店内并不能直 接购买。店员表示，消费者若想购买，需自行通过线上抢购，抢购成功后可到店取货。泡泡玛特于6月 中下旬起对LABUBU 3.0前方高能系列开启线上预售，泡泡玛特微信小程序、支付宝小程序、抖 ...

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, amidst challenges related to supply capacity and the rise of counterfeit goods in the market [1][9]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in customer traffic at Pop Mart stores, particularly among students, leading to increased spending by parents [2]. - LABUBU products are not available for direct purchase in stores; instead, customers must participate in online flash sales, which have proven to be highly competitive and difficult to navigate [2][3]. - The combination of high market demand and limited online purchasing opportunities has led to the emergence of scalpers, who quickly buy up stock and resell it at a premium [3][4]. Group 2: Counterfeit Goods and Market Challenges - The proliferation of counterfeit products has become a significant issue, with some sellers openly advertising fake items, while others create convincing replicas that are sold at high prices [6][8]. - Pop Mart has faced challenges in combating counterfeit goods due to the vast number of third-party sales channels and the rapid emergence of unauthorized sellers [8]. - The company has issued warnings about the risks associated with purchasing from unofficial channels, emphasizing the difficulty in verifying product authenticity [8]. Group 3: Financial Performance and Market Outlook - Pop Mart's strong sales performance has led to a dramatic increase in revenue and profit forecasts, with expected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [9]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization that briefly surpassed 380 billion HKD [9]. - Analysts remain optimistic about Pop Mart's long-term growth potential, citing its robust retail business model and competitive advantages in the market [9][11].

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, which has led to significant supply challenges and the emergence of a secondary market driven by scalpers and counterfeit goods [2][3][4][5]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in foot traffic at Pop Mart stores, particularly among students, with parents willing to spend significantly on trendy toys [3]. - LABUBU products are not directly available for purchase in stores; instead, customers must participate in online flash sales, which have proven extremely competitive, often selling out in seconds [3][4]. - The combination of high demand and limited online availability has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium [4][5]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups on social media facilitating the rapid resale of Pop Mart products, often within minutes of restocking [4][5]. - A new gray market has emerged, where individuals charge fees for real-time restock notifications, exploiting the high demand for limited-edition items [4]. - Counterfeit products have proliferated, with some sellers openly advertising fake items at lower prices, while others misrepresent counterfeit goods as authentic [6][8]. Group 3: Company Performance and Valuation - Pop Mart's strong sales performance has led to explosive growth in revenue and profit, with a projected revenue increase of at least 200% and net profit growth of at least 350% for the first half of 2025 [10]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [10]. - Analysts remain optimistic about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [10][12]. Group 4: Future Challenges and Opportunities - Despite the positive outlook, the volatility of Pop Mart's stock price is a concern, driven by the unpredictable nature of popular IP products and their limited lifecycles [11]. - The company is seen as a potential leader in the global IP market, with opportunities to enhance its content production capabilities and expand its brand internationally [11]. - Ongoing efforts to combat counterfeit goods and improve consumer trust are critical for maintaining brand integrity and market position [6][8].

Core Insights - LABUBU's global popularity has positioned PopMart in the spotlight, with the IP expected to reach phenomenal popularity by 2025, becoming a sought-after collectible among fans [1] - The founder of PopMart, Wang Ning, shared insights on the core themes of the trendy toy industry during a deep interview with CCTV News, highlighting the transformation of Chinese cultural consumer brands in the global market [2][4] Company Development - Wang Ning's journey reflects the spirit of PopMart, showcasing his dual role as an industry observer and pioneer, revealing the challenges and opportunities faced by Chinese brands in the global landscape [4][5] - Wang Ning's early experiences in his family's small business laid the foundation for his understanding of commerce, which he later applied to his entrepreneurial ventures [8][9] - After facing initial struggles with PopMart's concept of trendy toys, Wang Ning pivoted to create a platform called Taohuo.com to connect manufacturers and retailers, which eventually led to securing angel investment [13][14] IP Strategy - In 2014, Wang Ning recognized the importance of exclusive IP and successfully acquired the rights to the popular Sonny Angel toy in China, which significantly contributed to PopMart's revenue [16][20] - The introduction of the Molly IP marked a turning point for PopMart, allowing the company to transition from a simple retailer to a brand operator with core IP assets [20][21] Market Expansion - PopMart's successful launch of the Molly zodiac series blind boxes in 2016 attracted a female consumer base, leading to rapid growth in the trendy toy market [21][24] - The company went public on the Hong Kong Stock Exchange in December 2020, achieving a market valuation exceeding HKD 100 billion on its first trading day [24] Globalization Efforts - PopMart has expanded its presence in Southeast Asia, with significant revenue growth of 375.2% year-on-year in 2024, driven by localized marketing strategies and collaborations with local artists [28] - In the European and American markets, PopMart has successfully opened pop-up stores and collaborated with local influencers to enhance brand visibility and consumer engagement [29] Challenges and Future Outlook - Despite rapid growth, PopMart faces supply chain challenges and market saturation, with Wang Ning emphasizing the need for strict quality control and supply chain optimization [32][34] - The company is navigating the complexities of the blind box model, which has raised concerns about consumer trust and market speculation [34][35] - Wang Ning's vision for PopMart is to create a lasting emotional connection with consumers while addressing the challenges of maintaining brand value and cultural depth [35][36]

Group 1 - The core viewpoint of the articles highlights the impressive growth of Pop Mart, with a projected revenue increase of no less than 200% and an adjusted profit growth of no less than 350% for the first half of 2025, compared to the previous year [1] - The overseas market has become a key driver for Pop Mart's growth, with expectations that overseas revenue will surpass domestic revenue for the first time in 2025 [2] - The company has expanded its global footprint significantly, with over 180 stores in China, Hong Kong, Macau, Taiwan, and overseas regions by June 2025, marking a net increase of nearly 50 stores since the end of 2024 [2] Group 2 - The launch of the Labubu IP has driven significant engagement, leading to Pop Mart's app reaching the top of the shopping charts in the US App Store and the company being included in TIME's list of the 100 most influential companies [3] - Online sales have surged, with a record-breaking single-day GMV of over $5 million during a mid-year promotion on TikTok Shop in the US [3] - Despite the impressive performance, challenges such as product quality issues and the potential bubble in blind box economics pose risks to the company's growth trajectory [4] Group 3 - The company is expected to achieve net profits of 9.4 billion, 14.9 billion, and 20.5 billion yuan from 2025 to 2027, indicating strong future profitability [5] - The establishment of Pop Mart's film studio and the upcoming project "LABUBU and Friends" aim to expand the brand into the content industry, enhancing its IP value [5] - Seasonal events and the company's 15th-anniversary celebrations are anticipated to further boost growth in the latter half of the year, reflecting a shift towards emotional consumption [5]

Core Viewpoint - The article discusses the phenomenon of the LABUBU blind box craze in China, highlighting the intense consumer demand, the role of social media influencers, and the complexities of the secondary market for these collectibles [3][6][12]. Group 1: Consumer Behavior - Consumers are actively participating in the purchase of LABUBU blind boxes, often queuing early to secure limited editions, indicating a strong demand for these products [3][4]. - The motivations for purchasing LABUBU vary among consumers, including genuine affection for the product, social comparison, and the potential for profit through resale [7][12]. - The popularity of LABUBU has been significantly influenced by endorsements from celebrities, leading to a surge in online searches and social media discussions [6][12]. Group 2: Market Dynamics - LABUBU has seen a dramatic increase in revenue, with projections of 13 billion yuan in 2024 and a 1.6 times year-on-year growth in Q1 2025, alongside a nearly fivefold increase in overseas market revenue [6][12]. - The blind box market operates on a dual-channel sales model, with both online and offline purchasing options, but the tactile experience of in-store shopping remains crucial for serious collectors [10][11]. - The secondary market for LABUBU collectibles is thriving, with resellers often marking up prices significantly, although the market can be volatile and subject to rapid changes in consumer interest [15][17]. Group 3: Brand and Product Strategy - The success of LABUBU is attributed to its unique design and the effective marketing strategies employed by Pop Mart, which include collaborations with artists and leveraging social media for brand visibility [6][12]. - Pop Mart's business model focuses on acquiring IP rights and creating a community around its products, which has fostered a dedicated fan base [12][15]. - The company has introduced various product lines and limited editions, which keeps consumer interest high and encourages repeat purchases [6][12].

Group 1 - The article discusses the unique and humorous nature of Japanese gacha machines, particularly the "wanted criminal gacha" that dispenses figurines of fictional criminals, which has gained popularity online [1][3][5] - The developer of the gacha machine, Hiroki Terai, revealed that the criminals depicted are fictional and based on acquaintances, leading to a lighthearted reception from consumers [5][7] - The gacha machine has expanded in Japan, selling over 30,000 capsules and generating approximately 9 million yen in revenue, showcasing the commercial success of this novelty [9][49] Group 2 - Japan's gacha market is extensive, with over 500 billion yen (approximately 3.2 billion USD) in market size, having doubled since 2010, indicating a strong growth trend [49][63] - The gacha machines are prevalent across various locations, with an estimated 500,000 machines in Japan, selling nearly 300 million capsules annually [47][49] - Despite the popularity of gacha machines, the market size is significantly smaller than that of the Chinese blind box company Pop Mart, which is projected to exceed 13 billion yuan in sales in 2024 [63][72] Group 3 - The article highlights the creativity and diversity of gacha products, ranging from food items to absurd concepts, reflecting a culture of innovation in Japan [11][25][27] - Gacha machines have evolved from simple toy dispensers to complex marketing tools for popular IPs, with major companies like Bandai dominating the market [45][68] - The competitive landscape for smaller gacha manufacturers has become challenging, with many struggling to achieve significant sales volumes, indicating a saturated market [70][72]