此次让"拉布布"爆火的根源,是泡泡玛特在4月底发布的"拉布布3.0"系列。泡泡玛特官网显示,在美国和 英国市场,该系列仅发售价格就要高出国内一倍以上。在二手平台StockX上,"拉布布"隐藏款单个盲盒炒 价飙升至最高上千美元,溢价百倍,"年轻人的塑料茅台"的称号实至名归。 6月8日,福布斯实时富豪榜显示,泡泡玛特创始人"85后"王宁取代牧原股份创始人秦英林成为河南新首 富。近期,泡泡玛特旗下"拉布布(Labubu)"爆火,一娃难求,一些联名或限量款的"拉布布"更是卖出了几千 上万元的天价,全球年轻人在为此"疯狂充值"。何谓"拉布布",为什么是"拉布布"?作为情绪经济催生出的 新兴消费业态,透过"拉布布"这个火出圈的现象级产品,可见其背后的行为经济学。 王赟 报道 身价暴涨的"拉布布" 是如何出圈的 近日,泡泡玛特旗下的"拉布布"爆火,可谓是"一娃难求"。据报道,在某拍卖平台,原价9000元的4只"拉布 布"拍出22403元。还有泡泡玛特与爱马仕铂金包捆绑竞拍,原价19万元,最后拍出203428元。其限量款在 二手市场溢价达20倍-30倍。 一时间,全球都在疯狂抢购这个"九颗牙"小怪兽。从美国洛杉矶凌晨三点的长 ...

Core Viewpoint - The rise of the潮玩 (trendy toys) industry in China is driving new consumer demand, benefiting the color masterbatch and pigment industries in the long term [2] Group 1:潮玩 Industry Growth - The潮玩 industry has seen significant growth, with the Chinese pan-entertainment toy market surpassing 100 billion yuan, projected to reach 101.8 billion yuan in 2024 and exceed 200 billion yuan by 2029, reaching 212.1 billion yuan [2] - The production of潮玩 products primarily involves plastic materials, where color masterbatches and pigments play a crucial role in coloring [2] Group 2: Color Masterbatch Market - Color masterbatch is a new type of polymer composite coloring material, with the global market size reaching 94.686 billion yuan in 2023, and China's market size at 37.041 billion yuan [3] - The global color masterbatch market is expected to grow to 129.834 billion yuan by 2029, with a CAGR of 5.21% from 2023 to 2029 [3] - The international color masterbatch market is characterized by monopolistic competition, with major players like Cabot Corporation and Clariant dominating the market [3] - China has become the largest producer of color masterbatches in Asia, with a low industry concentration and many small-scale enterprises [3] - As internationalization progresses, larger Chinese companies are beginning to compete in the global color masterbatch market, with recommendations to focus on Meilian New Materials and Baolidi [3] Group 3: Organic Pigment Market - The plastic industry is one of the three main application areas for organic pigments, with stable global production growth and a significant market share held by China [4] - The market for organic pigments is promising due to rigid downstream demand, but the capacity for classic organic pigments is nearing saturation, leading to price and margin declines [4] - High-performance organic pigments are emerging as a new trend in the industry, with a high technical barrier and dominated by global chemical giants like BASF and Clariant [4] - Domestic companies such as Qicai Chemical and Baihehua are among the few that possess core production technologies [4] - The tightening of environmental policies and the oversupply of classic organic pigments favor the development of high-performance organic pigments, benefiting industry leaders [4]

Core Insights - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan, replacing the founder of Muyuan Foods, Qin Yinglin, as of June 8, according to Forbes' real-time billionaire rankings [1] - The popularity of Pop Mart's Labubu has surged, leading to high demand and significant sales, with some limited edition items selling for tens of thousands of yuan [1][2] - Labubu has become a symbol of emotional consumption among young people, reflecting a shift towards valuing symbolic and experiential purchases [1][9] Group 1: Company Performance - Labubu has topped the search rankings on Alibaba's AliExpress platform ahead of the overseas 618 shopping festival, indicating strong international interest [2] - Pop Mart's stock price has shown an upward trend, closing at 244.8 HKD per share on June 6 and rising to 248.8 HKD by June 9 [2] - The gross merchandise volume (GMV) for Pop Mart's toys on AliExpress has increased by 300% year-on-year in the first half of the year [2] Group 2: Market Trends - The trend of emotional consumption is driving the success of products like Labubu, which provide significant emotional value at relatively low prices [2] - The number of registered toy-related companies in China has reached 22,300 as of May 2025, with a notable increase in registrations since 2021 [9] - The number of paying consumers in the Chinese toy market is projected to reach 40 million by 2025 and 49 million by 2030, indicating a shift from experiential to habitual consumption [9] Group 3: Competitive Landscape - Companies like 52TOYS and Tong Shifu are entering the market with different strategies, focusing on licensed IPs and targeting middle-aged consumers, respectively [4][5] - 52TOYS aims to differentiate itself by emphasizing collectible toys rather than trendy toys, while Tong Shifu focuses on copper cultural products appealing to a mature demographic [5] - The competition in the trendy toy industry is intensifying, with many new brands and designers emerging [9] Group 4: Cultural Integration - Museums are becoming new consumption models, with institutions like the British Museum exploring private e-commerce in China [7] - Pop Mart is actively integrating traditional cultural elements into its products, collaborating with cultural IPs like the Palace Museum and Dunhuang [7]

Group 1: New Consumption Trends - The rise of new consumption reflects a shift from traditional asset accumulation to emotional and personalized experiences, driven by generational changes in consumer preferences [2][4] - The "self-pleasing consumption" initiative in Shanghai emphasizes the importance of emotional value over basic functionality, indicating a significant change in consumer behavior [2] - Companies like Guangbo Co. and Mixue Ice City are leveraging flexible supply chains and rapid product iterations to capture growth in the new consumption sector [2] Group 2: Key Investment Themes in Technology - The commercialization of IP and the trend of "潮玩" (trendy toys) highlight the potential of emotional connections and cultural recognition in driving consumer engagement, with companies like Pop Mart and Aofei Entertainment leading the way [4] - The integration of traditional culture with modern design is revitalizing industries such as gold jewelry, with brands like Lao Pu Gold and Lao Feng Xiang achieving significant premium pricing through cultural and design attributes [4] - The pet economy is expanding due to changing family structures and increasing single populations, with companies like Zhongchong Co. and Petty Co. capitalizing on this trend [4] Group 3: Technological Advancements and Market Opportunities - The importance of domestic technology capabilities is underscored by the rise of Huawei's Ascend ecosystem, which is crucial for building a self-sufficient digital infrastructure [7] - The Chinese consumer electronics industry is positioned for growth, driven by a large affluent and middle-class population with strong purchasing power for innovative products [7] - The demand for computing power is surging due to advancements in AI and big data, creating opportunities in data centers and cloud services, with companies like Taicheng Light and Shenghong Co. playing significant roles [7]

Core Insights - The article discusses the rising popularity of Labubu, a character designed by Hong Kong artist, and its impact on both the toy and real estate markets, highlighting a case where a player spent significant amounts on toys and real estate due to the character's influence [1][9]. Company Overview - Labubu is a character created by a Hong Kong artist, inspired by Nordic monsters, and is produced by Pop Mart, which has leveraged its global sales network to market the character [1]. - In 2024, Pop Mart is projected to achieve revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, with overseas and Hong Kong/Macau/Taiwan business revenue reaching 5.07 billion yuan, a staggering increase of 375.2% [1]. Market Trends - Labubu has become a significant cultural phenomenon, influencing real estate marketing strategies, with developers and agents using the character in promotional materials, such as offering Labubu-themed children's rooms [1][6]. - The character's popularity extends to high-end markets, as evidenced by a social media influencer associating Labubu with luxury real estate, indicating its crossover appeal [3][6]. Consumer Behavior - Labubu has created a strong fan community, enhancing user engagement through shared experiences and discussions about the character, which has turned it into a form of "social currency" among fans [9]. - The secondary market for Labubu products shows significant price inflation, with items originally priced at 599 yuan being resold for up to 30,000 yuan, indicating high demand and speculative trading behavior [9][10].

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 王毓婵 头图 | IC photo Busy Money 周六福通过港交所主板上市聆讯 "仙饼嫂"品牌获千万级天使轮融资 6月5日，"仙饼嫂餐饮"宣布其核心品牌"仙饼嫂"已成功完成千万级人民币天使轮融资。本轮融资金 额达1000万元人民币，由国内知名投资机构领投。资金将用于供应链升级、仙饼嫂门店拓展及数字 化建设，加速地方美食现代化。 传笛亚壳获千万元A轮投资 近日，传笛亚壳千万元A轮投资，投资方为奇成资本。传笛亚壳是一家潮流文化品牌提供商，以潮 流、艺术与文化为内核，整合展会与策划、短期与长期实体运营、创意IP孵化设计及线上传播矩阵布 局，首创打通营销、运营、IP孵化及流量的潮流文化次元全域型公司，公司自有的潮流展会 IP"T&ARTCON潮博会"。 康渡酒业集团获数千万元A轮融资 近日，康渡酒业完成数千万元的A轮融资。此次融资将助力康渡酒业在酒业市场持续深耕，进一步巩 固其行业领先地位，并加速新零售模式的推广。康渡酒业是一家酒类生产商，该公司主要从事酱酒、 清新果酒及特色露酒研发、生产、销售业务，以满足消费者需求。 ...

Group 1 - Jay Chou released a new song titled "Impromptu" on June 6, which quickly topped QQ Music's charts, marking a significant return after three years since his last album "The Greatest Works of Art" [1][5] - The song "Impromptu" was initially performed during his self-produced variety show "Travel with Jay Chou," showcasing his creative process and connection to iconic music history [4][5] - The release of "Impromptu" has reignited discussions about the generational clash between Jay Chou and younger artists like Cai Xukun, reflecting the evolving landscape of pop culture and fan engagement [4][7] Group 2 - Jay Chou's previous album sold over 5.99 million copies, generating nearly 1.8 billion yuan in revenue, but faced criticism for having only six new songs out of twelve [7] - The competition between Jay Chou and Cai Xukun's fanbases highlights the differences in cultural recognition and participation methods across generations [7][9] - Jay Chou's commercial ventures, including collaborations in the gaming and metaverse sectors, indicate his efforts to adapt to the interests of Generation Z, although some initiatives have not met expectations [9][10] Group 3 - The upcoming album from Jay Chou is anticipated to be a collaboration with lyricist Fang Wenshan, which is crucial for maintaining his influence among both older and younger fans [7][10] - Jay Chou's IP expansion includes various projects, such as theme parks and exhibitions, but some have struggled to achieve success, raising questions about the sustainability of his brand in a changing market [10][14] - The "Hua Qiao Dream World" project, which aimed to leverage Jay Chou's IP, has faced challenges, indicating the difficulties in executing large-scale entertainment ventures [13][14]

01. 继泡泡玛特、布鲁可之后，又一个潮玩公司——52TOYS递交IPO，赴港上市。 尽管在多个场合中，52TOYS称自己不想做泡泡玛特，但二者仍有许多相似之处：同处于风口的潮玩行业，同样做着IP生意的商业模式，甚至有着都选择 在"品牌建立10年"这个时间节点上市的巧合。 与泡泡玛特当初上市时大相径庭的是，如今提交招股书的52TOYS，备受资本市场的青睐，就连万达影业这种看似和潮玩不沾边的企业也参与了52TOYS 的融资。 这里面，有一部分是泡泡玛特的功劳。 这几年，labubu等头部潮玩IP给泡泡玛特带去几十亿的营收，不光让整个市场看到了IP生意翻倍增长的可持续性，更是让整个资本市场见识到了潮玩行业 的巨大潜力：当初那个不被资本们看好的泡泡玛特，今年市值屡创新高，如今甚至超过了安踏和小鹏。 在竞争激烈的潮玩市场，泡泡玛特已经证明了自己的能力，但眼下依旧靠外部授权IP盈利的52TOYS，还需要在盈利和孵化IP上做出成绩，证明自己。 行业不会只有一个泡泡玛特，但都想压中下一个泡泡玛特。 来源：略大参考 作者：付饶 被看好的"潮玩第三股" 主要的原因在于，泡泡玛特用过去几年成倍增长的营收，充分证明了其商业化潜力和 ...

Core Viewpoint - The article discusses the rise of 52TOYS as a potential competitor in the trendy toy market, following the success of Pop Mart and other companies, highlighting the similarities and differences in their business models and market conditions [1][2][3]. Group 1: Market Context - The trendy toy market is experiencing significant growth, with the Chinese market expected to reach nearly 90 billion RMB by 2024, maintaining a compound annual growth rate of 14% over the next three years [5][6]. - 52TOYS is entering the market at a favorable time, capitalizing on the growing popularity of emotional consumption trends such as blind boxes and collectible toys [6][7]. Group 2: Company Performance - 52TOYS has shown revenue growth, with projected revenues of 463 million RMB, 482 million RMB, and 630 million RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 16.7% [15]. - Despite revenue growth, 52TOYS has faced continuous losses, with losses increasing from 1.71 million RMB in 2022 to 122 million RMB in 2024 [15][18]. - The company's profitability is challenged by high costs associated with IP licensing, which accounted for 12.1% of sales costs in 2024, leading to a decline in gross margin from 40.5% in 2023 to 39.9% in 2024 [21][22]. Group 3: Competitive Landscape - 52TOYS is compared unfavorably to competitors like Pop Mart and Blucol, which have demonstrated stronger financial performance, with Blucol achieving over 1 billion RMB in revenue in the first half of 2024 [17][18]. - The company relies heavily on licensed IP products, which constituted 64.5% of its total revenue by 2024, raising concerns about sustainability and profitability [18][23]. Group 4: Growth Strategies - 52TOYS aims to leverage film IP derivatives and international expansion as key growth strategies, having entered over 10 countries since 2017, with a focus on Southeast Asia [31][33]. - The company has had some success with film-related products, such as the collaboration with "The Wandering Earth 2," which generated significant pre-sale revenue [27][30]. Group 5: Future Outlook - The company faces intense competition in the trendy toy market, with over 50,000 related enterprises in China, making differentiation and successful IP development crucial for its future success [34]. - 52TOYS needs to develop its own successful IPs to compete effectively and achieve the same level of market recognition as Pop Mart's labubu [34].

Group 1: Industry Overview - The潮玩 economy has evolved from a niche market to a mainstream consumer trend, driven by the Z generation's emotional connection and identity recognition through products [1] - The潮玩 market in China has surpassed 100 billion yuan in scale, with projections to exceed 200 billion yuan by 2029 [5] -潮玩 products emphasize cultural resonance, creative expression, and aesthetic value, appealing primarily to adult collectors and trend enthusiasts [4] Group 2: Company Performance - 泡泡玛特 (09992.HK) has seen its stock price increase by 1070.65% in 2024, reaching a market cap of 314.2 billion HKD, surpassing several established consumer brands [2] - 泡泡玛特 reported a revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.92%, with a net profit of 3.403 billion yuan, up 185.86% [2] - Other潮玩 brands like 布鲁可 (00325.HK) and TOP TOY have also shown significant growth, with 布鲁可's stock price rising 173.07% since its IPO and a revenue increase of 155.61% [2][3] Group 3: Market Dynamics - The潮玩 market is characterized by a rapid increase in the number of related enterprises, with 22,300潮玩 companies registered by May 2025, reflecting a 30.18% year-on-year growth in 2024 [5] - The rise of情绪经济 and盲盒经济 has created a favorable environment for潮玩 brands, with a strong consumer base among the 20-35 age group [12] - The market is expected to see a shift from "experiential purchasing" to "habitual consumption," with the number of paying consumers projected to reach 40 million by 2025 [12] Group 4: Global Expansion - 泡泡玛特 has accelerated its global strategy, achieving a revenue of 3.041 billion yuan from its international operations in 2024, a 726.56% increase [10] - The company has localized its products and signed local artists to enhance its global presence, with significant success in markets like Thailand and North America [10][11] - The潮玩 industry is witnessing a collective move towards international markets, driven by the demand for quality IP and products [11] Group 5: Challenges and Opportunities - Despite the growth potential, the潮玩 economy faces challenges such as immature business models and evolving consumer preferences [12][14] - The industry must balance the niche value of潮玩 as collectibles with the mass production aspect to sustain profitability [14] - Technological advancements like 3D printing and AI are expected to enhance product interactivity and market expansion [13]