Core Viewpoint - The popularity of Pop Mart's Starry People series collectibles has surged, leading to rapid sellouts and significant price increases in the secondary market [1][7][10]. Sales Performance - The Starry People series, following the success of Labubu and Zimomo, has seen items sold out almost immediately upon release in various stores [1]. - Consumers have reported difficulty in finding the Starry People series in Shanghai, indicating high demand and low supply [5]. Market Dynamics - Prices for the Starry People series collectibles have reportedly skyrocketed, with some items reaching levels that consumers find hard to comprehend [7][10]. - Despite the high prices, many consumers are still opting to purchase these items at a premium [8]. Theft Incident - A theft incident occurred in a Pop Mart store in Shanghai, where a customer stole two display items from the Starry People series after they sold out [11][14]. - The suspect, identified as Qi, justified her actions by stating that she believed the items were not worth much and thought she would not face consequences [16][19]. - The stolen items, valued at 178 yuan in total, led to legal repercussions for the suspect, highlighting the lengths to which consumers may go to obtain these popular collectibles [19].

Core Insights - The rise of "Su Chao" and its impact on the潮玩 (trendy toy) economy in Jiangsu highlights the potential of original IPs in the global潮玩 market, with brands like Labubu setting benchmarks for Chinese creativity [1][2] Group 1: Cultural and Economic Advantages - Jiangsu's rich cultural heritage, including world cultural heritage sites and intangible cultural assets, provides a wealth of material for IP creation [2] - 若态科技, established in 2017, aims to become a globally influential brand with a focus on Chinese design, exemplified by its successful collaboration with the China Kunqu Opera Museum, selling 1,800 themed dolls in a flash [2] - The transformation of traditional crafts, such as the 400-year-old Wuxi Huishan clay figurines, into trendy products has revitalized non-material cultural heritage, achieving monthly sales of up to 10,000 boxes [2] Group 2: Market Dynamics and Consumer Engagement - The "Su Chao" league has attracted over 10,000 spectators per match, significantly boosting cultural tourism consumption, with various promotional packages leading to increased sales of local specialties [3] - The integration of events, tourism, and cultural products has created ideal conditions for潮玩 sales, as seen in the surge of interest in local attractions and themed products [3] Group 3: Innovative Product Development - The "Su Chao" league has inspired a range of trendy products, such as the "恐龙妹妹" series from 常州中华恐龙园, which features two popular dinosaur-themed dolls, with 20,000 units in production [4] - Merchants have quickly capitalized on viral trends, launching themed products like the "叫南哥" canvas bags, reflecting the cultural zeitgeist and consumer engagement [4][5] Group 4: Strategic Growth and Global Expansion - Jiangsu's潮玩文创 industry is exploring a path that combines cultural depth with commercial innovation, emphasizing the need for a systematic IP operation model to combat homogenization and short IP lifecycles [7] - 若态科技 has achieved a compound annual growth rate of over 50% for five consecutive years and plans to expand its global operations, targeting markets in Greater China, Europe, America, Russia, and resource-rich Middle Eastern countries [7]

以下文章来源于盐财经 ，作者宝珠 陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 ---------------------------------- 作者：宝珠 陈慧 来源：盐财经 LABUBU如今已经成为了一道世界奇观。 为了买到LABUBU，韩国泡泡玛特门店前有人连夜席地而睡，只为在开门一刻破门而入；黄牛和 普通顾客挤在一起推搡、叫嚷，警察不得不出动维持秩序。在英国伦敦，泡泡玛特门店爆发了斗 殴事件，视频显示几名男子扭打在一起，朝向彼此挥起拳头。 出于对潜在安全事故的担忧，泡泡玛特宣布暂停在韩国、英国地区销售LABUBU。6月15日，杭 州一家泡泡玛特新店开业仅2小时就宣布闭店，根据媒体报道，新店一开门，就有一批疑似黄牛 的人冲进去"端盒"。 01 LAFUFU，LABABA，LAGOGO 泡泡玛特首席运营官司德曾在年报会上说："毛绒产品需求远超预期，这是我们最大的挑战。"如 他所言，正版LABUBU存在极大的供需失衡， 这道缺口背后的市场，被一条条盗版供应链支撑了 起来 。 泡泡玛特门店里的LABUBU空了，但更多"LABUBU"跃上了世界各地杂货店的货架。 但 LABUBU之火尚 ...

Core Viewpoint - The article highlights the explosive commercial potential of the Labubu IP, which has transformed from a niche product to a highly sought-after collectible, driving significant sales growth for its parent company, Pop Mart [4][34]. Group 1: Labubu's Rise and Market Dynamics - Labubu, created by Hong Kong artist Long Jiasheng, has gained immense popularity, surpassing other Pop Mart products in sales and demand [5][7]. - The sales revenue for Pop Mart's The Monsters series, which includes Labubu, is projected to increase from 368 million yuan in 2023 to 3.041 billion yuan in 2024 [7]. - Labubu's popularity has led to a secondary market where some products are reselling for over 30 times their original price, turning them into investment assets [7][34]. Group 2: Emerging Business Opportunities - The surge in Labubu's popularity has spurred various ancillary businesses, including custom clothing, rental services, and modifications, catering to the growing demand from consumers [8][19]. - A young collector in Zhengzhou has successfully monetized his Labubu collection by renting them out, with rental prices ranging from 20 to 80 yuan per day depending on the size [10][15]. - Custom clothing for Labubu has become a profitable venture, with one seller reporting monthly earnings of 2,000 to 3,000 yuan, equivalent to a local salary [21]. Group 3: Customization and Modification Trends - The trend of modifying Labubu figures, known as "改娃," reflects consumer desire for personalization, with services ranging from simple alterations to complex customizations [25][28]. - The customization market for Labubu is still developing, with some players expressing concerns about the sustainability of this trend due to the high prices and limited availability of the figures [30][39]. - The demand for modified Labubu figures is expected to grow as more players enter the market, indicating a potential for long-term business opportunities [39]. Group 4: Challenges and Future Outlook - Despite the booming market, challenges such as supply chain issues and increased competition in the custom clothing sector are emerging, impacting profitability [36][38]. - The sustainability of the ancillary businesses surrounding Labubu will largely depend on Pop Mart's ability to manage and promote the IP effectively [40].

Investment Rating - The report maintains an "Overweight" rating for the consumer electronics sector [5]. Core Viewpoints - The consumer-grade 3D printing market is expected to accelerate due to overseas demand and the rise of the trendy toy economy, transitioning from niche to mainstream [1]. - Technological advancements and cost reductions in the supply chain are anticipated to unlock greater potential for 3D printing technology in the long term [3]. - Investment opportunities are highlighted in the 3D printing components and scanning segments, with a focus on companies involved in these areas [4]. Summary by Sections Section 1: Market Dynamics - The consumer-grade 3D printing market is benefiting from technological breakthroughs, reduced costs, and expanded DIY applications, making it more accessible to consumers [1]. - The demand for personalized manufacturing overseas, combined with the trendy toy economy, is expected to drive growth in the consumer-grade 3D printing sector [2]. Section 2: Export and Domestic Demand - Domestic 3D printer manufacturers are experiencing significant sales overseas, with exports reaching 377.8 thousand units in Q1 2024, a year-on-year increase of 7.2% [2]. - The rise of IP creation in the trendy toy economy is creating a responsive ecosystem within the domestic 3D printing community, enhancing market demand [2]. Section 3: Future Potential - Long-term prospects for 3D printing technology include its application in personalized manufacturing for consumers, acceleration of product development for businesses, and its role as a core high-end production process in industrial settings [3]. - Cost reductions through domestic sourcing of key materials and components are expected to further lower production costs for 3D printers, enhancing market competitiveness [3]. Section 4: Investment Opportunities - The report emphasizes investment opportunities in the 3D printing components sector and the 3D scanning segment, identifying key players in these areas [4].

Core Viewpoint - The article discusses the overwhelming popularity of LABUBU, a plush toy from Pop Mart, leading to chaotic scenes at stores and a surge in counterfeit products, highlighting the challenges of supply and demand imbalance in the market [2][4][9]. Group 1: Market Dynamics - LABUBU has become a global phenomenon, with long queues and even violent incidents reported at stores in South Korea and the UK [2][4]. - The demand for LABUBU far exceeds supply, prompting Pop Mart to suspend sales in certain regions due to safety concerns [4][9]. - The popularity of LABUBU has led to various promotional strategies by banks and real estate developers, using it as a marketing tool to attract customers [7]. Group 2: Counterfeit Market - The rise of counterfeit LABUBU products, such as LAFUFU and LABABA, has created a significant market, with many vendors capitalizing on the high demand for the original [8][18]. - Counterfeit LABUBU products are often sold at lower prices, with some vendors reporting high sales volumes despite the obvious differences in quality [22][25]. - The production of counterfeit LABUBU is widespread, with many manufacturers capable of producing high-quality replicas that can easily confuse consumers [34][36]. Group 3: Legal and Regulatory Challenges - The proliferation of counterfeit LABUBU poses legal risks, as many infringe on copyright and trademark laws, leading to potential legal actions against sellers [41][42]. - Authorities in various regions, including Yiwu and Shenzhen, are cracking down on the sale of counterfeit LABUBU, but the demand continues to sustain the market [46][47]. - Despite efforts to combat counterfeiting, the existence of a robust demand makes it difficult to eliminate counterfeit LABUBU from the market entirely [48]. Group 4: Consumer Behavior and Market Perception - The perception of LABUBU as a luxury item has created a secondary market where prices can significantly exceed the original retail price, with some items selling for over 3000 yuan [24][22]. - The allure of LABUBU, despite its lack of a backstory, has made it a desirable item, leading to a speculative market similar to stocks [55][56]. - The presence of counterfeit products has paradoxically kept the brand in the public eye, maintaining interest in the original LABUBU [54].

Group 1 - The core viewpoint of the articles highlights the booming trend of the潮玩 (trendy toys) economy in China, driven by consumer demand shifting from practicality to emotional satisfaction [1][2] - The潮玩 industry in China has formed a complete industrial chain, with over 51,000 related enterprises currently in operation, and an expected total value of 110.1 billion yuan by 2026, growing at an annual rate of over 20% [2] - Recent government initiatives, such as the signing of a 30 million yuan investment project for a潮玩 production base in Guangdong, indicate strong support for the潮玩 industry [1] Group 2 - Companies are increasingly focusing on潮玩 products, with notable responses from listed companies regarding their involvement in this sector, including partnerships with brands like 泡泡玛特 (Pop Mart) [2] - The潮玩 market is experiencing a "dual-driven" pattern, where leading companies are pursuing global strategies while regional brands leverage localized designs to penetrate the market [3] - The recent measures announced by the Zhejiang Provincial Department of Commerce aim to support the gaming industry, which is closely related to潮玩, by enhancing platform support and optimizing the ecosystem [1]

Group 1 - LABUBU has gained immense popularity globally, with celebrities like David Beckham and Rihanna showcasing their purchases on social media, leading to a buying frenzy both online and offline [1] - In South Korea, the offline sales of LABUBU plush dolls and keychains have been temporarily suspended due to safety concerns arising from chaotic scenes at sales locations, including overnight queues and altercations [2][4] - The demand for LABUBU has led to incidents of violence in London, particularly at the Stratford Westfield shopping center, highlighting the extreme consumer interest [6][7] Group 2 - LABUBU, part of the THE MONSTERS series, initially struggled to gain traction after its inception ten years ago, with revenues of 263 million yuan in 2022 and 368 million yuan in 2023, but saw a dramatic increase in 2024, surpassing 3 billion yuan, a year-on-year growth of 726.6% [17] - The recent surge in popularity began with the launch of the LABUBU 3.0 series in April 2024, which quickly became a phenomenon, leading to long queues in stores and rapid sellouts online [17][18] - Prices for LABUBU products have skyrocketed, with blind box prices increasing from 99 yuan to 349 yuan, and rare collaborations seeing prices soar to 27,999 yuan, indicating a significant market demand and speculation [18] Group 3 - The market response has positively impacted the company's stock price, with its market capitalization recently exceeding 360 billion HKD, elevating its founder Wang Ning to the status of the richest person in Henan according to Forbes [18] - Despite the stock price fluctuations, the company remains focused on long-term operations rather than short-term market perceptions, as stated by its founder [21]

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]