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WAKUKU挑战LABUBU:中国潮玩经济进入竞争新阶段
中经记者 黎竹 孙吉正 成都报道 在中国消费市场,潮玩行业正进入新的竞争周期。名创优品推出的自有潮玩品牌"WAKUKU"近日在全 国多地门店引发排队购买现象,其热度被业内视为对泡泡玛特长期主导潮玩行业地位的一次挑战。 近年来,国内潮玩市场规模持续增长,入局玩家不断增多,潮玩行业也将迎来新一轮竞争。中国社科院 财经战略研究院和中国动画学会发布的《中国潮玩与动漫产业发展报告(2024)》数据显示,中国潮玩 产业总价值预计到2026年将攀升至1101亿元,年均增速超过20%。 天眼查专业版数据显示,现存在业、存续状态的潮玩经济相关企业超5万家。 中国商业联合会专家委员会委员赖阳认为,LABUBU之类的中国原创IP的崛起,突出表现了中国设计的 原创性和文化深度,让中国品牌在国际时尚设计和知识产权领域获得了实质性的认可和竞争力。在全球 多元化的文化市场中,中国IP从单一制造转向充满文化张力和创新表达,成功吸引了国际消费者的目 光,逐渐在世界潮流中占据重要位置。 新玩家入局 中秋国庆假期,位于春熙路的名创优品MINISO LAND成都壹号店前排满了人。 《中国经营报》记者观察到,不少消费者是为WAKUKU而来,其搪胶毛绒 ...
秒空,“下一个Labubu”出现了?
Di Yi Cai Jing· 2025-09-29 22:42
"已经很久很久没有产品在开售前会说卖多少个了,一切以开售情况为准。"正式开抢前,面对诸多关注库存、担心抢不到货的消费者,泡泡玛特天猫官方 旗舰店的主播解释道。9月29日晚十点,泡泡玛特"星星人美味时刻系列"线上渠道正式开售,星星人现烤小饼干毛绒挂件和手办盲盒玩具摆件等同时开 售。 又一场泡泡玛特引发的抢购热潮掀起。正式开售前,泡泡玛特抽盒机小程序直播观看人数达到56万,泡泡玛特天猫官方旗舰店观看人数达到270.5万。 但与此前发布的迷你版LABUBU相比,星星人新系列的备货大幅减少。正式开售后,两款星星人系列产品均为秒空。开售十分钟后,记者发现,天猫页 面信息显示,小饼干毛绒挂件有超36万人加购,但首批天猫官方旗舰店放货仅2万+件,手办盲盒玩具摆件显示已售3万+。此前,迷你版LABUBU开售当 晚显示已售30万+件。 加入购物车 1/5 共2款 > ¥ 59起 已售 2万+ 天猫 POPMART 泡泡玛特星星人美味时刻系列现烤 小饼干毛绒挂件盲盒礼物 超36万人加购 台 POP MART/泡泡 ... | 现货 星星人 品牌 出售状态 IP G 48小时内发货 江苏苏州 快递: 8.00 ▽ 假一赔四 退货宝 ...
秒空!“下一个Labubu”出现了?
第一财经· 2025-09-29 16:07
2025.09. 30 本文字数:1160,阅读时长大约2分钟 作者 | 第一财 经 陈杨园 诸多消费者"抢不到"的失落中,星星人是泡泡玛特又一个极具商业价值的IP。得物App数据显示,尚 未正式发售,隐藏款"小熊饼干"最高成交价从59元上涨至929元,溢价16倍,是近期溢价最高的系 列;单个盲盒成交价从59元上涨至249元,溢价4.2倍;整盒成交价从354元上涨至1499元,溢价 4.2倍。 "已经很久很久没有产品在开售前会说卖多少个了,一切以开售情况为准。"正式开抢前,面对诸多 关注库存、担心抢不到货的消费者,泡泡玛特天猫官方旗舰店的主播解释道。9月29日晚十点,泡泡 玛特"星星人美味时刻系列"线上渠道正式开售,星星人现烤小饼干毛绒挂件和手办盲盒玩具摆件等 同时开售。 又一场泡泡玛特引发的抢购热潮掀起。正式开售前,泡泡玛特抽盒机小程序直播观看人数达到56 万,泡泡玛特天猫官方旗舰店观看人数达到270.5万。 但与此前发布的迷你版LABUBU相比,星星人新系列的备货大幅减少。正式开售后,两款星星人系 列产品均为秒空。开售十分钟后,记者发现,天猫页面信息显示,小饼干毛绒挂件有超36万人加 购,但首批天猫官方旗 ...
小摩:泡泡玛特(09992)旗下Mini版Labubu及星星人热度续升 维持“增持”评级
智通财经网· 2025-09-10 06:18
Core Insights - Morgan Stanley's report indicates that Pop Mart's brand popularity is expected to rebound with the release of the "Labubu and Friends" animation and Labubu 4.0 version, alongside a rise in search interest for "Mini Labubu" since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating a new plush toy series launch in June, while Crybaby's average search index remained stable from July to August [1] - The interaction volume on Pop Mart's global social media accounts increased by 3% over the past two weeks, leading Morgan Stanley to maintain a "buy" rating with a target price of HKD 400 [1] Group 1 - Mini and large-sized Labubu are hot-selling items, with the "THE MONSTERS Pin For Love" series and "ROCK THE UNIVERSE" series selling out within a minute during their launch on August 28 [2] - The retail price for Mini Labubu is RMB 79 in mainland China and HKD 95 in Hong Kong, with a secondary market price increase of 45% as of September 5 [2] - The large Labubu is priced at RMB 499 in mainland China and HKD 583 in Hong Kong, with a secondary market price increase of 56% as of September 5 [2] Group 2 - Twinkle Twinkle is identified as a new emerging IP, with expected sales of RMB 389 million in the first half of 2025, significantly higher than other IPs like Crybaby and Hirono [3] - The "Sweet Dream Forecast" series, priced at RMB 79 in mainland China and HKD 95 in Hong Kong, is set to launch in August 2025 and has already shown a secondary market premium of 110% in mainland China and 36% overseas as of September 5 [3]
国泰海通|批零社服:景气环比改善,享多重红利——社服及商贸零售行业2025年中报业绩综述
Core Viewpoint - The report indicates that while revenue growth in various sectors has improved in Q1 2025, profit margins have not increased, primarily due to intensified competition affecting profitability [1][2]. Group 1: Revenue and Profit Trends - The social services sector saw a revenue increase of 2.84% in Q2 2025, with a quarter-on-quarter improvement of 2.77 percentage points, attributed to a low base and stable demand [1]. - The retail sector experienced a revenue decline of 6.7% in Q2 2025, a narrowing drop compared to a 12.77% decline in Q1 2025 [1]. - Operating profit margins for the social services sector decreased to 7.61% in Q2 2025, down 0.84 percentage points quarter-on-quarter and 1.65 percentage points year-on-year [1]. Group 2: Sector-Specific Growth Opportunities - The brand retail and AI sectors are benefiting from multiple growth drivers, with the toy IP industry seeing significant momentum, particularly for Miniso, which is expected to focus on fewer but larger store openings to enhance profitability [2]. - The education sector is experiencing a normalization in high school supply and quality improvements, with a notable shift towards AI education by public examination companies [2]. - The smart glasses industry is witnessing rapid product iteration, although performance varies among companies, with Kangnait Optical continuing to show high growth while others like Doctor Glasses and Mingyue Lenses are slowing down [2]. Group 3: Travel and Retail Sector Dynamics - The hotel industry is seeing a reduction in demand decline in Q2 2025, driven by low base effects and operational strategy adjustments [3]. - Online Travel Agencies (OTAs) maintain a stable profit margin and are improving subsidy efficiency while investing overseas [3]. - The supermarket and department store sectors are undergoing significant adjustments, with supermarkets experiencing a revenue decline of 14.47% and continued pressure on profitability in department stores [3].
下一个LABUBU是星星人?
Di Yi Cai Jing Zi Xun· 2025-09-04 05:45
Core Insights - LABUBU is a successful phenomenon in the collectible toy industry, but the company needs to consider sustainable development after achieving success [2] - The revenue from the THE MONSTERS series, where LABUBU belongs, constitutes a significant portion of the company's income, raising questions about the development of other IPs [2] - The company acknowledges the need to improve product quality and manage supply to prevent counterfeit products from entering the market [2] Company Performance - LABUBU's popularity has led to issues such as long-term stock shortages and quality complaints from consumers [2] - The introduction of a mini version of LABUBU has generated significant consumer interest, but the company must continue to innovate and develop new IPs alongside LABUBU [2][3] - The company is exploring other potential IPs, with the "Star People" series showing promising sales performance [3][4] Market Trends - The "Star People" series, particularly the "Good Dream Meteorological Bureau" series launched in August, has seen increased consumer interest and is experiencing stock shortages [4] - The resale market for "Star People" products has shown significant price fluctuations, with hidden versions selling for over 700 yuan, indicating strong demand [4] - Other IPs like HACIPUPU and CRYBABY have also shown remarkable growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year [5]
下一个LABUBU是星星人?
第一财经· 2025-09-03 15:29
Core Viewpoint - The article discusses the success of the LABUBU IP under Pop Mart and emphasizes the need for sustainable development and diversification of product lines to avoid over-reliance on a single IP [2]. Group 1: LABUBU's Success and Challenges - LABUBU is a highly successful phenomenon in the collectible toy market, but its dominance raises concerns about sustainability and the need for Pop Mart to develop other IPs [2]. - The long-term shortage of LABUBU led to counterfeit products entering the market, and while production capacity has been increased, there have been complaints about product quality that need to be addressed [2]. - The popularity of the mini LABUBU continues to drive sales, but it is essential for Pop Mart to innovate and develop new IPs alongside LABUBU to maintain market relevance [2][3]. Group 2: Potential New IPs - The Star People IP under Pop Mart shows significant potential to become the next successful product line, particularly with the recent "Good Dream Meteorological Bureau" series gaining popularity [4]. - There has been a noticeable increase in demand for Star People products, leading to stock shortages in stores, similar to the sales model of LABUBU [4]. - The secondary market for Star People products has seen rapid price fluctuations, with hidden variants selling for over 700 yuan, indicating strong market interest and potential for growth [5]. Group 3: Growth Metrics - Star People has quickly entered the billion-yuan IP club, generating 390 million yuan in revenue in the first half of the year [5]. - Other IPs like HACIPUPU and CRYBABY have also shown impressive growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year, highlighting the potential for new IPs to achieve similar success [5].
从潮玩IP到全球印钞机,Labubu这波造富神话能延续多久?
Sou Hu Cai Jing· 2025-08-31 10:13
Group 1 - The core point of the article highlights the increasing demand for the Labubu plush toy, which has become a popular gift choice among high-end clients, leading to significant scarcity in the market [3] - A Hong Kong insurance agent, Wang Manna, has resorted to hiring a university student to find the Labubu toy due to its high demand and low availability, indicating a strong consumer interest in this product [3] - The resale price of the Labubu toy has surged, with Wang Manna willing to pay approximately 600 HKD (about 77 USD) for each toy, significantly higher than the retail price of 99 HKD, showcasing the toy's perceived value among consumers [3]
迷你版LABUBU一分钟售罄后,次日自提的消费者排长队
第一财经· 2025-08-29 13:02
Core Viewpoint - The article highlights the explosive popularity of Bubble Mart's new IP products, particularly the mini version of LABUBU, which sold out within a minute of its online release, indicating strong consumer demand and market interest in collectible toys [3][4]. Group 1: Product Performance - The mini version of LABUBU was launched online on August 28 and sold out across all platforms within one minute, with resale prices on secondary markets reaching approximately 2,290 yuan [3]. - Other IP products, such as the "Starry People" series and collaborations with celebrities, have also seen significant market response, with some items experiencing price premiums in the second-hand market [3]. - The "Starry People" IP generated revenue of 390 million yuan in the first half of the year, marking its entry into the billion-yuan IP category within less than a year [3]. Group 2: Growth Rates - Besides LABUBU, the fastest-growing IPs are HACIPUPU and CRYBABY, which reported revenue growth rates of 249.6% and 248.7% respectively in the first half of the year [4]. - Both HACIPUPU and CRYBABY began their collaboration with Bubble Mart in 2022 and have shown strong growth momentum since then [4]. Group 3: Supply Chain and Production - The surge in consumer demand has posed challenges to Bubble Mart's production capacity, although the company has increased its monthly output to over ten times that of the same period last year, reaching approximately 30 million plush toys [4]. - Despite the increased production capacity, the demand for LABUBU and other IP products has led to stock shortages, indicating that the company is still in a phase of "catching up" with production [4].
LABUBU mini版来了!泡泡玛特还能涨吗?
天天基金网· 2025-08-29 11:42
Core Viewpoint - The article highlights the successful launch of the mini version of LABUBU by Pop Mart, showcasing significant revenue growth and the potential for the new product to become a popular item in the market [5][6]. Group 1: Product Launch - Pop Mart launched its first mini version of LABUBU, named THE MONSTERS Heart Code series, featuring a height of 10.5CM, which is smaller than previous versions [5]. - The mini LABUBU blind box series includes 28 regular items and 2 hidden items, with a selling price of 79 yuan per box and 1106 yuan for a complete set [5]. Group 2: Financial Performance - In the first half of the year, Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [6]. - The adjusted net profit for the same period was 4.71 billion yuan, showing a remarkable increase of 362.8%, surpassing the total profit of the previous year [6]. - The gross profit margin reached 70.3%, indicating strong profitability driven by popular IPs like LABUBU [6]. Group 3: Market Impact - The revenue contribution from the THE MONSTERS series, led by LABUBU, rose significantly from 13.7% in the previous year to 34.7% in the first half of this year [6]. - The CEO of Pop Mart expressed confidence that the mini LABUBU would become a highly popular item, expanding its usage scenarios beyond just being a bag accessory [6].