除此之外，"星星人""哭娃"等IP在二手市场也出现了不同程度的涨价。 不过，随着泡泡玛特产能的扩大，部分IP的热度正在降温，毕竟物以稀为贵。今年8月，泡泡玛特 供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个月的产能是去年同期的十倍以上，现在是3000 万只左右。目前还处于"追产能"的阶段。 近日，泡泡玛特（09992.HK）股价持续下跌，12月8日股价跌超8%，12月9日跌超5%。自今年8月 高点339.8港元/股以来，其累计跌幅约40%，总市值蒸发超过2000亿港元（约合人民币1800亿元）。 在此前的17个月内（2024年3月-2025年8月），泡泡玛特的股价翻了接近15倍，创下了港股消费股 的神话。 在股价一路高歌猛进的时间段里，泡泡玛特的业绩也在逐步上涨。2024年上半年，泡泡玛特的净利 润为9.2亿元，2024年全年则斩获了31.3亿元的净利润。进入2025年，单是上半年泡泡玛特就赚了45.7亿 元。 股价的暴增一定程度上与泡泡玛特旗下的头部IP——LABUBU爆火有关。虽然LABUBU诞生于 2015年，但直至2025年，这个有着九颗牙齿和尖尖长耳朵的形象才成为"流量密码"。 随着一些外国明星 ...

Core Viewpoint - The commercial value of an IP only begins when it becomes a world-class super IP, as stated by Pop Mart's Chairman and CEO Wang Ning [3]. Group 1: Product Launch and Sales Performance - On August 28, Pop Mart launched the "Mini Labubu" as an extension of the Labubu brand, with online sales starting at 10 PM and offline sales the following day [4]. - The launch event saw significant engagement, with over 2.37 million viewers on Pop Mart's Tmall live stream and over 840,000 on the box machine WeChat mini-program before the official sale [4]. - At the time of the official launch, more than 580,000 people had added the Mini Labubu to their carts, and within two minutes of the sale, over 300,000 units were sold, generating over 23.7 million yuan in sales [4]. Group 2: Market Trends and Consumer Sentiment - Despite the successful launch of the Mini Labubu, the popularity of the regular Labubu has declined, with the average transaction price on second-hand platforms dropping from 2,118.7 yuan in June to 760.2 yuan recently, a decrease of nearly two-thirds [7]. - Analysts express skepticism about the Mini Labubu's ability to generate sustained social media buzz, suggesting it may only achieve short-term popularity [8]. - The strategic intent behind launching the Mini version is seen as a marketing choice to maintain visibility and fill a gap in the market, rather than a significant innovation in the brand's narrative [9].

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 [1][2][3][4][5][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 directly available for purchase in stores, requiring customers to participate in online flash sales, which have proven extremely competitive [2][3]. - The online limited release model has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium in various online communities [3][4]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups forming to share information on product restocks, often leading to rapid resales at inflated prices [3][4]. - A gray market has emerged where individuals charge fees for access to real-time restock notifications, often employing deceptive practices [3]. - Counterfeit products are rampant, with some sellers openly advertising fake goods, while others create convincing replicas that are sold as genuine [5][6]. Group 3: Company Performance and Valuation - Pop Mart's strong sales have resulted in explosive revenue growth, with a projected revenue increase of no less than 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 exceeding 380 billion HKD at its peak [9]. - Analysts express optimism about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [9][10]. Group 4: Future Challenges and Opportunities - Despite positive growth, the company faces potential volatility in stock prices due to the unpredictable nature of popular IP products [10][11]. - The company is encouraged to enhance its IP development capabilities to maintain its competitive edge and drive global expansion [10][11]. - Analysts predict strong future growth rates for sales and profits, driven by strong IP, store expansion, and improved productivity [11].

Group 1 - Institutional investors bought a total of 30 stocks, with net purchases in 9 stocks and net sales in 21 stocks on the day [1] - The top three stocks with the highest institutional purchases were: Limin Co., Ltd. (¥193 million), Anglikang (¥170 million over three days), and Aoyang Health (¥13.56 million) [1] - Limin Co., Ltd. saw a net purchase of ¥193 million from 5 institutions, benefiting from rising prices of key products such as Abamectin and Mancozeb, which is expected to enhance its profitability [3] Group 2 - The stock of Limin Co., Ltd. increased by 10.02% with 3 buyers and 2 sellers [2] - Anglikang's stock rose by 9.98% with 4 buyers and 2 sellers [2] - The automotive industry is experiencing a shift as major companies have committed to standardizing supplier payment terms to 60 days, which may alleviate profit pressures across the industry [3]