Core Viewpoint - The recent launch of new products by Pop Mart, including the "Star People Good Dream Meteorological Bureau" and "MOKOKO Sunbathing Summer" series, has led to significant price speculation on secondary markets, with some items being listed at four times their original price, raising concerns about potential market bubbles [1][2][5]. Pricing Dynamics - The MOKOKO plush hanging ornament originally priced at 199 yuan is being resold for over 800 yuan, while the Star People plush blind box, originally priced at 474 yuan for six, is being marked up significantly, with individual prices ranging from dozens to hundreds of yuan [2][5]. - Historical data shows that the LABUBU series experienced a price drop of 60% due to restocking, indicating that similar trends could occur with the new series if market hype diminishes or supply increases [5][6]. Market Behavior - The surge in prices is attributed to speculative behavior by resellers, often referred to as "scalpers," who drive initial prices up, creating a bubble that may eventually burst as the market corrects itself [5][6]. - The marketing strategies employed by Pop Mart, such as limited releases and hidden variants, create a sense of scarcity that fuels consumer demand and speculation [6][9]. Consumer Sentiment - Consumer attitudes towards purchasing these collectibles are polarized, with some viewing Pop Mart as a long-term investment akin to "Moutai for the '00s," while others criticize the inflated prices and the role of scalpers in the market [7][9]. - Motivations for buying include the thrill of collecting, the potential for profit through resale, and the desire to showcase rare items on social media as a form of social capital [9].

来源：中国新闻网 文/赵斌 李博 泡泡玛特计划在21日推出"星星人好梦气象局"和"MOKOKO晒晒夏日"系列新品。然而，在发售前48小 时，部分新品在二手平台被炒至原价的4倍，原价199元的MOKOKO搪胶毛绒挂件被标出840元，商家声 称"只放十单，涨到5000都给你"。 而曾经溢价超50倍的LABUBU系列，却因补货导致二手价暴跌60%，隐藏款"本我"从4600元跌至2800 元。星星人、MOKOKO会成为下一个被炒的"LABUBU"吗？ 潮玩新品未售先热，泡沫几何？ 在中国传媒大学新闻学院副教授、中国社会心理学会理事兼传播心理专委会副秘书长陈锐看来，玩偶、 文创这类时尚消费品能够火出圈，有多方面原因。 一方面是背后有经济推动力，企业、店铺会主动大力宣传；3另一方面则是追捧群体的社交动员，粉丝 们在社交平台的分享能很好地为热度"加把火"。 本次泡泡玛特新品价格涨幅惊人。MOKOKO搪胶毛绒挂件原价199元，黄牛报出的转让价格超过800 元；原价474元可买6个的星星人毛绒挂件盲盒，每一个都被标注了几十到100多不等的价格，一套价格 已被炒至数百甚至近千元。 | 《新品预定》labubu+mokoko新品来 ...

Core Viewpoint - The article discusses the evolution and market positioning of the Ricoh GR series cameras, highlighting their status as a high-value item in the photography community, akin to "electronic Maotai" due to their high resale value and demand [12][22][33]. Group 1: Product Evolution and Market Impact - The Ricoh GR series has transformed from a compact camera for casual photography to a sought-after item among enthusiasts, with the GR III and upcoming GR IV models being particularly notable [10][12][33]. - The GR series has maintained a strong cultural significance, with endorsements from renowned photographers like Daido Moriyama, which has elevated its status in the market [33][34]. - The GR IV is expected to enhance features such as image quality and usability, but its release has sparked discussions about potential price increases for the GR III in the second-hand market [40][42]. Group 2: Pricing and Resale Value - The GR series has seen significant price appreciation, with models like the GR II originally priced at 4800 yuan now selling for around 5588 yuan in the second-hand market, indicating its status as a collectible [22][33]. - The phenomenon of "hunger marketing" has contributed to the GR series' scarcity, leading to inflated prices and high demand, making it difficult for consumers to purchase at retail prices [14][37][42]. - The article notes that the GR III has been consistently priced higher than its original retail price due to its popularity and limited availability, reinforcing its image as a high-value item [12][18][33]. Group 3: Cultural Significance and Consumer Behavior - The GR series has become a cultural symbol among young urbanites, often used as a prop for social media rather than solely for photography, reflecting a shift in consumer behavior [6][47][54]. - The article highlights the dual role of the GR series as both a photography tool and a financial asset, with some consumers viewing it as a better investment compared to traditional financial products [49][52][60]. - The increasing trend of using cameras as status symbols among the middle class has led to a market where the GR series is perceived as a high-priced toy rather than just a functional device [54][60].

Core Insights - The recent release of Moutai at around 7000 yuan was met with overwhelming demand, leading to immediate resale prices reaching 10,000 yuan, highlighting a phenomenon akin to a "real-life business war" [1][3] - Consumers view Moutai not just as a beverage but as a "hard currency" that can appreciate in value, making it a desirable item for both consumption and investment [3][4] Market Dynamics - The scarcity marketing strategy employed by Moutai creates a cycle where increased difficulty in purchasing leads to higher prices and greater demand, resulting in a closed loop: Moutai becomes more popular → harder to buy → scalpers increase prices → Moutai gains more popularity [3][4] - Scalpers are capitalizing on the price difference, treating Moutai as a financial product rather than a consumable item, which distorts the market for genuine consumers [3][4] Consumer Behavior - Many consumers are motivated by the potential profit from reselling Moutai, viewing it as a more lucrative option compared to traditional employment [4] - The current market environment reflects a dual demand for high-quality liquor that serves both consumption and investment purposes, indicating a trend towards "investment + consumption" products [4]

Core Viewpoint - The Xiaomi YU7 has created significant buzz in the automotive market, with high demand leading to a phenomenon of "hunger marketing" and price speculation by resellers, reflecting Xiaomi's marketing strategy and production challenges [1][12][20]. Group 1: Market Demand and Pricing - The YU7 has seen orders being resold at inflated prices, with some resellers charging up to 20,000 yuan for order transfers, indicating a price increase of approximately 10% [3][10]. - Even as the initial excitement wanes, the resale market for YU7 orders remains active, with transfer prices around 5,000 yuan for standard versions [3]. - The second-hand YU7 vehicles, particularly the MAX version, are being sold for over 370,000 yuan, which is significantly higher than the original price of around 330,000 yuan, reflecting a markup of over 40,000 yuan [10]. Group 2: Marketing Strategy - Xiaomi's approach to marketing, particularly the "hunger marketing" strategy, has been a key factor in its success, reminiscent of its tactics in the smartphone sector [12][16]. - The introduction of F-code privileges for select users has further intensified the demand, creating a sense of exclusivity and urgency among consumers [14]. - The combination of competitive pricing and effective marketing has positioned the YU7 as a desirable product, despite the challenges in production capacity [16]. Group 3: Production Capacity Challenges - Xiaomi's production capacity is currently limited, with the Beijing factory designed for an annual output of 150,000 vehicles, which may only meet the demand for the SU7 model [18]. - The YU7 received over 289,000 pre-orders within the first hour of its launch, leading to extended wait times for delivery, which could stretch up to a year [18][20]. - The company faces the dual challenge of increasing production while managing market demand to avoid long-term consumer dissatisfaction with the purchasing process [20].

Core Viewpoint - Pop Mart is at a crossroads, experiencing explosive growth with its IP Labubu, which saw a revenue increase of 726.6% in 2024, accounting for 23.3% of total revenue. This has raised questions about whether the company is genuinely expanding production or intentionally controlling supply to maintain scarcity [1][15]. Group 1: Supply and Demand Dynamics - Labubu has been in high demand, leading to consumers queuing overnight and paying significant premiums for second-hand products. This popularity has resulted in stock shortages and delayed deliveries across multiple product lines [2][4]. - The company has faced criticism for potentially employing "hunger marketing" strategies, where limited supply is used to enhance perceived value and maintain market interest [3][4]. - Despite the apparent production capabilities of domestic factories, Pop Mart has not significantly increased production, suggesting a deliberate strategy to keep supply constrained [4][10]. Group 2: Production Challenges - The production of Labubu is not particularly complex, with many factories capable of producing it within 2 to 4 weeks. However, existing agreements with factories may limit the ability to rapidly scale production [8][9]. - Factors such as raw material shortages and technical requirements may also contribute to production limitations, impacting the ability to meet surging demand [9][10]. - Pop Mart's supply chain is under strain due to demand exceeding capacity, leading to a reassessment of production strategies and potential delays in new product launches [11][10]. Group 3: IP Strategy and Market Positioning - Pop Mart's revenue structure has evolved, with Labubu's series becoming a significant contributor, while other IPs have seen a decline in revenue share despite absolute growth [15][16]. - The company aims to balance the performance of various IPs to avoid over-reliance on a single product, which could pose risks to long-term stability and market expectations [16][17]. - The founder emphasizes the importance of a balanced approach in managing IPs, suggesting that while a hit product is beneficial, a diversified portfolio is crucial for sustainable growth [16][17].

Core Viewpoint - Pop Mart is facing a supply-demand imbalance, particularly with its Labubu IP, which is experiencing a significant revenue surge of 726.6% in 2024, accounting for 23.3% of total revenue [1] Group 1: Supply and Demand Dynamics - The demand for Labubu products has exceeded production capacity, leading to market shortages and consumer conflicts in stores [1] - Industry insiders suggest that Pop Mart may be employing "hunger marketing" strategies to maintain product scarcity and perceived value [1][2] - A representative from a toy factory indicated that many domestic manufacturers have the capability to scale production, but Pop Mart appears to intentionally limit supply to enhance market interest [2] Group 2: Company Response and Strategy - In response to the supply challenges, Pop Mart is actively working to expand production capacity and is considering delaying the launch of some new products [2] - The company aims to redistribute production capacity across existing product lines and initiate pre-sales in batches to better manage consumer access and curb secondary market speculation [2]

Core Viewpoint - The company is experiencing a significant surge in revenue from its IP Labubu, which increased by 726.6% in 2024, accounting for 23.3% of total revenue, raising questions about potential intentional supply constraints to maintain scarcity [1][2][15]. Revenue and Growth - In 2024, the THE MONSTERS series, which includes Labubu, generated a total revenue of 30.4 billion, marking a dramatic increase from 5.8% to 23.3% of the company's total revenue compared to 2023 [15]. - Other IPs have seen a decline in revenue share, although their absolute revenue has still increased, indicating a balanced growth strategy [15]. Supply Chain and Production Challenges - The company is facing supply shortages due to overwhelming demand for Labubu, leading to delayed shipments across multiple product lines [4][11]. - Industry insiders suggest that the production of Labubu is feasible, but the company may be intentionally controlling output to create a sense of scarcity and maintain market value [5][6][8]. Marketing Strategy - There are indications that the company employs "hunger marketing" tactics, where limited availability enhances consumer desire and perceived value [5][6][16]. - The company aims to balance the market demand across different IPs to avoid over-reliance on a single product, which could pose long-term risks [16]. Production Capacity and Future Plans - The company is actively working to expand production capacity and is considering delaying the launch of new products to better manage existing demand [12][14]. - A new project at a manufacturing facility is set to increase production capabilities significantly, indicating a strategic move to meet growing demand [10].

Core Viewpoint - The evolution of the baking industry has led to the emergence of numerous internet-famous (viral) products, characterized by extravagant ingredients and marketing strategies that create a sense of urgency among consumers [8][46][72]. Group 1: Historical Development - The baking industry began to gain prominence in mainland China in the 1980s, with simple offerings like honey cakes and small breads from family-run shops [11][12]. - The 1990s saw the rise of chain stores like Holiland, which introduced a wider variety of baked goods, although they lacked the unique appeal of viral products [14][15][16]. - The first notable viral brand, Uncle Che, opened in Shanghai in 2013, popularizing the cheese cake through fresh-baked sales and hunger marketing strategies [18][21]. Group 2: Viral Product Trends - The Garden Bakery's cheese bun became a viral sensation in 2015, driven by social media and celebrity endorsements, leading to a supply shortage and long queues [24][28]. - The "dirty bun" trend followed, characterized by its messy appearance and indulgent ingredients, appealing to consumers' desire for a satisfying experience [32][35]. - The success of Bao Shifu's meat floss cake, which gained popularity without celebrity endorsements, demonstrates the power of grassroots marketing and product innovation [37][39]. Group 3: Current Trends in Baking - The trend of "adding ingredients" has become prevalent, with products like croissants and macarons being filled with various flavors and textures to enhance appeal [46][49][55]. - The emergence of oversized products, such as the "cheese tart," captures consumer attention through visual impact and novelty [56][58]. - The integration of traditional Chinese ingredients into baked goods, such as mochi and purple rice, reflects a fusion of culinary cultures that resonates with modern consumers [60][64][65]. Group 4: Marketing and Consumer Engagement - The visual appeal of baked goods, enhanced by social media, plays a crucial role in attracting consumers, emphasizing the importance of color and presentation [72][73]. - Continuous innovation in ingredients, recipes, and design is essential for brands to differentiate themselves and maintain consumer interest [76][77].

Price Change Trends - The official price range for Wakuku dolls is between 69 yuan and 129 yuan, with the "leopard hat little devil" doll experiencing a secondary market premium of approximately 10%-25% after frequent exposure, leading to actual transaction prices between 140 yuan and 160 yuan for a doll originally priced at 129 yuan [1] - The limited edition "leopard hat" doll by Yu Shuxin saw prices soar to over 3000 yuan in the secondary market before restocking, representing a more than 30-fold increase from its original price of 99 yuan, and after restocking, prices fell to the 400-600 yuan range, still reflecting a 4-6 times premium [1] - The limited edition blind box collaboration with Wang Yibo sold out within 48 hours, with a secondary market premium reaching 300%, where the original price of 199 yuan was sold for around 800 yuan [2] Special Channel Limited Editions - The "Fat Dada XXL Doll" launched at MINISO's Beijing flagship store sold out within 2 hours, resulting in a 90.3% increase in store sales, with scalper prices doubling compared to the original price [2] Sales Performance Driven by Celebrity Influence - The "Fox and Rabbit" series in Shanghai, promoted by Yu Shuxin and Ding Yuxi, achieved record-breaking single-day sales, with secondary market premiums ranging from 150% to 200% [3] - Yu Shuxin has gifted the Wakuku dolls to over 10 public figures, which has significantly increased visibility and triggered a stockout phenomenon, as evidenced by her leopard hat design receiving over a million likes [4] Pricing Strategy and Market Dynamics - The brand employs a "limited release + channel exclusivity" strategy, creating artificial scarcity, as seen with the need for customers to queue for hours at pop-up stores, which further drives up premiums [6] - The presence of counterfeit versions priced at 39 yuan has inadvertently enhanced the value of the authentic products, as some consumers prefer the higher-priced genuine items for their association with celebrity endorsements [7]