最近有本名叫《以日为鉴》的书颇为流行，全书的论点并不新奇，还是以日本"失去的三十年"，作为我们的镜鉴。大概恰逢最近的社会情绪，让人看了既 有隔岸观火之感，又隐隐有些担忧。 客观而言，这本书对于日本问题的回溯是非常详细的，毕竟用了超过十万字，但可能是作者自身的兴趣原因，书中竟很少着墨于日本本土的消费市场，寥 寥几处，也只简单概括为"低欲望社会"。 01 选择性消费升级 但当整个行业走出低价内卷，却发现情况确实和想象的不一样，原来中国并没有走进所谓的"消费更年期"。 可以为这个观点提供佐证的，是近日由北京大学国家发展研究院等机构联合编制的《中国线上消费品牌指数（CBI）第三期报告》（以下简称报告），在 远离"618"与"双11"的2025年第三季度，全国线上消费品牌指数（CBI）依然达到了62.65，较2023年同期增长4.4%，2024年同期增长0.92%，而且2023年以 来每个季度同比都是增长的。 要注意，消费品牌指数（CBI）并不是一个消费规模的概念，其核心是体现消费者在购物中，购买高品质品牌商品的比例，当更多人选择购买高品质的品 牌商品，而非白牌，这个指数才会上升。指数利用了中国最大的电商平台淘宝全量大 ...

智通财经记者 吴雨欣 泡泡玛特回应研发手机传闻。 本 期 编 辑 邹姗 2025年10月21日，泡泡玛特发布公告，2025年第三季度整体收入同比增长245%至250%。其中，中国收 入同比增长185%至190%；海外收入同比增长365%至370%。 2025年第三季度，中国各渠道收入表现方面，线下渠道同比增长130%至135%；线上渠道同比增长300% 至305%。 海外各区域收入表现方面，亚太同比增长170%至175%；美洲同比增长1265%至1270%；欧洲及其他地 区同比增长735%至740%。 泡泡玛特未在2025年三季度财报中披露各IP具体表现。2025上半年，包括Labubu在内的THE MONSTERS实现营收48.1亿元，同比增长668.0%，在总营收中的占比为34.7%。MOLLY、 SKULLPANDA、CRYBABY和DIMOO相关IP营收均突破10亿元；HIRONO、星星人、Zsiga、 PUCKY、HACIPUPU等13个IP实现营收破亿元。 据大智慧VIP，截至1月12日记者发稿，泡泡玛特跌0.2%，报196.6港元/股。 1月12日，泡泡玛特相关人士向智通财经记者表示："公司没有 ...

Group 1 - In 2025, Shanghai Consumer Protection Committee handled a total of 321,142 consumer complaints, with a significant portion related to online shopping [2][3] - Product-related complaints accounted for 64.3% of total complaints, with clothing, home goods, and home appliances being the top three categories [2] - Service-related complaints made up 35.7% of total complaints, with internet services, transportation, and cultural entertainment being the most common issues [2] Group 2 - Online shopping complaints saw a year-on-year increase of 34.8%, totaling 172,221 complaints, primarily concerning clothing and home goods [3] - Complaints regarding communication and computer products increased significantly, with a 43.7% rise in communication product complaints and a 10% increase in computer-related complaints [4] - Complaints related to shared bicycles surged by 74.5%, highlighting issues such as inaccurate billing and vehicle malfunctions [5] Group 3 - The demand for beauty and skincare services is rising, with 3,626 complaints related to these services, indicating a need for improved service standards [5] - Complaints regarding blind boxes and card draws totaled 2,842, with consumers reporting product quality issues and concerns over after-sales responsibilities [6][7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中新经纬 近日，收藏卡品牌"卡卡沃"背后企业Suplay向港交所递交上市申请。 这家在2021年获得米哈游800万美元投资，于2022年才推出收藏卡产品线的企业，在2023年至2024年间 已依靠收藏卡和IP潮玩等业务合计实现收入超4亿元。 对于快速发展的原因，Suplay在招股书中称，全球收藏卡牌市场发展历史虽已超过140年，但体育类IP 仍占多数并以男性消费者为主，长期以来一直未开拓女性受众。同时，中国市场面向成年人的高端收藏 卡产品较少，无法满足用户需求。在此背景下，Suplay切入收藏级卡牌市场，推出以非体育IP为主的差 异化产品策略，加上较强的故事性和精致设计，成为其"破圈"主因。 招股书介绍，目前，Suplay产品主要面向消费能力强劲且具有文化认同感的群体，包括高净值收藏者、 Z世代消费者以及热门娱乐与跨媒体制作的粉丝。 招股书显示，目前Suplay主要拥有收藏品和消费级产品两条产品线。其中，收藏品以IP为核心，采用限 量发行模式，并设计了清晰的收藏机制，如编号标识、变体设计及套系集齐规则。 Suplay的卡牌产品定位高端， ...

近期，泡泡玛特旗下热门IP LABUBU在二手交易市场的价格出现显著回调，部分系列商品转手价甚至 低于官方原价，引发市场关注。 1月7日，记者在闲鱼二手交易平台观察到，LABUBU 3.0"前方高能"系列整端6盒的转手价格已跌至400 元，较官方指导价明显缩水。此外，LABUBU部分款式近7日平均成交价格出现下滑态势。具体来看， LABUBU系列在2025年12月30日的近7日平均成交价为83.5元，而到2026年1月7日，这一价格已降至 78.5元。 业内分析人士指出，LABUBU二手价格的理性回归，根本驱动是市场增长逻辑的切换：商业模式正从 依赖"投资品"预期，回归到"消费品"本质。当二手市场炒作退潮，支撑高估值的故事也随之改变。 二手平台： LABUBU部分款式价格走低 超六成用户看跌后续走势 1月7日，记者在闲鱼二手交易平台观察到，LABUBU 3.0"前方高能"系列整端6盒的转手价格已跌至400 元，较官方指导价明显缩水。这一价格走势与数月前该系列盲盒预售"秒空"、二手市场溢价数倍的盛况 形成鲜明对比。 2025年4月，在泡泡玛特中国内地线上平台，LABUBU第三代搪胶毛绒产品一上线便迅速被抢光，秒 ...

不过，围绕Labubu热度可持续性的疑虑仍然压制泡泡玛特在香港上市的股票价格。自去年8月创下纪录 新高以来，其股价已下挫约40%。 泡泡玛特表示，其在墨西哥的合作生产基地已投入运营，以满足快速增长的北美市场对于潮流玩具的强 劲需求。 泡泡玛特的发言人告诉媒体称，墨西哥、柬埔寨和印尼的生产合作伙伴加入了泡泡玛特的供应网络。泡 泡玛特并无自有工厂。 自玩偶Labubu去年成为全球现象级产品以来，这家中国潮流玩具公司一直在提升产能。从中国、日本 到美国以及东南亚地区对这些常以"盲盒"形式售卖、鼓励收藏不同款式的玩偶的需求飙升，导致实体门 店经常缺货，并推高了转售价格。 作为少数获得全球消费者追捧的中国品牌之一，泡泡玛特正在加大对美国市场的投入，计划今年将美国 门店数量增加一倍。目前，泡泡玛特在美国约有60家门店以及100台"roboshop"自动售货机。 自玩偶Labubu去年成为全球现象级产品以来，这家中国潮流玩具公司一直在提升产能。从中国、日本 到美国以及东南亚地区对这些常以"盲盒"形式售卖、鼓励收藏不同款式的玩偶的需求飙升，导致实体门 店经常缺货，并推高了转售价格。 作为少数获得全球消费者追捧的中国品牌之一， ...

Group 1 - The consumer market in China is viewed as one of the biggest investment opportunities by 2026, but there are differing opinions on where and how to invest [1] - Traditional consumption sectors like liquor, apparel, and beauty have faced challenges, yet some brands have managed to achieve stock price increases of 30% to 50% [2] - The complexity of the consumer market requires investors to connect macro trends with micro behaviors to identify structural opportunities [3] Group 2 - The "China Online Consumption Brand Index" (CBI) and the "Global Brand China Online 500" list reveal significant shifts in consumer preferences, with traditional liquor brands like Moutai and Wuliangye declining while newer brands like Pop Mart are rising [3][4] - The CBI index reflects the performance of brands based on real consumer behavior, including sales, price, search volume, and reputation [4] - The liquor industry is undergoing a transformation, with brands like Jian Nan Chun and Shanxi Fenjiu adapting to new consumer preferences, particularly among younger demographics [6][7][13] Group 3 - The outdoor apparel market is shifting from niche enthusiasts to mainstream consumers, with brands like Berghaus gaining traction due to their stylish and affordable offerings [17] - Emerging brands in the cosmetics sector, such as Huazhi Xiao, are capitalizing on specific consumer trends and achieving significant growth in brand rankings [20][22] - The CBI index serves as a lens to identify changes in consumer demand and potential growth opportunities across various sectors [24] Group 4 - Pop Mart's financial performance shows a significant increase in overseas revenue, yet the stock has faced volatility due to market sentiment rather than fundamentals [26][28] - The brand maintains a leading position in the industry despite short-term fluctuations, indicating strong brand loyalty and potential for future growth [29][30] - The luxury gold market is experiencing challenges as competition increases, impacting customer loyalty and market positioning for brands like Laopufeng [40][35] Group 5 - The beauty industry is witnessing a resurgence for brands like Chanel and YSL as they adapt to new marketing channels and consumer preferences [22] - The investment landscape is influenced by varying investor strategies, with short-term traders reacting differently than long-term investors to market signals [34][41] - The Chinese consumer market is complex and requires a multifaceted approach to uncover hidden opportunities [42]

Group 1 - The core point of the article highlights that China has seen a significant increase in billionaires, with 70 new individuals surpassing a net worth of $1 billion in just one year, making it the highest growth globally [1] - The total number of billionaires in China has reached 470, second only to the United States, with a combined wealth of 12.7 trillion yuan, reflecting a 22.2% increase year-on-year [1] - The report indicates a shift in wealth creation from real estate to technology and consumption sectors, emphasizing that innovation in areas like AI, chips, and consumer goods is driving this change [1] Group 2 - The technology sector has produced billionaires with a wealth growth rate of 40%, significantly outperforming other industries [2] - Notable examples include Lei Jun, whose wealth surged from 129 billion to 326 billion yuan due to advancements in electric vehicles, and Chen Tian Shi, whose wealth increased by nearly 150 billion yuan through AI chip breakthroughs [4] - The pharmaceutical industry is also contributing to wealth creation, with individuals like Zhong Huijuan of Hansoh Pharmaceutical seeing an 83% increase in net worth, reaching 141 billion yuan [4] Group 3 - The new consumption trend is reshaping the market, with companies like Pop Mart and Mixue Ice Cream achieving remarkable success through innovative products and pricing strategies [5] - Pop Mart's founder saw a wealth increase from over 20 billion to 180 billion yuan, while the Zhang brothers of Mixue Ice Cream expanded their business to over 20,000 stores, doubling their wealth to 60 billion yuan [5] - The rise of new consumption billionaires reflects a significant transformation in China's consumer market, where younger consumers prioritize experience and affordability [5][7] Group 4 - The article suggests that ordinary individuals still have opportunities to participate in wealth creation, but the dynamics have changed, favoring innovation and market insight over traditional resource-based wealth [8] - The disparity in wealth growth, with billionaires' wealth increasing at a rate far exceeding GDP and average income growth, raises concerns about widening wealth gaps [8] - The need for policies that balance innovation encouragement and wealth sharing is emphasized, advocating for measures that support small businesses and equitable wealth distribution [8] Group 5 - The transformation of China's wealth landscape is evident, with technology and consumption emerging as the new drivers of wealth creation, as illustrated by the success stories of individuals like Lei Jun, Chen Tian Shi, and others [10] - The next wave of billionaires may emerge from fields like brain-computer interfaces and the metaverse, highlighting the importance of trend awareness and innovation [10] - The article concludes that each cycle of wealth redistribution opens new opportunities, encouraging individuals to accumulate knowledge and skills to position themselves for future success [10]

本文转自【海峡导报】； 近日，思明区法院发布一起涉泡泡玛特IP的著作权侵权案，一闲鱼卖家因售卖仿冒Dimoo手办被判侵权 赔偿。 POPMART泡泡玛特是经营潮玩产品的知名潮流文化娱乐品牌，推出了众多粉丝喜爱的潮玩产品，如 LABUBU系列、Molly系列等，广受消费者追捧。其中，顶着标志性"云朵头"的小男孩"DimooWorld系 列"，是无数潮玩爱好者的心头好。M公司（化名）作为"DimooWorld系列"美术作品的著作权人，发现 市民小林（化名）在闲鱼上开设店铺，专门售卖和Dimoo长得很像的手办，且店铺页面展示了多个该系 列作品的图片和视频。 M公司认为，小林并未获得公司授权，其销售行为侵害了公司享有的美术作品著作权，遂将小林起诉至 法院，要求其赔偿公司经济损失6万余元。庭审中，小林辩称自己有正当职业，在闲鱼平台上卖手办仅 为兼职，目的是减轻一点经济压力，且是M公司相关人员表示要采购，诱导他囤了100多只玩偶，不应 承担全额赔偿责任。 法院经审理认为，小林未经权利人许可，也未支付相应报酬，擅自在其经营的闲鱼店铺中销售与泡泡玛 特"DimooWorld系列"美术作品形象相近的仿制玩偶，该行为已侵害原告享 ...

Core Viewpoint - The stock price of Pop Mart (9992.HK) continues to decline, with a drop of over 40% since its peak in late August, leading to a market capitalization loss of over 200 billion HKD [1][3] Group 1: Stock Performance - As of December 30, the stock price was reported at 191.6 HKD per share, down 4.15%, with total market value falling below 260 billion HKD [1] - The short-selling sentiment remains high, with short-selling amounts reaching 304 million HKD and nearly 1.5 million shares sold short on December 29, marking the highest level of the year [1] Group 2: Core IP and Product Performance - The popularity of core IPs has significantly declined, with the resale price of the Labubu blind box dropping from an initial average of 1916 RMB to 1088 RMB, and some styles on second-hand platforms selling for an average of only 77.5 RMB [3][6] - The launch of new products has been underwhelming, with the SKULLPANDA series seeing only 10 people in line for a release, contrasting sharply with previous launches [6] - A live-stream incident in November raised concerns about product pricing, as staff were overheard criticizing the price of a blind box during a promotional event, affecting brand reputation [6] Group 3: Financial Performance - Despite the market downturn, Pop Mart's overall revenue for Q3 2025 increased by 245% year-on-year, with domestic revenue up by 185% and international revenue up by 365% [7] - Offline sales channels grew by 130% to 135%, while online channels saw a growth of 300% to 305% [7] Group 4: Market Analysis and Future Outlook - Concerns regarding high-frequency data and its interpretation have been raised, with reports indicating that sample selection issues may distort the understanding of the company's performance [8] - Despite the current market challenges, the company is viewed positively for its global IP operational capabilities, with a recommendation for continued investment [8]