好文7387字|16分钟阅读 作者：小明|编辑：萧炎 边界感小站寄语："边界，不是墙，是给自由留的缝" 欢迎您的阅读…… 阅读小提示：因该篇文章篇幅较长，为方便您快速获取价值信息，作者一划重点助您快速阅读 00后年轻人正以他们独特的认知方式，重新定义生活方式与人生选择。72%的年轻人通过专业见解定义自我 ，而仅有23.7%的父母能真正理解他们的消费 动机。这种认知鸿沟，恰如庄子《秋水》中河伯与海神的对话，揭示了人类认知的相对性与局限性。当00后为99元的潮玩支付45万元的溢价时，父母眼中 看到的却是"塑料娃娃为何比黄金贵"的困惑。认知的差异，不仅体现在价格判断上，更深刻影响着代际间的理解和沟通。 故事始于一个普通的下午，在北京合生汇的泡泡玛特机器人商店旁，一位年轻男子正在教一位阿姨如何使用手机小程序抢购Labubu盲盒。阿姨反复打 开、退出小程序，试图刷出一套回流（被拍下但未付款的商品会重新放回库存中），她说："女儿想要的这套Labubu，最高时一度要3000多元，现在1750 元的价格还算可以接受。" 这个场景折射出00后与父母之间巨大的认知差异。00后群体成长于物质生活相对充裕的互联网时代，他们更注重情感 ...

Group 1 - The core viewpoint is that a technological revolution is fundamentally reshaping the business world, with technologies like AI, big data, and IoT driving new consumption patterns and pushing Chinese manufacturing up the global value chain [2][3] - China's manufacturing sector has historically faced a "brand deficiency," but has rapidly evolved into the world's largest manufacturing powerhouse, achieving remarkable growth through the release of demographic and engineering dividends [2][3] - The shift towards a new development model in China emphasizes domestic consumption as the primary driver of economic growth, with final consumption expenditure projected to account for 39.9% of GDP by 2024 [3][4] Group 2 - The transformation of consumption is closely linked to technological empowerment, with past trends showing a progression from filling market gaps to enhancing efficiency and now to creating value through technology [5][6] - Current consumption trends are driven by advanced technologies such as AI, IoT, and new materials, which are integrated into the entire consumption process, moving from efficiency to value co-creation [5][6] - The cycle of "technology research and development—industry application—commercial feedback—reinvestment in R&D" is crucial for sustaining economic growth and innovation [6][8] Group 3 - The global competitive landscape has shifted from product competition to systemic competition based on technology, standards, and ecosystems, with developed countries leveraging their technological advantages [6][7] - China possesses the largest consumer internet ecosystem and a complete manufacturing supply chain, providing an opportunity to ascend the global value chain by transforming consumption market advantages into capabilities for defining products and setting standards [6][7] - Companies like SHEIN exemplify the integration of digital technology in consumption, utilizing AI to analyze trends and optimize supply chains, thus enhancing their competitive edge [7][8] Group 4 - The concept of "technology-enabled new consumption" is seen as a strategic necessity for overcoming growth challenges and participating in global competition [8][9] - This transformation redefines the value chain of the consumption industry across research, production, marketing, and supply chain dimensions, enabling the creation of high-quality, affordable products and exceptional experiences [8][9] - The ultimate goal is to convert technological innovation into commercial value and societal benefits, making advanced technologies accessible to the general public [9][10]

Core Insights - The "WHY SO SERIOUS" series of blind boxes launched by Pop Mart for Halloween sold out within minutes online, indicating strong demand for the product [2] - The series features popular characters from Pop Mart's IPs, including LABUBU, DIMOO, and MOLLY, with individual blind boxes priced at 159 yuan and a full box at 1272 yuan [2] - The resale prices for certain characters have seen significant premiums, with some items reaching up to 13.4 times their original price [2] Pricing and Resale Performance - The LABUBU-based "Moon Shadow Mask" blind box saw its price rise from 159 yuan to a peak of 2289 yuan, a premium of 13.4 times [2] - The "Bubble Gum" character based on the Star Person IP had a resale price of 1569 yuan, reflecting a 9 times premium [2] - Other popular items, such as the "Throwing Clown" and "Fiery Clown," also experienced notable premiums of 7.2 times and 3.8 times, respectively [2] Comparison with Previous Series - The "WHY SO SERIOUS" series had lower premiums compared to the "Delicious Moments Series" launched before the National Day, which saw a peak premium of 14.7 times for the "Little Bear Biscuit" [3] - The average resale price for the "Delicious Moments Series" blind boxes increased significantly, with individual boxes rising from 59 yuan to 249 yuan, a premium of 3.2 times [3] Future Product Launches - For Halloween 2024, Pop Mart is set to release the LABUBU-themed "Monster Carnival" plush hangers, which includes only one product but has already generated user interest [3] - The price for the LABUBU item increased from 159 yuan to 783 yuan, reflecting a premium of 3.1 times, with an average resale price currently at 339 yuan [3] Stock Performance - As of October 10, Pop Mart's stock was trading at 260.8 HKD per share, experiencing a slight decline of 0.61% [4]

Core Insights - The concept of "private domain" has evolved from a mere operational model to a strategic "growth engine" for companies, as evidenced by its frequent mention in IPO prospectuses [2][3] - Companies are increasingly highlighting user assets as a crucial component of brand valuation, indicating that effective user management will lead to greater growth potential in the capital markets [3] Summary by Sections Private Domain in IPO Prospectuses - Multiple consumer brands preparing for IPOs emphasize "private domain" and related membership operations, showcasing the strategic importance of private domain strategies [5] - Snack brand "Hao Xiang Lai" reported that its members contributed approximately 78% of GMV in the first eight months of 2025, highlighting the significant impact of private domain user assets on revenue growth [2][5] - The mother-and-baby brand "Bu Tong Group" defined "private domain" in its prospectus and demonstrated rapid growth in private domain sales, with revenue increasing from 8.8 million yuan in 2022 to 56.3 million yuan in the first half of 2025 [5][6] Development Stages of Private Domain - The development of private domain can be categorized into three stages: 1. **Official Definition Stage (around 2020)**: The concept of private domain traffic emerged as brands began to establish their own traffic pools [9] 2. **High Growth Stage (2021-2023)**: Brands started to mention "private domain" or "membership operations" in their financial reports, leading to significant performance improvements [10] 3. **Mature Stage (2024-present)**: Private domain strategies are now frequently included in IPO prospectuses, becoming a core growth model for companies [10] Future Trends Reflected in Private Domain Layouts - **Trend 1: Full-domain Operations and Online-Offline Integration**: Brands are increasingly emphasizing the integration of online and offline channels to create a seamless user experience [11][12] - **Trend 2: Organizational and Mechanism Reform**: Companies are adjusting their internal structures to support private domain and full-domain operations, leading to more agile and responsive organizations [13] - **Trend 3: Layered Membership Management**: The future will see a more refined approach to membership management, focusing on clear tier structures and differentiated benefits [14][15] - **Trend 4: Full-link Digital Empowerment**: A comprehensive digital infrastructure is essential for the effective implementation of private domain strategies, enabling real-time collaboration across various business functions [16][18] Conclusion - The emphasis on "private domain operations" is shifting from a marketing tactic to a central theme in corporate growth strategies, with a clear trend towards user-centric, data-driven operations [18]

Core Insights - The "WHY SO SERIOUS" series of blind boxes launched by Pop Mart for Halloween sold out within minutes online, indicating high demand and popularity [1] - The series features popular characters from various IPs under Pop Mart, including LABUBU, DIMOO, and MOLLY, with individual blind boxes priced at 159 yuan and a full box at 1272 yuan [1] - The resale prices for certain characters have surged significantly, with some items experiencing premiums of up to 13.4 times their original price [1][2] Pricing and Resale Insights - The LABUBU-based "Moon Shadow Mask" reached a peak resale price of 2289 yuan, a 13.4 times increase from its original price [1] - The small hidden "Bubble Gum" based on the Star Person character had a resale price of 1569 yuan, reflecting a 9 times premium [1] - Other popular items in the series also saw substantial price increases, with premiums ranging from 2.8 to 7.2 times their original prices [1] - In comparison, the previous "Delicious Moments Series" featuring Star Person had even higher premiums, with some items reaching a 14.7 times increase [2] Market Performance - As of October 10, Pop Mart's stock price was reported at 260.8 HKD per share, reflecting a slight decline of 0.61% [4] - The upcoming LABUBU-themed products for Halloween 2024 have already generated interest, with initial prices rising from 159 yuan to 783 yuan, indicating a 3.1 times premium [2][3]

Core Viewpoint - TOP TOY, a trendy toy brand under Miniso, has submitted its listing application to the Hong Kong Stock Exchange, aiming for independent listing after three years of establishment, driven by the popularity of emotional consumption and trendy toys [1][4]. Financial Performance - TOP TOY's revenue has shown significant growth, increasing from 678.79 million RMB in 2022 to 1.46 billion RMB in 2023, and projected to reach 1.91 billion RMB in 2024, reflecting a strong upward trend [2][4]. - The gross profit for the same period has also improved, with figures of 135.07 million RMB in 2022, 458.83 million RMB in 2023, and 624.37 million RMB in 2024, indicating a gross margin increase from 19.9% to 32.7% [2][4]. - In the first half of 2023, TOP TOY achieved a record revenue of 1.36 billion RMB, marking a year-on-year growth of 58.5% [3][5]. Business Model and Market Position - TOP TOY operates as a platform for trendy toys, focusing on licensed IP toys, proprietary IP toys, and third-party brand toys, with a strong emphasis on figurines, 3D models, and plush toys [4][8]. - The brand has expanded its store count to 293 by mid-2025, with a notable increase in overseas stores from 4 to 10, primarily in Southeast Asia [5][6]. Revenue Sources - The revenue from sales to franchisees and distributors has increased, with sales to distributors rising from 43.9% in 2022 to 55.3% in 2024 [5][6]. - The sales revenue from proprietary IP products remains low, with only 680,000 RMB generated in 2023 compared to 8.89 billion RMB from licensed IPs, highlighting a heavy reliance on licensed products [8][10]. IP Strategy - TOP TOY has a diverse IP portfolio, with 17 proprietary IPs and 43 licensed IPs, but its revenue is predominantly driven by licensed IPs [8][10]. - The company is actively acquiring designer IPs to enhance its proprietary offerings, with recent acquisitions increasing its proprietary IP count from 8 to 17 [10].

Core Viewpoint - Pop Mart (09992) has seen a significant increase in stock price, reflecting strong consumer interest and sales momentum driven by new product launches and upcoming seasonal demand [1] Group 1: Stock Performance - Pop Mart's stock price rose over 4% during trading, with a current price of 269.80 HKD and a trading volume of 2.864 billion HKD [1] - As of the report, the stock price increased by 2.82% [1] Group 2: Product Demand - The new product series "WHY SO SERIOUS" and "MOKOKO" sold out immediately upon release, indicating high consumer demand [1] - The resale prices for the hidden items from the "WHY SO SERIOUS" series reached 1999 HKD and 2099 HKD, significantly higher than the original price of 159 HKD [1] Group 3: Market Outlook - Morgan Stanley's recent report suggests that Pop Mart will experience multiple consumption peaks in the coming months, including China's National Day and Western holidays such as Halloween, Thanksgiving, and Christmas [1] - The firm anticipates sustained sales momentum due to sufficient inventory of popular products, new product launches, and store expansions [1]

Core Insights - The new "Why So Serious" series inspired by circus clown characters was launched on October 9, featuring various IPs such as Labubu, Dimoo, Molly, Hacipupi, and Star People [4] - The blind box items are priced at 159 yuan each, while the hanging card items are priced at 179 yuan [4] - The complete set of blind box items consists of 8 figures, with a total box price of 1272 yuan, and some second-hand platforms are selling them for 1900 yuan [8] - MOKOKO rubber figures were also released at a price of 199 yuan, but are being resold for over 1000 yuan, with some sellers pricing them at 1500 yuan, which is more than seven times the original price [9] Group 1 - The "Why So Serious" series includes characters like the Crimson Dancer, Rainbow Jelly Bean, Flame Clown, and others [5][6] - The series is available for purchase on various online platforms starting from October 9, with offline sales commencing on October 10 [4] - The high resale prices on second-hand platforms indicate strong demand and potential market interest in these collectibles [8][9]

Macro and Strategy Research - The manufacturing sector shows further improvement with a notable recovery in small enterprises, as indicated by the September PMI data, which reported a manufacturing PMI of 49.8%, a non-manufacturing business activity index of 50.0%, and a composite PMI output index of 50.6% [2][3] - The production index increased by 1.1 percentage points to 51.9%, while the new orders index rose by 0.2 percentage points to 49.7%, still below the critical point [3] - New export orders reached a high of 47.8%, marking a 0.6 percentage point increase, suggesting a reduction in the impact of tariff policies [3] - The non-manufacturing business activity index fell by 0.3 percentage points to 50.0%, with the construction sector slightly improving to 49.3% and the service sector declining to 50.1% [4] - The composite PMI output index increased by 0.1 percentage points to 50.6%, driven by the recovery in manufacturing, which offset the short-term decline in non-manufacturing [4] A-Share Market Investment Strategy - Major indices in the A-share market rose, with the Shanghai Composite Index increasing by 2.09% and the ChiNext Index by 0.81% over the recent trading period [6][7] - The upcoming "14th Five-Year Plan" is expected to clarify economic strategies, with a focus on expanding domestic demand and supporting innovation as key components [7] - The market is anticipated to maintain a strong structural characteristic, with potential investment opportunities in sectors such as TMT, electric power equipment, pharmaceuticals, and consumer services [8] Industry Research - The retail sales of clothing, shoes, and textiles reached CNY 9,400.40 billion from January to August, reflecting a year-on-year growth of 2.90% [14] - The light industry sector underperformed compared to the CSI 300 index, with a decline of 0.54% against the index's increase of 3.20% [15] - The packaging paper industry is expected to see improved performance due to price increases being passed down to downstream sectors, with significant profit growth anticipated in Q3 [15][16] - The consumer market showed stable growth during the recent holiday period, with government subsidies expected to further stimulate sales in related sectors [15][16]

一家潮玩企业甚至将《本草纲目》与现代流行文化巧妙融合，把中药材变成了潮玩。 近年来，消费领域刮起一股"国潮风"：从时尚潮玩火爆全球，到传统服饰受到追捧，一个全新的消费赛 道正在悄然兴起。那么，当中国传统文化遇上时尚新潮流，究竟会碰撞出怎样的消费火花呢? 数据显示，截止到6月末，上半年潮玩相关企业注册量同比增长41.08%。在全国最大的潮玩生产基地广 东东莞，多家潮玩企业今年上半年纷纷"爆单"。 广东东莞一家玩具生产企业自主设计的一款包挂潮玩公仔，今年"六一"前上市，2万只小包挂在线上3天 就售罄了。 东莞能快速开出全世界最精密的模具，但在过去企业大多为外国品牌做代工，价值非常低，如今他们发 现，把先进工艺跟浩瀚的中国传统文化结合，用现代的流行设计语言打造属于自己的国潮IP，能带来更 大的价值。 广东东莞市潮玩协会副会长 刘学深：深挖出来能够创造更高的利润，能够做到超过30%甚至60%的利 润。 另一家企业则将金属材质与中国非遗文化相结合，开创出一条独具特色的3D金属拼图潮玩赛道。可玩 性强又富有文化内涵和艺术价值的产品，让潮玩成为"可触摸的东方文明"。 他们以宁波婚嫁习俗为灵感创作的"十里红妆"累计销量已突破 ...