Core Insights - The rise of LABUBU has made the trendy toy industry a darling of the capital market, with significant attention at the 2025 Service Trade Fair in Beijing [1] - The event showcased popular original IPs from companies like Pop Mart, Letsvan, and 52TOYS, highlighting the innovative strength of Chinese original trendy toys and the cultural confidence of the industry [1][2] Company Highlights - Pop Mart participated as the exclusive trendy culture brand partner, featuring major IPs like LABUBU and MOLLY at two exhibition booths, and created an interactive experience with a large art installation [2] - 52TOYS presented a diverse range of products, including collaborations with the China National Museum's cultural brand, showcasing the integration of creativity and cultural significance in toys [3] - Letsvan's WAKUKU series gained immense popularity, driven by celebrity endorsements, leading to high foot traffic and sales at the fair [2][3] Industry Trends - The trendy toy sector is evolving from niche markets to mainstream culture, with increasing global exposure through events like the Service Trade Fair [4] - The industry's growth is fueled by a shift towards emotional and experiential consumption, with consumers valuing the cultural and emotional aspects of trendy toys [3][4] - The trend of "going global" is evident, with companies like Pop Mart and Letsvan expanding their international presence and showcasing Chinese cultural creativity on a global stage [5][6] Market Performance - Pop Mart's overseas revenue surged by 375% to 5.07 billion yuan in 2024, with a significant expansion of its global store network [6] - The company aims to leverage international platforms to enhance the visibility and diversity of trendy toy IPs, contributing to its global strategy [6][7] - Letsvan has initiated localized operations in Southeast Asia and North America, marking a significant step in its global strategy [6][7]

"为什么现在这么流行去看演唱会？" "那是演唱会吗？那是解救生活的专家号。" 这段流行于社交媒体的对话，反映着当下文娱消费的新趋势。情绪价值、社交属性与自我表达，成为文娱消费的主流心理和首要需求。 年轻人嘴上嚷嚷着"消费降级"，一方面精打细算购买生活用品，转头在一切能满足自身情绪价值的消费上又毫不手软。 与《头号玩家》中对未来世界的想象不同，生长于互联网一代的年轻人反而更倾向于回归线下。比起碎片化、虚拟化的数字娱乐，现实"集体狂欢"所激发 的快乐，似乎更切合人类对娱乐的本质需求。 消费端的变革也引起了头部文娱公司的策略转向。 整个电影暑期档， 谷子经济的火爆启发了诸多头部影视公司。这些老牌"龙头"都宣布要在单一的电影业务之外，开发更多的IP衍生周边。 也有公司更早看准浪潮涌动的方向。三天前，大麦娱乐推出全新吉祥物"麦宝"，旗下电影+演出联合会员体系"淘麦VIP"升级为"大麦VIP"。自此，大麦娱 乐从品牌一致性上完成了自5月推出现实娱乐战略后的最后一块拼图。 从阿里影业更名为大麦娱乐开始，这家具有科技属性的影视公司正式转向一个涵盖电影、演出、IP商业衍生、剧集、艺人经纪等全品类的现实娱乐公司。 这些变动甚至带 ...

Core Insights - The latest update of the richest individuals in various provinces shows a significant shift towards younger, technology-driven entrepreneurs, indicating a generational change in wealth creation [1][3] Group 1: New Wealth Dynamics - The average age of the richest individuals has decreased significantly, with new billionaires like Wang Ning from Pop Mart (38 years old) and Chen Tian Shi from Cambricon (40 years old) leading the list [3] - Traditional wealth sources such as real estate are being overshadowed by sectors like AI, pharmaceuticals, and trendy consumer products, reflecting a shift in economic drivers [3] Group 2: Characteristics of New Billionaires - New billionaires are characterized by a focus on hard-core innovation, with examples including Zhu Yi's work on ADC cancer drugs and Chen Tian Shi's advancements in AI chips [3] - Revenue growth for these new ventures is exceptionally high, with some companies experiencing increases of 50% or even 900%, showcasing the lucrative potential of these sectors [3] - These entrepreneurs have a deep understanding of consumer behavior, targeting young people's desires for health solutions, novelty, and emotional connections through their products [3] Group 3: Economic Transition - The current economic landscape is described as a "change of engines," where the focus is on new productive forces, emphasizing the importance of hard-core technology and understanding human nature for success [3] - The narrative suggests that the new wealth opportunities lie in sectors like AI, pharmaceuticals, and trendy consumer products, which are now seen as the new wealth frontiers [3]

这场价格风暴的背后，是泡泡玛特主动实施的供应链革命。公司供应链中心总裁袁俊杰透露，2025年8月毛绒玩具产能较去年同期激增10倍，达到每月 3000万只的规模。这种产能爆发直接体现在销售数据上：迷你LABUBU发售当晚30分钟内售出71万单，且全部为现货供应；而此前LABUBU 3.0系列通过 8个批次预售，仅天猫渠道就卖出70万件。 大规模补货策略彻底打破了黄牛的囤货逻辑。ACGx统计显示，7月10日官方大规模补货后，二级市场投机泡沫迅速消散，黄牛群体被迫恐慌性抛售。这 种转变源于泡泡玛特商业模式的根本性调整——从维持产品稀缺性转向保障消费者权益，公司明确表示要卖"好产品"而非"理财产品"。 | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | | 收入 收入佔比 | | 收入 收入估比 | | | 人民幣千元 | | 人民幣千元 | | | 自主產品 | 13,753,405 | 99.1% | 4,382,741 | 96.2% | | 藝術家IP | 12,228,565 | 88.1 % ...

Core Viewpoint - The popularity of trendy toys, such as blind boxes and figurines, is rising among young consumers, with the trendy toy market exceeding 90 billion yuan, showcasing both social and IP value [1] Industry Summary - The trendy toy market has surpassed 90 billion yuan, indicating significant growth and consumer interest [1] - The ongoing trend of trendy toys raises questions about its sustainability and whether it is a short-term fad [1]

二手价格的下探，与泡泡玛特扩大产能，加大市场供给有关。 泡泡玛特供应链中心总裁袁俊杰表示，"当前一个月的毛绒品类产量，等同于过去一年的产量"。今年8 月产量大约3000万只，产能同期提升10倍以上。 市场已开始对这家炙手可热的新消费公司持警惕态度。近期，泡泡玛特卖空数据大幅上升。数据显示， 其卖空股数自8月29日的近30万股，在一周后快速攀升至600余万股，同期卖空金额也从不足亿元激增至 近20亿元。 类似的情形曾在今年6月上演——当时多个国家掀起抢购LABUBU的热潮，黄牛横行，影响了消费者体 验。当月中旬，泡泡玛特股价出现下跌，做空规模增加。6月18日，公司出手大规模补货，LABUBU首 次开启线上预售，二手市场价格随之下探。 在那之后，泡泡玛特股价横盘震荡近两个月，直到泡泡玛特发布2025年半年报，"史上最强"数据带领公 司股价于8月20日再创新高，公司总市值突破4200亿港元。在同天的2025年中期业绩发布会上，泡泡玛 特创始人、董事长兼CEO王宁宣布了mini版LABUBU的上市计划。 或许是新产品并未迅速打开新的想象空间，亦或是股价创新高后，现有价格已经包含了市场对新产品的 预期，新系列的发售并未 ...

从商业角度看，泡泡玛特的成长故事为创业者们提供了一种新的解题思路。显示出在产品功能趋同、渠道同质化的今天，真正的竞争优势往往不再来自"效 率"或"性能"，而是来自对人类情感的理解和共鸣。 在过去一年里，泡泡玛特频频登上热搜。从LABUBU引爆全球潮玩市场，到北京泡泡玛特城市乐园一票难求，再到最新财报显示，公司2025年上半年营收已超越 去年全年总和。 这一连串高光时刻，不仅让泡泡玛特成为投资者眼中的明星企业，更令公众好奇：一家看似"卖玩具"的公司，究竟凭什么能在短短十余年间，从小众潮流走向国 际舞台？ 答案或许不在于"玩具"，而在于"情绪"。 盲盒的不确定性所带来的猎奇与愉悦，LABUBU形象所唤起的共鸣与陪伴，同好社群所构建的归属与身份标签，这些都成为支撑其商业模式不断扩张的底层逻 辑。 为什么情绪价值变得如此珍贵？ 上周六的课程中，混沌创新领教、欧瑞吉国际创始人&CEO张乐用"一"思维深刻剖析了泡泡玛特为什么能取得今天的成就。 她不仅为创业者们提供了一条值得借 鉴的路径：如何在物质过剩的时代，通过洞察情绪构建可持续的商业竞争力。更为大家揭示了，情绪价值背后的底层成因。 扫描海报二维码 学习完整课程 物质过 ...

Core Insights - The rise of LABUBU has made the trendy toy industry a darling of the capital market, with significant attention at the 2025 Service Trade Fair in Beijing [2] - The event showcased popular original IPs from companies like Pop Mart, Letsvan, and 52TOYS, highlighting the innovative strength of Chinese original trendy toys and the cultural confidence of the industry [2][3] Company Highlights - Pop Mart participated as the exclusive cultural brand partner at the fair, featuring major IP products like LABUBU and MOLLY, and created interactive experiences for attendees [3][7] - Letsvan's WAKUKU series gained immense popularity, driven by celebrity endorsements, leading to high foot traffic and sales at the event [3][6] - 52TOYS presented a diverse range of products, including collaborations with the National Museum of China, emphasizing the cultural and creative aspects of their toys [4][5] Market Trends - The trendy toy industry is evolving from niche markets to mainstream culture, with increasing global exposure through events like the Service Trade Fair [5][6] - The demand for emotional value and spiritual consumption is rising, positioning IP toys as a burgeoning industry with vast development potential [4][5] Global Expansion - Companies like Pop Mart are successfully expanding overseas, with a reported 375% increase in international revenue, and opening stores in key global locations [6][7] - Letsvan is also accelerating its international strategy, having entered Southeast Asia and North America, and successfully hosted its first overseas pop-up event [7][6] Cultural Significance - The trendy toy sector is transitioning from mere collectibles to cultural symbols, reflecting a broader trend of integrating toys into lifestyle and fashion [7][5] - The participation in international events like the Service Trade Fair is crucial for Chinese trendy toy companies to gain global recognition and compete effectively [5][7]

本报讯 （记者袁传玺）9月10日，以"潮塑新生"为主题的SS2026北京时装周在国家会议中心二期盛大开幕。作为本季北京 时装周官方指定潮玩合作伙伴，Letsvan奇梦岛携旗下潮流IP WAKUKU、SIINONO亮相开幕盛典，通过红毯互动、秀场植入、 联名产品首发等多元形式，开启"潮玩+时尚"跨界融合的全新篇章。 正如Letsvan奇梦岛的使命——"创造触动心灵的潮流体验，传递快乐与美好"，此次携手北京时装周，正是把潮玩独有的治 愈力与惊喜感注入高端秀场，让全球来宾在镁光灯下收获一份童真心动，也让"快乐"成为本季时装周最鲜活的注脚，这不仅是 一场跨界的内容盛宴，更是中国潮流文化生态演进的重要标志。未来，奇梦岛将继续拓展与时尚、体育、文旅等领域的深度合 作，构建以IP为核心的新消费场景，助力中国原创走向世界，推动中国文化创意产业的创新发展。 （编辑 郭之宸） （Letsvan奇梦岛旗下现象级IP WAKUKU与新晋热门IP SIINONO）（企业供图） 此次Letsvan奇梦岛与北京时装周达成战略合作，不仅是潮玩行业与时尚领域的一次突破性联动，更开创了"IP赋能时尚消 费"的新范式。作为中国原创潮玩领军厂牌，L ...

Group 1: Economic Outlook and Policy - The 22nd UBS Securities China A-Share Seminar focused on the theme of "Winning in Change" and discussed the transformation and development trends of the Chinese economy, highlighting the long-term investment potential of the Chinese stock market [1] - Experts noted that China's fiscal policy is currently quite proactive, with a high broad deficit ratio, indicating limited room for significant further expansion. Monetary policy measures have been introduced, but the effectiveness will require time to observe [1] - The "14th Five-Year Plan" is seen as the beginning of a new economic development cycle, emphasizing the cultivation of "new quality productivity" centered on technological innovation and emerging industries [1] Group 2: Stock Market Trends - The Chinese stock market has shown strong performance, with increasing confidence from investors, particularly overseas, in diversifying their asset allocations towards non-USD assets [2] - Both A-shares and Hong Kong stocks are entering a profit recovery cycle, with expectations that growth styles will lead, while value styles will rotate in phases [2] - Institutional positions in the A-share market remain low, indicating significant potential for incremental capital inflow as mainstream institutional funds enter the market [2] Group 3: ETF Market Growth - China's ETF market has seen continuous growth, surpassing 5 trillion yuan in size as of August 25, driven by policy support, improved market sentiment, product innovation, and rising investment demand [3] - By 2035, the ETF market in China is projected to reach 50 trillion yuan, potentially becoming the second-largest market globally [3] - A significant portion of Chinese entrepreneurs are beginning to utilize AI technology, indicating substantial market opportunities within the AI industry [3] Group 4: Consumer Trends and Opportunities - The Z generation has emerged as the new consumer force, with preferences for personalized and interactive services, prompting brands to innovate in product offerings [6] - Despite low economic sentiment, there are structural opportunities driven by emotional consumption and supply innovation, particularly in sectors like IP toys and beauty products [6] - The retail sales of consumer goods in China grew by 4.8% year-on-year from January to July, with certain segments like IP toys expected to reach a market size of 200 billion yuan by 2025 [5][6]