Group 1 - The core theme of the event is "Cake a wish," where Pop Mart integrates its IP into dessert decorations, allowing attendees to taste various themed desserts [2] - Pop Mart debuted as the exclusive trendy cultural brand partner at the China International Service Trade Fair, showcasing popular products like LABUBU and launching a new sub-brand "Pop Mart Bakery" [3] - The exhibition features a large art installation themed around the character Starry Person, providing an innovative interactive experience for attendees [5] Group 2 - Pop Mart's exhibition includes a display of IP products that incorporate traditional craftsmanship, merging elements like porcelain and plush flowers into visual design [5] - The booth is designed with red and yellow as the main colors, creating a space that reflects national aesthetics and promotes the narrative of contemporary trendy culture [5]

北京商报讯（记者赵述评）9月10日，在2025年中国国际服务贸易交易会（以下简称"服贸会"）上，泡 泡玛特在1号馆、9号文旅服务专题展打造了两大展区，并特别定制了服贸会主题限定甜品礼盒。 泡泡玛特还在1号馆带来了SPACE MOLLY臻藏款（MEGA）以及覆盖THE MONSTERS、MOLLY、 CRYBABY、HACIPUPU等IP的爆款毛绒，并于户外特别设置以星星人为主题的大型装置艺术打卡点， 为参展观众提供了更创新多元的互动体验。 在9号文旅服务专题展中的朝阳展区，泡泡玛特展出了旗下多款融合非遗技艺的IP产品，将瓷器、绒花 等传统文化元素融入视觉设计，以潮玩文化助力非遗创意表达。展台以红色与黄色为主色调，构建国风 美学空间，通过MOLLY、DIMOO、SKULLPANDA、HIRONO等热门IP产品展示，推动潮流文化与传 统文化艺术共谱当代潮流文化新叙事。 据了解，泡泡玛特首次作为独家潮流文化品牌合作伙伴参展服贸会，带来人气IP LABUBU、星星人等 爆款产品，推出全新子品牌"泡泡玛特甜品屋 POP BAKERY"。 （文章来源：北京商报） 以"甜知所愿（Cake a wish）"为主题，泡泡玛特1 ...

Group 1 - The core viewpoint of the article emphasizes that潮玩 (trendy toys) serve not only as collectibles but also as carriers of emotional value and cultural innovation, with Letsvan奇梦岛 aiming to create impactful experiences and showcase Chinese cultural creativity to a broader audience through the China International Fair for Trade in Services (CIFTIS) [1][2][4] - Letsvan奇梦岛 has successfully launched several phenomenon-level IPs this year, including "又梨," "WAKUKU," and "SIINONO," demonstrating strong capabilities in IP incubation and commercialization [1][2] - The "SIINONO" product achieved sales of 1.5 million yuan within three days of its launch, with over 10,000 boxes sold in the first 10 minutes, setting a new sales record for trendy toy categories [2] Group 2 - Letsvan奇梦岛 has entered Southeast Asia and North America markets, conducting localized operations and successfully holding its first overseas pop-up event in Bangkok, Thailand, in June, marking a significant step in its global strategy [2] - The participation in CIFTIS allowed Letsvan奇梦岛 to showcase its innovative achievements in original trendy toys and reflect the vibrant development of China's cultural and creative industry, providing new opportunities for the trendy toy sector to enhance cultural confidence and expand into global markets [2][4]

稀缺性一度催生火爆的二手交易市场。以"前方高能"系列LABUBU为例，今年6月中旬整端回收价高达 1380元，较原价溢价176%。 但近期二手市场明显降温，同类产品成交价回落至600~700元区间。此外，8月28日发售的迷你版 LABUBU更是经历价格过山车，整端价格从发行初期的3200元"黄牛价"，跌至9月10日的二手平台成交 均价1511元，部分冷门款式甚至跌破原价。 市场分析认为，股价调整反映投资者对IP可持续变现能力的担忧。尽管泡泡玛特成功打造多个爆款IP， 但市场担心其生命周期存在不确定性，一旦热度消退可能影响公司盈利稳定性。 此外，虽然公司近期被纳入恒生指数成分股，理论上有望吸引被动资金配置，但部分投资者选择在利好 兑现后获利了结，反而形成短期抛压。值得注意的是，泡泡玛特的全球化战略仍在稳步推进。2025年上 半年财报显示，其海外市场收入同比实现显著增长，尤其在美洲及欧洲地区表现亮眼。 9月10日，港股潮玩龙头泡泡玛特延续近期跌势，收盘报275.2港元/股，单日下跌4.51%。自8月26日创 下339.8港元/股的历史高位后，公司股价持续调整，半个月内累计跌幅已达15.74%。 股价承压之际，泡泡 ...

Group 1 - The LABUBU series, once highly sought after, is experiencing a significant decline in second-hand prices, with the hidden version "Ben Wo" dropping from approximately 4356 yuan to 834 yuan over the past 90 days [1] - Following the peak price of 339.8 HKD per share on August 26, the stock price of Pop Mart has been on a downward trend, falling 7.5% on September 8 and reaching 269 HKD per share by September 10, resulting in a total market capitalization of approximately 361.2 billion HKD [4] - The initial sale of the LABUBU series sparked a buying frenzy, with prices on second-hand platforms reaching as high as 3200 yuan for a complete set of 14 figures, and some sellers charging up to 2699 yuan for "proxy buying" services, which is more than double the official price [4] Group 2 - The average transaction price for the mini LABUBU has significantly decreased, with the A-M version averaging 147 yuan and the complete N-Z set averaging 1511 yuan as of September 10 [4] - In response to the drastic price fluctuations, scalpers are adopting a conservative approach, with some halting purchases and waiting for market conditions to improve, indicating a shift in market sentiment [10] - The latest financial report from Pop Mart shows a remarkable revenue increase of 204.4% year-on-year for the first half of 2025, reaching 13.876 billion yuan, with a net profit growth of 396.5% [10]

Core Insights - The 2025 Service Trade Fair will feature a cultural and tourism service exhibition at Shougang Park, showcasing various innovative products and experiences [1] Group 1: Event Highlights - The Chaoyang exhibition area will focus on the theme "Trendy Play, Trendy Enjoyment, Trendy Life," presenting multiple first-time exhibits [1] - Notable exhibits include the Bubble Mart's intangible cultural heritage series Molly, the Letsvan's Dream Island series, and the first ultra-realistic 3A XR interactive film work "Mulan 2125 XR" [1] - The exhibition will also introduce the first cultural creation collection store in the city, supported by the government and operated by market entities, as part of the National Cultural Industry Innovation Experimental Zone [1]

9月10日，香港三大股指全线上涨，恒生指数涨1.01%，报26200.26点；恒生科技指数涨1.27%，报5902.69点；恒生国企指数涨0.93%，报9328.16点。大市 成交2882.09亿港元。南向资金净买入75.66亿港元。 恒生指数成份股中65只上涨，21只下跌。联想集团涨4.63%，京东物流涨4.45%，新鸿基地产涨4.28%，领涨蓝筹。 | 2 | 京东物流 | 2618 | 13.850 c | 0.590 | 4.45% | 5.17亿 | 8.20% | | --- | --- | --- | --- | --- | --- | --- | --- | | 3 | 新鸿基地产 | 0016 | 97.500 c | 4.000 | 4.28% | 7.40亿 | 32.24% | | 4 | 京东集团-SW | 9618 | 132.100 c | 4.600 | 3.61% | 45.69亿 | -0.34% | | ട | 中芯国际 | 0981 | 60.350 c | 2.100 | 3.61% | 54.18亿 | 89.78% | | 6 | | 1928 | 20.660 ...

Core Viewpoint - The secondary market prices for the mini LABUBU have declined, impacting market sentiment towards Pop Mart, despite the company's efforts to increase production and combat scalping [1][2]. Group 1: Market Performance - The mini LABUBU series sold out quickly upon release, leading to a significant spike in secondary market prices, which later fell sharply within a week [1][2]. - The prices of first, second, and third generation LABUBU products in the secondary market have also decreased, with the third generation even experiencing slight depreciation [2][3]. - Following the decline in secondary market prices, Pop Mart's stock price also saw a minor correction, although it remained above levels prior to the release of the half-year performance report [2]. Group 2: Production and Supply Chain - Pop Mart is actively increasing production capacity to meet genuine market demand, with plush toy production capacity reportedly increased to over ten times that of the same period last year, reaching approximately 30 million units in August [2]. - The expansion of production capacity is expected to positively impact the availability of LABUBU and other IP products for consumers, which could benefit the company's long-term performance [3]. Group 3: Long-term Value Considerations - The decline in secondary market prices is viewed as a sign of increased production capacity and a move towards making products more accessible to consumers, which is essential for the sustainable development of the company [3]. - Investors emphasize that the long-term value of the company should not be judged solely based on the fluctuations in secondary market prices of a single IP, as controlling secondary market premiums is crucial for maintaining consumer access and reducing speculation [3].

泡泡玛特正加大产能，以回应市场的真实需求。泡泡玛特供应链中心总裁袁俊杰在8月的财报业绩发布 会上透露，公司已将毛绒产能提升至去年同期的10倍以上，8月毛绒产能已经达到了约3000万只。 产能扩大的效应很快就体现在新品发售中。LABUBU在二级市场的行情明显回落。发售后一周，迷你 版LABUBU在二手平台的溢价幅度较前几代大幅降低，第一、二、三代LABUBU的二手交易价格也出 现下滑，甚至三代LABUBU已经出现轻微折价。 二手市场价格回落之际，泡泡玛特的股价也出现小幅回调。9月9日收盘公司股价仍高于半年业绩报发布 前水平，但较此前339.8港元的高点有所回调。 一位行业人士表示，"二手市场价格下跌短期看可能影响了股价，但长期来看对泡泡玛特是重大利好。 二手市场价格下跌，一方面证明产能提升，另一方面更多消费者可以买到LABUBU或者其他IP产品，这 其实更有利于公司业绩进一步发展。" 北京商报讯（记者 赵述评）9月10日，北京商报记者发现泡泡玛特旗下人气IP LABUBU推出的迷你版 （THE MONSTERS心底密码系列），一经发售在多个平台迅速售罄，二级市场价格一度成倍飙升。仅 一周后，迷你版LABUBU二 ...

Core Insights - Letsvan has successfully launched WAKUKU as a competitive alternative to LABUBU, achieving rapid popularity in the crowded collectible toy market [3][4] - The success of WAKUKU highlights the challenges of innovation in the industry, as it relies on replicating existing successful models rather than creating unique IP [3][4] - The market dynamics are shifting, with Letsvan's strategy focusing on affordability and accessibility, contrasting with Bubble Mart's premium positioning [16][19] Company Overview - Letsvan, founded by Zhan Huiyu in 2020, initially struggled to gain recognition until the success of LABUBU, which prompted the launch of WAKUKU [4][8] - WAKUKU's design and marketing strategies closely mirror those of LABUBU, utilizing similar naming conventions and aesthetic elements to attract consumers [5][6] - The company has formed strategic partnerships, such as with Lehua Entertainment, to enhance its market presence and leverage celebrity endorsements for brand promotion [7][8] Market Positioning - WAKUKU is positioned as a cost-effective alternative to LABUBU, with a starting price of 59 yuan compared to LABUBU's 99 yuan, appealing to price-sensitive consumers [16][18] - The brand has gained traction through effective marketing strategies, including product placements in popular media and collaborations with influencers [7][8] - Letsvan's approach to market expansion includes participation in international toy exhibitions and establishing retail partnerships in Southeast Asia [7][8] Competitive Landscape - The collectible toy market is becoming increasingly competitive, with various companies attempting to carve out their niches, such as TOP TOY leveraging its retail channels [9][12] - While Letsvan focuses on replicating successful models, other competitors are exploring unique strategies to differentiate themselves in the market [9][12] - The overall market is witnessing a surge in new entrants, with over 5,100 companies currently operating in the collectible toy sector in China [23][24] Future Outlook - Letsvan is evolving its brand identity by rebranding to "Letsvan Qimengdao" to enhance its creative ecosystem and attract designers [22] - The company aims to strengthen its content creation capabilities and establish a more robust connection between designers and consumers [22] - As the market continues to grow, Letsvan is positioning itself to be a significant player in the collectible toy industry, aiming to replicate the success of established brands like Bubble Mart [24]