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]

编号：2025010 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 1.农银汇理：仲恒 2.长安基金：肖洁 3.易方达：赵辰 4.和谐汇一：王天浩 5.国泰海通资产：钱玲玲 6.源乐晟：赵楠 7.申万菱信：游彤煦 8.长江证券：章颖佳 时间 2025 年 9 月 10 日 地点 公司会议室 公司接待人员 姓名 副董事长、总经理：王君平 董事会秘书、副总经理：江淑莹 证券事务代表：王秀娜 投资者关系活动 主要内容介绍 一、公司展厅参观，介绍公司产品。 | | 了业务的转型升级与持续发展，不断为公司创造新的业绩增长点。 | | --- | --- | | | 2、公司未来的渠道策略是什么？ | | | 答：广博的渠道策略聚焦"稳固根基、开拓新途、强化自主、布局海外"。 | | | 在传统渠道上，巩固 KA 与经销商渠道，通过优化产品供给、提升场景 | | | 适配性，强化学生客群粘性，筑牢业务基本盘。新兴渠道方面，积极开 | | | 拓潮玩渠道，紧跟 Z 世代消费趋势， ...

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。 【导读】泡泡玛特逆市大跌！蔚来宣布拟发行1.82亿股，募集资金拟用于智能电动汽车核心技术研发 中国基金报记者 郭玟君 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 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26200.26 9328.16 | | 5902.69 | | +262.13 +1.01% +85.76 +0.93% +73.95 +1.27% | | | | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 联想集团 | 0992 | 11.310 c | 0.500 | 4.63% | 10.95 ...

Core Viewpoint - The 2025 Service Trade Fair emphasizes dynamic engagement and diverse interactive experiences, with Bubble Mart participating as the exclusive trendy cultural brand partner, showcasing popular IP products and creative installations [1] Group 1: Event Overview - The 2025 Service Trade Fair commenced on September 10, featuring a variety of supporting activities and interactive scenarios aimed at fostering new development momentum [1] - Bubble Mart set up two major exhibition booths at the fair, highlighting its popular IP products such as labubu, Molly, and Star People [1] Group 2: Interactive Experience - The event included innovative formats like a creative dessert house and large outdoor art installations, enhancing visitor engagement and interaction [1]

Investment Rating - The report indicates a positive investment outlook for the gaming sector, highlighting its strong performance compared to other sub-industries within the media and internet sectors [3][5]. Core Insights - The gaming industry is experiencing significant growth, with mobile game market size increasing by 16% year-on-year in the first half of 2025, while PC games show a 5% increase [3][14]. - The report emphasizes the high demand for entertainment consumption, particularly in gaming, music, and trendy toys, while long-form video content has reached a low point [3][8]. - Cloud computing and AI applications are accelerating, with notable revenue growth in cloud services, particularly from Alibaba Cloud and Kingsoft Cloud, which reported year-on-year growth of 26% and 24% respectively [3][8]. - The advertising sector shows resilience, particularly in short video platforms and elevator advertising, with initial signs of AI integration [3][8]. - The internet healthcare sector is witnessing an uplift in market conditions, indicating a positive trend [3][8]. Summary by Sections 1. Overview - The report summarizes the performance of the media and internet sectors, noting the standout performance of the gaming industry [3][4]. 2. Entertainment Consumption - The gaming, music, and trendy toy IPs are thriving, while long-form video content is struggling [3][4]. - The gaming sector's revenue growth is driven by regulatory easing, increased demand from younger users, and innovative overseas strategies [3][14]. 3. Cloud Computing and AI Applications - Cloud services are experiencing accelerated growth, with significant investments from major players like Alibaba and Tencent [3][8]. - AI applications are beginning to monetize effectively, particularly in emotional consumption and productivity tools [3][8]. 4. Advertising - The advertising sector remains robust, with short video platforms and elevator ads showing resilience [3][8]. 5. Internet Healthcare - The report notes an improvement in the internet healthcare sector's market conditions [3][8]. 6. Publishing - The publishing sector is experiencing flat revenue growth, but tax exemptions are helping to restore profit margins [3][8].

8月29日下午，上海消费者卜静（化名）看到买家在闲鱼点击了"确认收货"按钮，看着页面上1599元的成交记录，她暗自庆幸自己出手及时。 一天前，她以1106元的官方价购入当日上新的"MINI版（迷你版）LABUBU"全套盲盒，首日还能卖到1800元的套盒，次日降价200多元才找到了买 家，"溢价一天比一天少，再拖可能就要亏了！" 卜静的经历，正是当下LABUBU二手市场降温的缩影。距离上海千里之外的吉林，二手卖家刘辉（化名）正对着家中成箱堆积的LABUBU玩偶发愁，他 向《IT时报》记者透露，自己近一个月已有数款LABUBU单品以低于买入价售出，累计亏损超万元。 从8月底新品开售时的"一分钟售罄"，到如今二手市场价格跳水、黄牛库存积压，LABUBU"不复当月"。 受此影响，泡泡玛特股价也一路走低。自8月26日达到339.8港元历史高位之后，截至9月9日已跌去逾15%。 部分型号亏损三成，黄牛感受到市场寒意 8月28日晚10点，泡泡玛特新品THE MONSTERS心底密码系列—搪胶毛绒挂件盲盒（MINI版LABUBU）正式开售。当晚，卜静提前10分钟在屏幕前严阵 以待，在开抢不到一分钟的时间，拿下了全套MINI版 ...

市场热点较为分散，有色、煤炭、化工、电力等资源板块集体下挫；石油板块强势上扬，科力股份涨超 10%，准油股份涨停；影视股集体活跃，幸福蓝海一度触及涨停，金逸影视、粤传媒涨停；CPO、算力 等AI产业链股卷土重来，嘉元科技（688388）、东山精密、工业富联、景旺电子等均涨停，胜宏科技 股价逼近300元续创新高；卫星互联概念拉升，三维通信、日海智能（维权）涨停，中国联通涨超5%； 旅游出行板块崛起，凯撒旅业（维权）、天府文旅涨停，大连圣亚涨近8%；此外，今日登陆创业板的 艾芬达涨170%报74.77元/股，盘中最高至87.98元/股，涨幅达217.7%，以盘中最高价计算，该股单签最 高盈利超3万元。 港股方面，鸿腾精密涨近13%，哔哩哔哩涨超7%，联想集团涨近5%；老铺黄金跌逾7%，泡泡玛特跌近 5%。 影视股集体走高 影视股今日强势拉升，截至收盘，幸福蓝海涨近14%，盘中一度触及涨停，创近9年新高；金逸影视、 粤传媒涨停，华谊兄弟、芒果超媒涨超5%。 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！ A股主要股指今日（9月10日）探底回升，创业板指、科创50指数较为强势；港股亦走强，恒 ...

具体来看，A股三大股指盘中一度下探翻绿，随后重拾升势，全线上扬，创业板指、科创50指数涨超1%。截至收盘，沪指涨0.13%报3812.22点，深证成指涨 0.38%报12557.68点，创业板指涨1.27%报2904.27点，科创50指数涨1.09%，沪深北三市合计成交20042亿元，较此前一日减少1482亿元。 市场热点较为分散，有色、煤炭、化工、电力等资源板块集体下挫；石油板块强势上扬，科力股份涨超10%，准油股份涨停；影视股集体活跃，幸福蓝海一 度触及涨停，金逸影视、粤传媒涨停；CPO、算力等AI产业链股卷土重来，嘉元科技（688388）、东山精密、工业富联、景旺电子等均涨停，胜宏科技股价 逼近300元续创新高；卫星互联概念拉升，三维通信、日海智能涨停，中国联通涨超5%；旅游出行板块崛起，凯撒旅业、天府文旅涨停，大连圣亚涨近8%； 此外，今日登陆创业板的艾芬达涨170%报74.77元/股，盘中最高至87.98元/股，涨幅达217.7%，以盘中最高价计算，该股单签最高盈利超3万元。 港股方面，鸿腾精密涨近13%，哔哩哔哩涨超7%，联想集团涨近5%；老铺黄金跌逾7%，泡泡玛特跌近5%。 影视股集体走高 影视 ...

人民财讯9月10日电，恒生指数收涨1.01%，恒生科技指数涨1.27%。哔哩哔哩涨超7%，三生制药跌超 8%，老铺黄金跌逾7%，泡泡玛特跌超4%。 ...

中国经济网北京9月10日讯（记者 杨秀峰） 9月10日，聚焦"数智领航，服贸焕新"年度主题的2025年中 国国际服务贸易交易会（简称"服贸会"）在北京首钢园开幕。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，于现场设立两大展台，不仅带来了多款广受全球消费者喜爱的核心IP产品，更通过创 意甜品屋、户外大型艺术装置等多元互动形式，提供独特的潮流文化体验，吸引了现场观众热情参与。 用美好连接世界 让更多人看见IP力量 今年是泡泡玛特第六年参与服贸会，泡泡玛特国际集团负责人表示："泡泡玛特希望通过服贸会这一国 际舞台，让世界看到潮玩IP的多样性与延展力。今年的服贸会上我们带来了多款海内外消费者热爱的IP 产品，也让观众们体验了更多创新互动形式，收获了现场观众的广泛认可与喜爱。未来，伴随集团全球 化业务的持续拓展，泡泡玛特也将继续坚持IP创新的运营思路，为全球消费者带来更多元的情感体验与 文化价值。" 作为全球领先的潮流文化娱乐集团，IP孵化与运营始终是泡泡玛特发展的核心动力。近期，泡泡玛特发 布2025年半年报，上半年营收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长 362.8%， ...