消息面上，《2025闲鱼潮玩消费洞察报告》9月9日发布，报告显示，2025年潮玩交易爆发式增长，二季 度订单量、交易额齐涨超300%。国内潮玩市场加速分化，新IP迎来黄金上升期，LABUBU连续两年登 顶销量榜，WAKUKU首次进入榜单前20。 根据乐华娱乐公布的2025年中期业绩，报告期内，子公司天津壹华与深圳熠起联合创立了与华同行，作 为WAKUKU哇库库等潮玩IP的孵化及运营平台。该品牌独特的审美及收藏性尤为吸引年轻消费者，因 而成功推出几款产品，并提高了在线及线下渠道的关注度。WAKUKU哇库库已兴起为一款旗舰收藏 IP，通过针对性合作及零售扩展获得牵引。 乐华娱乐(02306)涨超10%，截至发稿，涨11.74%，报2.57港元，成交额1059.01万港元。 ...

智通财经APP获悉，乐华娱乐(02306)涨超10%，截至发稿，涨11.74%，报2.57港元，成交额1059.01万港 元。 消息面上，《2025闲鱼潮玩消费洞察报告》9月9日发布，报告显示，2025年潮玩交易爆发式增长，二季 度订单量、交易额齐涨超300%。国内潮玩市场加速分化，新IP迎来黄金上升期，LABUBU连续两年登 顶销量榜，WAKUKU首次进入榜单前20。 根据乐华娱乐公布的2025年中期业绩，报告期内，子公司天津壹华与深圳熠起联合创立了与华同行，作 为WAKUKU哇库库等潮玩IP的孵化及运营平台。该品牌独特的审美及收藏性尤为吸引年轻消费者，因 而成功推出几款产品，并提高了在线及线下渠道的关注度。WAKUKU哇库库已兴起为一款旗舰收藏 IP，通过针对性合作及零售扩展获得牵引。 ...

Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a general downward trend observed in recent transactions [1][2]. Group 1: Market Trends - The average transaction price for the Labubu products is declining, with more sellers expecting further price drops [2]. - The "Front High Energy Series" of Labubu, which includes a hidden version and six regular versions priced at 99 yuan each, has seen its regular versions trading between 90-130 yuan, with some even falling below the original price [4]. - The hidden version "Ben Wo" was once a star product, reaching a peak price of nearly 5000 yuan, representing a premium of nearly 50 times its original price [6]. Group 2: Recent Price Changes - As of September 10, 2025, the second-hand market price for the hidden version "Ben Wo" has dropped to the range of 700-800 yuan, showing a clear downward trend over the past 30 days [7]. - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with prices now ranging from 80-650 yuan [14]. Group 3: Impact of Official Actions - The decline in the second-hand market is partly attributed to a sudden restock by Pop Mart on June 18, which included a global pre-sale of the Labubu 3.0 series, with expected sales of 400-500 million yuan [18]. - Following this restock, the prices in the second-hand market plummeted, with some resellers reporting a drop in recovery prices from 1500-2800 yuan to 650-800 yuan for a full set of blind boxes [18]. - Some resellers have paused purchases, indicating a significant market downturn and a wait for a potential recovery [19]. Group 4: Company Performance - Despite the fluctuations in the second-hand market, Pop Mart's stock price has been on the rise this year, with a market capitalization around 370 billion HKD, although it has seen a decline from 300 HKD to 270 HKD recently [19].

泡泡玛特股价在9月8日大跌7.5%，跌破300港元，同时曾经被炒至过万元的LABUBU隐藏款，现在只需 半价就能入手，潮玩市场的泡沫正在悄然破裂。狂热退去后，留下的不仅是下跌的价格曲线，还有一个 正在重新思考价值定义的玩家社群。 数据显示，曾经"一娃难求"的LABUBU，目前二手价正在全线下跌。 黄牛给记者的如今LABUBU部分系列的价格 图片 此前囤货的现场 价格暴跌，市场逆转 从一娃难求到有价无市 8月28日，泡泡玛特第四代迷你Labubu系列线上发售，售价79元一只，分为A/B两组，单组价格1106 元，各含14个常规款，1个隐藏款，隐藏款抽中概率为1:168。 有黄牛透露，曾经炒到甚至过万的隐藏款，比如"本我"隐藏款，如今最高840元就能包拆出。 图片 "发售那天晚上，我在平台上抢到了两整端，转手就卖了2800元一组。"北京玩家小林回忆道，"当时觉 得赚到了，没想到现在价格跌得这么厉害。" 此外，据公开报道，部分黄牛已在社交平台宣布调整策略，表示"暂缓收购Labubu系列，因全盘价格大 幅回落，需观望市场企稳信号"。而闲鱼平台数据显示，Labubu近7日平均成交价为105元，较上周下跌5 元，67%的 ...

该行指，Mini及大尺寸Labubu为热卖爆款。"THE MONSTERS Pin For Love 心底密码"系列(手掌大小 Mini版Labubu，可作手机、耳机、锁匙扣装饰)及"ROCK THE UNIVERSE"系列(40厘米大Labubu)于8月 28日晚10时在中国内地及香港同步发售，一分钟售罄(全部网上旗舰店，需实名购买及领取)。 MiniLabubu内地定价79元人民币/香港为95港元，二手价高45%(截至9月5日)。大Labubu内地定价499元 人民币/香港583港元，二手价高56%(截至9月5日)。 小摩称，Twinkle Twinkle(星星人)为新兴IP。泡泡玛特于2024年8月推出Twinkle Twinkle(一组拥有"既像 开心儿童、又像害羞大人红脸"的小角色，主打勇敢、憧憬与爱)，2025年上半年销售达3.89亿人民币， 远高于公司旗下Crybaby(首年销售7,100万人民币)、Hirono(首年9,000万元人民币)，以及名创优品Yoyo 首年目标销售4,000万元人民币，突显Pop Mart发掘新IP、变现、平台营运及交叉销售能力强。"Sweet Dream Forec ...

Group 1 - Morgan Stanley's report indicates that the brand popularity of Pop Mart (09992) is expected to rebound due to the launch of the "Labubu and Friends" animation and Labubu 4.0 version, with search interest for "Mini Labubu" rising since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating the release of a new plush toy series in June, while Crybaby's average search index remained stable from July to August [1] - The global social media engagement for Pop Mart's official accounts rose by 3% over the past two weeks, leading Morgan Stanley to maintain an "overweight" rating and a target price of HKD 400 for Pop Mart [1] Group 2 - Mini and large-sized Labubu are identified as hot-selling items, with the "THE MONSTERS Pin For Love" series (mini version) and "ROCK THE UNIVERSE" series (40 cm version) selling out within one minute during their launch on August 28 [2] - The pricing for Mini Labubu is set at RMB 79 in mainland China and HKD 95 in Hong Kong, with secondary market prices showing a 45% increase as of September 5, while the large Labubu is priced at RMB 499 and HKD 583, with a 56% increase in secondary market prices [2] Group 3 - Twinkle Twinkle is recognized as an emerging IP, with Pop Mart planning to launch it in August 2024, projecting sales of RMB 389 million in the first half of 2025, significantly higher than other IPs like Crybaby and Hirono [3] - The "Sweet Dream Forecast" series, priced at RMB 79 and HKD 95, is set to launch in mid-August 2025 and is expected to sell out quickly, with secondary market prices showing a premium of 110% in mainland China and 36% overseas as of September 5 [3]

面对市场巨变，玩家群体呈现分化态势。广州收藏者阿杰认为："迷你LABUBU本质是大众消费品，官方持续补货导致稀缺性消 失，价格回归理性是必然。"在社交平台，玩家自发组织的"互换活动"日益活跃，某小红书帖子下的评论区已演变为虚拟交换市 场。有玩家表示："14款不同造型的套装，没必要为收集全套支付溢价，互换才是理性选择。" 对于价格波动，泡泡玛特官方尚未作出正式回应。但据接近企业的消息人士透露，公司正在调整生产策略，未来可能通过控制 产量和丰富产品线来稳定市场。业内专家指出，潮玩市场需要建立更健康的消费生态，过度依赖稀缺性营销的模式难以持续。 但市场热度持续不到三个月便急转直下。截至9月8日，得物平台最新交易数据显示，LABUBU迷你系列整盒价格已回落至1446 元，较峰值下跌55%。隐藏款"爱心"从近千元跌至595元，跌幅达40.5%。北京玩家小林向记者透露："发售当晚我转手两整盒赚 了5600元，现在同样规格的套装在二手平台挂1500元都无人问津。" 价格崩盘直接导致黄牛群体撤离。多位从业者表示，目前已暂停收购LABUBU系列产品。"市场上突然涌现大量货源，但买家都 在持币观望。"从事潮玩交易三年的黄牛老张透 ...

9月10日，在二手市场，拉布布（Labubu）的交易价格正经历"过山车"。 在二手交易平台搜索"Labubu"可见，当前成交均价呈下降趋势，看跌人数更多。 (C labubu × 个人闲置 社区 录制 行情 Al搜索 用 labubu 1.4万人在搜 品牌 成色 是否原装 + 选择 + 选择 + 选择 近7日成交均价 | 搜索热度 键发i ¥ 105 鞍上周 ▼¥3 6000+人高价卖! 04.24 06.10 03.08 07.26 33% ~ 价格看涨 价格看跌 * 以当前最热门的产品、2025年新上线的第三代Labubu"前方高能系列"为例，这套产品包含1个隐藏款和6个常规款，单个原价99元。据《科创板日报》统计， 其常规款在二手市场上的均价区间在90-130元之间，甚至有一款的交易均价掉到了原价之下。 其中，隐藏款"本我"是这代产品中最火的款式，这款采用扎染艺术、暗黑系造型的玩偶为全球限量发售，凭借稀缺性和社交属性成为泡泡玛特2025年的明星 产品，二级市场价格曾飙升至近5000元，溢价近50倍。 截至2025年9月10日，隐藏款"本我"的二手市场价格普遍回落至700-800元区间，近30天内降价趋势 ...

Summary of Conference Call Notes Industry Overview - The gaming industry is currently valued at approximately 20-21 times earnings, with historical rebounds to around 30 times, indicating significant growth potential [1][4] - Emerging consumer trends are driving the gaming market, particularly among young people who are enthusiastic about console games, mobile games, and platforms like Roblox [5] Key Companies and Performance - Huatuo has evolved into a platform-based gaming company, similar to Tencent and NetEase, with a market capitalization nearing 150 billion RMB and multiple games generating over 5 million USD each [3] - Other notable companies include Giant with its game "Supernatural Action Group," which has shown strong performance even post-summer, and Jibite, which reported better-than-expected mid-year results leading to a 20%-30% stock price increase [3] Investment Opportunities - The gaming sector is characterized by low valuations and high dividends, with Jibite having distributed nearly 7 billion RMB in dividends despite initial financing of only a few billion [4] - The industry is expected to benefit from supportive policies and relaxed regulations, enhancing the overall outlook [3] AR Applications - AR applications are seen as a crucial future development area, with companies like Nvidia benefiting from the demand for AR/VR applications [6] - Meitu and Kuaishou are highlighted as key players in the AR space, with Meitu having a strong position in the female photography market and potential collaborations with tech giants like Google [12] Emerging Consumer Trends - The collectible toy market, represented by Pop Mart, is gaining popularity, especially among young women, with significant success in international markets like Thailand [7][8] - Pop Mart's overseas revenue has reached 60% of total income, with expectations for further growth as the company expands its IP offerings [9] Challenges and Strategies - Pop Mart faces challenges in timely product launches to meet consumer demand, but maintaining a focus on user needs and high-quality production can sustain its competitive edge [10][11] Future Investment Recommendations - Strong emphasis on sectors such as gaming, collectible toys (like Pop Mart), and AI applications (like Meitu and Kuaishou) is advised, with expectations for significant growth in the coming years [13]

Summary of Key Points from Conference Call Records Industry Overview - The new consumption sector benefits from policy support and consumption upgrades, catering to the needs of Generation Z, with performance growth exceeding the industry average and long-term growth potential, particularly in areas like the pet economy and trendy IP derivatives [1][3][12] Core Insights and Arguments - New consumption companies are actively expanding into overseas markets, showing excellent single-store profitability and rapid store opening speeds, leading to significant growth and attracting attention from southern capital and overseas active equity funds [1][4] - The expectation of interest rate cuts by the Federal Reserve is strong, with a nearly 100% probability of a rate cut on September 18, which is expected to enhance market risk appetite and liquidity, thereby increasing the valuation levels of the new consumption sector [5][6][7] - The Hong Kong stock market has underperformed compared to the A-share market due to fundamental profit downgrades, liquidity contraction, and low valuation levels, but the new consumption sector may benefit from improved liquidity and upward revisions in performance [1][8][12] - Internet platform subsidies led to significant profit losses in the Hong Kong stock market in Q2, but some segments, like ready-to-eat beverage companies, benefited, although certain sub-sectors have seen corrections from previous highs [1][11] Additional Important Insights - The new consumption sector shows a clear sustainability in performance growth, driven by the high consumption willingness of young consumers, particularly in areas like the pet economy and trendy IP derivatives, with over two-thirds of young people's spending focused on emotional and seasonal consumption [3][6] - The new consumption sector is expected to lead market strength in the near future, especially in the Hong Kong market, as it transitions from goods to service-oriented and emotional consumption [2][12] - The performance of the Hong Kong stock market in 2025 is expected to lag behind the A-share market, particularly in sectors like software services, semiconductors, and consumer services, while sectors like pharmaceutical biotechnology and essential consumer retail may outperform [10] - The upcoming Federal Reserve rate cuts are anticipated to significantly benefit non-essential and emotional stocks in the Hong Kong market, reinforcing the investment value of the new consumption sector [5][7] Investment Recommendations - It is recommended to focus on the new consumption sectors such as the pet economy, trendy concepts, and beauty care, which are expected to outperform traditional sectors due to policy support, consumption upgrades, and technological and channel innovations [1][12][13] - The Penghua Fund's National Index Hong Kong Consumption ETF (159,265) tracks the National Index Hong Kong Consumption Index, which has a high concentration of new consumption stocks, making it suitable for investors [1][16] - Investors are advised to use index-based tools for investment in the new consumption sector, which is characterized by new products, channels, and marketing models, and to consider the Penghua Fund's index products for diversified exposure [13][15]