Core Insights - The latest quarterly "China Online Consumption Brand Index" (CBI) indicates a year-on-year increase of 0.92%, reflecting a growing preference for branded products among online consumers [1] - DJI and Pop Mart have made significant strides, with DJI entering the top 10 of the "Global Brand China Online 500" list for the first time, while Pop Mart ranks 12th [1][6] Industry Trends - The CBI index shows notable growth in sectors such as women's apparel, 3C electronics, daily cosmetics, outdoor sports, pet products, men's apparel, and home furnishings, indicating a heightened consumer focus on quality and brand [4] - The women's apparel sector saw a significant increase of over 5 points in its index, suggesting rapid brand and quality upgrades driven by supportive operational strategies from platforms like Taobao [4] - The food and trendy toy sectors experienced a decline in their CBI, attributed to cyclical fluctuations and policy constraints affecting high-end liquor consumption [5] Brand Performance - The top five brands in the "Global Brand China Online 500" for Q3 are Apple, Xiaomi, Midea, Huawei, and Haier, with DJI and Pop Mart showing remarkable growth [6] - Seasonal demand and product innovation are key drivers for brand performance, with DJI leveraging new product features to enhance user experience and Pop Mart capitalizing on its original IPs [8] - The index emphasizes real consumer purchasing behavior, moving beyond traditional metrics like revenue and profit to assess brand competitiveness based on sales, pricing, search, and customer reviews [8] Strategic Insights - The CBI series aims to promote quality and innovation in online consumption, encouraging brands to compete on quality rather than just cost, which is essential for fostering a positive market cycle [9]

元旦将至，茶饮将迎来消费高峰，最近新茶饮动作频频，加速各种人气IP联名脚步。12月22日，喜茶与泡泡玛特(POP MART)旗下人气IP星星人的联名活动正式登陆喜茶全球门店，包括定制联名星星人形象、联名饮品、联名周边、联名 主题店、灵感巴士快闪活动在内的多维度温暖体验纷纷上线。 据介绍，此次不但是喜茶首个全球同步上线的联名活动，同时也是星星人IP的首个茶饮领域联名合作，双方的合作在 此前随着合作预告、联名影片内容发布就已经在社交平台引发热议，不少人已经开始在小红书、抖音等平台晒出自己 第一时间拿到的联名款和周边。 公开资料显示，星星人的创作者是插画师、潮流玩具设计师大欣，一群小小的星星组成的星星人，共同讲述着关于勇 气、思念和爱的故事。此次在与喜茶的合作中，星星人IP创作者大欣以本次联名为灵感，带来了全新创作。可爱的星 星人模仿着喜茶logo阿喜形象，扬起侧脸45°喝茶，一起参与制作喜茶全新饮品与可颂挞。更有星星人品尝喜茶后，被 灵感点亮，把黑糖波波穿在身上，连眼睛都变成了波波的形状。喜茶还在北京泡泡玛特城市乐园、上海丰盛里、深圳 万象天地这三处潮流文化爱好者聚集地举办灵感巴士快闪，让星星人来到繁华的城市街头 ...

Core Insights - The collaboration between Heytea and Pop Mart's popular IP, Starry People, officially launched on December 22, featuring a "Winter with Stars" theme [2][6] - Starry People, created by illustrator and designer Da Xin, symbolizes courage, longing, and love, aiming for individuals to find themselves in different Starry People [1][6] - The partnership spans over 100 Heytea stores globally, including regions in mainland China, Hong Kong, Macau, and overseas markets like the USA, UK, and Canada [1][6] Product Offerings - Heytea introduced a range of collaborative products, including customized Starry People imagery, themed beverages, and exclusive merchandise [2][3] - New product offerings include Tiramisu Yinghong and AOP Tiramisu Croissant Tart, alongside classic items like Roasted Brown Sugar Bubble Milk [3][7] - Exclusive packaging featuring the new Starry People design includes drink cups, paper bags, and cup sleeves, along with limited-edition items like inspiration cards, stickers, badges, and tea bowls [7] Marketing and Engagement - The collaboration features themed decorations in Heytea stores, interactive installations like photo zones and Starry People receipt machines [3][6] - Heytea organized pop-up events in major cities such as Beijing, Shanghai, and Shenzhen to enhance customer engagement [3][6] - The overseas business of Heytea has seen rapid growth, with the number of international stores increasing over sixfold, surpassing 100 locations [7]

Core Insights - The article highlights the revitalization of the Suzhou River area in Shanghai, transforming historical industrial sites into cultural and creative spaces, attracting young entrepreneurs and fostering innovation [1][2] Group 1: Cultural and Creative Industry Development - The Suzhou River area has seen a transformation from traditional industrial use to a vibrant cultural and creative hub, with significant tax revenue growth of 35 billion yuan since the 14th Five-Year Plan, achieving double-digit growth for three consecutive years [1] - The area has become a magnet for young entrepreneurs, with companies like KAYOU, which shifted from traditional card printing to integrating AR technology and cultural elements, capturing 70% of the domestic anime card market and exceeding annual sales of 10 billion yuan [1] Group 2: Government Support and Policy Initiatives - The Jing'an District government provides comprehensive support for cultural and creative enterprises, including financial backing for projects that empower traditional industries through cultural IP, with up to 1 million yuan available for companies completing trademark registration or copyright [2] - Initiatives like the "Jing'an Suzhou River Cultural Design Plan" aim to foster cross-industry collaboration and attract global creative ideas, enhancing the area's role as a key player in Shanghai's ambition to become a world-class design city [2] Group 3: Future Development Plans - The district plans to enhance the synergy between the Suzhou River area and other regions, creating a deep integration of commerce, culture, creativity, and technology, while also attracting top-tier cultural institutions to improve the entrepreneurial environment [2]

以 " 新消费三姐妹 " 泡泡玛特、老铺黄金、蜜雪集团为例，截至 12 月 18 日收盘，三只个股较今年股价最 高点分别下跌 43% 、 39% 、 35% 。受访专家表示，以 " 新消费三姐妹 " 为代表的新消费板块回调，本质 上是对前期过高估值的修正，市场正对新消费商业模式可持续性进行深度审视。 今年下半年以来，港股新消费板块 经历深度调整。 而复杂的宏观环境也让年轻消费者行为趋于谨慎，更看重性价比，市场对情绪消费和流量驱动的可持续性存 疑。 知名商业顾问，亚太社会创新研究院院长霍虹屹在接受证券时报记者采访时表示，全球经济不确定性增加，消 费者信心和消费能力受到一定程度抑制。在非必需品消费领域，消费者更加谨慎，这对主打潮流消费的泡泡玛 特和定位中高端的老铺黄金影响较大。蜜雪集团所处的茶饮市场竞争白热化，其商业模式易于被模仿复制，市 场份额面临稀释风险。 "同时，资本市场整体风险偏好下降。对于新消费这类前期估值较高且业绩增长存在不确定性的行业板块，资 金开始流出，转向更为稳健、抗风险能力强的传统行业或新兴战略产业。"霍虹屹表示。 "新消费三姐妹"正围绕本土IP出海、强化全球供应链管理、加快产品创新等方式，擘 ...

"优秀的IP拥有跨越文化的力量。"泡泡玛特国际集团副总裁陈晓芸表示，IP是泡泡玛特发展的核心驱动 力，更是连接全球消费者的情感纽带。 "未来泡泡玛特将继续以IP为核心，通过本地化创作与数字化布局，让潮玩成为全球用户共享的文化符 号。"她表示。 （文章来源：21世纪经济报道） 通过IP的沉浸式叙事，泡泡玛特以"文化适配+场景共创"的逻辑，实现潮流文化在不同市场年轻消费群 体的渗透。同时，针对当地的消费习惯，进行本地化调整。截至2025年6月底，泡泡玛特拥有超过550家 直营门店，2500台机器人商店，13个IP的收入过亿。全球营收138.8亿元，同比增长204.4%，其中，美 洲营收22.6亿元，同比增长1142.3%。 陈晓芸介绍，泡泡玛特已构建"线下场景+线上生态"的全球触达网络，以数字化支撑全球化运营，为消 费者提供产品、服务和体验。线上官方渠道覆盖37个国家，其中34个国家同步上线了自研APP；线下渠 道，持续进驻全球知名地标，实现本地化联动营销。 12月18日， 2025年中国数字文娱大会在广州开幕。主旨发言环节，陈晓芸以"潮流IP的全球化运营"为 题进行演讲，讲述了泡泡玛特在全球发掘有潜力的艺术家， ...

52TOYS此次也带来旗下四大潮流IP——NOOK、CiCiLu、PoukaPouka、NINNIC。NOOK作为52TOYS 的明星IP之一带来两款新品；PoukaPouka则以温暖治愈的风格深受玩家喜爱；52TOYS还推出 PoukaPouka雪宝宝和一起滑雪吧两款搪胶毛绒产品。 北京商报讯(记者赵述评)12月12日至14日，QDF X ADTS北京国际艺术设计玩具展览会在北京国家会议 中心举办，52TOYS以"欢迎登陆52TOYS愿望岛"为主题，携旗下四大热门潮流IP及全新成员LITTLE BUNS亮相。 首次亮相的LITTLE BUNS由艺术家三山创作，系列角色都有着胖乎乎的小馒头脸，传递爱与陪伴，饼 饼兔和面面熊是其中重要角色。由于经历了一段时间的沉寂，该系列被潮玩爱好者视为"白月光"般的存 在。有业内人士预测，在52TOYS全产业链布局和全球化销售渠道的加持下，LITTLE BUNS有望实现更 高的辨识度和长线生命力。 52TOYS从2024年起开始加码自有IP的储备，2025年相继推出CiCiLu、Pouka Pouka、NINNIC三大全新 潮流IP，而此次亮相的LITTLE BUNS，进一步 ...

Core Insights - The trend toy market is experiencing significant growth, driven by unique designs, aesthetic appeal, and the integration of popular culture, with a focus on collectible value and resale potential [3][5]. Market Overview - The global trend toy market has shown a consistent double-digit growth rate, with the market size increasing from $20.3 billion in 2020 to $41.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of nearly 20% [3]. - In China, the trend toy market is booming, with the market size projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan in 2024, achieving a CAGR of 35% [5]. Product Categories - The trend toy market is diverse, with blind boxes representing the largest segment, accounting for over one-third of the market share in 2024. Additionally, assembly toys and building sets make up nearly one-fifth of the market [1]. Policy Support - Recent government initiatives, such as the measures issued by the State Council in January 2025, aim to promote the development of fashionable domestic products, including trend toys, by encouraging collaborations in various sectors [7][10]. - Policies emphasize the integration of traditional Chinese culture into product design and support the development of original intellectual property (IP) brands, which is expected to enhance the trend toy market [8][10]. Consumer Behavior - The trend toy market appeals to younger consumers as a means of self-expression and social interaction, with urbanization and rising disposable incomes contributing to increased consumer engagement [11]. - Innovative products like blind boxes create emotional connections with consumers, enhancing their willingness to purchase and increasing repurchase rates due to the anticipation of "hidden" and "popular" items [11].

除此之外，"星星人""哭娃"等IP在二手市场也出现了不同程度的涨价。 不过，随着泡泡玛特产能的扩大，部分IP的热度正在降温，毕竟物以稀为贵。今年8月，泡泡玛特 供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个月的产能是去年同期的十倍以上，现在是3000 万只左右。目前还处于"追产能"的阶段。 近日，泡泡玛特（09992.HK）股价持续下跌，12月8日股价跌超8%，12月9日跌超5%。自今年8月 高点339.8港元/股以来，其累计跌幅约40%，总市值蒸发超过2000亿港元（约合人民币1800亿元）。 在此前的17个月内（2024年3月-2025年8月），泡泡玛特的股价翻了接近15倍，创下了港股消费股 的神话。 在股价一路高歌猛进的时间段里，泡泡玛特的业绩也在逐步上涨。2024年上半年，泡泡玛特的净利 润为9.2亿元，2024年全年则斩获了31.3亿元的净利润。进入2025年，单是上半年泡泡玛特就赚了45.7亿 元。 股价的暴增一定程度上与泡泡玛特旗下的头部IP——LABUBU爆火有关。虽然LABUBU诞生于 2015年，但直至2025年，这个有着九颗牙齿和尖尖长耳朵的形象才成为"流量密码"。 随着一些外国明星 ...

【#泡泡玛特四个月市值蒸发2000亿港元#】近日，泡泡玛特股价持续下跌，12月8日股价跌超8%，12月 9日跌超5%。自今年8月高点339.8港元/股以来，其累计跌幅约40%，总市值蒸发超过2000亿港元（约合 人民币1800亿元）。在此前的17个月内（2024年3月-2025年8月），泡泡玛特的股价翻了接近15倍，创 下了港股消费股的神话。在股价一路高歌猛进的时间段里，泡泡玛特的业绩也在逐步上涨。2024年上半 年，泡泡玛特的净利润为9.2亿元，2024年全年则斩获了31.3亿元的净利润。进入2025年，单是上半年泡 泡玛特就赚了45.7亿元。 股价的暴增一定程度上与泡泡玛特旗下的头部IP——LABUBU爆火有关。虽然LABUBU诞生于2015 年，但直至2025年，这个有着九颗牙齿和尖尖长耳朵的形象才成为"流量密码"。随着一些外国明星、公 众人物开始展示LABUBU，LABUBU也逐渐走向海外。相关产品不仅国内火热销售卖到断货，海外门 店也排起长队，可谓"一布难求"，二手交易平台的价格也水涨船高。LABUBU在全球范围内的热度越来 越高，助推泡泡玛特市值屡破新高。除此之外，"星星人""哭娃"等IP在二手市 ...