10- 147 文 / 大力财经 在财富的舞台上，风云变幻总是让人目不暇接。近日，河南的财富版图迎来了新的变革，根据福布斯实时富豪榜显示，泡泡玛特（09992.HK）创始人王宁 以203亿美元的身家，力压牧原股份（002714.SZ）创始人秦英林的163亿美元，成功登顶河南首富的宝座。 曾几何时，秦英林、钱瑛夫妇凭借牧原股份在养殖业的卓越成就，长期稳坐河南首富之位，成为河南商界的标志性人物。然而，如今王宁的崛起，打破了这 一长期以来的格局。而这一切，与泡泡玛特旗下Labubu的爆火有着千丝万缕的联系。 Labubu，这个原本只是泡泡玛特众多IP中的一个，却在短短时间内火遍全球，成为了潮流文化的新宠。它的爆火，不仅让泡泡玛特的股价一路飙升，市值屡 创新高，更让王宁的财富水涨船高，一举登上了河南首富的巅峰。那么，Labubu究竟有着怎样的魔力？王宁又是如何凭借它实现财富逆袭的呢？在这背 后，又隐藏着怎样的商业逻辑和文化现象？让我们一起深入探究。 Press U 泡泡玛特的故事，要从王宁的创业初心说起。最初，王宁想打造一个潮玩界的"屈臣氏"，通过发展C端用户，提升在B端的议价权，进而实现渠道垄断。但 在实际运营中， ...

尤为引人注目的是，"三姐妹"中有两家企业——蜜雪集团和泡泡玛特，都源自河南，带着河南的深厚底蕴走向全球。与此同时，港股市场正迎来消费企业 上市的热潮，众多消费类企业纷纷递交IPO申请，为港股市场注入源源不断的活力。 市场爆火 年内股价翻倍，"三姐妹"领涨港股消费 新华财经郑州6月6日电港股市场2025年持续走强，消费板块尤为亮眼。蜜雪集团、泡泡玛特、老铺黄金凭借出色的市场表现和独特的商业模式，被市场称 为"港股新消费三姐妹"。年内，3家公司股价均实现翻倍增长，市值均超千亿港元。 这股热潮并非虚火。6月5日，记者在位于郑州绿地新都会新田360广场的泡泡玛特门店看到，即使工作日，店内仍聚集不少年轻人。展示架上，几只长着 锯齿尖牙、造型"丑萌"的Labubu搪胶毛绒玩偶吸引不少消费者目光，然而店里并没有现货可供购买。一名工作人员告诉记者："Labubu目前仅支持线上抢 购，可以来线下门店取货。" 国际巨星带货、门店排队，甚至爆发抢购冲突……Labubu引发的全球风潮是泡泡玛特火爆的缩影，其股价也同步高歌：2025年3月27日，泡泡玛特市值首 次站上2000亿港元门槛。近两个月时间，泡泡玛特市值增长超1000亿港元， ...

Core Viewpoint - Miniso (09896.HK) is considering a potential spin-off of its "TOP TOY" brand for independent listing to optimize shareholder value, although the plan is in preliminary stages and dependent on various factors including market conditions [1][4]. Company Summary - Miniso has engaged JPMorgan and UBS to assist with the potential IPO of TOP TOY in Hong Kong, aiming to attract new investments from sovereign wealth funds and other potential investors before selling shares [4]. - TOP TOY, established in December 2020, operates as a trendy toy collection store, offering licensed IP toys, proprietary IP toys, and third-party brand toys, with approximately 11,000 SKUs as of the end of last year [4][6]. - In 2024, TOP TOY's revenue is projected to grow by 44.71% to 984 million yuan, with GMV increasing by 41.04% to 1.148 billion yuan, and the company has achieved profitability for the year [6]. Industry Summary - The toy market is experiencing heightened interest, with competitors like Pop Mart and Blokus achieving significant market valuations, indicating a competitive landscape for TOP TOY [7]. - TOP TOY aims to open over 1,000 stores in 100 key global business districts within the next five years, with a target of 150 new stores in 2025, 100 of which will be in China [7].

Investment Rating - The report indicates a positive investment outlook for the Chinese art toy industry, highlighting significant growth potential driven by various factors [5][6][8]. Core Insights - The Chinese art toy industry has transitioned from a niche luxury market to a broader, affordable market, expanding its core consumer base beyond early adopters to include a wider demographic [5][6]. - The market is expected to reach a scale of 74.7 billion yuan by 2024, with growth rates surpassing traditional toy industries, positioning it as a new highland for cultural export and industrial revitalization [6][8]. - The competitive landscape is characterized by a "one strong, many strong" pattern, with Pop Mart leading in revenue, while TOPTOY achieves rapid growth through differentiated strategies [7][57]. Summary by Sections Industry Overview - The Chinese art toy industry has evolved significantly, moving from a niche market to a mass-market appeal, with a core consumer demographic expanding to include younger audiences and diverse user groups [5][6]. - The industry is experiencing a trend of refined division of labor and full-chain integration, driven by the rise of Generation Z's purchasing power and accelerated IP commercialization [6][8]. Market Dynamics - The competitive environment is intense, with Pop Mart projected to achieve revenues of 11.99 billion yuan in 2024, while TOPTOY's revenue and store count are expected to grow at compound annual growth rates (CAGR) of 115.4% and 45.8%, respectively [7][57]. - The consumer base is predominantly young and female, with high concentrations in first-tier cities, indicating a strong alignment with emotional and purchasing needs [7][52]. Policy Environment - Recent government policies have been favorable, promoting consumption and intellectual property protection, which are crucial for the high-quality development of the art toy industry [15][17]. Consumer Insights - The primary consumer demographic for art toys is individuals aged 20-39, with a significant female representation, indicating a strong demand for products that cater to personal expression and cultural identity [52][56]. - The purchasing motivations are driven by individual expression, collection value, and self-satisfaction, with a notable presence of secondary market sales for limited editions [13][56]. Financial Performance - The financial landscape shows that Pop Mart leads the industry with substantial revenue, while TOPTOY's differentiated approach has resulted in impressive growth metrics [57][59].

www.leadleo.com 2025年 中国潮流玩具行业白皮书 2025 China Art Toy Industry White Paper （精华版） 行业关键词：盲盒经济、IP授权、科技赋能、潮玩出海 1 www.leadleo.com 400-072-5588 ©2025 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。未经头豹研究院事先书面许可，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 摘要 从早期小众艺术家或设计师玩具发展为受众更广、品类渠道更多 01 的大众潮流玩具，中国潮玩行业从小众轻奢向大众平价定位转变 • 中国潮流玩具行业历经显著变革，从轻奢小众范畴迈向大众平价市场。其核 心消费群体持续拓展，由起初 ...

每经记者｜毕媛媛 每经编辑｜张海妮 截至5月30日晚，2025年年内票房为271.87亿元。 回顾年内电影市场，除《哪吒之魔童闹海》外，电影行业一直处在一种低气压中。反观电影院外，"情绪消费"火热，老铺黄金、泡泡玛特股价屡创新高，消 费者排长队，只为购买心头好。 5月29日晚，泡泡玛特多个新品发售，其中联名正在热映的电影《星际宝贝史迪奇》的"HACIPUPU史迪奇1/8可动人偶"，上线即秒空。泡泡玛特与哪吒的联 名产品也一时卖断货。 图片来源：泡泡玛特小程序截图 《每日经济新闻》记者采访了解到，即便在没有新影视作品推出的情况下，史迪奇相关的主题产品全球零售额在2024财年达26亿美元，而五年前这一数字仅 为2亿美元。如今"星际宝贝史迪奇"成功跻身迪士尼十大畅销人物故事系列，成为消费市场的"顶流"。 从年初的"哪吒"联名款，到近期爆火于全球的LABUBU，再到"史迪奇"，"凶萌经济"正受到越来越多消费者的青睐。 从2亿美元到26亿美元，"凶萌"史迪奇全球吸金 "史迪奇还在锁单中，还有渺茫的机会""史迪奇有原价出的吗？"5月29日晚，泡泡玛特本周新品发售后，史迪奇联名款可动人偶成为热门款，有粉丝在聊天 群里希望能 ...

盲盒刚走，卡牌又来了。 能让年轻人上头的小玩具动辄捧出大生意。最近，"排队上市群"又多了一位，那就是卖卡牌的老大哥卡游。 在2024年1月首次递表上市未果后，卡游在2025年4月14日卷土重来，再次向港交所递交上市招股书。 一个卖小卡片的企业，谁给它上市的勇气？不看不知道，一看吓一跳。 招股书显示，去年卡游营收超100亿，同比增速达到277.78%，经调整利润为44.66亿，综合毛利率更是高达67.3%，比"盲盒茅台"泡泡玛特还要高。 用2元小卡赚走百亿，很多人不知道，卡游幕后最大boss李奇斌，本人比产品更疯狂。 在很多人的刻板印象中，泡泡玛特的创始人是个看起来很有童心的80后。如此懂年轻人的卡游，老板怎么也得是个90后二次元少年？ 然而，出乎所有人意料的是，竟然是个70后浙江人，造卡游之前还是个中专毕业的水利员，循规蹈矩的生活跟现在的卡游教父实在有点搭不上边。 谁也想不到，这么懂年轻人的为何是个53岁大叔？ 答案还要从李奇斌的前半生说起。 欠下300万，一夜辞掉老家铁饭碗 时间拉回几十年前，李奇斌估计自己也想不到能有这一天。 毕竟，曾经的他还是一个安稳的浙江公务员，前半生像大部分普通人一样中规中矩。 19 ...

以下文章来源于金错刀 ，作者江源 金错刀 . 科技商业观察家。爆品战略提出者。 来源丨 金错刀（ID：ijincuodao） 作者丨江源 图源丨卡游官网 盲盒刚走，卡牌又来了。 能让年轻人上头的小玩具动辄捧出大生意。最近，"排队上市群"又多了一位，那就是卖卡牌的老大哥 卡游。 在2024年1月首次递表上市未果后，卡游在2025年4月14日卷土重来，再次向港交所递交上市招股 书。 一个卖小卡片的企业，谁给它上市的勇气？不看不知道，一看吓一跳。 招股书显示，去年卡游营收超100亿，同比增速达到277.78%，经调整利润为44.66亿，综合毛利率更 是高达67.3%，比"盲盒茅台"泡泡玛特还要高。 19岁的李奇斌从中专毕业后，进入杨林镇政府做了一名水利员。 用2元小卡赚走小学生百亿，很多人不知道，卡游幕后最大boss李奇斌，本人比产品更疯狂。 在很多人的刻板印象中，泡泡玛特的创始人是个看起来很有童心的80后。如此懂小学生的卡游，老板怎 么也得是个90后二次元少年？ 然而，出乎所有人意料的是，竟然是个70后浙江人，造卡游之前还是个中专毕业的水利员，循规蹈矩 的生活跟现在的卡游教父实在有点搭不上边。 谁也想不到，这么懂 ...

潮流玩具盲盒 IP 衍生品：新消费重点个股更新及梳理 20250520 摘要 • 泡泡玛特二季度业绩预计强劲，得益于 Labubu 3.0 等爆款产品推动，二 手市场价格飙升，海外门店扩张迅速，尤其美国市场增长显著，预计全年 海外门店将达 100 家，推动整体销售超预期。 • 泡泡玛特通过提升糖胶产品占比至 40%-50%以及提价策略，有效应对关 税影响，同时加大越南等地供应链布局，预计全年利润率保持乐观，并积 极采取明星营销策略，实现品牌破圈效应。 • 卡游公司 2024 年实现 100 亿收入和 45 亿利润，依赖强大的渠道地推能 力和产品设计力，但面临小马宝莉热度下滑和哪吒 IP 受电影热度影响的挑 战，今年将拓展品类和渠道，发展联营店和加盟店。 • 奥飞娱乐发力 IP 潮玩和盲盒领域，高频推出"叠叠乐"等产品，并拓展毛 绒玩具等新品类，同时迭代 AI 玩具，接入阿里通义等模型，提高互动性能， 并与专业投资机构合作推进 IP 加 AI 战略。 • 华丽科技推出宝可梦新卡牌"明耀之星"，引入双人对战玩法，已在国内 约 1,000 家游乐场运营，并布局潮玩卡牌"华丽潮品"，开设线下门店， 预计二季度业绩环比 ...

Core Viewpoint - The recent divestment of all Pop Mart shares by Fengqiao Capital has sparked significant discussion, with the company's stock price rising despite the sell-off, indicating strong underlying value and market confidence in Pop Mart's long-term prospects [1][2]. Group 1: Stock Performance and Market Reaction - Following the initial share reduction on April 30, Pop Mart's stock price only dipped by 0.3% before rebounding by 4.7% the next day, demonstrating resilience [2]. - The stock experienced a cumulative increase of 6.3% over three trading days after the second reduction, and a further rise of 3.85% on May 9, indicating a trend of "selling leading to rising" [2]. - Year-to-date, Pop Mart's stock has surged over 100%, with a market capitalization of HKD 257.3 billion as of May 9 [1]. Group 2: Financial Performance and Growth - In 2024, Pop Mart achieved revenue of CNY 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of CNY 3.4 billion, up 185.9% [3][4]. - The first quarter of 2025 saw revenue growth of 165% to 170%, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [3]. Group 3: Market Position and Future Outlook - Analysts highlight Pop Mart's strong IP operation capabilities and global expansion potential as key competitive advantages, with overseas revenue expected to account for nearly 40% in 2024 [4]. - The company plans to expand into the European and American markets in 2025, aiming to replicate its Asian growth trajectory [4]. - Recent reports indicate that over 20 investment banks have issued "buy" ratings for Pop Mart, reflecting high market confidence in its growth prospects [4].