【导读】泡泡玛特暴跌，发生了什么事情 中国基金报记者 泰勒 大家好，今天的市场表现不错，一起看看有哪些有意思的事情！ 突遭看空，泡泡玛特暴跌 12月8日，泡泡玛特开盘闪崩，暴跌近10%，股价已从高点回落40%左右。为六周多来最大跌幅，原因是市场再度担心这家玩 具商在美国的销售增速正在放缓。 市场人士指出，投资者担忧其在美国"黑五"促销期间的销售表现可能不及预期。 晨星分析师表示："美国销售可能走弱，会打击市场对泡泡玛特增长前景的信心。"在公司此前披露其美国地区三季度销售同比 暴增逾1200%之后，海外销售的延续性一直是投资者重点关注的指标。 这家"LABUBU"玩偶制造商的股价近月来如坐过山车，市场愈发担心其产品结构不够多元、缺乏新的收入增长点。交易员持续 加码看空押注，截至上周四，股票的卖空仓位已升至公司流通股的6.3%，为2023年8月以来最高水平（标普全球的数据显 示）。 伯恩斯坦驻香港、负责亚洲消费股研究的分析师表示，股价走弱"很大程度上是因为整个11月北美线下销售趋势走弱"。她估 算，泡泡玛特本季度美国业务的销售增速目前已放缓至低于500%。 信达证券消费团队分析， 客观上来看，感恩节周度销售数据环 ...

Core Insights - The article highlights the successful debut of the Chinese toy brand Blokus at the Comic Con Experience in São Paulo, Brazil, showcasing nearly 60 products from over 10 globally recognized IPs, including Transformers and Saint Seiya [1][3]. Product Launch and Market Strategy - Blokus launched the Saint Seiya "Golden Twelve Palaces" series in Brazil, featuring nine characters, which caters to local fans' expectations and enhances the brand's presence in the Latin American market [3][5]. - The company has developed two product lines for the Saint Seiya IP: the "Star Edition" for ages 6 to 16 and the "Beyond Edition" for consumers aged 16 and above, ensuring a diverse product experience [5][7]. Innovation and R&D - Blokus has invested significantly in R&D, accumulating over 500 patents, which has led to continuous innovation in assembly systems, technology, and production methods, creating a unique product structure [7][9]. - The brand's innovative and diverse product offerings attracted a large number of visitors at the exhibition, establishing Blokus as a focal point of the event [7]. Global Expansion - Starting in 2024, Blokus is pursuing a global expansion strategy, having already made inroads in Southeast Asia, Europe, North America, and Latin America, with Brazil being a key market due to its status as the fifth-largest anime market in the world [9][10].

泡泡玛特(09992.HK)股价今日持续下行。截至发稿，跌8.95%，报199.40港元。 消息面上，据每日经济新闻报道，摩根士丹利（简称"大摩"）近期报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，过渡到未来的"可 持续增长"阶段。该机构预测泡泡玛特2026年Labubu的收入增速将显著放缓，增长引擎将由单一爆款转向非Labubu IP的多元化驱动。 该公司曾在2025年第三季度交出一份颇为亮眼的业绩，整体收益同比激增245%-250%。业绩大增主要是得益于泡泡玛特此前推出的Mini Labubu、SP不眠剧场等新品，叠加二季度预售发货的收入确认，直接推动业绩增长。此外，核心IP Labubu延续全球热度，成为关键增长动力。 | 十田 = | 期末息股本(万股) | 定容公用 | | | --- | --- | --- | --- | | | | 卖空股数(万股) ; | 金额(亿元) ; | | 2025-12-08 | 134,294.32 | 305.12 | 6.23 | | 2025-12-05 | 134,294.32 | 161.70 | 3.51 | | 2025-12-04 | 13 ...

在产品创新上，赫捷康玩具坚持 "科学内核 + 趣味表达" 的研发逻辑。其明星产品 "星际探索科学实验 套装" 整合了物理、化学、天文等多学科知识，通过 "火山喷发模拟""星空投影制作""浮力实验" 等 12 个趣味项目，让孩子在动手操作中理解抽象科学原理。产品细节设计充分考虑儿童使用习惯，边角圆润 无毛刺，配件收纳便捷，兼顾安全性与实用性。 品牌负责人表示，赫捷康玩具始终相信 "最好的教育是让孩子在快乐中成长"。未来，品牌将持续加大 研发投入，探索 AI 技术与益智玩具的融合创新，推出更多个性化、场景化的成长型玩具，让科学启蒙 触手可及，助力每一位孩子全面发展。 在消费升级与教育理念迭代的双重驱动下，家长对玩具的需求已从单纯娱乐转向 "玩学结合"，成长型 玩具成为母婴市场的新蓝海。赫捷康玩具以 "科学益智为核，打造成长型玩具新标杆" 为品牌使命，凭 借深耕儿童发展心理学的专业积淀与创新研发实力，在激烈的市场竞争中脱颖而出，为中国家庭带来兼 具趣味性与教育价值的玩具新选择。 赫捷康玩具的核心竞争力源于对 "成长型" 的深度解构。品牌研发团队联合儿童教育专家、心理学家组 建专项实验室，历时两年调研 3-12 岁儿 ...

AI玩具正成为全年龄段的消费新热点，并有力推动中国玩具产业走向全球。在有"玩具之都"美誉的广东汕头市澄海区，出口的玩 具已覆盖全球150多个国家和地区。随着人工智能技术快速发展，当地众多玩具企业正将前沿的AI大模型技术融入产品研发。 某玩具有限公司总经理 沈润南：AI大模型加持之后，我们研发、落地、进入市场的速度越来越快。特别是今年，我们加快了三 个大模型跟产品的对接，我们在国内目前已经落地，推入市场。在国外，我们也开始有样品给到国外的客商，他们也迫切需要我 们的产品尽快出口，尤其欧美市场。 总台记者 王思元：广东省汕头市的澄海区是"玩具之城"，这个玩具超市面积有7000多平方米，有5000多个品类的玩具。 别看这些玩具有着不同的名字，但它们的个头都非常小巧，主打聪明、共情、携带方便。用AI赋能已经成为了汕头玩具企业的发 展方向。 走进这家大型玩具选品中心，各种AI类的互动玩具琳琅满目。在这里，不仅小朋友能选到心仪的玩具，大人也能找到心灵的"慰 藉"。 据了解，这家企业在今年10月至11月，已销售各类AI玩具超1万套，近期订单量还在不断增长，目前生产排期已至明年3月。 (责任编辑：王擎宇) ...

导语：对于成熟的IP运营商而言，票房收入仅仅是整个商业版图的起点，真正的"吸金"密码在于IP的全产业链开发。 【环球网消费综合报道】2025年末，中国电影市场被一只兔子和一只狐狸点燃。电影《疯狂动物城2》上映以来持续引发观影热潮，截至目前，其累计票房 已强势突破29亿元，不仅创下中国影史进口动画片票房冠军等多项纪录，更在电影贺岁档的激烈竞争中脱颖而出。该片票房的辉煌仅仅是这场商业盛宴的开 端，由该电影IP驱动的周边产品消费狂潮正在席卷全国，其核心阵地，正是全球小商品集散地——浙江义乌。 在义乌全球数贸中心的毛绒玩具区，电影《疯狂动物城2》的周边产品已成为绝对的主角。不同造型和材质的兔子警官朱迪、狐狸尼克等角色公仔被摆放在 最醒目的位置，吸引着来自全国各地的采购商。据当地经营户介绍，不少产品一经上架便被抢购一空，一些热门的毛绒公仔出厂价在15元到40元区间，在下 游零售端往往能卖出数倍的价格，市场需求极为旺盛。"销量特别好，仓库里《疯狂动物城2》的周边产品都没存货了，基本一下线就全部要发给客户，订单 已经排到明年4月份。"义乌全球数贸中心经营户马冬梅的话语中难掩兴奋。这种"一货难求"的火爆景象，并非偶然，而是义 ...

格隆汇12月8日｜据央视财经，随着人工智能技术的普及，AI玩具正快速走进大众消费市场，这些智能 玩具不仅具备娱乐功能，还有陪伴功能。如今，AI玩具正成为全年龄段的消费新热点，并有力推动中 国玩具产业走向全球。在有"玩具之都"美誉的广东汕头市澄海区，出口的玩具已覆盖全球150多个国家 和地区。随着人工智能技术快速发展，当地众多玩具企业正将前沿的AI大模型技术融入产品研发。有 企业表示，在今年10月至11月，已销售各类AI玩具超1万套，近期订单量还在不断增长，目前生产排期 已至明年3月。另外，在深圳华强北，不少商家都把AI玩具摆在了店内显眼的位置，产品不仅多，还各 有特点。工作人员介绍，从今年上半年开始，AI玩具咨询和拿货的需求明显增长。 ...

奥飞娱乐 20251205 摘要 奥飞娱乐 AI 陪伴玩具销量主要由移动合作伙伴贡献，产品在语音交互方 面接入豆包、元宝、通义等大模型平台，提升响应速度和内容质量，硬 件方面通过芯片调整降低延迟，提高反应速度。 奥飞娱乐在 AI 陪伴玩具市场竞争中，凭借独家喜羊羊和懒羊羊 IP 形成 差异化优势，并通过持续优化产品功能与体验满足消费者需求，未来 IP 资源将成为核心竞争力。 奥飞娱乐积极开展 IP 合作，动漫玩具业务与孩之宝、三丽鸥家族合作， 潮玩业务授权网易系、腾讯游戏及日本二次元 IP，同时保持喜羊羊、超 级飞侠等头部原创 IP 的内容更新和电影输出。 奥飞娱乐与荣耀合作落地，公司提供 IP 及相关产品，荣耀提供技术支持， 预计明年上半年推出相关产品，并通过荣耀渠道销售，但具体 IP 尚未最 终确定。 奥飞娱乐通过飓风战魂项目推动竞技娱乐运动发展，打造线上动画内容、 社媒传播和线下赛事覆盖的沉浸式竞技体验，升级为全球赛事，提升玩 具业务增量。 Q&A 自 2024 年底至 2025 年初，奥飞娱乐推出了 AI 智能玩具，包括喜羊羊和懒羊 羊两个角色。到 2025 年底，我们预计销售量约为 10 万台，其中 ...

Investment Rating - The report indicates a neutral investment rating for the consumer service sector on the Beijing Stock Exchange, with a median stock price change of -1.83% for the week ending December 5, 2025 [2][36]. Core Insights - The integration of artificial intelligence (AI) into the consumer sector is expected to create new growth opportunities. The government has issued policies to promote AI applications across various consumer goods, aiming to enhance service consumption and foster new product consumption models [3][6][10]. - The consumer market is transitioning from scale expansion to quality and efficiency, driven by AI innovations that enhance user experience and operational efficiency [7][10]. - The report highlights significant growth in AI-related consumer products, such as smart wearables, AI toys, and AI applications in retail and e-commerce, indicating a robust market potential [17][22][30][34]. Summary by Sections 1. AI and Consumer Integration - AI is expected to drive innovation in consumer scenarios and business models, creating a virtuous cycle of consumption-driven economic growth [3][7]. - The government has outlined key actions to integrate AI into consumer services, including the development of smart home devices and AI-driven entertainment products [6][10]. 2. Market Performance - As of December 5, 2025, 27% of consumer service companies on the Beijing Stock Exchange saw stock price increases, with a median market capitalization change of -1.83% [36][38]. - The median price-to-earnings (P/E) ratio for consumer service companies decreased from 46.4X to 45.2X, while total market capitalization rose from 1093.85 billion to 1096.29 billion [39][40]. 3. Industry Valuation - The median TTM P/E ratio for the broader consumer sector increased by 0.75% to 50.0X, indicating a slight upward trend in valuations [45][48]. - The P/E ratio for the food and agriculture sector decreased from 51.4X to 50.5X, while the professional services sector saw a minor decline from 26.3X to 26.2X [46][49]. 4. Company Announcements - Tianfangbiao has established a wholly-owned subsidiary in the digital economy industrial park in Quanzhou, Fujian, to enhance its operational capabilities and market competitiveness [54].

Core Insights - "Emotional value" is becoming a key driver in the 2025 consumer market, reflecting a complex interplay between economic cycles and collective psychology [3][25] - The rise of LABUBU as a cultural icon signifies a shift in consumer behavior, where emotional resonance surpasses practical functionality [25][30] - The emotional consumption market in China is projected to exceed 2 trillion yuan in 2025, indicating significant growth potential [4][22] Group 1: Emotional Consumption Trends - The emotional consumption market has been growing at an annual compound rate of 12% since 2013, with expectations to reach over 2 trillion yuan by 2025 [22][41] - Companies like IKEA are adapting their strategies to incorporate emotional value into product development, moving beyond mere market trends to capture the emotional temperature of consumers [4][26] - The success of LABUBU illustrates the emergence of "social currency," where products serve as symbols of identity and belonging among affluent consumers [28][41] Group 2: LABUBU's Market Impact - LABUBU, a key IP from Pop Mart, has seen its popularity soar, with a peak auction price of 1.08 million yuan for a unique sculpture, highlighting its status as a luxury item [6][28] - In the first half of 2025, Pop Mart's revenue reached 13.88 billion yuan, a year-on-year increase of 204.4%, largely driven by LABUBU's success [7][28] - The LABUBU series generated 4.81 billion yuan in revenue, accounting for 34.7% of Pop Mart's total revenue, showcasing its significant contribution to the company's growth [7][28] Group 3: Cultural and Global Resonance - LABUBU represents a successful case of Chinese cultural creativity going global, employing a "borderless aesthetic" that resonates with diverse consumer bases [29] - The brand has faced challenges with counterfeit products, leading to significant enforcement actions against piracy, indicating its high demand and cultural significance [29] - LABUBU's design and marketing strategies effectively engage with global consumers, creating a cultural phenomenon that transcends traditional toy markets [29][30] Group 4: Emotional Value in Consumer Behavior - The interplay between "belonging" and "existence" is crucial in emotional consumption, with products often serving dual roles in providing security and individual expression [19][39] - The rise of characters like LABUBU and the capybara reflects a collective yearning for emotional stability and personal identity in a rapidly changing social landscape [20][39] - Emotional consumption is not a new phenomenon; historical examples like Hello Kitty and Jellycat illustrate its enduring relevance across different economic contexts [11][32]