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%。 ...

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) opened in Beijing, with Pop Mart participating as the exclusive trendy cultural brand partner, showcasing various popular IP products and interactive experiences [1][2] - Pop Mart created two exhibition areas themed "Cake a wish," featuring a dessert house inspired by its IPs, allowing visitors to enjoy both visual and taste experiences with products like SKULLPANDA ice cream and MOLLY chocolate [2][3] - The company presented its SPACE MOLLY collection and large outdoor art installations, enhancing the aesthetic experience and emotional connection for attendees [3] Group 2 - This year marks Pop Mart's sixth participation in CIFTIS, aiming to showcase the diversity and extensibility of trendy IPs on an international stage, receiving widespread recognition from attendees [4] - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8%, with five major IPs generating over one billion yuan in revenue [4][5] - The company is actively exploring various creative expressions and new business formats centered around IP, with significant growth in international markets, including a tenfold increase in the Americas [5]

Core Viewpoint - Lehua Entertainment (02306) saw a significant stock increase of over 10%, currently up 11.74% at HKD 2.57, with a trading volume of HKD 10.59 million, driven by positive market insights from the "2025 Xianyu Trendy Toy Consumption Insight Report" [1] Company Summary - Lehua Entertainment's subsidiary Tianjin Yihua and Shenzhen Yiqi have jointly established a platform called "With Huazhong" for the incubation and operation of trendy toy IPs like WAKUKU [1] - The brand's unique aesthetics and collectibility have particularly attracted young consumers, leading to the successful launch of several products and increased attention in both online and offline channels [1] - WAKUKU has emerged as a flagship collectible IP, gaining traction through targeted collaborations and retail expansion [1] Industry Summary - The "2025 Xianyu Trendy Toy Consumption Insight Report" indicates explosive growth in the trendy toy market, with order volume and transaction value both increasing by over 300% in the second quarter [1] - The domestic trendy toy market is experiencing accelerated differentiation, with new IPs entering a golden growth period; LABUBU has topped the sales chart for two consecutive years, while WAKUKU has made its debut in the top 20 [1]

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 ...

Core Insights - Morgan Stanley's report indicates that Pop Mart's brand popularity is expected to rebound with the release of the "Labubu and Friends" animation and Labubu 4.0 version, alongside a rise in search interest for "Mini Labubu" since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating a new plush toy series launch in June, while Crybaby's average search index remained stable from July to August [1] - The interaction volume on Pop Mart's global social media accounts increased by 3% over the past two weeks, leading Morgan Stanley to maintain a "buy" rating with a target price of HKD 400 [1] Group 1 - Mini and large-sized Labubu are hot-selling items, with the "THE MONSTERS Pin For Love" series and "ROCK THE UNIVERSE" series selling out within a minute during their launch on August 28 [2] - The retail price for Mini Labubu is RMB 79 in mainland China and HKD 95 in Hong Kong, with a secondary market price increase of 45% as of September 5 [2] - The large Labubu is priced at RMB 499 in mainland China and HKD 583 in Hong Kong, with a secondary market price increase of 56% as of September 5 [2] Group 2 - Twinkle Twinkle is identified as a new emerging IP, with expected 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 in mainland China and HKD 95 in Hong Kong, is set to launch in August 2025 and has already shown a secondary market premium of 110% in mainland China and 36% overseas as of September 5 [3]

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 ...

Core Viewpoint - The trading prices of Labubu products in the second-hand market are experiencing significant fluctuations, with a general downward trend in average transaction prices and a higher number of bearish sentiments among traders [1]. Group 1: Market Trends - The average transaction price for Labubu products has decreased, with a notable drop of ¥3 from the previous week, currently standing at ¥105 [3]. - The "hidden" version of the Labubu product, known as "Ben Wo," which was once priced at nearly ¥5000 in the secondary market, has seen its price fall to the range of ¥700-800, indicating a clear downward trend over the past 30 days [6]. - The "mini version Labubu," launched on August 28, 2025, has also seen a decline in average transaction prices, now ranging from ¥80-650, down from previous high premiums [13]. Group 2: Company Actions - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with an estimated total replenishment of 4-5 million units across various platforms, leading to a significant drop in secondary market prices [15]. - Following the restock, the prices for complete sets of Labubu blind boxes plummeted from ¥1500-2800 to ¥650-800, with some individual hidden versions dropping from ¥250 to ¥100 [16]. - The company's stock price has been on a continuous rise this year, reaching a market capitalization of approximately HKD 370 billion, although it has recently experienced a decline, falling below HKD 300 to HKD 270 [16].