Group 1 - The new product "Starry People Delicious Moment Series - Freshly Baked Cookie Plush Keychain Blind Box" from Pop Mart (09992.HK) is highly sought after before its official release on September 29 [1][4] - The hidden variant "Bear Cookie" has seen its highest transaction price rise from 59 yuan to 929 yuan, representing a premium rate of nearly 15 times [1] - The individual blind box price increased from 59 yuan to 249 yuan, while the complete box price rose from 354 yuan to 1499 yuan, both showing a premium rate exceeding 3.2 times [1] Group 2 - The "Starry People Delicious Moment Series" figures are also popular, with a set of 12 plus one hidden variant priced originally at 828 yuan, now trading at 1055 yuan, indicating a 27% premium [4] - The series was created by artist Da Xin, and the characters represent stories of courage, longing, and love [4]

Core Insights - The figurine industry, emerging from the ACG (Anime, Comic, Game) culture, has become a key medium connecting IPs with consumers, fulfilling emotional, collectible, and aesthetic needs [1][2] - The market size of China's figurine industry is projected to grow from 3.66 billion yuan in 2020 to 11.08 billion yuan in 2024, with an expected reach of 16.2 billion yuan by 2026 [1][18] - The global figurine market is characterized by a "one strong, many strong" pattern, with Chinese brands accelerating their international expansion [1][20] Industry Overview - Figurines are designed based on characters from anime, games, movies, and brands, serving as a physical representation of virtual images [2][3] - The figurine market is segmented into three categories: by production process and form, by acquisition method and market positioning, and by IP source [3] Favorable Factors for Development - The expansion of the consumer base and the release of generational dividends are driving the figurine market, with the number of pan-ACG users in China expected to reach 503 million by 2024 [5] - The rise of domestic IPs, such as "Genshin Impact," is reshaping the industry ecosystem, with domestic IP figurines' market share increasing from less than 30% in 2020 to 45% in 2024 [7][18] - Technological innovations, including 3D printing and automation, are enhancing production efficiency and consumer experience [8] Market Trends - The figurine market is expected to see a shift towards IP globalization, technological innovation driving experience upgrades, and market segmentation with sustainable development [25] - The market is projected to grow at a CAGR of 24.8%, with the average price per product increasing from the 300 yuan range to over 600 yuan [18][28] - The trend of "cultural value extraction + supply chain efficiency" is becoming a competitive focus among leading companies [22] Competitive Landscape - The global figurine market is dominated by Bandai, Good Smile Company, and Pop Mart, with Bandai holding a 25% market share [20][22] - The competition is characterized by a focus on cultural innovation and supply chain efficiency, with leading companies accelerating their globalization strategies [22] Future Development Directions - The industry will increasingly focus on cultural output and the integration of traditional elements with modern design [25][26] - The application of eco-friendly materials and the development of a circular economy will become industry norms [28]

Core Insights - Labubu, a popular Chinese plush toy IP, is experiencing a surge in demand both domestically and internationally, leading to significant sales challenges for consumers [1][4] - The rise in popularity has also attracted counterfeit manufacturers, resulting in a proliferation of imitation products that are being sold at considerable volumes [1][4] - Regulatory bodies are beginning to take notice of the counterfeit issue, with recent inspections revealing unreported blind boxes and plush toys that infringe on trademark and copyright rights [4] Group 1: Market Dynamics - Labubu products are in high demand, with some counterfeit sellers reporting sales exceeding 1,600 units in the last 30 days, despite being low-cost imitations [1][4] - The counterfeit products are often sold at a significant markup, with some blind boxes costing only a few dollars to produce but selling for over $20 internationally [1][4] Group 2: Challenges in IP Protection - The rapid emergence of counterfeit products highlights the difficulties in protecting intellectual property, as the production and sales chains for these imitations are often hidden and dispersed [5] - Experts indicate that the long production cycles and high costs of legitimate products make it challenging for original manufacturers to meet sudden spikes in demand, creating opportunities for counterfeiters [4][5] Group 3: Recommendations for Improvement - Regulatory agencies are encouraged to enhance enforcement efforts and collaborate more effectively, utilizing technologies like big data and artificial intelligence to combat counterfeiting [5] - Suggestions include creating more diverse product lines and utilizing technology to establish anti-counterfeiting measures, such as NFTs for digital collectibles, to protect against imitation [5][6]