此外，泡泡玛特的业务拓展方向还包括实体杂志。4月24日，泡泡玛特推出了实体杂志《play/GROUND》，售价39.9元。 随着泡泡玛特成长为中国头部IP潮玩公司，从业务拓展的角度来看，线上发展影视业务、线下发展主题乐园是较为成熟且具有内在逻辑的发展路径。以电影 业务方面，《哪吒2》票房超过150亿元的巨大盈利想象力，以及电影作为一种强大的内容输出形式，可以通过故事剧情，延伸IP的情感共鸣，也有助于IP吸 引到更广泛的受众群体。线下业务方面，2023年9月26日，首家泡泡玛特主题乐园正式开园，主题乐园通过创新以及适度延展IP形象，拓展营收渠道的同 时，丰富了IP的文化附加值。 随着 LABUBU 在全球范围内爆火，近日泡泡玛特创始人王宁在媒体采访中透露，泡泡玛特已经正式成立电影工作室，将进军电影领域，引起了不小的关 注。 不过，国内影视+衍生品的业务闭环虽然是当下的主流趋势，但多年来仍未发展成熟，泡泡玛特反其道而行从衍生品向电影的发展路，能否助力行业构建起 更加完善、更具竞争力的商业生态体系倒是更值得关注。 进军电影领域的第一部，泡泡玛特即将先行推出的是名为《LABUBU 与朋友们》的动画剧集。 回顾泡泡玛特 ...

Core Viewpoint - The stock price of Pop Mart has shown significant volatility, reflecting the sensitivity of its business model, which relies heavily on consumer emotions and trends [2][3]. Group 1: Stock Performance - On June 19, Pop Mart's stock price dropped by 5.33%, and on June 20, it opened significantly lower with a decline of 6.19%, eventually narrowing to a 5.55% drop [1]. - The short-selling volume of Pop Mart shares surged from 1.438 million shares in early April to 3.692 million shares by June 17, marking a 157% increase and reaching a new high since March [3]. Group 2: Business Model and Market Dynamics - Pop Mart's business model is characterized as an "emotional business," which is subject to the fickleness of consumer preferences. The popularity of the Labubu series has led to market saturation and aesthetic fatigue among consumers [2]. - The presence of scalpers and counterfeit products in the secondary market has intensified the "bad money drives out good" phenomenon, undermining consumer trust and Pop Mart's pricing power [2]. Group 3: Comparison with Disney - Pop Mart aims to emulate Disney's success but faces challenges due to the shorter lifecycle of its IPs compared to Disney's classic characters, which have enduring appeal across generations [3][4]. - Disney maintains strict control over its IP image and has established a comprehensive anti-counterfeiting system, highlighting the need for Pop Mart to strengthen its brand protection [4]. Group 4: Future Outlook - Pop Mart is recognized as a pioneer in China's trendy toy market and is striving to enhance its content infrastructure, including plans to launch an animated series titled "LABUBU and Friends" [4]. - The company must be cautious about the rapid commercialization of its IPs and the influence of scalpers, as these factors could deplete consumer enthusiasm and trust, posing a significant threat to its business model [5].