LABUBU热度降温，迪士尼新品接棒。 7月11日，南都记者注意到，迪士尼发布通知，夏日上新单品"2025达菲和朋友们夏日海洋排队系列"叫 停线下发售，"将不再通过上海迪士尼乐园内的特选商品园内购买名额抽签或度假区酒店零售店售卖， 剩余库存转至天猫旗舰店。" 该系列于7月8日在线上线下同时发售，包含毛绒娃娃、钥匙链、手提包等商品。发售前一晚，有不少人 到上海迪士尼乐园排通宵等待入园抢购；线上官方旗舰店现货秒没，现已开启预售，14天内发货。二级 市场溢价，179元的小乌龟奥乐米拉挂件溢价至480元，相比此前的1000多元有所回落。 有人连夜排队抢购迪士尼新品 南都记者留意到，不少网友发布发售前一晚的线下夜排情况。视频中，7月7日下午5时起，上海迪士尼 乐园外即有人排队，后人数不断增加，绵延数公里，通宵等待一早入园抢购。这意味着，部分排队者要 排14个小时。 线上同样火爆。天猫上海迪士尼乐园旗舰店当日10时开售相关商品秒没。"没想到4秒后还让我抢到了一 个，可能前面排队付款拥堵。"有网友感叹成功捡漏，更多没抢到的网友希望官方开预售。 二级市场随之溢价。相关潮玩平台数据显示，开售前数小时，原价179元的小乌龟奥乐米 ...

近日，在社交平台上有消费者表示，此前在泡泡玛特官方渠道购买的潮玩产品，未能如订单所显示的最 晚发货时间进行发货。 在泡泡玛特官方抽盒机小程序直播间中，亦有网友留言表示，希望直播间主播帮忙跟进延迟发货等情 况。直播间主播以直播间为售前部门为由，建议网友咨询售后客服解决。但网友表示，售后客服并未能 很好地解决问题。有消费者日前也向记者反馈，原本应该在这几天收货的泡泡玛特商品并未到货。 有用户直指泡泡玛特发货机制为"霸王条款"。该用户在6月23日发起投诉，6月11日于微信小程序点击发 货，约定的72小时发货变成7天左右，最终13天都还未发货，联系客服只答复尽快发货。用户表示若再 未在当天发货，将起诉品牌的不合理条约。该条投诉已在当天得到品牌回复，该用户最终表示涉诉问题 已解决。 出现延迟发货的情况，到底是与近期促销订单激增有关，还是与网友猜测的产能跟不上有关？记者就这 一问题向泡泡玛特求证，公司暂无回应。 至于订单已排到9月的热门预售产品，Labubu前方高能系列的产能是否能如约完成发货，泡泡玛特公司 也暂无回应。此前记者从知情人士处获悉，泡泡玛特的工厂主要在广东省东莞市，急剧增长的需求已让 泡泡玛特感受到了压力， ...

Core Insights - The rise of emotional consumption in China is driven by consumers willing to pay for happiness, leading to the emergence of a new economic industry chain [2] - The emotional economy is expected to grow significantly, with the core market projected to exceed 100 billion yuan by 2025 [4] Group 1: Key Consumer Demographics - The primary consumer groups in emotional consumption include Generation Z, single individuals, and the elderly, all facing significant life or psychological pressures [5][6] - Generation Z favors trendy and personalized products like blind boxes and virtual idols, while single individuals seek emotional fulfillment through pets and convenient products [7] - The elderly focus on health, wellness, and emotional companionship, showing a strong demand for health products and services [7] Group 2: Market Dynamics and Challenges - Emotional consumption is characterized by a need for "emotional resonance" and "commercial viability," with a focus on understanding user needs [8] - There are concerns about "pseudo-demand" and market sustainability, as some emotional products suffer from poor quality and lack of long-term appeal [9] Group 3: Industry Trends and Innovations - The toy industry, particularly in Guangdong, is transitioning from manufacturing to creative design, with emotional value being a key competitive factor [10][11] - Policies in cities like Dongguan and Guangzhou are supporting the development of the toy industry, emphasizing innovation and emotional design [13] - The pet economy is a significant segment of the emotional economy, with increasing demand for pet-related services and products driven by urbanization and changing demographics [16][19] Group 4: Future Outlook - The emotional economy is expected to evolve with a greater emphasis on technology integration, such as AI and the metaverse, enhancing consumer emotional experiences [20][21] - The sports and outdoor sectors are also seen as having strong investment potential, driven by increasing health awareness and government initiatives [22]

出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 虎嗅独家获悉，近期泡泡玛特创始人、CEO王宁在公司内部针对Labubu的火爆现象进行了一次分享， 王宁直接表达了"居安思危"的态度："近期，公司被推到了一个备受关注的位置。热度越高，意味着外 界期待越高，风险也随之上升。这既是机遇，更是对我们的考验。" 在谈及近期火爆的Labubu时，王宁认为"从产品层面看，我们的目标不是让 Labubu 成为一时爆红的流 行符号，而是打造一个具备长期生命力的IP。" 一位在北京经营潮玩店的资深从业者告诉虎嗅，618全球预售和一系列补货动作后，她经手的Labubu 3.0系列产品溢价情况出现了明显变化。"之前，一度溢价幅度超过200%，现在溢价幅度大概在 75%。"她向虎嗅解释道，溢价是指藏家买到正品后，卖到收藏店或者通过闲鱼等平台出售的"二手市场 价"。但她认为，这个溢价回调从长远看是比较健康的。 "那些恶意囤货的黄牛会因此收敛，这会让真正喜欢娃的消费者获得更多的货源。"该资深人士认为，这 一幕在几十年前万代等日本公司凭借模型玩具、动漫IP玩具火爆时也曾出现。"一方面是品牌方加大供 给，另一方面是在不同价格带、不同玩具类型 ...

Market Insights - The market requires increased trading volume to activate investor sentiment, and if there is a clear focus in direction with expanded volume, the 3400-point threshold is likely to be broken [1][12] - Recent attempts to break through the 3400-point level have been unsuccessful, leading to a "psychological curse" that exacerbates investor caution [12] - The 3400-point area is identified as a significant trading concentration over the past six months to three years, with ongoing low trading volume failing to absorb selling pressure [12] Company Developments - Guoxin Securities has received approval from the Shenzhen Stock Exchange's M&A restructuring review committee for the acquisition of 96.08% of Wanhe Securities [7] - Zhaoyi Innovation has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [8] - Kangda New Materials plans to acquire at least 51% of Chengdu Zhongke Huamei Electronics to expand into the semiconductor integrated circuit sector [10] Industry Trends - The collaboration between Honor and China Mobile marks a strategic upgrade in AI terminal product innovation and ecosystem development [5] - The global foreign direct investment (FDI) is projected to grow by 4% in 2024, reaching $1.5 trillion, although actual investment is expected to decline by 11% when excluding European financial transaction fluctuations [4] - The international project financing has decreased by 26%, while digital investment has increased by 14% [4]

2025年6月20日 ■ 6月19日下午，国家主席习近平同俄罗斯总统普京通电话，重点就中东局势交换意见。【详情】 ■ 6月19日，《中国特色金融发展之路的源头活水与价值启示——溯源习近平同志在闽金融论述与实 践》报告面向全球发布，对习近平同志探索中国特色金融发展道路的实践经验及其世界意义进行全面回 顾、总结。 ■ 第六届跨国公司领导人青岛峰会6月19日开幕。中共中央政治局委员、国务院副总理何立峰出席开幕 式并致辞。 ■ 外交部发言人郭嘉昆6月19日在例行记者会上表示，截至目前，在外交部和中国驻伊朗、以色列及周 边有关国家使领馆组织协调下，已有1600余名中国公民从伊朗安全撤离，数百名中国公民从以色列撤 离。 ■ 商务部新闻发言人何亚东6月19日在例行新闻发布会上表示，2023年，上海自贸试验区开展全面对接 国际高标准经贸规则试点。一年多来，80条试点措施已基本落地。 ■ 商务部国际贸易经济合作研究院6月19日发布了最新的《跨国公司在中国》报告。报告显示，2019— 2024年期间，全国规模以上外商投资(含港澳台投资)工业企业利润总额从1.6万亿元人民币提升至1.8万 亿元人民币。 ■ 为期6天的第9届中国—南 ...

资料图。本文来源：第一财经 Labubu大量补货后二手报价腰斩,知情人士回应补 货节奏和产能情况 泡泡玛特相关知情人士表示，泡泡玛特相关产品的补货不会呈现出规律，也是在一定程度上规避黄 牛的影响。 潮玩二手交易平台千岛app显示，近2个月内，Labubu3.0系列的成交价呈直线上升，6月16日到达 最高点，近两日有所回落。 近日，Labubu似乎没有那么难抢了。 随之冷静的还有泡泡玛特的股价。截至6月19日17时，泡泡玛特当日跌超5%。在此之前的很长一 段时间内，泡泡玛特的股价一直高歌猛进。今年3月至6月中旬，泡泡玛特股价涨幅达100%。而从 2024年初至今，泡泡玛特的股价涨幅超过了11倍。 ■ 6月18日，泡泡玛特THE MONSTERS前方高能系列-搪胶毛绒挂件盲盒（LABUBU 3.0系列）在泡 泡玛特官方商城小程序等渠道补货，有不少消费者在社交平台表示自己抢到了。 力，从春节开始就紧急找工人复工，扩充产能，但目前看来市场需求远超供应链的反应速度。 补货后，二手市场的Labubu3.0价格也应声下跌。6月18日之前，在泡泡玛特二手交易群里， Labubu3.0一端（整盒内含6个盲盒）的价格多在1100 ...

2025.06. 19 潮玩二手交易平台千岛app显示，近2个月内，Labubu3.0系列的成交价呈直线上升，6月16日到达 最高点，近两日有所回落。 随之冷静的还有泡泡玛特的股价。截至6月19日17时，泡泡玛特当日跌超5%。在此之前的很长一段 时间内，泡泡玛特的股价一直高歌猛进。今年3月至6月中旬，泡泡玛特股价涨幅达100%。而从 2024年初至今，泡泡玛特的股价涨幅超过了11倍。 6月18日，泡泡玛特THE MONSTERS前方高能系列-搪胶毛绒挂件盲盒（LABUBU 3.0系列）在泡 泡玛特官方商城小程序等渠道补货，有不少消费者在社交平台表示自己抢到了。 本次Labubu 3.0系列的最长预售期至今年9月22日，这意味着消费者的等待时间可能长达三个月。 即使如此，小程序由于抢购人数太多，系统出现过卡顿。 一位泡泡玛特内部人士告诉第一财经记者："近期Labubu前方高能系列在全球收获超高热度，各个 城市的消费者反响热烈，但我们也注意到了不少影响消费者购物体验的不良行为，给真心喜爱IP的粉 丝带来了困扰。为了避免影响普通消费者的购物体验，我们进行了发售环节的优化，正式开启线上预 售，让更多人能够买到Labu ...

Group 1 - The Labubu plush toy 3.0 series has launched a multi-channel pre-sale, with shipping scheduled as late as late September [1] - Consumers have expressed mixed feelings, with some excited about securing a purchase while others are concerned about the long wait for delivery [4][10] - An insider from Pop Mart indicated that the company is optimizing the sales process to enhance consumer experience and reduce negative behaviors affecting buyers [14] Group 2 - On the second-hand market, prices for Labubu 3.0 have decreased by 6% to 9%, while scalpers are offering lower bids as the pre-sale date approaches [14] - Scalpers are currently offering prices between 650 to 800 yuan for a set of six blind boxes, with some attempting to sell for as high as 1200 yuan but receiving no responses [14] - The overall sentiment in the scalper community suggests a downward trend in prices as the pre-sale date nears, indicating a potential oversupply [14]

Core Insights - The article highlights the significant wealth increase of Wang Ning, the founder of Pop Mart, who has become the new richest person in Henan with a net worth of $20.3 billion, largely due to the success of the Labubu IP and the soaring stock price of the company [4][5][7]. Financial Performance - The Labubu IP series, part of THE MONSTERS, achieved a revenue of 3.04 billion yuan in 2024, marking a staggering year-on-year growth of 726.6%, contributing to 23.3% of Pop Mart's total revenue [5]. - Pop Mart's stock price has surged over 11 times since the beginning of 2024, with a 174% increase projected for 2025 [5]. Product Quality Issues - Despite claims of strict quality control, Pop Mart faces significant consumer complaints regarding product quality, with 219 complaints related to quality issues such as defects and slow exchange processes reported on the Black Cat complaint platform [8][10]. - The LABUBU 3.0 series has been criticized for quality defects, including misalignment and paint issues, leading some consumers to believe that the quality is inferior to unofficial products [10][12]. Supply Chain Management Challenges - Pop Mart has established a rigorous supplier admission and evaluation mechanism to ensure supply chain reliability, yet discrepancies in product quality have been reported due to production variances across different factories [15][17]. - The company is also facing challenges with scalpers, who are able to acquire products more easily than regular consumers, indicating a lack of effective supply chain information coordination [14][17].