Core Insights - The 2025 "Double 11" shopping festival saw intense competition in the plush toy market, with the virtual IP "Bubu" from Mayday achieving remarkable sales stability, topping the sales chart for 516 hours and generating over 10 million yuan in GMV [1][4][11] Group 1: Market Performance - The plush toy market in China is projected to grow from 4.24 billion yuan in 2024 to over 7.72 billion yuan in 2025, indicating a significant increase in consumer demand [3] - The top-selling plush toy during the festival was the "Bubu" plush, which sold over 80,000 units at a price of 159 yuan, resulting in an estimated sales revenue exceeding 12 million yuan [2][4] - Other notable plush toys included "Hirono" from Pop Mart, which sold over 10,000 units at 499 yuan, and "Gabriel Rabbit," which sold 5,000 units at 399 yuan, showcasing a diverse range of popular products [2] Group 2: Celebrity IP Impact - Celebrity IP-derived products are increasingly meeting the emotional consumption needs of young consumers, with fans willing to pay a premium for emotional connections [3][14] - The success of "Bubu" and other celebrity IPs like "Zhou Keke" from Zhou Shen demonstrates the high engagement and loyalty of fan communities, which enhances the commercial viability of these products [3][11] - The market for celebrity IP plush toys has evolved from simple merchandise to a complex ecosystem involving independent store operations and pop-up events, indicating a shift towards scalable operations [1][3][20] Group 3: Investment Potential - The plush toys associated with established celebrities like Jay Chou and Lin Junjie have begun to show investment characteristics, with limited edition items fetching prices exceeding 1,000 yuan in secondary markets [18][22] - The strategic approach of celebrity IPs, such as the "Zhou Tongxue" IP, has led to collaborations with over 200 brands, generating cumulative sales exceeding 1 billion yuan, highlighting the long-term value of these products [9][20] - The evolution of celebrity IP products reflects a growing trend towards creating collectible items that serve as emotional investments for fans, further solidifying their market position [18][22]