Group 1: Core Insights - Labubu, an original IP character by Chinese brand Pop Mart, is designed by Hong Kong artist Long Jiasheng, featuring a unique aesthetic that challenges traditional beauty norms [1] - The character is a small sprite living in a mysterious monster forest, inspired by Nordic mythology [1] Group 2: Market Drivers - Emotional economy is a key driver, with over 40.1% of young consumers motivated by emotional satisfaction in their purchases, which Labubu effectively addresses through surprise and social sharing [4] - Global cultural symbols are constructed through Labubu's design, avoiding specific cultural labels and fostering emotional resonance in various markets with localized versions [5] - Strong manufacturing and supply chain support from Dongguan, China, enables high-quality production and rapid product iteration, with the region accounting for 85% of global toy production [6] Group 3: Market Performance - Pop Mart achieved overseas revenue of 5.07 billion yuan in 2025, a staggering increase of 375.2% year-over-year, with Q1 2025 overseas income surging by 475% [7] - Labubu has gained cultural recognition, being named "Magical Thailand Experience Officer" and achieving chart success in Spain, while its app ranks first in the US shopping charts [8] Group 4: Industry Implications - Labubu's success signifies a new era for Chinese original IP, emphasizing de-labeling narratives and connecting with global youth through universal emotions [9] - The shift towards emotional consumption highlights a growing need for products to serve as emotional anchors rather than just practical items [9] - The integration of design, manufacturing, and data exemplifies a new paradigm of Chinese innovation, showcasing the global appeal of brands resonating with universal emotions [9]

新华社昆明6月24日电 题："双向奔赴"正当时：中泰跨境电商与物流合作持续深化 新华社记者易嘉欣、王贤思 在位于云南昆明顺城购物中心的泡泡玛特门店内，常能看到泰国游客手持购物袋，导游旗上挂着一只拉布布。 "为购买限定款潮玩，泰国游客几乎到昆明每一家泡泡玛特门店'扫货'。"泰国导游詹曼尼·诺帕马克笑称。拉布布火爆全球后，许多线下门店"一盒 难求"，泰国粉丝也涌入中国电商平台和线上社群，通过淘宝、抖音直播抢购盲盒。 线上抢购中国盲盒热潮是中泰跨境电商"双向奔赴"的一个缩影。在第9届中国—南亚博览会上，这样的"双向奔赴"得到了更全面的展现。 尽管昆明连日阴雨，依旧阻挡不住消费者的购物热情。走进东南亚馆，泰国展区人头攒动，70余家企业带来琳琅满目的商品，充气果冻包、青草 膏等泰国产品吸引人们争相采购。 其中，泰国充气果冻包商家尤为受欢迎，来自云南文山的黎家婉在小红书上刷到这家商家来参展的帖子，第二天一早就和朋友专程赶来，一口气 买下六个包。"以前在网上买过，但那时候物流体系还不太完善，比在展会上买贵多了。"黎家婉说。 在线上直播助力商品出海的同时，线下的物流合作也在持续推进。今年5月，中老铁路物流服务企业云南腾晋物流 ...

Core Insights - The article emphasizes the strong competitive barriers built by Pop Mart in the trendy toy industry, primarily through its monopoly over top-tier IP resources and its unique terminal channel advantages [1]. Group 1: Monopoly on IP Resources - Pop Mart has established a dominant position in the market by monopolizing high-quality IP resources, which are crucial for creating a lasting brand empire [1]. - The brand's flagship IP, Labubu, is likened to a top-tier celebrity, showcasing its significant influence and ability to drive sales for other IPs like Cry Baby [1]. - Pop Mart's strategy includes exclusive contracts with renowned designers and long-term licenses for popular IPs, making it difficult for new entrants to access valuable content and creating high industry entry barriers [1]. Group 2: Channel Dominance - The company has developed a comprehensive sales network that integrates both online and offline channels, including official mini-programs, e-commerce platforms, and physical stores [1]. - Pop Mart has strategically placed numerous flagship stores in key commercial areas, which serve not only as sales points but also as brand showcases and fan interaction venues [1]. - This extensive terminal layout allows Pop Mart to quickly respond to market demands and launch popular products, further solidifying its market position [1]. Group 3: Sustainability of Barriers - The advantages in IP and channel are interdependent, creating a self-reinforcing business model where quality IP attracts consumers, and a robust channel maximizes IP value [1]. - Sales data and user feedback from the extensive channel network enable the company to better develop and manage its IP, fostering a positive feedback loop [1]. - Even if the popularity of a specific IP wanes, Pop Mart can leverage its vast portfolio of quality IPs and strong channels to quickly introduce new hit products, maintaining its competitive edge [1].

点击上图▲立即收听 " 存钱还要收保管费，恐怕已不是一句玩笑话了。 " 文 / 巴九灵（微信公众号：吴晓波频道） 最近，银行的烦恼有点多。 前几天，不少银行网点推出 "存5万元送拉布布盲盒"的活动：如果办卡存5万元，3个月定存起步，就能得到拉布布2.0系列盲盒，如果再办一张信 用卡，额外送一个拉布布3.0系列的盲盒。随着拉布布（LABUBU）成为全球顶流，"一娃难求"的现状让年轻人纷纷涌入银行。 不过，监管很快喊停。 与此同时，随着息差不断下行，前两天又曝出不少中小银行新增服务收费项目，其中不乏知名的地方银行。 当这两个新闻串在一起，又意味着什么呢？或许，我们可以先从 5月份发生的一件事儿聊起。 什么是消贷红包？使用规则写得很清楚： 适用于抵扣消费贷款（按揭贷款、综合消费贷款、个人微型消费贷款）产生的利息。 坐地铁抵房贷？ 大概 一个 半月前，湖北发布了一条推文，大意是每个武汉市民可拥有一个 "碳账户"，市民只要通过公交、骑行、地铁等11种绿色出行方式，积累 碳减排量，就能在一个叫"武碳江湖"的平台上兑换打车券、超市打折券、消费优惠券、红酒等奖励。 最吸引眼球的地方，莫过于市民可按照 "1000克碳排量=2元 ...

Core Viewpoint - The article discusses the challenges faced by banks in a low-interest-rate environment, highlighting innovative marketing strategies and new service fees as responses to declining net interest margins and competition for deposits [1][25][39]. Group 1: Bank Marketing Strategies - Banks are increasingly using promotional activities, such as offering blind boxes for deposits, to attract customers amid declining interest rates [1][32]. - The phenomenon of "carbon accounts" in Wuhan, where citizens can use carbon reduction credits to offset loan interest, is presented as a marketing innovation, although it is revealed to be more of a promotional gimmick than a substantial benefit [8][10][13]. - The competition among banks has led to aggressive marketing tactics, including price wars on consumer loans, which can pose risks to financial stability [17][29]. Group 2: Service Fees and Charges - Many small and medium-sized banks have introduced new service fees as a response to the pressure on traditional income sources, reflecting a shift in their revenue models [35][39]. - A table outlines various service fees being charged by banks, indicating a trend towards increased fees for services that were previously free [36]. - The article suggests that the introduction of service fees may become more common as banks adapt to a low-interest-rate environment [39]. Group 3: Industry Trends and Challenges - The banking industry is experiencing a transition to a low-interest-rate, zero-interest-rate, or even negative-interest-rate environment, which is unprecedented in China [39]. - The article compares the current state of Chinese banks to those in developed economies that have navigated similar challenges by increasing service fees and diversifying revenue streams [40][42]. - The need for banks to innovate and adapt their business models is emphasized, as traditional methods of generating income become less viable [39][43].