编者荐语： 一部分人赚情绪，一部分人赚钱。 以下文章来源于深圳微时光 ，作者黄小邪 深圳微时光 . 寻找深圳的每一寸惊喜。 6月份，我去找胡梅玉时带过去一个Labubu，这是她第一次见到搪胶脸之外，这款潮玩的全貌。 "啊！这些脸就是这个娃娃身上的呀"，胡梅玉看着我手里的Labubu，对比她手里的娃娃脸感叹，这是她第 一次见到Labubu。 "好看吗？"我问胡梅玉。 "嗯，好看，真好看"，她笑笑说，不知道是不是客气话。 "这个娃娃现在卖1000多块呢"，我告诉胡梅玉。 "就这个呀，啧啧啧啧……"她又打量了几眼我手里的Labubu，摇摇头，嘴里又是一串"啧啧啧啧"。 去年10月份，经老乡介绍，胡梅玉找到这份给娃娃脸"削裙边"的工作。 （备注："削裙边"，也叫削边，即 对出模后的塑料制品进行削切操作，以去除多余的塑料毛边。） 这些娃娃脸上，有两道凸起的眉毛，两个 凹进去的眼眶，还有一张月牙般的嘴，缀满了尖尖的牙齿。娃娃脸，是泡泡玛特旗下的现象级产品Labubu 搪胶毛绒玩具的面部，属于搪胶产品 （备注：搪胶，是一种PVC制作工艺） 。如今，Labubu系列玩具风靡 全球，初代产品在拍卖市场拍出108万天价，多个国家 ...

《BUG》栏目注意到，WAKUKU盲盒在多个线上和线下渠道均显示缺货。有店员表示，"WAKUKU已 经断货半个月，此前一般半个月会补货一次，每次补货数量也不多，只有5-6盒。" 同比起LABUBU二手价格的狂飙到回落，WAKUKU的价格波动相对平稳，这也使其成为部分预算有限 玩家的"平替"选择。不过，从6月中旬开始，个别款式也出现明显溢价，比如发售价为129元的"甜心 兔"吊卡，近期二手成交价约320元，而6月初二手价为150元左右。 文 | 《BUG》栏目 徐苑蕾 在潮玩市场掀起新一轮热潮的WAKUKU，凭借其标志性的"小野孩"形象和明星营销策略，迅速成为Z世 代追捧的新宠。而因收购WAKUKU母公司Letsvan股权，美股上市公司量子之歌也在资本市场迎来暴 涨。 值得注意的是，在豪赌潮玩赛道背后，量子之歌正面临主营业务恶化、付费学员数量萎缩、用户投诉不 断的多重困境。从二级市场的疯狂炒作到教育业务的持续下滑，从资本市场的短暂狂欢到长期商业模式 的可持续挑战，量子之歌这场跨界并购究竟是救命稻草还是饮鸩止渴？ 吊卡二手价翻倍 在潮玩爱好者社群中，"不是LABUBU买不起，而是WAKUKU更具性价比"的观点正逐 ...

以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 娱乐资本论隶属于界面财联社（上海报业集团主管主办），持有新闻牌照，是北京市文化产业投融资协 会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行业大会展开了长期、深度 的合作，致力于独家报道，是泛文娱行业第一媒体。 来源丨 娱乐资本论（ID：yulezibenlun） 作者丨吴晓宇 中国潮玩的这把火，在海外越烧越旺。 上月中旬，韩国泡泡玛特停止了Labubu在线下店铺的销售，原因是担心潜在的安全事故。英国的盛 况也不遑多让。泡泡玛特门前多次发生斗殴，为的就是抢到一个小小的Labubu。 各种中国潮玩开售即秒光的情况下，海外的粉丝们也开始寻找一些新门路。线下店抢不到心爱的款 式，那就跑到国内的销售平台抢玩偶、抢配件甚至是抢娃衣。在这种狂热的氛围下，中国潮玩公司出 海抢地盘，几乎成为一种必然。 如果说2021年是潮玩出海的1.0时代，那么 今 年奔向海外市场的潮玩厂商正在实现几何倍数的增 长，步入了2.0时代。日韩、东南亚和欧美，这些地区的潮玩市场早已挤满了中国公司，各家厂商似 乎正在把国内激烈厮杀的故事重演一遍。 笔者与多家潮玩厂商交流 ...

本文来自微信公众号：深圳微时光 （ID：szdays），作者：黄小邪，原文标题：《深莞交界处，每天摸过1500个Labubu脸蛋的家庭女工，日薪50元》， 文中配图由作者提供，题图来自：AI生成 这些热潮距离胡梅玉的生活太远，她从早到晚手不停歇，用工具刀将搪胶脸上多余的边角料削掉，一天下来大概能完成1500件，一件的报酬3.5分钱，算 下来一天收入五六十块钱。 胡梅玉不知道自己经手的这些娃娃脸，接下来要去往哪里，流向何方。胡梅玉没听说过泡泡玛特、Labubu，不知道所谓的正版与盗版，更不知道手里的 这些娃娃脸，将缀进毛绒身体里，而后可能以数百上千元的价格在市场上流转。 一、家庭女工的工价：一件3.5分钱 "就这个呀，啧啧啧啧……"她又打量了几眼我手里的Labubu，摇摇头，嘴里又是一串"啧啧啧啧"。 6月份，我去找胡梅玉时带过去一个Labubu，这是她第一次见到搪胶脸之外，这款潮玩的全貌。 "啊！这些脸就是这个娃娃身上的呀"，胡梅玉看着我手里的Labubu，对比她手里的娃娃脸感叹，这是她第一次见到Labubu。 "好看吗？"我问胡梅玉。 "嗯，好看，真好看"，她笑笑说，不知道是不是客气话。 "这个娃娃现在卖1 ...

Group 1 - The core viewpoint of the articles highlights the volatility of the collectible toy market, particularly focusing on the LABUBU series from Pop Mart, which saw a significant price drop in the secondary market despite initial high demand and auction success [1][2] - Pop Mart's strategy to increase supply of popular products aims to stabilize the market and retain core customers, moving away from a reliance on artificial scarcity [1][2] - The concept of "emotional consumption" has gained traction in China, with Pop Mart successfully tapping into the unique desires of younger consumers through limited releases and blind box mechanisms [2][3] Group 2 - Pop Mart is establishing a robust IP incubation mechanism, allowing for continuous innovation and the development of new characters, which is essential for maintaining market relevance [2] - The company is creating immersive consumer experiences, such as the LABUBU wishing tree in Chengdu, to foster emotional connections with consumers and enhance brand loyalty [3] - Pop Mart is exploring a diversified commercial ecosystem, aiming to expand the IP value beyond toys into various sectors, thereby creating a more substantial cultural identity for its products [3]

值得注意的是，WAKUKU 的走红路径与 LABUBU 十分相似，同样采用了邀请明星助力、设立线下快 闪店以及拓展海外市场等策略。WAKUKU 背靠中国娱乐产业中头部企业乐华娱乐，乐华旗下艺人虞书 欣赠予世界冠军全红婵的 "毛毛系列回千禧" 大娃，发售价为 999 元，如今在二级市场的价格也有所上 升，现货价格为1199 元，95 天发货的预售价格为 1099 元。 在社交平台上，众多WAKUKU爱好者发帖，希望交换到自己心仪的玩偶。社群中流传着 "不是 LABUBU 买不起，而是 WAKUKU 更具性价比" 这样的观点，使得WAKUKU凭借价格优势，成功吸引 了不少因 LABUBU 价格飙升而望而却步的潮玩爱好者。 多位潮玩爱好者向记者透露，最初因看到明星佩戴WAKUKU而萌生关注，其招牌"顽皮"表情更带来强 烈情绪共鸣。目前，WAKUKU在部分线下渠道已出现售罄现象。值得关注的是，玩家实测反馈其做工 精细度并不逊色于LABUBU。 此外，WAKUKU 还借助名创优品成熟且广泛的线下门店以及线上直播间进行销售，迅速打开市场，接 触到大量消费群体。今年三月，以熊猫为灵感的 WAKUKU 系列新品 "胖哒哒" ...

Core Insights - The rise of Chinese潮玩 (trendy toys) is transforming into a global phenomenon, driven by the strength of "Made in China" and cultural appeal [1][2][6] Group 1: Market Performance - In 2024, Pop Mart reported a revenue of 7.97 billion RMB in mainland China, a year-on-year increase of 52.3%, while overseas and Hong Kong, Macau, and Taiwan revenue reached 5.07 billion RMB, growing by 375.2% [3] - The Southeast Asian market saw a remarkable revenue growth of 619.1%, with North America and other regions also experiencing significant increases of 556.9% and 310.7% respectively [3] - MINISO's first global MINISO LAND store in Shanghai achieved a sales record of 12.03 million RMB in its first month of trial operation [3] Group 2: Supply Chain and Production Advantages - The efficiency of China's supply chain is highlighted, with a typical delivery time of 3 to 7 days for domestic markets and 20 to 30 days for overseas markets, significantly faster than other countries [4] - Chinese潮玩 companies can respond quickly to market demands, with new products designed and launched within two weeks [4] Group 3: Cultural Impact and Consumer Trends - The潮玩 industry is becoming a universal social language, with products serving as a medium for self-expression and social interaction among global youth [6] - The concept of "interest consumption" is gaining traction, reflecting a shift from material to emotional and cultural needs as GDP per capita rises [6][7] - The global acceptance of Chinese潮玩 is seen as a recognition of Chinese aesthetics and culture by the younger generation worldwide [7]

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...

Group 1 - During the 618 shopping festival, Pop Mart's LABUBU third-generation plush products achieved over 1 million sales on Tmall, with shipping scheduled for late September [1] - Pop Mart's performance during the 618 event indicates a shift in consumer demand from "cost-performance" to "emotional-value" [5] - The overseas market saw over 200,000 viewers in AliExpress's first live broadcast during the 618 event, leading to a sell-out of trendy toy products, highlighting the growing influence of Chinese trendy toy brands globally [5] Group 2 - The success of Pop Mart as a popular trendy toy brand in China is attributed to the upgrading of manufacturing, increased cultural confidence, and market openness [7] - Consumers are willing to pay for the joy that trendy toys bring, reflecting a trend of consumption upgrading [7] - The recent popularity of LABUBU has led to issues with scalpers, disrupting market order and potentially harming brand value, indicating the need for a balanced approach to maintain a healthy market for trendy toys [7]

Core Viewpoint - Miniso has launched a new store format called Miniso Space in a luxury shopping mall, aiming to enhance its brand positioning and capitalize on the growing demand for IP products [1][5][11] Group 1: Store Format and Strategy - Miniso Space is the largest store format in Miniso's portfolio, focusing on high-end product offerings and located in premium shopping areas [1][11] - The store will feature a significant increase in IP product offerings, with 80% of the products being IP-related, compared to 20%-70% in other store formats [1][5] - The store's design aims to attract a specific demographic, with a focus on aesthetics and experience, leveraging a design team known for high-profile projects [7][11] Group 2: Market Positioning and Financial Goals - Miniso aims to become the world's leading IP design retail group, with a strategic plan to open 900-1100 new stores annually and achieve a compound revenue growth of at least 20% [11][19] - The company has set a monthly revenue target of 2.5-3 million yuan for the Miniso Space store to achieve profitability, which translates to approximately 100,000 yuan per day [11][12] - Recent financial performance shows a revenue of 4.427 billion yuan in Q1, a year-on-year increase of 18.89%, but a net profit decline of 28.56% due to changes in revenue structure and increased investment in new business [19] Group 3: Competitive Landscape and Challenges - The luxury retail market is facing challenges, with major players like LVMH and Kering reporting declines in revenue and profit, indicating a shift in consumer behavior [16][19] - Miniso's entry into a luxury shopping environment requires a strong marketing strategy to attract both affluent and younger consumers, balancing the appeal of high-end products with accessible pricing [14][16] - The company must navigate the complexities of operating in a high-rent area while maintaining customer engagement and repeat purchases [11][14]