以下文章来源于新周刊 ，作者草莓脆 新周刊 . 中国最新锐的生活方式周刊。 本文来自微信公众号： 新周刊 ，作者：草莓脆，编辑：宋爽，题图来自：AI生成 一个小知识：你可能知道Labubu已经要拍大电影了，但你还需要知道的是，现在潮玩届的当红顶 流，当属星星人。 盲盒隐藏款溢价12倍，新系列开卖即售罄，线下快闪店开放首日库存全空……依然是熟悉的流程， Labubu的成名史，也是星星人的来时路。 甚至这两大顶流的爆火，都离不开同一个助力——包挂。Labubu是被明星网红当成包挂带货而红 的，而星星人现时人气最高的款式，也是毛绒挂件系列。众所周知，无论你爱的是哪个泡泡玛特，包 挂款都会是你最爱而不得的那一个。 时尚界的"那位女人"、名字就是爱马仕铂金包灵感来源的潮流祖师奶简·伯金 （Jane·Birkin） ，很多 年前就说过， "我经常在包上挂东西，是因为不希望我的包和别人的一样"。 而到了包挂变成现象级潮流的2025年，它已经是街头巷尾随处可见的时尚元素。追求"我们不一 样"的年轻人，都殊途同归地走向一种表达， 把包挂作为可携带的"情绪容器"， 随时随地亮明态 度。 年轻人行走在外闯荡社会，身份是包挂给的。看 ...

Core Insights - The influx of international tourists to Beijing's attractions has increased, with cultural heritage sites like the Forbidden City and the Great Wall remaining top destinations [1][3][4] - The Beijing Universal Resort has gained popularity among foreign visitors, showcasing a blend of international and local appeal [6][7] - The rise of the Pop Mart City Park, featuring popular IPs like LABUBU, has emerged as a significant attraction for young international tourists [12][13] Group 1: Tourist Preferences and Trends - International tourists are increasingly interested in deep cultural experiences rather than just sightseeing, seeking to understand the historical significance of sites like the Great Wall [4] - The popularity of night tours and unique cultural activities, such as intangible cultural heritage performances, is growing among inbound tourists [1][4] - The Forbidden City and the Great Wall continue to hold a central position in attracting global visitors, despite the emergence of new attractions [4] Group 2: Popular Attractions - The Forbidden City, Mutianyu Great Wall, and Badaling Great Wall are consistently ranked among the top attractions for inbound tourists [3] - The Beijing Universal Resort has been recognized as a top destination, appealing to both Western and Southeast Asian tourists [6][7] - Pop Mart City Park has rapidly climbed the ranks to become the sixth most popular attraction for inbound tourists, reflecting a shift towards modern and trendy experiences [12][13]

Core Viewpoint - Guohai Securities maintains a "buy" rating for Pop Mart (09992) and raises the company's profit forecast, expecting revenue and net profit growth from 2025 to 2027, driven by its leadership in the trendy toy culture and commercialization [1] Group 1: Revenue Growth - The company expects overall revenue growth of 245%-250% year-on-year for Q3 2025, with China growing by 185%-190% and overseas markets by 365%-370% [1] - Revenue from overseas regions is experiencing high growth, with Asia-Pacific, Americas, and Europe showing year-on-year increases of 170%-175%, 1265%-1270%, and 735%-740% respectively [1] Group 2: Store Expansion - The company has accelerated its store openings in North America, with a total of 154 overseas stores by the end of Q3 2025, aiming for 200 by the end of 2025 [1][2] - A partnership with Books-A-Million has been established to enhance market penetration, with new products being launched in their stores and online [2] Group 3: Product Performance - The "Starry People" IP is gaining momentum, with Q3 2025 showing a 130%-135% year-on-year increase in offline revenue and a 300%-305% increase in online revenue [3] - The company launched 20 blind box products and 14 plush series in Q3 2025, indicating an accelerated product release schedule [3] Group 4: Seasonal Opportunities - Q4 is expected to be a peak season with multiple holidays, including Halloween, Double 11, Thanksgiving, and Christmas, which will drive sales [4] - The company anticipates the release of significant new products during these key holiday periods [4]