曾被炒至天价的Labubu盲盒，如今二手价出现大幅回落。 近期，泡泡玛特业绩强劲。10月21日，公司发布的公告显示，2025年第三季度整体收入同比增长245% 至250%。其中，中国收入同比增长185%至190%；海外收入同比增长365%至370%。 8月26日，泡泡玛特股价创下339.8港元历史新高，总市值突破4200亿港元，随后价格出现回落，截至12 月29日，公司报199.90港元/股，股价下跌了0.15%。 得物APP数据显示，Labubu前方高能盲盒的近30日平均成交均价为117.17元，该款产品的价格曾经在12 月16日的时候达到过130.76元的近期高点，但随后价格整体处于回落趋势之中。 6月18日深夜，泡泡玛特突然启动全渠道补货，第三代"前方高能"系列首次开放最长至9月底的线上预 售，天猫、京东、抖音直播间同步放量。官方透露，仅天猫旗舰店就售出70余万只，全渠道补货量预估 400万—500万只，对应销售额约4亿—5亿元。 摩根士丹利报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，过渡到未来的"可持续增长"阶 段。该机构预测泡泡玛特2026年Labubu的收入增速将显著放缓，增长引擎将由单 ...

Core Insights - The popularity of Labubu has led to a cultural phenomenon where both genuine and counterfeit versions are embraced by consumers, reflecting a shift in attitudes towards authenticity and value [1][4][6] - The emergence of Lafufu, a derivative of Labubu, indicates a growing acceptance of non-authentic products among consumers, particularly in the context of rising prices and limited availability of genuine items [5][8][17] Group 1: Consumer Behavior and Market Dynamics - Consumers are increasingly willing to purchase Lafufu, a non-authentic version of Labubu, due to its affordability and creative designs, which some find more appealing than the original [6][8][18] - The demand for Labubu has surged globally, with production struggling to keep pace, leading to a significant increase in counterfeit products [17][18] - A survey indicated that younger consumers are more accepting of counterfeit products as a cost-saving measure, reflecting a broader trend in consumer behavior [8][17] Group 2: Brand and Product Development - Bubble Mart, the company behind Labubu, has expanded its production capacity significantly, with a reported monthly output of approximately 10 million Labubu figures [17] - The company is diversifying its product offerings beyond core collectibles to include items like phone cases and keychains, although these products do not generate the same level of consumer interest [18] - Recent product releases have faced quality control issues, leading to consumer dissatisfaction and comparisons to counterfeit products, which some perceive as better made [9][12][18] Group 3: Cultural and Community Impact - The rise of Lafufu reflects a cultural shift where consumers express their identity and creativity through both authentic and non-authentic products [6][19] - The phenomenon of "magic modifications" or creative reinterpretations of popular characters is common, indicating a natural evolution of brand engagement among consumers [19][21] - The community around Labubu and Lafufu is evolving, with consumers finding ways to express their affection for the brand through various forms of engagement, including social media [1][19]