Core Viewpoint - The surge in popularity of Labubu has significantly boosted the market value of Pop Mart, reaching HKD 380 billion, with a stock price increase of 1235% since the beginning of 2024 [2][4]. Group 1: Market Performance - A mint green Labubu toy sold for HKD 1.08 million at the 2025 Yongle Spring Auction, contributing to Pop Mart's stock price surpassing HKD 380 billion on June 12 [2]. - The Hong Kong consumer sector has shown strong performance, with the Hong Kong Stock Connect consumer theme index rising over 25% this year, and major players like Pop Mart reaching historical highs [9]. Group 2: Consumer Behavior - The phenomenon of Labubu reflects a shift in consumer behavior, where emotional value is prioritized over material utility, leading to a new consumption structure characterized by rational material consumption and luxurious spiritual consumption [5][6]. - The psychology behind blind box purchases, such as the "completeness" feeling and the excitement of random rewards, drives consumer engagement and addiction [6][9]. Group 3: Brand and IP Development - Labubu is emerging as a new generation super IP, with its search popularity surpassing that of Hello Kitty, indicating its rapid rise in the market [8]. - Analysts suggest that the ability to create a systematic IP operation is crucial for Pop Mart's long-term success, as mere popularity may not sustain its market value [4][10]. Group 4: Future Outlook - Opinions on Pop Mart's future performance are divided; some analysts see significant long-term growth potential due to its diverse IP and operational capabilities, while others caution that current demand may be a temporary mismatch with supply [10][12]. - Morgan Stanley raised its target price for Pop Mart from HKD 224 to HKD 302, reflecting confidence in its growth potential [10].

②情绪营销。Jellycat通过互动体验式情绪营销，构建了高情绪浓度体验链，使Jellycat在毛绒玩具赛道 中形成差异化竞争力，掀起消费热潮。 ③文化认同沉淀出品牌价值。老铺黄金以国韵文化为产品积淀，激发消费者的文化认同感和身份归属感 的深层需求，冲击国际奢牌地位。 智通财经APP获悉，兴业证券发布研报称，内在新消费的研究范式中，产品力=功能价值+情绪价值+资 产价值，过硬的产品仍是基石，凝聚了文化品质、审美内涵、情绪满足等价值的精神需求是品牌的极高 加分项。精神需求的崛起有必然性，是经济发展到一定阶段的产物，在物质丰裕的当下，消费者不再单 纯为商品功能买单，而是通过消费行为寻求情感共鸣或构建身份认同，中国正处于"精神消费时代"的起 点。 兴业证券主要观点如下： 情绪驱动下的消费行为形成了文化势能与商业势能的共振。体现为： ①万物皆可IP。职场"猫meme"视频助力品牌快速涨粉，"撒泼打滚"的绿色鸟子形象打造多邻国"劝学"人 设，非传统IP也可通过故事重塑、符号提炼与情感连接，让普通事物升维为具有溢价能力的超级符号。 2024年中国泛娱乐行业规模同比增长30%，2023年IP授权零售额渗透率仅0.1%，对应 ...

"营造一个安全的地方，周围都是笑脸。" 文丨徐煜萌 编辑丨钱杨 印尼西爪哇省苏横区，绿顶白墙厂房的厂房外，三名围着粉色头巾的女工倚着小桌聊天。每天有 1700 名工人走进这 里，大部分是女性。 白炽灯下，她们弯腰在激光切割机前，将韩国进口的毛绒面料切出一小片一小片的圆形。在另一间更大、更高的厂房 里，数百位女工戴着口罩，密集地坐在一排排木椅上，为玩偶塞进填充棉，缝合身体部位，然后处理眼睛和鼻子。 这是英国毛绒玩具公司 Jellycat 过去十年最大工厂 PT Sheba Indah——它也是韩国公司 Sheba Toys 的两家海外工厂之 一。 每天，她们做好的玩具被装上工厂外等着几辆挂车，每个集装箱装近 800 只毛绒玩偶。随后，这些印着中远海运标志 的挂车驶向雅加达港，货物被卸下，装载上船，送往全球各地。 Jellycat 生产环节的一切都遵循成熟、常规的现代工业生产体系：韩国制造企业比中国同行更早开始承担欧美转移出 来的毛绒玩具订单，当地生产的中高端面料也比欧洲产的便宜；东南亚工人的薪资远低于中国，在这里生产的商品销 往欧美享有关税优惠；中远海运是拥有全球最大的商船队，能提供最经济的运力。 但随着集装箱 ...