在"迷你版LABUBU"又掀起新一轮一娃难求的热潮时，有不少消费者反馈，部分LABUBU娃娃出现歪头、缝线有瑕疵等问题，在购入新品的同时，部分 消费者开始退换货。 tin 鉴别记录 i 最近购买 a a s and and in 1978 1948 1940 1940 两个盲盒(款式随 ... ■ 单个盲盒(款式随 ... 為身出 图 0 4 4 5 得物价格趋势 降价提醒 > 30天 90天 全部 | 成交均价 ¥152.46 | 想要人数 1215 ¥198 ¥187 ¥176 搪胶4.0 心底密码 mini labubu 发 ¥165 ¥154 ¥143 08.10 08.16 08.22 08.28 09.02 08.04 得物售价始终来自当时最低出价商家,平台保障全新正品,请按需购买 单个盲盒(款式随机) ¥150 1分钟前 得* 2分钟前 单个盲盒(款式随机) ¥150 得* 单个盲盒(款式随机) ¥150 2分钟前 单个盲盒(款式随机) ¥150 3分钟前 得* ¥150 单个盲盒(款式随机) 3分钟前 单个盲盒(款式随机) ¥152 4分钟前 ide | * 5分钟前 ヨE* 电 i 最近购买 ...

2025.09. 03 本文字数：586，阅读时长大约1分钟 作者 | 第一财经 乐琰 揭书宜 宋婕 在"迷你版LABUBU"又掀起新一轮一娃难求的热潮时，有不少消费者反馈，部分LABUBU娃娃出现歪头、缝线有瑕疵等问题，在购入新品的同时，部 分消费者开始退换货。 I 最近购买 | 鉴别记录 A # # | | at a 单个盲盒(款式随 ... 两个盲盒(款式随 ... 446 18 445 得物价格趋势 降价提醒 > 30天 90天 全部 | 成交均价 ¥152.46 | 想要人数 1215 ¥198 ¥187 ¥176 搪胶4.0 心底密码 mini labubu 发布 ¥165 ¥154 ¥143 08.16 08.28 09.02 08.10 08.22 08.04 得物售价始终来自当时最低出价商家,平台保障全新正品,请按需购买 单个盲盒(款式随机) 1分钟前 ¥150 得* 单个盲盒(款式随机) ¥150 2分钟前 得* 单个盲盒(款式随机) ¥150 2分钟前 单个盲盒(款式随机) ¥150 3分钟前 得* 单个盲盒(款式随机) ¥150 3分钟前 单个盲盒(款式随机) ity. ¥152 4分 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][12] Core Insights - The company is expected to achieve significant revenue and profit growth in H1 2025, with revenue projected to increase by no less than 200% year-on-year, reaching at least 13.673 billion RMB, and profit expected to grow by no less than 350%, reaching at least 4.489 billion RMB [5][8] - The company's global IP recognition and diverse product categories are driving revenue growth across various cities, with overseas revenue contributing significantly to profit margins [8][11] - The expansion of overseas stores and the successful performance of products on platforms like TikTok are enhancing the company's market presence and profitability [8][11] Summary by Sections Recent Performance - As of July 16, 2025, the company's stock price is 252.60 HKD, with a market capitalization of approximately 339.23 billion HKD [4][12] - The company has shown a remarkable 572.8% increase in stock performance over the past 12 months, significantly outperforming the Hang Seng Index [4] Financial Projections - Revenue projections for 2025-2027 are 30.797 billion RMB, 41.415 billion RMB, and 49.772 billion RMB, respectively, with corresponding net profits of 9.405 billion RMB, 12.848 billion RMB, and 15.514 billion RMB [10][12] - The adjusted net profit is expected to be 10.037 billion RMB, 13.611 billion RMB, and 16.438 billion RMB for the same years [10][12] Product and Market Expansion - The company has accelerated the launch of new products, with 47 new blind box products and 26 MEGA products introduced in H1 2025, reflecting a strong market response [11] - The company is also focusing on expanding its product categories, including potential entry into the small home appliance sector [11]

根据《中华人民共和国商标法》第五十七条第三款规定，销售侵犯注册商标专用权的商品属于侵犯注册 商标专用权行为。 海淀区市场监管局表示，销售侵权假冒商品属于违法行为，情节严重、涉嫌构成犯罪的，将依据《中华 人民共和国刑法》第二百一十四条移送公安机关追究刑事责任，最高可判处十年有期徒刑并处罚金。同 时，提醒广大消费者，面对LABUBU抢购热潮，需理性消费，切勿盲目跟风购买。如购买，应选择官 方授权正规渠道，并妥善保存购物凭证，发现涉嫌侵权假冒行为，可及时向监管部门反映。 新京报讯（记者陈琳）近期，LABUBU玩偶火爆全网，可谓是"一娃难求"。一些厂家为了利益开始制作 盗版LABUBU，并大量投入市场，甚至部分仿冒厂家出现了产能不足的现象，严重扰乱市场秩序。近 日，海淀区市场监管局查处一起涉嫌销售侵犯泡泡玛特相关注册商标专用权的商品案。 根据举报线索，某商业街区内疑似存在售卖侵权假冒LABUBU产品的行为，执法人员随即到现场进行 突击检查。"请出示您的营业执照、进货台账，店里有几款LABUBU的相关商品？"检查现场，执法人员 仔细查看了商家经营资质、商品来源等情况，经过商标权利人北京泡泡玛特文化创意有限公司确认，商 ...

Core Viewpoint - The popularity of LABUBU has declined, leading to a surge in demand for Disney's new product line, "2025 Duffy and Friends Summer Ocean Party Series," which has been halted for offline sales and shifted to online pre-sale due to overwhelming demand [1][6]. Group 1: Product Launch and Sales - Disney's new summer product line was launched on July 8, featuring plush toys, keychains, and handbags, with keychain prices starting at 179 yuan and a total price for a 7-piece set at 1,253 yuan [3]. - The design of the new products is inspired by coral, seaweed, and marine life, including unique outfits for characters like Lena Bell and StellaLou [3]. - The initial online sales were extremely successful, with items selling out within seconds on Tmall, indicating high consumer interest [4]. Group 2: Market Response and Pricing - The secondary market saw significant price inflation, with a keychain originally priced at 179 yuan selling for over 1,100 yuan shortly before the official launch, although prices later stabilized around 480 yuan after the announcement of pre-sales [4][6]. - The overwhelming demand led to long queues outside Shanghai Disneyland, with some consumers waiting up to 14 hours to purchase the new products [3]. Group 3: Company Strategy and Consumer Experience - In response to the market's inflated prices and to enhance visitor experience, Disney announced that the remaining stock of the summer series would only be available through its official Tmall store, ceasing in-park sales [1][6]. - The company aims to regulate the market and protect consumer interests by shifting sales online, allowing for a more controlled purchasing environment [6].

Group 1: Luxury Brands Market Dynamics - Luxury brands like Chanel and Prada are adjusting strategies by closing non-core stores and optimizing regional layouts to cope with market fatigue [1] - LV and Estée Lauder face growth bottlenecks due to reliance on tariffs and purchasing agents, leading to price increases and channel restructuring [1] - The luxury market is experiencing a "value return," with brands emphasizing scarcity and cultural barriers while mass brands focus on technology, sustainability, and user experience [1] Group 2: Financial Performance of Key Players - Estée Lauder reported a 10% decline in net sales to $3.55 billion and a 53% drop in net profit to $159 million for Q3 2025 [2] - Prada's revenue grew by 12.5% to €1.341 billion, with retail income contributing 90.6% of total revenue, driven by a 60.2% increase in Miu Miu's retail income [3] - Chanel closed its independent beauty concept store in New York after six years, indicating a shift in operational strategy [4] Group 3: Pricing and Market Adjustments - Louis Vuitton raised prices in the U.S. market, with the Neverfull GM handbag increasing by 4.8% to $2,200 [5] - Zegna's acquisition of Thom Browne faced challenges, with a significant revenue drop of 18.6% to €64.4 million, highlighting risks in niche brand investments [6] Group 4: Mergers and Acquisitions - Marriott International agreed to acquire citizenM for $355 million, aiming to expand its portfolio in the select service and lifestyle segments [8] - Crown City Watch and Jewelry plans to sell its stake in Swiss luxury watch brand Corum amid declining sales and financial losses [7] Group 5: Emerging Trends and Challenges - Pop Mart's market capitalization reached HKD 260 billion, driven by strong overseas sales and new product launches [9] - Dazzle's parent company, Dazzle Fashion, reported a 16% revenue drop to CNY 2.219 billion, indicating ongoing struggles in the fashion sector [10][11] - BERSHKA plans to go public in Hong Kong, with Tencent holding a 10.7% stake, reflecting strong growth in the outdoor lifestyle segment [12]

Core Insights - Pop Mart, a Chinese toy giant, is rapidly expanding into global markets, achieving significant milestones such as topping the U.S. App Store shopping chart and experiencing a surge in stock price [1][2]. Group 1: Market Performance - On April 28, Pop Mart's stock price surged over 10%, reaching a historic high of 190 HKD per share, with a trading volume of nearly 2.8 billion HKD [2]. - The company's overall revenue for Q1 2025 increased by 170%-175% year-on-year, significantly exceeding industry expectations [7]. Group 2: Product Launch and Popularity - The recent launch of the third generation of the LABUBU plush toy series on April 24 has driven global demand, with long queues reported at stores in major cities like Los Angeles, London, and Milan [4]. - LABUBU has quickly become a leading IP for Pop Mart, with its product series contributing to a staggering 726.6% year-on-year revenue growth, making it the top revenue-generating IP for the company [6]. Group 3: Regional Growth - The Americas have emerged as a new growth engine for Pop Mart, with revenue from this region increasing by 895%-900% year-on-year, while Europe saw a growth of 600%-605% [7]. - The Asia-Pacific region also maintained a strong growth rate of 345%-350%, indicating a balanced global expansion strategy [7]. Group 4: Global Strategy and Organizational Changes - Pop Mart is undergoing its largest organizational restructuring in five years to better align with its global expansion, establishing regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [8]. - The company aims to tailor its development strategies based on regional characteristics, positioning Southeast Asia as a growth engine and the Americas as a high-value market [9].