Core Viewpoint - The LABUBU brand, a top-tier IP in the trendy toy industry, has recently gained significant popularity, raising questions about the sustainability of this trend and the reasons behind its sudden success [2][4]. Group 1: LABUBU's Success Factors - LABUBU's success is attributed to the emotional value consumption model, which combines emotional value, ecological closure, and industrial synergy to create a long-term lifecycle for the IP [2]. - The brand leverages community co-creation to enhance IP value, transforming consumers into IP dissemination nodes through various social activities, such as customizing toys and creating unboxing videos [2]. - A brand stratification strategy, along with global and local market adaptations, has laid a solid foundation for LABUBU's popularity, with product prices ranging from tens to thousands of yuan, catering to a broad consumer base [3]. Group 2: Market Expansion and Performance - In the past two years, LABUBU has adopted a localized "going global" strategy, launching region-specific limited editions that have garnered international attention, resulting in a 475% to 480% year-on-year increase in overseas business revenue in Q1 2025 [3]. - As of the end of 2024, the company has opened over 500 stores in more than 30 countries and regions, reaching over 90 countries through various cross-border e-commerce platforms [3]. Group 3: Supply Chain and Production Capacity - The Guangdong-Hong Kong-Macao Greater Bay Area provides a robust industrial chain support for LABUBU, with a complete toy supply chain in Dongguan ensuring stable production capacity, which has reached 10 million units per month by 2024 [3]. - The collaboration with artist Long Jia-sheng from Hong Kong infuses cultural elements into the IP, enhancing its appeal and marketability [3]. Group 4: Longevity and Cultural Transformation - Despite concerns about the lifecycle of trendy toy IPs, LABUBU's potential for longevity is linked to its narrative depth and the creation of a comprehensive universe that includes other characters, thereby extending user engagement [4]. - The success of LABUBU reflects a broader trend of Chinese manufacturing transitioning towards cultural creation, integrating design, manufacturing, and global operations to transform niche art into mainstream emotional symbols [4].

Core Viewpoint - The recent popularity of the domestic toy brand LABUBU has led to a global frenzy, with products selling out quickly and prices doubling in the secondary market, attracting attention from international celebrities [1][15]. Group 1: Sales and Demand - LABUBU plush toys and keychains have seen overwhelming demand, leading to long queues and even altercations at physical stores in South Korea [1][6]. - The company announced a temporary halt to offline sales of LABUBU products due to safety concerns arising from the chaotic purchasing environment [6]. - In China, the opening of The Monsters convenience store in Shanghai saw appointment slots for entry sell out instantly, with customers needing to pay a nominal fee to secure a spot [9][11]. Group 2: Market Dynamics - The demand for LABUBU products has resulted in significant price increases in the secondary market, with some items being resold for over 1,000 yuan, compared to their original price of 199 yuan [15]. - A rare LABUBU collectible was sold at an auction for an astonishing 1.08 million yuan, highlighting the brand's growing value and desirability among collectors [17].

6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸引民众排队领取礼品。 近期，泡泡玛特旗下的LABUBU火爆出圈，在全球范围内掀起了一阵热潮。中新社记者 陈楚红 摄 6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸引粉丝拍照"打卡"。近 期，泡泡玛特旗下的LABUBU火爆出圈，在全球范围内掀起了一阵热潮。中新社记者 陈楚红 摄 6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸引市民逛展拍照。近 期，泡泡玛特旗下的LABUBU火爆出圈，在全球范围内掀起了一阵热潮。中新社记者 陈楚红 摄 6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸引民众逛展。近期，泡 泡玛特旗下的LABUBU火爆出圈，在全球范围内掀起了一阵热潮。中新社记者 陈楚红 摄 6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸引粉丝拍照"打卡"。近 期，泡泡玛特旗下的LABUBU火爆出圈，在全球范围内掀起了一阵热潮。中新社记者 陈楚红 摄 6月13日，泡泡玛特LABUBU怪味便利店系列华南首展在广州市天河区开展，吸 ...

红星新闻网（记者 宋雅婷 实习生 杨泊寒）6月13日报道"世运有礼 成都等你"暑期消费季新闻发布会举办同期，又一潮玩品牌西南首展在成都锦江区火热启 动。今天，泡泡玛特旗下顶流IP——LABUBU怪味便利店快闪在北京、上海、成都、广州四座城市同时上线。此次活动是LABUBU怪味便利店系列的西南 首展，设在成都市锦江区锦东商圈的环贸ICD。首发活动不仅是潮玩爱好者的狂欢，更是首发活力的一次生动彰显。 人气火爆 幸运粉丝买到首发新品 上午十点，环贸ICD商场开门伊始，不少人径直前往二楼中庭。记者了解到，此次快闪活动自6月13日起，进店需要预约，而6月13日的进店预约名额早已秒 空。 "我们运气特别好，预约通道一开放就预约成功了！"市民张先生难掩兴奋，向记者展示刚入手的Labubu首发新品。"从早期就开始收藏，没想到它现在这么 火。最初就是被这种可爱又带点'坏'的反差感吸引，完全戳中年轻人的审美点。" 谈及此次成都作为全国四城首发地的体验，张先生说，"成都的潮玩氛围一直很活跃，大家对新鲜事物接受度高，平时去逛都能看到大家交流收藏心得。这 次不用跨城抢购，在家门口就能参与首发，真的很方便！" 政策引领 首发经济成成都消 ...

截至6月12日，恒生消费ETF近1年净值上涨20.38%。从收益能力看，截至2025年6月12日，恒生消费 ETF自成立以来，最高单月回报为22.30%，最长连涨月数为3个月，最长连涨涨幅为21.08%，上涨月份 平均收益率为5.79%。 数据显示，截至2025年6月12日，恒生消费指数(HSCGSI)前十大权重股分别为泡泡玛特(09992)、安踏体 育(02020)、创科实业(00669)、百胜中国(09987)、农夫山泉(09633)、万洲国际(00288)、海尔智家 (06690)、蒙牛乳业(02319)、美的集团(00300)、申洲国际(02313)，前十大权重股合计占比60.97%。值得 一提的是，恒生消费指数(HSCGSI)也是泡泡玛特含量最高的指数！ 截至2025年6月13日 13:16，恒生消费指数(HSCGSI)下跌1.22%。成分股方面涨跌互现，六福集团(00590) 领涨6.75%，周大福(01929)上涨6.51%，老铺黄金(06181)上涨3.12%；友宝在线(02429)领跌，华宝国际 (00336)、毛戈平(01318)跟跌。恒生消费ETF(159699)盘中换手3.61%，成交 ...

Labubu热度继续爆表！ 6月13日，泡泡玛特旗下顶流IP——Labubu怪味便利店系列即将在成都举办主题快闪活动。但 由于其超高人气，预约票秒空后，已经有黄牛炒至500元，而原价仅为0.01元，预约资格瞬间 变得一票难求。 0 . 0 1元预约票溢价5 0 0 0 0倍 据封面新闻报道，此前在上海静安嘉里中心的快闪活动，预约通道开放后瞬间爆满，导致大 量粉丝无法抢到资格。 在二手市场，记者看到有人将原价0.01元的成都快闪活动预约资格炒至500元，溢价50000 倍。 有不少消费者在社交平台发帖表示，溢价行为不可取，认为官方应加强反黄牛措施，如实名 制+人脸识别等。 记者查询各大网站，今晚10点发售的怪味便利贴搪胶挂件，已经在二手交易平台上挂出，原 价199元的搪胶挂件，售价普遍超过1000元。 据《每日经济新闻》报道，两只天价Labubu曾经的一位"主人"程洛（化名）在 2020年 先后入 手这两款Labubu，彼时合计价格仅10多万元出头，1年多后他以30多万元的价格将它们出手给 同一个藏家。 程洛表示，他并不后悔在2022年将它们出手，他也赚到了钱。那个时候，Labubu热度较高， 谁也不能保证会持 ...

Core Viewpoint - LABUBU, a popular IP under Pop Mart, is experiencing a surge in popularity, leading to significant price increases in both primary and secondary markets, indicating a cultural phenomenon and strong market demand [1][2]. Group 1: LABUBU's Market Performance - LABUBU's themed pop-up event in Chengdu sold out quickly, with scalpers reselling tickets for 500 yuan, up from the original price of 0.01 yuan, highlighting the high demand [1]. - A mint condition LABUBU was sold for 1.08 million yuan, while another variant fetched 820,000 yuan, showcasing the extreme value placed on these collectibles [1]. - In the secondary market, a LABUBU blind box originally priced at 99 yuan is being resold for 3,000 yuan, reflecting a more than 30-fold increase in price [1]. Group 2: Financial Performance of Pop Mart - Pop Mart reported a revenue of 13.04 billion yuan for the previous year, a year-on-year increase of 106.9%, with an adjusted net profit of 3.4 billion yuan, up 185.9% [2]. - The company plans to increase its offline stores by 38, bringing the total to 401, and expand its robot stores by 110, totaling 2,300 [2]. - Revenue from offline stores reached 3.83 billion yuan, a 43.9% increase, while robot store revenue was 700 million yuan, up 26.4% [2]. Group 3: Analyst Predictions and Target Prices - Morgan Stanley raised Pop Mart's target price from 224 yuan to 302 yuan, predicting a compound annual growth rate of 42% in sales from 2025 to 2027, with overseas revenue expected to account for 65% [2]. - Deutsche Bank significantly increased its target price for Pop Mart from 200 yuan to 303 yuan, citing improved gross margins in overseas markets and premium pricing on new products [4]. - Jianyin International is optimistic about the continuity of the LABUBU blind box series, forecasting a 72% increase in revenue and a 90% increase in profit for 2025, raising its target price to 288 yuan [4].