本文转自【海峡导报】； 近日，思明区法院发布一起涉泡泡玛特IP的著作权侵权案，一闲鱼卖家因售卖仿冒Dimoo手办被判侵权 赔偿。 POPMART泡泡玛特是经营潮玩产品的知名潮流文化娱乐品牌，推出了众多粉丝喜爱的潮玩产品，如 LABUBU系列、Molly系列等，广受消费者追捧。其中，顶着标志性"云朵头"的小男孩"DimooWorld系 列"，是无数潮玩爱好者的心头好。M公司（化名）作为"DimooWorld系列"美术作品的著作权人，发现 市民小林（化名）在闲鱼上开设店铺，专门售卖和Dimoo长得很像的手办，且店铺页面展示了多个该系 列作品的图片和视频。 M公司认为，小林并未获得公司授权，其销售行为侵害了公司享有的美术作品著作权，遂将小林起诉至 法院，要求其赔偿公司经济损失6万余元。庭审中，小林辩称自己有正当职业，在闲鱼平台上卖手办仅 为兼职，目的是减轻一点经济压力，且是M公司相关人员表示要采购，诱导他囤了100多只玩偶，不应 承担全额赔偿责任。 法院经审理认为，小林未经权利人许可，也未支付相应报酬，擅自在其经营的闲鱼店铺中销售与泡泡玛 特"DimooWorld系列"美术作品形象相近的仿制玩偶，该行为已侵害原告享 ...

Core Insights - The rise of the emotional economy is a significant trend in China's consumer market, driven by a shift from material needs to emotional fulfillment as basic needs are met [4][7] - The emotional consumption market in China is projected to exceed 800 billion in 2024, with an annual growth rate of 25%, potentially surpassing 2 trillion by 2025 [4][5] Group 1: Market Dynamics - The emotional economy is characterized by the emergence of seemingly "useless" products that carry high emotional value, such as stress-relief toys and collectible blind boxes, which have seen substantial sales growth [5][6] - The service sector is witnessing a boom in experiential emotional offerings, including paid study rooms and emotional support services, with the ice and snow leisure tourism expected to generate over 630 billion in revenue in the 2024-2025 season [5][6] - Digital consumption is also on the rise, with AI companionship services and virtual emotional support gaining popularity, reflecting a significant increase in demand among younger consumers [6][7] Group 2: Consumer Behavior - The Z generation, comprising 260 million individuals, accounts for over 40% of total consumption, with a significant portion directed towards products that provide emotional value [4][5] - Consumers are increasingly viewing purchases as a means of self-expression and emotional satisfaction, leading to a shift in consumption logic [4][5] Group 3: Business Implications - Companies are adapting their product designs to incorporate both functionality and emotional appeal, as seen in successful cultural products and innovative marketing strategies that resonate emotionally with consumers [6][7] - The emotional economy is creating new job roles, such as emotional designers and digital therapists, while also revitalizing traditional retail spaces through thematic transformations [6][7] Group 4: Regulatory Considerations - The emotional economy faces unique challenges, including the lack of regulatory oversight for virtual services, which can lead to potential harm and exploitation [7][8] - There is a pressing need for regulatory frameworks to ensure ethical practices in the emotional economy, balancing consumer protection with the growth of this emerging market [7][8]

Core Viewpoint - Pop Mart (09992) experienced a significant increase of over 5% in early trading, attributed to the presence of Apple CEO Tim Cook at the company's exhibition in Shanghai and a favorable report from Morgan Stanley regarding the company's exposure to tariffs [1] Group 1: Company Performance - Pop Mart's stock rose by 4.6%, reaching 273 HKD, with a trading volume of 1.343 billion HKD [1] - The presence of Tim Cook at the Pop Mart exhibition is seen as a positive endorsement for the company [1] Group 2: Market Analysis - Morgan Stanley's report indicates that Pop Mart is expected to be minimally affected by tariffs, maintaining an "overweight" rating [1] - The report highlights that approximately 75% to 80% of toy imports to the U.S. come from China, suggesting that even with higher tariffs, Pop Mart's competitive advantage remains intact [1]

Core Viewpoint - Pop Mart (09992) saw a significant increase in stock price, rising over 5% in early trading, attributed to positive interactions with Apple CEO Tim Cook during his visit to Shanghai and favorable research reports from Morgan Stanley [1] Group 1: Stock Performance - Pop Mart's stock price increased by 4.6%, reaching 273 HKD, with a trading volume of 1.343 billion HKD [1] Group 2: Key Events - Tim Cook visited the THE MONSTERS 10th Anniversary Exhibition in Shanghai, marking his first stop in China [1] - During the exhibition, Pop Mart's founder Wang Ning and artist Long Jiasheng interacted closely with Cook, showcasing original LABUBU sketches and products [1] - Long Jiasheng demonstrated how to create LABUBU on an iPad Pro, while Wang Ning presented Cook with a gift of the LABUBU character ZIMOMO [1] Group 3: Analyst Insights - Morgan Stanley released a research report indicating that Pop Mart is less affected by tariffs, maintaining an "Overweight" rating [1] - The report highlights that approximately 75% to 80% of toy imports to the U.S. come from China, suggesting that higher tariffs will not significantly alter Pop Mart's competitive advantage [1]

Core Viewpoint - TOP TOY, a subsidiary of Miniso, has submitted an application for a Hong Kong IPO, aiming to capitalize on the growing global trend of collectible toys, following a successful model similar to Pop Mart [1][2]. Group 1: Company Overview - Miniso, founded by Ye Guofu in 2013, has expanded to over 7,000 stores globally, surpassing Uniqlo's 2,500 stores [1]. - TOP TOY aims to leverage Miniso's extensive store network to replicate the success of Pop Mart in the collectible toy market [1]. Group 2: Financial Performance - TOP TOY's valuation reached $1.3 billion after a $59.4 million Series A funding round, with Temasek investing $40 million [2]. - In comparison, Pop Mart reported a revenue of 13.8 billion yuan (approximately $1.9 billion) in the first half of the year, a twofold increase, while TOP TOY's revenue grew 60% to 1.36 billion yuan [4][5]. Group 3: Market Position and Strategy - TOP TOY's gross margin improved from 19.9% to 32.4%, but it still lags behind Pop Mart's gross margin of nearly 70% [5][6]. - The company is shifting towards developing its own intellectual property (IP), with self-owned IP products accounting for about 50% of revenue in the first half of the year [6]. - Despite the growth in self-owned IP, licensed IP toys remain a significant revenue source, contributing 8.89 billion yuan in 2024, which is 47% of total revenue [6]. Group 4: Competitive Landscape - Other companies like Kayou and 52TOYS are also pursuing IPOs, indicating a competitive environment in the collectible toy market [7]. - The Chinese collectible toy market is projected to grow from 20.7 billion yuan in 2019 to 58.7 billion yuan in 2024, with TOP TOY holding a 2.2% market share, ranking third behind Pop Mart and LEGO [7].

Market Performance - On September 10, all three major stock indices in Hong Kong rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index rising by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index up by 0.93% to 9,328.16 points [1] - The total market turnover was HKD 288.21 billion, with net inflows from southbound funds amounting to HKD 7.566 billion [1] Stock Movements - Among the constituents of the Hang Seng Index, 65 stocks rose while 21 fell, with Lenovo Group leading the blue chips with a gain of 4.63%, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [2] - In the Hang Seng Tech Index, 20 stocks increased and 9 decreased, with Bilibili leading the gains at 7.57%, followed by Lenovo Group at 4.63% and SMIC at 3.61% [4] Notable Stocks - Alibaba had a trading volume of HKD 26.367 billion, rising by 0.63%, while Tencent Holdings traded HKD 12.190 billion, increasing by 1.04%, and Meituan saw a trading volume of HKD 9.569 billion, up by 2.06% [5] - Pop Mart experienced a significant decline of 4.51% due to reports of falling prices for its LABUBU series, closing at HKD 275.20 per share, despite a year-to-date increase of 208.24% [10] Industry Performance - The financial sector index rose by 1.85%, the real estate and construction index increased by 1.51%, and the composite enterprises index was up by 0.86%. Conversely, the healthcare index fell by 0.94%, and the materials index decreased by 0.41% [6] Concept Sector Performance - Most Wind concept sectors saw gains, with the Foxconn index up by 10.03%, the air pollution control index rising by 5.42%, and the integrated circuit industry fund index increasing by 3.37%. The infant and child index led the declines at 3.01%, followed by the gold and jewelry index down by 2.93% and the photovoltaic solar index down by 2.53% [8] Company Developments - NIO announced plans for an issuance of up to 182 million shares of Class A common stock, including American Depositary Shares (ADS), with the net proceeds intended for investment in core technologies for smart electric vehicles, development of future technology platforms and models, and expansion of battery swapping and charging networks [14][16]

Core Viewpoint - The article discusses the recent market performance of Hong Kong stocks, highlighting the significant drop in Pop Mart's shares and NIO's announcement of a stock issuance to fund electric vehicle technology development [2][14][17]. Market Performance - On September 10, Hong Kong's major stock indices rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index up by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index rising by 0.93% to 9,328.16 points [2][3]. - The total market turnover was 288.21 billion HKD, with net purchases from southbound funds amounting to 7.566 billion HKD [2]. Individual Stock Performance - Among the Hang Seng Index constituents, 65 stocks rose while 21 fell. Lenovo Group led the blue chips with a 4.63% increase, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [4][5]. - Pop Mart experienced a significant decline of 4.51%, attributed to reports of falling second-hand prices for its LABUBU series, with a peak drop of 7.01% during the trading day [6][14]. Sector Performance - The Hang Seng Industry Index showed varied performance, with the financial sector up by 1.85%, the real estate and construction sector up by 1.51%, and the composite enterprises sector up by 0.86%. Conversely, the healthcare sector fell by 0.94%, and the materials sector decreased by 0.41% [9]. Pop Mart's Business Outlook - According to a report by Zhongtai Securities, Pop Mart is advancing its globalization strategy and expanding its business model. The company has significant growth potential in overseas markets, with a projected revenue space of 34.6 billion CNY [16]. - The report forecasts Pop Mart's total revenue for 2025, 2026, and 2027 to be 33.117 billion CNY, 46.961 billion CNY, and 63.487 billion CNY, respectively, with year-on-year growth rates of 154%, 42%, and 35% [16]. NIO's Stock Issuance - NIO announced plans to issue up to 182 million shares, including American Depositary Shares (ADS), to raise funds for core technology development in smart electric vehicles [17][18]. - The net proceeds from the stock issuance will be used to invest in the development of future technology platforms and models, expand battery swapping and charging networks, and strengthen the company's balance sheet [19].

Group 1: Industry Overview - The潮玩 (trendy toy) industry is experiencing rapid growth, with the market size in China expected to reach 877 billion RMB by 2025 [3] - The潮玩 IP industry has seen significant revenue increases, with companies like泡泡玛特 reporting a 204.4% year-on-year revenue growth in the first half of 2025 [6][7] - Despite the impressive growth, the industry faces challenges such as maintaining high profit margins and managing IP dependency risks [3][12] Group 2:泡泡玛特 Performance - In the first half of 2025,泡泡玛特 achieved a revenue of 138.76 billion RMB, a staggering increase of 204.4% compared to the previous year [6][7] - The company's gross profit margin remained high at 70.3%, supported by a diversified IP portfolio and global expansion [7][15] - The LABUBU series contributed significantly to revenue, accounting for 34.7% of total revenue with a year-on-year growth of 668% [11][12] Group 3: TOPTOY Performance - TOPTOY, a brand under名创优品, reported a total GMV of 10.48 billion RMB in the first half of 2025, with a 52.6% increase in revenue from physical stores [20][21] - The brand's rapid store expansion led to a total of 293 stores globally, marking a 50.3% increase from the previous year [22] - TOPTOY's gross profit margin improved due to a shift towards higher-margin products, with a recent strategic financing round valuing the brand at 10 billion HKD [26][27] Group 4:卡游 Performance -卡游's supplier京华激光 reported a 61.98% revenue increase in the first half of 2025, driven by the popularity of related card products following the release of the film《哪吒之魔童闹海》 [32] - The company aims to go public in Hong Kong, with a reported revenue of 100.57 billion RMB for 2024, a significant increase from 26.62 billion RMB in 2023 [32] -卡游's core product, collectible cards, generated 82 billion RMB in revenue for 2024, maintaining a high gross margin of 71.3% [34]

Core Viewpoint - The recent launch of new products by Pop Mart, including the "Star People Good Dream Meteorological Bureau" and "MOKOKO Sunbathing Summer" series, has led to significant price speculation on secondary markets, with some items being listed at four times their original price, raising concerns about potential market bubbles [1][2][5]. Pricing Dynamics - The MOKOKO plush hanging ornament originally priced at 199 yuan is being resold for over 800 yuan, while the Star People plush blind box, originally priced at 474 yuan for six, is being marked up significantly, with individual prices ranging from dozens to hundreds of yuan [2][5]. - Historical data shows that the LABUBU series experienced a price drop of 60% due to restocking, indicating that similar trends could occur with the new series if market hype diminishes or supply increases [5][6]. Market Behavior - The surge in prices is attributed to speculative behavior by resellers, often referred to as "scalpers," who drive initial prices up, creating a bubble that may eventually burst as the market corrects itself [5][6]. - The marketing strategies employed by Pop Mart, such as limited releases and hidden variants, create a sense of scarcity that fuels consumer demand and speculation [6][9]. Consumer Sentiment - Consumer attitudes towards purchasing these collectibles are polarized, with some viewing Pop Mart as a long-term investment akin to "Moutai for the '00s," while others criticize the inflated prices and the role of scalpers in the market [7][9]. - Motivations for buying include the thrill of collecting, the potential for profit through resale, and the desire to showcase rare items on social media as a form of social capital [9].

Core Viewpoint - The article discusses the recent hype surrounding the new product launches by Pop Mart, particularly the "MOKOKO" and "Star People" series, highlighting the significant price inflation in the secondary market driven by speculation and the influence of scalpers [1][5][6]. Group 1: Product Launch and Market Reaction - Pop Mart plans to launch new products on the 21st, with some items already being resold at four times their original price, such as the MOKOKO plush keychain originally priced at 199 yuan being listed for 840 yuan [1][2]. - The LABUBU series previously saw prices soar over 50 times its original value, but due to restocking, the secondary market price plummeted by 60%, indicating potential volatility for the new series [1][5]. Group 2: Market Dynamics and Consumer Behavior - The price surge is attributed to economic drivers, active promotion by businesses, and social media influence from fans, which collectively create a speculative environment [2][6]. - The phenomenon of "hunger marketing" and the introduction of hidden variants by Pop Mart create a sense of scarcity, triggering consumer fear of missing out (FOMO) [6][9]. Group 3: Consumer Perspectives - Consumer attitudes towards purchasing these collectibles are polarized, with some viewing Pop Mart as a long-term investment akin to "Moutai for the '00s," while others criticize the inflated prices and the role of scalpers [7][9]. - Young consumers are motivated by various factors, including the thrill of collecting, the potential for profit, and the desire to showcase rare items on social media [9].