而曾经溢价超50倍的LABUBU系列，却因补货导致二手价暴跌60%，隐藏款"本我"从4600元跌至2800 元。星星人、MOKOKO会成为下一个被炒的"LABUBU"吗？ 潮玩新品未售先热，泡沫几何？ 在中国传媒大学新闻学院副教授、中国社会心理学会理事兼传播心理专委会副秘书长陈锐看来，玩偶、 文创这类时尚消费品能够火出圈，有多方面原因。 一方面是背后有经济推动力，企业、店铺会主动大力宣传；3另一方面则是追捧群体的社交动员，粉丝 们在社交平台的分享能很好地为热度"加把火"。 本次泡泡玛特新品价格涨幅惊人。MOKOKO搪胶毛绒挂件原价199元，黄牛报出的转让价格超过800 元；原价474元可买6个的星星人毛绒挂件盲盒，每一个都被标注了几十到100多不等的价格，一套价格 已被炒至数百甚至近千元。 泡泡玛特计划在21日推出"星星人好梦气象局"和"MOKOKO晒晒夏日"系列新品。然而，在发售前48小 时，部分新品在二手平台被炒至原价的4倍，原价199元的MOKOKO搪胶毛绒挂件被标出840元，商家声 称"只放十单，涨到5000都给你"。 | 现货4只泡泡玛特MOKOKO大甜心，全新 ... | | | --- | -- ...

来源：中国新闻网 文/赵斌 李博 泡泡玛特计划在21日推出"星星人好梦气象局"和"MOKOKO晒晒夏日"系列新品。然而，在发售前48小 时，部分新品在二手平台被炒至原价的4倍，原价199元的MOKOKO搪胶毛绒挂件被标出840元，商家声 称"只放十单，涨到5000都给你"。 而曾经溢价超50倍的LABUBU系列，却因补货导致二手价暴跌60%，隐藏款"本我"从4600元跌至2800 元。星星人、MOKOKO会成为下一个被炒的"LABUBU"吗？ 潮玩新品未售先热，泡沫几何？ 在中国传媒大学新闻学院副教授、中国社会心理学会理事兼传播心理专委会副秘书长陈锐看来，玩偶、 文创这类时尚消费品能够火出圈，有多方面原因。 一方面是背后有经济推动力，企业、店铺会主动大力宣传；3另一方面则是追捧群体的社交动员，粉丝 们在社交平台的分享能很好地为热度"加把火"。 本次泡泡玛特新品价格涨幅惊人。MOKOKO搪胶毛绒挂件原价199元，黄牛报出的转让价格超过800 元；原价474元可买6个的星星人毛绒挂件盲盒，每一个都被标注了几十到100多不等的价格，一套价格 已被炒至数百甚至近千元。 | 《新品预定》labubu+mokoko新品来 ...

Group 1: Pop Mart's Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year increase of 204.4% [1] - The founder Wang Ning projected that the company's annual revenue could reach 30 billion yuan easily [1] - The Americas market showed remarkable growth with a staggering increase of 1142.3% [1] - Plush toys generated 6.14 billion yuan in revenue, surpassing the sales of figurines for the first time, with the LABUBU series contributing 34.7% to total revenue [1] - To address supply shortages, the production capacity for plush toys has been ramped up to 30 million units per month, a tenfold increase compared to the same period last year [1] Group 2: Xinba's Withdrawal from Live Streaming - Xinba announced his permanent exit from the live streaming industry for the fifth time, citing severe lung damage due to chronic bronchitis [3] - The Xin Xuan Group has faced multiple controversies regarding product quality, including issues with sanitary napkins and exaggerated claims about milk powder [3] - The public believes that the company must enhance quality control and rebuild trust following Xinba's departure [3] Group 3: Meituan's International Expansion - Meituan's international food delivery brand Keeta officially launched in Doha, Qatar, marking its second entry into the Middle East after Saudi Arabia [3] - The company plans to expand further into more Middle Eastern markets and aims to enter Brazil within a few months [3] Group 4: China Resources Beer Performance - China Resources Beer reported a revenue of 23.942 billion yuan for the first half of 2025, a year-on-year increase of 0.8% [14] - The company's net profit attributable to shareholders rose by 23% to 5.789 billion yuan [14] - The beer business generated 23.161 billion yuan in revenue, with a gross margin increase of 2.5 percentage points to 48.3% [14] Group 5: Three Squirrels New E-commerce Company - Three Squirrels has established a new e-commerce company focusing on the sale of agricultural products and maternal and infant goods [15] - The new company is wholly owned by Three Squirrels and aims to diversify its product offerings [15] Group 6: JD's Response to Market Expansion - JD responded to rumors about expanding its operations outside the Fifth Ring Road in Beijing, clarifying that there are no plans for such expansion [16] - The company is collaborating with existing community stores for its layout in the Beijing area [16] Group 7: LV's Beauty Store Launch - LV opened its first global beauty store in Nanjing, showcasing its strategic ambition in the Chinese market [17] - The store will feature a new beauty series, with global online pre-sales starting on August 25 [17] Group 8: Moutai's E-commerce Initiative - Moutai has partnered with Taobao Flash Sale to launch over 1,000 official stores, offering a "30-minute delivery" service for genuine Moutai products [19] - The initiative aims to connect Moutai's experience centers and over 6,500 themed terminal stores nationwide [19] Group 9: Cainiao's Supply Chain Collaboration - Cainiao has formed a deep supply chain partnership with the national brand Jianlibao, optimizing the direct-to-consumer model [20] - This collaboration aims to reduce logistics costs and enhance consumer experience, with plans to expand the model to Jianlibao's national production bases [20] Group 10: Meituan's Online Reservation Service - Meituan launched an online reservation service for restaurants ahead of the Qixi Festival, responding to increased demand for dining reservations [21] - The service includes a dynamic ranking of popular restaurants based on customer reviews and reservation trends [21]

Market Performance - The Hong Kong stock market experienced a significant bull run in the first half of 2025, with the Hang Seng Index rising by 20% since the beginning of the year [1] - The Hang Seng Tech Index and the Hang Seng China Enterprises Index increased by 18.68% and 19.05% respectively, indicating a strong market trend [1] Capital Inflow - Southbound capital inflow exceeded 730 billion HKD in the first half of 2025, setting a historical record for the same period [1][4] - The total net purchase of southbound funds reached approximately 7311.93 billion HKD, nearly matching the total for the entire year of 2024 [4] Stock Performance - A total of 173 stocks doubled in price during the first half of 2025, with notable performers including Yue Gang Wan Holdings and HSSP INTL, which saw increases exceeding 20 times [2] - Technology stocks emerged as stars, with companies like Hong Kong Robot and Meitu experiencing price increases of 500% and 214% respectively [2] - New consumption stocks also performed exceptionally well, with Lao Pu Gold rising by 321.53% and Pop Mart by 198.60% [2] IPO Market - The Hong Kong IPO market raised 107.1 billion HKD in the first half of 2025, a sevenfold increase compared to the same period last year, making it the top global market for IPOs [3] Policy Support - A series of favorable policies contributed to the strong performance of the Hong Kong stock market, including the expansion of the Stock Connect program and the introduction of a streamlined listing process for tech companies [4] - The approval of the "Stablecoin Bill" and the allowance for companies from the Greater Bay Area to list in Shenzhen further enhanced market attractiveness [4] Future Outlook - Analysts predict that the upward trend in the Hong Kong stock market will continue, driven by the ongoing influx of southbound capital and the recovery of valuations in various sectors [6] - The technology sector, particularly represented by DeepSeek, is expected to attract more foreign investment, reshaping international perceptions of Chinese assets [6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The IP toy industry in China is experiencing significant growth, with a market size projected to exceed 11 billion yuan by 2026, driven by evolving consumer preferences and innovative product offerings [21][22] - Bubble Mart has established a dual-driven structure with both licensed IP products and proprietary IP products, enhancing brand value and market penetration [2][29] - The success of blind boxes is attributed to their unique appeal, fostering a sense of mystery and social interaction among consumers [21][22] Summary by Sections Industry Overview - The Chinese IP toy market has grown from 3.5 billion yuan in 2021 to an estimated 7.6 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 30% [21] - The market is expected to continue expanding, with blind boxes leading in market share, projected to increase from 28.1% in 2021 to 38.5% by 2026 [21] Company Performance - Bubble Mart reported a revenue growth of 165%-170% in Q1 2025, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [2] - The LABUBU series and the Nezha blind box series have become significant contributors to sales, showcasing the effectiveness of leveraging cultural elements in product design [2][3] Product Strategy - Bubble Mart's product matrix includes both licensed IP collaborations and self-created IP, allowing for a diversified portfolio that enhances profitability and brand loyalty [2][6] - The report highlights the importance of proprietary IP in maintaining higher profit margins and creating a sustainable competitive advantage [6][7] Market Dynamics - Over 60% of surveyed consumers indicated an increased budget for IP licensed products in 2025, signaling a shift from interest-based to habitual consumption [10] - The report notes that more than 90% of toy manufacturers believe that IP licensing significantly boosts product sales, with 22.7% of companies reporting sales growth of over 100% due to IP licensing [10] Competitive Landscape - Bubble Mart leads the market with a strong presence in terms of popular IPs and sales volume, significantly outpacing competitors like TNT SPACE and 52TOYS [28][29] - The company has developed a robust retail network, with over 1,000 stores and a membership base that has grown from 300,000 in 2017 to over 46 million in 2024, contributing to 92.7% of total sales [29]

Core Viewpoint - The A-share market experienced a collective decline, while the Hong Kong stock market saw an increase, indicating a divergence in market performance driven by various factors including policy expectations and sector performance [1][5]. Group 1: A-share Market Performance - A-shares saw a collective drop with over 3600 stocks declining, while sectors like banking and liquor showed resilience [1][3]. - The latest LPR (Loan Prime Rate) remained unchanged, leading to a cooling of expectations for further policy easing in the short term [7][9]. - Analysts suggest that the A-share market is in a phase of risk release and may continue to experience range-bound fluctuations, recommending a "barbell strategy" for asset allocation [4]. Group 2: Hong Kong Stock Market Dynamics - Southbound capital has net bought nearly 700 billion HKD in Hong Kong stocks this year, accounting for 86% of the total for 2024, with projections suggesting it could exceed 1 trillion HKD for the year [11][13]. - The Hang Seng Index has risen by 17.30% and the Hang Seng Tech Index by 14.88% year-to-date, positioning Hong Kong stocks favorably in the global market [16]. - Citigroup forecasts the Hang Seng Index could reach 25,000 points by the end of the year, with potential growth to 26,000 points in 2026, indicating an upside of over 10% [18]. Group 3: Consumer Sector Analysis - The new consumption sector, represented by Pop Mart, faced a nearly 4% decline due to regulatory risks and market saturation, while traditional consumption, particularly liquor, saw gains driven by policy support and recovery expectations [24][28]. - The liquor sector is viewed as a defensive play with valuations at historical lows, suggesting potential for recovery [29]. - A balanced investment approach is recommended, utilizing a barbell strategy to manage risks and opportunities in both new and traditional consumption sectors [30][32].

Core Viewpoint - The surge in the Hong Kong stock market for trendy toy companies reflects a significant transformation in the Chinese consumer market, with companies like Pop Mart and Blokus achieving remarkable stock price increases and market capitalizations [1][2]. Group 1: IP Economy - The success of IP products in the consumer recovery is attributed to their ability to create "emotional social connections," exemplified by Pop Mart's LABUBU series, which has transformed toys into expressions of individuality for Generation Z [1][2]. - Pop Mart's IP operations have created a unique "nuclear fusion effect," with its Molly series generating related products and even operating a theme park independently of any film IP support [2]. Group 2: Guzi Economy - The rapid rise of trendy toy stocks is driven by the "Guzi economy," which encompasses the peripheral consumer market surrounding anime and game IPs, becoming a growth engine for toy companies [3]. - Collaborations, such as Miniso's partnership with "Jujutsu Kaisen," have led to significant sales, while Blokus has increased its overseas revenue share by tying up with international IPs [3]. - The shift in consumer demographics, particularly among the 18-35 age group, is driving a surge in "self-indulgent consumption," with the market expected to grow significantly by 2024 [3][4]. Group 3: Industry Opportunities and Challenges - The trendy toy market in China is still in its early development stage, with considerable room for growth compared to mature markets like Japan and the U.S. [5]. - Companies are exploring diversified revenue models beyond traditional retail, including online live streaming and NFT initiatives, which could enhance user engagement and create new growth points [5][6]. - Despite the optimistic outlook, the rapid expansion of the industry poses risks, such as the influx of new companies and potential regulatory challenges [5]. Group 4: Cultural Consumption Trends - The journey of Pop Mart symbolizes the shift in the Chinese consumer market from material satisfaction to spiritual consumption, with trendy toys becoming cultural symbols for a generation [7]. - Companies that can consistently create emotional resonance and build IP ecosystems are likely to thrive in the golden age of the trendy toy economy [7].