Core Viewpoint - The LABUBU secondary market prices have plummeted, leading to a significant decline in the stock price of Pop Mart, despite the company's strong fundamentals and impressive revenue growth [2][9]. Group 1: Market Performance - As of October 27, Pop Mart's stock price closed at HKD 233.40 per share, down over 30% from its historical peak, resulting in a market capitalization loss exceeding HKD 140 billion [2][7]. - The LABUBU series, once a hot commodity in the secondary market, saw its average transaction price drop from over HKD 1,100 to around HKD 200, with specific hidden variants falling to approximately HKD 700 [7][9]. Group 2: Financial Performance - Pop Mart reported a staggering revenue increase of 245% to 250% year-on-year for Q3 2025, continuing the high growth trend from the first half of the year [9][11]. - Revenue growth was particularly strong in the Chinese market, with a year-on-year increase of 185% to 190%, and online channels experiencing a growth rate of 300% to 305% [9][11]. - The overseas market showed even more remarkable performance, with a year-on-year revenue surge of 365% to 370%, particularly in the Americas, which saw a growth rate of 1265% to 1270% [9][11]. Group 3: Analyst Ratings and Predictions - Following the impressive earnings report, several brokerage firms raised their profit forecasts for Pop Mart, with target prices and ratings reflecting a positive long-term outlook [9][11]. - High-profile analysts, including those from Goldman Sachs and JPMorgan, have adjusted their ratings and earnings predictions upward, citing strong IP momentum and supply capacity expansion as key drivers [11][12]. Group 4: Market Sentiment and Investor Behavior - The decline in LABUBU prices has led to a rational reflection on the sustainability of high growth, causing some investors to sell off shares, while others, particularly mainland investors, have shown a strong willingness to buy during the dip [2][13][15]. - There is a notable divergence between mainland and foreign investors, with mainland funds increasing their holdings while foreign institutions have been reducing their positions in Pop Mart [13][15].

Core Insights - The LABUBU secondary market prices have plummeted, leading to a significant decline in the stock price of Pop Mart, known as the "king of trendy toys," which has dropped over 30% from its historical peak, resulting in a market capitalization loss of over HKD 100 billion [1][3] - Despite the stock price decline, Pop Mart's fundamentals remain strong, with a projected revenue increase of 245% to 250% year-on-year for Q3 2025, driven by explosive growth in both domestic and international markets [1][6] - Following the earnings announcement, several brokerage firms raised their profit forecasts for Pop Mart, maintaining optimistic long-term valuations and recommending buy or hold ratings [1][6] Market Dynamics - The LABUBU series was once a "hard currency" in the second-hand market, with prices reaching as high as HKD 1.08 million for unique items, but recent supply increases have caused prices to crash to around HKD 200 [2][3] - Pop Mart's strategy to increase supply and optimize distribution channels has led to a significant drop in secondary market prices, which has raised concerns among investors [4][6] - The company's proactive approach aims to stabilize prices and enhance consumer experience, although it has temporarily driven speculative funds out of the market [4] Financial Performance - Pop Mart's Q3 2025 financial report indicates a substantial revenue growth of 245% to 250%, with the Chinese market growing by 185% to 190% and international markets, particularly the Americas, experiencing a staggering growth of 1265% to 1270% [6][8] - Brokerage firms have adjusted their revenue forecasts for Pop Mart, with the average projected revenue for 2025 rising from approximately HKD 300 billion to nearly HKD 350 billion [6][8] Investor Sentiment - There is a notable divergence in investment behavior, with mainland investors showing strong interest in "bottom-fishing" during the stock price decline, increasing their holdings from 1.92 billion shares to 2.12 billion shares [9] - In contrast, foreign investors have been reducing their stakes in Pop Mart, with significant sell-offs reported by major institutions like UBS and HSBC [9][14][17]

Core Viewpoint - The article discusses the rapid growth and popularity of the "Star People" IP under Pop Mart, highlighting its successful marketing strategies and emotional connection with consumers, which have led to significant sales and market interest [7][11][15]. Group 1: Market Performance - During the National Day holiday, Pop Mart's "Star People" IP launched multiple pop-up stores and themed exhibitions in major cities, aiming to capture high foot traffic [7]. - The new "Star People Delicious Moments Series" blind boxes sold out instantly on the official platform, with secondary market prices soaring. For instance, the hidden "Little Bear Biscuit" pendant's official price was 59 yuan, while its market price reached 929 yuan, a 16-fold increase [9][11]. - As of mid-2025, the "Star People" IP generated revenue of 390 million yuan, making it the fastest-growing new IP for Pop Mart [15]. Group 2: Emotional Connection and Branding - "Star People" was created in 2020 as a healing character, designed to resonate emotionally with consumers, which has been a key factor in its popularity [11][12]. - The character's design and backstory focus on themes of healing and emotional connection, appealing particularly to the younger generation [11][15]. - The emotional resonance of "Star People" aligns with market trends, as 78% of Generation Z consumers are willing to pay a premium for products that evoke emotional responses [15]. Group 3: Marketing Strategies - Pop Mart has implemented a comprehensive marketing strategy for "Star People," including various themed series and merchandise, such as phone cases and candles, to enhance both utility and collectibility [17][19]. - The introduction of a low-priced "Freestyle" series aims to attract a broader consumer base, creating a product hierarchy that balances mass appeal with high-end collectibles [19]. - Collaborations with other established IPs, such as MOLLY and DIMOO, have been utilized to leverage existing fan bases and enhance visibility for "Star People" [20]. Group 4: Future Outlook - Despite the current success, "Star People" is still in the early stages of content and story development, which is crucial for long-term sustainability [22]. - The article notes that while "Star People" has shown promising growth, it still has a long way to go to reach the level of established IPs like LABUBU, which has a more extensive revenue base [22][24]. - The market's attention may shift to new IPs as trends evolve, posing a challenge for Pop Mart to maintain the momentum and extend the value of "Star People" [25].

新华网记者彭纯马江 今夏最热的文旅IP是什么？LABUBU和乐高乐园应有一席之地。 近日，泡泡玛特旗下的LABUBU系列盲盒持续热销，其隐藏款盲盒在二手市场溢价一度超20倍；7月5 日，中国首家乐高乐园在上海开园迎客，门票与周边酒店预订火爆；同时，全国多地商圈打造"潮玩"主 题区域，带动客流明显回升。 新华网北京7月14日电 题：捕捉"童趣"经济商机 90后的星星是个潮玩发烧友，她的家中陈列着各种款式的LABUBU玩偶。她还为这些"宝贝"购置了琳琅 满目的娃衣。"给它们穿上美美的衣服，就如同在精心打扮自己的挚友，这个过程让我满心欢喜。"星星 坦言，摆弄潮玩娃娃成了她放松身心的独门秘籍。 而对于32岁的程序员张先生来说，解压的方式是拼乐高，他几乎每月都会购买乐高套装。"拼乐高时我 可以完全放空，这种专注感特别解压。"他指着展示柜的乐高城市模型，"这套我拼了整整一个月，完成 后特别有成就感。" 潮玩文化的兴起，进一步激活了"童趣"消费。25岁的小葵是一名"潮玩"爱好者，她常去聚集了众多潮玩 品牌的商圈选购商品，每年的花费相当不菲。 "不同类型的'童趣'消费，可以为消费者创造不一样的情绪价值。"浙江传媒学院党委委员 ...

Core Insights - The article discusses the explosive popularity of the LABUBU series from Pop Mart, highlighting its transformation from a niche toy to a cultural phenomenon driven by celebrity endorsements and emotional value [1][8][12]. Group 1: Market Performance - LABUBU's revenue surged from 263 million yuan in 2022 to 3.68 billion yuan in 2023, and is projected to exceed 3 billion yuan in 2024, marking a year-on-year growth of 726.6% [5]. - Pop Mart's overall revenue reached 13.04 billion yuan in 2024, with LABUBU significantly contributing to this growth [5][7]. - As of June 6, Pop Mart's market capitalization was 328.8 billion HKD (approximately 301.2 billion yuan) [7]. Group 2: Celebrity Influence - The popularity of LABUBU was significantly boosted by Thai celebrity Lisa's social media posts, leading to increased demand in both domestic and international markets [8]. - Other celebrities, including Rihanna, have also been spotted with LABUBU products, further enhancing its status as a social currency [8]. Group 3: Emotional and Psychological Factors - The "variable reward mechanism" of blind boxes creates a gambling-like thrill, making the unboxing experience addictive [9]. - LABUBU's design features, such as its childlike characteristics, resonate with consumers' preferences for cute items, while its rebellious aesthetic connects with urban youth culture [9]. Group 4: Marketing Strategies - Pop Mart employs "hunger marketing" tactics, creating scarcity through limited releases, which has successfully positioned LABUBU as a luxury item [10]. - The brand's limited editions come with certificates and artist signatures, enhancing their perceived value and desirability [10]. Group 5: Ecosystem Development - The popularity of LABUBU has led to a self-sustaining commercial ecosystem, with secondary markets thriving and generating additional revenue streams [11]. - Social media platforms have become vital for promoting LABUBU, with unboxing videos garnering millions of views and driving consumer engagement [11]. Group 6: Challenges and Concerns - The surge in demand has led to incidents of violence and chaos during product launches, prompting Pop Mart to suspend sales in certain locations [14]. - Quality control issues have emerged, with numerous consumer complaints regarding manufacturing defects, raising concerns about the brand's reputation [15]. Group 7: Future Outlook - The article draws parallels between LABUBU and Bearbrick, suggesting that LABUBU may face similar challenges in sustaining its popularity amid market saturation and counterfeit products [16][17]. - Recommendations for sustainable growth include enhancing brand storytelling, improving anti-counterfeiting measures, and fostering community engagement among consumers [18][19][20][21].

Core Insights - Pop Mart has established a significant position in the trendy toy market through continuous innovation in its IP and diverse product offerings, particularly with the LABUBU series, which has gained immense popularity among international celebrities on social media [1] - The strong market demand has led to a surge in sales of LABUBU's blind boxes and figurines on major e-commerce platforms, with popular items frequently sold out, indicating a growing supply-demand imbalance [1] - The secondary market has seen a phenomenon of premium resale for certain limited-edition items, with resale prices on second-hand platforms reaching 2 to 3 times the original price, exemplified by a unique mint-colored LABUBU selling for 1.08 million yuan at an auction [1] Market Trends - The unique nature of blind box products creates a situation where consumers often purchase multiple times without obtaining their desired items, further driving demand for specific LABUBU models on second-hand platforms [1] - Platforms like Xianyu have introduced rental services for LABUBU figures, catering to various scenarios such as photography and event decoration, with daily rental prices ranging from 30 to 80 yuan [3][10] - Since June, the search volume for LABUBU-related products on Xianyu has increased tenfold compared to May, and the transaction volume for rentals has doubled, indicating a growing trend in the rental market [10] Consumer Behavior - The rise of LABUBU's rental and premium trading models reflects a robust demand for trendy cultural consumption, with consumers opting for rentals to lower costs while still engaging with the product [10] - However, there are concerns regarding the significant price inflation of limited items in the secondary market, which may not reflect the actual value of the products, suggesting a potential bubble [10] - The current rental services lack standardized hygiene and damage compensation protocols, highlighting the need for consumers to confirm deposit return terms and product condition assessment processes [10]

Core Viewpoint - The rise of counterfeit LABUBU products is challenging the IP protection of Pop Mart, as demand for the original products remains high while the counterfeit market flourishes [1][6][16]. Group 1: Market Dynamics - The LABUBU 3.0 series has seen a significant demand, with the original priced at 594 yuan per set, while counterfeit versions are sold for 300-750 yuan, sometimes even exceeding the original price [1][6][7]. - Counterfeit LABUBU products are being marketed aggressively, with some sellers claiming that high-quality fakes are nearly indistinguishable from the originals, thus catering to consumer demand [6][10]. - The secondary market for LABUBU products is thriving, with prices for original items skyrocketing; for instance, a hidden version originally priced at 99 yuan has been sold for as much as 3580 yuan [6][10]. Group 2: Legal and Regulatory Challenges - Legal experts indicate that producing counterfeit LABUBU products can lead to various forms of liability, including civil, administrative, and even criminal responsibilities [1][14]. - Regulatory bodies are intensifying efforts to combat counterfeit products, with reports of significant seizures of unregistered LABUBU items by customs [11][13]. - Despite the crackdown, some manufacturers continue to operate in the counterfeit market, indicating a persistent demand that outstrips supply for original products [9][10]. Group 3: Company Response and Strategy - Pop Mart is facing challenges in scaling production to meet the high demand for LABUBU, with plans to increase output significantly over a short period [15]. - The company is exploring strategies to enhance IP protection, including dynamic supply strategies and collaborations with creators to transform counterfeit interest into user-generated content [16]. - The complexity of IP enforcement is highlighted, as the company has faced numerous legal challenges, including 288 civil lawsuits and 11 administrative actions against counterfeit sources in 2024 alone [15].

据悉，这是平安银行近期在全国多地支行推出的一项面向"纯新客户"（之前未开立/销户满一年）的定期存款促销活动。新客户开立储蓄卡后， 存入超过5万元（人民币），定期3–6个月起，可获泡泡玛特热门潮玩IP"LABUBU"系列盲盒（1.0、2.0） 。 对此网友吵翻了，有人说"不敢苟同这设计""不明白稀缺性在哪里"，有人说"人家凭这个成了河南首富""稀缺性只体现个人意愿"。 | "二生 后, 河南 10小时前 | 78 FT | | --- | --- | | 不敢苟同这设计 | | | ■ 日光,黑龙江 10小时前 | 15 36 | | 人家凭这个成了河南首富 | | | ■ 10小时前 | 15 51 | | 能流水线生产的东西,不明白稀缺性在哪里。 | | | 。 医 北京 8小时前 | 14 14 | | 你要知道，这世界上真正稀缺的东西本来就没有。 | 稀缺性只体现在个人意愿,你没有你想 | | 要,它就稀缺。 | | 作 者丨易佳颖 张欣 编 辑丨骆一帆 周炎炎 江佩佩 存款5万元送La bubu引发热议！ 近日，社交媒体上有用户发文称，只要在银行存款就能获得La b ub u盲盒，吸引了大量关注。 据 ...