潮玩市场的狂热：MOKOKO挂件未售先火，谁在推波助澜？ 2025年8月，泡泡玛特即将推出的MOKOKO搪胶毛绒挂件，还未正式上市，便已在二手交易平台掀起一股热潮。原价199元的玩偶，身价扶摇直上，被 炒至799元，溢价高达四倍，再次刷新了人们对潮玩市场的认知。 未发先火，黄牛"代抢"叫嚣 "799元包抢到，已经订出了6个！"在某二手平台上，一位"黄牛"卖家正卖力吆喝，目标直指泡泡玛特即将发售的新品挂件。8月21日，泡泡玛特计划推 出星星人好梦气象局系列和MOKOKO晒晒夏日系列新品。然而，在官方正式发售前夕，消费市场早已躁动不安，一场关于"稀缺"与"价值"的博弈悄然 上演。 价格飙升，疯狂的MOKOKO MOKOKO晒晒夏日系列搪胶毛绒挂件，官方定价199元，在二手市场上却被炒到了800元左右，个别平台甚至出现了1999元的离谱报价。与此同时，星 星人好梦气象局系列毛绒挂件盲盒，官方售价79元，也被炒至溢价1.5倍至2.5倍不等。不仅单个盲盒价格飞涨，整端（整盒）的价格也水涨船高。原价 474元的星星人好梦气象局系列盲盒，在二手平台上的价格已被炒至高位。 饥饿营销？供需失衡下的投机狂潮 此次泡泡玛特新品发售 ...

Investment Rating - The report indicates a positive outlook for the IP derivatives industry, particularly highlighting the strong performance of Pop Mart's Labubu 3.0 series and the potential of the "emotional consumption" sector [4][10]. Core Insights - On April 25, Pop Mart's official app topped the US App Store shopping chart for the first time, coinciding with the global release of the Labubu 3.0 plush series, which sparked a buying frenzy [4][7]. - The sales momentum of Pop Mart's new products underscores the high growth potential of the emotional consumption sector, with significant validation of its global potential in overseas markets [10]. - The secondary market for Labubu 3.0 products shows high premiums, with hidden variants selling for an average of 1,200 RMB, reflecting over a 10-fold increase from the original price of 99 RMB [10]. - The report emphasizes the strong product line innovation and marketing strategies of Pop Mart, including collaborations and limited editions aimed at various markets [10]. Summary by Sections Market Performance - The Labubu 3.0 series has seen remarkable sales, with the average secondary market price for hidden variants reaching approximately 1,200 RMB, while regular variants also show significant price increases [10]. - The US pricing for Labubu 3.0 is set at 28 USD, a 27% increase compared to previous versions, primarily due to tariff adjustments [10]. Product Innovation - Pop Mart consistently launches new basic blind box products annually, with innovative designs and collaborations with popular brands like Coca-Cola and PRONOUNCE [10]. - The introduction of new IPs and expansion of existing ones, such as DIMOO's collaboration with Disney, further enhances product appeal and market reach [10]. Industry Trends - The report highlights the ongoing transformation of traditional stationery companies into diversified IP ecosystems, with companies like Guangbo and Chuangyuan leveraging popular IPs to create a wide range of products [10].