12月8日，港股市场的"潮玩明星"泡泡玛特遭遇重挫，股价大幅低开低走。截至12月8日收盘，其股价暴 跌8.49%，报收于200.4港元/股；12月9日，公司股价进一步下跌5.04%至190.3港元/股，距今年8月创下 的历史高点（339.8港元/股）累计跌幅已超过43%。 （资料来源：wind资 讯） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 泡泡玛特当前的股价颓势与其亮眼的业绩表现形成了鲜明反差。就在不久前，公司发布的2025年第三季 度未经审核业务状况显示，其整体收益同比激增245%至250%，其中海外市场收益增幅更高达365%至 370%，呈现爆发式增长。 然而，这份"成绩单"并未能提振市场信心。相反，股价在业绩发布前后便持续下挫。这种背离的核心原 因在于，敏锐的资本市场关注的不是过去的爆发，而是未来的动能。市场担忧，驱动此次惊人增长的核 心引擎——现象级IP"Labubu"的热度可能已达顶峰，公司正站在增长曲线关键的"拐点"之上。 核心爆款IP Labubu市场溢价持续消退、常规款甚至跌破原价 Labubu，这只 ...

Core Viewpoint - The article discusses the recent phenomenon of banks offering Labubu toys as incentives for deposits, highlighting the regulatory issues and market implications of such practices [1][3][8]. Group 1: Labubu's Popularity and Market Impact - Labubu, a product under Pop Mart, has gained immense popularity globally, particularly among the Z generation, leading to significant price increases for its products [2][4]. - Prices for Labubu products surged dramatically, with blind boxes increasing from an original price of 99 yuan to 200-600 yuan, and some rare items fetching prices over 1 million yuan at auctions [2][4]. Group 2: Banks' Marketing Strategies - Some banks, including Ping An Bank, initiated promotional activities offering Labubu toys for new deposit accounts, aiming to alleviate pressure on deposit acquisition [4][5]. - The promotional strategy required new customers to deposit over 50,000 yuan for six months to receive Labubu products, effectively turning bank branches into promotional hubs [5][6]. Group 3: Regulatory Response - The promotional activities faced regulatory scrutiny, leading to a halt in such campaigns due to violations of regulations against using gifts to attract deposits [7][8]. - Regulatory bodies emphasized the need for banks to cease these practices and outlined a timeline for the orderly exit of such products by the end of 2025 [8]. Group 4: Long-term Implications for Banks - Experts warn that such promotional strategies could disrupt the normal deposit market and further compress banks' net interest margins, exacerbating existing financial pressures [9][8]. - The article suggests that banks should focus on enhancing their financial services rather than relying on gimmicky promotions to attract deposits [8][9]. Group 5: Future Marketing Strategies - The article advocates for a more sustainable approach to "IP + finance" marketing, encouraging banks to explore deeper collaborations rather than superficial promotions [18]. - Potential strategies include co-branded credit cards and unique financial services tailored to the interests of younger consumers, ensuring compliance with regulations while meeting market demands [18].

Core Insights - The recent restock of Labubu 3.0 series products by Pop Mart has led to a decrease in prices in the secondary market, indicating a shift in supply and demand dynamics [2] - Pop Mart's stock price has experienced significant fluctuations, with a 100% increase from March to mid-June, followed by a drop of over 5% on June 19 [4] Group 1: Product Restock and Market Response - Pop Mart has optimized its sales process by launching online pre-sales for the Labubu series to enhance consumer experience and mitigate the impact of scalpers [1] - The Labubu 3.0 series has seen a high demand, with a pre-sale period extending until September 22, leading to system overloads during the purchasing process [1] - Following the restock, the price of Labubu 3.0 in the secondary market has dropped significantly, with prices ranging from 600 to 900 yuan, down from 1100 to 1500 yuan prior to the restock [2] Group 2: Stock Performance - Pop Mart's stock price has shown a remarkable increase of over 11 times since the beginning of 2024, but has recently faced a decline after a period of rapid growth [4] - The stock price had been on an upward trend, with a 100% increase noted from March to mid-June, but a notable drop occurred on June 19 [4]

Core Viewpoint - The recent launch of the Labubu 3.0 series by Pop Mart has sparked an unprecedented buying frenzy, with consumers facing long queues and significant price markups in the secondary market, despite mixed reviews on the product's aesthetics [1][5][9]. Group 1: Market Dynamics - The Labubu 3.0 series has seen a surge in demand, with pre-orders for the product already sold out, leading to resale prices significantly higher than the original retail price, such as a set priced at 599 yuan being resold for 1000 to 2000 yuan [5][28]. - The secondary market for Labubu collectibles is thriving, with hidden variants fetching prices as high as 1220 yuan each, indicating a strong speculative interest among consumers [5][28]. - The previous Labubu and Vans collaboration saw prices soar to as high as 30,000 yuan, showcasing the potential for collectibles to transform into luxury items [7][28]. Group 2: Consumer Sentiment - Despite the high demand, the Labubu 3.0 series has received negative feedback regarding its design, with many consumers expressing disappointment upon receiving the product, leading to a wave of criticism on social media [9][11][28]. - The contrast between the product's marketing and the actual consumer experience has led to a phenomenon where consumers question their purchasing decisions, reflecting a disconnect between expectation and reality [11][21][28]. Group 3: Brand Positioning and Strategy - Labubu has emerged as Pop Mart's strongest IP, generating 30.4 billion yuan in revenue last year, a staggering increase of over 700% year-on-year, surpassing the company's previous flagship IP, Molly [28]. - The appeal of Labubu lies in its unique design that resonates with the Z generation's desire for individuality and self-expression, despite its unconventional and "ugly" aesthetic [30][32]. - Pop Mart's strategy of leveraging scarcity and hype through limited releases has effectively created a "hunger marketing" environment, driving consumer demand and secondary market speculation [32][38]. Group 4: Cultural and Competitive Landscape - Unlike Disney, which builds its IPs on deep narratives and emotional connections, Pop Mart's approach has focused more on visual appeal and immediate consumer engagement, which may limit long-term brand loyalty [43][51]. - The lack of a comprehensive narrative or cultural depth in Pop Mart's IPs, including Labubu, has resulted in a superficial consumer experience, contrasting with Disney's immersive storytelling [44][49]. - While Pop Mart has achieved remarkable short-term success, the company faces challenges in establishing a sustainable brand identity and emotional connection with consumers, which are crucial for long-term growth [51].