泡泡玛特的潮玩生意正与奢侈品产生更密切的联系。 12月10日，泡泡玛特宣布LVMH大中华区总裁吴越成为了公司董事会的新任非执行董事。 吴越最早在1993年就加入LVMH集团并担任Dior香水的中国业务负责人。2005年再度加入后担任LVMH 大中华区总裁，负责旗下多个奢侈品牌在华业务。 此番吴越的"兼职"落定，或指向泡泡玛特发起国际时尚潮流核心圈层的进一步探索。 尽管自业绩爆发以来，泡泡玛特接近70%毛利率被频繁与爱马仕等奢侈品对比。 但年仅十五岁的泡泡玛特，实际上还是一家年轻公司。 与昔日"一娃难求"的火爆景象相比，如今泡泡玛特产品在二级市场的溢价明显回落，热度较此前也有所 降温。 王宁曾表示其对奢侈品牌LV是如何制造"充足的稀缺"感兴趣。 "我喜欢艺术和商业，但这两件事情是很矛盾的，因为商业追求普遍，而艺术是追求独特的，我们一直 想要找一个平衡点。"王宁说。 在泡泡玛特市值动荡的当下，与全球奢侈品巨头的更多关联与交集，似乎正在成为这种平衡的新表达。 致力双赢 "稀缺"是潮玩和奢侈品行业共同的追求。 奢侈品的价值不仅在于产品本身，更在于展现身份、地位和品味。"排他性"的稀缺，构成了社会分层与 身份认同的基础 ...

Group 1 - The article discusses the rise of high-quality consumer brands and the establishment of the "2025 High-Quality Consumption Brand TOP 100" by Southern Metropolis Daily, focusing on various popular sectors such as beauty economy, sports and outdoor, food and health, and pet economy [2] - The "Guzi economy" and "trendy toy economy" are emerging as significant growth points in the consumer market, indicating a shift in consumer preferences and spending habits [2][3] - The article highlights the increasing demand for high-priced collectible toys, particularly the LABUBU brand, which has seen significant price increases in the secondary market, reflecting a broader trend in consumer behavior towards emotional value and social display [3][8] Group 2 - The LABUBU brand, created by Pop Mart, has become a top-selling IP, with its products experiencing a price increase from an original price of 99 yuan to a resale price of 4,140 yuan, showcasing the high demand for collectible toys [5][11] - The market for collectible toys is shifting towards higher price ranges, with a notable increase in the proportion of mid-range to high-end products, indicating consumers' willingness to pay more for quality and design [9][8] - The article notes that the trend of showcasing toys as fashion accessories has emerged, with consumers using LABUBU figures as decorative items on bags, enhancing their social media presence and driving further sales [13][16] Group 3 - High-end consumers are increasingly investing in accessories and clothing for their collectible toys, leading to a surge in related product markets such as doll clothing and protective cases [19][27] - The article mentions that the overseas expansion of Chinese toy brands, particularly Pop Mart, has seen significant revenue growth, with international sales reaching 5.065 billion yuan in 2024, accounting for nearly 40% of total revenue [33][34] - The article emphasizes the importance of innovative design and storytelling in the toy industry, suggesting that brands need to evolve beyond being mere collectibles to become cultural symbols [36][37]

Core Insights - Chinese潮玩 has transformed the global IP market, with brands like Labubu and Molly gaining significant recognition alongside major players like Marvel and Disney [1][3] - The success of Pop Mart's "blind box + IP" model has attracted substantial capital market interest, leading to its listing as the first Chinese潮玩 stock on the Hong Kong Stock Exchange [3] - Pop Mart holds a leading market share of approximately 10.97% in the Chinese潮玩 market, maintaining its position despite increasing competition [4] Market Performance - In Q1 2025, Pop Mart reported impressive growth, with domestic market growth between 95%-100% and overseas market growth reaching 475%-480%, including an 895%-900% increase in the Americas and a 600%-605% increase in Europe [6] - Pop Mart's product categories include: - Figures series: Revenue of 6.94 billion yuan (+44.7%), accounting for 53.2% of total revenue - Plush toys: Revenue of 2.83 billion yuan (+1289%), accounting for 21.7% - MEGA collectibles: Revenue of 1.68 billion yuan (+146.1%), accounting for 12.9% - Derivative products: Revenue of 1.59 billion yuan (+156.2%), accounting for 12.2% [10] Business Model - Pop Mart's business model centers on a strong IP matrix and deep emotional connections with consumers, targeting the Z generation's psychological needs [16] - The "blind box" sales format leverages consumer psychology, creating excitement and a sense of community among collectors [18][19] - Pop Mart operates a diverse IP matrix, with 93 IPs as of the end of 2023, including 12 proprietary IPs and collaborations with over 350 artists [21][26] Global Expansion - Pop Mart views overseas markets as a strategic growth area, with plans to increase overseas revenue to over 10 billion yuan by 2025 [36] - The company has adopted a localized approach in international markets, successfully integrating local culture into its product offerings [37] Challenges and Opportunities - Despite its success, Pop Mart faces challenges such as the lifecycle of IPs, regulatory scrutiny of the blind box model, and increasing market competition [39][40] - Opportunities include the growing global潮玩 market, potential for IP diversification, and support for cultural exports [41][42]