为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦 颜值经济、运动户外、食品康养、智能消电、宠物经济、体验经济、兴趣消费、跨境出海、消费科技九 大热门赛道，展开系列调研、走访和报道。 同时，南方都市报将联合广东连锁经营协会等多个省市的连锁协会成立组委会，举办"2025高品质消费 生态大会"，组委会将从企业品质力、成长性、创新性、社会责任等方面综合评定"2025高品质消费品牌 TOP100"。 在筛选入围品牌的过程中，我们发现"谷子经济""潮玩经济"迅速崛起，成为消费市场重要增长点。 2025高品质消费品牌TOP100行业趋势观察⑤ 只是睡了个午觉，网友Logan再次点开手机时发现，原价599元的LABUBU（拉布布）与 Vans联名款从1.5万元涨至1.8万元，且买不到，"太颠了，高端玩家也下不了手"。而一天 后，她再次看到，该款玩偶被某位明星2.8万元拍下。 作为高端玩家，Logan目前集齐了 除"前方高能"系列隐藏款、"本我"之外的所有搪胶系列拉布布，甚至包括最新款的炸虾拉布 布。但爆火之后的拉布布自6月起在二级市场一天一个价，6月10日，没忍住的她以4140元价 ...

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]