从商业角度看，泡泡玛特的成长故事为创业者们提供了一种新的解题思路。显示出在产品功能趋同、渠道同质化的今天，真正的竞争优势往往不再来自"效 率"或"性能"，而是来自对人类情感的理解和共鸣。 在过去一年里，泡泡玛特频频登上热搜。从LABUBU引爆全球潮玩市场，到北京泡泡玛特城市乐园一票难求，再到最新财报显示，公司2025年上半年营收已超越 去年全年总和。 这一连串高光时刻，不仅让泡泡玛特成为投资者眼中的明星企业，更令公众好奇：一家看似"卖玩具"的公司，究竟凭什么能在短短十余年间，从小众潮流走向国 际舞台？ 答案或许不在于"玩具"，而在于"情绪"。 盲盒的不确定性所带来的猎奇与愉悦，LABUBU形象所唤起的共鸣与陪伴，同好社群所构建的归属与身份标签，这些都成为支撑其商业模式不断扩张的底层逻 辑。 为什么情绪价值变得如此珍贵？ 上周六的课程中，混沌创新领教、欧瑞吉国际创始人&CEO张乐用"一"思维深刻剖析了泡泡玛特为什么能取得今天的成就。 她不仅为创业者们提供了一条值得借 鉴的路径：如何在物质过剩的时代，通过洞察情绪构建可持续的商业竞争力。更为大家揭示了，情绪价值背后的底层成因。 扫描海报二维码 学习完整课程 物质过 ...

Core Viewpoint - The emergence of the "Super IP Carnival" in Shenzhen's Houhai area is revitalizing the city's cultural narrative and enhancing its cultural soft power and competitiveness through the integration of international IPs and consumer experiences [43][46][67]. Group 1: Event Overview - The "Super IP Carnival" has attracted over 2 million participants, setting a record with more than 40,000 attendees for a single parade [22][24]. - The event has generated over 220 million online exposures, showcasing its significant reach and impact [30][32]. - The carnival features international IPs such as "Pokémon" and "Giant Rubber Duck," creating unique cultural experiences for attendees [49][56]. Group 2: Economic Impact - The "Dreaming Nanshan" promotional activity has illuminated 22 city hubs and over 360 public spaces, leading to a nearly 70% increase in average foot traffic in key commercial areas during the event [63]. - Sales during the event saw a year-on-year increase of over 10%, with online consumption vouchers totaling nearly 17 million yuan, driving total sales orders exceeding 2.5 billion yuan [63][64]. - Local brands have reported significant sales growth, with some products selling out rapidly, indicating a strong market response to the IP collaborations [64][65]. Group 3: Cultural and Strategic Significance - The integration of IP and consumption is transforming Shenzhen into a cultural hub for the youth, enhancing its cultural identity and emotional resonance [43][62]. - The city is leveraging international IPs to drive economic growth, cultural output, and industry upgrades, creating a win-win situation for various sectors [65][67]. - Shenzhen's approach aligns with government initiatives aimed at promoting high-quality service consumption and developing diverse, immersive consumer experiences [68].

Core Viewpoint - The article discusses the rise of three prominent Hong Kong-listed consumer companies, referred to as the "Hong Kong Three Sisters," highlighting their unique stories of success and the cultural significance behind their branding [1][2][3]. Group 1: Company Background - Wang Ning, the founder of Pop Mart, received a 2 million yuan angel investment, which marked the beginning of his entrepreneurial journey [1]. - The "Hong Kong Three Sisters" consist of Pop Mart, Mixue, and Laopuhuangjin, each having their own unique growth stories and market presence [1][2]. - The narrative of these companies resonates with the public's fascination with grassroots success, showcasing how ordinary individuals can achieve extraordinary outcomes [3][4]. Group 2: Market Dynamics - The consumer market in China is undergoing a transformation, with a growing emphasis on emotional value and brand storytelling, as seen in the rise of these companies [4][5]. - The article emphasizes that the success of these companies is not just about products but also about the emotional connection they create with consumers [4][22]. - The shift towards new consumption patterns is evident, as these companies adapt to changing consumer preferences and market demands [5][22]. Group 3: Key Milestones - In 2025, significant milestones for the "Hong Kong Three Sisters" include Pop Mart's listing on the Hong Kong Stock Exchange and the rapid increase in its market valuation [4][23]. - Mixue's expansion strategy led to a significant increase in its store count, particularly in lower-tier cities, which has been crucial for its growth [22]. - Laopuhuangjin's focus on high-end gold products and its rebranding efforts have positioned it as a leader in the luxury market [22][18]. Group 4: Challenges and Opportunities - The companies faced various challenges, including market skepticism and operational hurdles, but they managed to pivot and find success through innovation and strategic decisions [13][16]. - The article highlights the importance of resilience and adaptability in the face of market fluctuations and consumer trends [23][22]. - The ongoing evolution of consumer preferences presents both challenges and opportunities for these companies as they navigate the competitive landscape [22][23].

Core Viewpoint - The company has demonstrated impressive financial performance with significant revenue and profit growth, alongside strategic organizational changes aimed at global expansion and product innovation [1][4]. Financial Performance - In 2024, the company achieved a revenue of 13.038 billion yuan, a year-on-year increase of 106.92%, and a net profit of 3.125 billion yuan, up 188.8% [1]. - For Q1 2025, the company reported a revenue growth of 165-170%, with domestic revenue increasing by 95-100% and overseas revenue soaring by 475-480% [4]. Product Development - The company has successfully launched new products, including the third generation of its popular IP LABUBU, which has gained significant traction among young consumers [1]. - The plush toy category has become a major revenue driver, generating 2.83 billion yuan in sales in 2024, with its sales proportion rising from 3.2% to 21.7% [2]. IP Growth - By the end of 2024, the company had 13 IPs generating over 100 million yuan in revenue, with four IPs exceeding 1 billion yuan. The new IP THE MONSTERS generated 3.04 billion yuan, a staggering increase of 726.6% [2]. - The classic IP MOLLY and SKULLPANDA also showed strong performance, with revenues of 2.09 billion yuan and 1.31 billion yuan, reflecting year-on-year increases of 105.2% and 27.7%, respectively [2]. International Expansion - The company has made significant strides in international markets, with revenue from Hong Kong, Macau, Taiwan, and overseas reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2% [3]. - Southeast Asia emerged as the second-largest market outside mainland China, with revenue of 2.4 billion yuan, up 619% [3]. Organizational Changes - The CEO announced a comprehensive upgrade of the global organizational structure to enhance operational efficiency and focus on regional strategies [4]. - The new structure includes regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe, aimed at improving international business coordination [4]. Future Outlook - The company plans to continue expanding its overseas business, targeting a revenue share of over 50% from international markets by 2025, with a focus on the U.S. and Europe [5]. - The company aims to open 100 new stores overseas in 2025, with a projected increase in net profit margins due to cost-saving measures [6].

泡泡玛特2024年的财报格外亮眼，全年营收超130亿元，净利润增长185.9%，毛绒产品收入暴涨1289%，海外业务收入同比飙升375%，占比近四成。 Molly、LABUBU等形象风靡全球，展现出强大的商业影响力。 泡泡玛特的成功源于"反叙事"逻辑，如Molly以无辜眼神触动Z世代，LABUBU靠"空洞美学"大卖。反观隔壁赛道的国漫IP们，虽有精彩剧情、宏大叙事和 数年陪伴，但在衍生品表上依旧难以望其项背。 在运营上，泡泡玛特利用区块链防盗版，会员复购率高，还广泛联名，授权收入超5.67亿元。国产动画却深陷版权纠纷，粉丝经济处于初级阶段，联名也 仅局限于电影周边。 这种差距，本质是"内容驱动"与"用户思维"的差异。或许国产动画该从泡泡玛特的"塑料情感"经济学中寻找突围之道。 卖东西需要故事，但不能只是故事 表面上看，国漫IP衍生品与盲盒分属不同赛道，实则都基于IP形象，靠消费者对IP情感文化的认同挖掘衍生潜力获利。 然而，泡泡玛特凭Molly构建起千亿市值帝国，国漫如《哪吒》《白蛇》等虽有史诗剧情，衍生品营收却远不及。这巨大反差揭示出，卖东西故事重要， 但不能仅依赖故事。 泡泡玛特的成功，在于其"无剧情IP ...

Core Insights - The popularity of LABUBU, a product from Pop Mart, reflects a shift in consumer preferences among young people, moving away from traditional collectibles like Moutai to unique and quirky toys [1][9][32] - Pop Mart has successfully leveraged its marketing strategies and IP development to create a significant revenue stream, with LABUBU contributing to a remarkable financial turnaround for the company [5][22][32] Group 1: Product Popularity and Market Dynamics - LABUBU's recent launch sold out instantly, leading to long queues at physical stores and a surge in demand on second-hand platforms, where prices have skyrocketed [1][4] - The resale prices for LABUBU products have seen extreme markups, with some items selling for two to three times their original price, and certain limited editions reaching as high as 14,000 RMB [4][29] - The emotional value and uniqueness of LABUBU cater to the current generation's desire for individuality and self-expression [9][32] Group 2: Financial Performance and Growth - Pop Mart reported a revenue of over 13 billion RMB in the past year, doubling its earnings compared to 2023, and its market capitalization exceeded 200 billion RMB [22][32] - The company's revenue from Southeast Asia surged by 478% in the first half of 2024, indicating strong international growth [21] - LABUBU's success has led to a significant increase in Pop Mart's overall revenue, with the company transitioning from a toy retailer to a "trendy toy printing machine" [13][22] Group 3: Challenges and Market Speculation - Despite its success, Pop Mart faces challenges such as regulatory scrutiny on blind box sales and the potential for its IPs to lose popularity quickly [16][32] - The market for trendy toys has attracted scalpers, leading to inflated prices and speculation, which may distort the original intent of these collectibles [24][30] - The sustainability of LABUBU's popularity and the company's ability to adapt to changing consumer trends remain uncertain [32][34]

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].