将投中网设为"星标⭐"，第一时间收获最新推送 聚光灯 再一次打向了消费VC。 作者丨 黎曼 来源丨 投中网 就在不久前，泡泡玛特创始人王宁的身家，随着 3000 亿港元市值增长，正式登顶"河南首富"。 一个能让贝克汉姆和 Lisa 争相收藏的撅嘴小女孩 Molly ，到处都买不到的 LABUBU ，在资本市场的盲盒中拆出了惊人的财 富神话。 "赤手空拳创建一个世界的感觉，真的是非常酷炫。"这是泡泡玛特创始人王宁的一位好友对泡泡玛特的评价。 确如评价所言，泡泡玛特的张力点燃了二级市场，同时又一次唤醒了 VC 的踏空情绪："没投到泡泡玛特感到很焦虑。""到现 在我还是看不懂泡泡玛特怎么办，我是不是跟不上时代了？" 自我怀疑的情绪出现总是难免，与此同时这也让一些 VC 心痒难耐起来。前几天我在"投后期又香了"这篇文章中有提到一些 当前港股新消费的火热对一级市场的影响。比如，由于潮玩类项目的现金流好，不止一位投资人表明要布局一个 Pre-IPO 项 目。 连科技投资人 John 也眼馋潮玩经济，他说了："科技看麻了，不如消费好。"因为随着 VC 行业的范式变化，已经对科技类 宏大叙事商业模式感到疲惫，认为 IP 经济 ...

此外，泡泡玛特的业务拓展方向还包括实体杂志。4月24日，泡泡玛特推出了实体杂志《play/GROUND》，售价39.9元。 随着泡泡玛特成长为中国头部IP潮玩公司，从业务拓展的角度来看，线上发展影视业务、线下发展主题乐园是较为成熟且具有内在逻辑的发展路径。以电影 业务方面，《哪吒2》票房超过150亿元的巨大盈利想象力，以及电影作为一种强大的内容输出形式，可以通过故事剧情，延伸IP的情感共鸣，也有助于IP吸 引到更广泛的受众群体。线下业务方面，2023年9月26日，首家泡泡玛特主题乐园正式开园，主题乐园通过创新以及适度延展IP形象，拓展营收渠道的同 时，丰富了IP的文化附加值。 随着 LABUBU 在全球范围内爆火，近日泡泡玛特创始人王宁在媒体采访中透露，泡泡玛特已经正式成立电影工作室，将进军电影领域，引起了不小的关 注。 不过，国内影视+衍生品的业务闭环虽然是当下的主流趋势，但多年来仍未发展成熟，泡泡玛特反其道而行从衍生品向电影的发展路，能否助力行业构建起 更加完善、更具竞争力的商业生态体系倒是更值得关注。 进军电影领域的第一部，泡泡玛特即将先行推出的是名为《LABUBU 与朋友们》的动画剧集。 回顾泡泡玛特 ...

Core Insights - Wang Ning's entrepreneurial journey is remarkable, transforming from a graduate of a third-tier university to the richest person in Henan with a net worth of 140 billion yuan by 2025 [1][3] - The rise of the blind box culture, led by Pop Mart, is causing significant concern among parents, as it has become a source of financial strain for many families [1][7] Group 1: Wang Ning's Success - Wang Ning demonstrated keen business acumen early on, earning his first significant income by selling military training photos to new students in 2005 [3] - His ventures included "Grid Street" and introducing capsule toy machines, which were profitable, but he strategically sold his businesses at their peak [3][5] - Despite facing setbacks, such as a 20 million yuan loss from a store in Beijing, his resilience and market insight have been pivotal to his success [5] Group 2: Blind Box Culture - The blind box products, such as the zodiac series priced at 59 yuan, are designed to stimulate consumer desire through scarcity and collection incentives [7] - The primary audience for blind boxes is young students, who are drawn to the novelty and have a strong urge to collect, leading to a widespread phenomenon in schools [7][9] - Parents express frustration over the financial impact of blind boxes, with children spending their allowances in pursuit of rare items, leading to a culture of comparison among peers [9] Group 3: Psychological Mechanisms - The appeal of blind boxes is linked to a "variable reward mechanism," similar to gambling, which can lead to addictive behaviors, particularly among adolescents [9][11] - Students often prioritize blind box purchases over other toys, driven by the excitement of uncertainty and the desire for hidden items [11] - Addressing the issue requires understanding the psychological factors at play, encouraging financial literacy, and guiding students towards healthier consumption habits rather than outright bans [13]

以下文章来源于中国企业家杂志 ，作者梁宵 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 泡泡玛特创始人王宁的财富还在一路攀升。 据福布斯实时全球富豪榜， 6 月 8 日，王宁家族以 203 亿美元（约合人民币 1460 亿元）的身 家超越牧原股份创始人秦英林家族，成为河南新首富；而后上升态势依然不减， 6 月 12 日，王 宁家族财富刷新到 224 亿美元（约合人民币 1600 亿元），位列当日全球财富涨幅最高的富豪 前三名； 他也是 2025 全球前 300 位富豪榜上最年轻的中国企业家 ——排名（ 93 位）超过与 泡泡玛特同期成立的美团创始人王兴（ 219 位）。 这位出生于 1987 年的创业者，站到了自己都从未梦想过的高度。 15 年前，他只是一名普普通通的 " 北漂 " ： 2009 年 5 月 31日 ，他参加完母校 —— 郑州西 亚斯学院的毕业典礼，下午坐火车到了北京，第二天早上 9 点开始上班。第一份工作在北京上 地，月薪 2000 块钱，每次去三里屯就像过年，优衣库、 HM 、 ZARA 这些时兴的服装品牌， 统统不认识；做一个潮牌，把店开到太古里、再开到巴黎，那是他做梦都梦不到、吹 ...

Core Insights - The founder of Pop Mart, Wang Ning, has seen significant success, with the company's market value surpassing 368.5 billion HKD, and his personal wealth exceeding 20.3 billion USD, making him the richest person in Henan [2] - Wang Ning's journey from a small shop in Xinxiang, Henan, to leading a toy empire exemplifies the insights from Shris Naderkarni's book on entrepreneurship, particularly the ability to navigate challenges and achieve peak value [4] Company Transformation - In 2014, Pop Mart was struggling with losses as a collection store, similar to the early challenges faced by Naderkarni's TeamOn [7] - Wang Ning identified a high repurchase rate of 30% for a Japanese blind box product, leading him to pivot the company's focus to the blind box model, showcasing decisive transformation [9] Capital Strategy - During the 2018 Pre-IPO financing, Wang Ning faced a critical decision regarding valuation and control, ultimately choosing Sequoia Capital for decision-making freedom over higher valuations with restrictive terms [11] Value Maximization - As Pop Mart's market value exceeded 100 billion, concerns about a potential bubble arose, paralleling the situation of Hotmail before its acquisition by Microsoft [13] - Wang Ning's strategy to diversify into cultural ecosystems through acquisitions and new ventures reflects a proactive approach to value maximization [13] Entrepreneurial Lifecycle Management - Wang Ning's journey illustrates key stages of entrepreneurial lifecycle management, including product-market fit, financing strategies, value explosion, and exit preparation [15] - The 2023 financial report indicates a slowdown in revenue growth to 36%, with blind box revenue dropping below 80%, highlighting the inevitable challenges of sustaining growth [16]