当日晚间，泡泡玛特相关工作人员告诉智通财经记者，"还未了解购买100个Labubu的具体情况，但品牌 并未入驻京东MALL双井店。" 1月6日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京东MALL双井店进行考察，并 购买了总计100只Labubu，相关话题词冲上热搜。随后，三星方面表示李在镕此行仅为市场视察，未购 买任何商品，相关话题引发热议。 据悉，在京东MALL双井店一层的京东全球购门店，有星星人、DIMOO、THE MONSTERS等泡泡玛特 旗下IP产品，且以明盒形式售卖，溢价在2-3倍不等。（智通财经记者 吴雨欣） ...

泡泡玛特（09992）盘中涨超4%，午后股价涨3.11%，现报199.10港元，成交额13.67亿港元。 1月4日，据生活日报消息，近期，泡泡玛特在加拿大温哥华列治文中心正式开设了该国首家门店。开业 期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO等多款全球热门IP产品吸引了大量消费者 关注。这家位于温哥华主流商业地标的首店开业，标志着泡泡玛特在北美市场的拓展进入了新的阶段。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 泡泡玛特（09992）盘中涨超4%，午后股价涨3.11%，现报199.10港元，成交额13.67亿港元。 1月4日，据生活日报消息，近期，泡泡玛特在加拿大温哥华列治文中心正式开设了该国首家门店。开业 期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO等多款全球热门IP产品吸引了大量消费者 关注。这家位于温哥华主流商业地标的首店开业，标志着泡泡玛特在北美市场的拓展进入了新的阶段。 根据现场报道，门店开业仅两天就引发了抢购热潮，店外队伍延伸 ...

根据现场报道，门店开业仅两天就引发了抢购热潮，店外队伍延伸至商场其他店铺附近。泡泡玛特美洲 业务相关负责人表示，品牌此前在社交媒体和电商平台上已经收到了加拿大消费者的大量需求。目前， 泡泡玛特在美国市场的线下门店数量已经超过60家。在加拿大市场，品牌计划于2026年初在温哥华增设 新店，并首次进驻多伦多，完成加拿大东西两岸核心城市的布局。 本文源自：智通财经网 智通财经获悉，泡泡玛特(09992)盘中涨超4%，截至发稿，涨3.31%，报199.5港元，成交额12.94亿港 元。 消息面上，1月4日，据生活日报消息，近期，泡泡玛特在加拿大温哥华列治文中心正式开设了该国首家 门店。开业期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO等多款全球热门IP产品吸引了 大量消费者关注。这家位于温哥华主流商业地标的首店开业，标志着泡泡玛特在北美市场的拓展进入了 新的阶段。 ...

根据现场报道，门店开业仅两天就引发了抢购热潮，店外队伍延伸至商场其他店铺附近。泡泡玛特美洲 业务相关负责人表示，品牌此前在社交媒体和电商平台上已经收到了加拿大消费者的大量需求。目前， 泡泡玛特在美国市场的线下门店数量已经超过60家。在加拿大市场，品牌计划于2026年初在温哥华增设 新店，并首次进驻多伦多，完成加拿大东西两岸核心城市的布局。 消息面上，1月4日，据生活日报消息，近期，泡泡玛特在加拿大温哥华列治文中心正式开设了该国首家 门店。开业期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO等多款全球热门IP产品吸引了 大量消费者关注。这家位于温哥华主流商业地标的首店开业，标志着泡泡玛特在北美市场的拓展进入了 新的阶段。 泡泡玛特(09992)盘中涨超4%，截至发稿，涨3.31%，报199.5港元，成交额12.94亿港元。 ...

根据现场报道，门店开业仅两天就引发了抢购热潮，店外队伍延伸至商场其他店铺附近。泡泡玛特美洲 业务相关负责人表示，品牌此前在社交媒体和电商平台上已经收到了加拿大消费者的大量需求。目前， 泡泡玛特在美国市场的线下门店数量已经超过60家。在加拿大市场，品牌计划于2026年初在温哥华增设 新店，并首次进驻多伦多，完成加拿大东西两岸核心城市的布局。 消息面上，1月4日，据生活日报消息，近期，泡泡玛特在加拿大温哥华列治文中心正式开设了该国首家 门店。开业期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO等多款全球热门IP产品吸引了 大量消费者关注。这家位于温哥华主流商业地标的首店开业，标志着泡泡玛特在北美市场的拓展进入了 新的阶段。 智通财经APP获悉，泡泡玛特(09992)盘中涨超4%，截至发稿，涨3.31%，报199.5港元，成交额12.94亿 港元。 ...

李林的感受，正是诸多年轻人"入坑"潮玩的真实写照。正所谓"千金难买我乐意"，2025年，情绪消费成为消费领域一大热词。最直接的结果，就是让潮玩品 类在这一年全面爆发。 尽管潮玩行业已经发展数年，但真正将其推到大众眼中实现"破圈"，还是2025年5月LABUBU在全球的爆火。这个属于潮玩公司泡泡玛特的IP，经过多年运 营，在2025年迎来人气爆发，不仅带来了巨大的经济效益和流量，也让整个潮玩赛道变得火热起来。 从LABUBU的爆火最直接受益的，莫过于泡泡玛特。其在8月发布的2025年上半年财报显示，2025年上半年泡泡玛特营收为138.8亿元，同比增长204.4%；经 调整净利润为47.1亿元，同比增长362.8。其中，LABUBU所属的THE MONSTERS营收48.1亿元，超过2024年全年，实现668%的同比增长。 赛道的火热也让资本纷纷涌入。另外两大潮玩品牌52TOYS、TOP TOY都向港交所递交了招股书。押注情绪消费的也不只是潮玩，积木品牌布鲁可成功上 市，卡牌品牌卡游也开启了上市征程。 在泡泡玛特的机器人商店前，消费者正在选购商品。 《广州潮玩产业招商研究报告》显示，中国潮玩消费市场规模从202 ...

"菲律宾一直是我们在亚太地区高度关注的市场"，相关负责人表示，"此前，我们曾在当地多次开展限定快闪活动，每次活动都收获了超出预期的热烈反 响，这更加坚定了我们在此开设门店的决心。"泡泡玛特此前曾在SM Mall of Asia、SM Makati等马尼拉高端商场落地多场主题快闪活动，积累了稳定的消费 者基础与品牌口碑。 近期，泡泡玛特还在菲律宾的SM North Edsa开设了"咖啡工厂"主题快闪店，这也是迄今为止在菲律宾开设的最大规模快闪店。快闪店以咖啡馆为门店设计 理念，陈列、灯光与周边产品都充满生活咖啡风格，并展示了一系列具有咖啡属性的香氛、抱枕等衍生产品。 12月19日，泡泡玛特菲律宾首家线下门店盛大开业，门店位于首都马尼拉的核心商圈SM Megamall，开业期间迅速成为本地潮流消费与文化生活的新焦点， 吸引了大量消费者体验打卡。首店落地不仅彰显了泡泡玛特深耕菲律宾市场的决心，更标志着其亚太地区布局进入了深度本土化与精细化运营的新阶段。 SM Megamall不仅是菲律宾规模超大的购物中心，更以其丰富的业态、超高的客流量位列全球第七大商场，是全球品牌争相入驻的商场之一。据了解，菲律 宾首店面积近30 ...

Core Viewpoint - Pop Mart has officially opened its first store in Vancouver, Canada, attracting significant consumer attention with popular IP products [1] Group 1: Store Opening and Consumer Engagement - The opening of the first store in Vancouver is a response to high consumer demand observed on social media and e-commerce platforms [1] - The company aims to connect more directly with fans through physical stores, enhancing consumer experience [1] Group 2: Expansion Plans - Pop Mart currently operates over 60 physical stores in the United States [1] - The company plans to open additional stores in Vancouver by early 2026 and will enter Toronto, completing its core city layout across Canada's east and west coasts [1] - The brand is committed to further developing its presence in the North American market while maintaining its original brand ethos [1]

Core Viewpoint - The article discusses the current state and challenges of the Chinese潮玩 (trendy toy) industry, highlighting the contrasting performance of leading companies like泡泡玛特 (Pop Mart) and new entrants likeTOP TOY as they navigate market dynamics and investor sentiment [6][8]. Market Performance - TOP TOY has recently initiated its IPO process in Hong Kong, following a $59.426 million A-round financing led by Temasek, valuing the company at $1.3 billion [6]. -泡泡玛特 reported a significant revenue increase of 245%-250% year-on-year for Q3 2025, with overseas market growth reaching 365%-370% [6][10]. - Despite strong revenue growth,泡泡玛特's stock price has seen a decline, with a notable drop of 8.08% on the day of its earnings report [6][8]. Market Growth and Trends - The Chinese潮玩 market is projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, with a compound annual growth rate (CAGR) of 35.1% [10]. - The growth drivers include a structural upgrade in consumer demographics, diversification of product categories, and a trend of covering all age groups [10]. - The Z generation contributes over 40% of the market share, driven by a desire for self-pleasure in consumption [10]. Capital Market Concerns - Investors are increasingly cautious about the潮玩 industry due to its heavy reliance on intellectual property (IP), which is subject to changing consumer emotions and trends [12]. - The premium consumers are willing to pay for top IPs has decreased significantly, indicating a potential decline in market enthusiasm [12]. - The influx of new brands has intensified competition, leading to market saturation and reduced investor confidence in smaller brands [13]. Global Expansion and Challenges -泡泡玛特's overseas revenue reached 5.59 billion yuan in the first half of 2025, accounting for 40% of total revenue, with significant growth in the Asia-Pacific and Americas regions [14][16]. - However, many brands are merely replicating domestic strategies abroad without adapting to local cultures, raising concerns about sustainable growth [16]. Profit Margins and Business Models - The潮玩 industry enjoys high profit margins, with泡泡玛特's gross margin increasing from 57.5% in 2022 to 70.3% in the first half of 2025 [18][19]. - The high margins are attributed to the emotional resonance of IPs and low material costs, but there are concerns about the sustainability of this model [19][23]. - TOP TOY's reliance on IP licensing rather than owning its IP has resulted in lower profitability compared to泡泡玛特 [23]. Comparison with Disney - Despite the growth of潮玩 brands, none have reached the scale or cultural impact of Disney, which has a market capitalization over four times that of泡泡玛特 [28]. - Disney's success is attributed to its comprehensive ecosystem of stories, IPs, and merchandise, which潮玩 brands have yet to replicate [28][29]. - The lack of deep cultural narratives and emotional connections in the潮玩 industry limits its potential for long-term growth and consumer loyalty [30].

Core Insights - The company reported a significant revenue growth of 245%-250% year-on-year for Q3 2025, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [1] - The domestic market experienced accelerated growth due to the overcoming of supply bottlenecks, with offline channels growing by 130%-135% and online channels by 300%-305% [1][2] - The overseas market continued its explosive growth, particularly in the Americas with a staggering increase of 1265%-1270% and Europe at 735%-740% [2] Domestic Performance - The domestic business saw accelerated growth in Q3 2025, primarily due to replenishment and the initiation of a pre-sale model starting in June, addressing unmet consumer demand [1] - The online growth rate has improved compared to H1 2025, indicating strong consumer recognition of the company's products [2] - Despite a slowdown in domestic store expansion, the single-store revenue remains high, contributing to the overall growth [2] International Performance - The overseas market showed remarkable growth, with the Asia-Pacific region increasing by 170%-175% year-on-year, and the company successfully expanding its presence in high-consumption areas like Europe and the Americas [2] - The company’s strategies, including store openings, localizing IP, and enhancing online presence, have significantly boosted brand influence and sales [2] - The upcoming Q4 holiday season is expected to further drive growth, with new product launches anticipated to attract consumer interest [3] Future Outlook - The company plans to maintain IP engagement through events like THE MONSTERS 10th Anniversary Tour and seasonal product launches, which are expected to drive global growth [3] - There remains substantial market potential for store expansion overseas, while domestic growth is expected to continue steadily [3] - The company has established a competitive advantage through a diverse IP matrix and extensive online and offline channels, with projected net profits for 2025-2027 estimated at 138.7 billion, 190.6 billion, and 245.4 billion RMB respectively [3]