Core Viewpoint - The recent popularity of the "WAKUKU" blind box toy in the潮玩 market is attributed to its perceived high cost-performance ratio compared to other popular IP products like LABUBU, with significant stock price increases for its parent companies, 乐华娱乐 and 量子之歌 [1][5]. Company Insights - WAKUKU is a collaboration between 乐华娱乐's subsidiary and 量子之歌, and it has gained traction through strategies similar to LABUBU, including celebrity endorsements and pop-up stores [2][3]. - 乐华娱乐's stock price has surged over 450% since May, while 量子之歌's stock in the US has seen a maximum increase of 110% during the same period, indicating strong market interest in IP assets [5]. - The company behind WAKUKU has successfully launched multiple products, with the 毛毛系列 blind box initially priced at 89 yuan, now trading at 144 yuan on resale platforms [2][3]. Industry Trends - The潮玩 market in China is projected to grow from 1,742 billion yuan in 2024 to 3,357 billion yuan by 2029, driven by rising disposable incomes and the emergence of new IPs [7]. - The trend of "financialization" in the IP sector is raising concerns, as the rapid increase in demand may lead to supply shortages and the transformation of IP products into speculative assets, posing potential bubble risks [7]. - Major players in the industry, such as 泡泡玛特, are leveraging extensive IP portfolios to drive revenue growth, with LABUBU alone contributing 30.4 billion yuan, reflecting a staggering year-on-year increase of 726.6% [6].