"吃谷的尽头是BJD"。"娃圈的尽头是BJD"。 很难考证这种说法从何时而起。但过去一两年，各种印着IP图案的"谷子"逐渐演变为大规模泛滥之后，一类新的流行趋势正在抬头——BJD/MJD。 这是两种关节可动的人偶玩具，可以换装梳妆，可拆改组装，个性化玩法上限很高。 有人喜欢把玩偶塑造成喜爱的动漫游戏角色，追求极致还原；也有人热衷把原创设计的OC形象"带到现实里"；还有人更享受"养娃"，用一套套装扮，养 成自己心里那个独一无二的"他"…… 事实证明，自己"养"出来的才最"可贵"。有玩家告诉我，"入坑三个月花了三万，获得200+只娃、近百套娃衣，每天都可以抓一只放兜里带走，陪伴感很 强"。 这是不少圈内人的写照。大家一边感叹于「BJD会繁殖」，买了一个又一个，一边过起「月供800」的生活。 这种长情投入，也带来高情绪价值回报。BJD犹如一个黑洞，吸引着新客群，也卷走了钞票和时间。 这波热潮是如何兴起的？关键是，平价革命，一场"雪王式颠覆"正在发生。 "千元买不起，百元刚刚好" 据《小红书2025年度兴趣报告》，BJD成为年度最出圈兴趣爱好，与谷子、拼豆，并列为三大"流行扛把子"。 不过，如今市场口口相传的"BJD ...

Group 1 - The core viewpoint of the articles highlights the impressive growth of Pop Mart, with a projected revenue increase of no less than 200% and an adjusted profit growth of no less than 350% for the first half of 2025, compared to the previous year [1] - The overseas market has become a key driver for Pop Mart's growth, with expectations that overseas revenue will surpass domestic revenue for the first time in 2025 [2] - The company has expanded its global footprint significantly, with over 180 stores in China, Hong Kong, Macau, Taiwan, and overseas regions by June 2025, marking a net increase of nearly 50 stores since the end of 2024 [2] Group 2 - The launch of the Labubu IP has driven significant engagement, leading to Pop Mart's app reaching the top of the shopping charts in the US App Store and the company being included in TIME's list of the 100 most influential companies [3] - Online sales have surged, with a record-breaking single-day GMV of over $5 million during a mid-year promotion on TikTok Shop in the US [3] - Despite the impressive performance, challenges such as product quality issues and the potential bubble in blind box economics pose risks to the company's growth trajectory [4] Group 3 - The company is expected to achieve net profits of 9.4 billion, 14.9 billion, and 20.5 billion yuan from 2025 to 2027, indicating strong future profitability [5] - The establishment of Pop Mart's film studio and the upcoming project "LABUBU and Friends" aim to expand the brand into the content industry, enhancing its IP value [5] - Seasonal events and the company's 15th-anniversary celebrations are anticipated to further boost growth in the latter half of the year, reflecting a shift towards emotional consumption [5]