Name: Labubu 讓 Pop Mart 股票暴漲 1200%！下一步是什麼？ (Labubu Skyrocketed Pop Mart Stock 1,200%. What’s Next? | WSJ The Economics Of)
Uploaded: 2025-06-19T21:01:10.000Z
Duration: 7 min 46 s

Whenever Chinese retailer PopMart drops a new LeBubu designer toy, it sells out within minutes.

每當中國零售商 PopMart 推出新款樂不思蜀設計師玩具時，都會在幾分鐘內銷售一空。

These hard-to-get toys are packaged in blind boxes, meaning customers buy them without knowing what's inside.

這些難得一見的玩具採用盲盒包裝，也就是說，顧客在購買時並不知道裡面裝的是什麼。

This is the main one that I actually wanted.

And they drive the majority of PopMart's revenue, which more than doubled in the past year.

他們也是 PopMart 收入的主要來源，在過去一年中，PopMart 的收入增長了一倍多。

Fans flock overseas to buy exclusive products.

粉絲們蜂擁到海外購買獨家產品。

And Labubu dolls have been spotted dangling off of celebrities.

Labubu 娃娃還被發現從名人身上掛了下來。

But can the company continue to grow beyond this viral moment that has seen its share prices rocket more than 1,200% since the beginning of 2024?

但是，自 2024 年年初以來，公司股價已飆升了 1200%，在這個爆紅的時刻之後，公司還能繼續發展嗎？

The 15-year-old company was founded by Chinese entrepreneur Wang Ning as a variety store.

這家擁有 15 年曆史的公司是由中國企業家王寧創辦的一家雜貨店。

But it was the blind-box packaging that really helped PopMart take off.

但真正幫助 PopMart 起飛的是盲盒包裝。

In 2019, over 70% of PopMart's revenue came from mystery boxes.

2019 年，PopMart 超過 70% 的收入來自神祕盒。

There's a long history of blind box, and what we've done is just added our own flavor to that.

盲盒的歷史由來已久，我們所做的只是在此基礎上加入了自己的特色。

Now, the company has more than 500 stores and 2,000 vending machines worldwide.

現在，該公司在全球擁有 500 多家門店和 2000 多臺自動販賣機。

When you decide to splurge on a PopMart blind box, which could cost around $20 to $30, you don't go in totally blind.

當你決定花 20 到 30 美元購買 PopMart 的盲盒時，你並不是完全盲目的。

There are six possible characters you could unbox, and a secret one that you have a 1 in 72 chance of getting.

你有六種可能的角色可以開箱，還有一種祕密角色，你有七十二分之一的機會得到它。

One of the things that the brand can do to keep engagement, to encourage consumers to get a little more excitement out of it, is to label the box.

為了保持參與度，鼓勵消費者從中獲得更多的興奮點，品牌可以做的事情之一就是在包裝盒上貼標籤。

I know the range, so I still get that surprise.

我知道這個範圍，所以還是會有驚喜。

But at the same time, I know I'm not going to get anything crazy.

但與此同時，我知道我不會得到任何瘋狂的東西。

這一特定範圍也會創建一個集合。

It's a well-known, well-supported phenomenon that most people, under certain conditions, have a very strong tendency to want to complete a set.

眾所周知，在特定條件下，大多數人都有一種非常強烈的傾向，那就是想要完成一套遊戲。

I have all the, you know, everything that came out.

我有所有的，你知道的，出來的所有東西。

But PopMart isn't just for the thrill-seekers.

不過，PopMart 不只是為尋求刺激的人準備的。

For a lot of people, there's a little bit of a feeling that you are being nurtured, in a sense.

對很多人來說，從某種意義上說，都有一種被培養的感覺。

The universe is about to give you a gift.

Oh, I think it's the light or the slightly darker blue one.

哦，我想是淺藍色或稍微深一點的藍色。

For no reason at all, except that I chose a favorite.

沒有任何理由，只因為我選擇了一個最愛。

I'm dead wrong, but it's still fun, right?

我錯得離譜，但還是很有趣，不是嗎？

PopMart didn't invent blind box packaging, but it is successfully leaning into what customers like about it.

PopMart 並不是盲盒包裝的發明者，但它成功地抓住了顧客的喜好。

We started as a retail store, and we've spent 15 years refining that experience.

我們以零售店起家，15 年來不斷完善這一經驗。

Our collectibles bring people together naturally, and our stores offer a place for them to have that experience.

我們的收藏品讓人們自然而然地走到一起，而我們的商店則為他們提供了一個體驗的場所。

When it launched the big IntoEnergy Labubu line in April, a crowd of 2,500 people showed up at its Century City location before 6.30 a.m., and that's become the norm for many of the company's releases.

今年 4 月，當該公司推出大型 IntoEnergy Labubu 系列產品時，有 2500 人在早上 6 點半之前就來到了世紀城的銷售點，而這已經成為該公司許多產品發佈的常態。

Stores are a key part of PopMart's strategy to grow beyond China.

門店是 PopMart 在中國以外地區發展戰略的重要組成部分。

Sales outside of China more than tripled in 2024.

2024 年，中國以外的銷售額增長了兩倍多。

Overseas revenue now makes up nearly 40% of the company's sales, up from 17% in 2023.

目前，海外收入佔公司銷售額的近 40%，而 2023 年僅為 17%。

The company plans to open more than 20 stores in the U.S. by the end of 2025, nearly doubling its footprint in the country.

該公司計劃到 2025 年底在美國開設 20 多家分店，使其在美國的業務範圍擴大近一倍。

But to drive that foot traffic, it's really about what's inside the boxes.

但要吸引人流，關鍵還是要看盒子裡裝的是什麼。

Though PopMart does license some existing IP, like Disney and Marvel characters, over 85% of its revenue in 2024 came from exclusive products developed with artists.

雖然 PopMart 也授權了一些現有的 IP，如迪士尼和漫威漫畫人物，但 2024 年超過 85% 的收入來自與藝術家合作開發的獨家產品。

After having a store for six years at that point,

I think that we were looking for a new way to innovate.

我認為，我們正在尋找一種新的創新方式。

The CEO of PopMart, he put out a survey online and asked people, what artist would you want to see?

PopMart 的 CEO 在網上做了一個調查，問人們：你希望看到哪位藝術家？

What characters would you want to see in a blind box format or as a collectible toy?

你希望看到哪些角色以盲盒形式出現，或者成為可收藏的玩具？

And so he connected with Kenny Wong, who's a Hong Kong-based artist, and worked with him to bring his Molly character into our first series, which was the Zodiac series, which we released in 2016.

於是，他與香港藝術家肯尼-黃取得聯繫，並與他合作，將他的莫利角色引入我們的第一個系列，也就是我們在 2016 年推出的《十二生肖》系列。

And Labubu is a part of the Monsters line, designed by Hong Kong artist Kasing Lung.

Labubu 是怪獸系列的一部分，由香港藝術家龍家昇設計。

The line is now the biggest driver of PopMart's growth.

目前，該產品線已成為推動 PopMart 增長的最大動力。

Its revenue saw a 726% growth from the previous year.

Customers love the character so much that Labubu products go for massive markups on the secondary market.

顧客們非常喜歡這個角色，以至於 Labubu 的產品在二手市場上被大量加價出售。

Finding the right artists and characters is a key part of the company's growth strategy, too.

尋找合適的藝術家和角色也是公司發展戰略的關鍵部分。

In 2023, the company released the Peach Riot series with its first U.S.-based artist, Libby Frayn.

2023 年，該公司與首位美國藝術家 Libby Frayn 合作推出了 Peach Riot 系列。

PopMart says it's now the company's top IP in average figurine blind box sales in North America.

PopMart 稱，該公司目前是北美地區公仔盲盒平均銷售額最高的 IP。

We want to continue to create for the Western market as well and look for more Western artists to bring in.

我們希望繼續為西方市場創作，並尋找更多的西方藝術家。

Its mix of IP and retail situates PopMart in between its blind box competitors,

它將知識產權和零售業結合在一起，使 PopMart 處於盲盒競爭對手之間，

Japanese company Dreams, which primarily develops IP like Smiskey and Sunny Angel, and Chinese retailer Miniso, which primarily sells and distributes other companies' IP products.

日本公司 Dreams 主要開發 Smiskey 和 Sunny Angel 等知識產權，中國零售商 Miniso 主要銷售和分銷其他公司的知識產權產品。

All of those companies have made blind boxes go viral.

Fans have hoarded huge collections, spending hundreds of dollars along the way.

粉絲們囤積了大量藏品，一路上花費了數百美元。

我想大約需要 600 美元或更多。

Blind boxes, for many, many of the consumers, is an experience, not a product.

對很多很多消費者來說，盲盒是一種體驗，而不是產品。

And so you've been investing that anticipation and you want that big payoff.

你一直在投入這種期待，並希望得到豐厚的回報。

So in that sense, it resembles very strongly gambling.

從這個意義上說，它與賭博非常相似。

So much so that several countries have regulated the industry in Asia, where blind boxes have already become a billion-dollar market.

在亞洲，盲盒已經成為一個價值十億美元的市場，以至於一些國家已經對該行業進行了監管。

Singapore has proposed capping the value of mystery boxes to 100 Singaporean dollars, or around 77 U.S. dollars.

新加坡建議將神祕盒的價值上限設定為 100 新元，約合 77 美元。

And China banned the sale of blind boxes to kids under the age of eight.

中國禁止向 8 歲以下兒童出售盲盒。

The target audience for our product is an adult collector.

我們產品的目標閱聽人是成人收藏家。

We are specifically hitting that Gen Z, kidult customer.

我們專門針對 Z 世代和兒童消費者。

So they're more collectible items than anything else.

And so they're definitely not marketed for children.

它們絕對不是針對兒童銷售的。

And as with any viral phenomenon, there's a risk of the fad dying out.

與任何爆紅現象一樣，這種流行也有消亡的風險。

Our sales have shifted significantly from blind box figurines to now it's much more plush.

我們的銷售已從盲盒公仔大幅轉向現在的毛絨公仔。

And we're also expanding in our accessories category.

That's one of the fastest-growing categories that we have.

這是我們增長最快的類別之一。

Still, amid an uncertain trade war with China, those products might get a little more expensive to sell in the U.S.

不過，在與中國不確定的貿易戰中，這些產品在美國的銷售價格可能會更高一些。

PopMart declined to comment on the U.S.-China trade environment.

PopMart 拒絕就中美貿易環境發表評論。

Longevity is key to everything that we're doing, and we will continue to innovate and offer new ways for people to interact with the characters that they have come to love.

長期性是我們一切工作的關鍵，我們將繼續創新，提供新的方式讓人們與他們喜愛的角色互動。

Whether that's something like our theme park, where you can interact with mascot versions of our characters as well,

無論是像我們的主題公園這樣的地方，在那裡你可以與吉祥物版的角色互動，

digital content we're developing, there will continue to be ways that we can build the stories of these characters, continue to build those narratives, and continue to give people a way to interact with all of the characters that they've fallen in love with.

還是我們正在開發的數字內容，我們都將繼續通過各種方式來構建這些角色的故事，繼續構建這些敘事，繼續為人們提供與他們所喜愛的所有角色互動的方式。