泡泡玛特心里没底了

快消夜谈

02/22

作者｜七七编辑｜陈旭2026年2月20日，泡泡玛特正式发布新IP“放学后的Merodi”，包含12款常规盲盒与1款隐藏款，单盒售价69元，整盒828元，线上于2月26日晚开售，线下次日同步上架。这一动作看似是常规产品节奏，却在Labubu热度回落、二手市场价格下滑的背景下显得意味深长。过去一年，泡泡玛特全球销量突破4亿只，注册会员超1亿人，海外业务高速增长：泡泡玛特2025年上半年财报报告...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022300123897a6ac82&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999001069.SGD","symbol_name":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022300123897a6ac82&s=b","article_id":"2613273763","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022300123897a6ac82&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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旭2026年2月20日，泡泡玛特正式发布新IP“放学后的Merodi”，包含12款常规盲盒与1款隐藏款，单盒售价69元，整盒828元，线上于2月26日晚开售，线下次日同步上架。这一动作看似是常规产品节奏，却在Labubu热度回落、二手市场价格下滑的背景下显得意味深长。过去一年，泡泡玛特全球销量突破4亿只，注册会员超1亿人，海外业务高速增长：泡泡玛特2025年上半年财报报告，美洲收入同比增长1142.3%，欧洲及其他地区增长729.2%，亚太增长257.8%。但高增长并未消除市场对其“依赖单一IP”的隐忧。当Labubu在美国“黑五”期间销售增速从1200%降至约500%，泡泡玛特迅速将资源向“星星人”等新IP倾斜，后者仅用6个月销售额便逼近4亿元，远超Labubu同期表现。这种快速切换能力，源于其对社会情绪变化的系统性捕捉：从Molly的自信张扬，到Skullpanda的暗黑反叛，再到如今星星人的柔软治愈，每个头部IP都精准对应了特定阶段的集体心理。泡泡玛特的增长并非依赖偶然爆款，而是一套围绕“情绪周期”运转的工业化体系。2025年，“窝囊废文学”流行，年轻人不再热衷“整顿职场”，转而寻求低刺激的情感慰藉。“毛茸茸地走开”成为新口号，朴实憨厚的星星人恰好承接了这种情绪转向。泡泡玛特1月推出的“怦然心动”系列迅速售罄，据二手平台监测数据，情人节隐藏款“一起白头”在二手市场溢价达685%。这并非孤例，泡泡玛特已与全球350多位艺术家建立合作，形成庞大的潜力IP池。新品先在会员群或快闪店小规模试水，通过转化率、复购率等指标筛选；一旦显现潜力，便依托1–1.5个月的柔性返单周期快速补货。这套“锚点-储备-赛马-测试-加热”机制，使新IP成功率高达68%，远高于行业平均的30%。例如，Hirono小野早于Labubu测试市场对“叛逆”情绪的接受度，虽未爆红，却为后者的设计方向提供了关键反馈。Labubu最终因“尖牙对抗世界”的形象更契合用户“我很丧但不会被打倒”的心态而胜出。这种基于数据而非直觉的决策逻辑，让泡泡玛特能在情绪风向转变时迅速调整产品重心，避免陷入对单一IP的过度依赖。在海外市场，泡泡玛特同样强调“情绪本地化”。尽管Labubu在全球热销，但在印尼因尖牙形象触犯穆斯林文化中对牙齿象征“健康与神圣”的禁忌，难以成为主推IP，泡泡玛特转而主打Molly等温和形象。在泰国，佛教文化背景下，“承认苦厄”的Crybaby被重点推广；美国偏好自由野性的Peach Riot；欧洲则青睐暗黑风格的Skullpanda。这种因地制宜策略，支撑其门店覆盖超100个国家、总数突破700家。花旗研究2025年底调查显示，76%的泡泡玛特买家为近一年内新用户，其中45%在三个月内首次购买，说明品牌仍在持续破圈。但挑战亦不容忽视。潮玩消费具有明显周期性，若新IP无法及时接棒，高增长难以为继。2026年初，泡泡玛特两次回购股份，合计斥资超3.4亿港元，正是为稳定市场信心。此外，尽管盲盒仍是核心，但衍生品占比正逐步提升，显示其正从“卖盒子”向IP全产业链运营过渡。未来，Merodi能否在“甜美风”回潮中延续星星人的热度，将检验这套机制在情绪切换频繁的新周期中的真实韧性。毕竟，真正的考验不在于制造一个爆款，而在于不断制造下一个。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}