盲盒的狂欢终将散去,只留下堆积如山的玩偶和估值回归的残酷现实。泡泡玛特的100多倍涨幅神话背后,隐藏着一个关于IP生命周期与资本贪婪的现代寓言。泡泡玛特市值的狂飙与京东市值的倒挂,无疑成为2025年资本市场最引人瞩目的现象之一。一个卖盲盒的潮玩公司市值突破3700亿港元,超越了拥有庞大物流体系与万亿营收的电商巨头京东,这种表面上的“魔幻现实”背后,既有新消费逻辑的涌现,也隐藏着巨大的不确定性。其...
Source Link盲盒的狂欢终将散去,只留下堆积如山的玩偶和估值回归的残酷现实。泡泡玛特的100多倍涨幅神话背后,隐藏着一个关于IP生命周期与资本贪婪的现代寓言。泡泡玛特市值的狂飙与京东市值的倒挂,无疑成为2025年资本市场最引人瞩目的现象之一。一个卖盲盒的潮玩公司市值突破3700亿港元,超越了拥有庞大物流体系与万亿营收的电商巨头京东,这种表面上的“魔幻现实”背后,既有新消费逻辑的涌现,也隐藏着巨大的不确定性。其...
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