【信达消费-点评】泡泡玛特:Q4开店+旺季+新品+内容,经营趋势持续强势

独具姜心-姜文镪团队
Sep 19, 2025

二手市场价格波动属合理回调,产品依然供不应求。Mini Labubu多平台均处于售罄状态,印证需求持续旺盛。Labubu3.0、mini labubu部分二手市场价格有所回落,主要因官方持续补货抑制炒作,我们认为隐藏款出货率趋于稳定,但基础款仍高于发售价,且近期部分款式出现价格反弹,反映泡泡产品仍持续处于供不应求状态。短期价格调整有助于挤出投机泡沫,长期利于粉丝群体健康扩张,消费者对于泡泡IP及...

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