一边是新星IP的跨界狂欢，一边是顶流退潮后的增长压力：星星人能否接棒泡泡玛特的LABUBU？

每经网2025-12-24

每经记者｜毕媛媛每经编辑｜陈旭潮玩与情绪消费成为2025年消费领域的关键词，治愈系顶流潮玩IP星星人以头顶透明星空、身着睡衣的治愈形象圈粉无数。12月22日，星星人与喜茶的同步联名开售即爆火，限定周边瞬间售空，社交平台频现刷屏，二手平台上相关周边已被高价转卖。星星人不仅入驻泡泡玛特城市乐园，还在首都机场甜品快闪店、阿那亚等场景设有巨大展幅。阿那亚的星星人形象展幅每经记者毕媛媛摄盘古...

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LABUBU?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09992":1.95,"PMRTY":1.95},"content_text":"每经记者｜毕媛媛    每经编辑｜陈旭潮玩与情绪消费成为2025年消费领域的关键词，治愈系顶流潮玩IP星星人以头顶透明星空、身着睡衣的治愈形象圈粉无数。12月22日，星星人与喜茶的同步联名开售即爆火，限定周边瞬间售空，社交平台频现刷屏，二手平台上相关周边已被高价转卖。星星人不仅入驻泡泡玛特城市乐园，还在首都机场甜品快闪店、阿那亚等场景设有巨大展幅。阿那亚的星星人形象展幅  每经记者 毕媛媛 摄盘古智库高级研究员江瀚在接受《每日经济新闻》记者微信采访时表示，这本质上是泡泡玛特对LABUBU成功经验的系统性复刻，通过快速建立高端调性与文化厚度来缩短用户认知周期，但真正的挑战在于差异化突围。WIND数据显示，从8月底的高峰至今，泡泡玛特的市值已蒸发超1600亿港元。一边是新星IP的跨界狂欢，一边是顶流退潮后的增长压力，泡泡玛特是否已触顶？新晋崛起的星星人，能否接棒成为下一个LABUBU？图片来源：喜茶小程序截图联名产品上线即受热捧12月22日，被粉丝期待已久的喜茶和泡泡玛特星星人IP的联名正式开卖。这波合作的特别之处在于，这既是喜茶第一次搞全球同步上线的联名，也是星星人IP头一回跨界做茶饮联名。这次联名主打“冬日有星星”，除了专属的星星人小形象，还有限定饮品、周边，甚至有主题店可以打卡。《每日经济新闻》记者通过喜茶小程序发现，本次联名产品阵容较丰富，饮品杯、纸袋、杯套均采用星星人冬日限定形象设计，同步推出金属徽章、贴纸包、茶碗三类周边。小程序上线三款联名套餐：78元套餐附赠茶碗，36元套餐含金属徽章，50元套餐搭配贴纸包，同时还有提拉米苏•英红等联名饮品同步发售。12月23日上午10点不到，就有北京喜茶门店在小程序显示“繁忙”状态，暂停线上接单。同时，线下门店前也排起长队，有消费者甚至需要排队两个多小时。图片来源：喜茶小程序和闲鱼截图值得关注的是，热门周边迅速现身二手市场，原价78元套餐附赠的茶碗套装，转手被卖到140元；举杯徽章和茶瓶徽章的价格均在50元以上。LABUBU退潮？星星人能否接棒一边是顶流退潮，一边是新星崛起。LABUBU的热度退潮有迹可循。德银报告显示，LABUBU的产能明显增长，“饥饿营销”褪去的效果直接反映在市场端。资本市场更敏感，WIND数据显示，截至12月23日收盘，泡泡玛特股价200.4港元/股，相比8月底高峰的322.2港元/股跌去约37.8%，市值蒸发超1600亿港元。作为泡泡玛特今年增长的核心引擎，LABUBU的增速放缓引发市场担忧。大摩预计，LABUBU今年销售额将达155亿元，较2023年增长41倍，但明年增速或因消费者流失而放缓。尽管创始人王宁曾表态“年营收300亿元可实现”，但资本市场对增速下降的利空反应，让泡泡玛特需要新的IP接棒。星星人设计理念诞生于黑暗之中，为那些依然怀揣童心的成年人营造出一个充满浪漫的童话世界。财报数据显示，2025年上半年星星人营收已达3.9亿元，首次纳入财报就跻身IP营收第七名，成为增长最快的新锐IP之一。2025年泡泡玛特中期业绩发布会上  星星人已顺利“上桌”  每经记者 毕媛媛 摄信达证券指出，泡泡玛特的核心壁垒是可复制的IP孵化闭环，而非单一IP，LABUBU、CRYBABY的成功已验证体系有效性。“从IP生命周期规律看，潮玩行业高度依赖‘爆款轮动’维持增长，LABUBU热度回归理性属正常现象。而星星人凭借独特设计语言和强社交属性，在小红书、抖音等平台也已形成自发传播效应，初步验证其破圈潜力，具备成为‘次世代顶流’的基因基础。”江瀚表示，星星人的产品策略更具场景延展性。图片来源：泡泡玛特财报截图江瀚认为：“不过，当下潮玩市场已进入‘理性消费’阶段，泡泡玛特需在‘明星式包装’之外，强化星星人专属的独立世界观与社群文化，方能实现从流量IP到长青IP的跃迁。”封面图片来源：每经记者毕媛媛摄","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"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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