溢价超16倍！超高人气的泡泡玛特还藏着多少“LABUBU”？

母婴行业观察2025-12-30

作者/玩具前沿导语：2025年12月22日，喜茶全球门店同步上线的泡泡玛特星星人联名产品瞬间售罄，原价78元的套餐在二手市场溢价超过100%。联名产品在美团APP的热度一度超过瑞幸与小黄人等联名产品，位居趋势榜单TOP1。本次联名是喜茶首次全球同步上线的联名活动，也是星星人在茶饮领域的首秀。联名活动不仅展现了星星人IP的市场热度，更成为泡泡玛特孵化能力的一次集中展示。如果只看星星人的市场数据，很难...

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How many \"LABUBU\" are still hidden in the super popular Pop Mart?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09992":1.96,"PMRTY":1.96},"content_text":"作者/玩具前沿导语：2025年12月22日，喜茶全球门店同步上线的泡泡玛特星星人联名产品瞬间售罄，原价78元的套餐在二手市场溢价超过100%。联名产品在美团APP的热度一度超过瑞幸与小黄人等联名产品，位居趋势榜单TOP1。本次联名是喜茶首次全球同步上线的联名活动，也是星星人在茶饮领域的首秀。联名活动不仅展现了星星人IP的市场热度，更成为泡泡玛特孵化能力的一次集中展示。如果只看星星人的市场数据，很难想象这是一个2024年8月才推出首款产品的新IP。截至2025年上半年，星星人已成为泡泡玛特旗下增长最快的新锐IP之一，营收约4亿元。这一成绩使其跻身泡泡玛特IP收入排名第七位，成为公司13个收入过亿的艺术家IP之一。摩根大通预测，到2027年星星人销售额占比将从2025年上半年的2.8%提升至8%，与Skullpanda、Molly和Crybaby等核心IP持平。二手市场对星星人产品的追捧更为狂热。以9月底推出的“星星人美味时刻”系列为例，隐藏款毛绒挂件“小熊饼干”未发售时二手价已达929元，溢价高达16倍。整盒盲盒从354元涨至1499元，溢价超4倍，这一水平已经超过mini版LABUBU及其他热门潮玩IP。比起早期Molly、LABUBU等IP的孵化模式，新IP的诞生更类似于字节跳动做APP，泡泡玛特运用自身两千多家直营店作为实验平台进行A/B测试，用真实的销售数据而非创始人或设计师个人喜好来决定资源投入方向。星星人正是这一试验中杀出来的“黑马”。真正让星星人脱颖而出的，是它在全渠道孵化的独特路径。传统IP往往遵循先破圈再衍生的线性发展，而星星人走出了一条“多点同时引爆”的新路线。这一过程中，泡泡玛特乐园成了最重要的孵化器。星星人推出首款盲盒后不久就迅速入驻乐园，以人偶形象与游客进行\"好友见面会\"。UGC内容轻松突破百万播放，这种“自来水”传播效果远超额外的付费推广。除此之外，星星人复制了LABUBU借助Lisa等国际明星打开海外市场的成功经验，与国内李沁、马思纯、龚俊等多位明星同框曝光。这种\"明星带货\"看似老套，但在泡泡玛特的体系里，它不仅仅是增加曝光度，更有助于IP破圈。从战略层面看，星星人的崛起对泡泡玛特意义非凡。一方面，当LABUBU在今年下半年因增速放缓导致公司股价下跌、市值蒸发超1600亿港元时，星星人的爆发式增长有效对冲了市场对泡泡玛特单一IP依赖的结构性担忧。另一方面，它为泡泡玛特开创了“乐园+零售+社交”的闭环新路径，让线下乐园找到了更具战略性的定位。综上所述，星星人的商业价值已经远超于其治愈形象本身，而是作为泡泡玛特成功孵化IP案例之一，深刻印证了泡泡玛特的行业壁垒已从不可复制的单个IP，转向了可系统性复制的IP孵化与运营能力。星星人之后，能否持续产出下一个“星星人”，将是检验这套系统是偶然成功还是真正成熟的核心试金石。","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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2595766908","isCrawlerRequest":true}