潮玩泡沫终破：Labubu遇冷，行业回归理性本质

经理人杂志02-25

2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

四甲坝坝主
02-26
四甲坝坝主
现在火的不是拉布布而是星星人，什么都要抢[开心]

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614771233?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-25 11:21","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2614771233","market":"hk","top_or_hot":-1,"title":"潮玩泡沫终破：Labubu遇冷，行业回归理性本质","media":"经理人杂志","content":"<div>\n<p>2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>潮玩泡沫终破：Labubu遇冷，行业回归理性本质</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n潮玩泡沫终破：Labubu遇冷，行业回归理性本质\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 11:21 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b><strong>经理人杂志</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&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":"LU0499858438.USD","symbol_name":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b","article_id":"2614771233","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&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, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2614771233","pubTimestamp":1771989667,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。回顾Labubu系列的爆火时刻，其热度堪称现象级。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","09992":"泡泡玛特","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0359201612.USD":"贝莱德中国基金A2","PMRTY":"Pop Mart International Group Limited","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1224":"专卖店","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC"},"translate_title":"The trendy play bubble finally burst: Labubu is cold, and the industry returns to its rational essence","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PMRTY":1.95,"09992":1.95},"content_text":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心IP，该系列曾凭借独特的设计风格和盲盒玩法，俘获了大量消费者与投机者的目光，新品开售即秒罄成为常态，二手市场更是溢价惊人。数据显示，原价594元的搪胶毛绒系列，二手均价一度飙升至1478元，近乎翻倍；就连99元的单只基础款，也被炒至远超原价的水平，黄牛囤货、消费者跟风抢购，让潮玩彻底脱离了“娱乐消费”的范畴，沦为投机资金炒作的工具。狂热之下，泡沫的破裂只是时间问题。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。曾经一房难求的爆款产品，如今二手价格大幅回落：搪胶毛绒系列均价从峰值1478元跌至632元，跌幅超57%；99元单只款最低成交价仅82元，直接跌破官方原价。线上平台成交价持续走低，线下门店及海外平台则货源充足，再也没有了往日的抢购盛况，不少商家更是纷纷停收相关产品，曾经的“香饽饽”沦为“烫手山芋”。潮玩市场的降温，直接传导至资本市场。作为行业龙头的泡泡玛特，股价在2025年遭遇重创，累计跌幅超40%，市值蒸发逾2000亿港元，机构资金减持、市场信心受挫，曾经被追捧的“潮玩概念股”光环不再。这一系列连锁反应，本质上是对潮玩行业虚假繁荣的纠偏——当投机取代消费、溢价取代价值，泡沫的破裂早已注定。事实上，潮玩的核心价值从来不是投机炒作的载体，而是IP与消费者之间的情感共鸣。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。消费者最终意识到，潮玩本质上是一件消费品，而非能持续增值的投资品，盲目跟风、高价接盘只会得不偿失；投机资金的离场，更是让潮玩市场摆脱了畸形炒作的枷锁，回归到正常的消费逻辑。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。当前，潮玩行业正处于洗牌与重塑的关键时期，单纯依赖稀缺性炒作、盲目扩张产能的模式已难以为继。对于企业而言，唯有深耕IP内容、强化情感连接，打造具有长期生命力的IP形象，才能留住消费者；唯有平衡供需关系、规范市场秩序，拒绝盲目扩产与恶意炒作，才能维护行业的健康发展；对于消费者而言，理性消费、坚守初心，不被溢价裹挟，才能真正享受潮玩带来的快乐。潮玩泡沫的破裂，并非行业的终点，而是行业回归理性、实现高质量发展的起点。当炒作的热度褪去，留下的将是真正有价值的IP与产品。未来，只有坚守消费品本质、深耕IP核心，潮玩行业才能摆脱短期波动的影响，实现长期可持续发展，真正走出属于自己的健康发展之路。NEXT","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":536792306280000,"gmtCreate":1772071895592,"gmtModify":1772071897989,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","vip":1,"crmLevel":8,"crmLevelSwitch":1,"idStr":"3575672226475362","authorIdStr":"3575672226475362"},"htmlText":"现在火的不是拉布布而是星星人，什么都要抢[开心]&nbsp;&nbsp;","listText":"现在火的不是拉布布而是星星人，什么都要抢[开心]&nbsp;&nbsp;","text":"现在火的不是拉布布而是星星人，什么都要抢[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536792306280000","repostId":2614771233,"repostType":2,"repost":{"id":"2614771233","kind":"news","pubTimestamp":1771989667,"share":"https://www.laohu8.com/m/news/2614771233?lang=zh_CN&edition=full","pubTime":"2026-02-25 11:21","market":"hk","language":"zh","title":"潮玩泡沫终破：Labubu遇冷，行业回归理性本质","url":"https://stock-news.laohu8.com/highlight/detail?id=2614771233","media":"经理人杂志","summary":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。回顾Labubu系列的爆火时刻，其热度堪称现象级。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260225122213078v206ymxozmtap5x\"/><p>2025年，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。</p><p>这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。</p><p>回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心IP，该系列曾凭借独特的设计风格和盲盒玩法，俘获了大量消费者与投机者的目光，新品开售即秒罄成为常态，二手市场更是溢价惊人。数据显示，原价594元的搪胶毛绒系列，二手均价一度飙升至1478元，近乎翻倍；就连99元的单只基础款，也被炒至远超原价的水平，黄牛囤货、消费者跟风抢购，让潮玩彻底脱离了“娱乐消费”的范畴，沦为投机资金炒作的工具。</p><p>狂热之下，泡沫的破裂只是时间问题。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。</p><p>曾经一房难求的爆款产品，如今二手价格大幅回落：搪胶毛绒系列均价从峰值1478元跌至632元，跌幅超57%；99元单只款最低成交价仅82元，直接<span>跌破</span>官方原价。线上平台成交价持续走低，线下门店及海外平台则货源充足，再也没有了往日的抢购盛况，不少商家更是纷纷停收相关产品，曾经的“香饽饽”沦为“烫手山芋”。</p><p>潮玩市场的降温，直接传导至资本市场。作为行业龙头的泡泡玛特，股价在2025年遭遇重创，累计跌幅超40%，市值蒸发逾2000亿港元，机构资金减持、市场信心受挫，曾经被追捧的“潮玩概念股”光环不再。这一系列连锁反应，本质上是对潮玩行业虚假繁荣的纠偏——当投机取代消费、溢价取代价值，泡沫的破裂早已注定。</p><p>事实上，潮玩的核心价值从来不是投机炒作的载体，而是IP与消费者之间的情感共鸣。</p><p>Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。消费者最终意识到，潮玩本质上是一件消费品，而非能持续增值的投资品，盲目跟风、高价接盘只会得不偿失；投机资金的离场，更是让潮玩市场摆脱了畸形炒作的枷锁，回归到正常的消费逻辑。</p><p>Labubu系列的兴衰，为整个潮玩行业敲响了警钟。当前，潮玩行业正处于洗牌与重塑的关键时期，单纯依赖稀缺性炒作、盲目扩张产能的模式已难以为继。</p><p>对于企业而言，唯有深耕IP内容、强化情感连接，打造具有长期生命力的IP形象，才能留住消费者；唯有平衡供需关系、规范市场秩序，拒绝盲目扩产与恶意炒作，才能维护行业的健康发展；对于消费者而言，理性消费、坚守初心，不被溢价裹挟，才能真正享受潮玩带来的快乐。</p><p>潮玩泡沫的破裂，并非行业的终点，而是行业回归理性、实现高质量发展的起点。当炒作的热度褪去，留下的将是真正有价值的IP与产品。</p><p>未来，只有坚守消费品本质、深耕IP核心，潮玩行业才能摆脱短期波动的影响，实现长期可持续发展，真正走出属于自己的健康发展之路。</p><p><strong>NEXT</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>潮玩泡沫终破：Labubu遇冷，行业回归理性本质</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n潮玩泡沫终破：Labubu遇冷，行业回归理性本质\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 11:21 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b><strong>经理人杂志</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","09992":"泡泡玛特","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0359201612.USD":"贝莱德中国基金A2","PMRTY":"Pop Mart International Group Limited","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1224":"专卖店","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2614771233","content_text":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心IP，该系列曾凭借独特的设计风格和盲盒玩法，俘获了大量消费者与投机者的目光，新品开售即秒罄成为常态，二手市场更是溢价惊人。数据显示，原价594元的搪胶毛绒系列，二手均价一度飙升至1478元，近乎翻倍；就连99元的单只基础款，也被炒至远超原价的水平，黄牛囤货、消费者跟风抢购，让潮玩彻底脱离了“娱乐消费”的范畴，沦为投机资金炒作的工具。狂热之下，泡沫的破裂只是时间问题。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。曾经一房难求的爆款产品，如今二手价格大幅回落：搪胶毛绒系列均价从峰值1478元跌至632元，跌幅超57%；99元单只款最低成交价仅82元，直接跌破官方原价。线上平台成交价持续走低，线下门店及海外平台则货源充足，再也没有了往日的抢购盛况，不少商家更是纷纷停收相关产品，曾经的“香饽饽”沦为“烫手山芋”。潮玩市场的降温，直接传导至资本市场。作为行业龙头的泡泡玛特，股价在2025年遭遇重创，累计跌幅超40%，市值蒸发逾2000亿港元，机构资金减持、市场信心受挫，曾经被追捧的“潮玩概念股”光环不再。这一系列连锁反应，本质上是对潮玩行业虚假繁荣的纠偏——当投机取代消费、溢价取代价值，泡沫的破裂早已注定。事实上，潮玩的核心价值从来不是投机炒作的载体，而是IP与消费者之间的情感共鸣。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。消费者最终意识到，潮玩本质上是一件消费品，而非能持续增值的投资品，盲目跟风、高价接盘只会得不偿失；投机资金的离场，更是让潮玩市场摆脱了畸形炒作的枷锁，回归到正常的消费逻辑。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。当前，潮玩行业正处于洗牌与重塑的关键时期，单纯依赖稀缺性炒作、盲目扩张产能的模式已难以为继。对于企业而言，唯有深耕IP内容、强化情感连接，打造具有长期生命力的IP形象，才能留住消费者；唯有平衡供需关系、规范市场秩序，拒绝盲目扩产与恶意炒作，才能维护行业的健康发展；对于消费者而言，理性消费、坚守初心，不被溢价裹挟，才能真正享受潮玩带来的快乐。潮玩泡沫的破裂，并非行业的终点，而是行业回归理性、实现高质量发展的起点。当炒作的热度褪去，留下的将是真正有价值的IP与产品。未来，只有坚守消费品本质、深耕IP核心，潮玩行业才能摆脱短期波动的影响，实现长期可持续发展，真正走出属于自己的健康发展之路。NEXT","news_type":1,"symbols_score_info":{"PMRTY":1.95,"09992":1.95}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"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":"4.42.0","shortVersion":"4.42.0","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/2614771233","isCrawlerRequest":true}