盲盒、泡泡瑪特大家一定不陌生。但你知道嗎，它已經在全球掀起了盲盒熱潮。不論是東南亞，還是美國、甚至歐洲，盲盒玩偶現在已經成為新的消費現象。今天，Jenny和Jason就要分享權威財經媒體《彭博財經》關于泡泡瑪特的專題報道。

Bloomberg: 彭博財經

“The Chinese Mystery-Box Toy Company Defying the Trade War”：貿易戰下逆勢而行的中國盲盒玩偶公司

Mystery box/blind box: 盲盒

Loot box: 寶藏盒（網絡游戲常用的書法）

Boxes that contain randomized toys: 盒子里的玩具是隨機的

Chinese toy company Pop Mart is one of the hottest stocks this year thanks to the wild popularity of its Labubu dolls and other blind box toys:得益于其 Labubu 娃娃和其它盲盒玩具的熱度 ，中國玩具公司泡泡瑪特是今年最熱門的股票之一

Pop Mart sells figurines, stuffed animals and plush dolls: 泡泡瑪特出售玩偶、填充動物和毛絨玩具

Pop Mart’s blind box toys – including its most famous one, the Labubu doll – have become a global phenomenon in the last few years: 泡泡瑪特的盲盒玩具，包括最有名的拉布布玩偶，在過去幾年里已成為全球現象

Fans line up for hours, sometimes in the middle of the night, for new releases: 粉絲們為了購買新推出的玩偶常需要排隊數小時、甚至半夜就開始

In 2024, its sales more than doubled. Its stock is up more than 40% this year despite Trump's trade wars.? The demand for its dolls is inelastic. It's recession proof and tariff proof: 2024 年，公司銷售額增長了一倍多。盡管特朗普發動貿易戰，但公司的股價今年依然上漲 40% 以上。? 對粉絲而言，泡泡瑪特的玩偶是剛需產品，因此抗經濟衰退、抗關稅

Pop Mart’s top seller is the Labubu doll, a small, toothy, fierce-looking creature that looks like a cross between an elf and a rabbit. 拉布布是泡泡瑪特最暢銷的玩偶，它個頭小小、牙齒顯著、不太好惹，看起來像小精靈和兔子的混合體

It’s so popular that Pop Mart now sells more than 300 variations of the character, and they are often sold out in stores everywhere, from Manila to New York. And key to the frenzy is the surprise customers get when they open the blind boxes: 由于它大受歡迎，因此泡泡瑪特現在銷售 300 多種不同的拉步步造型。從馬尼拉到紐約，各地的商店經常斷貨。這股狂潮的關鍵在于顧客打開盲盒那一刻的驚喜

The surprise factor of blind boxes and hard-to-find element for its limited edition toys create a sense of exclusivity that drives the hype: 盲盒的驚喜元素和限量版玩具的難覓元素營造出稀缺感，更進一步推動其熱度

Pop Mart’s main customers are young adults between 15 to 35. This group of grown-ups are sometimes referred to as "kidults" — adults who enjoy doing or buying things usually intended for children: 泡泡瑪特的主要顧客群體是 15 至 35 歲的年輕人。這群成年人有時被稱為“大孩子”，就是喜歡兒童體驗和產品的成年人

Pop Mart’s blind box strategy has helped it succeed well beyond China. Analysts expect Pop Mart’s global revenue to account for half of total sales this year: 泡泡瑪特的盲盒戰略幫助它在中國以外也取得了巨大成功。分析師預計，公司今年的全球收入將占總銷售額的一半

The company is also accelerating its expansion in North America and Europe. As of December of 2024, the company had 130 physical stores outside China: 公司也在加速北美和歐洲的擴張。截至 2024 年 12 月，泡泡瑪特在中國境外共有 130 家實體店

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