——Decoding the Soaring Stock Price of Pop Mart and the Surge of $LABUBU MEME Coins Behind the Logic of Cultural Capital.

1. The Birth of a Phenomenal IP: From 'Ugly-Cute' Elves to Global Cultural Symbols

1. Contrast Aesthetics Breaking Through Circles: Labubu's 'Three Moves to Break the Circle'

  • Disruptive Design: The Nordic Elf Image Created by Hong Kong Artist Kasing Lung Breaks Traditional Cute Aesthetics with 'Pointy Ears + Jagged Teeth + Mischievous Smile', Aligning with Generation Z's Pursuit of 'Non-standard Individuality'.

  • Emotional Value Anchor: Through a 'Naughty but Kind' Fairy Tale Setting, Labubu Becomes a 'Spiritual Massager' for Adults to Alleviate Anxiety, Providing Emotional Healing Precisely in a Fast-paced Society.

  • Adult Trendy Toy Positioning: Clearly Marked as 'Not Suitable for Under 15', Labubu is Positioned as 'Affordable Luxury', Transitioning from Toy to Fashion Item, from Hermès Bags to Milan Fashion Week Accessories.

2. The 'Double Helix Drive' of Blind Box Economy and Social Currency

  • Scarcity Game: 1/72 Probability of Hidden Version Blind Boxes, Replicating the 'Unboxing Excitement' of NFTs, with a Secondary Market Premium Exceeding 20 Times, Giving Rise to the Hard Currency Attribute of 'Trading Dolls for Luxury Goods'.

  • Social Fission Effect: #Labubu Unboxing Videos on TikTok Have Surpassed 1 Billion Views, A London Collector Swapped a Hermès Kelly Bag for Rare Versions, and Bangkok Players Exchanged Hidden Versions for Concert Tickets, Completing the Transformation from Physical to Virtual Social Capital.

2. Capital Frenzy: The 'Symbiotic Surge' of the Trendy Toy Empire and the Crypto Market

1. Pop Mart's Stock Price Soars: Southeast Asian Market Becomes Growth Engine

  • Outstanding Performance: The 2024 THE MONSTERS Series Contributes Revenue of 3.04 Billion Yuan, a Year-on-Year Surge of 726.6%, with the Proportion of PVC Plush Products Jumping from 3.2% to 21.7%.

  • Accelerated Overseas Expansion: Southeast Asian Revenue Soared 619% Year-on-Year (Reaching 2.4 Billion Yuan), The Opening of the First Store in Thailand Drew Thousands in Line, and The Thailand Tourism Board Directly Appointed Labubu as 'National Experience Officer'.

2. $LABUBU MEME Coin: Emotion-Driven 'Bubble Experiment'

  • Market Value Myth: Within a Week, It Soared from Several Hundred Thousand Dollars to $18 Million, with a 24-Hour Trading Volume of $9.5 Million and a 300% Increase in Holding Addresses.

  • Speculation Logic: Strongly Bound to the Popularity of Physical Trendy Toys, KOL Posts Trigger FOMO Emotions, and The Spillover Effect in the Thai Market Drives Coin Prices, but Caution is Needed Regarding SEC's Regulatory Risks on Unregistered MEME Coins.

3. In-depth Review: Why Can Labubu Replicate the IP Myth of Hello Kitty?

1. Core Views of JPMorgan's Research Report

  • Search Popularity Surpasses: Google Trends Shows Labubu's Global Popularity Exceeds Hello Kitty, Especially in Southeast Asia (Search Volume is 4 Times Hello Kitty), Mexico (2 Times), and Spain (1.4 Times).

  • Business Model Differences:

    • Hello Kitty: Relies on Licensed Expansion, Cumulative Retail Sales of $8.45 Billion;

    • $Labubu: Self-operated + Blind Box Innovation, 2024 Sales of $4.5 Billion, Growth Rate Far Exceeds Hello Kitty's Early Performance.

2. Long-term Growth Engine

  • IP Matrix Expansion: JPMorgan Predicts THE MONSTERS Series Will Reach Sales of $14 Billion by 2027, Pop Mart Plans to Launch 10 New IPs Annually.

  • AI Empowerment Expectations: Analysts Are Optimistic About AI Technology Enhancing Interaction with Trendy Toys (such as Voice Interaction, AR Dressing), Which May Become the Next Growth Pole.

4. Controversies and Risks: Can the Emotional Economy Continue?

1. Core Challenges

  • Regulatory Uncertainty: The MEME Coin Market is Highly Volatile, and $LABUBU's Unofficial Issuance Nature May Face Policy Suppression.

  • IP Lifecycle Management: How to Avoid 'Flash in the Pan'? Continuous Content Output (like Animation, Games) is Needed to Solidify IP Value.

2. Investment Insights

  • Short-term Speculation: MEME Coins Need to Keep Up with Trends, but Beware of 'Whale Harvesting'.

  • Long-term Value: Focus on the Implementation of Pop Mart's AI Strategy and Expansion of Stores in Emerging Markets (Mexico, Canada).

Conclusion: The Essence of the Labubu Phenomenon—The 'Spiritual Necessity' of Generation Z

From Bangkok Streets to New York Trend Stores, from Hermès Bags to Crypto Exchanges, Labubu's Explosive Popularity Reveals a Truth: In an Era of Material Abundance, Emotional Value and Identity Recognition are the Ultimate Necessities. Whether it's a 99 Yuan Blind Box or a $0.044 MEME Coin, they are essentially a premium paid by the younger generation for 'Cultural Belonging'.

Risk Warning: Coin Investment Must Be Cautious; Blind FOMO May Lead to 'Retail Investors Being Left Holding the Bag'. However, Labubu's Rise Undoubtedly Opens a New Track for the Trendy Toy Industry and Crypto Market in 'Cultural Capitalization'—When IP Meets Blockchain, Perhaps in the Next Decade, We Really Need to 'Recharge Our Beliefs with Tokens'.