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通用小主

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- 通用小主通用小主
  ·05-12
  2.3万元？回购？
  KEEP(03650)5月12日斥资2.3万港元回购5500股
  智通财经APP讯，KEEP(03650)发布公告，于2025年5月12日该公司斥资2.3万港元回购5500股，回购价格为每股4.16-4.19港元。
  KEEP(03650)5月12日斥资2.3万港元回购5500股
  264 评论
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- 通用小主通用小主
  ·04-22
  请问这文章是哪一件的要不要审核一下再发出来
  营收增速放缓，利润难敌巨头！泡泡玛特如何破局？
  近期，泡泡玛特高管频繁亮相社交媒体，试图通过跨界联名、艺术家合作等方式维持热度。2023年财报显示，泡泡玛特营收同比增长12.5%至63.8亿元，净利润同比微增4.3%至9.2亿元，增速较2021年的78.7%和2022年的21.5%大幅放缓。对比行业新锐52TOYS、TOP TOY等品牌营收增速超30%的表现，泡泡玛特的“龙头光环”逐渐黯淡。泡泡玛特被迫将69元盲盒均价下调至59元，直接导致毛利率从68%缩水至63%。
  营收增速放缓，利润难敌巨头！泡泡玛特如何破局？
  319 评论
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- 通用小主通用小主
  ·2021-07-23
  Really? So precautionary
  中金：大幅下调新东方在线等目标价
  中金下调新东方在线目标价70%至12.2港元，对应48%上行空间；ADR中，下调新东方目标价53%至9.2美元，下调好未来目标价67%至29美元，下调有道目标价15%至29美元。
  中金：大幅下调新东方在线等目标价
  1,554 评论
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- 通用小主通用小主
  ·2020-05-13
  这是一场战争必须有人死去美国如果想没事，就得有人为美国去死。这个国家会是哪个？又或是除了美国的全球？
  非常抱歉，此主贴已删除
  2,538 评论
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- 通用小主通用小主
  ·2020-04-21
  怪不得人际人家不愿意接受你采访或者敷衍了事，你看看你写的都是些什么无聊玩意儿，都是垃圾八卦
  非常抱歉，此主贴已删除
  3,788 评论
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- 通用小主通用小主
  ·2020-04-02
  $瑞幸咖啡(LK)$会到1元以下的孩子们别进
  3,997 2
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}\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; 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1215":"特殊消费者服务","03650":"KEEP"},"source_url":"http://www.zhitongcaijing.com/content/detail/1292130.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2534225025","content_text":"智通财经APP讯，KEEP(03650)发布公告，于2025年5月12日该公司斥资2.3万港元回购5500股，回购价格为每股4.16-4.19港元。","news_type":1,"symbols_score_info":{"03650":1}},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":427210471022688,"gmtCreate":1745323280245,"gmtModify":1745323282188,"author":{"id":"3507505740889601","authorId":"3507505740889601","name":"通用小主","avatar":"https://static.tigerbbs.com/29a6d76e6be7114bd1d396f0eaa12c73","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3507505740889601","authorIdStr":"3507505740889601"},"themes":[],"htmlText":"请问这文章是哪一件的要不要审核一下再发出来","listText":"请问这文章是哪一件的要不要审核一下再发出来","text":"请问这文章是哪一件的要不要审核一下再发出来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/427210471022688","repostId":"2529893324","repostType":2,"repost":{"id":"2529893324","kind":"news","pubTimestamp":1745312400,"share":"https://ttm.financial/m/news/2529893324?lang=&edition=full","pubTime":"2025-04-22 17:00","market":"hk","language":"zh","title":"营收增速放缓，利润难敌巨头！泡泡玛特如何破局？","url":"https://stock-news.laohu8.com/highlight/detail?id=2529893324","media":"Ofweek光电信息网","summary":"近期，泡泡玛特高管频繁亮相社交媒体，试图通过跨界联名、艺术家合作等方式维持热度。2023年财报显示，泡泡玛特营收同比增长12.5%至63.8亿元，净利润同比微增4.3%至9.2亿元，增速较2021年的78.7%和2022年的21.5%大幅放缓。对比行业新锐52TOYS、TOP TOY等品牌营收增速超30%的表现，泡泡玛特的“龙头光环”逐渐黯淡。泡泡玛特被迫将69元盲盒均价下调至59元，直接导致毛利率从68%缩水至63%。","content":"<html><body><article><p>在潮玩市场风起云涌的当下，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>凭借盲盒模式一度成为行业标杆，但随着竞争加剧与消费者审美疲劳，其面临的挑战日益凸显。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250422171037118d163zf35k8mq63n\"/><p>近期，泡泡玛特高管频繁亮相社交媒体，试图通过跨界联名、艺术家合作等方式维持热度。创始人王宁更是在公开场合强调“IP生态化”战略，但资本市场似乎并未买账。2023年财报显示，泡泡玛特营收同比增长12.5%至63.8亿元，<span>净利润</span>同比微增4.3%至9.2亿元，增速较2021年的78.7%和2022年的21.5%大幅放缓。对比行业新锐52TOYS、TOP TOY等品牌营收增速超30%的表现，泡泡玛特的“龙头光环”逐渐黯淡。</p><p><strong>产品单一化，盲盒模式陷瓶颈</strong></p><p>作为盲盒模式的开创者，泡泡玛特凭借这一玩法迅速崛起。2023年财报显示，盲盒产品贡献了其总营收的82%，Molly、Dimoo等头部IP的销量占比超60%。但这一“爆款公式”正逐渐成为双刃剑。</p><p>一方面，过度依赖盲盒导致产品结构失衡。尽管泡泡玛特尝试推出手办、衍生品等品类，但其2023年非盲盒收入占比仅18%，且增速（同比12%）远低于盲盒业务的25%。更严峻的是，消费者对盲盒的新鲜感正在消退——据艾媒咨询数据，2023年国内盲盒用户复购率同比下降15%，超40%的消费者表示“不会再为隐藏款盲目消费”。</p><p>另一方面，政策监管与舆论压力接踵而至。2024年初《盲盒经营行为规范》正式实施，要求单个盲盒售价不得超200元、隐藏款概率必须公示。泡泡玛特被迫将69元盲盒均价下调至59元，直接导致毛利率从68%缩水至63%。某券商测算显示，若监管进一步限制盲盒销售场景，其年营收可能损失超20亿元。</p><p><strong>IP</strong>可持续性不足，爆款难再续</p><p>泡泡玛特的IP运营模式始终面临“火得快、凉得更快”的挑战。尽管其拥有超30个自有及独家IP，但生命周期普遍不足两年。以曾经的现象级IP Molly为例，其2023年销售额同比暴跌47%，被内部人士称为“断崖式过气”。反观日本万代，凭借高达、龙珠等长青IP，其经典系列复购率连续十年超70%。</p><p>更深层的问题在于IP内容力的缺失。泡泡玛特IP多为“无故事形象的潮玩化”，缺乏文化沉淀与情感联结。某用户调研显示，超60%的消费者认为“购买只因设计好看，不会持续关注IP动态”。与之形成对比的是，52TOYS通过《王者荣耀》等联名IP，将游戏世界观融入潮玩，其联名系列复购率达45%，高出泡泡玛特自有IP15个百分点。</p><p><strong>行业竞争白热化，护城河遭侵蚀</strong></p><p>潮玩行业的低门槛特性，使得泡泡玛特的先发优势正被快速稀释。天眼查数据显示，2023年国内新增潮玩企业超1.2万家，其中80%主打盲盒产品。<a href=\"https://laohu8.com/S/MNSO\">名创优品</a>旗下TOP TOY凭借“低价+快迭代”策略，仅用两年时间便将市占率提升至12%，直逼泡泡玛特的15%。</p><p>更致命的威胁来自跨界巨头。2024年，瑞幸咖啡联合“线条小狗”推出联名盲盒，单周销量破百万件；抖音电商通过“直播拆盒”模式，将中小品牌的盲盒GMV推高至日均3000万元。这些新玩家以流量和渠道优势，将泡泡玛特逼入“高端化乏力、下沉市场失守”的夹缝中。</p><p>供应链与渠道的护城河也在瓦解。泡泡玛特引以为傲的“全直营门店”模式（2023年门店数达400家）正遭遇成本压力，其单店坪效同比下降18%，而TOP TOY采用“直营+加盟”模式，单店投资成本仅为泡泡玛特的1/3。</p><p><strong>行业竞争白热化，护城河遭侵蚀</strong></p><p>潮玩行业的低门槛特性，使得泡泡玛特的先发优势逐渐被稀释。</p><p>一方面，跨界巨头加速入场。<a href=\"https://laohu8.com/S/09896\">名创优品</a>旗下TOP TOY凭借“平价+高频上新”策略，2023年门店数突破400家，单店月均销售额达80万元；互联网平台如<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>也通过虚拟偶像联名潮玩瓜分市场。另一方面，中小工作室通过“小批量+高设计感”产品抢夺细分市场，如“问童子”“猫宇星河”等品牌在社交媒体快速崛起。</p><p>反观泡泡玛特，其供应链与渠道优势正被追赶。TOP TOY依托名创优品的供应链体系，可将产品成本压低15%-20%；52TOYS则通过“线上预售+线下快闪”模式减少库存压力。而泡泡玛特仍以直营门店为主，2023年存货周转天数增至156天，较2021年增加40天，资金效率劣势凸显。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250422171042851d16327opppuuq2o\"/><p><strong>从</strong>“盲盒狂欢”到“生态重构”</p><p>泡泡玛特与竞争对手的较量，本质是潮玩行业从单品爆款向生态体系的进化竞赛。这场变革不仅考验IP运营能力，更涉及供应链、文化渗透与全球化布局的多维博弈。</p><p>其一，IP内容化与跨媒介叙事成为破局关键。若泡泡玛特能效仿<a href=\"https://laohu8.com/S/DIS\">迪士尼</a>，将Molly等IP衍生为动画、游戏，或许能延长生命周期。其二，技术赋能或成差异化抓手，例如AR盲盒、数字藏品等创新形式，但目前其研发投入占比不足3%，落后于TOP TOY的5%。其三，全球化需摆脱“文化搬运工”定位，如与本地艺术家合作开发区域化IP，而非简单输出中国设计。</p><p>泡泡玛特凭借盲盒模式开创了潮玩行业的新纪元，但单一的产品结构、IP后劲不足与护城河变浅，使其陷入增长瓶颈。若要重现昔日辉煌，需在IP原<a href=\"https://laohu8.com/S/LTRX\">创力</a>、多元化产品线与全球化运营上寻求突破。潮玩市场的角逐已进入下半场，泡泡玛特是继续“潮”下去，还是沦为时代的注脚，答案或许就在下一次转型之中。</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\" 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}\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营收增速放缓，利润难敌巨头！泡泡玛特如何破局？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-22 17:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202504221710449740694e&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在潮玩市场风起云涌的当下，泡泡玛特凭借盲盒模式一度成为行业标杆，但随着竞争加剧与消费者审美疲劳，其面临的挑战日益凸显。近期，泡泡玛特高管频繁亮相社交媒体，试图通过跨界联名、艺术家合作等方式维持热度。创始人王宁更是在公开场合强调“IP生态化”战略，但资本市场似乎并未买账。2023年财报显示，泡泡玛特营收同比增长12.5%至63.8亿元，净利润同比微增4.3%至9.2亿元，增速较2021年的78.7%...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202504221710449740694e&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09992":"泡泡玛特"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202504221710449740694e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2529893324","content_text":"在潮玩市场风起云涌的当下，泡泡玛特凭借盲盒模式一度成为行业标杆，但随着竞争加剧与消费者审美疲劳，其面临的挑战日益凸显。近期，泡泡玛特高管频繁亮相社交媒体，试图通过跨界联名、艺术家合作等方式维持热度。创始人王宁更是在公开场合强调“IP生态化”战略，但资本市场似乎并未买账。2023年财报显示，泡泡玛特营收同比增长12.5%至63.8亿元，净利润同比微增4.3%至9.2亿元，增速较2021年的78.7%和2022年的21.5%大幅放缓。对比行业新锐52TOYS、TOP TOY等品牌营收增速超30%的表现，泡泡玛特的“龙头光环”逐渐黯淡。产品单一化，盲盒模式陷瓶颈作为盲盒模式的开创者，泡泡玛特凭借这一玩法迅速崛起。2023年财报显示，盲盒产品贡献了其总营收的82%，Molly、Dimoo等头部IP的销量占比超60%。但这一“爆款公式”正逐渐成为双刃剑。一方面，过度依赖盲盒导致产品结构失衡。尽管泡泡玛特尝试推出手办、衍生品等品类，但其2023年非盲盒收入占比仅18%，且增速（同比12%）远低于盲盒业务的25%。更严峻的是，消费者对盲盒的新鲜感正在消退——据艾媒咨询数据，2023年国内盲盒用户复购率同比下降15%，超40%的消费者表示“不会再为隐藏款盲目消费”。另一方面，政策监管与舆论压力接踵而至。2024年初《盲盒经营行为规范》正式实施，要求单个盲盒售价不得超200元、隐藏款概率必须公示。泡泡玛特被迫将69元盲盒均价下调至59元，直接导致毛利率从68%缩水至63%。某券商测算显示，若监管进一步限制盲盒销售场景，其年营收可能损失超20亿元。IP可持续性不足，爆款难再续泡泡玛特的IP运营模式始终面临“火得快、凉得更快”的挑战。尽管其拥有超30个自有及独家IP，但生命周期普遍不足两年。以曾经的现象级IP Molly为例，其2023年销售额同比暴跌47%，被内部人士称为“断崖式过气”。反观日本万代，凭借高达、龙珠等长青IP，其经典系列复购率连续十年超70%。更深层的问题在于IP内容力的缺失。泡泡玛特IP多为“无故事形象的潮玩化”，缺乏文化沉淀与情感联结。某用户调研显示，超60%的消费者认为“购买只因设计好看，不会持续关注IP动态”。与之形成对比的是，52TOYS通过《王者荣耀》等联名IP，将游戏世界观融入潮玩，其联名系列复购率达45%，高出泡泡玛特自有IP15个百分点。行业竞争白热化，护城河遭侵蚀潮玩行业的低门槛特性，使得泡泡玛特的先发优势正被快速稀释。天眼查数据显示，2023年国内新增潮玩企业超1.2万家，其中80%主打盲盒产品。名创优品旗下TOP TOY凭借“低价+快迭代”策略，仅用两年时间便将市占率提升至12%，直逼泡泡玛特的15%。更致命的威胁来自跨界巨头。2024年，瑞幸咖啡联合“线条小狗”推出联名盲盒，单周销量破百万件；抖音电商通过“直播拆盒”模式，将中小品牌的盲盒GMV推高至日均3000万元。这些新玩家以流量和渠道优势，将泡泡玛特逼入“高端化乏力、下沉市场失守”的夹缝中。供应链与渠道的护城河也在瓦解。泡泡玛特引以为傲的“全直营门店”模式（2023年门店数达400家）正遭遇成本压力，其单店坪效同比下降18%，而TOP TOY采用“直营+加盟”模式，单店投资成本仅为泡泡玛特的1/3。行业竞争白热化，护城河遭侵蚀潮玩行业的低门槛特性，使得泡泡玛特的先发优势逐渐被稀释。一方面，跨界巨头加速入场。名创优品旗下TOP TOY凭借“平价+高频上新”策略，2023年门店数突破400家，单店月均销售额达80万元；互联网平台如哔哩哔哩、腾讯也通过虚拟偶像联名潮玩瓜分市场。另一方面，中小工作室通过“小批量+高设计感”产品抢夺细分市场，如“问童子”“猫宇星河”等品牌在社交媒体快速崛起。反观泡泡玛特，其供应链与渠道优势正被追赶。TOP TOY依托名创优品的供应链体系，可将产品成本压低15%-20%；52TOYS则通过“线上预售+线下快闪”模式减少库存压力。而泡泡玛特仍以直营门店为主，2023年存货周转天数增至156天，较2021年增加40天，资金效率劣势凸显。从“盲盒狂欢”到“生态重构”泡泡玛特与竞争对手的较量，本质是潮玩行业从单品爆款向生态体系的进化竞赛。这场变革不仅考验IP运营能力，更涉及供应链、文化渗透与全球化布局的多维博弈。其一，IP内容化与跨媒介叙事成为破局关键。若泡泡玛特能效仿迪士尼，将Molly等IP衍生为动画、游戏，或许能延长生命周期。其二，技术赋能或成差异化抓手，例如AR盲盒、数字藏品等创新形式，但目前其研发投入占比不足3%，落后于TOP 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So precautionary&nbsp;","listText":"Really? So precautionary&nbsp;","text":"Really? So precautionary","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175983002","repostId":"2153760686","repostType":2,"repost":{"id":"2153760686","kind":"news","pubTimestamp":1627001982,"share":"https://ttm.financial/m/news/2153760686?lang=&edition=full","pubTime":"2021-07-23 08:59","market":"hk","language":"zh","title":"中金：大幅下调新东方在线等目标价","url":"https://stock-news.laohu8.com/highlight/detail?id=2153760686","media":"新浪财经","summary":"中金下调新东方在线目标价70%至12.2港元，对应48%上行空间；ADR中，下调新东方目标价53%至9.2美元，下调好未来目标价67%至29美元，下调有道目标价15%至29美元。","content":"<html><body><article><p>中金下调<a href=\"https://laohu8.com/S/01797\">新东方在线</a>目标价70%至12.2港元，对应48%上行空间；ADR中，下调<a href=\"https://laohu8.com/S/EDU\">新东方</a>目标价53%至9.2美元，下调<a href=\"https://laohu8.com/S/TAL\">好未来</a>目标价67%至29美元，下调<a href=\"https://laohu8.com/S/DAO\">有道</a>目标价15%至29美元。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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