Apple CEO Tim Cook's unexpected appearance at Pop Mart's 10th anniversary showcase in China this week sparked both social media buzz and a stock rally.

本周，苹果公司首席执行官蒂姆・库克意外现身泡泡玛特中国十周年庆典活动，这一消息不仅在社交媒体上引发热议，还推动泡泡玛特股价上涨。

During his visit on Monday, Cook toured the "The Monsters" exhibition in Shanghai, met Pop Mart founder Wang Ning and artist Kasing Lung, and was gifted a custom Labubu figurine — a version of the brand's best-known character — clutching an iPhone. Videos and photos of Cook's meeting quickly went viral on social media, sending Pop Mart intraday shares up as much as 6 percent to HK$276.8 ($35.6) before paring gains to close at HK$263, with trading volume exceeding HK$4.4 billion.

周一，库克在上海参观了“精灵天团”主题展览，会见了泡泡玛特创始人王宁及艺术家龙家升，并获赠一款定制版拉布布手办——拉布布是该品牌最具知名度的形象，这款定制手办手持iPhone。库克此次活动的相关视频与照片迅速在社交媒体上走红，带动泡泡玛特当日股价一度上涨6%，升至276.8港元（约合35.6美元），随后涨幅收窄，最终以263港元收盘，当日成交额超44亿港元。

The company has reported record sales and a surge in demand for its collectibles across the globe. On Dewu App, a trendy online shopping platform, the Labubu third-generation series, released in April, has been purchased by 580,000 users, with more than 740,000 others listing it as "wanted". The hidden edition Labubu ID, initially priced at 99 yuan ($13.9), peaked at 4,523 yuan — a 45.7-fold increase — before falling back to around 664 yuan after restocks.

据泡泡玛特披露，其全球销售额创下新高，旗下收藏品需求大幅增长。在潮流购物平台得物App上，今年4月推出的拉布布第三代系列产品，已有58万名用户下单购买，另有超74万名用户将其加入“求购”清单。其中，拉布布隐藏款ID手办初始售价为99元（约合13.9美元），价格最高曾飙升至4523元，涨幅达45.7倍；在品牌补货后，该手办价格回落至664元左右。

Strong momentum was also seen in sales of its other intellectual properties such as Twinkle Twinkle and Skullpanda. Many figurines were sold out instantly upon release, driving robust resale premiums. Pop Mart's first-half 2025 financial report highlights its continued growth. Revenue from Labubu skyrocketed 6.7 times to 4.81 billion yuan, while Skullpanda brought in about 1.2 billion yuan, more than doubling from a year earlier.

除拉布布外，泡泡玛特旗下其他知识产权（IP）产品如星星人、 Skullpanda系列的销量同样势头强劲。多款手办一经发售便迅速售罄，推动二手市场溢价空间显著。泡泡玛特2025年上半年财报显示，公司持续保持增长态势：拉布布相关收入同比激增6.7倍，达48.1亿元；Skullpanda系列收入约12亿元，较去年同期实现翻倍增长。

The rise of Pop Mart mirrors a wider wave of Chinese guochao (domestic trend) brands gaining global attention. In the first three quarters, China's exports of festive supplies, dolls and animal-shaped toys exceeded 50 billion yuan, reaching more than 200 economies, said Wang Lingjun, vice-minister of the General Administration of Customs.

泡泡玛特的崛起，折射出中国“国潮”品牌受到全球关注的大趋势。中国海关总署副署长王令浚表示，今年前三季度，中国节庆用品、玩偶及动物造型玩具出口额超500亿元，产品远销全球200多个经济体。

Travelers visiting China increasingly treat Labubu as must-buy souvenirs, and international fans have begun showcasing their collections online. China Open men's singles finalist Learner Tien from the United States, for instance, gave a public shoutout to friends who gifted him Labubu toys during a recent trip in China.

如今，来中国旅游的游客愈发将拉布布视为必买纪念品，全球各地的粉丝也开始在网上展示自己的收藏。例如，美国选手勒纳·钱在近期中国之行中收到朋友赠送的拉布布玩具，这位中国网球公开赛男单决赛选手公开表达了感谢。

Labubu has demonstrated strong resilience as an IP, said Tian Lan, analyst at Euromonitor International."Its evolution from picture-book art to plush formats has been a major success, showing a brand that knows how to innovate without losing its core DNA."

欧睿国际分析师田兰（音译）指出，拉布布作为一个IP展现出强劲的生命力。“从绘本艺术形象拓展到毛绒玩具，拉布布的这一转型取得巨大成功，这体现出该品牌既懂得创新，又始终坚守核心特质。”

Pop Mart's IP strategy has evolved meaningfully in recent years. The company is transitioning from a blind-box seller to a vertically integrated IP incubator, where hits like Labubu and Twinkle Twinkle serve as both growth engines and proof of concept, according to Lan. Twinkle Twinkle, in particular, demonstrates that consistent IP investment can generate sustainable creative and financial returns.

田兰表示，近年来泡泡玛特的IP战略实现了富有意义的升级。公司正从盲盒销售商向垂直整合的IP孵化平台转型，拉布布、星星人等热门IP不仅成为企业的增长引擎，也印证了其IP孵化模式的可行性。尤其是星星人系列，充分说明对IP进行持续投入，能够带来可持续的创意成果与经济效益。

The company's growing ecosystem — spanning product, animation, retail experience, and licensing — suggests a scalable model, said Lan."The key will be to maintain portfolio balance and cross-IP differentiation, ensuring that each property contributes to a coherent cultural universe rather than competing for short-term attention," Lan added.

田兰认为，泡泡玛特不断完善的生态体系——涵盖产品研发、动画制作、零售体验及授权合作等领域——表明其商业模式具备可复制拓展的潜力。“关键在于保持IP组合的平衡与不同IP间的差异化，确保每个IP都能为构建统一的文化生态体系助力，而非单纯为争夺短期关注度而相互竞争。”

Speaking on fast-moving consumer taste in designer toys, Lan said it follows identifiable emotional and cultural patterns rather than pure randomness.

谈及潮流玩具领域消费者需求的快速变化，田兰表示，这一变化遵循可识别的情感与文化逻辑，并非纯粹随机。

"Brands that continuously listen, co-create with fans, and express evolving values can capture long-term loyalty even in short-term trend cycles," Lan said. "What matters is cultural sensitivity and agility, not just predictions. In that sense, the designer toy market remains less about chasing hype and more about building emotional equity over time."

“在短期潮流周期中，那些持续倾听消费者声音、与粉丝共同创作、并传递与时俱进价值观的品牌，能够赢得长期的用户忠诚度。重要的是对文化的敏感度与应变能力，而非单纯的趋势预测。从这个角度而言，潮流玩具市场的核心并非追逐热度，而是通过长期积累构建情感价值。”

rally

n.回升，上涨

/ˈræli/

surge

n.激增，猛增

/sɜːdʒ/

resilience

n.适应力，恢复力；

/rɪˈzɪliəns/

scalable

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