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毛利率承压独家IP泡沫化：泡泡玛特从何觅得新信仰？ _ 东方财富网

毛利率承压独家IP泡沫化：泡泡玛特从何觅得新信仰？ _ 东方财富网
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泡泡玛特，您的吸引力余额不足，请充值 _创事记_新浪科技_新浪网

泡泡玛特，您的吸引力余额不足，请充值 _创事记_新浪科技_新浪网
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泡泡玛特，您的吸引力余额不足，请充值 |泡泡玛特|盲盒_新浪科技_新浪网

泡泡玛特，您的吸引力余额不足，请充值 |泡泡玛特|盲盒_新浪科技_新浪网
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泡泡玛特，您的吸引力余额不足，请充值 -钛媒体官方网站

泡泡玛特，您的吸引力余额不足，请充值 -钛媒体官方网站
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泡泡玛特，您的吸引力余额不足，请充值 -科技频道-和讯网

泡泡玛特对玩家的吸引力，正在慢慢减退。玩家下头，又未能创造出另一个如Molly般持续大火的IP，联名似乎成为泡泡玛特的战略。2020年，泡泡玛特与全球多家知名IP合作，推出了火影忍者、哈利波特、迪士尼公主等多个系列盲盒，通过这些已经积攒下一批忠实粉丝的成熟IP，以推动盲盒销量。据泡泡玛特上市后公布的第一份财报来看，2020年当家花旦Molly的销量为3.57亿港元，占比14.2%。这个数据与2019年的4.56亿相比，显然逊色不少。当家王牌IP出现如此大的退步，泡泡玛特对于第二增长曲线的渴求，肉眼可见。另外，资本市场对此也抱有质疑的态度。从去年年底上市起，泡泡玛特的股价一路跃升，市值突破千亿港元。却在3月30日跌至60.3港元，股价跌去近50%，市值蒸发700多亿港元。王宁似乎在试着自救。玩家下头、热度降低、股价腰斩……

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