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\u800c\u5f9e\u5c0f\u773e\u85dd\u8853\u8b8a\u6210\u5927\u773e\u7206\u6b3e\u7684\u904e\u7a0b\uff0c\u5c31\u5305\u542b\u4e86IP\u958b\u767c\u7684\u904e\u7a0b\u3002 \u5c0f\u773e\u85dd\u8853\u7684\u7279\u9ede\u672a\u5fc5\u5951\u5408\u5927\u773e\u5e02\u5834\u7684\u54c1\u5473\u3002 \u6bd4\u5982\u4eca\u5929\u7684Labubu\u7121\u8ad6\u662f\u5f9e\u9577\u76f8\u819a\u8272\u9084\u662f\u670d\u98fe\uff0c\u90fd\u548c2019\u5e74\u6ce1\u6ce1\u746a\u7279\u548c\u85dd\u8853\u5bb6\u9f8d\u5bb6\u6607\u7c3d\u7d04\u6642\u7684Labubu\u5f88\u4e0d\u4e00\u6a23\u3002 \u63a8\u5411\u5927\u773e\u5e02\u5834\u540e\uff0cLabubu\u7684\u6bcf\u4e00\u4ee3\u5728\u5f62\u8c61\u4e0a\u90fd\u6709\u6240\u66f4\u8fed\u3002 \u9019\u4e9b\u8b8a\u5316\u5c31\u662f\u6ce1\u6ce1\u746a\u7279\u5728\u85dd\u8853\u8207\u5546\u696d\u4e4b\u9593\u7684\u5e73\u8861\u3002 \u8981\u8b93\u5927\u773e\u5e02\u5834\u8ffd\u6367\uff0c\u9084\u9700\u8981\u8017\u8cc7\u5de8\u5927\u7684\u54c1\u724c\u884c\u92b7\u3002 Labubu 2024\u5e74\u7684\u300c\u7a81\u7136\u300d\u8d70\u7d05\uff0c\u96e2\u4e0d\u958b\u5168\u7403\u5e74\u8f15\u5973\u5b69\u8ffd\u6367\u7684Blackpink\u97d3\u6d41\u5973\u5718\u4e2d\u7684Lisa\u57282024\u5e744\u6708\u5728\u793e\u4ea4\u5a92\u9ad4\u4e0a\u7684\u201c\u5e36\u8ca8\u201d\u3002 \u800c\u5982\u4ecaLabubu\u5728\u6d77\u5916\u5e02\u5834\u7684\u5f37\u52c1\u8868\u73fe\uff0c\u4e5f\u96e2\u4e0d\u958b\u7f8e\u570b\u6d41\u884c\u97f3\u6a02\u5de8\u661fRihanna\uff0cNBA\u7403\u661fLeBron James\uff0c \u548c\u6cf0\u570b\u516c\u4e3b\u7684\u52a0\u6301\u3002 \u660e\u661f\u6548\u61c9\u5728\u793e\u4ea4\u5a92\u9ad4\u7684\u300c\u75c5\u6bd2\u5f0f\u300d\u50b3\u64ad\u4e0b\uff0cLabubu\u8fc5\u901f\u5728\u7dda\u4e0a\u8d70\u7d05\u3002 \u800c\u7dda\u4e0a\u7684\u5927\u6578\u64da\u548c\u6f14\u7b97\u6cd5\u66f4\u662f\u8b93Labubu\u5982\u864e\u6dfb\u7ffc\uff0c\u8b93\u884c\u92b7\u7cbe\u6e96\u5b9a\u4f4d\u76ee\u6a19\u6d88\u8cbb\u8005\uff0c\u5c07\u54c1\u724c\u7684\u77e5\u540d\u5ea6\u8fc5\u901f\u8f49\u5316\u70ba\u8cfc\u8cb7\u6b32\u3002 \u5982\u679c\u8aaa\u6367\u7d05\u4e00\u500bIP\u7684\u82b1\u8cbb\u662f\u6295\u8cc7\uff0c\u90a3\u9ebc\u6295\u8cc7\u5c31\u9700\u8981\u6709\u56de\u5831\u3002 \u4e00\u65e6IP\u8d70\u7d05\uff0c\u6ce1\u6ce1\u746a\u7279\u9700\u8981\u76e1\u53ef\u80fd\u5730\u5ef6\u9577\u5176\u751f\u547d\u9031\u671f\uff0c\u589e\u5f37\u5176\u8b8a\u73fe\u80fd\u529b\u3002 \u7121\u8ad6\u662f\u5e7e\u5341\u5143\u7684\u76f2\u76d2\uff0c\u9084\u662f\u4e0a\u842c\u5143\u7684\u9650\u91cf\u7248\uff0c\u7121\u8ad6\u662f\u9189\u611b\u5728\u6d77\u908a\u7cfb\u5217\uff0c\u9084\u662fMini Labubu\u7cfb\u5217\uff0c\u90fd\u662f\u70ba\u4e86\u8b93\u4e00\u500bIP\u4ee5\u4e0d\u540c\u5f62\u5f0f\u5448\u73fe\uff0c\u4e0d\u50c5\u589e\u52a0\u8001\u7c89\u7d72\u7684\u5fa9\u8cfc\uff0c\u4e5f\u5438\u5f15\u65b0\u7c89\u7d72\u7684\u52a0\u5165\u3002 \u5018\u82e5Labubu\u6709\u4e00\u5929\u4e0d\u518d\u6d41\u884c\uff0c\u6ce1\u6ce1\u746a\u7279\u662f\u5426\u6709\u80fd\u529b\u6253\u9020\u4e0b\u4e00\u500bLabubu\uff1f \u9019\u5c31\u6d89\u53ca\u5230IP\u7684\u5275\u65b0\u3002 \u6ce1\u6ce1\u746a\u7279\u7684IP\u9060\u4e0d\u6b62Labubu\u548cMolly\uff0c\u5176\u7c3d\u7f72\u6388\u6b0a\u7684IP\uff0c\u81ea\u4e3b\u958b\u767c\u7684IP\uff0c\u4ee5\u53ca\u5408\u4f5c\u7684IP\uff0c\u9084\u6709\u5f88\u591a\u3002 \u96d6\u7136\u9019\u4e9bIP\u4e0d\u662f\u6bcf\u500b\u90fd\u80fd\u9054\u5230Labubu\u7684\u6d41\u884c\u7a0b\u5ea6\uff0c Labubu\u7684\u904b\u4f5c\u6a21\u5f0f\u4e5f\u4e0d\u80fd\u7c21\u55ae\u8907\u88fd\uff0c\u4f46\u662f\u6ce1\u6ce1\u746a\u7279\u5728\u6f6e\u73a9\u884c\u696d\u7684\u591a\u5e74\u7d93\u9a57\uff0c\u8b93\u8cc7\u672c\u5e02\u5834\u76f8\u4fe1\u6ce1\u6ce1\u746a\u7279\u6bd4\u5225\u7684\u6f6e\u73a9\u516c\u53f8\u66f4\u6709\u53ef\u80fd\u6253\u9020\u4e0b\u4e00\u500bLabubu\u3002 \u4e0b\u4e00\u500bLabubu\u5728\u54ea\u88e1\uff1f \u6ce1\u6ce1\u746a\u7279\u7684\u9020\u661f\u795e\u8a71\u80fd\u5426\u7e7c\u7e8c\uff1f \u6f6e\u73a9IP\u5982\u540c\u77ac\u9593\u842c\u8b8a\u7684\u5929\u6c23\uff0c\u53ef\u4ee5\u4ed4\u7d30\u7814\u7a76\uff0c\u4f46\u96e3\u4ee5\u7cbe\u6e96\u9810\u6e2c\u3002 \u5c0d\u65bc\u4e0b\u4e00\u500bLabubu\uff0c\u6211\u5011\u62ed\u76ee\u4ee5\u5f85\u3002 \u8303\u4ead\u4ead\u535a\u58eb \u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u5e02\u5834\u5b78\u9996\u5e2d\u8b1b\u5e2b \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u5341\u516d\u65e5\u8f09\u65bc\u300aFT\u4e2d\u6587\u7db2\u300b\u660e\u5fb7\u5546\u8ad6\u5c08\u6b04\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/ft-chinese-column\/the-next-labubu-can-pop-marts-star-making-legend-sustain\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-10-16T03:18:41+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-10-16T03:19:28+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4e0b\u4e00\u500bLabubu\uff1a\u6ce1\u6ce1\u746a\u7279\u7684\u300c\u9020\u661f\u300d\u795e\u8a71\u80fd\u5426\u7e7c\u7e8c\uff1f - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u5f9e2024\u5e74\u958b\u59cb\uff0c\u4e00\u500b\u9577\u8457\u5c16\u5c16\u5c0f\u8033\u6735\uff0c\u60e1\u9b54\u822c\u5927\u773c\u775b\uff0c\u54a7\u84579\u9846\u5c16\u5c16\u7360\u7259\u7684\u73a9\u5076Labubu\u98a8\u9761\u5168\u7403\u3002 2025\u5e74\u4e0a\u534a\u5e74\uff0cLabubu\u92b7\u552e\u984d\u9ad8\u905448\u5104\u4eba\u6c11\u5e63\u3002 Labubu\u9a5a\u8277\u5e02\u5834\u7684\u4e0d\u50c5\u662f\u5b83\u5f37\u5927\u7684\u5438\u91d1\u80fd\u529b\uff0c\u66f4\u662f\u5b83\u5728\u6d77\u5916\u5e02\u5834\u7684\u52e2\u4e0d\u53ef\u64cb\u3002 \u5f9e\u6771\u5357\u4e9e\u5230\u6b50\u6d32\u7f8e\u570b\uff0cLabubu\u90fd\u662f\u5e74\u8f15\u4eba\u8ffd\u6367\u7684\u6f6e\u6d41\u3002 Labubu\u7684\u6210\u529f\u4e5f\u8b93\u6ce1\u6ce1\u746a\u7279\u80a1\u7968\u5f9e2020\u5e74IPO\u768438.5\u6e2f\u5e63\u4e00\u8def\u98c6\u5347\u5230\u8d85\u904e200\u6e2f\u5e63\uff0c\u77ed\u77ed5\u5e74\u6f32\u5e45\u8d85\u904e400%\u3002 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\u800c\u5f9e\u5c0f\u773e\u85dd\u8853\u8b8a\u6210\u5927\u773e\u7206\u6b3e\u7684\u904e\u7a0b\uff0c\u5c31\u5305\u542b\u4e86IP\u958b\u767c\u7684\u904e\u7a0b\u3002 \u5c0f\u773e\u85dd\u8853\u7684\u7279\u9ede\u672a\u5fc5\u5951\u5408\u5927\u773e\u5e02\u5834\u7684\u54c1\u5473\u3002 \u6bd4\u5982\u4eca\u5929\u7684Labubu\u7121\u8ad6\u662f\u5f9e\u9577\u76f8\u819a\u8272\u9084\u662f\u670d\u98fe\uff0c\u90fd\u548c2019\u5e74\u6ce1\u6ce1\u746a\u7279\u548c\u85dd\u8853\u5bb6\u9f8d\u5bb6\u6607\u7c3d\u7d04\u6642\u7684Labubu\u5f88\u4e0d\u4e00\u6a23\u3002 \u63a8\u5411\u5927\u773e\u5e02\u5834\u540e\uff0cLabubu\u7684\u6bcf\u4e00\u4ee3\u5728\u5f62\u8c61\u4e0a\u90fd\u6709\u6240\u66f4\u8fed\u3002 \u9019\u4e9b\u8b8a\u5316\u5c31\u662f\u6ce1\u6ce1\u746a\u7279\u5728\u85dd\u8853\u8207\u5546\u696d\u4e4b\u9593\u7684\u5e73\u8861\u3002 \u8981\u8b93\u5927\u773e\u5e02\u5834\u8ffd\u6367\uff0c\u9084\u9700\u8981\u8017\u8cc7\u5de8\u5927\u7684\u54c1\u724c\u884c\u92b7\u3002 Labubu 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