为什么所有人都对拉布布斯如此着迷？

大家好，我是杰西。今天我要告诉大家，我的同事米歇尔·哈克曼将客串主持本期节目。希望大家喜欢。

Hey, everyone. It's Jess. I'm here to say that my colleague, Michelle Hackman, is here to guest host today's episode. Enjoy.

能先请你做个自我介绍吗？

Can we start with just having you introduce yourself?

嗨，我叫埃博妮，埃博妮·霍尔。26岁，来自佐治亚州。没错，我是个妈妈，西塔的妈妈。

So hi. My name is Ebony, Ebony Hall. I am 26 years old from Georgia. Yes, I'm a mommy, mama Sita.

埃博妮·霍尔从事的工作可能你都没听说过。她是一位拉布布网红。

Ebony Hall has one of those jobs that you probably didn't even know existed. She's a Labubu influencer.

我是你们最爱的拉布布闺蜜。这就是我对内容创作身份的总结。

I'm your Labuski loving bestie. That's how I kind of sum it up as far as my content creation.

拉布布是最近风靡全球的新潮玩具。这些毛茸茸的小怪物既有点诡异又有点可爱，尖耳朵、大眼睛、露齿的咧嘴笑，看起来古灵精怪。要买到它们可不容易，不过我在采访埃博妮前成功入手了一个。

Labubus are the latest toys that have taken the world by storm. They're little furry monsters, kind of creepy, but also kind of cute. They have pointy ears, big eyes, and wide, toothy grins. They look a little mischievous. It can be pretty hard to get your hands on one, but I actually managed to pick one up ahead of my call with Ebony.

现在我来描述下手里这个——我拿着个约15厘米高的马卡龙色盒子，侧面印着六种可能开出的款式，但实际装着什么完全不知道。

So I'm going to describe actually what's in my hand. So I'm holding this like pastel box. It's maybe six inches tall. And on the side here, there are like six different options of what could be in this box. I don't actually know what's in here.

盒子上没标注。我要准备拆开看看了。没错。

It doesn't say. And I'm gonna I'm gonna open it, see what's inside. Yes.

我为你感到超级兴奋！

I'm so excited for you.

拉布布就像一盒巧克力，你永远不知道会得到什么。因为它们采用盲盒形式，拆开发现里面是哪款拉布布时，整个过程就像场盛事。

Labuboos are like a box of chocolates. You never know what you're going to get. That's because they come in what's called a blind box. And when you open one to reveal the Labuboo inside, it can feel like a whole event.

所以你要把那个小拉片掀起来。看到那边的小拉片了吗？对，抓住它然后

So you kind of lift the tab up. You see that little tab right there? Yeah. And you grab it and just

然后就这样拉。

And just go like that.

好了，这样就行。打开了。好，来看看。

Alright. That'll work. It's open. Alright. Let's see.

看啊，来看看。

See, let's see.

哇哦，你抽到的是...那是芝麻吗？哈喽。不，那是太妃糖。

Oh wow, you got Was that Sesame? Hello. No, that's Toffee.

天啊。

Oh my God.

恭喜你获得第一个小宝贝。小宝贝。

Congratulations on your first little baby. Little baby.

它太可爱了。记录一下，我抽到了一个沙色的小怪兽。这是Lububu系列马卡龙惊喜盒的一部分。这个中性色调的小家伙挂在我背包上会很好看。如果你经常刷TikTok，可能到处都能看到这些玩具。

It is so cute. For the record, I got a little sandy colored monster. It's part of the exciting macaron of Lububu collection. It's a little neutral that I think is gonna look great on my backpack. If you're a frequent TikTok user, you've probably seen these toys everywhere.

这是

This is

一个Lububo。

a Lububo.

那些讨厌露布布的女孩们，她们不适合你，宝贝。

The girls who hate Lububo, they're not for you, babe.

这太可爱了。而对于生产露布布的中国玩具公司泡泡玛特来说，生意一直蒸蒸日上。欢迎收听《The Journal》，我们的节目关于金钱、商业和权力。我是米歇尔·哈克曼。今天是8月7日，星期四。

This is so cute. And for Pop Mart, the Chinese toy company that makes lububus, business has been lububooming. Welcome to The Journal, our show about money, business, and power. I'm Michelle Hackman. It's Thursday, August 7.

本期节目将探讨稀缺性、吓人又可爱的怪物，以及拉布布的崛起。

Coming up on the show, scarcity, scary cute monsters, and the Labubu Takeover.

本集节目由洲际酒店集团旗下假日酒店赞助。对于商务旅客来说，假日酒店迎来了全新的一天，提供现代化的会议和工作空间，以及从早餐到欢乐时光和晚餐的美味餐饮，满足您完成工作所需的一切。为您的日常商务旅行升级体验。预订您的下一次商务旅行，请选择洲际酒店集团旗下假日酒店。

This episode is brought to you by Holiday Inn by IHG. It's a new day for a new stay at Holiday Inn for business travelers. With modern spaces for meeting and working, plus delicious dining from breakfast to happy hour and dinner, you have everything you need to get work done. Give your everyday business travel an upgrade. Book your next business trip at Holiday Inn by IHG.

访问holidayinn.com预订您的住宿。

Visit holidayinn.com to book your stay.

Abercrombie的爆款牛仔裤促销回归，Spotify听众使用代码Spotify AF可额外享受15%折扣。Abercrombie以牛仔裤闻名。所有牛仔裤享受30%至50%的折扣，发现牛仔裤应有的合身感。在Abercrombie应用程序、在线或店内参与爆款牛仔裤促销。有效期至2025年8月11日，适用于美国和加拿大。

Abercrombie's viral denim sale is back, and Spotify listeners get an extra 15% off with code Spotify AF. Abercrombie is known for their denim. With 30 to 50% off all jeans, find out how denim should fit. Shop the viral denim sale in the Abercrombie app online or in stores. Valid in stores and online through 08/11/2025 in US and Canada.

清仓商品除外，价格已反映折扣。代码有效期至2025年8月11日，适用于美国和加拿大。除外条款适用。详情请见在线信息。

Excludes clearance, price reflects discount. Code valid in US and Canada through 08/11/2025. Exclusions apply. See details online.

当我的同事凯特琳·王开始报道拉布布时，她有点持怀疑态度。

When my colleague Caitlin Wang started reporting on LaBooBooz, she was a bit of a skeptic.

是的。你知道，当我刚开始研究这个的时候，我想，我不太了解这些家伙。说实话，我也不太确定。但当我真正深入报道，和喜欢它们的人交谈后，我自己也开始对它们产生了一点好感。它们真的，说实话，有点可爱。

Yeah. You know, when I first started looking into this, I was like, I don't know about these guys. You know, I wasn't really sure either. But as I really reported this out, spoke to people who like them, I myself started to gain a little bit of affection for them. They're they're really, honestly, kind of, like, cute.

我觉得人们形容它们是丑萌，这可能对它们有点刻薄了。

I think people have described them as ugly cute, which I think is maybe a little bit mean to them.

全网的网友们都爱上了这些丑萌丑萌的小怪物。有大量开箱视频展示它们。

People all over the Internet have fallen in love with these ugly cute little monsters. There are tons of videos of people unboxing them.

我是不是一个成年女性正准备在网上开箱撸布布？是的。我原本对撸布布嗤之以鼻，但后来想起自己可是玩着菲比精灵、天线宝宝和豆豆娃长大的，顿时觉得何必较真，及时行乐才对？没错，正是如此。

Am I a grown ass woman on the Internet about to unbox a Lububu? Yes. Was I originally a hater about the Lububus, but then I remembered I was raised with Furby's, Teletubbies, and Beanie Babies and realized that it was really never that deep and live a little? Also, yes.

他们还会给撸布布换装打扮。

They also dress up their libubus.

欢迎来到我的系列视频——我会把自己的穿搭和撸布布搭配起来。

Welcome to my series where I match my outfits to my libubus.

我买了四套不同场合的装扮。

I bought four different outfits for different occasions.

第一套是配我的匹克球包的。

First one is for my pickleball bag.

它的小帽子上有朵超精致的装饰花，细节清晰可见。

And her little hat has a really pretty flower on it. You can see the details.

人们还会随身携带撸布布，它们通常配有钥匙扣。

People also wear their libubus. They often come on a key chain.

这是我的撸布布穿着普拉达套装，旁边是我的普拉达包包。超可爱对吧？让我家小宝贝和包包配成一套了。

Here's my libubu with its Prada outfit. And here's my Prada bag. Cute. So I got my little boo boo matching my Prada bag.

撸布布是中国潮玩公司泡泡玛特2019年推出的产品。但直到去年某些明星被拍到佩戴后，才开始在全球范围内爆红。

Le boo boos were introduced by the Chinese toy company Pop Mart in 2019. But it wasn't until last year that they started to take off globally after some celebrities were seen wearing them.

我们见过LaBooBoo的挂件风靡一时，比如麦当娜、蕾哈娜都戴过。Blackpink的Lisa说过她喜欢泡泡玛特。NBA球员迪伦·布鲁克斯还被拍到带着一个Lububu挂件走进比赛现场。这些角色周边实在太火了，让人忍不住想拥有一个。

We've seen LaBooBoo's dangle off, you know, Madonna, Rihanna. Lisa from Blackpink has said she loves Pop Mart. Dylan Brooks, the NBA player, was seen walking into a game with a Lububu dangling from his hip. So there's just so much hype around these characters, and that kind of makes you want one.

就在这时，之前提到的那位网红Ebony开始迷上了LaBooBoos。

That's when Ebony, the influencer you heard from earlier, started to get into LaBooBoos.

我看到蕾哈娜照片里挂着荔枝莓果味的LaBooBoo，当时就觉得——还挺可爱的。所以当我发现蕾哈娜背后那个令人心动的荔枝莓果马卡龙挂件时，我就决定：要不试试看吧。

I saw Rihanna, and she had the lychee berry LaBooBoo in her photo. And I said, you know what? That's kinda cute. So once I saw that lychee berry exciting macaron on Rihanna's back, I said, you know what? Let's just see.

于是Ebony在TikTok上记录了她尝试获取人生第一个libubu的过程。

So Ebony decided to document on TikTok her attempt at snagging her first libubu.

我今晚非要搞到一个libubu不可。不管用什么方法，必须到手。

I am determined to get a libubu tonight. Like, I don't care what I have to do. I am getting a libubu.

Ebony追寻Labooboo（她亲昵地称之为Labooskis）的历程迅速走红。那条视频获得超过30万次观看，粉丝数翻倍。此后她开始专注制作Labooboo相关内容。Ebony表示已购买数百个LaBubu盲盒，目前在美国单价27.99美元。

Ebony's quest to get a Labooboo, or as she lovingly calls them Labooskis, went viral. Her post got more than 300,000 views and her follower count doubled. Since then, she's leaned into Labooboo content. Ebony says she's bought hundreds of LaBubu blind boxes, which at the moment retail for $27.99 apiece in The US.

至于花了多少钱...我在LaBubus上已经投入了数千美元。

As far as how much I've spent, I have spent thousands on LaBubus.

其中大部分她最终会转售。她自己收藏的十几个boo boos摆在架子上——一个用霓虹灯框装饰的boo boo神龛，周围还有其他玩偶。你会像守护生命一样保护它们吗？真的会随身佩戴吗？

Many of them she ends up reselling. Her personal collection of just over a dozen the boo boos sits on a shelf. A boo boo altar framed with neon lights along with other figurines. Are you like guarding these things with your life? Are you actually wearing them?

没错，我确实在守护它们...不过也不能这么说。我的libubus是要带出去见世面的，它们可是阅历丰富的，懂吗？

Yes. I am guarding them with my well, won't say that. I do I my libubus go out into the world. They are well traveled. Okay?

它们陪我去麦当劳，一起去沃尔玛。是的，我最爱的那只libubu已经戴旧了，我带着它走遍世界每个角落。那将是我最沧桑的野生Libubu，就是那个毛绒吊坠。为什么？

They go to McDonald's with me. We go to Walmart together. Yes. My favorite libubu that I wear down, I wear it outside the world everywhere I It's gonna be my fallen wild Libubu, it's the plush pendant. Why

你那么喜欢它们吗？吸引你的点是什么？

do you like them so much? What's what's the appeal?

我觉得更多是争夺的过程而非产品本身。我一直都这么说。吸引力不在于产品，而在于我们为获取产品在泡泡玛特战场上经历的种种方式、考验和磨难。

It's the fight more so than the product, I feel like. I will always say that. I think the appeal is not so much in the product, but in the ways or methods that we have to go through, the trials and tribulations that we have to go through in the Potomar battlefields to get the products. Put me

描述下那个时刻。新品即将发售时会发生什么？你会怎么做？

in that moment. What happens when there's about to be a drop? What do you do?

最初会有倒计时，你必须做好准备——心理上调整好状态，打开抖音准备与两万多人争夺可能只有200件、有时甚至100件或5件的商品。不到发售结束你永远不知道结果。

So initially, we would get a countdown and you would just have to prepare yourself, like kind of mentally prepare yourself and your TikTok to go through this process of fighting over 20,000 people for potentially 200 items maybe, maybe a 100 sometimes. They'll even drop five. So you really don't know until after the drop.

你怎么可能从两万人中胜出？

How can you put yourself in position to beat 20,000 people?

疯狂点击，虔诚祈祷。拼命点击然后祈祷

Click fast and pray hard. Click fast and pray This

这就像我在Ticketmaster抢演唱会门票，总是失败。

is like me trying to get concert tickets on Ticketmaster. I always fail.

这是个完美例子。如果你想抢到Yonsei演唱会前排，就得确保手机网络是最新4G，WiFi费用已缴清。

Is a perfect example. Okay. If you wanna be if you wanna see Yonsei front row, you're gonna make sure that LTE is up to date. You're gonna make sure that your Wi Fi is paid up.

对Ebony来说，她屏息等待线上抢购拉布布。其他人可能附近就有泡泡玛特门店——虽然大部分在亚洲，但公司正在美国快速扩张，这些门店会变得非常拥挤。我们同事Caitlin在洛杉矶亲眼目睹了泡泡玛特最新款拉布布发售时的疯狂场面。

For Ebony, she waits with bated breath to buy LaBoobooz online. Other people may have a Pop Mart store nearby. Most are in Asia, but the company is expanding quickly in The US, and those stores can get pretty crowded. Our colleague, Caitlin, was in LA and saw the frenzy firsthand when Popmart announced its latest drop of LaBoobooz.

Michelle，说真的那是我经历过最疯狂的场景，从未见过这样的景象。

Michelle, when I tell you it was the craziest experience I've ever had, I've really never seen anything like it.

当时是什么情况？

What was it like?

是啊。早上10点店铺开门前，现场就聚集了超过2000人。

Yeah. There were over 2,000 people there before 10AM, which is when the store opens.

嗯哼，然后呢？

Yeah. Why?

所有人都在排队抢购新款Loophoo Poo。我遇到有人从前一晚8点就来占位了。队伍蜿蜒不绝，还有人不断涌来。要知道我当时可是凌晨6点就到了。

They were all lining up, trying to get their hands on this new loophoo poo. There were people who I'd met who were there since 8PM the night before. There were people in line. There were people still streaming in. And keep in mind, I was there at 6AM.

而距离店铺营业还有整整四个小时。

The store wasn't going to open for another four hours. And

店铺开门时发生了什么？

what happened when the store opened?

他们原本策划了这场线下发售会，准备了限量版Lububu套装专供门店顾客。但由于人潮过于汹涌，现场秩序失控，最终不得不取消线下发售。

Yeah. Well, they had planned for this in person shopping drop. Right? That they had a certain amount of Lububu sets, and they were gonna sell them to people who shopped in store. There were so many people there, and the crowd got rowdy enough that they actually canceled in store shopping for the Lububus.

事态严重到店铺决定改为线上销售Lububu。你怎么看待这种疯狂现象？究竟是什么驱使人甘愿提前十二小时排队？

Things got so out of hand that the store decided to sell the Lububus online. What do you make of all the commotion? Like, what is driving this devotion that's getting people to line up twelve hours before the store opens?

我认为这是收藏品稀缺性效应的典型案例。除了泡泡玛特每周的限量发售，这些玩偶常年断货。即便每周补货，也是几分钟内售罄。这种机制不断推高市场狂热，所以人们才会通宵达旦排队争当第一个买家。

I think it's a really interesting exercise in collectibles and in scarcity, and they're just so hard to get. They're sold out all the time except for when Pop Mart does a drop. And they do do a drop every week, but they sell out within minutes. And so this kind of all just drives this sort of crazy crazy hype. And that's why you have people lining up for hours and hours trying to be the first in line to make sure they can buy one.

Laboobooz引发的热潮已成为玩具商泡泡玛特的重大转折点。这家2010年成立的公司主营各类盲盒收藏品，尤其在亚洲市场取得了不俗成绩。

The hype behind Laboobooz has been a major break for the toys maker, Pop Mart. The company has been around since 2010 and makes all kinds of blind box collectibles. They've enjoyed relative success, especially in Asia.

在Labuboo之前他们确实做得很好。2017年时他们保持着非常稳定的增长，营收约2100万美元。而到了2022年，这个数字已经达到了6.42亿美元。

They were doing really well before Labuboo's. They were growing really, really steadily in 2017. They had about 21,000,000 USD in in revenue. And by 2022, they were looking at 642,000,000.

泡泡玛特喜欢与流行艺术家合作，LeBubu就是这样诞生的。这个角色由香港艺术家Kai Singh Leung创作。他们将这类玩具定位为高端产品，所以尽管泡泡玛特的玩具深受儿童喜爱，公司表示他们实际瞄准的是另一类人群。

Pop Mart likes to collaborate with popular artists. That's where LeBubu came from. The character was created by a Hong Kong artist named Kai Singh Leung. And they consider these toys high end. So even though Pop Mart's toys are popular with kids, the company says they actually aim for a different demographic.

他们瞄准的是所谓的'成年儿童'消费者——有经济能力的成年人，怀旧情结浓厚，喜欢收藏这些物品。这些更像是收藏品而非玩具。

They're aiming for this sort of what they call a kidult customer, someone who is an adult, someone who has their own spending money, but really loves nostalgia, wants to collect these items. They're collectibles more than they are toys.

Lububu对泡泡玛特的整体业务产生了什么影响？

What has the Lububu done to Pop Mart's business overall?

简而言之就是让它疯狂增长。泡泡玛特原本在亚洲就是大公司，但Lububu及其系列产品的爆发真正助推了泡泡玛特的地位，尤其在美国市场。

It has made it go crazy is the short answer of that. I mean, Pop Mart was a big company, especially in Asia beforehand, but Lububu and the growth of Lububus have really turbocharged, Pop Mart's sort of status, especially here in The States.

泡泡玛特营收在最近一年就翻了一番，达到18亿美元，使这家中国玩具商成为全球现象。但他们的崛起也遭遇了些波折。接下来为您报道。

Pop Mart's revenue has doubled in just the last year, reaching $1,800,000,000 and turning the Chinese toymaker into a global phenomenon. But their rise has faced some bumps. That's next.

这里是Mint Mobile的瑞安·雷诺兹。在万物涨价的时代，我们决定降价。为此我们请来了反向拍卖师——没想到还真有这个职业。

Ryan Reynolds here from Mint Mobile. With the price of just about everything going up, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a thing.

Mint Mobile无限尊享无线套餐

Mint Mobile Unlimited Premium Wireless.

繁忙时段适用。另收税费。详情见mobile.com

Busy. Taxes and fees extra. See you in mobile.com.

在WhatsApp上，没人能查看或听到你的私人信息。无论是语音通话、文字消息还是发送密码，在WhatsApp看来都是这样的加密状态。所以无论你是在家庭群里共享流媒体密码，还是深夜发送那些足以做成播客的语音消息，你的隐私对话始终只存在于你与亲友之间。没有第三方能介入——包括我们。WhatsApp，与所有人私密交流。

On WhatsApp, no one can see or hear your personal messages. Whether it's a voice call, message, or sending a password, to WhatsApp, it's all just this. So whether you're sharing the streaming password in the family chat or trading those late night voice messages that could basically become a podcast, your personal messages stay between you, your friends, and your family. No one else, not even us. WhatsApp, Message privately with everyone.

在我第一次和Ebony一起开箱Lububu后，我又咨询了另一位Lububu专家——我八岁的侄女Olivia。

After my very first Lububu unboxing with Ebony, I called another Lububu expert. My eight year old niece, Olivia.

嗨，

Hi,

小丽，嗨，看我买了什么。

Liv. Hi. Look what I got.

是Libooboo耶，太可爱了。

It's a Libooboo. It's so cute.

Olivia可是个骄傲的Lububu主人。

Olivia is a proud Lububu owner.

我有个黄色的，上面有蓝粉色的心形图案，那个...那个系在它肚子上。还有那个...绳子是蓝色的，前面还有个蝴蝶结。

I have the yellow one with, like, a blue, pink heart, and the the it's tied to its belly. And the the, like, the string is, like, blue, and it there's, a bow in the front.

但我找Olivia还有个原因，他们需要她帮忙鉴定。她恰好是个狂热的Lububu真伪鉴定师。

But I'm also calling Olivia because they need her help with something. She happens to be an avid Lububu authenticator.

如果有10颗牙，那绝对是假货。

If it has 10 teeth, then it's definitely fake.

好吧，那真货应该有几颗牙？

Okay. But how many teeth does it have to have?

必须有九颗。对了，有些假货也会有九颗牙。

It has to have nine. Okay. And some even some fake one has to have nine.

奥利维亚，我们来数数。我们来数数。

Olivia, let's count. Let's count.

等等。我想想。

Hold on. I think.

一、二、三。

One, two, three.

幸运的是，这个libubu看起来是真货。但我必须再三确认，因为现在它们太难买到了，市场上假货泛滥。这些假libubu还有个专门的名字。

Luckily for me, it looks like this libubu is the real deal. But I had to double check. And that's because since they're now so hard to get, there's been an explosion of counterfeits. There's a name for these fake libubus.

我觉得我们买到的是lufufus。我们上当了。

I think we got lufufus. We got played.

Lufufus。我的同事凯特琳说，就连这些假lufufus也收获了一批忠实粉丝。

Lufufus. My colleague Caitlin says that even these fake lufufus have garnered dedicated fan base.

有个特别有趣的现象，在如此火爆的商品中我前所未见——人们以拥有仿品为荣。大家炫耀着自己的LFUFUS和LUBUBUS，这简直成了一种圈内人才懂的玩笑。

Something really interesting that I I don't think I've seen with something so popular is that people are proud to own dupes. So people are showing off their LFUFUS and their LUBUBUS, and it's sort of just become this, like, inside joke.

这是LaFufu山寨货，但我不在乎。我实在太想要一个了。所以

It's a LaFufu, but I don't care. I wanted one so bad. So

我去本地一元店找到了LaFufus，亲爱的，只要15美元。

I went to my local dollar store and found LaFufus, honey, and they were only $15.

于是我在拉斯维加斯当铺买了LaFufus。或者它们是LaFufus吗？有一点很明确：LaBubu产业链正在全速运转。不仅假货商靠LaFufus赚得盆满钵满，正品还形成了完整的二级市场。

So I bought LaFufus at a pawn shop in Vegas. Or are they LaFufus? One thing is clear. The LaBubu industrial complex is in full swing. Not only are counterfeit sellers making a killing off LaFufus, there's also an entire secondary market for the real thing.

我是说，这就是稀缺性模式。对吧？想要拉布布的人比他们能卖的数量多得多。如果你真的想要一个，它们在eBay上，在Facebook Marketplace上，在StockX上，经常以双倍的价格出售。

I mean, it's the scarcity model. Right? There are more people who want lububus than they are able to sell them for. And if you really want one, they're on eBay, they're on Facebook Marketplace, they're on StockX, often selling for double the price.

对于一些非常稀有的拉布布，转售价格已经达到了数十万美元。

For some really rare Lububus, resales have had them going for hundreds of thousands of dollars.

一场全球性的收藏狂热。这些

A global collectible craze. These

那么当拉布布购物失控时会发生什么？在亚洲，一些国家已经开始试图控制拉布布和类似的玩具。例如，中国政府已经禁止向八岁以下儿童销售盲盒玩具。而在新加坡，他们提议对盲盒的零售价格设定上限。

So what happens when lububu shopping gets out of hand? In Asia, some countries have looked to rein in lububus and similar toys. For example, the Chinese government has banned sales of blind box toys to children under the age of eight. And in Singapore, they've proposed capping the retail price of blind boxes.

我是说，很多人把抽盲盒、开盲盒比作一种赌博形式。因为你投入的是这种期待感。你非常想要那个大奖，但你根本不知道你会得到什么。那么泡泡玛特对此有何回应呢？是的。

I mean, a lot of people have made the comparison that a blind box pulling a blind box, opening it, is kind of a form of gambling. Because you're investing in this anticipation. You really want this big payoff, and you just don't know what you're gonna get. So what has Pop Mart said about that? Yeah.

泡泡玛特对法规的回应一直是他们从未打算将产品面向儿童销售。在他们的盒子和网站等所有地方，他们都标明产品适合15岁以上人群。

Pop Mart's response to the regulations has really been that they have never intended themselves to be marketed towards children. On their boxes and their website and everything, they say the product is for 15 plus.

该公司表示，他们还希望扩展到盲盒以外的领域。

The company says they're also looking to expand beyond blind boxes.

他们提供科技配件。他们提供其他类型的填充玩具、毛绒玩具，都是希望人们能与他们的IP建立联系。而这种联系将推动销售超越盲盒模式。

They're offering tech accessories. They're offering other kind of stuffed toys, plush toys, all in the hopes that people are connecting with their IP. And that sort of connection will drive sales beyond the blind box model.

在中国，泡泡玛特甚至开了一个名为Popland的主题公园，在那里你可以与真人大小拉布布角色互动。

In China, Pop Mart has even opened a theme park called Popland, where you can go and mingle with life-sized LaBubu characters.

如果你和我一样喜欢泡泡玛特，那你来对地方了。

If you love Pop Mart as much as I do, you've come to the right place.

在中国以外地区，泡泡玛特去年销售额增长超过三倍，海外收入现已占公司总销售额近40%。你认为这些潮玩是否像另一种转瞬即逝的时尚？就像我们这代人可能都经历过豆豆娃热潮，而更年轻的世代则追捧过捏捏乐和电子宠物。你觉得这会是一阵风潮，还是泡泡玛特的产品将长久流行？

Outside of China, Pop Mart sales have more than tripled in the last year, and overseas revenue now makes up nearly 40% of the company's sales. Do you think the boo boos are almost like another passing fad? Like you and I probably grew up with beanie babies, you know, but more recent generations have had Squishmallows and Tamagotchis. You know, is this like going to be a passing fad, or do you think the boo boos are here to stay?

我认为这正是泡泡玛特面临的关键问题。他们显然抓住了这个机遇并且表现优异。但如何将这种病毒式传播转化为持久商业帝国？这仍有待观察。不过正如我提到的，他们正试图通过IP与消费者建立情感联结，这某种程度上能培养用户忠诚度。

I think that's the big question for Pop Mart. I mean, obviously, they've taken advantage of this moment and taken advantage of it well. But how do they create this lasting empire off of this viral moment? I think that that kind of remains to be seen, but what they are trying to do, like I mentioned, is connect their customers with that IP. And so it sort of breeds some sort of loyalty.

我在撰写报道时咨询过一位分析师，他认为我们应该开始将泡泡玛特视为更接近迪士尼模式的企业。看看他们的主题公园就知道了，对吧？他们真正押注的是自主知识产权、原创角色，以及构建商业帝国所需的故事体系。

I spoke to an analyst while I was working on this piece, and he told me that we should probably start looking at Potmar as something more similar to Disney. I mean, look at the theme park. Right? They're really banking on their own intellectual property, their own characters, the stories and the narratives they create to build this empire.

哇，那你觉得我们未来会看到《Le Boo Boo大电影》吗？就像《芭比》真人版那样？

Wow. So do you think we're gonna end up with like a Le Boo Boo movie? Almost like the Barbie movie?

一切皆有可能。

Never say never.

以上就是8月7日星期四的全部内容。《华尔街日报》播客由Spotify与华尔街日报联合制作。喜欢我们的节目，请在Spotify或其他播客平台关注我们。每个工作日下午准时更新。感谢收听。

That's all for today, Thursday, August 7. The Journal is a coproduction of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening.

明天见。

See you tomorrow.