WSJ：Labubu让泡泡玛特股价飙升1200% | 202
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:02 | Whenever Chinese retailer Popmark drops a new LeBouBou designer toy, | 每当中国零售商Popmark丢掉一个新的LeBouBou设计师玩具时, |
| 0:06 | it sells out within minutes. | 几分钟内就会卖掉 |
| 0:08 | It sold out! | 卖光了! |
| 0:09 | Insufficient stock! | 库存不足! |
| 0:10 | Yay! | 赞! |
| 0:12 | These hard-to-get toys are packaged in blind boxes, | 这些难以买到的玩具被装在盲盒里 |
| 0:16 | meaning customers buy them without knowing what's inside. | 意思是顾客在不知道里面是什么的情况下买的 |
| 0:20 | Oh, this is the main one that I actually wanted. | 哦,这是我真正想要的 |
| 0:22 | And they drive the majority of Popmark's revenue, | 他们驱动了波普马克的大部分收入, |
| 0:25 | which more than doubled in the past year. | 在过去一年中增加了一倍多。 |
展开字幕全文（138 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | Whenever Chinese retailer Popmark drops a new LeBouBou designer toy, | 每当中国零售商Popmark丢掉一个新的LeBouBou设计师玩具时, |
| 2 | it sells out within minutes. | 几分钟内就会卖掉 |
| 3 | It sold out! | 卖光了! |
| 4 | Insufficient stock! | 库存不足! |
| 5 | Yay! | 赞! |
| 6 | These hard-to-get toys are packaged in blind boxes, | 这些难以买到的玩具被装在盲盒里 |
| 7 | meaning customers buy them without knowing what's inside. | 意思是顾客在不知道里面是什么的情况下买的 |
| 8 | Oh, this is the main one that I actually wanted. | 哦,这是我真正想要的 |
| 9 | And they drive the majority of Popmark's revenue, | 他们驱动了波普马克的大部分收入, |
| 10 | which more than doubled in the past year. | 在过去一年中增加了一倍多。 |
| 11 | Unboxings have flooded social media. | 解除拳击已淹没社交媒体. |
| 12 | Fans flock overseas to buy exclusive products. | 粉丝们聚集海外购买独家产品. |
| 13 | And LeBouBou dolls have been spotted dangling off of celebrities. | 和LeBouBou娃娃 已经被发现 拖走名人。 |
| 14 | I go Popmart everywhere. | 我到处都去波普玛特 |
| 15 | But can the company continue to grow beyond this viral moment | 但公司能继续成长 超越这个病毒的时刻 |
| 16 | that has seen its share prices rocket more than 1,200 percent | 超过1200 % |
| 17 | since the beginning of 2024? | 2024年初开始? |
| 18 | This is the economics of Popmart. | 这是波普马特的经济学 |
| 19 | The 15-year-old company was founded by Chinese entrepreneur Wang Ning | 15年公司由中国企业家王宁创办 |
| 20 | as a variety store. | 作为品种商店。 |
| 21 | But it was the blind box packaging that really helped Popmart take off. | 但正是盲盒包装 真正帮助了波普马特起飞。 |
| 22 | In 2019, over 70 percent of Popmart's revenue came from mystery boxes. | 2019年,波普马特超过70%的收入来自神秘盒. |
| 23 | There's a long history of blind box, | 盲盒的历史悠久, |
| 24 | and what we've done is just added our own flavor to that. | 而我们所做的只是 增加了我们自己的味道。 |
| 25 | Now, the company has more than 500 stores | 现在,公司有500多家商店 |
| 26 | and 2,000 vending machines worldwide. | 全世界有两千台自动售货机 |
| 27 | When you decide to splurge on a Popmart blind box, | 当你决定用波普玛特的盲盒 |
| 28 | which could cost around $20 to $30, | 可能花费约20到30美元, |
| 29 | you don't go in totally blind. | 你不会完全盲目的 |
| 30 | Take this collection. | 取此集经. |
| 31 | There are six possible characters you could unbox | 有六个字符可以解开 |
| 32 | and a secret one that you have a 1 in 72 chance of getting. | 还有你72个机会中就有1个的秘密 |
| 33 | One of the things that the brand can do to keep engagement, | 该品牌可以做的一件事 保持接触, |
| 34 | to encourage consumers to get a little more excitement out of it, | 鼓励消费者更兴奋一点, |
| 35 | is to label the box. | 用于标记框。 |
| 36 | This one says, have a seat. | 这个说,请坐。 |
| 37 | I know the range, so I still get that surprise. | 我知道范围,所以我仍然得到这个惊喜。 |
| 38 | But at the same time, I know I'm not going to get anything crazy. | 但与此同时,我知道我不会 得到任何疯狂。 |
| 39 | That specific range also creates a set. | 这个特定范围也创造了一组. |
| 40 | It's a well-known, well-supported phenomenon | 这是一个众所周知, 支持性强的现象 |
| 41 | that most people, under certain conditions, | 大多数人,在某些条件下, |
| 42 | have a very strong tendency to want to complete a set. | 有一种非常强烈的倾向 想要完成一组。 |
| 43 | This is version one. | 这是第一版 |
| 44 | This is the have a seat. | 这边请坐 |
| 45 | This is version two. | 这是第二版。 |
| 46 | I have all the notes, everything that came out. | 我有所有的笔记, 所有出来的。 |
| 47 | But Popmart isn't just for the thrill seekers. | 但Popmart不只是为寻求刺激的人。 |
| 48 | For a lot of people, there's a little bit of a feeling | 对很多人来说,有一点感觉 |
| 49 | that you are being nurtured in a sense. | 你正在被某种意义上的培养。 |
| 50 | The universe is about to give you a gift. | 宇宙即将给你一个礼物。 |
| 51 | So, ah, take a look. | 所以,啊, 看看这个。 |
| 52 | Oh, I think it's the light or the slightly darker blue one | 哦,我想是光或者更暗的蓝色 |
| 53 | for no reason at all, except that I chose a favorite. | 除了我选了个最爱 |
| 54 | Now, what's the cost if I'm wrong? | 现在,如果我错了要付出什么代价? |
| 55 | Almost nothing. | 几乎什么都没有。 |
| 56 | I'm dead wrong, but it's still fun, right? | 我错了,但它仍然很有趣,对不对? |
| 57 | Popmart didn't invent blind box packaging, | 波普马特没有发明盲盒包装, |
| 58 | but it is successfully leaning into what customers like about it. | 但它成功地吸引到 顾客喜欢它。 |
| 59 | We started as a retail store, | 我们从零售店开始 |
| 60 | and we've spent 15 years refining that experience. | 我们花了15年的时间来完善这种经验。 |
| 61 | Our collectibles bring people together naturally, | 我们的收藏品自然地把人们聚集在一起 |
| 62 | and our stores offer a place for them to have that experience. | 我们的商店为他们提供了 拥有这种经验的地方 |
| 63 | When it launched the big into energy Labubu line in April, | 当它在4月推出大进能量拉布布线时, |
| 64 | a crowd of 2,500 people showed up at its Century City location before 6.30 a.m. | 6点30分前 一群2500人出现在世纪城的所在地 |
| 65 | And that's become the norm for many of the company's releases. | 这已经成为公司许多发行的规范. |
| 66 | Stores are a key part of Popmart's strategy to grow beyond China. | 商店是波普马特超越中国发展战略的关键部分. |
| 67 | Sales outside of China more than tripled in 2024. | 2024年中国境外销量翻了三倍多. |
| 68 | Overseas revenue now makes up nearly 40% of the company's sales, | 现在海外收入占公司销售额的近40%, |
| 69 | up from 17% in 2023. | 从2023年的17%上升。 |
| 70 | The company plans to open more than 20 stores in the U.S. | 公司计划在美国开设20多家店铺. |
| 71 | by the end of 2025, nearly doubling its footprint in the country. | 到2025年底,其在该国的足迹几乎翻了一番。 |
| 72 | But to drive that foot traffic, | 但为了驱赶那条小路 |
| 73 | it's really about what's inside the boxes. | 是关于盒子里的东西 |
| 74 | Though Popmart does license some existing IP, | 虽然Popmart确实允许一些现有的IP, |
| 75 | like Disney and Marvel characters, | 像迪士尼和马维尔的角色, |
| 76 | over 85% of its revenue in 2024 | 2024年收入的85%以上 |
| 77 | came from exclusive products developed with artists. | 来自于与艺术家开发的独家产品. |
| 78 | After having a store for six years at that point, | 在那个时候开了六年的店之后 |
| 79 | I think that we were looking for a new way to innovate. | 我认为我们在寻找新的创新方式。 |
| 80 | The CEO of Popmart, he put out a survey online and asked people, | 波普马特的首席执行官 他在网上做了调查 问人们 |
| 81 | what artist would you want to see, | 你想看什么艺术家? |
| 82 | what characters would you want to see in a blind box format, | 你想用盲文框格式看到什么字符, |
| 83 | or as a collectible toy. | 或作为可收藏的玩具。 |
| 84 | And so he connected with Kenny Wong, who's a Hong Kong-based artist, | 所以他和Kenny Wong有关联 他是香港的艺术家 |
| 85 | and worked with him to bring his Molly character into our first series, | 和他合作,把他的莫莉角色 带到我们的第一系列, |
| 86 | which was the Zodiac series, which we released in 2016. | 这是黄道系列,我们于2016年发行。 |
| 87 | And LeBouBou is a part of the Monsters line, | 而LeBouBou是魔兽队的一部分 |
| 88 | designed by Hong Kong artist Kasing Lung. | 由香港艺术家嘉兴龙设计. |
| 89 | The line is now the biggest driver of Popmart's growth. | 该线目前是波普马特成长的最大动力. |
| 90 | Its revenue saw a 726% growth from the previous year. | 其收入比前一年增长了726%。 |
| 91 | Customers love the character so much | 顾客太喜欢这个角色了 |
| 92 | that LeBouBou products go for massive markups on the secondary market. | 乐宝产品在二级市场上 大量销售 |
| 93 | Finding the right artists and characters is a key part of the company's growth strategy, too. | 寻找合适的艺术家和人物也是公司成长策略的关键部分. |
| 94 | In 2023, the company released the Peach Riot series | 2023年,公司发行"桃子暴动"系列 |
| 95 | with its first U.S.-based artist, Libby Frame. | 与首个位于美国的艺术家Libby Frame合作. |
| 96 | Popmart says it's now the company's top IP | 波普玛特说现在是公司顶级IP |
| 97 | in average figuring blind box sales in North America. | 平均计算北美的盲盒销售量 |
| 98 | We want to continue to create for the Western market as well | 我们想继续创造西方市场 |
| 99 | and look for more Western artists to bring in. | 并寻找更多的西方艺术家带来。 |
| 100 | Its mix of IP and retail situates Popmart in between its blind box competitors, | 它的IP和零售的组合 将波普马特定位在盲盒竞争者之间 |
| 101 | 日本Dreams公司,主要开发IP 如Smiskey和Sunny Angel, | |
| 102 | and Chinese retailer Miniso, which primarily sells and distributes other companies' IP products. | 和中国零售商Miniso,主要销售和分销其他公司的IP产品. |
| 103 | All of those companies have made blind boxes go viral. | 所有这些公司都让盲盒变成病毒 |
| 104 | Fans have hoarded huge collections, spending hundreds of dollars along the way. | 粉丝们囤积了大量的收藏品,沿途花费了数百美元. |
| 105 | The army has gathered. | 军已集. |
| 106 | I think I've spent around $300. | 我想我花了大约300美元。 |
| 107 | I think it's around $600 or more. | 我觉得大概是600美元左右 |
| 108 | They add up. | 他们加起来。 |
| 109 | Blind boxes for many, many of the consumers is an experience, not a product. | 对许多人来说,许多消费者的盲盒是一种体验,而不是一种产品。 |
| 110 | And so you've been investing that anticipation and you want that big payoff. | 所以,你一直在投资 期待,你想要大回报。 |
| 111 | So in that sense, it resembles very strongly gambling. | 从这个意义上来说,它就像非常强烈的赌博。 |
| 112 | So much so that several countries have regulated the industry in Asia, | 如此之多,有几个国家 已经规范亚洲的工业, |
| 113 | where blind boxes have already become a billion-dollar market. | 盲盒已经变成了十亿美元的市场 |
| 114 | Singapore has proposed capping the value of mystery boxes to 100 Singaporean dollars, | 新加坡提议把神秘盒子的金额封顶到100新加坡元, |
| 115 | or around 77 U.S. dollars. | 或约77美元。 |
| 116 | And China banned the sale of blind boxes to kids under the age of eight. | 而中国则禁止向8岁以下的孩子出售盲箱. |
| 117 | The target audience for our product is an adult collector. | 我们产品的目标受众是成人收藏家。 |
| 118 | We are specifically hitting that Gen Z kid-old customer, | 我们正专门打击那个Gen Z孩子的客户 |
| 119 | so they're more collectible items than anything else, | 所以它们比其他东西更能收藏 |
| 120 | and so they're definitely not marketed for children. | 所以他们绝对不卖给孩子 |
| 121 | And as with any viral phenomenon, there's a risk of the fad dying out, | 和任何病毒现象一样, 也存在着fad死亡的危险, |
| 122 | so the company is working to diversify. | 所以公司正致力于多样化 |
| 123 | Our sales have shifted significantly from blind box figurines to now it's much more plush. | 我们的销量已经从盲盒的木雕 大幅转向现在 它的加价要高得多 |
| 124 | And we're also expanding in our accessories category. | 我们还在扩大配件类别。 |
| 125 | That's one of the fastest-growing categories that we have. | 这是我们发展最快的类别之一。 |
| 126 | Still, amid an uncertain trade war with China, | 然而,在一场不确定的贸易战争中, |
| 127 | those products might get a little more expensive to sell in the U.S. | 这些产品在美国的销售成本可能要高一些。 |
| 128 | Popmark declined to comment on the U.S.-China trade environment. | 波普马克拒绝评论美中贸易环境. |
| 129 | Longevity is key to everything that we're doing, | 长寿是我们所做的一切的关键 |
| 130 | and we will continue to innovate and offer new ways for people to interact | 我们将继续创新,并为人们的互动提供新的途径 |
| 131 | with the characters that they have come to love. | 他们喜欢的人物 |
| 132 | Whether that's something like our theme park, | 不管是我们的主题公园 |
| 133 | where you can interact with mascot versions of our characters as well, | 在那里,你也可以与吉祥物版本 我们的角色, |
| 134 | digital content we're developing, | 我们正在开发的数字内容, |
| 135 | there will continue to be ways that we can build the stories of these characters, | 我们将继续有办法 来创造这些人物的故事, |
| 136 | continue to build those narratives, | 继续编造这些叙述, |
| 137 | and continue to give people a way to interact with all of the characters | 继续给人一种与所有角色互动的方式 |
| 138 | that they fall in love with. | 他们爱上。 |
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