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平理解好生意和护城河的重要指标。它不是随意卖高价的能力，而是因为产品差异化、用户信任和长期价值，让企业在合理范围内拥有不被价格战牵着走的能力。",22.5,{"title":150,"slug":151,"description":152,"category":132,"order":153,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"用户体验","yonghutiyan","段永平对用户体验的关注可以追溯到他做小霸王和步步高时期，那时他用\"消费者导向\"来表达类似的理念。2003年北大演讲中他说：\"对于企业来说，最重要的是产品，而产品又必须以消费者为导向，所以最终你要找准消...",23,{"title":155,"slug":156,"description":157,"category":132,"order":158,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"渠道","qudao","段永平对渠道的理解来源于他在步步高建立全国销售网络的实战经验。1999年在人民大学问答中，被问及步步高在管理上有什么特点时，他提到了\"地区唯一代理制\"的渠道管理模式。这是他最早公开谈论渠道策略的记录。",24,{"title":160,"slug":161,"description":162,"category":132,"order":163,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"平台","pingtai","段永平使用\"平台\"概念主要集中在分析苹果公司的商业模式时。最早出现在2011年他写的\"买入苹果思考\"中：",25,{"title":165,"slug":166,"description":167,"category":132,"order":168,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"生态系统","shengtaixitong","段永平使用\"生态系统\"这一概念主要是在分析苹果公司时。最早出现在2012年前后的投资问答中。当一位网友详细描述了苹果设备之间的联动体验（iPhone、iPad、Mac的无缝协作、App 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与能力圈边界。",5290,{"title":787,"slug":788,"description":789,"category":662,"order":790,"type":791,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的公司","topic-highly-rated-companies","按段永平视角整理他高度评价过的公司，并区分高度评价、正面关注、曾评价后修正和仍需观察。",5300,"topic",{"title":793,"slug":794,"description":795,"category":662,"order":796,"type":791,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的人","topic-highly-rated-people","按段永平视角整理他高度评价过的人：投资大师、企业家、创始人和关键经营者。",5310,{"title":798,"slug":799,"description":800,"category":662,"order":801,"type":791,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平正在重估的公司","topic-revaluated-companies","整理段永平从看不懂、保留或低估，逐步重新评估的公司案例：泡泡玛特、英伟达、阿里、新东方等。",5320,{"id":803,"title":682,"body":804,"category":662,"chapterOrder":10,"date":10,"description":684,"extension":1337,"meta":1338,"navigation":1339,"order":685,"path":1340,"seo":1341,"seoDescription":1342,"seoTitle":1343,"slug":683,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1344,"tags":1345,"type":674,"volume":10,"volumeOrder":10,"__hash__":1348,"_collection":1349},"dao\u002Fdao\u002Fcompany-people\u002Fcompany-pop-mart.md",{"type":805,"value":806,"toc":1315},"minimark",[807,811,815,819,827,831,843,849,854,857,862,865,868,873,876,879,882,885,890,893,898,906,909,919,928,937,940,944,947,1062,1092,1101,1110,1113,1116,1119,1122,1125,1144,1153,1156,1159,1162,1165,1168,1171,1174,1177,1182,1185,1189,1192,1196,1199,1203,1206,1209,1218,1221,1224,1241,1244,1247,1250,1253,1256,1264,1267,1297,1300],[808,809,682],"h1",{"id":810},"泡泡玛特有定价权吗段永平视角下的提价能力",[812,813,814],"h2",{"id":814},"一句话结论",[816,817,818],"p",{},"按段永平理解企业的方式，泡泡玛特已经出现了定价权迹象，但还没有经过完整验证。现有资料能够证明的，是差异化新品可以进入更高的单件价格带，而且部分热门 IP 在这些价格上需求旺盛。",[816,820,821,822,826],{},"这与同款产品持续涨价不是一回事。材质、尺寸、工艺、IP 热度和供给量往往同时变化，公开数据没有把品牌、产品升级和价格各自带来的影响分开。本文因此把它称为",[823,824,825],"strong",{},"定价权迹象","，而不是已经得到证明的长期定价权。",[812,828,830],{"id":829},"先把定价权说清楚","先把“定价权”说清楚",[816,832,833,834,838,839,842],{},"段永平把",[835,836,145],"a",{"href":837},"\u002Fdingjiaquan","和",[835,840,68],{"href":841},"\u002Fhuchenghe","直接联系在一起：",[844,845,846],"blockquote",{},[816,847,848],{},"定价权就是“护城河”吧？（2010-05-18）",[844,850,851],{},[816,852,853],{},"能涨价的东西就表示他有“护城河”。（2010-05-28）",[816,855,856],{},"但这不等于价格越高，护城河越深。他谈产品定价时还说过：",[844,858,859],{},[816,860,861],{},"定价很简单，就是你给客户带来的价值的一部分，所以跟客户和价值都有关。（2017-11-15）",[816,863,864],{},"因此，判断泡泡玛特有没有定价权，不能只看一个玩偶的材料成本，也不能只看毛利率。要回答的是：用户为什么愿意多付钱？价格提高后，他们会不会减少购买，或者转向其他品牌？",[816,866,867],{},"用户购买泡泡玛特产品，既是在买 PVC 或毛绒制品，也是在为审美、收藏、惊喜、社交表达、陪伴和品牌信任付钱。段永平后来用“情绪价值”理解这家公司，最简洁的一句话是：",[844,869,870],{},[816,871,872],{},"喜欢就是价值啊。（2026-07-06）",[816,874,875],{},"喜欢本身可以产生价值，但喜欢也会变化。这给泡泡玛特形成定价权提供了基础，也带来了持续性风险。",[812,877,878],{"id":878},"段永平为什么改变了看法",[816,880,881],{},"段永平最初并没有看懂泡泡玛特。2025年8月，他认为产品和创始人都很有意思，公司能做到当时的规模很了不起，但“看不懂10年后公司会怎样”。到2026年1月，他仍在追问：人们为什么需要这些东西，万一过两年大家都不要了呢？",[816,883,884],{},"转变发生在他把潮玩和自己熟悉的游戏体验联系起来之后。他意识到，人们喜欢一件东西，不需要得到不喜欢者的理解。随后，他重新梳理了泡泡玛特已经形成的壁垒：",[844,886,887],{},[816,888,889],{},"泡泡玛特的壁垒目前看上去有几个：已经建立起来的用户关注度（品牌），艺术家的签约壁垒，全球各地的门店，强大的王宁和他的team（包括生产，物流，品质以及一切及其他）。（2026-04-09）",[816,891,892],{},"他的结论仍然带着前提：",[844,894,895],{},[816,896,897],{},"泡泡玛特的壁垒远比想象中强大，只要潮玩会有持续性，泡泡玛特就是非常好的生意了。（2026-04-09）",[816,899,900,901,905],{},"这两段话很适合用来理解泡泡玛特的定价权。品牌、艺术家、门店和供应链能够让喜欢潮玩的人持续关注泡泡玛特，却不能保证人们永远喜欢潮玩。公司层面的壁垒已经出现，品类需求的寿命仍需时间证明。更多上下文见",[835,902,904],{"href":903},"\u002Fwenda-company-pop-mart","泡泡玛特公司问答","。",[812,907,908],{"id":908},"新品开始进入更高价格带",[816,910,911,912,918],{},"2021年4月，SKULLPANDA、一禅小和尚和 VIVICAT 等新品采用69元定价，而此前主流盲盒价格多为59元，两个价格点相差16.9%。旧系列大多仍维持59元，新品的设计、零件和工艺也有变化，因此这不是同款商品从59元直接涨到69元。公司给出的解释是原材料和人工成本上升，同时新品更加复杂。",[835,913,917],{"href":914,"rel":915},"https:\u002F\u002Fwww.yicai.com\u002Fnews\u002F101035918.html",[916],"nofollow","第一财经的门店调查","记录了这次价格变化。",[816,920,921,922,927],{},"消费者的反应并不一致。有人认为，只要设计和品控匹配，69元可以接受；也有人表示继续涨价就会“退坑”。SKULLPANDA 新品当时仍出现长时间排队和快速售罄。",[835,923,926],{"href":924,"rel":925},"https:\u002F\u002Fwww.tfcaijing.com\u002Farticle\u002Fpage\u002F2f72564a45304b6448524469386372525a7a547449413d3d",[916],"时代财经的现场报道","只能证明这批新品在69元发售价下需求旺盛。由于设计、工艺和备货量也发生了变化，不能据此算出提价对销量的影响。",[816,929,930,931,936],{},"到2025年，泡泡玛特的产品价格带更宽。LABUBU“前方高能”搪胶毛绒挂件定价99元，Mini LABUBU“心底密码”定价79元。后者上线后迅速售罄，天猫页面显示销量超过30万件。",[835,932,935],{"href":933,"rel":934},"https:\u002F\u002Fwww.chinanews.com.cn\u002Fcj\u002F2025\u002F08-29\u002F10473193.shtml",[916],"中国新闻网的发售记录","提供了当时的价格和市场表现。",[816,938,939],{},"不过，79元、99元的产品在尺寸、材质、款式数量和使用场景上都与早期59元的 PVC 手办不同。把它们连成“59元涨到99元”的直线，会夸大同款提价能力。现有资料只能说明，泡泡玛特通过产品变化进入了新的价格带。",[812,941,943],{"id":942},"提价之后用户还愿意买吗","提价之后，用户还愿意买吗",[816,945,946],{},"从公司整体数据看，2025年的需求很强，但这些数据不能单独回答“同一款商品提价后，用户是否还愿意买”。品牌、新品、渠道和供给同时变化，财报没有提供严格的提价前后对照。",[948,949,950,973],"table",{},[951,952,953],"thead",{},[954,955,956,960,964,967,970],"tr",{},[957,958,959],"th",{},"年度",[957,961,963],{"align":962},"right","收入",[957,965,966],{"align":962},"收入增速",[957,968,969],{"align":962},"毛利率",[957,971,972],{"align":962},"会员复购率",[974,975,976,994,1011,1028,1045],"tbody",{},[954,977,978,982,985,988,991],{},[979,980,981],"td",{},"2021",[979,983,984],{"align":962},"44.91亿元",[979,986,987],{"align":962},"78.7%",[979,989,990],{"align":962},"61.4%",[979,992,993],{"align":962},"56.5%",[954,995,996,999,1002,1005,1008],{},[979,997,998],{},"2022",[979,1000,1001],{"align":962},"46.17亿元",[979,1003,1004],{"align":962},"2.8%",[979,1006,1007],{"align":962},"57.5%",[979,1009,1010],{"align":962},"50.7%",[954,1012,1013,1016,1019,1022,1025],{},[979,1014,1015],{},"2023",[979,1017,1018],{"align":962},"63.01亿元",[979,1020,1021],{"align":962},"36.5%",[979,1023,1024],{"align":962},"61.3%",[979,1026,1027],{"align":962},"50.0%",[954,1029,1030,1033,1036,1039,1042],{},[979,1031,1032],{},"2024",[979,1034,1035],{"align":962},"130.38亿元",[979,1037,1038],{"align":962},"106.9%",[979,1040,1041],{"align":962},"66.8%",[979,1043,1044],{"align":962},"49.4%",[954,1046,1047,1050,1053,1056,1059],{},[979,1048,1049],{},"2025",[979,1051,1052],{"align":962},"371.20亿元",[979,1054,1055],{"align":962},"184.7%",[979,1057,1058],{"align":962},"72.1%",[979,1060,1061],{"align":962},"55.7%",[816,1063,1064,1065,1070,1071,1070,1076,1070,1081,1086,1087,905],{},"资料来自泡泡玛特",[835,1066,1069],{"href":1067,"rel":1068},"https:\u002F\u002Fwww1.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2022\u002F0328\u002F2022032800311_c.pdf",[916],"2021年","、",[835,1072,1075],{"href":1073,"rel":1074},"https:\u002F\u002Fwww1.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2023\u002F0329\u002F2023032900312_c.pdf",[916],"2022年",[835,1077,1080],{"href":1078,"rel":1079},"https:\u002F\u002Fwww.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2024\u002F0320\u002F2024032000318_c.pdf",[916],"2023年",[835,1082,1085],{"href":1083,"rel":1084},"https:\u002F\u002Fwww.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2025\u002F0326\u002F2025032600228_c.pdf",[916],"2024年","及",[835,1088,1091],{"href":1089,"rel":1090},"https:\u002F\u002Fwww.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2026\u002F0325\u002F2026032500286_c.pdf",[916],"2025年业绩公告",[816,1093,1094,1095,1100],{},"公司披露，2025年全年全 IP、全品类产品的全球销量超过4亿件，其中 THE MONSTERS 超过1亿件。",[835,1096,1099],{"href":1097,"rel":1098},"https:\u002F\u002Fwww1.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2026\u002F0209\u002F2026020901221_c.pdf",[916],"公司自愿公告","证明当年实物销售规模很大。不过，公司没有同时披露2024年的可比销量，因此不能由此计算销量增速，也不能拆分价格和销量各自贡献了多少收入增长。",[816,1102,1103,1104,1109],{},"2026年第一季度，未经审计的整体收入继续同比增长75%至80%，中国收入增长100%至105%。",[835,1105,1108],{"href":1106,"rel":1107},"https:\u002F\u002Fwww.hkexnews.hk\u002Flistedco\u002Flistconews\u002Fsehk\u002F2026\u002F0512\u002F2026051200580_c.pdf",[916],"公司最新业务公告","说明强需求没有在2025年结束后立即消失，但其中依然混合了新品、渠道扩张和用户增长，不能单独归因于定价。",[816,1111,1112],{},"会员复购率也需要看清定义。财报中的55.7%，指2025年购买两次或以上的会员占比，不是多年前老会员在2025年仍然购买的比例。它能说明当年用户有重复购买行为，不能证明同一批用户在多年提价后仍然留下。",[812,1114,1115],{"id":1115},"价格随产品一起变",[816,1117,1118],{},"泡泡玛特目前表现出来的能力，主要是把变化后的产品放进更高的单件价格带，而不是反复修改旧产品价格。",[816,1120,1121],{},"2025年，毛绒产品收入由28.32亿元增加到187.08亿元，同比增长560.6%，收入占比从21.7%升到50.4%。传统手办的收入占比则从53.2%降到32.4%。产品结构在一年内发生了很大变化。",[816,1123,1124],{},"泡泡玛特实现更高单件标价，主要有以下几种办法：",[1126,1127,1128,1132,1135,1138,1141],"ul",{},[1129,1130,1131],"li",{},"把热门 IP 做成毛绒挂件、手办、MEGA、配饰和生活用品；",[1129,1133,1134],{},"通过尺寸、材质、工艺和款式变化建立新的价格参照；",[1129,1136,1137],{},"为不同 IP 设计不同的产品节奏，而不是采用统一价格；",[1129,1139,1140],{},"在海外使用当地价格体系；",[1129,1142,1143],{},"将 IP 延伸到乐园、甜品和其他体验场景。",[816,1145,1146,1147,1152],{},"以同一款“前方高能”搪胶毛绒挂件为例，中国市场发售价为99元，美国官方商店标价为27.99美元。",[835,1148,1151],{"href":1149,"rel":1150},"https:\u002F\u002Fwww.popmart.com\u002Fus\u002Fcollection\u002F143\u002Flabubu-plush",[916],"泡泡玛特美国官网","显示了这种区域差异。汇率、物流、关税、租金和当地运营都会影响价格，两个数字不能直接比较。官网页面只能证明公司采用了区域化价格体系；当地消费者能否长期接受，还要结合销量、复购和折扣观察。",[816,1154,1155],{},"段永平谈泡泡玛特甜品时，也使用了类似逻辑。他认为粉丝愿意多花一点钱体验泡泡玛特甜品，因此产品可以卖得比一般甜品贵一些；如果销量更大，公司又有机会反过来把产品做得更好。品牌由此进入新的消费场景，提价空间来自新的价值，而非反复修改原来玩偶的标签。",[812,1157,1158],{"id":1158},"定价权并不平均分布",[816,1160,1161],{},"即使公司层面出现定价权迹象，落到具体商品，价格弹性也会有差别。下面的分层是分析框架，不是财报披露的消费者调查结论。",[816,1163,1164],{},"热门 IP 提供了目前最强的正面证据。79元和99元的 LABUBU 新品曾在较短时间内售罄，说明这些发售批次在官方价格上有充足需求。但售罄还受备货量、渠道流量和二手交易影响，不能直接算出用户对涨价的敏感程度。",[816,1166,1167],{},"对于普通喜欢者，涨价可能先影响购买频次，而不是立即变成完全不买。例如从经常购买变成只选最喜欢的系列。这是消费行为上的合理假设，公司现有披露还不能验证。财报只提供年度复购比例，没有公布会员购买次数的分布和长期留存。",[816,1169,1170],{},"普通 IP 和低辨识度产品可能更容易受到价格约束。潮玩没有很高的转换成本，消费者可以换品牌，也可以什么都不买。产品如果缺少设计差异，仅凭泡泡玛特的名字提高价格，可能带来折扣和库存压力。",[816,1172,1173],{},"热门 IP 的供不应求不能自动推及公司所有产品。公司下一步需要证明的是，即使某个爆款降温，它仍能让用户把注意力留在泡泡玛特，并找到下一个愿意付费的产品。",[812,1175,1176],{"id":1176},"四个反面信号",[1178,1179,1181],"h3",{"id":1180},"_1-2022年并不轻松","1. 2022年并不轻松",[816,1183,1184],{},"2022年公司收入只增长2.8%，毛利率从61.4%降到57.5%。财报称，自主产品毛利率下降与工艺复杂、原材料上涨及促销活动有关。财报没有直接披露提价能力，但这一时期至少说明，成本、产品结构和促销都可能明显挤压利润率，强品牌也无法让经营结果脱离这些因素。",[1178,1186,1188],{"id":1187},"_2-高毛利率不等于全部来自提价","2. 高毛利率不等于全部来自提价",[816,1190,1191],{},"2025年毛利率达到72.1%。公司解释，提升主要来自海外销售占比增加，以及柔性供应链和集中采购降低成本。因此，高毛利率可以证明商业模式盈利能力强，却不能单独证明用户对涨价不敏感。",[1178,1193,1195],{"id":1194},"_3-爆款集中度仍然较高","3. 爆款集中度仍然较高",[816,1197,1198],{},"2025年 THE MONSTERS 收入141.61亿元，占公司总收入38.1%。与此同时，公司共有17个艺术家 IP 收入超过1亿元，SKULLPANDA、CRYBABY、MOLLY、DIMOO、星星人等也已形成规模。两组数据要放在一起看：泡泡玛特已经不是只有一个 IP，但当年增长仍明显受益于 LABUBU。",[1178,1200,1202],{"id":1201},"_4-库存正在考验真实需求","4. 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