Kann die AI-Version von Pop Mart einen zweiten Labubu nachbauen?

If we were to talk about the hottest sectors in 2025, trendy collectibles would definitely be one of them.

Labubu made a dazzling debut as the new top - trending collectible. The stock price of Pop Mart once soared nearly 15 times, helping its founder, Wang Ning, become the new richest person in Henan with a market value of over HK$350 billion. Meanwhile, it was reported that Miniso planned to spin off its trendy collectible brand, TOPTOY, for an IPO in Hong Kong, aiming to raise about US$300 million.

Besides the leading players in the trendy collectible market, IP pop - up stores, the second - hand trading market, unboxing live - streaming, and even the "workshops" that customize clothes and makeup for dolls have all benefited from this trend.

However, as more and more players enter the market, blind boxes, co - branded products, and limited - edition items have reached the peak of competition. The trendy collectible market is in urgent need of new stories.

At this time, "AI trendy collectibles" have entered the public eye. This combination, which hits both the trendy collectible and AI trends, seems to be a sure - fire sector. Coupled with the outstanding performance of Pop Mart in the Hong Kong stock market, the AI companion hardware sector, which was on the verge of a "breakout", has become extremely crowded.

Entrepreneurs with backgrounds from large companies, along with investments from top - tier funds, are flocking to this sector. Zhu Xiaohu, who once planned to withdraw from humanoid robot investments, has also turned around and entered the market, investing in Robopoet, the parent company of Fuzozo. According to statistics from Yicai Business School, there are at least 30 companies in this sector currently, such as YueRan Innovation, MengYou Intelligence, Ubtech, and TCL.

However, under the surface of the excitement, not many companies have truly achieved commercialization of their products.

Can AI trendy collectibles produce the next Labubu?

The shell of trendy collectibles, the core of AI companionship, and the heart of IP creation

Whether AI trendy collectibles can be considered as trendy collectibles is a question. Looking at the products of several companies positioning themselves as "AI trendy collectibles", they are no different from AI companion hardware and AI pets.

So, what exactly are AI trendy collectibles? How do they differ from trendy collectibles like Pop Mart and Jellycat?

Firstly, most trendy collectible companies have multiple ace IPs as their core assets. For example, Pop Mart has Molly and Labubu, and 52TOYS has NOOK and Panda Puddy. They then artificially control the supply through limited - edition releases, seasonal exclusives, and co - branded products to create a sense of scarcity. For instance, Pop Mart's blind - box series usually sets the probability of hidden items at 1/144 or even lower, stimulating consumers to make repeated purchases.

Secondly, most trendy collectible products are equipped with NFC chips. With this chip, the authenticity of the product can be verified, and each trendy collectible has a unique global ID that cannot be replicated. Consumers can also obtain exclusive content, such as design sketches, by scanning the NFC chip, which adds value to the trendy collectible.

Due to limited official supplies, phenomena such as premium prices for hidden items and appreciation of out - of - print items are common. A rare mint - colored Labubu was once sold for RMB 1.08 million in the secondary market.

The first - generation mint - green Labubu was finally sold for RMB 1.08 million at the Yongle Spring Auction.

It can be seen that the underlying logic for the sky - rocketing value of trendy collectibles lies in their scarcity and collectible value, rather than their functionality. Wang Ning, the founder of Pop Mart, once mentioned in a sharing session: "Things with 'useless' uses are eternal. Any functional things will inevitably depreciate and be replaced by new ones."

AI trendy collectibles, on the other hand, form a sharp contrast with Pop Mart and 52TOYS.

On the one hand, AI trendy collectibles have clear functional attributes. Currently, products positioning as AI trendy collectibles, represented by Robopoet and Oilovef, use large - scale AI model technology to add intelligent interaction capabilities to the trendy collectible form, enabling them to have functions such as emotional companionship and voice interaction. Putting aside the "trendy" appearance design, AI trendy collectible products are more similar to AI toys, AI companion robots, and AI pets, which are AI hardware that provides emotional value.

The AI trendy collectible black cat DUOMI

On the other hand, the AI functions make AI trendy collectibles more like a technological product, which may weaken the scarcity and collectible value of trendy collectibles. The iteration of AI and hardware technology will make old models obsolete, and it is difficult for them to appreciate in value over time like "useless" traditional trendy collectibles. In addition, the replicability of AI functions (through software updates and access to large - scale models like Doubao) conflicts with the "unique" attribute emphasized by trendy collectibles.

According to Xue Er, the person - in - charge of the Oilovef development team, AI toys encompass AI trendy collectibles. AI trendy collectible products are essentially AI companion hardware, but they require a much higher level of IP power. From voice boxes to AI toys, and then to AI trendy collectibles, it is essentially an iterative upgrade of product functions. "Our product, the black cat DUOMI, targets people from youth to 35 years old. In terms of design, it focuses on being 'trendy'."

By simply disassembling the components of AI trendy collectibles and trendy collectibles, we can get:

Trendy collectibles = IP + Toys

AI trendy collectibles = IP + AI companion hardware

Both attach importance to IP. AI trendy collectibles are more like AI companion hardware with added IP, emphasizing more on AI companion hardware. However, for startups, telling the story of "AI trendy collectibles" is more appealing than that of AI companion hardware at present.

Selling peripherals, doing pre - sales, and going global. Is it still the old way of trendy collectibles?

While the popularity of Labubu is still high, it is the best time for AI trendy collectibles to launch their products. However, many brands have not passed the first - round market screening - mass production.

Yicai Business School has compiled information on 7 popular and mass - produced AI companion hardware products currently on the market. It is found that whether the products are positioned as AI pets, companion robots, or the recently emerged AI trendy collectibles, they all more or less borrow marketing strategies from the trendy collectible and secondary markets.

Firstly, it is about selling peripherals. In addition to purchasing hardware and software services, consumers also have to spend money on peripherals for AI trendy collectibles. For example, the prices of accessories such as clothes, hats, and glasses for Lovot range from a few hundred to a few thousand yuan. The official peripherals of Lovot are also not cheap. A pair of home slippers costs 550 yuan.

A screenshot of the Lovot official flagship store

Fuzozo also said that it will gradually launch peripherals in a month, and the styles and prices are yet to be determined.

Not only that, the familiar strategies also include pre - sales and going global.

Similar to trendy collectibles, three months before the product launch, the official will gradually release sneak peeks and videos on social platforms such as Xiaohongshu and Douyin, and "recruit" beta users for product promotion. At the same time, by establishing online communities, organizing offline fan activities and theme exhibitions, etc., the interaction and stickiness among users are enhanced.

The promotional activities of Ropet and Fuzozo on Xiaohongshu before their launch

When the product is officially launched, only a small amount of stock is available, and the rest are all pre - orders. The pre - order period is usually between one and three months. Yicai Business School noticed that the official ordering channel of Ropet has been closed, but there are still merchants selling it on Xianyu at prices ranging from dozens to hundreds of yuan higher than the official price. Xianyu merchants said that the Ropet products they are selling now are all stocks purchased during the crowdfunding period, and the purchase price at that time was lower than the official price.

As for going global, which is regarded as the inevitable path for trendy collectible brands to seek growth, it is also the choice of most AI companion hardware brands.

Pop Mart was established in 2010 and went global in 2018, replicating its domestic success overseas and expanding its business map through regional localization. AI companion hardware brands are targeting the overseas market from the very beginning, avoiding an 8 - year detour. For example, Ropet targeted the North American market during the crowdfunding period, mainly focusing on English - speaking countries. Xue Er also said that currently 70% of Oilovef's products are sold overseas.

When talking about the reason, He Jiabin, the CEO of Ropet, once said that there are more opportunities in the global market, which is five times the size of the Chinese market. Especially, North America has a relatively high tolerance for innovative products. First, find the PMF (Product - Market Fit) overseas, get better user feedback, and prepare for the subsequent promotion in the domestic market.

By selling peripherals to increase gross profit, doing pre - sales to increase scarcity, and going global to find a larger market, AI trendy collectibles are learning from Pop Mart and summarizing successful experiences from the popular trendy collectibles.

AI trendy collectibles have to find their own way

However, the differences between AI trendy collectibles and trendy collectibles in terms of products and business models determine that AI trendy collectibles cannot completely copy the marketing strategies of trendy collectibles.

Compared with the "buy and own" model of trendy collectibles, AI trendy collectibles are based on the profit model of "basic hardware sales + software function subscription payment". They create their own IP to enhance brand recognition and increase product premium - referring to the methodology of creating IP in trendy collectibles to obtain a highly - sticky consumer group. At the same time, brand owners develop high - value - added peripheral products to further increase gross profit.

Currently, although the functions of AI trendy collectibles on the market are similar, including emotion recognition and feedback, the price range is quite large, ranging from a few hundred yuan to tens of thousands of yuan. The difference lies in the combined experience of software and hardware and IP.

The most expensive Japanese brand, Lovot, has a single - unit price ranging from RMB 29,800 to RMB 36,680, and a monthly subscription fee of RMB 880 is required, covering software upgrades, maintenance insurance, etc. Users can also choose to buy out the service, which requires a one - time payment of about RMB 60,000 - 70,000.

The main unit starts from RMB 29,800 + a monthly subscription fee of RMB 880 + a limited - time offer of 2 - month free subscription

The sales model of the newly launched AI companion hardware in China is mainly "buy hardware + get free APP subscription service". According to the customer service of the Fuzozo JD.com self - operated store, the basic functions of Fuzozo are all free, and some value - added functions need to be unlocked by completing tasks. During the early - bird period before September 30th, users can use the interaction and dialogue functions for free without time limit. The subsequent paid functions are not clear yet.

Xue Er also told Yicai Business School that after purchasing DUOMI, consumers will be given the APP subscription service for free. For ordinary users, it will be free for at least one year; for VIP users, it will be free for at least two to three years. Because if users do not pay for the software service, the whole product will be almost useless.

From the perspective of consumer demand, Yicai Business School interviewed four consumers who had purchased AI companion hardware. Most of their reasons for purchase were the desire for companionship and the novelty of new products, rather than being attracted by the IP of trendy collectibles.

Two of the interviewees were interested in experiencing AI functions, one interviewee wanted to relieve loneliness after realizing his depressive mood, and another interviewee, CC (pseudonym), was attracted by the appearance of AI trendy collectibles. However, CC also clearly stated that she would not spend money on AI trendy collectibles in the future. "It would be good if I can play with it for two months without it becoming idle. I can't keep talking to it all the time."

Regarding whether there will be a demand for collection like trendy collectibles, Xiao Pan (pseudonym), a consumer who has successively purchased Eilik, Fuzozo, and Cupboo, said: Electronic products are different from figurines and will be updated and replaced, so they are not suitable for collection. He bought them out of pure interest.

There is one obvious difference between AI trendy collectible users and trendy collectible users. Compared with trendy collectible users who pursue good - looking, fun, or follow - the - trend purchases, AI trendy collectible consumers generally evaluate from aspects such as the durability of hardware, whether software updates are user - centered, whether continuous spending is required, and whether the AI model has a human - like feeling. They regard AI trendy collectibles as a "product" rather than a "toy collectible". For example, problems such as the short battery life of Moflin and the unclear payment model of Fuzozo after the early - bird period are regarded as "major flaws" by many consumers.

If