Labubu and Moutai: A Comparison and Challenge of New and Old Social Currencies

Recently, an analysis report compared the popular Labubu among young people with the traditional liquor giant Moutai, attempting to explore whether there is a historical recurrence of consumer cycles or a profound paradigm shift behind these two social currencies.

The report points out that although Labubu and Moutai both have the attributes of social currency, there are significant generational differences between them. Labubu’s social functions are more based on the common interests and values of the younger demographic, while Moutai relies more on power and hierarchical relationships. This difference reflects the essential distinction between "new consumption" and "traditional consumption."

In terms of globalization, Labubu has achieved significant international success, while Maotai's path to globalization is still in its early stages. This difference also reflects the varying degrees of cultural adaptability between the two.

However, Labubu and Maotai also face similar challenges. The first is the risk of the IP lifecycle. With a century of history and official support, Maotai has proven its ability to cross cycles. In contrast, Labubu has a relatively short history, and its IP lifecycle remains an important risk factor.

Secondly, investment attributes are also a double-edged sword. In an upward cycle, it can act as a catalyst for growth, but in a downward cycle, it may amplify risks. Data shows that a certain brand's stock price has fluctuated between 34.4 and 283.4 HKD over the past 52 weeks, closing recently at 244.2 HKD.

In addition, regulatory risks and market sentiment are also factors that cannot be ignored. Although Labubu's consumer base is becoming increasingly diversified and the growth of its overseas business helps to mitigate risks, regulatory changes may still impact its fundamentals or trigger stock price fluctuations.

Finally, the current phenomenon of capital集中涌入 the "new consumption"领域 is quite similar to the previous situation of capital聚集消费 blue chip stocks. This kind of "crowded trading" may have a huge impact on valuations, and investors need to remain vigilant.

Overall, Labubu, as an emerging social coin, has shown strong growth potential and global appeal. However, it also faces multiple challenges such as IP cycles, regulatory risks, and market sentiment. In the transition from investment-driven to consumption-driven growth, the developmental trajectory of Labubu is worth ongoing attention.

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