2 1 Shi Ji Jing Ji Bao Dao·2025-04-28 12:12Core Insights - LABUBU has gained immense popularity, becoming a "top-tier star" with significant sales, driven by its unique character design and celebrity endorsements [1][2] - The revenue from the THE MONSTERS series, which includes LABUBU, has seen a dramatic increase, with 2024 revenue reaching 30 billion yuan, a 726.6% year-on-year growth [3] Group 1: IP Origin - LABUBU was created by Hong Kong illustrator Long Jia Sheng in 2015 as part of the THE MONSTERS series, characterized by its quirky and mischievous design [2] - The character gained traction after being signed by Pop Mart in 2019, but it only started to gain popularity in 2024 when celebrities like Lisa from BlackPink began to showcase it [2] Group 2: Popularity Logic - LABUBU's success aligns with the trend of Chinese companies and IPs expanding internationally, with Pop Mart effectively leveraging social media and live streaming to boost sales in overseas markets [4] - The luxury market's shift towards more accessible products has also contributed to LABUBU's rise, as it offers a fun alternative to traditional luxury accessories [4] - The demand for plush toys among younger consumers, driven by emotional consumption trends, has created a significant market opportunity for LABUBU [5]