POP MART(09992) 第一财经·2025-04-29 09:54Core Insights - The core viewpoint of the articles highlights the significant growth of Pop Mart's overseas business, particularly driven by the popularity of the LABUBU series and its strong performance in various international markets [1][3][4]. Group 1: Financial Performance - In Q1 of this year, Pop Mart's overseas business revenue increased by 475%-480% year-on-year, with the Americas market seeing a staggering growth of 895%-900%, Europe at 600%-605%, and the Asia-Pacific region at 345%-350% [1][3]. - For the year 2024, Pop Mart achieved a revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, with overseas and Hong Kong-Macau-Taiwan business revenue reaching 5.07 billion yuan, up 375.2%, accounting for nearly 40% of total revenue [3]. Group 2: Product Popularity and Market Trends - The LABUBU series, part of THE MONSTERS IP created by artist Long Jiasheng, has gained immense popularity globally, with related revenue experiencing a remarkable year-on-year increase of 726.6% last year [3]. - The LABUBU "High Energy Ahead" series is priced at 99 yuan each and has been sold out upon release, with some second-hand listings reaching up to 100,000 yuan, indicating a significant premium of about 30% over the original price [3]. Group 3: Strategic Insights - Pop Mart's COO, Si De, stated that there are currently no plans to acquire factories, as the company prefers to focus on factory management, with over 99% of products being produced in core factories [4]. - The company is looking to increase its production ratio in Vietnam and other Southeast Asian countries, gradually enhancing its overseas production capabilities [4]. - Industry expert Zhang Shule noted that Chinese trendy toys are evolving into a cultural phenomenon, particularly in the U.S., with Pop Mart's IP operations reflecting new categories, channels, markets, and trends [4].