拉布布爆火背后的谷子经济：IP为王，潮玩企业转型突围

Core Insights - The third generation of LABUBU plush products has been launched globally and sold out quickly on online platforms in China, with high demand also seen in international markets [1][3] - The resale market for LABUBU products has seen significant price increases, with some items being sold at prices up to 34.5 times their original price [6][15] - The overall revenue of Pop Mart has increased significantly, with a reported growth of 165% to 170% in the first quarter of 2024, driven by both domestic and international markets [14][15] Company Performance - LABUBU has become the top revenue-generating IP for Pop Mart, achieving a revenue of 3.04 billion yuan in 2024, a year-on-year increase of 726.6% [15] - Pop Mart's total revenue for 2024 reached 13.04 billion yuan, a 106.9% increase from 6.301 billion yuan in 2023 [15] - The company reported a 95% to 100% revenue growth in the Chinese market and an explosive growth of 475% to 480% in overseas markets [15] Market Trends - The "谷子经济" (Guzi Economy) is driving the popularity of collectible toys, with a projected market size in China expected to exceed 200 billion yuan by 2025, growing at an annual rate of over 25% [16] - The trend is shifting from niche markets to mass consumption, particularly among Generation Z consumers [16] - Companies are transitioning from a focus on distribution channels to prioritizing IP development and creating a content ecosystem [16] Competitive Landscape - Other companies in the collectible toy market, such as TOP TOY under Miniso, are also expanding their IP strategies and product offerings [16][17] - The rise of domestic IPs, such as those based on Chinese animation, is bringing new vitality to the collectible toy market [17] - Future competitiveness will depend on the ability to continuously produce culturally impactful IPs and create immersive consumer experiences [17]