POP MART(09992) 北京商报·2025-05-22 08:54Core Insights - LABUBU has emerged as a global super IP, representing a new benchmark for Chinese toy IPs going international and reflecting the globalization progress of Pop Mart [2][3] - In Q1 of this year, Pop Mart's revenue in the Americas and Europe surged by 895%-900% and 600%-605% respectively, indicating strong market acceptance [2] Group 1: LABUBU's Success Factors - The commercial value and vitality of an IP depend on the company's investment and sustainable operations, as demonstrated by LABUBU's growth since its signing with Pop Mart in 2018 [3] - LABUBU initially gained traction in niche markets, but the introduction of new product categories, such as plush toys, significantly amplified its appeal and led to a buying frenzy [3] - Interactive marketing strategies, including performances and social media engagement, have helped LABUBU connect with fans and enhance its visibility [3] Group 2: Financial Performance - In 2024, LABUBU's IP THE MONSTES is projected to generate revenue of 3.04 billion yuan, marking a year-on-year increase of 726.6%, making it the top revenue-generating IP for Pop Mart [4] - The plush toy category has seen explosive growth, exceeding 1200% due to successful product launches like the LABUBU heart macaron series [4] Group 3: Market Entry Strategies - Pop Mart's entry into the North American market began with vending machine tests in 2021, leading to the opening of its first physical store in New Jersey in September 2023 [5] - In Europe, Pop Mart prioritized markets based on cultural acceptance of emerging trends, starting with France and the UK before expanding to other countries [6] Group 4: Globalization Challenges - The primary challenges faced by Pop Mart in its globalization efforts have shifted from market entry to management, particularly in building a cohesive local team [7] - The company has established a localized management approach, with over 1,000 foreign employees, particularly in North America [7] Group 5: Future Globalization Plans - Pop Mart aims to enhance its global presence by signing local artists and creating products tailored to regional preferences, such as Thai clothing for LABUBU in Thailand [8] - Collaborations with well-known IP companies like Disney and Sanrio are part of Pop Mart's strategy to increase brand exposure in unfamiliar markets [8] Group 6: Organizational Changes - In April 2025, Pop Mart will initiate its largest organizational restructuring in five years to standardize operations and improve efficiency, aiming for a unified management system [9]