3 6 Ke·2025-06-06 00:30Core Viewpoint - The article highlights the global success of Pop Mart, a Chinese toy company, which has created a phenomenon in the collectible toy market, comparable to Disney, through its innovative blind box and plush toy offerings. This success has led to a surge in the number of related businesses in the industry, indicating a growing trend in the collectible toy market [1][2]. Group 1: Market Performance - Pop Mart's stock price has surged by 900% over the past year, with a market capitalization exceeding HKD 314.2 billion, making it a standout performer in the current consumer market [2]. - The collectible toy market in China has seen a significant increase in registered companies, with 26,800 existing as of May, and a 48.2% year-on-year growth in new registrations in the first four months of the year [1]. Group 2: Business Strategy and Growth - The company has successfully tapped into emotional value, creating characters like Labubu that resonate with consumers, leading to substantial sales growth. For instance, the average single-store revenue is projected to grow by 30% in 2024 [6]. - Pop Mart's international expansion strategy has been effective, with significant sales in Southeast Asia, particularly after collaborations with local artists and influencers [6][5]. Group 3: Challenges and Concerns - Despite its success, the company faces challenges such as market saturation, counterfeit products, and a decline in consumer trust due to the speculative nature of blind box purchases [8][10]. - The company has experienced a drop in member repurchase rates from 58% in 2019 to 49.4% in 2022, indicating potential issues with customer retention and satisfaction [10]. - The reliance on a few successful IPs raises concerns about sustainability, as the lifecycle of popular products may be shortening, and the company lacks a cohesive narrative to support its brand [10][11].